{"id":4117,"date":"2025-04-29T00:55:16","date_gmt":"2025-04-28T16:55:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=4117"},"modified":"2025-04-29T00:55:16","modified_gmt":"2025-04-28T16:55:16","slug":"%e4%b8%ba%e4%bb%80%e4%b9%88%e7%89%b9%e6%96%af%e6%8b%89%e4%bc%9a%e6%8a%95%e8%b5%84%e6%af%94%e7%89%b9%e5%b8%8115%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=4117","title":{"rendered":"\u4e3a\u4ec0\u4e48\u7279\u65af\u62c9\u4f1a\u6295\u8d44\u6bd4\u7279\u5e0115\u4ebf\u7f8e\u5143\uff1f"},"content":{"rendered":"

\n\t\"\"
\n\t\u51e0\u65e5\u524d\u6700\u70ed\u95e8\u7684\u8bae\u9898\u83ab\u8fc7\u4e8eTesla\u82b115\u4ebf\u7f8e\u5143\u4e70\u5165Bitcoin\uff0c\u662f\u957f\u4e45\u4ee5\u6765Bitcoin\u591a\u519b\u503c\u5f97\u5e86\u8d3a\u7684\u4e00\u5929\uff0c\u4e5f\u662f\u4e00\u5927\u5806PE\/Hedge Fund\u6295\u8d44\u4eba\u6c14\u6b7b\u7684\u4e00\u5929\uff0c\u76ee\u524d\u5df2\u7ecf\u770b\u5230\u597d\u51e0\u4f4d\u6301\u6709Tesla\u90e8\u4f4d\u7684\u77e5\u540d\u6295\u8d44\u4eba\u7eb7\u7eb7\u5728\u793e\u4ea4\u5a92\u4f53\u4e0a\u53d1\u8868\u8d1f\u9762\u89c2\u611f\u6216\u5411Elon Musk\u8981\u6c42\u4e00\u4e2a\u8bf4\u6cd5\uff0c\u6bd4\u5982\u524d\u4efb\u9ad8\u76db\u9ad8\u9636\u4e3b\u7ba1Gary Black\u5c31\u5728\u81ea\u5df1Twitter\u4e0a\u9762\u53d1\u8868\u76ee\u524d\u5df2\u5356\u6389\u624b\u4e0a\u6240\u6709Tesla\u90e8\u4f4d\uff0c\u539f\u56e0\u5728\u4e8e2021\u5e74\u6ca1\u80fd\u770b\u5230Aggressive Earnings\u7684\u53ef\u80fd\uff0c\u518d\u6765\u4e00\u4e2a\u95ee\u9898\u5c31\u662f\u5206\u914d\u8fc7\u591a\u8d44\u4ea7\u5728\u9ad8\u98ce\u9669\u91d1\u878d\u5de5\u5177\u4e0a\u3002\u5373\u4fbf\u6301\u6709620\u4e07Tesla\u80a1\u7684Ron Baron\u8868\u6001\u4e2d\u7acb\u4ecd\u8bf4\u51fa“I look forward to learning the rationale.”\u3002<\/p>\n

\n\t\u3010\u6295\u8d44\u4eba\u7684\u7591\u8651\u662f\u4ec0\u4e48\uff1f\u3011<\/h2>\n

\n\t\u5766\u767d\u8bf4\u4e2a\u4eba\u5bf9\u4e8eBitcoin \u7684\u89c2\u611f\u662f\u53ea\u6709\u77ed\u671f\u9700\u6c42\u3001\u6ca1\u6709\u957f\u671f\u9700\u6c42\u3002\u4f46\u4eca\u5929\u65e9\u4e0a\u53d1\u751f\u7684\u8fd9\u4ef6\u4e8b\u60c5\uff0c\u5374\u5df2\u7ecf\u6c38\u8fdc\u6539\u53d8Bitcoin \u7684\u751f\u6001\u5708\u548c\u957f\u671f\u4ef7\u503c\u3002Tesla \u4f5c\u4e3a\u4e0a\u5e02\u516c\u53f8\uff0c\u6301\u6709\u6570\u5b57\u8d44\u4ea7\u7684\u603b\u91d1\u989d\u76ee\u524d\u5df2\u8d85\u8fc7\u53e6\u4e00\u5bb6\u7f8e\u80a1\u4e0a\u5e02\u516c\u53f8MicroStrategy \u6301\u6709\u768410 \u4ebf\u7f8e\u5143\uff0c\u6b64\u4e8b\u4ef6\u5e94\u8be5\u4e5f\u4f1a\u5728\u672a\u6765\u8fdb\u4e00\u6b65\u4fc3\u4f7f\u5176\u4ed6\u4e0a\u5e02\u516c\u53f8\u52c7\u4e8e\u8ddf\u8fdb\u6301\u6709\u3002<\/p>\n

\n\t\u4f46\u76ee\u524d\u4e13\u4e1a\u6295\u8d44\u4eba\u5bf9\u8fd9\u4e2a\u884c\u4e3a\u4e4b\u6240\u4ee5\u4f1a\u611f\u5230\u7591\u8651\uff0c\u6211\u8ba4\u4e3a\u6709\u4e09\u4e2a\u53ef\u80fd\u7684\u539f\u56e0\uff1a<\/p>\n

\n\t2021 \u9500\u91cf\u76ee\u6807\u662f\u5426\u80fd\u987a\u5229\u8fbe\u6210\uff1f<\/h3>\n

\n\t\u5168\u7403\u9664\u4e86Tesla \u4ee5\u5916\u3001Appl Car\u3001Audi\u3001Daimler AG\u3001BMW\u3001\u798f\u7279\u3001\u4e30\u7530\u3001\u65e5\u4ea7\uff0c\u53e6\u5916\u4e2d\u56fd\u4f5c\u4e3a\u7279\u65af\u62c9\u7684\u4e3b\u529b\u5e02\u573a\uff0c\u4e2d\u56fd\u81ea\u4e3b\u54c1\u724c\u8f66\u5382\u50cf\u662f\u6bd4\u4e9a\u8fea\u3001\u4e94\u83f1\u6c7d\u8f66\u7b49\u7ade\u4e89\u5bf9\u624b\u4e5f\u4e0d\u65ad\u63a8\u51fa\u66f4\u5e73\u4ef7\u7684\u7535\u52a8\u8f66\u6b3e\u3002Tesla \u82e5\u662f\u8981\u5efa\u8bbe\u66f4\u591a\u7684\u8d85\u7ea7\u5de5\u5382\u3001\u63a8\u8fdb\u66f4\u591a\u8f66\u578b\u7684\u6295\u4ea7\uff0c\u4ee3\u8868\u7279\u65af\u62c9\u7684\u8d44\u672c\u652f\u51fa\u5c06\u4f1a\u56e0\u6b64\u800c\u589e\u52a0\uff1b2020 \u5e74\u7b2c4 \u5b63Tesla \u7684\u8d44\u672c\u652f\u51fa\u9ad8\u8fbe11.5 \u4ebf\u7f8e\u5143\uff0c\u800c\u53bb\u5e7410 \u6708Tesla CFO\u9488\u5bf92021 \u5e74\u8d44\u672c\u652f\u51fa\u63d0\u51fa\u5c06\u589e\u52a0\u81f325 \u4ebf\u7f8e\u5143\u3002\u4ee5Tesla \u76ee\u524d\u624b\u4e0a\u7684190 \u4ebf\u73b0\u91d1\u548c\u9884\u4f30\u7684\u8d44\u672c\u652f\u51fa\u91cf\u7ea7\uff0c15 \u4ebf\u7f8e\u5143\u6295\u8d44\u5728\u6bd4\u7279\u5e01\u4e0a\u4ecd\u662f\u4e0d\u5c0f\u7684\u4e00\u7b14\u6570\u5b57\u3002\u76ee\u524d\u5e02\u573a\u7ed9Tesla \u672c\u76ca\u6bd4\u9ad8\u8fbe1,361 \u500d\uff0c\u610f\u5473\u7740\u6bcf\u5e74\u9500\u91cf\u8981\u6c42\u975e\u5e38\u9ad8\u3002<\/p>\n

\n\t\u76ee\u524dTesla \u8fd8\u6ca1\u6709\u53d1\u5e032021 \u5e74\u7684\u5b98\u65b9\u9500\u552e\u76ee\u6807\uff0c\u4f46\u5c31\u7b97\u662f\u8f83\u4e3a\u4fdd\u5b88\u7684\u534e\u5c14\u8857\u5206\u6790\u5e08\u9884\u4f30\uff0c\u76ee\u524d\u6211\u770b\u5230\u7684\u662f\u4e00\u4f4dMorgan Stanley \u5206\u6790\u5e08\u628a\u5168\u5e74\u9500\u552e\u76ee\u6807\u5b9a\u572878 \u4e07\u53f0\u5de6\u53f3\uff1b\u666e\u904d\u9884\u671f\u662f85 \u4e07\u5230100 \u4e07\u4e4b\u95f4\uff0c2020 \u5e74\u9500\u91cf\u7684\u8fd1\u4e24\u500d\u5de6\u53f3\u3002\u7136\u800c\u9762\u5bf9\u4e2d\u56fd\u5382\u7684\u826f\u7387\u95ee\u9898\u3001\u8fd8\u6709\u67cf\u6797\u5382\u7684\u5927\u5e45\u5ef6\u5b95\u8ba9\u539f\u8ba2\u7684\u4ea7\u80fd\u6570\u5b57\u548c\u9884\u8ba1\u501f\u6b64\u907f\u5f00\u6b27\u6d3210% \u8fdb\u53e3\u7a0e\u65e0\u6cd5\u5b9e\u73b0\uff0c\u90fd\u8ba9\u6574\u4f53\u9884\u4f30\u9500\u91cf\u8499\u4e0a\u9690\u5fe7\uff0c\u52a0\u4e0a\u524d\u8ff0\u6240\u8bf4\u66f4\u52a0\u6fc0\u70c8\u7684\u5e02\u573a\u7ade\u4e89\uff0c\u53ef\u80fd\u662f\u524d\u8ff0Gary Black \u63d0\u53ca\u7684\u300cNo aggressive earnings in 2021\u300d\u3002<\/p>\n

\n\t\u8bda\u4fe1\u95ee\u9898<\/h3>\n

\n\t\u4eca\u5e74\u4e00\u6708\u4e2d\u3001\u4e5f\u5c31\u662f\u4e24\u5468\u524d\u624d\u521a\u7ed3\u675f2020 Q4 Earnings Call\u3002\u8fd9\u6bb5\u65f6\u95f4\u660e\u660e\u5728\u4e0d\u65ad\u5730\u8ddf\u6295\u8d44\u4eba\u5728\u6c9f\u901a\uff0c\u7ed3\u679cElon Musk \u5374\u5bf9\u81ea\u5df1\u5df2\u6295\u8d44Bitcoin \u4e00\u4e8b\u6beb\u65e0\u63d0\u53ca\u3002\u4e8b\u5b9e\u4e0a\uff0c\u8fd9\u4ef6\u4e8b\u60c5\u4ea6\u975eElon Musk \u672c\u4eba\u81ea\u5df1\u4e3b\u52a8\u63ed\u9732\uff0c\u4f1a\u88ab\u7a81\u7136\u62a5\u51fa\u662f\u4ed6\u5728\u5411\u7f8e\u56fd\u8bc1\u4ea4\u4f1a(SEC) \u5448\u4ea4\u7684\u6587\u4ef6\u5f53\u4e2d\uff0c\u88ab\u4eba\u53d1\u73b0\u4ed6\u4e00\u6708\u4efd\u5df2\u5728Tesla \u8d44\u4ea7\u914d\u7f6e\u4e0a\u6295\u8d44\u4e86\u6bd4\u7279\u5e01\u3002\u610f\u5473\u7740\u8bf4\u6295\u8d44\u4eba\u662f\u5728\u7ed3\u675f\u4e86Q4 Earnings Call \u4e4b\u540e\u7684\u67d0\u5929\u65e9\u4e0a\u9192\u6765\uff0c\u624d\u5728\u62a5\u7eb8\u4e0a\u770b\u5230Elon Musk \u5df2\u7ecf\u795e\u4e0d\u77e5\u9b3c\u4e0d\u89c9\u5728\u4e00\u6708\u82b1\u8fd9\u4e48\u591a\u94b1\u505a\u6570\u5b57\u8d27\u5e01\u6295\u8d44XDD \u8bb2\u767d\u70b9\u5c31\u662f\u8d85\u7ea7\u4e0d\u5c0a\u91cd\u80a1\u4e1c\u3001\u628a\u516c\u53f8\u5f53\u81ea\u5df1\u7684\u4e1c\u897f\u5728\u73a9\uff0c\u4e0d\u628a\u80a1\u4e1c\u8ddf\u8bc1\u76d1\u4f1a\u653e\u5728\u773c\u91cc\u3002\u8fd9\u79cd\u84c4\u610f\u9690\u7792\u7684\u884c\u4e3a\u52a0\u4e0a\u628a\u516c\u53f8\u7684\u8d44\u4ea7\u5f53\u505a\u81ea\u5df1\u7684\u94b1\u7684\u884c\u4e3a\uff0c\u771f\u7684\u4f1a\u4ee4\u6295\u8d44\u4eba\u6c14\u5f97\u8df3\u811a\u3002\u4f46\u6bd5\u7adfElon Musk \u6210\u4e3a\u4e16\u754c\u9996\u5bcc\u7684\u8eab\u4ef7\u4e3b\u8981\u8fd8\u662f\u9760Tesla \u80a1\u7968\uff0c\u8981\u4ed6\u81ea\u5df1\u62ff\u51fa\u8fd9\u4e48\u591a\u94b1\u6765\u4e70\u4e5f\u505a\u4e0d\u5230\uff0c\u4e0d\u8fc7\u8fd9\u53c8\u6709\u4ec0\u4e48\u529e\u6cd5\u5462\uff1f\u4eba\u5bb6Elon Musk \u554a\uff01\u6559\u4e3b\u8c01\u6562\u8d28\u7591\uff1f<\/p>\n

\n\t\u6570\u5b57\u8d27\u5e01\u672c\u8eab\u7684\u4f4e\u6d41\u52a8\u6027\u4e0e\u9ad8\u98ce\u9669<\/h3>\n

\n\t\u4e2215 \u4ebf\u7f8e\u5143\u5230\u6bd4\u7279\u5e01\u610f\u5473\u7740\u73b0\u91d1\u6d41\u52a8\u6027\u964d\u4f4e\uff0c\u6bd5\u7adf\u8fd9\u4e00\u5927\u7b14\u94b1\u4e0d\u53ef\u80fd\u4e00\u65f6\u4e4b\u95f4\u5151\u56de\u7f8e\u5143\uff1b\u53e6\u5916\u6bd4\u7279\u5e01\u5e10\u9762\u6210\u4ea4\u91cf\u5f88\u591a\u90fd\u662f\u6d17\u51fa\u6765\u7684\uff0c\u5e10\u9762\u6570\u5b57\u4e0d\u4ee3\u8868\u771f\u6b63\u7684\u5e02\u573a\u6d41\u52a8\u6027\uff0c\u76ee\u524d\u673a\u6784\u90fd\u5f97\u59d4\u6258\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u53bb\u8d2d\u4e70\u5927\u91cf\u6bd4\u7279\u5e01\u4ee5\u907f\u514d\u5bf9\u4ef7\u683c\u4ea7\u751f\u5f71\u54cd\uff0c\u6709\u5174\u8da3\u7684\u8bfb\u8005\u53ef\u53c2\u9605Coinbase \u7684\u4ea4\u6613\u670d\u52a1\u6587\u4ef6\u3002<\/p>\n

\n\t2020 \u5e74\u7279\u65af\u62c9\u5df2\u8fdb\u884c\u4e09\u6b21\u878d\u8d44\uff0c\u603b\u878d\u8d44\u91d1\u989d\u9ad8\u8fbe120 \u4ebf\u7f8e\u5143\uff0c\u5360\u5176\u8fc7\u53bb\u5341\u5e74\u878d\u8d44\u603b\u89c4\u6a21\u768470%\u3002\u8fd9\u7b14\u94b1\u53ef\u4ee5\u8bf4\u662fTesla \u8ba92021 \u5e74\u4ea7\u80fd\u5168\u5f00\u7684\u6218\u4e89\u57fa\u91d1\uff0c\u7136\u800c\u5c31\u5982\u540c\u7b2c\u4e00\u70b9\u6240\u8bf4\uff0c2021 \u5168\u5e74\u8d44\u672c\u652f\u51fa\u9884\u4f3025 \u4ebf\u7f8e\u5143\u3001\u5374\u670915 \u4ebf\u7f8e\u5143\u88ab\u4e22\u5230\u4e86\u6bd4\u7279\u5e01\uff0c\u5982\u6b64\u4e00\u6765……\uff1f\u4e0d\u8fc7\uff0c\u7531\u4e8eTesla \u672c\u8eab\u7684\u7b79\u8d44\u80fd\u529b\u975e\u5e38\u5f3a\u2500\u2500\u4ece\u80a1\u4ef7\u3001\u5e02\u503c\u3001\u8bdd\u9898\u6027\u6765\u8bf4\uff0c\u51e0\u4e4e\u6ca1\u6709\u4e00\u4e2a\u5730\u65b9\u662f\u77ed\u677f\u3002\u6bd5\u7adf\u6559\u4e3b\u767b\u9ad8\u4e00\u547c\uff0c\u600e\u4e48\u53ef\u80fd\u4f1a\u5c11\u94f6\u884c\u628a\u94b1\u501f\u4ed6\u3001\u600e\u4e48\u53ef\u80fd\u4f1a\u5c11\u4eba\u4e70\u8fdb\u65b0\u80a1\uff1f\u56e0\u6b64\u5982\u679c\u8bf4\u628a\u76ee\u524d7% \u73b0\u91d1\u653e\u5728\u6bd4\u7279\u5e01\u4e0a\u9762\u4f1a\u8ba9Tesla \u9762\u4e34\u73b0\u91d1\u77ed\u7f3a\u7684\u95ee\u9898\uff0c\u4e8b\u5b9e\u4e0a\u662f\u4e0d\u5b58\u5728\u7684\u3002 <\/p>\n

\n\t\u53e6\u4e00\u65b9\u9762\uff0c\u6bd4\u7279\u5e01\u672c\u8eab\u6ce2\u52a8\u6027\u9ad8\u7684\u95ee\u9898\u4e5f\u4f1a\u5bf9Tesla \u7684GAAP\uff08\u7f8e\u56fd\u4f1a\u8ba1\u51c6\u5219\uff09\u8d22\u62a5\u9020\u6210\u5f71\u54cd\u3002<\/p>\n

\n\t\u5766\u767d\u8bf4\u8fd9\u4e2a\u6d88\u606f\u51fa\u6765\u7684\u5f53\u4e0b\u6211\u7acb\u523b\u60f3\u5230\u5e76\u6700\u597d\u5947\u7684\u4e00\u70b9\uff0c\u5728\u4e8e\u4e0a\u5e02\u8d22\u62a5\u8be5\u600e\u4e48\u63ed\u9732\u8fd9\u7b14\u8d44\u4ea7\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\uff0c\u6bd5\u7adfFASB\uff08\u7f8e\u56fd\u8d22\u52a1\u4f1a\u8ba1\u51c6\u5219\u59d4\u5458\u4f1a\uff0c\u76ee\u524d\u5236\u5b9a\u8d22\u52a1\u4f1a\u8ba1\u51c6\u5219\u7684\u6743\u5a01\u673a\u6784\uff09\u6839\u672c\u6ca1\u6709\u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u8d27\u5e01\u6709\u4efb\u4f55\u5b9a\u4e49\uff0c\u5230\u5e95\u8981\u600e\u4e48\u653e\uff1f\u53c2\u8003\u4e0a\u4e00\u5bb6\u6301\u670910\u4ebf\u7f8e\u5143\u6bd4\u7279\u5e01\u7684\u7f8e\u80a1\u4e0a\u5e02\u79d1\u6280\u516c\u53f8MicroStrategy\uff0c\u76ee\u524d\u8d22\u62a5\u662f\u628a\u6570\u5b57\u8d44\u4ea7\u653e\u5728\u65e0\u5f62\u8d44\u4ea7\u9879\u76ee\u91cc\u9762\uff08intangible assets with indefinite life\uff09\u3002<\/p>\n

\n\t\u95ee\u9898\u6765\u4e86\uff0c\u6bd4\u7279\u5e01\u56e0\u4e3a\u4e0d\u662f\u88abFASB \u6240\u8ba4\u5b9a\u5b98\u65b9\u673a\u6784\u53d1\u884c\u7684\u8d27\u5e01\uff0c\u4e0d\u80fd\u653e\u5728\u73b0\u91d1\u9879\u76ee\u91cc\u9762\uff0c\u800c\u662f\u4f1a\u88ab\u653e\u5728\u65e0\u5230\u671f\u65e5\u7684\u65e0\u5f62\u8d44\u4ea7\u5f53\u4e2d\uff0c\u6bcf\u5b63\u90fd\u8981\u505a\u4e00\u6b21\u51cf\u635f\u6d4b\u8bd5\uff0c\u6216\u662f\u5728\u8be5\u516c\u53f8\u88ab\u5e76\u8d2d\u65f6\u505a\u68c0\u9a8c\u3002\u4f46\u5982\u679c\u628a\u6570\u5b57\u8d27\u5e01\u653e\u5728\u65e0\u5f62\u8d44\u4ea7\u9879\u76ee\u91cc\u9762\uff0c\u4f1a\u4ea7\u751f\u4e00\u4e2a\u60c5\u51b5\uff0d\uff0d\u5982\u679c\u6bcf\u5b63\u8fdb\u884c\u65e0\u5f62\u8d44\u4ea7\u51cf\u635f\u6d4b\u8bd5\u65f6\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\u3001\u5c0f\u4e8e\u5f53\u521d\u6240\u8d2d\u5165\u7684\u4ef7\u4f4d\uff0c\u5c31\u5f97\u8ba4\u5217\u4e8f\u635f\uff0c\u4f46\u5c31\u7b97\u5b83\u5728\u9694\u6708\u6da8\u56de\u6765\uff0c\u4e5f\u6ca1\u529e\u6cd5\u518d\u628a\u8fd9\u4e2a\u83b7\u5229\u52a0\u56de\u53bb\uff0c\u4f7f\u5f97\u76c8\u4f59\u5728GAAP \u8d22\u62a5\u4e0a\u53d8\u7684\u5f88\u96be\u770b\u3002MicroStrategy \u57282020 \u5e74\u4e70\u5165\u6bd4\u7279\u5e01\u4e4b\u540e\uff0c\u8fd1\u671f\u63ed\u9732\u76842020 \u7b2c\u56db\u5b63GAAP \u6bcf\u80a1\u76c8\u4f59\uff08EPS\uff09\u4e3a0.27 \u7f8e\u91d1\u3001\u540c\u6bd4\u4e0b\u8dcc77.12%\uff0c\u56e0\u4e3a\u6570\u5b57\u8d27\u5e01\u65e0\u5f62\u8d44\u4ea7\u6240\u8ba4\u5217\u7684\u4e8f\u635f\u5df2\u7ecf\u9ad8\u8fbe7 \u5343\u4e07\u7f8e\u91d1\u3002\u8fd9\u8fb9\u8bfb\u8005\u5e94\u8be5\u5df2\u7ecf\u53d1\u73b0\u4e00\u4ef6\u4e8b\u60c5\uff0d\uff0d\u660e\u660e\u516c\u53f8\u6ca1\u6709\u5b9e\u9645\u906d\u9047\u4e8f\u635f\uff0c\u5374\u4ecd\u8ba9\u76c8\u4f59\u53d8\u5f97\u975e\u5e38\u96be\u770b\u3001\u5bfc\u81f4EPS \u5927\u5e45\u4e0b\u8dcc\u3002<\/p>\n

\n\t\u7136\u800c\u5982\u679c\u4f60\u89c2\u5bdfMicroStrategy \u540c\u6837\u57282020 \u5e74Q4 \u7684NON-GAAP \u8d22\u62a5EPS\uff0c\u53ef\u53d1\u73b0\u662f2.07 \u7f8e\u91d1\uff0c\u4e0eGAAP EPS \u6574\u6574\u5dee\u4e861.8 \u7f8e\u91d1\u3002\u4e3a\u4ec0\u4e48\u4f1a\u6709\u8fd9\u6837\u7684\u5dee\u5f02\u5462\uff1f\u5f53\u516c\u53f8\u56e0\u4e3a\u53d7\u5236\u4e8eGAAP \u4f1a\u8ba1\u51c6\u5219\uff0c\u8ba4\u4e3aGAAP \u8d22\u62a5\u65e0\u6cd5\u771f\u5b9e\u5448\u73b0\u8425\u8fd0\u72b6\u51b5\u65f6\uff0c\u5c31\u4f1a\u53e6\u5916\u51fa\u5177NON-GAAP \u8d22\u62a5\u4f5c\u4e3a\u6295\u8d44\u4eba\u53c2\u8003\u3002<\/p>\n

\n\t\u4e3e\u4f8b\u6765\u8bf4\uff0c\u300c\u6bdb\u5229\u7387\u300d\u7684\u8ba1\u7b97\u65b9\u5f0f\u4e3a\u8425\u6536\u6263\u9664\u9500\u8d27\u6210\u672c\uff08Cost of Goods Sold\uff0c\u516c\u53f8\u5236\u9020\u5546\u54c1\u7684\u76f4\u63a5\u6210\u672c\uff09\uff0c\u7136\u800c\u82e5\u4ea7\u7ebf\u4e0a\u7684\u5458\u5de5\u6301\u6709\u516c\u53f8\u914d\u80a1\u3001\u7ecf\u8fc7\u5458\u5de5\u914d\u80a1\u8d39\u7528\u5316\u4e4b\u540e\uff0c\u8fd9\u90e8\u4efd\u8d39\u7528\u5c31\u5f97\u88ab\u8ba1\u5165\u9500\u8d27\u6210\u672c\u5f53\u4e2d\uff0c\u6b64\u4e3e\u5c06\u65e0\u6cd5\u53cd\u5e94\u771f\u5b9e\u7684\u9500\u552e\u4e0e\u6210\u672c\u63a7\u5236\u80fd\u529b\u3002\u56e0\u6b64\u8bb8\u591a\u516c\u53f8\u4f1a\u5728NON-GAAP \u4e2d\u5c06\u5458\u5de5\u914d\u80a1\u79fb\u5230Other Expense\uff0c\u4ee5\u8ba9\u6295\u8d44\u4eba\u4e86\u89e3\u771f\u5b9e\u7684\u6bdb\u5229\u7387\u6216\u8425\u5229\u7387\u5728\u54ea\u3002<\/p>\n

\n\t\u5728Tesla \u4e70\u5165\u6bd4\u7279\u5e01\u4e4b\u540e\u4f1a\u9762\u4e34\u4e0eMicroStrategy \u4e00\u6837\u7684\u95ee\u9898\uff0d\uff0dGAAP EPS \u4f1a\u53d8\u5f97\u8d85\u7ea7\u96be\u770b\u3002\u4f60\u53ef\u80fd\u4f1a\u597d\u5947\uff0c\u4e4b\u540e\u53ef\u80fd\u4f1a\u6709\u8d8a\u6765\u8d8a\u591a\u7684\u4e0a\u5e02\u516c\u53f8\u4e70\u5165\u6bd4\u7279\u5e01\uff0c\u6bd4\u5982\u6700\u8fd1\u5f88\u591a\u4eba\u90fd\u8bf4Apple \u4f5c\u4e3a\u624b\u4e0a\u6301\u6709\u6700\u591a\u73b0\u91d1\u7684\u7f8e\u80a1\u516c\u53f8\uff0c\u5f88\u6709\u53ef\u80fd\u4f1a\u6210\u4e3a\u4e0b\u4e00\u4e2a\u8ddf\u8fdb\u4e70\u5165\u6bd4\u7279\u5e01\u7684\u4e0a\u5e02\u516c\u53f8\u3002\u90a3\u8fd9\u6837\u8d22\u62a5\u4e0d\u5c31\u901a\u901a\u5931\u51c6\u5417\uff1f\u4e3a\u4ec0\u4e48\u4e0d\u628a\u6570\u5b57\u8d27\u5e01\u5217\u5165\u6709\u4ef7\u8bc1\u5238\u9879\u76ee\u5462\uff1f\u4e8b\u5b9e\u4e0a\u6709\u4ef7\u8bc1\u5238\u5f97\u9002\u7528\u53e6\u4e00\u5957\u590d\u6742\u7684\u6807\u51c6\uff0c\u52a0\u4e0a\u4f20\u7edf\u673a\u6784\u4e0d\u719f\u6089\u52a0\u5bc6\u8d27\u5e01\u7684\u4ea4\u6613\u6a21\u5f0f\uff0c\u5e76\u4e0d\u9002\u5408\u8d38\u7136\u5f00\u653e\u3002<\/p>\n

\n\t\u5766\u767d\u8bf4\u4e2a\u4eba\u89c9\u5f97Elon Musk \u57fa\u672c\u4e0a\u5df2\u7ecf\u6ca1\u5728\u7ba1\u4f20\u7edf\u8d22\u62a5\uff0c\u4f5c\u4e3a\u5168\u4e16\u754c\u6700\u6709\u94b1\u7684\u5bcc\u8c6a\u52a0\u4e0a\u6700\u6709\u5f71\u54cd\u529b\u7684\u79d1\u6280\u4eba\uff08\u6211\u76f8\u4fe1\u6ca1\u4eba\u63d0\u7684\u51fa\u7b26\u5408\u540c\u6837\u6807\u51c6\u7684\u7b2c\u4e8c\u4f4d\uff09\uff0c\u65e9\u5c31\u4e86\u89e3\u8d22\u62a5\u5df2\u7ecf\u548c\u516c\u53f8\u4ef7\u503c\u8131\u8282\u3002<\/p>\n

\n\t\u518d\u4e00\u4e2a\u9898\u5916\u8bdd\uff0c\u53ef\u80fd\u4f60\u4f1a\u60f3\u95ee\uff1a\u90a3\u4e4b\u540e\u6295\u8d44\u96be\u9053\u90fd\u4e0d\u770b\u8d22\u62a5\u4e86\u5417\uff1f\u79c1\u8ba4\u4e3a\u8d22\u62a5\u6700\u6838\u5fc3\u7684\u7528\u9014\u672c\u8eab\u5c31\u4e0d\u662f\u62ff\u6765\u6295\u8d44\uff0c\u800c\u5728\u4e8e\u534f\u52a9\u6295\u8d44\u8005\u53d1\u73b0\u4f01\u4e1a\u7684\u95ee\u9898\uff0c\u5305\u62ec\u73b0\u91d1\u77ed\u7f3a\u3001\u9519\u5e10\u3001\u8bc8\u6b3a\u7b49\u884c\u4e3a\u3002\u6295\u8d44\u7684\u8bdd\uff0c\u770b\u7684\u8fd8\u662f\u7ecf\u8425\u4eba\u7684\u8fdc\u89c1\u4e0e\u4f01\u4e1a\u672c\u8eab\u7684\u9898\u6750\u8fd8\u6709\u4fe1\u4ef0\uff0c\u4f60\u559c\u6b22\u4ec0\u4e48\u516c\u53f8\u5c31\u4e70\u4ec0\u4e48\u516c\u53f8\u3002Tesla\u6563\u6237\u80a1\u4e1c\u5360\u4e86\u5f88\u5927\u7684\u4e00\u90e8\u5206\uff0c\u6709\u8c01\u5728\u7ba1\u5b83EPS\uff1f<\/p>\n

\n\t\u603b\u800c\u8a00\u4e4b\uff0c\u4ee5\u4e0a\u6240\u8bf4\u7684\u8fd9\u4e09\u4e2a\u673a\u6784\u6295\u8d44\u4eba\u53ef\u80fd\u62e5\u6709\u7684\u7591\u8651\uff0c\u90fd\u8fd8\u4e0d\u8db3\u591f\u8ba9Tesla \u673a\u6784\u6295\u8d44\u4eba\u51fa\u8131\u6301\u80a1\u3001\u53ef\u80fd\u6700\u591a\u53ea\u662f\u51cf\u5c11\u4e00\u4e9b\uff1b\u6bd5\u7adf\u6563\u6237\u4fe1\u4ef0\u575a\u5b9a\u3001\u516c\u53f8\u672c\u8eab\u7684\u52df\u8d44\u80fd\u529b\u8fd8\u8d85\u5f3a\u3002<\/p>\n

\n\t\u3010Elon Musk\u60f3\u4e70\u7684\u53ef\u80fd\u7406\u7531\u3011<\/h2>\n

\n\t\u907f\u9669 <\/h3>\n

\n\tElon Musk \u4e4b\u524d\u5c31\u5bf9\u76ee\u524d\u7f8e\u56fd\u653f\u5e9c\u5927\u91cf\u5370\u949e\u8fd9\u4ef6\u4e8b\u591a\u6b21\u8868\u793a\u4e0d\u5f00\u5fc3\uff0c\u800c\u672c\u6b21\u5728SEC \u7684\u6587\u4ef6\u5f53\u4e2d\u9664\u4e86\u6bd4\u7279\u5e01\u4e4b\u5916\uff0c\u8fd8\u5305\u62ec\u4e86\u9ec4\u91d1\u4e0e\u9ec4\u91d1ETF\uff0c\u660e\u663e\u662f\u4e3a\u4e86\u7f8e\u5143\u8d2c\u503c\u56e0\u7d20\u4e3a\u4e86\u907f\u9669\u8ba9\u90e8\u5206\u7f8e\u5143\u8f6c\u6362\u4e3a\u4fdd\u503c\u8d27\u5e01\u3002\u90a3\u4e3a\u4ec0\u4e48\u4e0d\u662f\u5176\u4ed6\u6570\u5b57\u8d27\u5e01\uff0c\u6bd4\u5982Elon Musk \u4e4b\u524d\u5728\u81ea\u5df1Twitter \u4e0a\u7092\u4e86\u6570\u6b21\u7684\u72d7\u72d7\u5e01\u800c\u662f\u6bd4\u7279\u5e01\u5462\uff1f\u6bd5\u7adf\u76ee\u524d\u6bd4\u7279\u5e01\u8fd8\u662f\u552f\u4e00\u6ca1\u6709\u80cc\u540e\u673a\u6784\u4eba\u58eb\u64cd\u7eb5\u3001\u552f\u4e00\u53bb\u4e2d\u5fc3\u5316\u7684\u6570\u5b57\u8d27\u5e01\uff0c\u540c\u65f6\u4f9b\u7ed9\u6709\u9650\u3001\u53ef\u4ee5\u6297\u901a\u81a8\uff0c\u76f8\u8f83\u4e8e\u9ec4\u91d1\uff0c\u6d41\u52a8\u6027\u66f4\u9ad8\u3001\u8d44\u8baf\u66f4\u900f\u660e\u300124 \u5c0f\u65f6\u4ea4\u6613\u7b49\u51e0\u70b9\u800c\u8a00\uff0c\u7684\u786e\u662f\u4e00\u4e2a\u503c\u5f97\u5173\u6ce8\u7684\u65b0\u4e16\u4ee3\u907f\u9669\u5de5\u5177\u3002\u5728\u8fd9\u4e2a\u5e74\u4ee3\uff0c\u6216\u8bb8\u7f8e\u5143\u624d\u662f\u9ad8\u98ce\u9669\u8d44\u4ea7\u3002<\/p>\n

\n\t\u4e0eTesla \u672a\u6765\u5f00\u653e\u8ba9\u6bd4\u7279\u5e01\u4f5c\u4e3a\u652f\u4ed8\u5e01\u79cd\u76f8\u5173<\/h3>\n

\n\tTesla \u8868\u793a\u8fd1\u671f\u5c06\u5f00\u59cb\u63a5\u53d7\u5ba2\u6237\u5c06\u6bd4\u7279\u5e01\u4f5c\u4e3a\u8d2d\u4e70\u4ea7\u54c1\u7684\u4ed8\u6b3e\u65b9\u5f0f\uff0c\u6b64\u4e3e\u5c06\u4f7f\u7279\u65af\u62c9\u6210\u4e3a\u7b2c\u4e00\u5bb6\u63a5\u53d7\u6bd4\u7279\u5e01\u4ed8\u6b3e\u7684\u5927\u578b\u6c7d\u8f66\u5236\u9020\u5546\u3002\u6709\u4eba\u8bf4\uff0cTesla \u4e70\u5165\u6bd4\u7279\u5e01\u548c\u6b64\u653f\u7b56\u6709\u5173\uff0c\u539f\u56e0\u662f\u5e0c\u671b\u900f\u8fc7\u4e70\u5165\u6bd4\u7279\u5e01\u8ba9\u5b83\u7ef4\u6301\u4e00\u5b9a\u7684\u4ef7\u503c\u3002\u7136\u800c\u5173\u4e8e\u8fd9\u70b9\u6211\u662f\u6301\u5426\u5b9a\u6001\u5ea6\uff0c\u6bd5\u7adf\u8fd9\u4e2a\u903b\u8f91\u7b49\u540c\u300c\u6211\u4eca\u5929\u6295\u8d44\u4e00\u6863\u80a1\u7968\u540e\uff0c\u6211\u4e0d\u60f3\u5b83\u8dcc\u5c31\u62fc\u547d\u4e70\u5165\u300d\u3002\u4f46\u5c31\u4ee3\u8868\u4f60\u5f97\u4e0d\u65ad\u7838\u94b1\u8981\u628a\u5b83\u4e70\u5230\u6da8\uff0c\u4ee5\u6bd4\u7279\u5e01\u5e02\u7684\u5e02\u573a\u6df1\u5ea6\uff0c\u6211\u5e76\u4e0d\u8ba4\u4e3aTesla \u6709\u80fd\u529b\u53bb\u9646\u7eed\u518d\u7838\u597d\u51e0\u4e2a\u4ebf\u53bb\u628a\u4ef7\u503c\u7ef4\u6301\u4f4f\u3002<\/p>\n

\n\t\u6559\u4e3b\u723d<\/h3>\n

\n\t\u6211\u89c9\u5f97\u6b64\u4e3e\u6700\u5927\u7684\u53ef\u80fd\u662f\u4f5c\u4e3a\u4e00\u79cdSocial Statement\uff0c\u8ba9Elon Musk \u53bb\u6297\u8bae\u7f8e\u56fd\u653f\u5e9c\u5927\u91cf\u5370\u949e\u3001\u540c\u65f6\u66f4\u52a0\u5f3a\u8c03\u81ea\u5df1\u652f\u6301\u6bd4\u7279\u5e01\u7684\u4e00\u4e2a\u8bc1\u660e\u6307\u6807\u3002\u53e6\u4e00\u65b9\u9762\u60f3\u60f3\u770b\uff0c\u8fd9\u70b9\u5c06\u8ba9Tesla \u5728\u5e01\u5708\u4eba\u58eb\u5f53\u4e2d\u5927\u53d7\u6b22\u8fce\uff0c\u8fd9\u6837\u7684\u652f\u6301\u8ba9\u6bd4\u7279\u5e01\u5927\u6da8\u66f4\u5177\u5173\u6ce8\u5ea6\uff0c\u540c\u65f6\u53ea\u8981\u62ff\u51fa\u4e00\u9897\u6bd4\u7279\u5e01\u5c31\u80fd\u4e70\u4e00\u53f0Tesla\uff0c\u5982\u679c\u6709\u8981\u8d2d\u5165\u7535\u52a8\u8f66\u7684\u6253\u7b97\u3001\u4e00\u5b9a\u4f18\u5148\u9009\u62e9Tesla \u54c1\u724c\u3002\u60f3\u60f3\u6bd4\u7279\u5e01\u76ee\u524d\u7684\u53d1\u884c\u91cf\uff0c\u5c06\u4f1a\u662f\u4e00\u4e2a\u86ee\u53ef\u89c2\u7684\u6570\u5b57……<\/p>\n

\n\t—–<\/p>\n

\n\t\u4ee5\u4e0a\u662f\u6211\u5bf9\u4e8e\u672c\u6b21\u4e8b\u4ef6\uff0c\u5173\u4e8e\u300c\u6295\u8d44\u4eba\u7684\u53ef\u80fd\u7591\u8651\u300d\u4e0e\u300cElon Musk \u4e70\u5165\u7684\u53ef\u80fd\u7406\u7531\u300d\u7684\u4e2a\u4eba\u89c2\u70b9\uff0c\u4e5f\u662f\u6211\u57282\/10 \u4e2d\u5348\u4e8eClubhouse \u76f4\u64ad\u6240\u63d0\u53ca\u7684\u5185\u5bb9\u3002\u4e5f\u5f88\u5f00\u5fc3\u6bcf\u6b21\u90fd\u6709\u5f88\u591a\u70ed\u5fc3\u8bb2\u8005\u4e00\u540c\u6765\u505a\u5206\u4eab\uff08\u5305\u62ec\u6bd4\u7279\u5927\u9646\u524dCOO\u3001\u661f\u5c55\u94f6\u884cCTO\u3001\u706b\u5e01\u5206\u6790\u5e08\u7b49\uff09<\/p>\n

\n\t\u5173\u4e8e\u6295\u8d44\uff0c\u6c38\u8fdc\u6ca1\u6709\u6b63\u786e\u7b54\u6848\uff0c\u5f53\u5929\u6709\u8bb8\u591aSpeaker \u63d0\u51fa\u4e0d\u540c\u7684\u89c2\u70b9\u8fdb\u884c\u4ea4\u6d41\uff0c\u4ec5\u4f5c\u4e3a\u629b\u7816\u5f15\u7389\u3001\u4f5c\u4e3a\u8bfb\u8005\u601d\u8003\u5207\u5165\u70b9\u7684\u53c2\u8003\u3002\u6709\u4efb\u4f55\u95ee\u9898\u6216\u89c1\u89e3\u6b22\u8fce\u7559\u8a00\u8ba9\u6211\u77e5\u9053\u5594\uff01<\/p>\n

\n\t\u795d\u4eb2\u7231\u7684\u5927\u5bb6\uff0c2021 \u4fdd\u6301\u5065\u5eb7\u3001\u65b0\u5e74\u5feb\u4e50\uff01<\/p>\n","protected":false},"excerpt":{"rendered":"

\u51e0\u65e5\u524d\u6700\u70ed\u95e8\u7684\u8bae\u9898\u83ab\u8fc7\u4e8eTesla\u82b115\u4ebf\u7f8e\u5143\u4e70\u5165Bitcoin\uff0c\u662f\u957f\u4e45\u4ee5\u6765Bitcoin\u591a\u519b\u503c\u5f97\u5e86\u8d3a\u7684\u4e00\u5929\uff0c…<\/p>\n","protected":false},"author":1,"featured_media":5985,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/4117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4117"}],"version-history":[{"count":1,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/4117\/revisions"}],"predecessor-version":[{"id":5477,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/posts\/4117\/revisions\/5477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=\/wp\/v2\/media\/5985"}],"wp:attachment":[{"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dm-yq.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}