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.

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In terms of intelligent configuration, the new car has added the functions of fatigue driving monitoring, door opening warning and rear anti-collision warning. As standard, the front and rear parking radars are upgraded to 13 ultrasonic radars and 2 millimeter-wave radars. In terms of intelligent driving system, the new car has added ADiGO driver assistance system, which comes standard with parallel assistance, lane centering and reversing side warning. Voice wake-up recognition is increased to four areas.

In terms of power, the new car still adopts a hybrid system consisting of a 2.0L four-cylinder engine and an electric motor. The maximum power of the engine is 103 kW and the maximum torque is 180 Nm. The front motor has a maximum power of 134 kW and a maximum torque of 300 Nm. The battery adopts liquid-cooled ternary lithium battery pack, and the battery energy is 25.57kWh. Under CLTC working condition, the pure electric cruising range is 150 kilometers, and the comprehensive cruising range is 1200 kilometers. The new car supports fast charging and is equipped with 3.3 kW external discharge function.

CCTV News:The annual meeting of 2023 Financial Street Forum was held in Beijing today (November 8). At the annual meeting, China Yi Huiman, Chairman of China Securities Regulatory Commission said that risk prevention is the main goal of strengthening supervision, and strengthening supervision is an effective way to prevent risks, both of which are important guarantees for achieving high-quality development.

According to the development law of capital market and the supervision practice in recent years, China and Yi Huiman, Chairman of China Securities Regulatory Commission summarized the causes of capital market risks into five aspects: excessive leverage or even out of control, imbalance between innovation and supervision, fraud, breach of trust and absence of main responsibility. He pointed out that it is the first duty and statutory duty of the CSRC to strengthen the supervision of the capital market, safeguard the "three public" order of the market and the legitimate rights and interests of investors, and prevent and resolve financial risks.

Yi Huiman, Chairman of China Securities Regulatory Commission:We adhere to the supervision concept of "respecting the market, respecting the rule of law, respecting the profession, respecting the risks, and giving full play to the joint efforts of all parties", adhere to the main business of supervision, and pay attention to the following principles: First, adhere to the principle of "only by seeing clearly can we manage it" and promote innovation under the premise of prudent supervision. The second is to guard against excessive leverage and gradually reduce the scale and level of leveraged funds to a reasonable range. Third, "zero tolerance" has cracked down on all kinds of chaos and reversed the long-standing situation that the illegal cost of securities is too low. The fourth is to adhere to the blade inward and self-revolution.

The reform of the registration system is by no means deregulation.

Regarding the reform of the registration system, China Yi Huiman, Chairman of China Securities Regulatory Commission said that the reform of the registration system is by no means a relaxation of supervision, but a better combination of an effective market and a promising government.

Yi Huiman, Chairman of China Securities Regulatory Commission:After the implementation of the (registration system) reform, supervision has become stricter, and the most prominent performance is the improvement of transparency. This promotion comes from the openness of the whole process of audit and registration, accepting the supervision of the whole society, and from the supervision covering the whole chain before and after the event, which urges enterprises to fully disclose information and compact the responsibility of intermediary agencies as "gatekeepers". Through reform, the basic system of capital market is comprehensively strengthened, especially the level of rule of law is further improved.

Yi Huiman said that in the next step, we will continue to promote the stock issuance registration system.

Yi Huiman, Chairman of China Securities Regulatory Commission:Dynamically evaluate and optimize institutional arrangements such as pricing, reduction and refinancing. At the same time, we will vigorously promote the reform of the investment side, promote the implementation of various supporting policies for medium and long-term capital entering the market, accelerate the cultivation of "smart funds" in China, promote the strengthening of industry institutions, effectively enhance professional investment capabilities and market leadership, and take our own path.

Yi Huiman said that the healthy development of the real economy is the foundation for the smooth operation of the capital market. The CSRC will adhere to the fundamental purpose of serving the real economy, and focus on doing the "five major articles" on technology and finance, green finance, inclusive finance, pension finance and digital finance, so as to give full play to the hub function of the capital market and serve the overall situation of Chinese modernization more effectively.

[Text/Financial Circle Society & Dao Ge said Che Ma Jian Yu] With the deepening of electrification and intelligent transformation, the automobile market in China is undergoing drastic changes. In this context, the "three-year rejuvenation" action plan was released to accelerate the transformation to a new energy technology company.

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For Chuanqi, 2024 is the first year of the "three-year rejuvenation" action plan. In this year, Chuanqi gained a lot, and the platform technologies such as I-GTEC2.0 and new EV+ new energy platform were released one after another, which strengthened the competitiveness of Chuanqi brand. In terms of products, the rejuvenation of MPV matrix makes Chuanqi’s transformation more emboldened.

Nowadays, the balance is insufficient in 2024, and how Chuanqi will perform in the coming year has also become the focus of attention. According to Chuanqi’s official news, based on the EV+ new energy platform, GAC Chuanqi will develop a series of models, covering all categories of cars, SUVs and MPVs. Chuanqi S7, the first mass production model of EV+ new energy platform, is expected to be officially launched in the first half of next year.

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At the same time, Chuanqi’s smart driving performance in 2025 will go to a higher level. After all, in addition to the technical upgrade during the year, Chuanqi also received a strong support-Huawei.

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MPV’s strong performance casts transformation confidence.

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Through careful market insight, Chuanqi cut into MPV, a small track, and gradually became a big shot in this field. As of November, the cumulative sales volume of Chuanqi MPV has reached 700,000 vehicles, and China brand MPV is the only one. At the same time, Chuanqi’s MPV preservation rate continues to be the highest, and its M8, M6 and other models have ranked first in the multi-platform independent brand MPV preservation rate for many times in a row, which shows that users fully recognize Chuanqi’s MPV and are well-deserved MPV experts in China.

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Chuanqi’s leading product insight and market position in MPV market have also become the foundation of Chuanqi’s transformation. In 2024, it was a great year for technical innovation of Guangzhou Automobile Chuanqi. I-GTEC2.0 was released, which was upgraded in all dimensions for chassis, power generation, intelligence and platform, and GMC400 super hybrid technology developed by the whole stack was launched, which was also launched and implemented in conjunction with Huawei’s innovation plan. All these technologies are empowering Chuanqi MPV, bringing consumers the smartest, most luxurious and most enjoyable travel experience.

In the past November, Chuanqi launched two hybrid MPVs, including the Grandmaster Super Hybrid Edition equipped with full-stack self-developed HEV hybrid technology and the Chuanqi New Energy E9 Supercharged Edition. These two cars represent Chuanqi’s latest achievements in HEV and PHEV hybrid technologies. However, this is not over yet. Chuanqi, which is in the first year of the "three-year rejuvenation" action plan, has more achievements, and these achievements also make Chuanqi’s 2025 more interesting.

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Rich technological innovation, Chuanqi 2025, many bullets.

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Since the beginning of this year, Chuanqi has made continuous breakthroughs in technology. In April this year, GAC Chuanqi launched EV+, a worry-free solution for users in the whole cycle and all scenarios, to solve the pain points of users in terms of energy replenishment, quality, safety and service. At the just-concluded Guangzhou Auto Show, GAC Chuanqi went further and brought a new EV+ new energy platform.

According to reports, the EV+ platform can realize the dual-mode parallelism of extended range and plug-in. Among them, GAC Super Extended Range Technology further reduces fuel consumption by 15%, improves pure battery life by 12%, and bid farewell to feeding troubles completely! At the same time, the EV+ platform adopts the mode of self-developed and cooperative two-wheel drive, and GAC has self-developed AI intelligent cockpit, end-to-end intelligent driving without drawing, and other pioneering technologies such as Huawei Gankun intelligent driving and HarmonyOS cockpit, which can bring more help to Chuanqi.

In terms of vehicle mechanical quality, Juxing intelligent control chassis under the EV+ platform is equipped with high-end technologies such as active preview multi-cavity suspension and Gankun U-turn, which reduces the chassis impact by 29%, comparable to millions of luxury cars, and improves the steering sensitivity by 25%. Big cars can also have the flexibility of small cars. At the same time, meet the most stringent safety standards around the world. These technical preparations also provide more bullets for Chuanqi’s market competition next year.

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Based on the EV+ new energy platform, GAC Chuanqi will develop a series of models, covering all categories of cars, SUVs and MPVs. Chuanqi S7, the first mass production model of EV+ new energy platform, is expected to be officially launched in the first half of next year. Chuanqi S7 is also the first production car in the latest design language of GAC, and the first high-end intelligent driving model of Chuanqi. At the same time, in 2025, GAC Chuanqi is about to usher in a breakthrough year of intelligent driving. Among them, not only Chuanqi S7 has attracted much attention, but three models equipped with high-end intelligent driving will also be listed one after another. Next year, Chuanqi’s high-level intelligent driver will send four cars together, with full firepower!

　　General Secretary of the Supreme Leader pointed out: We must adhere to the road of cultural development in Socialism with Chinese characteristics, enhance cultural self-confidence, build a socialist cultural power around raising flags, gathering people’s hearts, educating new people, promoting culture and displaying image, and develop a national, scientific and popular socialist culture facing modernization, the world and the future. We must adhere to the fundamental system of Marxism’s guiding position in the ideological field, serve the people and socialism, let a hundred flowers blossom and a hundred schools of thought contend, persist in creative transformation and innovative development, develop advanced socialist culture under the guidance of socialist core values, carry forward revolutionary culture, inherit Chinese excellent traditional culture, and meet the people’s growing spiritual and cultural needs.

　　The Provincial Artists Association actively implements the Party’s implementation of the spirit of the 20th Congress, focuses on inheriting and carrying forward the spirit of Chang ‘an Painting School, making it bigger and stronger, adheres to the people-centered creative orientation, paints portraits of the times, sings songs for the people, paves the way for bridging the gap between "two new" talents, cultivates outstanding young successors, eulogizes the great achievements made by the people of all ethnic groups in China with excellent works, and promotes the spirit of the 20th Congress of the Communist Party of China to be deeply rooted in the hearts of the people.

　　In 2021-2022, the Provincial Artists Association held the "Art Exhibition Celebrating the 100th Anniversary of the Founding of the Communist Party of China (CPC) in Shaanxi Province" and toured the exhibition, "Celebrating the New Era and Striving New Journey — — Shaanxi Province Art Exhibition to Commemorate the 80th Anniversary of the Speech "Chang ‘an New Style — — Shaanxi Youth Art Exhibition "Celebrate the New Era of Top 20 Flower Painting — — Shaanxi Fifth Flower and Bird Painting Exhibition "and other large-scale exhibitions, and a number of art works have been selected for national exhibitions. Now the outstanding works of the exhibition are continuously exhibited and broadcast in WeChat official account.

　　Chang ‘an Xinfeng 　

　　Selected Works of Shaanxi Youth Art Exhibition 1

　　Fan Pengjie’s Chinese Painting of Zhe Bie Qualifiers

　　Wen Zhenxin’s "Looking at" Chinese Painting

　　Wu Lisheng’s traditional Chinese painting "Hurry Night"

　　Wu Sitong’s Chinese Painting "Dancing in Spring"

　　Luo Chunbo’s Chinese Painting "The Mystery of Xuanshan Red Valley"

　　Fu Bingqing’s "Mine Mouth Documentary" Chinese Painting

　　Bai Haihong’s Traditional Chinese Painting "Home"

　　Ni Chao’s Traditional Chinese Painting "Yellow River Drum Rhyme"

　　Hongtaosun’s traditional Chinese painting "Zhao Jin Feng Bei"

　　Zuo Yang’s "Xiongfeng" Chinese Painting

　　Bai Yangyang’s "The Empty Mountain is Colored" Chinese Painting

　　Guan Xuwen’s Traditional Chinese Painting "North Foot of Bashan Mountain"

　　Hao Shixuan’s Chinese Painting "Morning Dew Waiting for the Sun"

　　Hu Yanbeibei’s Chinese Painting "The Heart of Posture"

　　Li Zhengjin’s Chinese Painting "Peaceful Homeland"

　　Wei Yahong’s Chinese Painting "Peaceful Days"

　　Xu Xiaoli’s "Metamorphosis" Chinese Painting

　　Yang Feng’s Chinese Painting "Clear Sky"

　　Chinese Painting of Liu Chang’s "Central European Class Train"

　　Liu Dan’s Chinese Painting "The Way to the Green Country"

　　Xie Shifan’s Chinese Painting of Six Chapters of Shengping

　　Liu Haini’s "Golden Sunshine" Chinese Painting

　　Lu Shan’s Traditional Chinese Painting "The Inheritance of Prosperity"

　　Zhao Feige’s Traditional Chinese Painting "Autumn Rain Runshan Mountain Diecui"

　　Zhao Zihan’s "Chang ‘an Xinjian" Chinese Painting

　　Chinese Painting of Zhu Ying’s Watcher

　　Tao Ran’s Chinese Painting Escort

　　Zhang Qiying’s oil painting "Actually, I’m not very thoughtful"

　　Li Haibo’s oil painting "Shade on the Ground at noon"

　　Li Hua’s midnight oil painting

　　Li Wenshuo’s oil painting "The coldest winter"

　　Liu Junqiang’s oil painting "Hometown Relics"

　　Niu Yadong’s oil painting "Sunshine in March"

　　Song Xiaodi’s Oil Painting "Sujie Xiaojing"

　　Oil Painting of Tong Yusong’s One of the Prosperous Times

　　Wang Li’s Oil Painting "There are Poems and Distances"

　　Yang Chenghong’s Oil Painting "Intangible Heritage-Social Fire"

　　Zhang Bei’s Oil Painting Tide Head

　　Feng Zhang’s "Qiu Se" oil painting

　　Zhang Hao’s oil painting "Blooming Lily"

　　Gu Shuai’s oil painting "Cave in Northern Shaanxi"

　　Jess Weng’s oil painting "Qinwei"

Speaking of childhood memories, Ashton Chen’s little bald head image is the most representative one, although most of them now play the role of green leaves. But small 8 found under the clues that Ashton Chen’s background is not simple, and his real identity is a rich second generation!　

From time to time, Ashton Chen’s personal Weibo has car racing and golf map updates, and the high-end point of the star’s business activities is understandable. However, in Reuters’s map, Ashton Chen can often see luxury cars nearby, which makes people wonder about Ashton Chen’s identity background.　

Ordinary people who travel on weekdays are extended Land Rover Range Rover, worth more than 3 million yuan, and there are also many sports cars such as Audi R8 and RS7. In addition to owning a car, racers certainly have to be very rich. After all, modification and loss are not small expenses.

Ashton Chen’s father, Chen Tongshan, is one of the 18 King Kong in Shaolin. Born in a martial arts family, he devoted himself to the cause of martial arts. From Shaolin Wushu Performance Troupe to Wulin School, he is famous all over the country and even in neighboring countries. All this must require a lot of money, so how can it work smoothly?

It turns out that Ashton Chen’s father manages nine companies, whose industries involve the spread of martial arts culture, diet, film and television, etc. His son is sent to master Shi Yongxin to study, and Chen Tongshan is not idle. With the basic strength, what he wants to do can naturally be realized slowly.　

Ashton Chen, who made her debut in childhood, is also an expert in making money. Since "shaolin popey" in 1994, many martial arts films have been made, with lovely images and aura. Every time I look at previous films, I admire this little actor’s acting skills.

Ashton Chen’s film and Shang Yan are the first pot of gold for Chen Tongshan to get rich. The film contract is constant, and the popular income of the booming will naturally not be low. If you invest in the real estate, you will have a huge family fortune now. It is said that you also have a whole commercial street in Dengfeng.

Chen Tongshan also has two famous martial arts schools. Many people come here to cultivate countless talents, including world-class and national champions, or martial arts child stars like Ashton Chen. The martial arts film and television base set up conveniently also provides a lot of convenience for martial arts action movies.　

All in all, Chen Tongshan is worth at least 100 million yuan, and his strength cannot be underestimated. Although the development of these undertakings is also very helpful to personal interests, it is self-evident that they have made contributions to spreading Shaolin Kung Fu and making Wushu go global.　

Without his father’s business acumen, Ashton Chen’s salary as a child could not have made such a big industry. There are many things to spend money, and the fastest flowing thing in the world is money. Ten or twenty years ago, the pay of popular actors was only nine Niu Yi cents compared with the current traffic.　

The number of works is also because Ashton Chen is an old-timer in the film and television circle. Occasionally, the staff around him will ask him if he was born in more than 90 years. It’s really hard to imagine that he was born in 88 just by looking at his appearance. After 25 years in the industry, he still hasn’t lost his youthful spirit. It seems that he will be the same as Jimmy Lin.　

Although rich, Ashton Chen loves acting as much. He was trained as a Shaolin disciple because of family reasons, and he was amazing at acting. He just debuted in 1993 and had supernatural acting skills in front of the screen, and he did not fall into the same strange martial arts. small 8 saw that many adult actors could not do this.　

When he grew up, his career would definitely change. During that quiet period, Ashton Chen was sent to the United States for further study because of his superior family conditions. There is no need to worry about no filming at all, and the property of over 100 million in the family is estimated to be not bad for the money earned from filming in recent years.　

Ordinary artists are easily misunderstood by the secular as making money and wanting to be popular, but when we learn that a person will go back to inherit thousands of possessions if he doesn’t film well, we will sincerely think that this is a person who is serious about his career.　

Ashton Chen’s father invested a lot in martial arts, and constantly expanded the art of martial arts. Father and son who earn money are also enthusiastic about public welfare. Chen Tongshan not only concentrates on martial arts education, but also participates in many charitable activities like Ashton Chen.　

China has such a rare talent, which is really a treasure in the entertainment circle. Ashton Chen is willing to be a supporting role in many film and television dramas, and all of them are real kung fu. I hope that there will be more people in the entertainment circle who speak with real skills, devote themselves to drama and produce more masterpieces of word of mouth.

　　Lishui, May 10th, Zhongxin. com (trainee reporter Zhou Yulong correspondent Yu Fan Ye Fangju) Install a camera on the wall, set up a sensing device in the mahjong table, and remotely control it in the background … … Nowadays, these series of "cheating" techniques that once appeared in movies have quietly appeared in real life, making many gamblers lose their money without knowing why.

　　In April 2018, the police in Longquan, Zhejiang Province successfully arrested the first gang in Zhejiang Province that used high-tech means such as remote perspective to monitor mahjong fraud. As of May 9, Longquan police have arrested 15 suspects and detained 14 people.

　　Men devote themselves to mahjong cheating.

　　Xie Moumou, the principal offender, is from Longquan. He doesn’t have a stable job on weekdays. His biggest hobby in his spare time is playing mahjong.

　　Mahjong requires not only some experience, but also luck. Since the second half of 2016, Xie Moumou, who is extremely unlucky, has lost a lot of money on the mahjong table, and gambling debts have also accumulated more and more. However, instead of stopping, he has studied the evil road and tried to turn over the book.

　　How can I monitor the card situation without being discovered? At the end of 2016, Xie Moumou began to concentrate on finding the so-called "gateway" on the Internet, and bought some equipment from the Internet, such as wireless micro-headphones, wireless surveillance video equipment, mahjong chips, etc., and then slowly explored ways to cheat in mahjong while looking for someone to cooperate in playing mahjong. Gradually, Xie Moumou became the "ever-victorious general" on the mahjong table.

　　Not only that, Xie Moumou also made his "small tricks" bigger and more specialized, and convened some "kindred spirits" to form a studio, forming a veritable "gambling gang".

　　The "winning general" was suddenly arrested.

　　In April 2018, after months of investigation and operation, Longquan police gradually found out the organizational structure and criminal facts of the gang, and locked in the foothold of this criminal gang that used high-tech equipment to commit fraud and gambling.

　　In the early morning of April 4, with the order of the commander of the network-closing operation, the arresting personnel who had long been hidden near a rented house (gambling spot) in the south ocean of Longquan decisively rushed into the gambling scene, controlled the gambling gang and arrested 13 suspects on the spot.

　　But to the police’s surprise, there was almost nothing unusual in the mahjong room, and mahjong and playing cards didn’t seem to have been tampered with.

　　During the on-site search, an experienced old policeman found something fishy in the spotlights on the ceiling of the mahjong room. Through his many years of experience in handling cases, the old policeman concluded that the secret of gambling fraud equipment is likely to be hidden in this spotlight.

　　Sure enough, there is a miniature camera hidden in the spotlight of the casino, and a signal transmitter is installed in the lamp on the wall, while a gang member in charge of playing mahjong wears a miniature earphone in his ear, and a complete set of high-tech gambling fraud equipment gradually "surfaced".

　　Mahjong indoor tricky.

　　How on earth does this homemade high-tech equipment implement gambling fraud?

　　It turns out that when Xie Moumou first started to study cheating, he bought some mahjong chips from the Internet and installed them in mahjong. When playing cards with others, he took the special mahjong with him, secretly replaced the cards in mahjong machine, and installed specific equipment such as sensors in mahjong machine. After he started playing cards, he controlled them through the remote control he carried, and the micro headphones he secretly wore would automatically report the cards, so as to master the card situation.

　　After the establishment of a studio dedicated to gambling, Xie Moumou upgraded the gambling equipment and methods, forming a "clairvoyance" mode of remote control.

　　First of all, Xie Moumou placed mahjong with a special chip in the mahjong room and installed sensors at the four outlets of the mahjong table. The sensors can sense the situation of playing cards through the chip. Then, Xie Moumou installed a transparent miniature camera in the hidden place in the mahjong room. The camera can be installed on murals, spotlights or even teacups, and outsiders can’t find it at all.

　　The camera is connected to the background through WiFi, and Xie Moumou in the background will see the cards on the gambling table through the monitor in another room and "guide" the accomplices who are playing cards in real time through the intercom. This method greatly improves the chance of winning cards, and also achieves the goal of winning money.

　　After winning more money, Xie Moumou began to brag about this way of making money with his friends. Unexpectedly, people have come to the door to find Xie Moumou to cooperate. With the gradual expansion of business, Xie Moumou also sold equipment and technology to Jingning, Wuzhen, Zhejiang and Nanning, Guangxi. With the deepening of investigation, Longquan police arrested another suspect in Wuzhen, Jiaxing on the evening of May 8.

　　At present, the case is still being further processed.

Comfort configuration is often linked to the quality of a car. Of course, the higher the comfort configuration, the more pleasant the passenger experience, which can give the car a higher evaluation. What I brought to my riders today is. Let’s take a look at its performance.

Let’s take a look at the appearance of the BMW 8 Series. The front of the BMW 8 Series looks very domineering and cool. Combined with the fashionable headlights, the visual effect coincides with the positioning of the whole vehicle. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing and so on. Come to the side of the car, the car body size is 4857MM*1902MM*1350MM, the car uses fashionable and atmospheric lines, the side looks very round and lovely, with large-sized thick-walled tires, the shape is quite simple. In the design of the rear end, the overall shape of the BMW 8 Series rear end echoes the front end, and the taillights are very calm, and the overall shape is still very attractive.

Sitting in the car, the interior of BMW 8 Series looks very spiritual and makes people feel very soft. The steering wheel of the car is very clean and made of leather, and everything looks very dynamic and lively. From the central control point of view, the central control screen with 12.3-inch touch-sensitive LCD makes the interior design quite layered, and the details are still in place. Let’s take a look at the dashboard and seats again. The dashboard design is remarkable, giving people a very young feeling. The car uses leather seats, which are wide and thick, improving the ride experience of drivers and passengers.

BMW 8 Series is equipped with an automatic manual transmission (AT) gearbox, with an acceleration time of 5.5s per 100 kilometers, which has good power performance and is completely OK for daily use.

Looking at the configuration, the BMW 8 Series is equipped with car networking, driving mode selection, remote control key, interior atmosphere light, engine start and stop and other configurations.

OK！ Next, let’s sum up. The car introduced today is remarkable in terms of space, configuration and power, and home travel is also a good helper.

[car home Baoding Preferential Promotion Channel] Recently, the Baoding market ushered in a price reduction discount, with the highest discount amount reaching 55,000 yuan and the lowest starting price dropping to 169,900 yuan. This preferential activity is under way, and interested consumers can click "Check the car price" in the quotation form to strive for a higher discount.

The design of FAW-Volkswagen CC is very fashionable and dynamic. The front face adopts an atmospheric chrome grille, which is perfectly combined with sharp headlights, highlighting the perfect integration of luxury and dynamism. The body lines are smooth and the overall design style is streamlined, which leaves a deep impression on people.

FAW-Volkswagen CC has elegant side lines, with a body size of 4865*1870*1459mm, a wheelbase of 2841mm, a front tread of 1586mm and a rear tread of 1572 mm.. Equipped with 245/45 R18 tyre size, the rim design is fashionable and dynamic, which shows the perfect combination of sports and luxury.

The interior of FAW-Volkswagen CC adopts a simple and scientific design style, and a large number of high-quality materials are used in the car to create a luxurious and comfortable atmosphere. The steering wheel is wrapped in leather, which is comfortable and supports manual up-and-down and forward-and-backward adjustment, which is convenient for drivers to find the best driving posture. The center console is equipped with a 9.2-inch touch screen, and the built-in voice recognition control system supports the control of multimedia system, navigation, telephone and air conditioning, which improves the convenience and safety of the driver’s operation. In addition, the car is equipped with USB and Type-C interfaces, which are located in the front row and the back row respectively, which is convenient for passengers to charge various devices. The seat is made of leather /Alcantara mixed material. The main and co-pilot seats support multi-directional adjustment, including front and rear adjustment, backrest adjustment, height adjustment and lumbar support. It also has heating function, which improves the comfort and riding experience of the seat. The rear seats support proportional tilting, which further improves the flexibility and practicability of the space.

FAW-Volkswagen CC is equipped with a 2.0T 186 horsepower L4 engine with a maximum power of 137kW and a maximum torque of 320 N m. It is equipped with a 7-speed wet dual-clutch gearbox, which provides a strong power output and a smooth shifting experience.

The owner of car home spoke highly of FAW-Volkswagen CC. He mentioned: "I am quite satisfied with the appearance and power. The frameless door is really handsome, and the streamlined body side is also particularly beautiful. The tail shape of the hatchback is matched with a small duck wing. The power of the 380TSI is also on call and it is very cool to drive." This evaluation fully demonstrates the owner’s love and recognition of FAW-Volkswagen CC.

　　[Aika Auto Domestic New Car Original]

　　On December 8, 2023, FAW Pentium officially announced the official guide price of the new Pentium B70. The new car has launched two models with a price range of 12.99-13.79 million yuan. At the same time, FAW Pentium also announced the listing rights including cash gift, financial gift, replacement gift, quality assurance gift and flow gift.

　

　　A quick look at the highlights of new cars

　　New appearance and interior design, and the body size is further increased.

　　Equipped with a new generation of car platform and a new generation of D-Life 6.0.

　　Huawei HiCar Internet and Yilian systems cover three mainstream systems: HarmonyOS system, Android system and ios system.

　　Equipped with 2.0T engine and Aisin 6AT gearbox.

　　New car introduction

　　As a mid-term redesigned model, the new Pentium B70 adopts a brand-new family design language of "strength, purity and perfection", and the "layered" front grille adopts a borderless design, which makes the new car look more in line with the aesthetic needs of consumers at the same time. The "flying wing" headlight group is smooth and stretched, with a brand-new brand logo, which makes the front face look full of inductance, with a sense of advanced and technology.

　　The new car also uses more dynamic side lines, and the slip back design further highlights the movement and elegance of the new car. The multi-spoke large-size rim also highlights the sense of movement while highlighting the luxury. The double waistline design makes the side design more layered. One waistline runs from the front lamp group to the taillight group, and with the slightly raised wheel eyebrow lines before and after, it not only enriches the visual layering, but also enhances the sense of movement of the vehicle. In terms of size, the length, width and height of the new car are 4855*1840*1455mm, the length of the car is 45mm longer than that of the current model, and the wheelbase is 2800 mm. It is a standard medium-sized car.

　　The rear of the new car adopts the popular through taillight design, which further extends the visual width of the rear with the times, and the brand subtitle is located under the taillight. This design has more or less improved the grade sense of the whole car, and it meets the aesthetic needs of the moment with the exhaust system of the two sides below.

　　In terms of interior, the new car adopts a dual-screen design with a full LCD instrument panel and a central control multimedia display screen, and is equipped with a penetrating air conditioning outlet, which is very fashionable as a whole. At the same time, the design of the dual-spoke multi-function steering wheel and the suspected toggle shift mechanism also adds a sense of luxury to the interior of the new car. The new car adopts a new generation of car platform, and the software and hardware performance of the intelligent cockpit system and intelligent cockpit are fully upgraded. The main control SOCS adopts industry mainstream chips and 8-core processors, with a computing power of 62.5K, which is smoother without crashing, and the time for hot-start reversing images is less than 1 s. The new car is equipped with Pentium D-Life 6.0 system, with rich in-vehicle applications, and with the blessing of Iflytek 3.5 voice suite, it can realize efficient interaction that can be seen and spoken. In addition, Huawei HiCar Interconnect and Yilian systems cover three mainstream systems: HarmonyOS system, Android system and ios system.

　　The new Pentium B70 is equipped with a 2.0T turbocharged engine and Aisin 6AT gearbox. The maximum power of the power system is 165kW, the maximum torque is 340Nm, and the acceleration per 100 kilometers is 7.86s s..

　　Editor’s point of view: The new Pentium B70 will form an independent three musketeers in the medium-sized car market with Geely Xingrui and Chery Arrizo 8. Compared with competitors, the new Pentium B70 has certain product advantages in size, power and configuration, and it is believed that it will gain a good market share after listing.

Wonderful content review:

Do you really know young people better than young people? Try Pentium T90

Pentium T90 is officially listed at a price of 100,000-146,999,000 yuan.

2023 Shanghai Auto Show: FAW Pentium T90 officially unveiled.