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🔎 <Term Explanation> EBITDA｜Besides net profit, you should also look at it
👉🏻 EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) refers to the company's operating profitability viewed from another angle by excluding the effects of interest, income tax, depreciation, and amortization when calculating profit.
I (Interest) → Related to financing and debt structure
T (Taxes) → Affected by tax rates, tax environment, etc.
D (Depreciation) → Fixed asset costs allocated as expenses over time
A (Amortization) → Certain intangible asset costs allocated as expenses over time
❓ Why look at EBITDA when there is net profit?
Because even if two companies have similar business operations, differences in debt levels, tax rates, and asset structures can cause significant differences in net profit. This metric helps investors focus on the profitability of the business operations themselves.
⚠️ EBITDA ≠ net profit, nor ≠ cash flow
Although depreciation is not a current cash outflow, purchasing equipment requires actual cash; interest expenses for highly leveraged companies are also real costs. Therefore, a higher EBITDA does not necessarily mean the company’s final profit or cash on hand is equally sufficient.
💡 EBITDA should not be seen as "how much the company truly earned," but rather as an auxiliary measure to observe operating profitability, combined with net profit, cash flow, and other indicators for comprehensive judgment.
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🔎 <Term Explanation> Gross Margin丨Beyond revenue, how much profit space does the product have?
When a company's revenue grows, it indicates the business might be expanding, but does selling more mean the product itself is more profitable?
👉🏻 This depends on the Gross Margin: the ratio of gross profit to revenue after deducting costs directly related to the product or service from revenue.
🔢 For example: the company has revenue of 100 yuan, and direct product costs of 40 yuan
100 yuan revenue - 40 yuan direct costs = 60 yuan gross profit (gross margin 60%)
In other words, for every 100 yuan of revenue, after covering direct costs, 60 yuan remains to cover R&D, sales, management, and other expenses, eventually forming profit. This is the "basic profit space" reflected by the gross margin.
👀 How to read gross margin in financial reports?
❶ Look at the trend: is it rising or falling compared to the past?
Continuous improvement means the gross profit left from every 100 yuan of revenue is increasing
Continuous decline means you need to pay attention to whether the profit space is being squeezed
❷ Look at the reasons: is it due to product pricing, direct costs, or changes in product mix?
❸ Look at comparisons: gross margin varies greatly across different business models, so it’s more appropriate to compare with the company’s own history or similar companies
💡 Revenue shows how much was sold, gross margin shows how much profit space the product itself leaves; then look further at various expenses to judge how much the company ultimately earned.
💡 Friendly reminder, OKX Prophet Season 3 is in full swing, post about financial reports to earn XP👉🏻#SpaceX上市后首份完整季度财报将揭晓
🔎 <Term Explanation> EPS｜How much does the company earn per share?
"EPS exceeds market expectations"
"Adjusted EPS year-over-year growth"
——EPS (Earnings Per Share) is an important financial indicator measuring the company's earnings per share, calculated by allocating the net profit attributable to common shareholders to each common share.
🔢 Taking basic EPS as an example: EPS = Net profit attributable to common shareholders ÷ Weighted average number of common shares outstanding
(For example, if the company's related net profit is 10 billion yuan and the weighted average common shares are 1 billion, then EPS is about 10 yuan/share)
❓ How to interpret EPS in financial reports?
EPS converts the company's net profit into "earnings per share," making it easier to observe profit changes. It is also one of the most commonly used indicators during earnings season to compare against market expectations.
• Exceeds expectations → Actual EPS is higher than market expectations, usually a positive signal
• Below expectations → Actual EPS is lower than market expectations, usually a negative signal
⚠️ Note: Whether EPS exceeds expectations should not be directly equated with stock price movements. The market also considers revenue, profit margins, future performance guidance, and whether these factors have already been priced into the stock.
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📌 Comparison｜What do the "Three Major Financial Statements" each show, and how are they related?
When looking at a company's financial reports, do you need to study all the statements carefully? Actually, you can first grasp the core information of each of the three statements.
▪️ Income Statement → How is the profit?
Check how much revenue, costs, and expenses the company has during this period, and how much profit is ultimately generated.
▪️ Balance Sheet → How is the financial standing?
Look at what assets the company has at a specific point in time, how much debt it carries, and how much shareholders' equity remains.
▪️ Cash Flow Statement → How is the cash?
See where the cash came from and where it went during this period, and whether the company's operations truly generated cash.
🔎 Looking at the three statements together: having profit ≠ having cash, asset increase ≠ financial condition necessarily improving.
The income statement shows profitability, the cash flow statement shows cash, and the balance sheet shows financial structure. Putting these three perspectives together provides a more complete understanding of a company's operations and financial condition.
💡 Friendly reminder, OKX Prophet Season 3 officially starts, post about financial reports to earn XP👉🏻#台积电Q3净利润超预期，盈利创历史新高
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OKX Prophet is back! Season 3 starts today~
—— From TSMC, Netflix, Tesla, to Meta, Google, Microsoft, Apple, Nvidia... Earnings reports from popular companies are rolling out one after another!
Can AI investments deliver returns? Will tech giants' profits exceed expectations?
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🔎 The Three Major Financial Statements❸｜Cash Flow Statement: The company is making money, so why is it still short on cash?
Does a record high profit mean there must be more cash on hand? Not necessarily.
👉🏻 The Cash Flow Statement records where the company's cash comes from and where it goes over a period of time; it can be understood as the company's "cash ledger."
📊 Mainly looks at three parts:
❶ Operating Cash Flow: cash changes from daily operations, such as sales receipts, paying wages, etc.
❷ Investing Cash Flow: cash changes from buying or selling equipment, factories, investments, etc.
❸ Financing Cash Flow: cash changes from borrowing, issuing bonds, issuing or repurchasing stock, dividends, etc.
Simply put:
Operations → how much cash the business generates
Investing → where the money is invested
Financing → how the money is raised and paid back
📌 Why look at cash flow if there is profit?
Because "making money on the books" ≠ "cash has been received." For example, a company sells goods and recognizes revenue, but the customer has not yet paid; the income statement may have recorded this revenue, but the cash has not actually flowed in.
💡 If the company’s own operations can continuously generate cash, it usually has more room to handle investments, debt repayment, and operational fluctuations; if cash flow is tight for a long time, even if there is profit on the books, it deserves further attention.
💡 Friendly reminder, OKX Prophet Season 3 officially starts, post about financial reports to earn XP👉🏻#台积电Q3营收创新高，盈利表现待揭晓
OKX成长学院
🔎 The Three Major Financial Statements❷｜Balance Sheet: Even the richest companies have liabilities
#台积电Q3营收创新高，盈利表现待揭晓
#阿斯麦财报前瞻：EUV订单成关键看点
A company having a large amount of cash and assets does not necessarily mean it is financially strong; you also need to look at how much debt it carries.
👉🏻 The Balance Sheet records how many assets a company owns at a specific point in time, how much debt it owes, and the shareholders' equity. It can be understood as the company’s "financial snapshot."
📊 It mainly consists of three parts: Assets = Liabilities + Shareholders' Equity
❶ Assets: Resources the company owns or controls, such as cash, inventory, plant and equipment, investments, etc.
❷ Liabilities: Debts or payment obligations the company must fulfill, such as loans, accounts payable, etc.
❸ Shareholders' Equity: The residual interest belonging to shareholders after deducting liabilities from assets.
📌 For example:
Suppose a company’s cash and assets are growing, making it seem like its financial foundation is getting stronger. However, if liabilities like loans and accounts payable are also rapidly increasing, you cannot judge the financial health solely based on asset growth.
👉🏻 Therefore, when reviewing financial reports, assets and liabilities must be considered together:
What assets have increased? What liabilities have increased? Does the company have enough assets and cash to cover its debts? #新手必看：这里有你需要的一切
🔎 The Three Major Financial Statements❷｜Balance Sheet: Even the richest companies have liabilities
#台积电Q3营收创新高，盈利表现待揭晓
#阿斯麦财报前瞻：EUV订单成关键看点
A company having a large amount of cash and assets does not necessarily mean it is financially strong; you also need to look at how much debt it carries.
👉🏻 The Balance Sheet records how many assets a company owns at a specific point in time, how much debt it owes, and the shareholders' equity. It can be understood as the company’s "financial snapshot."
📊 It mainly consists of three parts: Assets = Liabilities + Shareholders' Equity
❶ Assets: Resources the company owns or controls, such as cash, inventory, plant and equipment, investments, etc.
❷ Liabilities: Debts or payment obligations the company must fulfill, such as loans, accounts payable, etc.
❸ Shareholders' Equity: The residual interest belonging to shareholders after deducting liabilities from assets.
📌 For example:
Suppose a company’s cash and assets are growing, making it seem like its financial foundation is getting stronger. However, if liabilities like loans and accounts payable are also rapidly increasing, you cannot judge the financial health solely based on asset growth.
👉🏻 Therefore, when reviewing financial reports, assets and liabilities must be considered together:
What assets have increased? What liabilities have increased? Does the company have enough assets and cash to cover its debts? #新手必看：这里有你需要的一切
$XTSM and $XASML earnings reports are about to be released. Let's first learn what data earnings reports contain and how to read them?
#台积电Q3营收创新高，盈利表现待揭晓
#阿斯麦财报前瞻：EUV订单成关键看点
🔎 The three main financial statements❶｜Income Statement: Is a company actually making money?
👉🏻 The Income Statement records a company's revenue, costs, and profits over a period of time and can be understood as the company's "money-making report card."
📊 Common data in the Income Statement:
Revenue: How much income the company earned from selling products and providing services
Gross Profit: How much remains after deducting direct costs from revenue
Operating Income: How much the core business operations earned
Net Income: The final profit after deducting all costs, expenses, interest, and taxes
📌 For example:
If a company's revenue grows from 10 billion to 12 billion, it looks like the business is expanding; but if costs and expenses rise from 8 billion to 11 billion in the same period, the final profit may actually decrease. So, revenue growth ≠ guaranteed profit growth.
💰 Revenue → Deduct costs and expenses → Final profit
💡 When reading the Income Statement, focus on three things:
How much revenue, how much was spent to make money, and how much was actually earned in the end.
🔎 <Term Explanation> PPI｜When producer prices change, what does it mean for consumers?
"#CPI与PPI公布在即，加息预期迎考验 "
"PPI heats up, market inflation concerns rise again"
— PPI, or Producer Price Index, mainly measures the price changes when producers sell goods and services. It is an important indicator to observe price pressure on the production side.
CPI → looks at how prices change for consumers
PPI → looks at how prices change for producers
❓Why does the market pay attention to PPI?
Price changes on the production side may further transmit to the consumer side. For example, if costs for energy, raw materials, or transportation rise, companies might raise prices, passing some costs downstream, which then affects the prices consumers face.
But note: PPI rising ≠ CPI will definitely rise
If market demand is weak and companies find it hard to raise prices, they may choose to absorb some costs themselves, which ultimately shows as squeezed profit margins rather than fully passing costs to consumers.
❓When encountering PPI information, what should you focus on?
❶ Actual value vs market expectations: Is price pressure on the production side exceeding expectations?
❷ Where is the increase coming from: commodities, energy, or service prices?
❸ Is it transmitting to the consumer side: Could it further impact inflation and market judgments on interest rate paths?
💡 CPI looks at the consumer side, PPI looks at the production side. One key significance of PPI is to help the market observe whether price pressure is accumulating on the production side and whether it might further transmit to the consumer side. #新手必看：这里有你需要的一切
🔎<Term Explanation> CPI 🆚 Core CPI
"US CPI higher than expected"
"Core CPI continues to cool down"
"After CPI release, Fed rate hike expectations heat up"
— Here, CPI (Consumer Price Index) is an important indicator measuring the price changes of a basket of goods and services purchased by residents, and is one of the core data points for the market to observe inflation.
❓ Why distinguish Core CPI?
Prices of food, housing, energy, medical care, transportation, etc., all affect CPI. But food and energy prices are easily influenced by short-term factors like oil prices and weather, causing large fluctuations. Therefore, Core CPI excludes food and energy, focusing more on observing relatively persistent inflation trends.
❓ Why does the market pay attention to CPI?
Inflation changes reflected by CPI affect market expectations of the Federal Reserve's interest rate policy, and changes in rate expectations may further influence capital preferences and price performance of assets like US stocks, gold, and BTC.
❓ When encountering CPI information, what should you focus on?
❶ Actual value vs market expectations: Did it exceed expectations?
❷ CPI vs Core CPI: Do they show different trends?
❸ Interest rate expectations: Does the data change the market's judgment on the Fed's next policy move?
💡 Summary: CPI looks at overall price changes, Core CPI looks at inflation trends excluding food and energy. What truly impacts the market is often not just the rise or fall of CPI itself, but whether it exceeds expectations and whether it changes the market's judgment on future interest rates. #新手必看：这里有你需要的一切
