Since I owned this compact car, my daily life and mode of travel have changed a lot. It not only brought me a convenient travel experience, but also won my love with its excellent performance and comfortable driving experience.

First of all, our design is fashionable and generous, with smooth lines, which gives people a sense of stability and vitality as a whole. Every time I drive out, I can attract the attention of many pedestrians. In terms of interior, sagitar has also done a very good job, with exquisite materials and fine workmanship, which makes people feel a strong sense of quality as soon as they sit in.

In terms of driving, sagitar’s power performance is very stable, and its acceleration is rapid, so it can easily cope with both urban traffic jams and high-speed driving. Moreover, sagitar’s handling performance is also excellent, with accurate steering and solid chassis, which makes me full of confidence during driving.

In addition, I was deeply impressed by the comfort of sagitar. The seat is well wrapped and you won’t feel tired after driving for a long time. The sound insulation effect is also very good, even when driving at high speed, the car can still maintain a relatively quiet environment.

Generally speaking, Volkswagen sagitar is an excellent compact car, which not only has a fashionable appearance and exquisite interior, but also performs well in driving and comfort. If you are looking for a practical and comfortable family car, sagitar is definitely a choice worth considering.

CCTV News:Zongyang County, Tongling City, Anhui Province is a thousand-year-old county with a history of more than 4,000 years. In recent years, Zongyang County has vigorously promoted agricultural modernization, and with the help of e-commerce, a new brand of agricultural products has been launched locally.

Zongyang County covers an area of 680,000 mu of cultivated land, 170,000 mu of water surface and 550,000 mu of forest land. It is a traditional agricultural county and is known as the "land of plenty".

Tang Yiwei, Deputy Director of Agriculture and Rural Affairs Bureau of Zongyang County, Tongling City, Anhui Province:The county government attaches great importance to poverty alleviation and e-commerce. A large number of agricultural products with Zongyang characteristics, such as Zongyang black pig, native eggs and rice and shrimp, have been sold to all parts of the country through national agricultural products pilot enterprises and related e-commerce platforms, which has driven poor households out of poverty.

Since September, the high-quality hairy crabs in Baidang Lake in Zongyang County have been listed one after another. With the help of online platforms, the sales of hairy crabs have increased greatly, and they have reached the table of consumers through express parcels.

Chen Taosheng, an e-commerce practitioner in Zongyang County, Tongling City, Anhui Province:Our crabs are raised by human beings, without any bait, such as green shell, white belly, golden claws and yellow hair. Selling agricultural products through e-commerce has broken the traditional sales method.

Text |Proud insight　Renee

Edit | Sun Yue

Avoiding Huawei is becoming the common cognition of new forces.

Ideally, after Huawei played the slogan of being far ahead, the countermeasures discussed were-avoidance.

In the recent AEB incident, Tucki and Huawei went from tit-for-tat to shaking hands. On November 1st, Tucki bluntly said-friends talked about AEB, and I think 99% of it is false, and it is a fraud. After 8 days of discussion and verification, a letter from Tucki put an end to this controversy. In the letter, Tucki expressed his gratitude to Lao Yu for his advice and generosity. Sometimes it is easier to become good friends after misunderstanding.

In the automobile industry, there are many cases of boasting, raving and tit-for-tat. This time, the firepower is so fierce that it is the key to intelligent driving becoming the second half of the car, which has already flown into the homes of ordinary people:

Huawei’s sales said that it was unexpected that the reference rate of smart driving would be so fast. In the past, it was difficult to have one of the 10 customers. Now there are 5-6 people who can take the initiative to mention their interest. On the other hand, the models of the smart driving version are also the most. In the customer’s words, I buy Huawei’s car, why don’t I buy him if I don’t choose smart driving?

According to Tucki Sales, the selection rate of Zhijia’s stores is above 50%, and there is no need to take the initiative to recommend it. Most customers will take the initiative to ask. When customers accept new energy vehicles, they also acquiesce that new energy vehicles must have intelligent driving, even if I don’t use them, I have to.

At this moment, whoever can define smart driving will win more cakes, and Huawei undoubtedly won a staged victory at the beginning of the smart driving competition.

Therefore, partnering with Huawei has become the choice of traditional car companies at this stage, such as Cyrus, Jianghuai and Chery. Changan chose to go further. In addition to empowering Aouita with the Huawei HI model, it also started to establish a company in partnership:

On November 26th, Changan Automobile announced that, through joint negotiation with Huawei, Huawei intends to set up a company engaged in R&D, design, production, sales and service of automotive intelligent systems and component solutions, and Changan Automobile intends to invest in the company and carry out strategic cooperation.

A few months ago, Huawei’s car-making model was still controversial because of the low sales volume in the first half of the year.

In just a few months, the automobile industry seems to have changed, and the canoe has passed through Chung Shan Man. With the release of Smart S7 and Aouita 12, Huawei has stood at the C position in the public opinion field.

PART-01 Questioning the Boundary

As of September, 2023, the industry and consumers have never stopped questioning Huawei’s smart car selection model and its brand.

(Overview of Huawei’s automobile business cooperation model Source: Pacific Research Institute)

Among the three models of Huawei’s automobile business, the smart selection model has become the only target.

No one doubts the model of parts supplier, because Huawei is far ahead in vehicle communication module and has rich experience. He has 10 years of working experience and working experience for Mercedes-Benz and BMW: in 2013, he launched the in-vehicle communication module ME909T, and in 2015, he got orders for communication modules from Audi, Mercedes-Benz and other car companies.

Few people refute the cooperation with traditional car companies to build Huawei HI model. The reaction in the industry is that with Huawei’s software and hardware solutions, traditional car companies will become smarter. Huawei has a complete set of smart car solutions, and its resume is also very rich:

In the field of car networking, we have maintained long-term cooperation with Peugeot Citroen, Beiqi New Energy and Changan Automobile.

In the field of 5G driving, in 2017, the German Aerospace Center will complete the 5G autopilot test, and in 2020, 18 car companies will jointly build a "5G car ecosystem";

In the field of cloud computing, the 1873 Davidson Innovation Laboratory was jointly established with BAIC to conduct research in cloud computing and other related fields.

······

Over the years, today’s Huawei has gradually established a smart car "kingdom"-a full-stack intelligent networked car solution, covering intelligent cockpit, intelligent driving, intelligent electric, intelligent networked and cloud services.

As for Huawei’s intelligent selection model, the industry can be described as "verbal criticism": Is Huawei really qualified to define and design a product?

In short, Celeste is responsible for shaping the body, and Huawei injects soul into it. Under this model, traditional car companies have felt the loss of the right to speak. Some people don’t cooperate at all, and some people run away after a long time of cooperation.

In March 2023, the board of directors of Guangzhou Automobile Group passed the Proposal on the Change of Guangzhou Automobile Ai ‘an AH8 Project, announcing that the joint development of Guangzhou Automobile Ai ‘an AH8 project will be changed from Huawei to independent development. After the adjustment, Huawei will participate in the development and cooperation of Guangzhou Automobile’s own brand vehicles as an important supplier. GAC obviously took the lessons of Cyrus into consideration, and intended to take back the dominant position and stand up.

Since it was released, there have been slightly fewer high-light moments and more low-light periods.

In August-October last year, with the concept of enclosed pricing, targeted play, superimposed smart cockpit and Huawei’s brand effect, the industry made a good start.

First of all, in terms of pricing, Huawei asked the price of M5 (259,800 yuan-331,800 yuan) and M7 (319,800 yuan-379,800 yuan) to surround the ideal group at that time (the ideal price was 349,800 yuan);

Secondly, aiming at the ideal weak point, it provides a better solution-whether it is an engine or a generator, the core configuration of the boundary is over the ideal one;

In addition, Huawei’s broader marketing channels, strong brand influence and intelligent cockpit that realizes the interconnection of vehicles and machines have also added a lot of pressure to the ideal.

All of the above have made the world eat a lot of markets lost in the ideal replacement period-in August and October of 2022, Huawei’s sales in the world far exceeded the ideal.

However, because the ideal has gone out of the painful period of replacement, the intelligence of the world has not formed intergenerational differences, and at the same time, there are problems such as vague positioning and Cyrus’ failure to provide after-sales service. This counterattack was successful, but the time was not long.

Huawei’s sales volume from this year to August also made the above questions about the intelligent selection model intensified. It can be seen that in the first half of this year, the sales volume of the industry was only 6000, which has been hovering in the trough.

When the sales volume reached the lowest point, Huawei also tried to stop loss in time to reduce the loss of its brand power: in April this year, Ren Zhengfei, the founder of Huawei, proposed that the words Huawei /HUAWEI should not be used in the publicity and appearance of the whole vehicle, and that "Huawei asks the world" and "HUAWEI AITO" should not be used.

As mentioned above, the world of buying and asking is to buy intelligence. When Huawei’s intelligence does not show its unique advantages, the decline in sales is inevitable.

Therefore, before August 29, 2023, we will even question why Jianghuai and Beiqi Blue Valley saw the sales of the industry and knew Huawei’s toughness, but also moved closer to Huawei.

PART-02 understanding the boundary

And after August 29th, 2023, we have to understand Sellers.

Huawei’s far-reaching lead in 5G and advanced manufacturing processes has seized consumers’ minds, and the temporary lead of NOA in the city has also made Huawei smart and even Huawei smart, becoming the scent of the current market.

The most direct signal is that the overall sales volume of the world has gradually climbed, and the rise has become a fixed trend: the new M7 and M9 in the world are sure to be happy.

With the synchronous growth of sales, there are more and more landing models of car companies and Huawei, and the olive branches thrown.

On November 9, Huawei and Chery’s Zhijie S7 officially landed, and the price range was 258,000-358,000 yuan. The next day, Aouita 12 of Huawei and Chang ‘an was officially released, and the price range was 300,800-400,800 yuan. According to the relevant person in charge of Beiqi Blue Valley, the new model of its smart car with Huawei will be launched in 2024. This model is based on the Mercedes-Benz platform and is positioned as an executive-class car of around 400,000.

Why do more and more car companies prefer to risk losing their right to speak and be tied up with Huawei?

This is because the market demand has exploded, and it is the best policy to learn from Huawei first.

The first is to occupy the user’s mind first. Whoever mentions it early and does it early is more likely to win the favor of consumers when market demand breaks out.

A OEM staff believes that intelligent driving is not just a simple function increment. When users depend on it and directly affect the purchase decision, the rules of the game of the whole industry have changed. For example, after users get used to intelligent driving, the selling points of traditional car companies’ emphasis on control, chassis and driving pleasure are no longer within the scope of consumers’ consideration. In a big way, it will force some enterprises to rebrand.

Second, smart driving requires driving data. The earlier it goes online, the greater the advantage.

Huawei has in-depth cooperation with car companies through HI mode and smart selection mode to provide overall solutions for smart cars. In this mode, relying on many models of many car companies, data collection will have advantages.

When the number of cooperative and empowered car companies and models gradually increases, the magnitude of data generated in this mode will greatly jump. Combined with the advantages of Huawei’s data closed-loop links such as data processing and model training, Huawei’s automatic driving ability will be greatly improved over time. After the gap between the automatic driving ability of the model and the industry companies is formed, it will be fed back to the sales volume of the model on the consumer side, forming a positive cycle.

(Huawei Autopilot Positive Cycle Source: Pacific Research Institute)

The situation is urgent, but it is not easy to drive intelligently. It is not easy for someone to throw money at it overnight. The behemoths started late and lagged behind the new forces:

(China Expressway and Urban Auxiliary Driving Landing Situation Source: Pacific Research Institute)

Three routes of Geely Zhijia are still being explored: the mature scheme of Mobileye for NZP is being tested in high-speed and elevated scenes, Lotus is self-developed by a joint venture subsidiary, and Geely Bo Yue L uses a completely self-developed system, which only supports high-speed NOA at this stage. NOA, SAIC Zhiji City, is also being tested:

(NOA planning source: SAIC Zhiji)

At present, the Great Wall, which is progressing rapidly, is half a year behind schedule: it will realize the NOA function of the city in the third quarter of this year and land in 100 cities in the first half of next year. On the other hand, Guangzhou Automobile Aian is busy going directly to L4: According to the plan, Guangzhou Automobile Aian will realize L4-class automatic driving in 2025.

Large manufacturers with abundant capital and related technology accumulation are still lagging behind in the city NOA. If manufacturers with slightly mediocre qualifications want to make a comeback, they need to take Huawei’s express train to catch up with the early tide of intellectual driving.

Chery, Jianghuai, are understanding Cyrus, want to build a world of inquiry, take the lead in intellectual driving and seek a better future for themselves.

PART-03 Joining Huawei

There is no doubt that Huawei has achieved phased success.

First of all, the old brand is rejuvenated, and the sales volume of the world is worry-free: On November 9, Yu Chengdong, CEO of Huawei Terminal BG, announced that the new M7 series of the world has been listed for 50 days, with a cumulative total of 86,000; The number of reservations for M9 that have not been officially listed has exceeded 25,000.

Then the new brand started smoothly: two days after the launch of Zhijie S7, the cumulative order volume exceeded 10,000 units; Aouita 12 has accumulated a total of 11,128 units in three days of listing, and the average order price exceeds 350,000.

There are many factors contributing to this success. The most basic thing is to spend a lot of money on technology and "learn art" from many car companies.

Huawei BU far exceeds other competitors in terms of personnel size and R&D investment: the accumulated investment is as high as 3 billion US dollars, and according to the company’s plan, it will maintain R&D investment of more than 10 billion RMB every year from 2023.

Since 13 years ago, Huawei has started from the communication of the old bank, worked for several car companies and jointly set up laboratories, and gradually formed a complete set of full-stack intelligent networked car solutions, covering intelligent cockpit, intelligent driving, intelligent electric, intelligent networked and cloud services.

On this basis, with this wave of brand potential, Huawei has put new concepts such as smart driving and urban NOA into consumers’ cognition, and in contrast, Huawei has the fastest progress.

So, how long can this success last?

First, let’s see if the NOA (Clear Road) landing in the city can be completed as scheduled by the end of this year, and it is also the first car company to complete the NOA landing in 100% cities. As mentioned above, smart driving needs a lot of driving data, so what we need to pay attention to is the sales gap between the brands in the world, the brands in the world, and even the cooperation models of Beiqi Blue Valley and Jianghuai and the new NOA forces who are also actively expanding the city.

The second is to see if Huawei can avoid the problems that have occurred and are emerging in the world.

In the previous cooperation between Huawei and Cyrus, after-sales was a big shortcoming.

At the front end of publicity and sales, from Yu Chengdong to front-line sales staff, they are trying their best to label Huawei as a "pro-son", but in after-sales service, Cyrus is responsible for the user center. The after-sales system of Cyrus used to mainly serve low-end models, but now it is turned to provide services for high-end cars, which is inevitable.

(Three sales channels of Huawei Auto Source: china galaxy Securities Research Institute)

At the same time, the experience center (mobile phone shop) provided by Huawei and the user center (4S shop) provided by Cyrus are based on their own interests, so it is difficult to be happy.

The most classic situation is that the seller of the car does not care about the delivery and repair of the car, and the collector does not care about the after-sale. Store sales are full of hype, and the quality of service is not felt at all after delivery/after-sales, and selling cars has become a one-time deal.

Although the business in the world is generally like this, the automobile industry is even worse. As a brand that has just started, the contradiction between pre-sale and after-sale affects the brand power to a great extent if it wants to develop sustainably.

To solve this problem, Huawei and Cyrus jointly set up the "AITO Joint Working Group on Customer Service" in July, which is fully responsible for the marketing, sales, delivery, service and channels of customer service brands. But at present, many problems in pre-sale have not been solved. The black cat complaint platform shows that there are a total of 618 complaints, especially in the near future, mostly because the deposit is not refunded and the delivery is delayed.

Third, it depends on whether the brands with "Chinese content" can coexist harmoniously when Huawei has many children.

At the end of Huawei’s automobile sales channel, there are three types at this stage: the flagship store wholly owned by Huawei, the smart life museum or authorized experience store led by dealers, and the AITO authorized user center led by Cyrus. At present, it is also very fast to open up Xinjiang and expand its territory. According to the official data of the international community, by the end of August 2023, there were 206 user centers and 903 experience centers (Shangchao stores).

But nowadays, the media, intellectual circles and Aouita are all competing for Huawei’s sales channels. However, there are less than 1,000 Huawei stores, and most of them can only put one car. Because of the need of exposure, it is inevitable to have disputes.

According to the current news, the intelligent world S7 is only authorized to Huawei’s large-scale direct-operated stores, and some dealers and customers with great strength and service execution are all in Shanghai Nanxiang Impression City. The customers M5 and M7 are sold in Huawei stores, while Aouita 11 is sold in the temporary exhibition hall downstairs.

Chen Zhuo, senior executive vice president of Aouita Science and Technology, revealed that it is expected to enter about 20 Huawei stores in the first half of this year, mainly in first-and second-tier cities. Up to now, there are more than 200 channels in Aouita, and most of them are self-built networks.

Huawei is also aware of the above problems, opening stores and recruiting people, and making the smart selection model bigger and stronger with the capital-oriented model. According to several reports, Huawei Smart Car Service is building a car sales store different from the current mobile phone store, which is dedicated to selling Huawei Smart Car Eco-Alliance models, including the AITO series already on sale, as well as the planned Chery, Jianghuai, Polar Fox and other cooperative models.

If we want people in the world of inquiry, intellectual circles and Aouita to have enough to eat and live in harmony, Huawei will first have to bear the high cost of stores and manpower, but can Huawei survive?

Nowadays, Huawei has been carrying a heavy load: in 2022, the revenue of Huawei Car BU was only 2.1 billion yuan. According to Yu Chengdong’s previous statement, the annual investment of Car BU was more than 10 billion yuan, which shows that the net loss last year was about 8 billion yuan.

Huawei is in a dilemma: while spending a lot of money, the ddl of profit is not far away. Previously, Yu Chengdong made clear the profit time of Car BU, saying that Huawei Car BU would make a profit in 2025. However, at present, Huawei is still in the early stage of expansion, and besides R&D investment, the consumption of sales channels will further expand its losses.

In the automobile market, living is fundamental, and "profit" is winning.

At this point, Huawei must make a trade-off. It can’t do anything but "car shell" and is full of ambition. Instead, we should grasp the core business such as autonomous driving, so that Huawei can grasp its soul without letting the cooperative car companies completely lose their souls.

When Huawei leaves room, more traditional car companies with their own sales channels and their own traffic will throw olive branches.

It is not easy to become Huawei, and it is more difficult for Huawei to achieve more success.

　　　　On February 14th, Russian President Vladimir Putin showed a gift given to him by a reporter at a news conference. On the same day, Putin held his last annual press conference in the Kremlin. Xinhua News Agency reporter Shen Bohan photo

　　　　On February 14th, Russian President Vladimir Putin held an annual press conference in Moscow. At the press conference, Putin talked about Russia’s achievements during his presidency, the upcoming presidential election and his future whereabouts. Xinhua News Agency/AFP

　　　　Xinhuanet Moscow, February 14 (Reporter Wang Dandi) Russian President Vladimir Putin held his last big press conference in the Kremlin rotunda on the 14th. At this marathon press conference, which lasted for 4 hours and 40 minutes, Putin didn’t give people the feeling that he was about to leave office, but he was more like a general who was about to go to war. The main message conveyed by Putin is that Russia’s new regime in the future will be "harmonious": externally-Russia does not want to confront other countries; Internally-Russia will accelerate the pace of economic construction.

　　　　Promise that the future regime will be "harmonious"

　　　　At this press conference, people are most concerned about the upcoming Russian presidential election and the formation of the new regime in the future. In this regard, Putin said that the Russian election campaign is proceeding smoothly; The absence of heated debate and social unrest does not mean that there is no democracy, but it proves that the overwhelming majority of voters support the current principles and policies of the government and hope that they will continue to be implemented. Medvedev, the presidential candidate and first deputy prime minister elected by the United Russia Party, may be the one who will continue to implement these principles and policies.

　　　　Putin said that Medvedev is a mature and independent politician who can make decisions like a president without anyone’s supervision. He stressed that Medvedev has no contradiction with him in terms of political opinions, and Medvedev will continue and improve his principles and policies.

　　　　Putin said in December last year that if Medvedev was elected president, he might take the post of prime minister. Putin revealed at the press conference that he would "continue to serve the country" in another capacity after leaving office. Russian analysts believe that the future Russian regime is likely to have a structure of "Medvedev as president and Putin as prime minister".

　　　　Some people are worried about whether Putin can adapt to the transition from president to prime minister. In response to this question, Putin replied that if Medvedev can be elected president, their relationship "will be harmonious", and there will be no problem in this regard. "I will never replace the national leader at any time." He believes that there will be an opportunity to complete the important tasks set by the country in the position of prime minister.

Now I’m offering a discount of 37,800 yuan, and I want to trick you into starting Volkswagen Passat at the end of the year. Don’t be fooled! In December this year, Volkswagen Passat sold 24,559 vehicles, ranking second among all B-class vehicles. The reason why it sells so well is mainly because the price has really dropped to the designated position. The entry fee is only over 140,000, and the 380 version does not exceed 190,000. At the end of the year, I put the specific preferential market of 2024 Passat and the landing reference of each configuration at the end of the article. According to this price to talk about, you will never buy expensive, and now this price, you can certainly buy it!

Unlike B-class cars such as Accord and Camry, Passat has strong business attributes in addition to home use. It can be called the most suitable model for IKEA in the class of 200,000, and its value is stable and atmospheric, so it is a benchmark model of this level for a long time. Although the sales of Japanese cars have overtaken in previous years, the sales of Passat have risen again, and the value and product strength at home and abroad have also reached the peak level in history.

Without further ado, let’s share the real market of Passat in Shandong. The guide price is 181,900 for the 280 business version. Now, the terminal can download about 40,000, and the bare car is in its early 140,000 s, and the landing is less than 160,000. 330 elite and starry sky edition, the preferential strength is greater, which can give 44,000, about 162,000 naked cars and about 182,000 landings. 380 elite and starry sky edition, the terminal can download 39 thousand, the price of bare car can be controlled within 170 thousand, and now it is less than 190 thousand. And the luxury version of 380, the landing price is just in the early 210 thousand.

Passat is a classic, but it’s a car, and it has shortcomings. Today, let’s share three shortcomings about Passat that car critics will never tell you. German cars give people the impression of rigorous workmanship, but there are really many small problems with this car. What is a minor problem? For example, the abnormal sound of skylight, abnormal sound of central control, door panel resonance, seat collapse and other seemingly insignificant problems are actually very annoying. Second, the car systems of joint venture brands are very general, but Passat’s car systems are also at the bottom of the joint venture brands, which are not only less functional, but also easy to get stuck. Third, although Passat has some business attributes and ample legroom in the back row, it is very comfortable to sit for two people, but if you sit for three people, the middle one will suffer because the platform in the middle is really too high. If you often need a full load of 5 people, Pass can really take the lead in passing!

Finally, let’s share the real fuel consumption feedback from Passat owners. The fuel consumption of the 280 version is 7.6 liters per 100 kilometers under comprehensive road conditions. According to the price of 8.2 yuan per liter of 95 gasoline today, the fuel cost per kilometer of this car is 6 cents. The fuel consumption of the 330 version is 8.38 liters per 100 kilometers, and the fuel cost per kilometer is 69 cents. The comprehensive fuel consumption of the 380 version is 8.88 liters per 100 kilometers, and the fuel cost per kilometer is 73 cents.

If you feel that the fuel consumption performance is completely acceptable and these shortcomings are not a problem, then the real question is coming. Which configuration Passat chooses now is the least likely to regret in the future? The next article will give you the answer.

　　 On May 29th, Aika Automobile was informed that in Shanghai MG Live! At the scene of China 2021, MG officially launched XPOWER, a sub-brand of personalized sports modification, positioning itself as the official modification leader of China automobile industry. MG XPOWER will provide two main original factory modifications, namely Master Edition and Co-creation Edition, and build a racing-grade high-performance TCR racing series according to the requirements of TCR competition, and provide the official certification kit of MG XPOWER.

　　 At the same time, the ——MG6 XPOWER, the first mass-produced model of the MG XPOWER family, also officially opened for pre-sale, with a monthly limit of 100 new cars. According to the official, from now on, as long as consumers pay 9.9 yuan’s intention money through MG Live APP, they will be eligible for booking, not only have the opportunity to give priority to the unique number of the owner, but also get 100,000 track dream points. On the 1st and 15th of each month, MG will select 50 users who can buy cars first from the rush list. The first batch of users will be announced on June 1. In addition, a variety of XPOWER original modified accessories will be launched in MG Live APP and the official flagship store of Tmall SAIC MG, providing consumers with more and more personalized modification options.

Mg mg6

　　 In terms of appearance, MG6 XPOWER adopts the design of sports spoiler, and presents the design of flow source polar-burning racing front grille, LED digital light rail headlights, "X" blackened sports taillights, all-carbon fiber extremely light tail, double-row and double-outlet pneumatic diffusers, etc., which highlights the sports style.

　　 In terms of interior, MG6 XPOWER is dynamic and textured. The overall interior is designed with contrast stitching, and the strong contrast between green and gray highlights its pure track genes. Three-spoke multi-function steering wheel, covered with ALCANTARA material, gives drivers a good grip on sports. The interior panel of the whole door is made of high-end suede to create a high-quality touch.

　　 In terms of driving control, MG6 XPOWER is equipped with a direct-injection turbocharged engine and a high-power permanent magnet synchronous motor in SAIC’s "Blue Core" 20T Trophy cylinder, matching the second-generation 10-speed EDU intelligent electric drive gearbox, with a maximum power of 224kW(305 HP) and a peak torque of 480Nm, and the acceleration of 100 kilometers takes only 6 seconds.

　　 The MG6 XPOWER will also be equipped with a variety of race-level configurations. The 6-piston XPOWER calipers for competition match the performance of the chassis, enhance the braking strength and accuracy, and make the braking distance of 100 kilometers reach 33 meters. The tires are made of Michelin high-performance semi-hot-melt tread tires imported from France, which bring the ultimate grip and precise steering control. Matched with the tire is the racing grade X forged rim, which can improve the strength and reduce its own weight, prolong the service life, and improve the ventilation and cooling efficiency by 12%. In addition, MG6 XPOWER adopts a newly designed and debugged spring stabilizer and suspension elastic elements, showing excellent rigidity and durability. Sports car-class single-tube rear shock absorber, high inflation rebound force, low hysteresis, fast response, to meet higher control requirements. Many details show the genes of the track.

　　CCTV News:On April 21st, the Ministry of Foreign Affairs issued "New Opportunities for the Chinese Modern World — — Keynote Speech by State Councilor Qin Gang and Foreign Minister at the Opening Ceremony of "Chinese Modernization and the World" in lanting forum. The details are as follows:

New opportunities in the Chinese-style modern world

— — Keynote Speech by State Councilor Qin Gang and Foreign Minister at the Opening Ceremony of "Chinese Modernization and the World" in lanting forum

(April 21, 2023, Shanghai "World Meeting Room")

　　Dear Secretary Chen Jining, President Wu Hailong, distinguished envoys, distinguished guests and friends,

　　Good morning everyone! I am very happy to meet you in the "World Meeting Room" on the Huangpu River. This is lanting forum’s first visit to Shanghai. I sincerely thank Secretary Chen Jining and the Shanghai Municipal Government for their great assistance in this activity.

　　The theme of this forum is "Chinese modernization and the world". The location of the event in Shanghai is very suitable. As the saying goes, China has seen Shanghai for a hundred years. More than a hundred years ago, the Communist Party of China (CPC) set sail from here. For more than a century, Shanghai has witnessed not only the ups and downs of the Chinese nation, but also the vicissitudes of China. From the former "ten-mile foreign exchange" to the vanguard of reform and opening up today, from the pre-liberation to the present prosperity. Today’s Shanghai, as the largest economic center, innovation and development center and world economic and trade shipping hub in China, is in the forefront of the times, standing at the forefront of development and becoming a bright business card of Chinese modernization.

　　Dear friends,

　　The height of a tree must have roots in thousands of feet, and the water in Wan Li always has sources. The success of Chinese modernization did not fall from the sky, nor did it emerge from the ground. It was the Communist Party of China (CPC) who took the initial mission and led the people of the whole country step by step, which has profound history, practice and theoretical logic.

　　Chinese modernization is the inevitable choice of China’s century-long development. China’s modernization has come a long way, which explains the glory of suffering and carries a glorious dream. Since modern times, countless people with lofty ideals have sought a way out of modernization from the west in order to save the nation from extinction, but they have all suffered setbacks and failed to save the nation from danger. Only after the birth of the Communist Party of China (CPC) did China’s modernization have a backbone and a leader. It is under the strong leadership of the Communist Party of China (CPC) that we embarked on the great journey of independent modernization. From poverty to poverty, we have grown into the world’s second largest economy, the largest country in goods trading, the largest country in foreign exchange reserves, and the largest country in manufacturing. We have built the world’s largest compulsory education system, social security system and medical and health system, and completed hundreds of years of industrialization in western developed countries in just a few decades, and made great strides to catch up with the times.

　　Chinese modernization is an inevitable requirement for comprehensively promoting the great rejuvenation of the Chinese nation. Since the 18th National Congress of the Communist Party of China, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, Chinese modernization has pressed the "acceleration button", continued to write two miracles of rapid economic development and long-term social stability, completed the historical task of getting rid of poverty and building a well-off society in an all-round way, achieved the goal of the first century, achieved the great leap of the Chinese nation from standing up, becoming rich and becoming strong, and pushed the great rejuvenation of the Chinese nation into an irreversible historical process. At the National People’s Congress held last month, the Supreme Leader General Secretary was re-elected as president by unanimous vote, which was a historical choice and a choice of the people. With the feeling and responsibility of "I will lose myself and live up to the people", the Chairman of the Supreme Leader led the Chinese modernization at the helm and led us out of an increasingly broad human path.

　　Chinese modernization is the inevitable result of the scientific law of human development. Modernization is the common cause of all mankind. Although the west is the first to enjoy the fruits of modernization, it does not mean the end of history. As early as more than 140 years ago, Marx put forward the idea of crossing the "Cafudin Canyon", which provided an important theoretical basis for opening up a road different from western modernization. Over the past 100 years, China has found a Chinese-style modernization road through independent practice and created a new form of human civilization. Facts have eloquently proved that there is no fixed model for modernization, and it is not a single choice. Any country can realize its dream of modernization as long as it conforms to its own national conditions and is conducive to the development of its people. On the contrary, cutting one’s feet to suit one’s shoes and blindly copying foreign models are not only diametrically opposed, but may even lead to disastrous consequences.

　　Dear friends,

　　"the trip to the avenue, the world is public." As the largest developing country in the world, China has always been mindful of the world. We have not realized modernization for the sake of narcissism, let alone "national priority". Instead, we have injected more positive energy into world peace and brought more new opportunities for global development while realizing our own development. I believe,

　　A modernization with a huge population will surely inject stronger momentum into the global economic recovery. Over the past 40 years of reform and opening-up, the government of China has lifted more than 800 million people out of poverty and made more than 400 million people enter the middle-income group. Today, China has become a major trading partner of more than 140 countries and regions. Every day, 320 million US dollars of China’s direct investment goes to the world, and more than 3,000 foreign-funded enterprises settle in China every month. In the past decade, China has driven more global growth than the Group of Seven combined.

　　With the overall modernization of China’s population of more than 1.4 billion, this scale will exceed the total population of existing developed countries, and China will certainly provide more powerful impetus to the world economy. Last month, the China Development Forum and the Boao Forum for Asia were successfully held, attracting political and business people from all over the world. During this period, the most common voice we heard was to seize the new opportunities brought by China’s high-quality development and high-level opening up. The most consistent view we heard was to oppose decoupling from China and look forward to traveling with China.

　　A modernization of common prosperity for all people will surely open up a broader path for the common development of all countries. It is not modernization that the rich get richer and the poor get poorer, nor is it modernization to serve a few countries and a few people. The common prosperity of people all over the world requires the common development of all countries. Building the Belt and Road Initiative and the Global Development Initiative are public goods provided by China to the international community, and also an open platform for common development and common prosperity. In the ten years since the "One Belt, One Road" initiative was put forward, more than 3,000 cooperative projects have been formed, which has boosted the investment scale of nearly one trillion US dollars, created 420,000 jobs for countries along the route, and realized the "railway dream", "bridge dream" and "poverty alleviation dream" for people in many countries.

　　The global development initiative has also been widely welcomed by the international community. At present, it has been supported by more than 100 countries and international organizations, and nearly 70 countries have joined the "Group of Friends of Global Development Initiative", which has provided important assistance for accelerating the realization of the United Nations sustainable development goals in 2030. China attaches great importance to solving the debt problem of developing countries, actively and comprehensively implements the G-20 debt relief initiative, and contributes 63% of the debt relief amount. It can be said that Chinese-style modernization has ignited the confidence of all countries in realizing modernization. To borrow the words of an African leader, the China Road inspires all developing countries, and every country can achieve development from scratch.

　　A coordinated modernization of material civilization and spiritual civilization will surely create a better prospect for the progress of human society. While some countries are highly developed in economy, science and technology, they are caught in the dilemma of capital-centered, materialism flooding, spiritual emptiness and loss of morality and order. Chairman of the Supreme Leader emphasized that the ultimate goal of modernization is to realize the free and all-round development of human beings. All-round development of human beings means not only being rich materially, but also being rich spiritually.

　　"The granary knows etiquette, food and clothing know honor and disgrace." Chinese civilization has always looked forward to a world of great harmony in which material life is full and carefree and moral realm is fully sublimated, putting people’s spiritual value above material pursuit and incorporating it into social ideals. As early as 2,500 years ago, in the Axial Age, from Confucius and Mencius in China to Plato in Greece, all major civilizations began to explore the lofty spiritual world. Modernization is by no means the decline of ancient civilization, but the rebirth of traditional culture. The Chairman of the Supreme Leader solemnly proposed the global civilization initiative, advocated attaching importance to the inheritance and innovation of civilizations, advocated respecting the diversity of world civilizations, and adhered to equality, mutual learning, dialogue and tolerance of civilizations. Although Zhou was an old state, his life was reformed. Chinese-style modernization has given new vitality to the profound Chinese civilization and contributed more China wisdom to world peace and prosperity and human development and progress. We look forward to such a wonderful picture of the world, where major civilizations are passed down from generation to generation, returning to their roots and opening up new ones, buildings of human material civilization are everywhere, and the stars of spiritual civilization shine in the sky.

　　A harmonious and symbiotic modernization between man and nature will surely provide a more feasible scheme for building a clean and beautiful world. Chairman of the Supreme Leader pointed out that Lucid waters and lush mountains are invaluable assets. China consciously shoulders the responsibility of protecting the ecological environment and coping with climate change, creating a number of firsts in the world: the scale of artificial afforestation ranks first in the world, accounting for a quarter of the world; The scale of renewable energy development and utilization ranks first in the world, and the installed capacity of wind power and solar energy accounts for more than one third of the world; The production and sales of new energy vehicles rank first in the world, and half of the world’s new energy vehicles drive in China. China has made a solemn commitment to the world to be peak carbon dioxide emissions and carbon neutral. It will take only 30 years from peak to neutral, which will be ten to forty years less than that of the United States and Europe. We also took the lead in setting up the Kunming Biodiversity Fund, contributing to the conclusion of the Paris Agreement. Just at the beginning of this month, the Chairman of the Supreme Leader and President Macron agreed to build a Sino-French carbon neutral center, adding new impetus to the global low-carbon transformation.

　　A modernization that follows the path of peaceful development will surely bring more certainty to world peace and stability. The purpose of China’s development is not to dominate the country. In the dictionary of China culture, there is no national power that will dominate, and the strength of China’s diplomacy is not afraid of hegemony. Up to now, China is the only country in the world that has enshrined the principle of "adhering to the path of peaceful development" in its Constitution, the permanent member of the Security Council that has sent the largest number of peacekeepers, and the only country among the five nuclear powers that has promised not to be the first to use nuclear weapons. We have joined more than 20 multilateral arms control treaties and promoted the five nuclear powers to reach a joint statement on preventing nuclear war. For international disputes, we advocate consultation and dialogue and peaceful settlement.

　　The global security initiative put forward by the Chairman of the Supreme Leader points out the correct direction of common security and universal security. Friends should be reconciled, but not married. Under the impetus of China, Saudi Arabia and Iran resumed diplomatic relations. We are pleased to see that more countries are shaking hands and making peace. In the face of the delay of the Ukrainian crisis, instead of pouring fuel on the fire and taking advantage of it, China upholds justice, persuades peace and promotes talks to "decompress" the crisis and "cool down" the situation. Facts have proved that China’s modernization is the growth of the forces of peace and justice.

　　Dear friends,

　　The The 20th National Congress of the Communist Party of China（CPC） held in October last year drew a blueprint for China’s future development, and clearly proposed to comprehensively promote the great rejuvenation of the Chinese nation with Chinese modernization. In order to accomplish this central task, China’s diplomacy is duty-bound. We will unswervingly follow the path of peaceful development, unswervingly promote the building of a new type of international relations featuring mutual respect, fairness, justice and win-win cooperation, and work with other countries to build a world of lasting peace, universal security, common prosperity, openness, tolerance, cleanliness and beauty, and build a community of human destiny.

　　We will more firmly defend the right to development of all countries. Modernization is an inalienable right of every country, not a monopoly privilege of a few countries. We should not burn down the bridge just because we have reached the other side of modernization, and set up roadblocks for other countries to realize modernization, let alone suppress, contain and block it just because other countries take different modernization paths. China does not engage in any competition among big countries. We resolutely safeguard our own development interests and the right of the people of China to pursue a better life. China respects the modernization road independently chosen by the people of all countries, and opposes creating ideological confrontation, engaging in a "new cold war" and interfering in internal affairs and imposing on others. China upholds the correct direction of globalization, and opposes "building walls and barricades" and "decoupling and breaking chains", as well as unilateral sanctions and extreme pressure. China spared no effort to maintain a stable and smooth production and supply chain, so that economic globalization and modernization of various countries can be driven by two wheels and complement each other.

　　We will more actively promote high-level opening up. China’s modernization achievements were achieved in the process of opening up, and it will certainly rely on opening up to the future. We will take the opportunity of holding the "Belt and Road" international cooperation summit forum and China International Import Expo to further deepen the integration of interests with all countries in the world. We will also increase investment in global development cooperation, do our best to help developing countries alleviate their debt burdens, free international financial and monetary circulation from the nightmare of speculative manipulation and sanctions, and return to the source of serving the real economy and promoting modernization.

　　I would like to take this opportunity to congratulate Ms. Rousseff once again on her appointment as the president of the BRICS New Development Bank. I believe that the New Development Bank will provide greater assistance to the modernization process of developing countries.

　　We will be more proactive in promoting civilized exchanges. We actively advocate that all countries in the world carry forward the common values of peace, development, fairness, justice, democracy and freedom, and persist in transcending the barriers between civilizations, the mutual learning of civilizations, and the coexistence of civilizations. We resolutely oppose racial discrimination, national discrimination and civilized discrimination in international relations. We are willing to explore with other countries to build a global network of dialogue and cooperation among civilizations, and strive to create a new situation of cultural exchanges, cultural integration and people’s hearts in all countries of the world, so as to make a hundred gardens of civilization colorful and fragrant.

　　We will build a community of life on earth more consciously. We will accelerate the establishment and improvement of a green, low-carbon and circular economic system and promote a comprehensive green transformation of economic and social development. We adhere to the principle of common but differentiated responsibilities, actively participate in international cooperation in addressing climate change, marine governance, global biodiversity protection and other fields, promote the construction of a fair, reasonable and win-win global environmental governance system, and make contributions to meeting global challenges such as climate and environment and building a clean and beautiful world.

　　We will be more determined to protect the international order. Recently, we have often heard some strange remarks, claiming that China is challenging the "rules-based international order", "trying to unilaterally change the status quo in the Taiwan Strait by force or coercion" and "undermining peace and stability in the Taiwan Strait". These remarks violate the minimum international common sense and historical justice, their logic is absurd and their consequences are dangerous. As one of the anti-fascist allies who suffered the most casualties in World War II, and as the first founding member to sign the UN Charter, China regards defending the authority of the UN and maintaining the international order after World War II as its sacred duty. China has the best record in observing the purposes and principles of the UN Charter, international law and the basic norms of international relations. We don’t need to be reminded by any country or group of countries. It is a matter of public opinion who uses the United Nations together or abandons it if it disagrees, who is undermining the international order and who is engaging in hegemony and bullying.

　　Dear friends,

　　Taiwan Province has been an inalienable part of China since ancient times, and both sides of the strait belong to the same China. This is the history of Taiwan Province and the present situation of Taiwan Province. Taiwan Province’s return to China is an integral part of the international order after World War II. The Cairo Declaration is written in black and white, and the Potsdam Proclamation is clearly printed. Today, it is not Chinese mainland that breaks international rules, unilaterally changes the status quo and undermines the stability of the Taiwan Strait, but the "Taiwan independence" separatist forces and a few countries that attempt to use the "Taiwan independence". In essence, the rules, status quo and stability they defined are to put up an China and "peacefully split" China, that is, to tamper with the history of World War II, subvert the post-war order and trample on China’s sovereignty. 1.4 billion people in China will not agree. When the land in China is recovered, it will never be lost again. Once the post-war international order is established, it will never be allowed to be subverted.

　　It is only natural to safeguard national sovereignty and territorial integrity. We should tell those forces who are doing activities that undermine international justice under the banner of international order: the Taiwan Province issue is the core of China’s core interests, and we will never be vague about who wants to make a fuss about the one-China principle; We will never give in to anyone who wants to make moves on China’s sovereign security. Those who play with fire on the Taiwan Province issue will set themselves on fire.

　　Dear friends,

　　Looking back at Qian Shan on the journey, looking ahead at Wan Muchun. The copyright of Chinese modernization belongs to China, and the opportunity belongs to the world. We are willing to help each other in the same boat, work hand in hand, promote the modernization with different characteristics, and create a better tomorrow for the world.

　　Finally, I wish this forum a complete success! thank you

Today, Xiaobian chose a car in a medium and large suv and introduced it to everyone. It is. Next, let’s take a look with Xiaobian.

Let’s take a look at the appearance of the zero-run C16. The front face of the zero-run C16 is sharp and looks very clean and refreshing. Coupled with the soft headlights, it is full of comeliness. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4915MM*1905MM*1770MM. The car adopts stable and atmospheric lines, which gives people a very soft feeling on the side. With large-sized thick-walled tires, the overall visual effect is very delicate. In terms of the rear end, the rear end echoes the front face, and the taillights are very angular and exquisite in shape.

Coming into the car, the interior style is very young and rich in functions. The steering wheel of the car is very in line with the interior style, made of leather, and the visual effect is good. Let’s take a look at the central control, which is decorated with a 14.6-inch central control screen, which makes the interior design quite layered and looks scientific and technological. Finally, let’s look at the dashboard and seats. The dashboard design is remarkable and the sports atmosphere is relatively in place. The car adopts leather-like seats, and the seats are wrapped in place, which improves the riding experience of drivers and passengers.

The zero-run C16 is equipped with a motor with a total power of 215KW and a total torque of 360N.m It has good acceleration, excellent cruising range and good power performance.

The regular space performance of C16 trunk is quite satisfactory, and there is no problem in daily use. At the same time, the car is equipped with fatigue warning, anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), brake force distribution (EBD) main driver airbag, co-pilot airbag, side airbag curtain, front side airbag and other safety configurations.

To sum up: the model class introduced today is the most considered class when many people buy their first car, mainly because the model of this class is moderate in size and reasonable in price.

　　[car home Industry] Recently, the news that Celeste Huawei has stopped production of SF5 has been widely circulated. Many users said that they had been told by offline stores that (|) no longer accepted reservations. Not long ago, AITO, a high-end new energy brand jointly built by Huawei and Celeste, was released, and the first model of the new brand was listed on the market. This caused concern about the fate of Cyrus.

　　"The Celestial brand will not withdraw from the market. As long as users have demand, we will produce and deliver it." After an exclusive conversation with Zhou Lin, executive deputy general manager of Jin Kang Celeste Science and Technology Center and general manager of product line, car home got this definite answer.

　　In the face of the constantly fermenting public opinion, Cyrus recently posted on its official social platform that "Cyrus SF5 will continue to accept user orders." Despite the official clarification, with the new brand AITO, the future development fate of the Celeste brand is worrying. Since the announcement of its entry into the automobile industry, Huawei has always been accompanied by controversy, and the future of Cyrus, which is closest to Huawei, naturally concerns the industry.

"Zhou Lin, Executive Deputy General Manager and General Manager of Product Line of Jin Kang Sailisi Science and Technology Center"

■Cyrus will not disappear.

　　Sailis SF5 is the first model that Xiaokang (parent company of Sailis) cooperates with Huawei. When it came out in April, 2021, it was rumored that the order number of Celestial was refreshed several times: "The order number was broken by 3,000 vehicles in two days" and "the national order number exceeded 10,000 vehicles in one month". It is based on the high attention at the initial stage of the release that the outside world has high expectations for the sales volume of Sellers SF5 in the terminal.

　　According to the latest data of the Federation, the sales volume of Sailis SF5 in 2021 (April-November) is only 7080 vehicles. According to car home, it is partly because of the slow delivery. Due to Huawei’s high technical requirements, the running-in of quality control between the two parties has a certain impact on the climbing of production capacity.

"Source: Federation; Watchmaking: car home Industry Group "

　　"In this process, Huawei applied some concepts in the field of mobile phones and ICT, and provided more information on how to complete product quality control standards completely." Zhou Lin said, "A large number of mobile phones need to ensure complete and consistent quality standards, and the number of them on the market far exceeds that of cars, so Huawei’s quality control standards are more detailed than cars."

　　As for why the news that Celeste SF5 stopped production came out, Zhou Lin attributed it to the fact that the promotion of new brand models needed to be tilted in resources, which caused some misunderstanding to the outside world. "Due to the shortage of chips, due to the consideration of ensuring the timeliness of user delivery, the reservation will not be accepted for a few days, avoiding that the order cycle will take two or three months or longer to deliver, and users may complain. Now, with the solution of this problem, the reservation channel has been reopened."

　　Car home found on Celestial App that at present, Celestial Huawei can still place an order normally, and users can choose 1000 yuan’s intentional deposit or 10,000 yuan.

　　In fact, the negative emotions of Celestial SF5 users stem from Celestial’s closure of direct stores and the "separation" of Huawei brand from SF5. After all, Celestial SF5 withdrew from all the experience centers of Huawei overnight after its appearance, and the posters in the store have been switched from Celestial Huawei’s smart selection SF5 to AITO Media M5. When car home visited the Shanghai Sailisi direct store, he also found that the store was being rebuilt or even closed. The sales said, "We have moved to the AITO user center, and the pre-sales and after-sales are integrated."

"Photo by car home: The changes before and after a Celeste store in Shanghai"

　　It is not uncommon to complete the model change and upgrade within one year in the current technical iteration of smart electric vehicles. Even the new force of "Wei Xiaoli" can’t avoid the pit of complaints, and old users often feel that they have been "cut leeks". However, in just eight months, it is the first time that a newly established brand has switched to another brand.

　　In order to appease the old users, Sailis posted on its official social platform on January 5, "For the users who have already delivered, Sailis promised to upgrade the lifetime warranty of the whole vehicle and range extender in addition to the 8-year/160,000-kilometer warranty of the three-power system promised earlier, and the first owner can get an additional discount of 10,000 yuan on the basis of the rights and interests of the schedule within four years." However, the owner of Celeste SF5 needs to go to AITO brand store for after-sales maintenance.

　　Zhou Lin also clearly told car home, "Sailis is still Sailis, and AITO is a brand-new high-end smart car brand with the high assistance of Huawei. The two brands will continue to enrich their product matrix and new models will come out constantly. This is a product pedigree evolved under two brands of an enterprise."

　　It is expected that at the end of February this year, the M5 will start the delivery of the first car owners. Regarding the follow-up vehicle planning of AITO brand, Zhou Lin revealed, "It is expected that a new large SUV will be launched at the end of the second quarter or the beginning of the third quarter in 2022, and it can be delivered by the end of this year. Since then, there will be a pure electric version of the M5. At the same time, new models launched in 2023 are also being prepared in an orderly manner. "

■Competition between Cyrus and AITO brand?

　　Although Celestial’s response put an end to the rumors of the suspension of production of SF5, it did not completely dispel the doubts about the future direction of Celestial SF5 and even the brand.

　　The insiders believe that Huawei has shifted its focus to the newly listed model M5, and stopping SF5 is a timely stop loss in a sense. However, some analysts pointed out that there are some differences in the positioning, selling prices and target groups of the two models, which may be complementary.

　　After the official listing of M5, some potential consumers were diverted to M5 on a large scale under the guidance of sales due to the temporary suspension of sales of Celestial SF.

　　Gwan Chin (a pseudonym), a user around car home, bought the SF5 of Celeste Huawei Smart Choice in early December. Because the sales promised to deliver the car in one week, Gwan Chin sold the gas car at home. Unexpectedly, after waiting for two weeks, the sales told him that the car had been discontinued and recommended him to add money to buy a new brand M5.

　　According to the official, M5 has been on the market for three days, and the large order has exceeded 2,000 units. Will Sellers SF5 be substantially marginalized by the market?

　　From the perspective of product strength, the M5 of AITO is indeed remarkable. Among them, Huawei’s HarmonyOS intelligent cockpit is the biggest highlight of the M5. Only with the opening of HarmonyOS system, will this advantage be leveled by more models equipped with HarmonyOS smart cockpit in the future? In Zhou Lin’s view, AITO has taken the first-Mover advantage at the time node.

　　"It was originally planned that the mass production time of Huawei’s HarmonyOS smart cockpit product was September 2022. With the deep cooperation between Huawei and Celeste, this product can be mass-produced about one year in advance. At present, the HarmonyOS smart cockpit mentioned by friends on the market is not a complete cockpit concept, similar to the cooperation mode of the traditional car Tier 1. "

　　In the mode of cooperation, Huawei’s deep participation has obviously gone far beyond other automobile projects. If Cyrus SF5 is Huawei’s adopted son, then the world M5 is more like Huawei’s own son.

　　Nowadays, Huawei has put more thoughts into the pre-planning and product design of AITO brand, even into product marketing and factory transformation. Especially in the research and development and adaptation of intelligent cockpit in HarmonyOS, Huawei has devoted more human resources.

　　"Since March this year, the Huawei team has gradually intervened in various workshops and links, including the R&D team. At present, there are four or five hundred people." Zhou Lin revealed.

　　As for whether the follow-up Sailis can only use its own channels, there is also uncertainty about whether it can re-enter Huawei’s intelligent car selection system. After all, unlike other auto companies’ direct stores, Huawei has limited area allocated for exhibition cars. With the release of the second new model of AITO this year, how much resources can Huawei give to Celeste? How to avoid internal competition among brands is a problem that Cyrus must think about at the moment when various car companies are grabbing the window period of smart electric vehicles.

　　"We give the choice to the users," Zhou Lin said frankly. "Celeste and AITO brands will have their own brand positioning and target customer groups, and the two brands will be differentiated. At present, there is only one model under each brand, and the system is not fully established. It will be gradually improved in the later stage."

■Xiaokang doesn’t want to just be a foundry.

　　Under the concern of where the Celeste brand will go, the outside world also believes that Huawei will "build a car" by taking advantage of the factory and qualification of Xiaokang shares.

　　Today’s Huawei, although verbally claiming "no cars", has indirectly declared its series layout and actions that Huawei does not only want to be limited to Bosch in the era of smart electric vehicles.

　　On December 23, 2021, at Huawei’s flagship new product launch conference in winter, Huawei walked to the stage for the first time from behind the scenes of the automobile industry. Yu Chengdong said apologetically that he had caught a cold, but he spent more than 30,000 words to introduce the M5, but Cyrus never appeared in front of the stage.

　　Yu Chengdong said, "AITO M5 integrates Huawei’s industrial design, engineering technology, system software and HarmonyOS’s ecological advantages." Selis is rarely mentioned between the lines, and people in the industry feel that this car is infinitely close to Huawei’s "pro-son" except for not hanging Huawei’s logo.

　　"But this does not mean that Xiaokang has become a Huawei foundry." Zhou Lin emphasized that with Huawei’s help, AITO’s first model, the M5, was manufactured into the whole value chain of users’ cars, and Cyrus was responsible for R&D, manufacturing, delivery, service and creating the whole life cycle car experience. Huawei is deeply involved in product definition, quality control and channel sales. The two sides give play to each other’s strengths.

　　"When the smart ecology collides with the automobile industry, there will be many new explorations and ways." At present, Huawei’s cooperation with car companies has defined two modes: First, Huawei Inside mode. At present, Huawei provides autonomous driving solutions to three cooperative car companies, namely BAIC, Changan and Guangzhou Automobile, to support them to build their own sub-brands; Second, Huawei’s BU business provides parts and solutions to car companies.

　　AITO M5 is a brand-new cooperation mode, which is independent of the above two modes: Huawei is not only a component supplier, but also the industrial design team of Huawei BU.

　　"If someone says that we are a foundry, why doesn’t Huawei buy a factory itself?" In the conversation, I can feel the injustice in Zhou Lin’s heart. "Huawei originally made mobile phones, but it didn’t know much about the automotive field. The design standards of automobiles have always been dominated by us, but Huawei’s specialties in the ICT field, such as communication and cockpit information security, will be deeply dominant."

　　In Zhou Lin’s view, in addition to Huawei’s empowerment, Cyrus also has its own core technology, which is more focused on the research and development of new energy technologies and manufacturing quality (five boutique platforms+core three-power technology+Industry 4.0 smart factory). If the M5 can maintain its leading position in the market, it is not the strength of a single product point, but the joint efforts of both parties to open the era of smart cars for users, which is the core that distinguishes it from other models.

　　Undoubtedly, Cyrus’ initial intention is to use Huawei to improve his brand image. Before the cooperation with Huawei, the industry knew little about Cyrus. After taking the "express train" of Huawei, the share price of the parent company of Cyrus Xiaokang soared from 17 yuan/share in early 2020 to the highest 83 yuan/share.

　　However, after the release of M5, the capital market quickly gave feedback to Xiaokang shares: it fell more than 7% that day and fell for two consecutive days, then continued to fall, and closed at 52.56 yuan/share on January 7. Huawei still spends a lot of energy and resources on the new car of AITO brand, but Cyrus is busy with the production and after-sales of SF5.

　　Will Cyrus reconsider its cooperation with Huawei? The insiders think it is difficult to give an answer. "Objectively speaking, the cooperation with Huawei has brought a high degree of attention to Xiaokang and also brought a sharp rise in the stock price." The data shows that in the first three quarters of 2021, the company achieved a total operating income of 11.45 billion yuan, a year-on-year increase of 24%, but the net profit returned to the mother was-1.083 billion yuan, a year-on-year decrease of 49%.

　　In-depth cooperation with Huawei can almost be said to be the only option for Cyrus at present. Xiaokang also stressed at the investment exchange meeting on January 7 that "the cross-border cooperation between the company and Huawei is in-depth and successful, and the two sides have invested heavily, and there is no reason for not cooperating."

　　At present, it is a top priority for Cyrus to cooperate well with Huawei and try to polish products and make delivery. At the AITO brand launch conference, Sailis officially put forward a slogan that seems a bit difficult now-to become the TOP3 of the global new energy vehicle within five years. In Zhou Lin’s view, with the advantages of both parties and the continuous optimization of the new product system, we can reach the breakthrough level of the sales model. "Let everything go to time!" (Text/car home Peng Fei)

South Capital Center of Jinzhengyan-Interpretation of Financial Report Yunye/Author Ying Wei/Risk Control

At present, the discount integration of snack industry is accelerating, and the scale effect is gradually emerging. Looking back on the listing of Liangpin Shop Co., Ltd., a well-known snack manufacturer (hereinafter referred to as "Liangpin Shop"), on February 24, 2020, Liangpin Shop was successfully listed at an issue price of 11.9 yuan/share. On July 15th of the same year, the share price of Liangpin Store reached its peak, which was 85.22 yuan/share. As of January 11th, 2024, the closing price was 19.81 yuan/share, and the share price of Liangpin Store showed a downward trend.

Just one year after listing, the first round of reduction plan was implemented just after the lifting of the ban on the shares of the promoters of Liangpin Store, and 456 million yuan was cashed out. During this reduction period, the share price of Liangpin Store went down, and Liangpin Store bought back shares on bargain hunting to implement the employee stock ownership plan. Since then, its shareholders have frequently reduced their holdings, and there are also real controllers in the ranks of reduction. During the period when relevant shareholders reduce their holdings, the total market value of good shops may evaporate by tens of billions of yuan.

It is worth mentioning that Liangpin Shop claims to expand its business by investing in snack-selling "track" companies. However, in only half a year, it sold all the underlying shares and gained an investment income of about 60 million yuan. In the first three quarters of 2023, the performance of good shops grew negatively year-on-year. In addition, the good shop boasts itself as "the first share of high-end snacks", but its gross profit margin is not as good as that of its peers. On the other hand, the draft employee stock ownership plan of Liangpin Store was hastily revised one day after it was published. The stock price of employees was adjusted from 9.9 yuan to 16.7 yuan per share, and the share payment fee was reduced by more than 20 million yuan.

According to public information, on February 24, 2020, the good shop was officially listed on the main board of the Shanghai Stock Exchange.

It is worth noting that just one year after Liangpin Store landed in the capital market, its shareholders holding more than 5% of shares "threw out" the first round of reduction plan.

On February 27th, 2021, Liangpin Store issued the Announcement of Shareholder’s Shareholding Reduction Plan. The shareholders of Liangpin Store are Zhuhai Gaoying Tianda Equity Investment Management Center (Limited Partnership) (hereinafter referred to as "Zhuhai Gaoying"), HH LPPZ(HK)Holdings Limited (hereinafter referred to as "Hong Kong Gaoying") and Ningbo Gaoying Zhi. These shares are all derived from the shares held by Liangpin Store before its IPO.

According to the Announcement of Shareholder’s Shareholding Reduction Results signed by Liangpin Store on August 28th, 2021, due to their own capital needs, Zhuhai Gaoyou, Hong Kong Gaoyou and Ningbo Gaoyou (hereinafter collectively referred to as "Gaoyou Capital") plan to start from March 2021.The total number of shares of the good shop reduced by centralized bidding from February 22nd to August 26th, 2021 and by block trading or agreement transfer from March 4th, 2021 to August 26th, 2021 shall not exceed 24,060,000 shares, which shall not exceed 6% of the total share capital.

As of August 26th, 2021, when the planned reduction time expired, the shareholder Gao Ying Capital reduced its holdings of 10,776,494 shares of Liangpin Store by means of block trading and centralized bidding, accounting for 2.69% of the total share capital.

The announcement shows thatThe reduction price of Gaoyan Capital this time is 33.07-53.19 yuan/share., reducing the total amount by 456 million yuan.

After the implementation of this reduction plan, Gaoling Capital holds 36,023,777 shares of Liangpin Store, accounting for 8.98% of the total share capital of Liangpin Store at present.

From the time point of view, on February 27, 2021, Liangpin Store announced the first round of shareholding reduction plan of shareholder Gaoying Capital. At this time, Liangpin Store has just been listed for one year, and Gaochun Capital, as a shareholder holding more than 5%, has just lifted the ban.

During the period of Gaochun Capital’s reduction, the stock price of Liangpin Store fluctuated and fell.

According to the data of Oriental Fortune Choice, from February 27th, 2021, the announcement date of Gaoyan Capital Reduction Plan to August 26th, 2021, the stock price of Liangpin Store reached the highest value of 61.71 yuan/share on March 2nd, 2021, and the closing price on that day was 60 yuan/share, and the lowest value was 31.63 yuan/share on July 28th, 2021.

By July, 2021, the first reduction plan of shareholder Gaoyan Capital entered the "end". Compared with the date of the announcement of the reduction plan, the share price of Liangpin Store was close to "waist cut", and at this time Liangpin Store announced the share repurchase plan.

According to the Announcement on Share Repurchase by Centralized Bidding signed by Liangpin Store on July 7, 2021, Liangpin Store held the sixth meeting of the second board of directors and the sixth meeting of the second board of supervisors on July 6, 2021, and reviewed and approved the Proposal on Share Repurchase by Centralized Bidding, agreeing that the company should use its own funds not less than 75 million yuan and not more than 150 million yuan. Buy back the company’s shares by centralized competitive bidding, the repurchase price shall not exceed 69.85 yuan/share (including 69.85 yuan/share), and the repurchase period shall be within 6 months from the date when the board of directors deliberated and passed the share repurchase plan.

The purpose of repurchase is to implement the equity incentive plan or employee stock ownership plan.

According to the Announcement on the Expiration of Share Repurchase Term and the Results of Repurchase Implementation signed by Liangpin Store on January 6, 2022, as of January 5, 2022, Liangpin Store has repurchased 3,016,600 shares through centralized bidding, accounting for 0.75% of the total share capital of Liangpin Store. The highest price purchased is 35 yuan/share, and the lowest price is 31.35 yuan/share.

That is, from July 6, 2021 to January 5, 2022, the share repurchase price of the good shop was 31.35-35 yuan/share.

Compared with the first reduction price range of shareholder Gaoyan Capital, the stock repurchase price of good shops may be at a low level.

As mentioned above, just one year after the listing of Liangpin Store, Gaochun Capital, as a shareholder holding more than 5%, reduced its holdings and cashed in 456 million yuan. In fact, since then, Gaochun Capital has continued to reduce its holdings. Not only that, the second largest shareholder and actual controller of Liangpin Store also took turns to reduce their holdings.

On August 26, 2021, Gaochun Capital completed the first reduction plan for good shops. Less than two months later, Gaochun Capital "stepped into" the second round of reduction plan.

According to the Announcement on the Results of Shareholder’s Shareholding Reduction signed by Liangpin Store on April 9, 2022, due to its own capital needs, Gaoyan Capital plans to reduce its shareholding in Liangpin Store by centralized bidding from October 29, 2021 to April 7, 2022, and by block trading or agreement transfer from October 13, 2021 to April 7, 2022, with a total amount of no more than 24,060,000.

As of April 7, 2022, when the planned reduction time expired, the shareholder Gao Ying Capital reduced its holdings of 5,911,800 shares of Liangpin Store through block trading, accounting for 1.47% of the total share capital of Liangpin Store.

During this reduction, the reduction price of Gaochun Capital was 40-40.81 yuan/share, with a total reduction of 239 million yuan.

After the implementation of this reduction plan, Gaoling Capital holds 30,111,977 shares of Liangpin Store, accounting for 7.51% of the total share capital of Liangpin Store.

Soon, the good shop ushered in the third round of reduction of Gaochun Capital.

According to the Announcement on the Change of Shareholders’ Equity by More than 5% and the Result of Shareholding Reduction signed by Liangpin Store on November 19, 2022, due to its own capital needs, Gaoling Capital plans to reduce the shares of Liangpin Store by centralized bidding from June 14, 2022 to November 20, 2022, and by block trading or agreement transfer from May 26, 2022 to November 20, 2022.

As of November 18, 2022, upon the expiration of this reduction plan, shareholder Gao Ying Capital reduced its holdings of 7,821,956 shares of Liangpin Store by centralized bidding, accounting for 1.95% of the total share capital.

The price of this reduction is 25.47-35.64 yuan/share, with a total reduction of 219 million yuan.

After this equity change, Gaoling Capital holds 22,290,021 shares of Liangpin Shop, accounting for 5.56% of the total share capital.

The reduction is still going on.

According to the Announcement on the Change of Shareholders’ Equity Holding More than 5% and the Result of Shareholding Reduction signed by Liangpin Store on May 20, 2023, from March 14, 2023 to May 19, 2023, Gaoling Capital reduced its shareholding in Liangpin Store by 2,240,021 shares, accounting for 0.56% of the total share capital.

The price of this reduction is 299.3-39.14 yuan/share, with a total reduction of 73.1651 million yuan.

After this equity change, Gaoling Capital holds 20,050,000 shares of Liangpin Store, accounting for 5% of the total share capital of Liangpin Store.

According to the Announcement of Shareholder’s Centralized Bidding and Shareholding Reduction Plan signed by Liangpin Store on June 3, 2023, according to the fund term requirements, the total number of shares of Liangpin Store to be reduced by centralized bidding from June 28, 2023 to September 25, 2023 shall not exceed 4,010,000 shares, which shall not exceed 1% of the total share capital of Liangpin Store. In any continuous 90 days, the total number of shares reduced by centralized bidding transaction shall not exceed 1% of the total number of shares in good shops.

According to the Announcement on the Results of Holding Shares by Centralized Bidding signed by Liangpin Store on October 20, 2023, from June 28, 2023 to September 25, 2023, Gaoling Capital accumulated 4,009,356 shares of Liangpin Store through centralized bidding, accounting for 0.9998% of the total share capital of Liangpin Store.

The price of this reduction is 23.30-26.38 yuan/share, with a total reduction of 99.8484 million yuan.

After this equity change, the proportion of Gaoling Capital holding shares in Liangpin Store is 4.0002%.

As of the inquiry date, January 10th, 2024, Gaochun Capital has no new trend of reducing its holdings.

Looking back on history, Liangpin Store disclosed in the prospectus signed on January 21, 2020 (hereinafter referred to as "the prospectus signed on January 21, 2020") that with the rapid growth of Liangpin Store’s performance and the continuous improvement of brand awareness, investors continued to be optimistic about the future development prospects of Liangpin Store, so in 2017, Liangpin Store received a capital increase of RMB 326,049,500 from shareholders.

Just in 2017, the good shop completed the share reform.

According to the prospectus signed on January 21, 2020, Liangpin Store completed the share reform in December 2017, and was one of the founders of Gaochun Capital.

In other words, Gaochun Capital, as the initiator of share reform, was originally optimistic about the development prospects of good shops. After the lifting of the ban on its shares, it implemented five reduction plans in a row, and even the upper limit of the "card" reduction ratio for the fifth time, reducing the shareholding ratio to less than 5%. This also means that if Gaochun Capital still has a reduction plan, the good shop will not need to make an announcement in advance.

During the period of gaoling capital reduction, the second largest shareholder of Liangpin Store also joined the ranks of reduction.

According to the 2022 annual report of Liangpin Store, by the end of 2022, Dayong Co., Ltd. (hereinafter referred to as Dayong Co., Ltd.) held 121,496,526 shares of Liangpin Store, accounting for 30.3% of the total share capital, making it the second largest shareholder.

According to the Announcement of Shareholder’s Equity Change by 1% and Early Termination of Shareholding Reduction Plan signed by Liangpin Shop on December 2, 2023, Liangpin Shop disclosed the Announcement of Shareholder’s Shareholding Reduction Plan on May 18, 2023. Due to its own capital requirements, Dayong Co., Ltd. plans to reduce the total number of shares in Liangpin Store by centralized bidding or block trading to no more than 24,060,000 shares, which is no more than 6% of the total share capital. The reduction period of Dayong Limited through centralized bidding transaction is within 6 months after 15 trading days from the date of announcement of the reduction plan; The reduction period by block trading is within 6 months after 3 trading days from the date of announcement of the reduction plan.

From May 25, 2023 to November 29, 2023, Dayong Limited reduced its holdings by 17,040,000 shares through centralized bidding and block trading, accounting for 4.25% of the total share capital.

The price of this reduction is 19.46-28.53 yuan/share, and the total amount of reduction is 404 million yuan. After the reduction, Dayong Limited holds 26.05% of the shares.

In addition, the original concerted action of the good shop also participated in the reduction.

According to the 2022 annual report of Liangpin Shop, by the end of 2022, the controlling shareholder of Liangpin Shop was Ningbo Hanyi Venture Capital Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Hanyi"). Ningbo Liangpin Investment Management Co., Ltd. (hereinafter referred to as "Ningbo Liangpin"), Ningbo Hanliang Qihao Investment Management Partnership (limited partnership), Ningbo Hanlin Zhihao Investment Management Partnership (limited partnership) (hereinafter referred to as "Ningbo Hanlin"), Ningbo Hanning Beihao Investment Management Partnership (limited partnership), Ningbo Hanning. Yang Hongchun, Yang Yinfen, Zhang Guoqiang and Pan Jihong are the actual controllers of Liangpin Store. Among them, Yang Hongchun is the chairman and general manager of Liangpin Store.

According to the Prompt Announcement on Dissolving the Relationship of Concerted Action between Controlling Shareholders and Some Concerted Actions signed by Liangpin Store on March 7, 2023, Liangpin Store received the notice of dissolving the relationship of concerted action from Ningbo Hanyi, the controlling shareholder, Ningbo Liangpin, Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang on March 6, 2023. After all partners reached a consensus, Ningbo Hanliang, Ningbo Hanlin and Ningbo Hanliang recently.

Since Yang Hongchun no longer serves as the executive partner of Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang, the relationship between Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang and Ningbo Hanyi and Ningbo Liangpin is dissolved, Ningbo Hanyi and Ningbo Liangpin are still acting in concert.

In short, Yang Hongchun, the real controller of Liangpin Store, was originally an executive partner of Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang, and therefore formed a concerted action relationship with Ningbo Hanyi, the controlling shareholder. By March 2023, Yang Hongchun no longer served as the executive partner of the above four institutions, so the relationship of concerted action was dissolved.

According to the Announcement of Shareholder’s Shareholding Reduction Results signed by Liangpin Store on December 7, 2023, from June 9, 2023 to December 5, 2023, Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang reduced their shareholdings by 6,015,000 shares through centralized bidding, accounting for 1.5% of the total share capital.

The reduction price is 19.28-25.44 yuan/share, and the total reduction amount is 140 million yuan.

After the implementation of this reduction plan, Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang jointly held 9,742,651 shares of Liangpin Store, accounting for 2.43% of the total share capital.

It should be noted that according to the data of the Market Supervision Administration, as of the inquiry date of January 10th, 2024, Yang Hongchun’s shareholding ratio for Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang all exceeded 40%, making him the largest shareholder.

It can be seen that the controlling shareholder has dissolved the relationship of concerted action with Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang. Judging from the shareholding ratio of the partners of the above-mentioned enterprises, the actual controller Yang Hongchun may be the "main force" for this cash.

According to the data of Oriental Fortune Choice, from the date of the announcement of the first round of reduction plan of Gaochun Capital to the date of the expiration of the reduction period of shareholders such as Ningbo Hanliang, the stock price of Liangpin Store reached the highest point on March 2, 2021, with a closing price of 60 yuan/share and a total market value of 24.06 billion yuan. As of December 5, 2023, the stock closing price of Liangpin Store was 24.65 yuan/share, with a total market value of 9.885 billion yuan.

It is estimated that the total market value of good shops may have evaporated by 14.175 billion yuan during the period when the above shareholders reduced their holdings.

The decline of stock price is influenced by many factors, such as the performance change of listed companies, shareholder reduction and so on. After the lifting of the ban on the shares held by the above shareholders, the market value of good shops evaporated by tens of billions of yuan, and how did the frequent reduction of shareholders affect it?

In recent years, convenience stores and snack shops that mainly serve community users have achieved rapid growth with richer products, better consumption experience and higher cost performance, and have become an important force to promote the development and growth of the snack industry.

According to the record of investor relations activities of Liangpin Store in August, 2023, regarding the issue of "measures to deal with competition in the development of volume distribution channels",One of the measures that the good shops responded to was to actively expand the discount snack business by investing in "Snack Stubborn Home" and "Zhao Yiming Snacks".

According to the public information of Black Ant Capital’s WeChat public platform on March 7, 2023, in March 2023, Zhao Yiming Snacks, a snack collection store brand, completed a series of financing of 150 million yuan, which was led by Black Ant Capital and followed by good shops.

According to the public information of Zhao Yiming Food official website, in January 2019, the "Zhao Yiming Snacks" brand was established and the first direct store opened. In October 2019, the first franchise store opened. In October 2022, the total number of "Zhao Yiming Snacks" nationwide exceeded 500. In February 2023, the total number of stores in China exceeded 1,000. In August 2023, the total number of stores in China exceeded 2,000.

Only three years after the establishment of the brand, the number of "Zhao Yiming Snacks" stores has exceeded 2,000, and the development speed is obvious.

However, while the brand of "Zhao Yiming Snacks" is growing rapidly, Liangpin Store only invested in Zhao Yiming Food for half a year, and then sold the underlying equity.

According to the Announcement on Sale of Assets by Wholly-owned Subsidiaries signed by Liangpin Shop on October 17th, 2023, Ningbo Guangyuan Juyi Investment Co., Ltd., a wholly-owned subsidiary, intends to transfer its 3% equity of Yichun Zhao Yiming Food Technology Co., Ltd. (hereinafter referred to as "Zhao Yiming Food") to Shanghai Yihai Enterprise Management Consulting Partnership (Limited Partnership) and Xiamen Heiyi No.3 Overseas Connection Venture Capital Partnership (Limited Partnership) at a total price of about 105 million yuan.

According to this announcement, after the completion of this transaction, Liangpin Store will no longer hold the equity of Zhao Yiming Food, and at the same time, it is expected to generate an investment income of about 60 million yuan in the current period at the consolidated statement level due to the sale of the equity of Zhao Yiming Food.

That is to say, in the face of the rapid growth of snack distribution channels, Liangpin Store declared to investors that it would expand its business by investing in Zhao Yiming Food, but in only half a year, Liangpin Store "hastily" transferred its equity in Zhao Yiming Food, thus obtaining an investment income of about 60 million yuan. In this case, is the good shop investing in Zhao Yiming Zero Food out of business layout or financial investment?

As mentioned above, at the "end" of the first round of the shareholding reduction of Gaochun Capital, the good shops "buy back the shares on dips" for the employee stock ownership plan.

The implementation of employee stock ownership plan can bind the interests of employees with the interests of the company, improve the enthusiasm of employees and create more profits for the company. Therefore, there are certain assessment conditions for the granting and unlocking of equity.

According to the Employee Stock Ownership Plan (Revised Draft) in 2023, the underlying stocks obtained by the employee stock ownership plan will be unlocked by stages 12 months after the last underlying stock of Liangpin Store is transferred to the name of the employee stock ownership plan. The specific arrangements are as follows:

The first batch of unlocking time: it is 12 months from the date when the last target stock of Liangpin Store is transferred to the name of this employee stock ownership plan, and the number of unlocked shares is 33% of the total number of target stocks held by this employee stock ownership plan.

The second batch of unlocking time: 24 months from the date when the last target stock of Liangpin Store was transferred to the name of this employee stock ownership plan, and the number of unlocked shares is 33% of the total number of target stocks held by this employee stock ownership plan.

The third batch of unlocking time: it is 36 months since the last target stock of Liangpin Store was transferred to the name of this employee stock ownership plan, and the number of unlocked shares is 34% of the total number of target stocks held by this employee stock ownership plan.

If the performance appraisal indicators at the company level corresponding to the first batch are not reached, the corresponding rights and interests shall not be unlocked, and the related rights and interests shall be recovered by the management committee at the original investment amount of the underlying stock corresponding to the share, and the management committee shall dispose of the recovered related rights and interests according to the plan approved by the board of directors. There is no company-level performance appraisal in the second and third unlocking periods of this employee stock ownership plan.

With regard to company-level performance assessment, based on the operating income or net profit value in 2022, the operating income growth rate or net profit growth rate of the assessment year, that is, the operating income or net profit value in 2023, is assessed.

That is, the growth rate of operating income or net profit in 2023 is higher than 20%, and the unlockable ratio at the company level is 100%; If it is higher than 16% but lower than 20%, the unlocking ratio is 80%; If it is less than 16%, the unlocking ratio is 0%.

It should be noted that the above-mentioned "net profit" refers to the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses.

Looking back to the performance level of good shops.

According to the data of Oriental Fortune chioce, from 2019 to 2022 and from January to September in 2023, the operating income of good shops was 7.715 billion yuan, 7.894 billion yuan, 9.324 billion yuan, 9.44 billion yuan and 5.999 billion yuan respectively, with year-on-year growth rates of 20.97%, 2.32%, 18.11% and 5.999 billion yuan respectively.

In 2019-2022 and January-September 2023, the net profit of Liangpin Store after deducting non-recurring gains and losses from shareholders of listed companies was 274 million yuan, 275 million yuan, 206 million yuan, 209 million yuan and 122 million yuan respectively, with year-on-year growth rates of 31.78%, 0.57%, -25.15% and 1.2 million yuan respectively.

It is not difficult to see that in 2019, the performance of good shops was in a relatively "highlight moment", and the growth rate of revenue and net profit exceeded 20%. The following year, its performance growth slowed down. In 2021, there was no increase in income, but it increased slightly in 2022. By January to September 2023, its performance both fell into negative growth.

In this case, is it difficult for employees of good shops to unlock the corresponding performance appraisal indicators in the first batch of shares? The answer may be known after the announcement of the 2023 annual performance of Liangpin Store.

In addition, good shops boast of "the first share of high-end snacks", but the gross profit margin is not optimistic.

According to the semi-annual report of Liangpin Store in 2023, Liangpin Store said that it landed in the capital market as the first "cloud-listed" enterprise of Shanghai Stock Exchange in 2020 and became the first "high-end snack" in China. In addition, the good shop quoted the data of the "2022 Snack Market Research Report" of the China National Business Information Center, and disclosed that from 2015 to 2022, it led the domestic high-end snack sales for eight consecutive years.

However, the gross profit margin of good shops since listing may still be less than the average of peers.

According to the prospectus signed on January 21st, 2020, the comparable companies in the same industry of Liangpin Store include Shanghai Laiyifen Co., Ltd. (hereinafter referred to as Laiyifen), Haoxiangni Healthy Food Co., Ltd. (hereinafter referred to as Haoxiangni), Three Squirrels Co., Ltd. (hereinafter referred to as "Three Squirrels") and Yanjinpu Food Co., Ltd. (hereinafter referred to as "Yanjinpu Store").

According to the annual report of Liangpin Store in 2020-2022, the gross profit margin of Liangpin Store’s main business in 2020-2022 was 27.45%, 26.98% and 27.67% respectively.

According to the above-mentioned annual reports of comparable companies in the same industry and the data of Oriental Fortune Choice, from 2020 to 2022, the gross profit margin of your main business is 17.76%, 25.03% and 22.69% respectively. The gross profit margin of the main business in Iraq is 42.13%, 42.46% and 41.92% respectively; The gross profit margin of the main business of the three squirrels is 23.9%, 29.38% and 26.74% respectively; The gross profit margin of Yanjin Shop’s main business is 43.83%, 35.71% and 34.72% respectively.

It is estimated that the gross profit margin of the main business of the above-mentioned comparable companies in the same industry will be 31.91%, 33.15% and 31.52% respectively from 2020 to 2022, which is higher than the gross profit margin of the main business of Liangpin Store in the same period.

It can be seen that in 2020-2022, the gross profit margin of the main business of good shops was lower than the average of peers. Therefore, does the gross profit margin level of the above-mentioned main business of Liangpin Shop contradict with the "high-end" positioning?

Continue to pay attention to the employee stock ownership plan of the good shop.

According to the announcement signed by Liangpin Store on January 12, 2023, Liangpin Store held the first employee representative meeting, the 18th meeting of the second board of directors and the 14th meeting of the second board of supervisors in 2023 on January 11, 2023, and deliberated and passed the Proposal on the Company’s Employee Stock Ownership Plan (Draft) in 2023 and the Administrative Measures on the Company’s Employee Stock Ownership Plan in 2023.

On the signing date of the above announcement, Liangpin Store also announced the 2023 Employee Stock Ownership Plan (Draft), and the price of the shares repurchased by Liangpin Store in the employee stock ownership plan is 9.9 yuan/share. The total number of employees participating in this employee stock ownership plan shall not exceed 90.

Among them, there are 9 supervisors and senior managers, namely, Li Haohao, Jia Liming, Liu Ling, Jin ‘an, Xu Ran, Ke Bingrong, Xuanmingfeng, Ma Teng and Wan Zhang Nan, and their total share accounts for 37.84% of the total planned share. The total share of other middle and senior managers and core professionals accounts for 62.16% of the total planned share.

The source of the underlying stock involved in this employee stock ownership plan is the common stock of Liangpin Store.

As for the share payment fee, it is assumed that the employee stock ownership plan will transfer 3,016,600 shares of Liangpin Store held in the special securities account for Liangpin Store repurchase to the employee stock ownership plan by means of non-transaction transfer at the end of February 2023, with the closing price of Liangpin Store on January 11, 2023 (35.35 yuan/share) as the forecast, and the share payment fee will total 76,772,500 yuan.

Oddly, the next day, Liangpin Store revised the 2023 Employee Stock Ownership Plan (Draft), which was reviewed and approved by the Board of Directors and the Board of Supervisors.

According to the "2023 Employee Stock Ownership Plan (Revised Draft)" signed by Liangpin Store on January 13, 2023, after the revision of the draft, the price of the stock repurchased by the employee stock ownership plan is 16.7 yuan/share. The upper limit of the share to be held by the incentive object is increased, and the corresponding proportion of the total share of the plan remains unchanged.

Assume that the employee stock ownership plan will transfer 3,016,600 shares of Liangpin Store held in the special securities account for Liangpin Store repurchase to the employee stock ownership plan at the end of February 2023 by means of non-transaction transfer and other laws and regulations, and the stock payment fee will be 53,031,800 yuan based on the closing price of Liangpin Store shares on January 12, 2023.

In other words, after the price changes, the calculated share payment fee disclosed by the good shop may be reduced by RMB 23,740,700.