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With hundreds of billions of huge profits in the market, why can’t medical and beauty institutions still make money?

With hundreds of billions of huge profits in the market, why can't medical and beauty institutions still make money?

China’s medical and beauty market, which is neither medical nor beauty, is like a giant deformed child suffering from all the industrial diseases of medical, beauty and even Internet advertising. Every pore of it can be summarized as “chaos” — upstream raw material market is full of parallel goods; In the middle reaches of the medical and aesthetic institutions, illegal employment, lease of qualification certificate, and over indication of medication; Downstream channel providers “dare to blow anything” and marketers’ false advertisements are flying all over the world.
As the cash entry of the whole industrial chain, medical and aesthetic institutions directly face consumers, which is the most important link in the whole industrial chain. It is also the focus of medical and aesthetic chaos. It is the biggest, most painful and most conspicuous focus of this deformed child.
Another symbiotic word of chaos is profiteering. However, since the end of 2018, medical and beauty institutions have ushered in a wave of bankruptcy, and even many people in the industry believe that medical and beauty has entered a “recession period”.
The plastic surgery department of public hospitals and the large-scale chain medical beauty group have a better life, but for the small and medium-sized private institutions, which account for 75% of the formal market, the brand effect and capital appeal are not as good as the former two, the bargaining power of raw materials is not high, the customer acquisition cost increases sharply, the market supply exceeds demand, the homogenization competition is fierce, and the living environment is getting worse and worse.
According to tianyancha data, 2030 of the newly established medical beauty enterprises between June 2020 and June 2021 have been cancelled.
To make matters worse, the “current” informal institutions are still rampant, which use fake and inferior products and instruments, have no certificates or qualifications, and even can not be supervised. According to the market research statistics of CCTV, the market scale of domestic formal medical and American institutions is about 87.8 billion yuan, while the black market scale is about 136.7 billion yuan.
The market of medical and American institutions is in a sea of blood.
Two days of ice and fire: the track is worth trillions, but the medical and beauty institutions are difficult to make profits
The bright future of the medical beauty market always begins with “the penetration rate of medical beauty in China is far lower than that in the United States, Brazil, Japan and South Korea”.
In the past decade or so, China’s penetration rate of medical beauty has increased from 1.5% to 3.6%, but it is far less than that of the world’s major medical beauty countries – about one-third of that of Japan, one-fifth of that of the United States, and one sixth of that of South Korea.
This seems to be a market with unlimited potential and unsatisfied demand – the current market size is 200 billion. If the penetration rate catches up with Japan, it will be 600 billion. If it catches up with the United States, it will be trillion.
In the eyes of many people, Yimei is indeed “a huge profit”. The factory price of hyaluronic acid, which costs more than ten yuan, is several hundred yuan, and the net profit is more than ten times. When it comes to the end consumers, it becomes thousands or tens of thousands of yuan.
“Breast prosthesis for breast augmentation costs tens of thousands of yuan. If you think about it carefully, what’s the value of two pieces of silicone?”.
Windfall profits, or imagined windfall profits, attract all walks of life and all kinds of capital to share. After the three giants of raw materials gathered in a shares, the accumulated market value exceeded 100 billion yuan. Many real estate developers, Chinese medicine enterprises and clothing brands entered the market with high profile. Baidu, meituan, Ali and Jingdong all have medical beauty business segments, and the vertical medical beauty platform is booming.
In May this year, at the annual performance presentation meeting six months after the transformation of real estate company aoyuanmeigu into medical beauty, Hu ran, its president, said, “don’t underestimate the determination of real estate developers to enter the medical beauty industry.”
The other side of the hot track is that the medical and beauty institutions, as the cash entry of the whole industry chain and directly facing consumers, are getting more and more difficult.
A practitioner analyzed to eight point health news: “the whole industry, so many chains, the outside world seems to be a whole, in fact, all of them are known in the industry, the profits are all in the upstream, in the channel… The new growth speed of medical and beauty institutions is faster than the development speed of audience demand.”.
Eight o’clock health news learned from many channel hospitals that 50% to 80% of the income of these channel medical and beauty institutions went to downstream channels such as beauty salons, bars and KTV. “The little brother in the bar, by pushing our little sister to make chest, nose and eyes, soon opened a Mercedes Benz… If you don’t give it, someone will give it.”.
The days of hospitals and clinics in offline channels are becoming more and more “difficult”. People in the marketing department are pulling customers like wolves. “A marketing department officer of a channel hospital told badian Jianwen that there are more than 300 marketing department employees in the hospital with less than 400 people, and the whole marketing department can share 13% of the income.
“Looking at the running water is very high, in fact, the Dean doesn’t make money.” 50% is given to the channel, 12% to the marketing department, and the remaining 30% covers rent, doctors, money consumption and other expenses. Due to the shortage of high-quality doctors in the market and great competition, the investment of plastic surgeons is also a large cost to the hospital.
Shi Jiyong, a former senior manager in Guangzhou and Shenzhen, told badian Jianwen that doctors in the industry “for 1-5 years” belong to licensed doctors, with an average salary of 20000-50000, doctors in charge for 8-10 years basically range from 80000 to 120000, and vice senior doctors for 15-20 years range from 150000 to 180000. “Monthly salary”.
The situation is still changing in a more difficult direction, “young sisters are all on the Internet, and the clients brought by beauty salon owners are older, with a poor foundation, not suitable for medical beauty projects.”.
The direct guest hospital embracing the Internet is also on the inside roll. Before 2017, the ratio of operation to production can reach 1:6 – spend 1 million to buy advertising for marketing, and finally get 6 million revenue. Now, it is almost common for many medical and aesthetic institutions to “1:1.5” and contribute more than half of their income to internet medical and aesthetic platform for marketing.
The fierce competition makes the hospital have to take the path of small profit but quick turnover. The marketing department and marketing personnel are crazy to solicit customers, and the backstage doctors as tool people can only follow.
“The right to speak lies in the director of operation and consultation. Doctors are only responsible for taking money for surgery.” Doctors are not gods, working long hours, fatigue work for a long time, the risk of accidents will increase, “but there is no way, the salary is high.
“Our principle is that no one will die, and the president will deal with any dispute”. Once there is a dispute, “give money or repair for free, as long as it can’t be passed on” – the high cost of dispute settlement has almost become a part of the cost of medical and aesthetic institutions.
The sudden epidemic situation has brought greater impact to medical and aesthetic institutions. “Compared with last year, large head agencies have only achieved revenue balance, and the performance of a large number of small and medium-sized institutions has shrunk by 10% to 20%, or even more,” Xinxing, founder of new oxygen, said at an award ceremony
“There is no epidemic, and the medical and aesthetic market has reached a turning point.” after the resumption of work, although the high growth rate of the medical and aesthetic market is expected to return to a high level, practitioners of many medical and aesthetic institutions told badian Jianwen that they will not live better in 2021, only more difficult.
From blue sea to blood sea
A senior practitioner recalled that before 2016, this was not the case at all. At that time, the medical beauty market was in short supply and the industry information was not transparent. “Customers asked doctors for surgery.”.
The “direct customer hospitals” distributed all over the country, with a little marketing and advertising, have a considerable income“ The “channel hospital” is not bad either. Beauty salons, KTV, bars, foot washing cities and other life beauty agencies that have accumulated “high-quality and high-end consumers” have continuously sent customers to them.
At that time, even if the downstream life beauty agencies were given 20% or 30% of the profits, the channel hospitals could still make a lot of money.
Many practitioners still recall the prosperous scene of that year, “if they couldn’t earn money at that time, they were embarrassed to say that they were in the medical and aesthetic circle.”.
Looking back, a few things happened in 2016 did lay the seeds for the subsequent changes in the medical beauty market.
In 2016, China’s medical and beauty industry suddenly became a hot spot, and A-share enterprises such as Lanzi and Suning global came in for large-scale mergers and acquisitions. With a valuation of 500 million, Lanzi acquired two brands of Milan Baiyu and Jingfu, creating the most expensive acquisition case in the history of Chinese medical and beauty institutions.
In the same year, the Wei Zexi incident began to affect the cooperation mode between Baidu and Putian.
In the same year, Xinxi began to set up a diary audit team, completed round C investment, and the Internet channel, which mainly focuses on Meditech, began to mature.
Few people realize that the supply and demand of the whole market has quietly changed《 Gong Wei, editor in chief of Meiye observation, pointed out in a research report that since 2015, “China’s medical beauty seems to have entered a state of oversupply.”
Changes in the market are reflected at the end of the year. According to a person in the industry, in 2016, only in Hangzhou, the performance of Putian medical and aesthetic institutions was almost wiped out. Although there was “over marketing”, Putian medical and aesthetic institutions were still a regular force among the medical and aesthetic institutions with mixed advantages and disadvantages at that time.
As a result, in the new year, in 2017, the wind direction suddenly changed, capital stopped to enter the medical beauty market, and the growth rate of the medical beauty market itself also slowed down significantly. Many insiders “obviously felt that the market could not rise.”.
The declining performance makes every medical and aesthetic institution feel a sense of crisis. The balance of the past has been broken. “Between institutions, they begin to grab doctors and customers, and the relationship between supply and demand has been reversed – doctors ask customers to do surgery.” the inner volume begins and is getting more and more serious.
In 2017, an industry observer with the pseudonym of Meiya wrote in China Medical Cosmetology magazine: “before 2016, everyone (Putian Department of Hangzhou) tacitly adhered to a tacit price agreement. At that time, although the price war in the nearby Shanghai Medical Cosmetology market had been broken, regional centers like Hangzhou were still going their own way, It’s all right. ” However, after the baidu Wei Zexi incident, the performance of Hangzhou Putian medical beauty was blocked, and the performance pressure broke the previous delicate price alliance, “the fierce low price war was finally staged in Hangzhou.”
In 2018, Venus, founder of new oxygen, publicly said that medical and beauty institutions are losing money on a large scale, and only 30% of them are profitable. Yang Xiaojiao, director of gengmei business, said in an interview with Chuangye bang, “in 2018, the elimination rate of medical and beauty institutions was 10% ~ 20%, and the turnover rate also increased by about 30%.
Yimei neijuan: price war, Aihong
Medical beauty entered the era of involution, the first performance of price war, price war can be fought for two reasons: first, the technical barriers are not high, making the projects of various hospitals extremely similar; Second, there are many institutions. For example, in 2016, Hangzhou, with a female population of less than 5 million, had nearly 900 medical and beauty related enterprises.
Price war, is the industry shuffle the conventional path. But for the medical and beauty industry, the biggest variable comes from the Internet.
At the beginning of the establishment of the internet medical beauty platform, they were all under the banner of increasing industry transparency and eliminating information asymmetry. They present the doctor’s reputation and project price to consumers, and they break the information barrier between institutions and consumers, which benefits consumers and the direct customer hospitals which have no ready-made channels. The latter begin to embrace the Internet, and medical institutions and Internet platforms quickly enter the honeymoon period.
However, the good time is not long. When the Internet platforms have gathered a large number of users, completed the enclosure, and started to cash in, the game becomes a business bidding for advertising space. In 2017, the information service revenue of new oxygen, a four-year-old medical beauty vertical app, exceeded the scheduled service for the first time, and its main business turned to marketing.
“Originally everyone had their own habitat”, but when a large number of users gathered on the Internet platform, the battlefield shifted to the Internet. A person in the industry introduced the impact of the Internet on medical beauty.
If customers want to get customers on the Internet, medical and beauty institutions have to pay for the platform to buy services. In order to improve the conversion rate, they have to spend more money to buy the most popular keywords and the most prominent advertising space. When doctors’ IP addresses are all packaged and institutions are all making money at a loss, calling for low price promotion, consumers think that the doctor’s reputation will be better if the advertisement is the most prominent, The more cost-effective that is.
“People always dream of cheap and good”, in order to please consumers, but also as profitable as possible, marketing becomes extremely important, even can decide life and death. A person in the industry in Jiangsu and Zhejiang told Jianwen, “good marketing talents are more in demand than doctors.”.
Marketing geniuses adopt some ingenious routines, and “price war” becomes “superficial price war”.
A senior practitioner told badian Jianwen, “on the Internet, 880, 1000 and 2000 double eyelids can be found everywhere. Actually, when I go to the hospital, I say it doesn’t include removing skin and fat. It’s common to add 2000 yuan casually, or upgrade the project to get a packaging project 6800.”. The cost of surgery on the Internet is to compare the price, “hanging sheep’s head to sell dog meat is also a last resort.”.
In order to seize the market, Putian hospital does not grudge marketing costs, and as long as the passenger flow is large, the final benefit is not a problem.
It’s risky to rely on advertising and marketing for drainage. “Only people click the link or just come to consult and chat with you. In the end, no one will do the project, and the money has to be given to the platform.”.
In addition to being led by downstream channels and marketers, medical and beauty institutions also lack bargaining power in the upstream raw material market. China’s medical beauty market concentration is low, even the head chain, occupies a small market share, and small and medium-sized private institutions that do not know each other and compete with each other are more scattered.
Li Bin, executive director of China Plastic Surgery Association, vice president of Beijing Plastic Surgery Association and chairman of United Lige medical and beauty group, angrily mentioned in an article that “after the price war of China’s medical and beauty industry, Aihong is a piece of cake; However, the upstream manufacturers are still making a lot of money, fighting against each other in the medical and beauty institutions, standing on the sidelines and enjoying themselves at ease. ”
83.7 billion regular medical beauty vs 136.7 billion black medical beauty: bad money is driving out good money
In addition to the internal volume of the industry, another trouble faced by a medical and aesthetic organization in China is the gray medical and aesthetic organization that uses three kinds of non equipment and consumables, has low qualification and low cost, and can deceive customers by exaggerating false propaganda.
Gray medical beauty, generally legal and non-compliance. The fierce competition makes the medical beauty have to rack their brains to develop new markets, and even some legal institutions have begun to take risks, playing some edge ball.
The demand of Chinese medical beauty market is largely driven by marketing.
It is difficult to obtain new customers, so we should try to create new projects and tap the new needs of old customers. It is also these marketing geniuses who, with limited raw materials, have brought out countless wonderful medical and aesthetic projects, such as fairy ear, calf muscle block, eyelid down, etc., creating new demands in the weak market.
When the market of young women is saturated, we should try to expand other consumer groups.
Employees of a channel hospital told badian Jianwen that for the elderly consumers who are inconvenient to promote medical and aesthetic surgery, they have prepared “blood evolution, stem cells and liver detoxification”.
According to more beautiful statistics, in recent years, private plastic surged by 105%, “this is a new blue ocean.”.
More and more male medical beauty projects are gradually developed
Compared with the formal and semi formal institutions, the illegal and unethical black medical beauty has more obvious advantages in new business development. In the name of joining in, eight o’clock Jianwen contacted a sales promoter of light medical beauty products. The other side said, “you can start a business after 10000 yuan, and you can work after half a day’s training. You don’t need to open a shop or any qualification, and you don’t have any other investment except agency fees.”.
The products promoted by the company are “quantum instruments” and “atomizers” produced by a “high-end foundry” which has become a regular company.
Quantum instrument with their products, can “fill, wrinkle, enhance, dissolve fat.”. Among them, the filled products are mainly “glucan” and “glucopolypeptide” which are “safer” than hyaluronic acid.
“This product is small. You can put it in your bag. You can ask customers for door-to-door service or open a room. You can do it on weekdays and weekends. You can even chat with customers on the road.”. And the income of this line, can develop offline, still can find a shop to enliven

It’s about your car and your purse! In July, the new rules came into effect

It's about your car and your purse! In July, the new rules came into effect

Beijing June 29, Beijing, China new network client – Implementation of the national six emission standards for heavy diesel vehicles, appropriate relaxation of conditions for special hardship personnel, and full coverage of the reform of “license separation” nationwide… In July, a number of new regulations will be implemented, which may affect your car and money bag!
Data map: vehicles pass the high-speed toll station in an orderly manner. Map provided by Henan Provincial Department of transportation
Implementation of the six emission standards for heavy diesel vehicles
According to the announcement on the implementation of the six emission standards for heavy diesel vehicles jointly issued by the Ministry of ecological environment, Ministry of industry and information technology and the General Administration of customs, the national six emission standards for heavy diesel vehicles have been fully implemented throughout the country since July 1, 2021.
It is prohibited to produce and sell heavy diesel vehicles that do not meet the national emission standards (the production date shall be subject to the upload date of the vehicle certificate, and the sales date shall be subject to the date of the sales invoice of the motor vehicle). The imported heavy diesel vehicles shall meet the national emission standards (the import date shall be subject to the date of arrival marked by the import certificate of the goods).
The extension of motor vehicle recall from safety recall to emission recall
The regulations on the administration of vehicle emission recall jointly issued by the State Administration of market supervision and administration and the Ministry of ecological environment shall come into effect on July 1. Under the following circumstances, motor vehicles will be recalled due to emissions.
1、 The air pollutants discharged by motor vehicles exceed the standard due to design and production defects;
2、 The air pollutants discharged by motor vehicles exceed the standard due to the non-compliance with the specified requirements of environmental protection durability;
3、 Due to the design and production reasons, there are other non-compliance with the emission standards or unreasonable emission of motor vehicles.
The regulations clearly state that if the motor vehicle manufacturer or operator violates relevant provisions, the market supervision and administration department shall order it to correct and be fined not more than 30000 yuan.
The location of electronic technology monitoring equipment shall be announced
The newly revised administrative penalty law of the people’s Republic of China will come into effect on July 15.
If the illegal act involves the health and safety of citizens’ lives, financial safety and has harmful consequences, the period of recovery shall be extended to 5 years.
In order to control, mitigate and eliminate social hazards caused by the major infectious diseases and other emergencies, the administrative organ shall punish the acts against the emergency response measures quickly and seriously according to law.
If the administrative organ collects and fixes the illegal facts by using electronic technology monitoring equipment in accordance with the provisions of laws and administrative regulations, it shall pass the legal and technical examination to ensure that the electronic technology monitoring equipment meets the standards, is reasonably set and marked clearly, and the place of setting shall be announced to the society.
Data: the electronic screen exposure in Kunming Street is not polite for zebra crossing vehicles. Photo by Ren Dong, China News Agency reporter
The reform of “separation of license and license” has been carried out throughout the country
From July 1, the management of the full coverage list of business license items involved in enterprises shall be implemented nationwide. The reform of the examination and approval system shall be carried out in accordance with four ways: directly canceling the approval, changing the approval to the record, implementing the notification commitment and optimizing the approval service. Meanwhile, the pilot reform will be further strengthened in the free trade pilot area, and the simple, efficient, fair and transparent shall be established by the end of 2022 The industry standard rules of lenient entry and strict control greatly improve the convenience and predictability of market participants.
Fully implement the system of notification and commitment of tax certification matters
The State Administration of Taxation issued the “implementation plan for the full implementation of the notification and commitment system of tax certification matters”, and formally implemented the notification and commitment system of tax certification matters on July 1.
The State Administration of Taxation, in accordance with the improvement of the Department information sharing and administrative assistance mechanism and the level of supervision ability after the event, expands the scope of application of the notification commitment system of tax certification matters in a timely manner, and further promotes the complete cancellation of relevant tax certification matters. The tax bureaus of all provinces, autonomous regions, municipalities directly under the central government and cities specifically designated in the state plan may, on their own, announce and decide not to ask for the relevant supporting materials and letter of commitment for the tax certificates that have been obtained through information sharing and can be checked immediately, and report them to the State Administration of Taxation for the record, so as to replace the supporting materials with the inspection results.
“One car, one vote” for motor vehicles
The measures for the use of motor vehicle invoices jointly formulated by the State Administration of Taxation, the Ministry of industry and information technology and the Ministry of public security shall be implemented on May 1 and shall come into effect on July 1.
When issuing unified invoice for motor vehicle sales, the following rules shall be followed: the unified invoice for motor vehicle sales shall be issued according to the principle of “one vehicle one ticket”, that is, only one unified invoice for motor vehicle sales can be issued for a motor vehicle; The column of “taxpayer identification number / unified social credit code / identification number” in the unified invoice of motor vehicle sales shall be filled in by the seller according to the actual situation of consumers; If a consumer loses a unified invoice for motor vehicle sales and cannot apply for a tax declaration or registration of motor vehicle purchase tax, he shall apply to the seller for re issuing the unified invoice for motor vehicle sales; If the printed content of the unified invoice for motor vehicle sales is out of line or out of line, if the content is clear and complete, it does not need to be returned and reissued.
Information chart: People’s Bank of China. Photo by Zhang Xinglong, a reporter from China News Agency
The license issued to the bank insurance institutions is integrated into three categories
The measures for the administration of the license of the bank insurance institutions shall come into effect on July 1.
The license issued by the CBRC to the banking insurance institutions is integrated into three categories: financial license, insurance license and insurance intermediary license, and the applicable objects of various licenses are clarified.
Unified license records. The license shall contain the following contents: name of the organization, business scope, date of approval, address of the organization, date of issue of the license and issuing authority.
Information disclosure is seriously illegal or banned from the market for life
The revised regulations on the prohibition of entry into the securities market (hereinafter referred to as the provisions) issued by the CSRC shall come into effect as of July 19.
The regulations clearly state that the prohibition of trading refers to the activities of prohibiting the direct or indirect trading of all securities (including the share of securities investment funds) listed or listed in the securities exchange site, and the maximum duration of the prohibition is not more than five years.
In terms of applicable circumstances, it is clear that the serious violation of information disclosure and adverse effects are listed in the life-long ban market situation, and it is also clear that the prohibition of trading is applicable to the illegal acts that seriously disrupt the order of securities trading or fair trading.
Conditions for the identification of extremely poor personnel should be relaxed appropriately
The newly revised Measures for the identification of special hardship personnel shall come into effect as of July 1.
The measures moderately expanded the types and grades of disability of “no working ability”. On the basis of the original recognition that “first and second level intellectual, mental and first-class disabled persons” were disabled by labor, the “three-level intellectual, mental, secondary and first-class visual disabled” were added, which stipulated that the above-mentioned disabled persons should be considered as non working ability.
The measures improved the conditions for the identification of “no source of living”, and the specific conditions for identifying the “no source of living” of the special needy were that their income should be lower than the local minimum living security standards, and the property met the property conditions of the local special-aged personnel.

The latest LPR released

The People’s Bank of China authorized the National Interbank Funding Center to announce that on June 21, 2021, the loan market quoted interest rate (LPR) is 3.85% for 1-year LPR and 4.65% for 5-year or longer LPR. The above LPR is valid until the next LPR is issued.

The latest LPR released
Introduction to Loan Market Quoted Rate (LPR)

Loan market quoted interest rate (LPR) is quoted by each quoting bank based on open market operating interest rates (mainly refers to the medium-term lending convenience interest rate) plus points. It is calculated by the National Interbank Funding Center to provide a pricing reference for bank loans. At present, LPR includes two varieties of 1 year and 5 years or more.

LPR quotation banks currently include 18 banks. Each quotation bank will submit quotations to the National Interbank Funding Center in steps of 0.05 percentage points before 9 o’clock on the 20th of each month (postponed on holidays). The National Interbank Funding Center presses After removing the highest and lowest quotations, the arithmetic average is calculated and the LPR is calculated by rounding to the nearest integer multiple of 0.05%. The LPR will be announced at 9:30 on the same day. The public can inquire at the National Interbank Funding Center and the People’s Bank of China website.

Hutchison Pharma responds to restarting Hong Kong stock IPO

Hutchison Medicine will restart the Hong Kong stock IPO plan?

Silicon Valley's Ultimate "House Robbery"

On March 17, Hutchison Pharmaceuticals (Nasdaq/AIM: HCM) will respond to the above news in the 2020 global performance and latest business progress online communication, saying that Hutchison Pharmaceuticals continues to pay attention to market conditions in order to seek re-listing opportunities, such as Hong Kong And other securities markets such as Shanghai.

According to official website information, Hutchison Medicine is an innovative biopharmaceutical company dedicated to the development of targeted therapies and immunotherapies for the treatment of cancer and immune diseases. It has previously been listed on the Nasdaq and the London Stock Exchange. In 2019, Hutchison Medicine had planned to conduct an IPO in Hong Kong in June of that year, raising about 500 million U.S. dollars, and then suspending the process. The specific reason has not been announced.

At the press conference, Christian Hogg, CEO of Hutchison Medicine, said that in the past 12 to 18 months, Hutchison Medicine has seen great development in Shanghai’s sci-tech innovation board and is very interested. The stock exchanges in Shanghai and Hong Kong both provide financing opportunities. Biotechnology companies such as Hutchison Medicine can raise funds for further development. Hutchison Medicine will continue to pay attention to the development of the exchange.

Zheng Zefeng, chief financial officer of Hutchison Medicine, emphasized that Hutchison Medicine’s next listing plan is still in the discussion stage and there is no specific plan. Hutchison Medicine is always looking for the best time.

At this online communication meeting, the senior management of Hutchison Pharmaceuticals also introduced the latest financial results for 2020.

Financial data shows that Hutchison Pharma’s 2020 annual revenue was US$228 million, an increase of 10.13% year-on-year, of which the combined revenue of oncology and immunization business was US$30.2 million, an increase of US$3.4 million from the US$26.8 million in 2019. The production income, promotion and marketing service income and royalty income of the national class 1 targeted anti-cancer drug Fruquintinib, which is used to treat advanced colorectal cancer, totaled 20 million U.S. dollars.

Hutchison Pharmaceuticals has a net loss of US$125.7 million in 2020, which is an increase from US$106 million in 2019. This is related to its increased R&D investment. According to the 2020 financial report, Hutchison Pharmaceutical’s R&D expenditures have increased to 174.8 million U.S. dollars, mainly for the expansion of ten innovative drug candidates, six of which are being developed globally.

In the product pipeline of Hutchison Medicine, in addition to Fruquintinib and Sofatinib that are already on the market, Servotinib for the treatment of non-small cell lung cancer has also submitted a new drug listing application in China, and the review is currently in progress.

In addition to self-developed products, Hutchison Medicine is also exploring the combination therapy of Fruquintinib and Sofatinib with the PD-(L)1 drugs of Junshi Biologics, BeiGene and other companies.

Su Weiguo, chief scientific officer of Hutchison Medicine, told The Paper (www.thepaper.cn) reporter that Hutchison Medicine has basically established cooperative relationships with most of the PD-(L)1 drugs that have been approved for marketing in China. There are other differentiated PD-(L)1 drugs that have been approved for special effects on certain tumors. In the future, Hutchison Medicine will continue to explore combined treatments with other PD-(L)1 drugs.

Su Weiguo further added that different PD-(L)1 have great differences in efficacy and side effects, and they cannot be simply interchanged. The combined PD-(L)1 therapy that has entered the registration study is currently in the dose They are very fixed in terms of medication and medication methods. I hope that the registration research will achieve better results, and eventually be listed, or even enter the medical insurance. This will not only promote the market and sales of Hutchison Medicine’s own products, but also bring benefits to more patients.

Inner Mongolia completely shuts down virtual currency mining

The Development and Reform Commission, the Department of Industry and Information Technology, and the Energy Bureau of Inner Mongolia Autonomous Region recently issued the “Several Safeguard Measures for Ensuring the Completion of the “14th Five-Year” Energy Consumption Dual Control Target Task” (hereinafter referred to as the “Guarantee Measures”), clarifying that “comprehensive clearance and shutdown of virtual currency mining” All projects will be withdrawn before the end of April 2021″.

Over 50% profit during the year

As early as half a month ago, when the “Safeguard Measures (Draft for Comment)” disclosed this goal, it received widespread attention. The Paper (www.thepaper.cn) combed and found that under the background of “dual energy consumption control”, it was characterized as a “pseudo-financial innovation that has nothing to do with the real economy” and a high-energy-consuming virtual currency “mining” project. It is difficult to avoid the fate of being cleared.

According to public reports, according to the design of Bitcoin and other virtual currencies, its production is like “mining”, and each computer node uses its computing power (computing power) to grab the right to keep accounts and get Bitcoin rewards. The hardware equipment for mining is called “mining machine”, the individual miner who purchases the mining machine is called “miner”, and the place that hosts the mining machine and provides electricity is called “mine”.

“Mining Farm Owner”: “Mining Machines” began to move

The “Guarantee Measures” was uploaded to the official website of the Inner Mongolia Development and Reform Commission on the afternoon of March 10 and issued on March 9. The notice jointly issued by the Inner Mongolia Development and Reform Commission, the Ministry of Industry and Information Technology, and the Energy Bureau shows that the administrative offices of the leagues, the municipal people’s governments, and the relevant departments of the autonomous region: with the consent of the people’s government of the autonomous region, the “Regarding Ensuring the Completion of the Fourteenth Five-Year” Energy Consumption “Several Safeguard Measures for Dual Control Objectives and Tasks” are issued to you, please implement them conscientiously.

The “Guarantee Measures” mentioned that it is necessary to accelerate the restructuring of energy-intensive industries. In terms of controlling the production capacity of high-energy-consuming industries, it is required to control the scale of data center construction in a reasonable and orderly manner, and it is strictly forbidden to build new virtual currency “mining” projects.

In terms of speeding up the elimination of backward and overcapacity, the “Guarantee Measures” require that industries with overcapacity guide the orderly withdrawal of restricted capacity (equipment) in industries with overcapacity, and implement capacity replacement upgrades. Enterprises (equipment) that are included in the “National Industrial Policy Guidance Catalogue” (2019 Edition) for elimination and stop production for more than one year in 2020 are not allowed to perform capacity replacement. It is specifically implemented in the virtual currency “mining”, requiring a comprehensive clean-up and shutdown of virtual currency “mining” projects, and all exits before the end of April 2021.

The Paper noted that the description of the virtual currency “mining” project in the “Guarantee Measures” is completely consistent with the previous “Guarantee Measures (Draft for Comment)”.

A “mine owner” who has a mine in Inner Mongolia told The Paper News reporter: “Because of the policy, I am going to move in these two days.” Another “miner” who is hosting a mining machine in Inner Mongolia also revealed to The Paper News. This time it is really “must go”, “no electricity can not mine”, most of the “mining machines” in Inner Mongolia he knows have begun to move to Sichuan, Yunnan and other areas with sufficient hydropower.

Started to guide enterprises to exit in an orderly manner 4 years ago

The paper combed through news and found that as early as 4 years ago, the national level sounded the alarm for virtual currency “mining” projects.

A landmark node was on November 20, 2017, Pan Gongsheng, leader of the leading group for the special rectification of Internet financial risks, presided over the rectification work seminar of the directors of the financial offices of key regions. In this symposium, there were responsible comrades from relevant departments of the Central Cyberspace Administration, Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Industry and Commerce, China Banking Regulatory Commission, Securities Regulatory Commission, China Insurance Regulatory Commission, Foreign Exchange Bureau and Mutual Finance Association. Beijing, Shanghai, Tianjin, Shandong, Jiangsu, Sichuan , Guizhou, Inner Mongolia, Xinjiang, Shenzhen, etc. 10 relevant provinces and cities’ remediation offices and the people’s bank branch responsible comrades participated.

The meeting mentioned that the relevant provincial and municipal remediation offices believe that the “mining” industry has nothing to do with the real economy and consumes a lot of energy. Some companies have potential safety hazards. Some companies use the “big data industry” as a package to enjoy local electricity prices, land and Preferential policies in taxation and other aspects. Some provincial and municipal governments have taken some measures. For example, some “mining” companies in the Inner Mongolia Autonomous Region have announced the suspension of production under the guidance of the local government.

At the meeting, Pan Gongsheng made arrangements for the next step. Regarding the “mining” industry of virtual currencies such as Bitcoin, the National Financial Work Conference clearly requires that “innovations” that deviate from the needs of the real economy and circumvent supervision should be restricted. Therefore, pseudo-financial innovations that have nothing to do with the real economy should not be supported. In the next step, multiple measures should be taken to comprehensively adopt measures such as electricity prices, land, taxation and environmental protection to guide relevant enterprises to exit in an orderly manner.

One month after the symposium was held, the Office of the Inner Mongolia Internet Financial Risk Special Political Working Group issued the “About Guiding Virtual Currency “Mining” Enterprises in Our District to the Office of Baotou, Ordos, Bayannaoer, and Wuhai City Internet Financial Risk Special Rectification Work Leading Group The “Notice of Orderly Exit” requires that in accordance with the requirements of the National Financial Work Conference and the spirit of the key regional financial office directors of the leading group of Internet financial risk rectification work seminars, limit “innovations” that deviate from the needs of the real economy and circumvent supervision. The virtual currency “mining” industry is a pseudo-financial innovation that has nothing to do with the real economy and should not be supported. Accordingly, please take multiple measures and comprehensively adopt measures such as electricity prices, land, taxation, and environmental protection to guide relevant “mining” companies to emerge in an orderly and rapid manner, and encourage the transition to state-supported cloud computing.

The virtual currency “mining” project has also attracted the attention of local CPPCC members. In June 2019, the Inner Mongolia Local Financial Supervision and Administration Bureau responded to the “Proposal on Establishing the Standards for Defining Cloud Computing and Virtual Currency “Mining” Enterprises” submitted by Duan Meiran, a member of the CPPCC of the Autonomous Region.

According to the reply, the bureau has guided the 15 “mining” companies found in the investigation to comprehensively adopt measures such as electricity prices, land, taxation, and environmental protection to guide companies to withdraw from the “mining” business. As of the end of 2018, 4 companies have gradually withdrawn, and the other 11 companies are still undergoing rectification. In the next step, the bureau will continue to coordinate the research on the guidance and withdrawal of “mining” companies from the economic and information, big data, and taxation departments, and urge relevant alliances and cities to guide such companies to withdraw from the “mining” business. Regarding the standard definition of cloud computing and “mining”, the bureau will cooperate with the economic and information, big data and other departments to do the relevant work.

Investing in all beings under Bitcoin

A research report issued by Citibank believes that Bitcoin is at a critical node: either it will become the mainstream digital currency adopted in international trade, or it will collapse in the wave of speculation.

Investing in all beings under Bitcoin

In the beginning of 2021, Bitcoin will earn enough eyeballs. At the beginning of January, the price rushed higher and higher, and the price rushed to above $40,000. The cumulative increase in the first seven days of the year was as high as 38%, but Bitcoin did not hold the $40,000 mark for a long time. In February, Tesla entered the game and the traditional financial giants opened their arms, which stimulated Bitcoin to rise again. However, the cold water of the US Treasury Secretary Yellen made Bitcoin plunge again. Just last week, the price of Bitcoin once stood at a record high of 58,000 U.S. dollars, and the current price has cut about 8,000 U.S. dollars (as of 7:52 on March 4th, Beijing time).

Whenever Bitcoin rides on the “roller coaster”, some people regret not getting on the car, some are fortunate to step on it accurately, and some lament that they cannot get away. After that, some people will continue to chase the myth of getting rich overnight, some will continue to follow the investment logic of Bitcoin, and some will continue to wander outside the circle. A reporter from “Daily Economic News” interviewed three individual Bitcoin investors and told about the ups and downs of their currency circle.

Image source: Photograph
“I am a gambler”

Liu Yang, 24 years old, Shanghai, media industry

I admit that I am a gambler, the kind of person who is willing to take a fight to become a motorcycle.

In 2015, I am about to graduate from high school. My mom’s friend worked in a securities company, so I urged my mom to open an account and used her account to enter the stock market. At that time, I was catching up with the military parade. I thought it would be good for military industry stocks. So I chose a few military industry stocks and caught up with the peak of 2015. I made some money and bought a new mobile phone and a pair of Air Jordan sneakers.

After the bull market in the first half of 2015, I temporarily put down the stock market. In 2018, I came into contact with Bitcoin from a friend. At that time, the price of Bitcoin was still more than $3,000. My friend said this was a bargain hunter and asked me to hold it, but I was not sure at the time.

In 2019, I entered when the price of Bitcoin reached more than 40,000 yuan. I had two coins in my hand at that time. It was sold in December of that year and earned more than 10,000 yuan.

I also participated in the latest wave of quotations. I bought it on the advice of a senior. The seniors work as real estate agencies in Shanghai, and those who do high-end real estate always hear some strange news from the rich. He told me that Bitcoin must have risen to 50,000 U.S. dollars before the Spring Festival, and later it rose to 50,000 U.S. dollars. I admire my senior.

Around January 20th of this year, I entered when Bitcoin was approaching $40,000. Because I like to gamble, I open a contract (buy call options) and never open a leverage lower than 20 times. Sometimes when you add 125 times the leverage, Bitcoin rises by 1%, and I double it by 1.25 times. They are invested in tens of thousands of tens of thousands, and sometimes I make a profit of 10,000 to 20,000.

But my margin was very low. It fell by 0.5% and forced me to liquidate the position. After several times, I lost about 20 (ten thousand) in this wave and about 80 (ten thousand) for seniors. This money was originally lent to me by my relatives for the down payment, but fortunately, he (relatives) did not need me to repay the money for the past three years.

Now I understand it. I don’t think I should do anything about Bitcoin. Winning is only a dozen or two hundred thousand. It can’t change your quality of life, but it will also affect your mentality.

I recently invested some money in A-shares, and my friend told me that this year, it can increase by up to 30%. But before I fought Bitcoin, it could rise by 30% in one day, and the leverage could rise by 200%, and it would double that day. In this way, you will have no patience, and your patience will be exhausted. For investment, it affects the mentality too much.

I originally wanted to buy a Kawasaki motorcycle when I won, and I paid the deposit, but now I don’t have the balance on hand. In March, I received a private job of 50,000 yuan, and I plan to make more money. I still have to buy a motorcycle.

“I don’t understand Bitcoin”

Happy Ears, 32 years old, Beijing, Internet Product Manager

I heard that Bitcoin is considered very early, probably in 2011, because I am a major in engineering and have always been concerned about things in the technology industry. But at that time there was no money and no investment was made.

In 2015, I started working as a product manager for an Internet securities company, and since 2017, I started to invest in value with my heart. The earnings of US stocks and Hong Kong stocks have been pretty good in the past few years, but I have never understood Bitcoin. But it was also at that time, just as Bitcoin rose sharply in the last wave, and I really started to enter the currency circle. At that time, all blockchains were very hot, and a large number of weird currencies began to conduct ICO (Initial Coin Offering).

At that time, I was still working in an Internet securities company, and I paid a lot of attention to news in this regard. I bought some ETH (Ethereum), and then used ETH to invest in a coin that I was planning to issue, about 10,000 yuan.

At that time, the coin I bought hadn’t started to go on the market, and the other party said that he could choose to keep the coin in his hand or return the ETH that I had invested. I chose to return it. When I returned it to me, ETH had increased by 5 times. But after a month, the coin I invested in was issued overseas, and it went up 100 times as soon as it went public.

Later, I participated in the issuance of some coins and made some money. Wasn’t it because ICOs were very hot at the time, and there was a huge demand for ETH. I changed all the digital currencies on my hand to ETH, but in 2018 they all changed to Bitcoin. Because I think that if you compare precious metals, Bitcoin should be gold, and other coins may be similar to silver.

It was also during that time that I started to make more value investments in US stocks and Hong Kong stocks. It was Buffett’s way of looking at company performance. What I thought at the time was that I would not invest heavily in digital currency anyway. If I wanted to buy it, I would have to spend a lot of time on it, so I gradually became less involved.

The most recent time was around May of last year. At that time, the production of Bitcoin was halved. When the price was about US$5,000 to US$10,000, I bought some more bitcoins. At that time, it was mainly based on two considerations. First, I wanted to speculate, because every time Bitcoin production was halved, it would usher in a wave of rise; second, the global epidemic was very serious at the time, and I considered Bitcoin as a safe-haven asset like gold. To use. I bought it relatively heavily and invested hundreds of thousands.

When the price rose to the range of US$15,000 to US$20,000, I liquidated all the bitcoins, and made a cumulative profit of about 50%. Later, I didn’t touch the digital currency again. I think my advantage in investment lies in the stocks. It is relatively safe to buy, and the digital currency is still incomprehensible.

I am also following the market news feeds of Bitcoin every day, knowing that it has risen sharply, but I don’t regret it either. Some friends around me have made a lot of money. They told me some of the logic behind it, but I don’t think anyone’s logic is always valid. Anyway, this matter is not within my scope of cognition. If the experience and logical reasoning methods I have now allowed me to go back and make another choice, I might still be cleared up early.

In the future, if there is a suitable price, I will still hold a small amount of Bitcoin when I have spare money. I think people who are serious about digital currency still have beliefs and have a set of cognitive systems and logic behind them. I don’t have them, so I am more conservative in this regard.

“Those who get rich overnight often also burst their positions overnight”

Authentic Rabbit Head 31 years old, Shanghai, a major Internet company

I first invested in Bitcoin in 2013. I bought 20 Bitcoins and 600 RMB each through Taobao.

At that time, I was doing industry research work, and I saw a Bitcoin science article on an electronic product forum. 99% of the responses below were mocking and questioning. But I read it carefully and checked a lot of related materials, including the white paper by Satoshi Nakamoto (the founder of Bitcoin). After reading it, I think this is a very, very high potential industry.

In 2015, I started to open a position in Bitcoin again. At that time, the price was a few thousand yuan. In 2017, when Bitcoin rose to 20,000 yuan, I completed the last time to cover the position. I now have three-digit bitcoins in my hand, and none of them have been realized because my psychological price of bitcoins is $200,000. However, when the unit price rises to 100,000 U.S. dollars, I will reassess the situation to see if I will sell some of it.

In 2016, my parents gave money to buy a house. At that time, it was actually a good time to buy Bitcoin. I originally wanted to invest all of it in buying Bitcoin, but then I still felt that I had to separate the money for life and investment. Investing is a marathon. There is no need to run too fast at the beginning and discard many things that shouldn’t be discarded.

There are many reasons to look at Bitcoin, including intricate analysis, but one of my conclusions is that Bitcoin may one day appear on the asset quotation card of the Lujiazui Ring Road, becoming a regular and relatively stable block. Investment products.

This wave of gains from January to February this year is indeed abnormal, because it has broken through the largest monthly gain in history. I think this is a bad phenomenon. During the Spring Festival, I actually expect Bitcoin to fall by a wave, so that by the end of the year, it may be able to rise to 50,000 to 100,000 US dollars. However, during the Spring Festival, Bitcoin was stimulated by Tesla’s entry, with a single-day increase of 20%. I don’t actually understand the latter situation, but I think this is a bad result, because it will take longer for the callback now.

Regarding the recent wave of ups and downs, my mentality is very calm. I also know some people in the currency circle who bought Rolls Royce after making money, but they disappeared after a bear market. In fact, there are many such things, and those who get rich overnight often burst their positions overnight.

For investment, you must be completely self-driven to explore and research. But most people prefer to be a party. I assembled my own computer to mine last year. I didn’t want to mine as much, but wanted to figure out the process. On the other hand, you cannot be a greedy person by yourself and cannot gamble.

(Note: The characters above are all pseudonyms.)

Expert talk | “For ordinary people, investing in Bitcoin means high risk”

“I have never recommended ordinary investors to invest in Bitcoin, because ordinary investors do not have the ability to bear such a high risk factor.” Jiang Han, a senior researcher at Pangu think tank, told the reporter of “Daily Economic News”. Jiang Han agreed with Bill Gates’ previous comments: Musk can invest in Bitcoin because he has enough funds to invest in Bitcoin and bear the corresponding risks, but for ordinary people, investing in Bitcoin means huge risks. In addition, in high-risk situations, short-term operations are also selected through increased leverage, which will cause serious risk amplification and may lead to liquidation.

In Jiang Han’s view, although Bitcoin is a digital asset with a certain value, the recent surge may be an irrational exuberance. Entered a state of almost madness”. Due to the lack of sufficient basic support for the big rally, it is normal for a sharp correction to occur later, and the two are closely related.

24-year-old speculation loses down payment

Whenever Bitcoin rides on the “roller coaster”, some people regret not getting on the car, some are fortunate to step on it accurately, and some lament that they can’t get away. After that, some people will continue to chase the myth of getting rich overnight, some will continue to follow the investment logic of Bitcoin, and some will continue to wander outside the circle.
On March 1, local time, a research report issued by Citibank believes that Bitcoin is at a critical node: Either it will become the mainstream digital currency adopted in international trade, or it will collapse in the wave of speculation.

24-year-old speculation loses down payment

In the beginning of 2021, Bitcoin will earn enough eyeballs. At the beginning of January, the price rushed higher and higher, and the price rushed to above $40,000. The cumulative increase in the first seven days of the year was as high as 38%, but Bitcoin did not hold the $40,000 mark for a long time. In February, Tesla entered the game and the traditional financial giants opened their arms, which stimulated Bitcoin to rise again. However, the cold water of the US Treasury Secretary Yellen made Bitcoin plunge again. Just last week, the price of Bitcoin once stood at a record high of 58,000 U.S. dollars, and the current price has cut about 8,000 U.S. dollars (as of 7:52 on March 4th, Beijing time).

Whenever Bitcoin rides on the “roller coaster”, some people regret not getting on the car, some are fortunate to step on it accurately, and some lament that they can’t get away. After that, some people will continue to chase the myth of getting rich overnight, some will continue to follow the investment logic of Bitcoin, and some will continue to wander outside the circle. A reporter from “Daily Economic News” interviewed three individual Bitcoin investors and told about the ups and downs of their currency circle.

Image source: Photograph

“I am a gambler”

Liu Yang, 24 years old, Shanghai, media industry

I admit that I am a gambler, the kind of person who is willing to take a fight to become a motorcycle.

In 2015, I am about to graduate from high school. My mom’s friend worked in a securities company, so I urged my mom to open an account and used her account to enter the stock market. At that time, I was catching up with the military parade. I thought it would be good for military industry stocks. So I chose a few military industry stocks and caught up with the peak of 2015. I made some money and bought a new mobile phone and a pair of Air Jordan sneakers.

After the bull market in the first half of 2015, I temporarily put down the stock market. In 2018, I came into contact with Bitcoin from a friend. At that time, the price of Bitcoin was still more than $3,000. My friend said this was a bargain hunter and asked me to hold it, but I was not sure at the time.

In 2019, I entered when the price of Bitcoin reached more than 40,000 yuan. I had two coins in my hand at that time. It was sold in December of that year and earned more than 10,000 yuan.

I also participated in the latest wave of quotations. I bought it on the advice of a senior. The seniors work as real estate agencies in Shanghai, and those who do high-end real estate always hear some strange news from the rich. He told me that Bitcoin must have risen to 50,000 U.S. dollars before the Spring Festival, and later it rose to 50,000 U.S. dollars. I admire my senior.

Around January 20th of this year, I entered when Bitcoin was approaching $40,000. Because I like to gamble, I open a contract (buy call options) and never open a leverage lower than 20 times. Sometimes when you add 125 times the leverage, Bitcoin rises by 1%, and I double it by 1.25 times. They are invested in tens of thousands of tens of thousands, and sometimes I make a profit of 10,000 to 20,000.

But my margin was very low. It fell by 0.5% and forced me to liquidate the position. After several times, I lost about 20 (ten thousand) in this wave and about 80 (ten thousand) for seniors. This money was originally lent to me by my relatives for the down payment, but fortunately, he (relatives) did not need me to repay the money for the past three years.

Now I understand it. I don’t think I should do anything about Bitcoin. Winning is only a dozen or two hundred thousand. It can’t change your quality of life, but it will also affect your mentality.

I recently invested some money in A-shares, and my friend told me that this year, it can increase by up to 30%. But before I fought Bitcoin, it could rise by 30% in one day, and the leverage could rise by 200%, and it would double that day. In this way, you will have no patience, and your patience will be exhausted. For investment, it affects the mentality too much.

I originally wanted to buy a Kawasaki motorcycle when I won, and I paid the deposit, but now I don’t have the balance on hand. In March, I received a private job of 50,000 yuan, and I plan to make more money. I still have to buy a motorcycle.

“I don’t understand Bitcoin”

Happy Ears, 32 years old, Beijing, Internet Product Manager

I heard that Bitcoin is considered very early, probably in 2011, because I am a major in engineering and have always been concerned about things in the technology industry. But at that time there was no money and no investment was made.

In 2015, I started working as a product manager for an Internet securities company, and since 2017, I started to invest in value with my heart. The earnings of US stocks and Hong Kong stocks have been pretty good in the past few years, but I have never understood Bitcoin. But it was also at that time, just as Bitcoin rose sharply in the last wave, and I really started to enter the currency circle. At that time, all blockchains were very hot, and a large number of weird currencies began to conduct ICO (Initial Coin Offering).

At that time, I was still working in an Internet securities company, and I paid a lot of attention to news in this regard. I bought some ETH (Ethereum), and then used ETH to invest in a coin that I was planning to issue, about 10,000 yuan.

At that time, the coin I bought hadn’t started to go on the market, and the other party said that he could choose to keep the coin in his hand or return the ETH that I had invested. I chose to return it. When I returned it to me, ETH had increased by 5 times. But after a month, the coin I invested in was issued overseas, and it went up 100 times as soon as it went public.

Later, I participated in the issuance of some coins and made some money. Wasn’t it because ICOs were very hot at the time, and there was a huge demand for ETH. I changed all the digital currencies on my hand to ETH, but in 2018 they all changed to Bitcoin. Because I think that if you compare precious metals, Bitcoin should be gold, and other coins may be similar to silver.

It was also during that time that I started to make more value investments in US stocks and Hong Kong stocks. It was Buffett’s way of looking at company performance. What I thought at the time was that I would not invest heavily in digital currency anyway. If I wanted to buy it, I would have to spend a lot of time on it, so I gradually became less involved.

The most recent time was around May of last year. At that time, the production of Bitcoin was halved. When the price was about US$5,000 to US$10,000, I bought some more bitcoins. At that time, it was mainly based on two considerations. First, I wanted to speculate, because every time Bitcoin production was halved, there would be a wave of rise; second, the global epidemic was very serious at the time, and I considered Bitcoin as a safe-haven asset like gold. To use. I bought it relatively heavily and invested hundreds of thousands.

When the price rose to the range of US$15,000 to US$20,000, I liquidated all the bitcoins, and made a cumulative profit of about 50%. Later, I didn’t touch the digital currency again. I think my advantage in investment lies in the stocks. It is relatively safe to buy, and the digital currency is still incomprehensible.

I am also following the market news feeds of Bitcoin every day, knowing that it has risen sharply afterwards, but I don’t regret it either. Some friends around me have made a lot of money. They told me some of the logic behind it, but I don’t think anyone’s logic is always valid. Anyway, this matter is not within my scope of cognition. If the experience and logical reasoning methods I have now allowed me to go back and make another choice, I might still be cleared up early.

In the future, if there is a suitable price, I will still hold a small amount of Bitcoin when I have spare money. I think people who are serious about digital currency still have beliefs and have a set of cognitive systems and logic behind them. I don’t have them, so I am more conservative in this regard.

“Those who get rich overnight often also burst their positions overnight”

Authentic Rabbit Head 31 years old, Shanghai, a major Internet company

I first invested in Bitcoin in 2013. I bought 20 Bitcoins and 600 RMB each through Taobao.

At that time, I was doing industry research work, and I saw a Bitcoin science article on an electronic product forum. 99% of the responses below were mocking and questioning. But I read it carefully and checked a lot of related materials, including the white paper by Satoshi Nakamoto (the founder of Bitcoin). After reading it, I think this is a very, very high potential industry.

In 2015, I started to open a position in Bitcoin again. At that time, the price was a few thousand yuan. In 2017, when Bitcoin rose to 20,000 yuan, I completed the last time to cover the position. I now have three-digit bitcoins in my hand, and none of them have been realized because my psychological price of bitcoins is $200,000. However, when the unit price rises to 100,000 U.S. dollars, I will reassess the situation to see if I will sell some of it.

In 2016, my parents gave money to buy a house. At that time, it was actually a good time to buy Bitcoin. I originally wanted to invest all of it in buying Bitcoin, but then I still felt that I had to separate the money for life and investment. Investing is a marathon. There is no need to run too fast at the beginning and discard many things that shouldn’t be discarded.

There are many reasons to look at Bitcoin, including intricate analysis, but one of my conclusions is that Bitcoin may one day appear on the asset quotation card of the Lujiazui Ring Road, becoming a regular and relatively stable block. Investment products.

This wave of gains from January to February this year is indeed abnormal, because it has broken through the largest monthly gain in history. I think this is a bad phenomenon. During the Spring Festival, I actually expect Bitcoin to fall by a wave, so that by the end of the year, it may be able to rise to 50,000 to 100,000 US dollars. However, during the Spring Festival, Bitcoin was stimulated by Tesla’s entry, with a single-day increase of 20%. I don’t actually understand the latter situation, but I think this is a bad result, because it will take longer for the callback now.

Regarding the recent wave of ups and downs, my mentality is very calm. I also know some people in the currency circle who bought Rolls Royce after making money, but they disappeared after a bear market. In fact, there are many such things, and those who get rich overnight often burst their positions overnight.

For investment, you must be completely self-driven to explore and research. But most people prefer to be a party. I assembled my own computer to mine last year. I didn’t want to mine as much, but wanted to figure out the process. On the other hand, you cannot be a greedy person by yourself and cannot gamble.

(Note: The characters above are all pseudonyms.)

Expert talk | “For ordinary people, investing in Bitcoin means high risk”

“I have never recommended ordinary investors to invest in Bitcoin, because ordinary investors do not have the ability to bear such a high risk factor.” Jiang Han, a senior researcher at Pangu think tank, told the reporter of “Daily Economic News”. Jiang Han agreed with Bill Gates’ previous comments: Musk can invest in Bitcoin because he has enough funds to invest in Bitcoin and bear the corresponding risks, but for ordinary people, investing in Bitcoin means huge risks. In addition, in high-risk situations, short-term operations are also selected through increased leverage, which will cause serious risk amplification and may lead to liquidation.

In Jiang Han’s view, although Bitcoin is a digital asset with a certain value, the recent surge may be an irrational exuberance. Entered a state of almost madness”. Due to the lack of sufficient basic support for the big rally, it is normal for a sharp correction to occur later, and the two are closely related.

Kweichow Moutai VS Bitcoin, who is more worth investing in?

As of March 2nd, Kweichow Moutai pulled back sharply and fell to 2058 yuan. Everyone shivered, and they talked about Kweichow Moutai’s 2,000 yuan might not be guaranteed.

Kweichow Moutai VS Bitcoin

On the other side of the ocean, the United States prints banknotes indefinitely. Bitcoin once pointed to 57,000 U.S. dollars. Since then, it has fallen sharply by about 10,000 U.S. dollars from the high point.

Musk takes the hard core goods, and the goddess ARK is bullish on Bitcoin to 400,000 US dollars.

Charlie Munger stepped on Bitcoin again, believing that Bitcoin is an artificial gold substitute and too unstable to become the world’s medium of exchange.

As the two most dazzling targets in the investment field, who is more worthy of investment in the next 20 years?

Kweichow Moutai: Gradually approaching the margin of safety, the annualized rate of return in the next 20 years is about 10%+

As for how good Maotai is, I won’t repeat it in this article. You can refer to the article: If you invest in stocks and earn less than 30% a year, why not buy Kweichow Moutai?

The Kweichow Moutai performance forecast shows that in 2020, Kweichow Moutai will have a profit of 45.5 billion, a year-on-year increase of 10%, and revenue will also increase by 10%.

But from 2020 to before the Spring Festival, Moutai’s stock price rose sharply by 134%. Although the certainty of Moutai’s future performance cannot be shaken, the rapid rise in stock prices has greatly overdrawn the future upside space, and the post-holiday callback is a return to normal valuation.

After a sharp correction of over 20%, does Kweichow Moutai already possess investment value?

Kweichow Moutai VS Bitcoin
Source: Essence Securities
In the latest research report of Essence Securities, Kweichow Moutai’s net profit of 54.85 billion in 2021 is expected, and its net profit is expected to be 66.71 billion in 2022. Zhongtai Securities has given Maotai’s net profit of 55.27 billion in 2021 and 645.9 in 2022. Billion in net profit expectations.

Based on Kweichow Moutai’s 55 billion net profit in 2021, the current market value is 2.59 trillion, which is equivalent to 47.1 times the price-earnings ratio.

In 2022, Kweichow Moutai’s net profit is calculated at 65 billion, and the current market value is 2.59 trillion, which is equivalent to 39.8 times the price-earnings ratio.

Is this price-earnings ratio still high?

Source: Wind
From the perspective of historical price-earnings ratio (TTM), the price-earnings ratio of 40 times was once the ceiling of Kweichow Moutai’s valuation. After 2020, as the value of Moutai becomes more and more recognized by the market, this valuation ceiling is pierced, and Moutai, which has a price-earnings ratio of 40 times, is gone forever.

Want to buy Kweichow Moutai at a valuation below 40 times price-earnings ratio? The 40 times price-earnings ratio can be regarded as Moutai’s margin of safety.

Buffett once said: “Choose the best company and be a friend of time”, we make a simple calculation of the long-term profit of Kweichow Moutai:

Assuming its profit growth rate of 15% in the next 20 years, the net profit in 2040 will reach 744.7 billion yuan.

Calculated by 25 times the PE, the future market value of Moutai will reach 186169 billion. If calculated on the basis of the current market value of 2.59 trillion, the market value of Moutai will increase by 7.19 times in 20 years.

calculation process:

1
7.19 times in 20 years, are you satisfied? It sounds good, but in fact the annualized income is “only” 10.37%.

Kweichow Moutai’s family base is too strong, even so, the long-term yield is still much stronger than buying money funds. However, a long-term expected return of just over 10% may not be satisfactory to “greedy” investors.

Bitcoin: It entered everyone’s field of vision in 2013, and its revenue has been slightly better than Moutai since 2014!

 

Source: Baidu
Judging from Baidu’s search index and media index, Bitcoin entered everyone’s field of vision at the end of 2013. As for the era when one dollar can buy several Bitcoins, statistics are not taken, and there is obviously a survivor bias.

2013 was the craziest year for Bitcoin. From the opening price of $13.5 at the beginning of the year to the closing price of $754 on the last trading day at the end of the year, an increase of nearly 56 times throughout the year, “a year of wealth” became possible and Bitcoin Enter everyone’s vision.

During the Spring Festival from 2014 to 2020, based on the closing price of US$47,228 on February 13, 2021, Bitcoin achieved an increase of 62.63 times. During the same period, Kweichow Moutai rose 60.97 times, which was almost the same as Bitcoin’s increase.

In the next 20 years, which of Kweichow Moutai or Bitcoin is more worthy of investment?

The above calculation has been simple, in the next 20 years, Kweichow Moutai will rise by about 71.9 times, with an annualized income of about 10.37%.

There are different opinions on the logic of bullish and bearish Bitcoin. I will not make an evaluation here, just make an assumption: if the price of Bitcoin rises to 400,000 US dollars as ARK goddess said in the next 20 years, the current price is calculated at 50,000 US dollars. The currency will rise 8 times, and the annualized rate of return will reach 10.96%, which will be almost the same as that of Kweichow Moutai. If calculated according to 21 million, the total market value of Bitcoin will reach 8.4 trillion US dollars.

calculation process:

1
The total GDP of the United States in 2019 was 21.4 trillion U.S. dollars. In 2020, affected by the epidemic, the total GDP will decline. Assuming a constant GDP growth rate of 2% from 2020 to 2040, the US GDP will reach 32.4 trillion US dollars in 2040. By then, the market value of Bitcoin will account for 25.9% of US GDP.

When Musk began to call the wind and rain in the currency circle, when the tide of US monetary easing will eventually fade, when Moutai is still hard to find, the people complain. 20 years later, who will point out Maotai and Bitcoin?

Bitcoin good news is here

Citigroup believes that with the pursuit of digital currencies such as Bitcoin by retail investors and institutional investors, there has been a trend that is good for Bitcoin but not good for gold, and this trend is becoming more and more difficult to ignore. Citi also pointed out that for digital currencies, changes in regulatory policies are the biggest risk. If regulations are tightened, some speculative funds will return to the gold market.
Goldman Sachs has restarted the cryptocurrency trading desk and will provide customers with bitcoin futures and non-deliverable forward contracts (NDF) trading services starting next week.

trading services starting next week.

According to media reports, this team belongs to the bank’s global marketing department. This department was established by Goldman Sachs in response to the rapidly growing activities in the digital asset sector. At present, the bank is still exploring the possibility of Bitcoin exchange-traded funds, and has issued an information request to explore the custody of digital assets.

At present, institutions including CME Group, Intercontinental Exchange (ICE) and Fidelity have begun to provide products and services on cryptocurrencies.

Jurrien Timmer, head of global macro business at Fidelity, said that Bitcoin has convincing supply and demand dynamics. He believes that the current Bitcoin asset value is only 900 billion U.S. dollars, and given the 11 trillion U.S. dollar asset value of gold and the global total financial assets of 160 trillion U.S. dollars, there is still a lot of room for the cryptocurrency to rise.

Timmer said: “If Bitcoin is a legitimate store of value, scarcer than gold, and has the potential for index demand dynamics, is it worth considering including it in the portfolio now?” He said the question may no longer be “yes.” , But “how much”.

Citi previously released a report of more than 100 pages, stating that as companies such as Tesla and PayPal are enthusiastic about Bitcoin, and central banks are also exploring the issuance of their own digital currencies, Bitcoin is currently at a “critical level”. “Point” may one day become the currency of choice for international trade.

Citigroup believes that with the pursuit of digital currencies such as Bitcoin by retail investors and institutional investors, there has been a trend that is good for Bitcoin but not good for gold, and this trend is becoming more and more difficult to ignore. Citi also pointed out that for digital currencies, changes in regulatory policies are the biggest risk. If regulations are tightened, some speculative funds will return to the gold market.

Goldman Sachs first set up a cryptocurrency trading department as early as 2018, but at that time, the price of Bitcoin was falling from a record high, weakening investors’ interest in digital currencies.

Cryptocurrency was previously avoided by elite companies such as Goldman Sachs, but it is now gaining trust, and other banks and financial institutions also have related business plans. New York Mellon said in mid-February that it would hold, transfer and issue digital currencies, and said this is the first time a global bank has provided such services to customers. MasterCard also stated that it will allow cardholders to conduct transactions in cryptocurrency on its network. The company said last month that it is “actively participating” in the digital currency program of global central banks.

As Goldman Sachs restarted its cryptocurrency trading department, digital assets have rocketed in the past few months. The price of Bitcoin has risen more than five times in the past year, and investors such as Paul Tudor Jones, Stan Druckenmiller, and Elon Musk are racing to join the game. Musk’s Tesla Company announced in February that it had purchased $1.5 billion in Bitcoin.

Bitcoin fell to $43,000 overnight

Bitcoin once fell to about 43,000 US dollars, a three-week low, a 26% drop from the high of 58,000 US dollars set on February 21, and entered a technical bear market. At the same time, this does not mean that Bitcoin’s gains this year have narrowed to 50%.

Bitcoin fell to $43,000 overnight Bitcoin fell to $43,000 overnight
Not only Bitcoin, but the digital currency market fell across the board. Among them, Ether fell to a low of around $1,300 on Sunday.

Bloomberg said that the disappearing premium shows that investors are looking for exit opportunities. And Eric Balchunas, a senior ETF analyst at BI, said that this represents investor panic and some investors’ profit-making departure.

Yahoo Finance quoted cryptocurrency trading company QCP Capital as saying that in the medium term, the problem for Bitcoin now is whether holders can withstand further declines, and when the decline will cause the bulls to feel pain.