<p><strong>极星汽车</strong>（PSNY 4.57%）像所有公司一样，希望在报告财报时展现最好的一面，这就是为什么 2024 年第二季度的主要头条是交付量环比增长 82%。听起来很不错，但如果交付量在短短一个季度内增长了 82%，肯定有更大的故事。而这个更大的故事并不乐观。在购买这家电动汽车（EV）公司股票之前，这里有一些关键事实需要了解。</p>
<h2>1. 极星汽车重新符合规定</h2>
<p>八月中旬，极星汽车发布新闻稿称，已经&#34;向美国证券交易委员会提交了截至 2023 年 12 月 31 日的年度报告 20-F。因此，公司已经恢复了报告合规性，符合纳斯达克上市规则 5250(c)(1) 的要求。</p>
<p>不符合规定意味着公司因某种原因未能达到交易所的期望。在这种情况下，显然是未能向监管机构提供必要的财务报表。极星汽车最近还收到了一份关于股价跌破每股 1 美元的通知，这令人担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE4MjUvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE4MjUvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>问题是，为什么公司延迟了 20-F 报告？（公司收到股价跌破 1 美元的通知显然是为什么。）根据公司提交的证券交易委员会文件，延迟是因为需要额外时间对&#34;历史 2021 年和 2022 年年度和中期财务报表中的某些错误进行评估和量化。&#34;这些事情时有发生，但当这些事情发生在股价接近 1 美元的股票上时，您需要格外小心。</p>
<h2>2. 极星汽车重组了领导团队</h2>
<p>虽然这家电动汽车公司已经解决了与证券交易委员会和 <strong>纳斯达克</strong> 交易所的合规问题，但它还决定重新组建其高层领导团队，在第二季度收益发布中强调，公司聘请了新的首席执行官、设计负责人和全球传播负责人。最近，公司还引入了新的首席财务官。当一家公司大规模调整高层管理层，特别是在出现会计问题时（参见第 1 点），保守的投资者可能应该开始寻找其他投资机会。</p>
<h2>3. 极星汽车的季度业绩并不理想</h2>
<p>在第二季度收益报告的要点中，主要是积极的亮点，投资者看到了财务报表。故事并不乐观。该季度收入同比下降了 17%。公司解释说，这主要是由于全球车辆销量下降和折扣率提高所致。因此，降低销售价格仍然无法卖出更多汽车？这是一个不好的迹象。</p>
<p>毛利润从 90 万美元下降到负 240 万美元，这意味着公司用于制造汽车的成本高于销售收入。这不是一个可持续的商业模式。到目前为止，极星汽车似乎是一家陷入困境的公司，即使它强调交付量大幅增长。</p>
<p>与此同时，研发支出大幅下降了 76%。公司解释称，这种下降是因为开始销售新车型而发生的资本化和摊销变化。但考虑到其他问题，这里可能有一种悲观的看法，即公司正在极力削减成本和/或使盈利前景看起来更加光明。时间将会证明这一点，但重要的是要记住，在竞争激烈的汽车行业，研发是一项不应节省成本的投资。这也引出了第 4 点。</p>
<h2>4. 极星汽车仍在亏损</h2>
<p>极星汽车在第二季度亏损了 2.423 亿美元，较 2023 年第二季度的亏损有所改善 12%。从一方面来看这是好事，但更现实的看法可能是，它只是变得更不好而已。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.png"/></p>
<p>YCharts 提供的 PSNY 数据</p>
<p>与此同时，迄今为止，极星汽车从未有过盈利年度。作为一家新兴公司，这并不奇怪。但当加上会计问题和大规模管理变动时，公司的故事并不美好。只有非常激进的投资者才会考虑持有这些股票。</p>
<h2>极星汽车是一只非常高风险的股票</h2>
<p>极星汽车是少数几家试图以全电动汽车打入汽车行业的新兴电动汽车制造商之一。到目前为止，唯一真正成功的公司是 <strong>特斯拉</strong>。正如上面的图表所突出的那样，投资者最初对极星汽车的前景感到兴奋，或许认为它可能成为下一个特斯拉。但鉴于持续的负面消息，华尔街已经对这些股票失去了兴趣，将它们的股价从最高点下跌了大约 90%。只有最激进的投资者才应考虑持有极星汽车的股票。</p>

极星汽车

<p>极星汽车（PSNY）报告称，2024 年第二季度交付量增加了 82％，但潜在问题引起了关注。公司在提交年度报告后恢复了与纳斯达克的合规性，但由于股价跌破 1 美元而收到通知。领导层变动和营收下降 17％表明公司面临困难，毛利润转为负值。极星汽车持续亏损，第二季度亏损 3630 万美元，并从未盈利。投资者应谨慎对待这支风险较高的股票，因为它在竞争激烈的电动汽车市场面临重大挑战</p>

<p><strong>Polestar Automotive</strong>(PSNY 4.57%), like all companies, wants to put its best foot forward when it reports earnings, which is why the lead headline in the second quarter of 2024 was an 82% sequential increase in deliveries. That sounds great, but if deliveries jumped 82% in just one quarter there's got to be a bigger story going on. The bigger story isn't great. Here's some key facts you need to know before you buy this electric vehicle (EV) stock.</p>
<div class="lb-trans"><p><strong>极星汽车</strong>（PSNY 4.57%）像所有公司一样，希望在报告财报时展现最好的一面，这就是为什么 2024 年第二季度的主要头条是交付量环比增长 82%。听起来很不错，但如果交付量在短短一个季度内增长了 82%，肯定有更大的故事。而这个更大的故事并不乐观。在购买这家电动汽车（EV）公司股票之前，这里有一些关键事实需要了解。</p>
</div><h2>1. Polestar is back in compliance</h2>
<div class="lb-trans"><h2>1. 极星汽车重新符合规定</h2>
</div><p>In mid-August, a Polestar press release said that it had &#34;filed its Annual Report on Form 20-F for the fiscal year ended 31 December 2023 with the U.S. Securities and Exchange Commission. As a result, the Company has regained reporting compliance, meeting the requirements of Nasdaq Listing Rule 5250(c)(1).&#34;</p>
<div class="lb-trans"><p>八月中旬，极星汽车发布新闻稿称，已经&#34;向美国证券交易委员会提交了截至 2023 年 12 月 31 日的年度报告 20-F。因此，公司已经恢复了报告合规性，符合纳斯达克上市规则 5250(c)(1) 的要求。</p>
</div><p>Being out of compliance means that a company is, for some reason, not living up to the exchange's expectations. In this case, the shortfall was obviously a failure to provide regulators with required financial statements. Polestar has also recently received a notice about its stock price falling below $1 per share, which is troubling, as well.</p>
<div class="lb-trans"><p>不符合规定意味着公司因某种原因未能达到交易所的期望。在这种情况下，显然是未能向监管机构提供必要的财务报表。极星汽车最近还收到了一份关于股价跌破每股 1 美元的通知，这令人担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE4MjUvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F791825%2F24_04_11-a-hand-turning-up-a-dial-labeled-risk-_mf-dload-getty-risk-diversification-safety-1200x675-128554e.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>The question is, why did the company delay its 20-F filing? (It's pretty obvious why it received a notice about its stock trading below $1.) According to a Securities and Exchange Commission filing by the company, it had to delay because it needed additional time for the &#34;evaluation and quantification of certain errors in historical 2021 and 2022 annual and interim financial statements.&#34; These things happen, but when they happen to stocks that are trading near $1 a share you need to be extra careful.</p>
<div class="lb-trans"><p>问题是，为什么公司延迟了 20-F 报告？（公司收到股价跌破 1 美元的通知显然是为什么。）根据公司提交的证券交易委员会文件，延迟是因为需要额外时间对&#34;历史 2021 年和 2022 年年度和中期财务报表中的某些错误进行评估和量化。&#34;这些事情时有发生，但当这些事情发生在股价接近 1 美元的股票上时，您需要格外小心。</p>
</div><h2>2. Polestar revamped its leadership team</h2>
<div class="lb-trans"><h2>2. 极星汽车重组了领导团队</h2>
</div><p>While the EV company has worked through its compliance issues, with both the SEC and the <strong>Nasdaq</strong> exchange, it also decided to turn over its top leadership, highlighting in the second-quarter earnings release that it hired a new CEO, head of design, and head of global communications. More recently the company brought in a new CFO. When a company massively overhauls its top brass, particularly when there have been accounting issues (see point No. 1), conservative investors should probably start looking elsewhere.</p>
<div class="lb-trans"><p>虽然这家电动汽车公司已经解决了与证券交易委员会和 <strong>纳斯达克</strong> 交易所的合规问题，但它还决定重新组建其高层领导团队，在第二季度收益发布中强调，公司聘请了新的首席执行官、设计负责人和全球传播负责人。最近，公司还引入了新的首席财务官。当一家公司大规模调整高层管理层，特别是在出现会计问题时（参见第 1 点），保守的投资者可能应该开始寻找其他投资机会。</p>
</div><h2>3. Polestar's quarterly results weren't great</h2>
<div class="lb-trans"><h2>3. 极星汽车的季度业绩并不理想</h2>
</div><p>After getting past the bullet points at the top of the second-quarter earnings report, which were largely positive highlights, investors got to see the financial statements. The story wasn't very good. Revenues were down 17% year over year in the quarter. The company explained that this was &#34;mainly due to lower global vehicle sales and higher discounts.&#34; So it cut selling prices and still couldn't sell as many cars? That's a bad sign.</p>
<div class="lb-trans"><p>在第二季度收益报告的要点中，主要是积极的亮点，投资者看到了财务报表。故事并不乐观。该季度收入同比下降了 17%。公司解释说，这主要是由于全球车辆销量下降和折扣率提高所致。因此，降低销售价格仍然无法卖出更多汽车？这是一个不好的迹象。</p>
</div><p>Gross profit fell from $900,000 to negative $2.4 million, which means the company is paying more to build its cars than it is generating from selling them. That is not a sustainable business model. So far, it looks like Polestar is a company that is struggling, even as it highlighted a large sequential increase in deliveries.</p>
<div class="lb-trans"><p>毛利润从 90 万美元下降到负 240 万美元，这意味着公司用于制造汽车的成本高于销售收入。这不是一个可持续的商业模式。到目前为止，极星汽车似乎是一家陷入困境的公司，即使它强调交付量大幅增长。</p>
</div><p>Meanwhile, research and development spending dropped a huge 76%. The company explained that the decline was because of changes in the capitalization and amortization of this expense as it began selling a new model. But, given the other issues going on, a glass-half-empty read here could be that the company is pulling back extra hard as it looks to save money and/or make the earnings picture look a little brighter. Time will tell on that front, but it is important to remember that R&amp;D is something that you don't want to skimp on in the highly competitive auto industry. Which brings up point No. 4.</p>
<div class="lb-trans"><p>与此同时，研发支出大幅下降了 76%。公司解释称，这种下降是因为开始销售新车型而发生的资本化和摊销变化。但考虑到其他问题，这里可能有一种悲观的看法，即公司正在极力削减成本和/或使盈利前景看起来更加光明。时间将会证明这一点，但重要的是要记住，在竞争激烈的汽车行业，研发是一项不应节省成本的投资。这也引出了第 4 点。</p>
</div><h2>4. Polestar is still losing money</h2>
<div class="lb-trans"><h2>4. 极星汽车仍在亏损</h2>
</div><p>Polestar lost $242.3 million in the second quarter, a 12% improvement over the loss in the second quarter of 2023. That's good on the one hand, but a more realistic view would be that it is really just less bad.</p>
<div class="lb-trans"><p>极星汽车在第二季度亏损了 2.423 亿美元，较 2023 年第二季度的亏损有所改善 12%。从一方面来看这是好事，但更现实的看法可能是，它只是变得更不好而已。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.png" alt="" original-src="https://media.ycharts.com/charts/ecaca702eb4e72b4d503f226a3bb19ee.png"/></p>
<p>PSNY data by YCharts</p>
<div class="lb-trans"><p>YCharts 提供的 PSNY 数据</p>
</div><p>Looking further back, meanwhile, Polestar has never had a profitable year. It is an upstart company, so that's not surprising. But when you add in accounting issues and massive management turnover, the company's story isn't a pretty one. Only a very aggressive investor will want to own these shares.</p>
<div class="lb-trans"><p>与此同时，迄今为止，极星汽车从未有过盈利年度。作为一家新兴公司，这并不奇怪。但当加上会计问题和大规模管理变动时，公司的故事并不美好。只有非常激进的投资者才会考虑持有这些股票。</p>
</div><h2>Polestar is a very risky stock</h2>
<div class="lb-trans"><h2>极星汽车是一只非常高风险的股票</h2>
</div><p>Polestar is one of a handful of upstart EV makers that is trying to break into the auto industry with all-electric vehicles. So far, the only company that has really managed to do that is <strong>Tesla</strong>. As the chart above highlights, investors were excited by Polestar's prospects early on, perhaps believing it could be the next Tesla. But given the ongoing negative news, Wall Street has soured on the shares, pushing them down roughly 90% from their high-water mark. Only the most aggressive investors should be considering Polestar today.</p>
<div class="lb-trans"><p>极星汽车是少数几家试图以全电动汽车打入汽车行业的新兴电动汽车制造商之一。到目前为止，唯一真正成功的公司是 <strong>特斯拉</strong>。正如上面的图表所突出的那样，投资者最初对极星汽车的前景感到兴奋，或许认为它可能成为下一个特斯拉。但鉴于持续的负面消息，华尔街已经对这些股票失去了兴趣，将它们的股价从最高点下跌了大约 90%。只有最激进的投资者才应考虑持有极星汽车的股票。</p>
</div>

极星汽车的股票是否值得购买？