00:00
to analyze a company for investment you need to look at the company's financials we will explore three financial
要分析一家公司是否值得投資，你需要檢視該公司的財務報表。我們將探討三份財務報表：
00:08
statements the balance sheet the income statement and the statement of cash flows this quick video explains each of
資產負債表、損益表以及現金流量表。這部短片將高層次地解釋每一份
00:17
these statements at a high level in future videos I will dive into specific elements of these financial statements
報表。在未來的影片中，我將深入探討這些財務報表的特定元素，
00:25
to help you with fundamental analysis but this 101 video is for anyone who's
以協助您進行基本面分析。但這部入門影片是為了那些
00:32
felt intimidated by jargon and has felt sidelined or minimized over the years
長年來因專業術語感到卻步、覺得被排擠或被低估，
00:38
and wishes someone explained the basics [Music]
且希望有人能解釋基礎知識的人所製作的。[音樂]
00:48
hi there I just got back from a wonderful vacation in India if you're new here I'm Avanti I'm a mom an
大家好，我剛從印度一趟美好的假期回來。如果您是新觀眾，我是 Avanti，我是一位母親、
00:56
investment analyst and a CFA Charter holder subscribe to my YouTube channel and follow my Facebook page to learn how
投資分析師，也是 CFA 持證人。請訂閱我的 YouTube 頻道並追蹤我的 Facebook 專頁，學習如何
01:05
to build wealth through investing let's look at the financial statements of Apple I still have to say this even
透過投資累積財富。讓我們來看看蘋果公司的財務報表。我還是要聲明一下，
01:13
though you already know I'm not recommending that you buy or sell stock of Apple this video is for entertainment
即使您已經知道，我並非推薦您買進或賣出蘋果股票。這部影片僅供
01:21
and education only so let's look at Apple I went to Apple's website apple.com next
娛樂與教育用途。那麼，讓我們來看看蘋果。我造訪了蘋果的官方網站 apple.com，接著
01:29
I searched for the word investor with a control F all publicly traded companies in the US
我使用 Ctrl+F 搜尋 "investor" 這個字。美國所有
01:36
have a section called investor relations which shows their SEC filings here it says investors
上市公司都有一個名為「投資人關係 (Investor Relations)」的區塊，顯示其向美國證券交易委員會 (SEC) 申報的文件。這裡顯示著 "investors"。
01:46
I've clicked on that to take me to investor relations from there we will go to SEC filings
我點擊該處進入投資人關係頁面，從那裡我們將前往 SEC 申報文件 (SEC filings)。
01:55
change this from all filings to annual filings the first report that says 10K
將篩選條件從「所有文件」更改為「年報文件」。第一份顯示為 10-K、
02:03
with a date of October 28 2022 is Apple's most recent annual report filed
日期為 2022 年 10 月 28 日的報告，就是蘋果最近向
02:12
with the sec I'm going to open the PDF on the PDF it says annual report blah blah blah for the fiscal year ended
SEC 申報的年報。我將打開 PDF 檔案。PDF 上寫著「截至 2022 年 9 月 24 日會計年度的年報」等等字樣。
02:22
September 24 2022.
18.
02:25
companies can and often do have different fiscal years the first statement you're going to look at is the
公司可以且經常擁有不同的會計年度。您要看的第一份報表是
02:33
balance sheet this balance sheet shows the company's Financial assets liabilities and Equity
資產負債表。這份資產負債表顯示了公司的金融資產、負債與股東權益。
02:43
at a single point in time in this case September of 2022 the top section shows the assets owned
在單一時間點，即 2022 年 9 月，上方區塊顯示蘋果擁有的資產
02:53
by Apple assets include current acids or short-term assets that are cash like and
資產包括流動資產或短期資產，這些是類現金的資產，以及
03:01
non-current assets current assets include actual cash and any asset that
非流動資產。流動資產包括實際現金以及任何
03:08
is expected to be sold consumed or converted into cash within the following year such as marketable Securities
預計在接下來一年內出售、消耗或轉換為現金的資產，例如有價證券
03:17
inventories and any receivables and includes the value of iPhones iPads computers
存貨以及任何應收帳款，並包括 iPhone、iPad、電腦等
03:26
etc held in inventory any amount that Apple will receive from its customers for sold goods and so on
存貨中的價值，以及蘋果將從客戶那裡收到的已售商品款項等
03:33
non-current assets include long-term Securities property plant and equipment
非流動資產包括長期證券、不動產、廠房及設備
03:40
or PPE and other non-current assets such as Goodwill as of September 24 2022
或 PPE，以及其他非流動資產，例如商譽。截至 2022 年 9 月 24 日
03:48
Apple reported current assets worth 135 billion dollars and non-current assets
蘋果報告的流動資產價值為 1,350 億美元，非流動資產
03:54
worth 217 billion dollars making its total assets close to 352 billion dollars the bottom section shows the
價值為 2,170 億美元，使其總資產接近 3,520 億美元。下方區塊顯示
04:04
company's liabilities and shareholders equity current liabilities include accounts
公司的負債和股東權益。流動負債包括應付帳款
04:10
payable short-term debt current portion of long-term debt and other current liabilities so basically any amounts
短期債務、長期債務的本期到期金額以及其他流動負債，所以基本上是所有
04:18
that are due it's vendors suppliers employees salaries Etc non-current liabilities include all of
應付給其供應商、員工薪資等的款項。非流動負債包括所有
04:27
the companies long-term debt so Apple has current liabilities of 153 billion dollars and non-current liabilities of
公司的長期債務，所以蘋果的流動負債為 1,530 億美元，非流動負債為
04:34
148 billion equaling 302 billion dollars in total liabilities
1,480 億美元，總計 3,020 億美元的總負債
04:41
shareholders Equity includes the value of all its common stock plus retained earnings and comprehensive income or
股東權益包括其所有普通股的價值，加上保留盈餘以及綜合損益
04:50
loss I will go over these items in detail in future videos but for now know that shareholders Equity remains after
我將在未來的影片中詳細介紹這些項目，但現在請知道，股東權益是從資產中扣除
04:59
subtracting liabilities from assets so your basic accounting equation is assets is equal to liabilities plus
負債後剩下的部分，所以你的基本會計等式是資產等於負債加上
05:09
shareholders equity Equity is the net worth of the company as of September 2022 Apple reported 50
股東權益。權益是公司的淨值。截至 2022 年 9 月，蘋果報告了 500
05:18
billion dollars of equity at a high level the balance sheet shows you three things assets liabilities and
億美元的權益。從高層次來看，資產負債表向你顯示三件事：資產、負債和
05:27
shareholders Equity of a company Apple reported 352 billion dollars in assets 302 billion dollars in
股東權益 公司的股東權益 蘋果公布資產為 3,520 億美元 負債為 3,020 億美元
05:36
liabilities and 50 billion in equity the following financial statement is the
權益為 500 億美元 下列財務報表是
05:44
income statement in this case it is the Consolidated statement of operations while a balance sheet provides financial
損益表 在此案例中為綜合營運報表 雖然資產負債表提供特定時間點的財務
05:53
information at a specific point in time the income statement is for a period such as one
資訊 損益表則是針對一段期間 例如一
06:01
year if you consider the balance sheet as a snapshot of a company's financials the income statement is like a real or a
年 若將資產負債表視為公司財務的快照 損益表就像一部真實或
06:10
short movie this statement shows Apple's revenue or sales for the fiscal year ending
短片 這份報表顯示蘋果在 2022 年 9 月結束的會計年度
06:18
September 2022.
營收
06:21
all its expenses and the net net income Apple reported total sales of 394 billion dollars
所有支出與淨利 蘋果公布總銷售額為 3,940 億美元
06:28
sales or revenue is the top line of the company the top line is because it appears at the top of the income
銷售或營收是公司的頂線 頂線是因為它出現在損益表的
06:36
statement the next section says the cost of sales it includes the actual cost of producing
頂部 下一個區塊是銷貨成本 它包含蘋果銷售的產品與服務的實際生產成本
06:44
the products and services Apple sold this includes the cost of materials and labor in making those products
這包括製造這些產品的材料與人工成本
06:53
um it will consist the cost of manufacturing chips and assembling products
呃 它會包含晶片製造與產品組裝的成本
06:59
this section excludes cost of sales and marketing or administrative expenses when you deduct the cost of sales from
這個區塊不包含行銷的銷貨成本或管理費用 當你從總營收中扣除
07:08
the total revenue the gross profit remains we will go we will go into the ratios in a future video but the gross
銷貨成本 後 毛利會保留 我們將在未來的影片中探討比率 但當公司能以高於成本的價格
07:17
margin is high when a company can sell its products and services for a higher
銷售其產品與服務時 毛利率會很高
07:23
price than its cost obviously a higher gross margin is better for the company's financials
顯然 對公司財務而言 較高的毛利率更有利
07:31
then there are administrative expenses r d expenses which are part of operating expenses but don't apply to the cost of
接著是管理費用 研發費用 屬於營業費用的一部分 但不屬於銷貨成本
07:41
sales after subtracting operating expenses from gross profit you are left with
從毛利中扣除營業費用後 剩下的是
07:47
operating profit or loss if this number is negative Apple reported an operating income of
營業利益或損失 若此數字為負數 蘋果公布營業利益為
07:54
119 billion for uh the period for the year ending September 24 2022.
1,190 億美元 該期間為 2022 年 9 月 24 日結束的年度。
08:02
the company subtracts interest expenses and taxes from the operating income to determine the net income or the bottom
公司從營業收入中扣除利息支出和稅費，以得出淨利或底線
08:11
line why bottom line because this number appears at the bottom of the income statement
為什麼叫底線？因為這個數字出現在損益表的最下方
08:17
Apple reported a net income of 99 billion dollars for the period at a high level the income statement shows us
蘋果在該期間公布的淨利為990億美元
08:26
three things Revenue expenses and net income Apple made 394 billion in Revenue
在高層次上，損益表向我們展示了三件事：營收、支出和淨利。蘋果營收達3940億美元
08:35
incurred 294 billion in expenditures and generated about 100 billion in net income during the fiscal year
在該財政年度產生了2940億美元的支出，並創造了約1000億美元的淨利
08:44
now companies can manipulate the numbers in the income statement and the balance sheet companies can artificially inflate
現在，公司可以操縱損益表和資產負債表中的數字。公司可以人為地誇大支出
08:53
expenses to save on taxes or if they want to show a higher net income to boost their share price they
以節省稅款，或者如果他們想顯示更高的淨利來推高股價，他們
09:02
can show a lower non-cash expense such as depreciation which is why you also need to analyze the third financial
可以顯示較低的非現金支出，例如折舊，這就是為什麼你還需要分析第三份財務
09:11
statement foreign of cash flows
報表——現金流量表
09:17
ultimately cash is King you either have cash or you don't there is a saying in Marathi song
歸根結底，現金為王。你要嘛有現金，要嘛沒有。有句話是這麼說的
09:27
You Can't fake cash you can borrow for some time but no one will lend you money
你無法偽造現金。你可以借一段時間，但沒有人會無限期地借錢給你
09:34
indefinitely without you paying them back there's Apple's Consolidated statement of cash flows this statement
而不要求你償還。這是蘋果的合併現金流量表。這份報表
09:43
is also for a period of time Apple reported a net decrease in cash of about 11 billion dollars Apple started the
也是針對一段時間的。蘋果報告現金淨減少約110億美元。蘋果在
09:53
fiscal year with a cash balance of 36 billion and ended with 25 billion but let's look at where the cash went
財政年度開始時現金餘額為360億美元，結束時為250億美元，但讓我們看看現金去了哪裡
10:02
companies report three sections operating activities investing activities and financing
公司報告三個部分：營運活動、投資活動和融資
10:09
activities operating activities involve the day-to-day operations of the company if a company sells a product the revenue
活動。營運活動涉及公司的日常運營。如果一家公司銷售產品，銷售產生的營收
10:16
generated from the sales and a cash used to produce the product will come under operating activities
以及用於生產產品的現金，都將歸入營運活動
10:24
if the company buys new equipment or a building to house an office that cash will be part of investing activities
如果公司購買新設備或辦公大樓，這筆現金將是投資活動的一部分
10:33
and finally if the company border money or paid down debt it is part of financing activities
最後，如果公司借款或償還債務，則是融資活動的一部分
10:42
Apple generated 122 billion dollars through operating activities used 22 billion dollars for investing
蘋果通過營運活動產生了1220億美元，用於投資活動220億美元
10:51
activities and used 110 billion dollars for financing activities 89 billion of which went to repurchase common stock to
營運活動，並使用 110 億美元進行融資活動，其中 89 億美元用於回購普通股，以
10:59
recap this video here's what we covered today the balance sheet shows you three things
重述本片內容：今天我們涵蓋了以下重點：資產負債表為您顯示三項資訊
11:05
assets liabilities and Equity as of a point in time the income statement shows you the
資產、負債與權益（截至某個特定時間點）；損益表顯示
11:12
revenue expenses and net income generate generated over a period and finally the cash flow statement
某段期間內產生的營收、費用與淨利；最後是現金流量表
11:22
shows you the cash flows from operating activities investing activities and financing activities and the net change
顯示營運活動、投資活動與融資活動的現金流，以及現金的淨變動
11:30
in cash in a future video I will discuss how to analyze a balance sheet if you found this video valuable please share
在未來的影片中，我將討論如何分析資產負債表。如果您覺得這部影片有價值，請分享
11:39
it forward and like this video And subscribe to my channel if you haven't already all your support keeps me
給他人並按讚，也請訂閱我的頻道。如果您還沒有訂閱，您的支持會讓我一直保持
11:45
motivated to create great educational content for you let me know in the comments what else you want to hear
動力，為您創作優質的教育內容。請在留言區告訴我您還想聽什麼
11:52
as always don't forget to be happy to be kind and to be your best self I will see
照例，別忘了要快樂、要善良，也要成為最好的自己。我們下一支
11:58
you in the following video bye
影片見，掰掰
