In the history of automobile development in China, the red flag is always the most colorful one. Since its birth in 1958, no car brand, like the red flag, has been integrated with strong national feelings. It is the initiator of China car and the witness of China’s booming industry for decades. Just mentioning this name is enough to evoke the memory of most Chinese people, as if the once magnificent picture reappeared in front of them.

　　In the hearts of Chinese people, the red flag is a symbol of national spirit, and this connotation is contained in the design concept of red flag products from generation to generation.

　　From 0 to 1: The Red Flag brand begins here.

　　In 1949, the newly established New China was in great need of development. In 1953, the first automobile factory broke ground in Changchun, and China’s automobile dream officially set sail. In 1957, the State Council No.1 Ministry of Machinery Industry officially assigned FAW the task of producing cars. Just one year later, China’s first domestic car was born, named "Dongfeng" CA71, which became the predecessor of Hongqi brand car.

　　Since then, in order to build more advanced car products, after five improvement tests from August 1958 to May 1959, Hongqi CA72 limousine was officially born, becoming the first product since the appearance of Hongqi brand.

　　CA72 has national characteristics and the spirit of the times in modeling design. It has a ship-shaped body with its head held high, symbolizing that the new China has finally stood up and is about to hold its head high and stride forward. The front grille adopts the traditional fan shape of China, and the design of the rear headlight is inspired by the ancient palace lanterns in China, which symbolizes the cultural heritage. The car logo is a red flag, and the side logo is a five-sided red flag that embodies "workers, peasants, soldiers and businessmen"; The interior is made of national arts and crafts, the instrument panel and window frame are made of Fujian lacquer and red treasure sand, and the warm interior, brocade sofa fabric, silk ceiling material and hand-made carpet reflect the strong Chinese cultural color and exquisite car-making skills from the outside to the inside.

　　The birth of CA72 greatly enhanced the self-confidence and pride of the people in China, and the Red Flag sedan became famous at home and abroad. In 1960, Hongqi car represented China at the Leipzig International Expo, which was included in the World Automobile Yearbook of that year, and thus Hongqi became a world-class car. Since then, Red Flag cars have appeared in various national important occasions and become the witnesses of the rapid development of New China.

　　In 1959, at the celebration of the tenth anniversary of the National Day, two red flag review cars and six red flag cars participated in the military parade and parade. Since 1962, the "Red Flag" car has officially undertaken the task of receiving foreign guests; In 1964, Hongqi was designated as the national concierge car, and served to receive the visits of many heads of state to China.

　　In the years that followed, the red flag, in the name of "national car", has carried countless leaders and meritorious deeds, and has also witnessed the unremitting efforts of generations.

　　New red flag, new inheritance

　　Time passes, and glory will last forever. In 2018, China’s industry has bathed in the spring breeze of reform and reached a new climax, and China’s automobile market has also become the largest and fastest-growing automobile market. Cars are no longer a "rarity" 30 years ago, but have already entered the homes of ordinary people.

　　The new era calls for a new national automobile brand. On January 8th, 2018, China FAW released the brand strategy of New Red Flag, with the brand concept of "Chinese New Noble Refinement", which opened a new chapter in the revitalization of "New Era, New Red Flag".

　　In the brand concept of the new red flag, "new nobility" is the core, which refers to the noble moral sentiment that is integrated into the advanced cultural connotation of China on the basis of the excellent traditional culture of China. At present, China has entered a new era, and "new nobility" is a prominent display of national cultural self-confidence and enterprising spirit, as well as an important responsibility for national justice. The red flag of the new era once again engraved the national spirit in the brand gene.

　　Under the brand-new background and brand concept, the new red flag adopts a brand-new design language-with "Shang Zhi Yi" as the core, expressing feelings freely and fully deducing "Chinese new noble exquisiteness".

　　The concept car displayed by the brand on the same day is the concrete expression of the brand-new design language of the new red flag: the grille of "alpine waterfalls, mainstay", the through-going flag of "flowing mountains and rivers, shining red light", the headlights of "dreams stirring and flying with wings", the waist of "holding your head high and flying with flags", the wheel logo of "colorful and fixed on the sea" and "the needle of God" In the following years, the brand-new design language of the new red flag was applied to brand-new models such as H5, HS5, H9 and so on. With the sales miracle created by the new red flag, it approached more and more consumers in China.

　　Let the ideal fly

　　In January, 2020, it made its official debut at the New Red Flag Brand Festival. As an epoch-making product integrating the latest design concept and forward-looking technology of Hongqi brand, H9 is the most concentrated embodiment of the new Hongqi spirit. In design, it deeply restored the design concept of "paying tribute" in the previous concept car. The straight waterfall grille is like a mountain waterfall, flowing down and solemn; Through flag, bright color, high recognition; The body curve with high front and low back is elegant and slender, with extraordinary momentum; The cockpit interior design of "Oriental Artistic Conception" is full of rich China cultural color, exquisite and luxurious.

　　Besides H9, under the design concept of "paying tribute to others", Hongqi has shown different interpretations of brand-new design language in products such as HS7, HS5 and H5.

　　On Hongqi E-HS9, Hongqi’s first full-size intelligent pure electric SUV, the design language of the new Hongqi has undergone a new evolution. Mighty, future and harmonious, these keywords are not only the feelings brought by the ultimate modeling design of this product, but also reflect the attitude of China people who are facing the future, more energetic, do their best and dare to compete for the first place.

　　In September this year, the annual sales volume of Hongqi brand exceeded 200,000 vehicles in 2021, reaching this milestone three months earlier than last year and continuing to maintain a good development trend. The new red flag is moving from "the first luxury car brand in China" to "the first luxury brand in China and the world famous", and it is full of ambition and sonorous steps.

　　What changes is design, data, and unchangeable, which is the mission of Hongqi to develop China automobile industry, the eternal inheritance of Chinese culture, and the spirit of the times that China people struggle endlessly.

　　The red flag will surely make China people’s ideals soar and make China consumers’ dreams of "a better life and a wonderful trip" come true.

　　Xinhua News Agency, Washington, November 8 (Reporter Xu Yuan, Deng Xianlai) Mei Xiang and Tian Tian, giant pandas living in the United States, and Little Miracle, their male cubs born and raised in Washington, left for China on November 8.

　　On the morning of the same day, the staff of the Smithsonian Institution National Zoo in Washington transported three special "travel boxes" with giant pandas, 220 pounds (about 100 kilograms) of bamboo, drinking water and related materials to the truck. Subsequently, the motorcade carrying Mei Xiang, Tian Tian and Xiao Miracle left the zoo for Dulles International Airport in Washington.

　　Xu Xueyuan, Minister of the Chinese Embassy in the United States, said at a brief ceremony held at the zoo that since Mei Xiang and Tian Tian came to the Smithsonian National Zoo in 2000, China and the United States have carried out close and fruitful cooperation in the protection and research of giant pandas, which has effectively promoted mutual understanding and friendship between the two peoples. In the future, China will continue to cooperate closely with its partners, including the United States, in the protection and research of endangered species and the protection of biodiversity, and make greater contributions to sustainable development and friendship among peoples.

　　Brandi Smith, director of the Smithsonian Institution’s National Zoo and Biological Protection Institute, said that this is a historic moment that is both difficult and joyful. Mei Xiang and Tian Tian have been the "stars" of zoos since they came to the United States, and they have become the "idols" of the whole country. Smith later said at the ceremony held at the airport that the US-China research cooperation on giant panda protection has lasted for more than 50 years, which is the longest cooperation on the protection of a single species in the world. "Our partnership with China is extraordinary."

　　At about 13 o’clock local time, the special plane of "Meixiang" took off. According to the personnel of FedEx, the plane will stop in Anchorage, USA, and then go to Chengdu, China, with a journey of about 19 hours. A veterinarian and two breeders accompanied him all the way.

　　Mei Xiang and Tian Tian gave birth to four cubs in the United States for 23 years, among which Tai Shan, Bao Bao and Beibei have returned to China. "Little Miracle" was born on August 21st, 2020, when the COVID-19 epidemic swept the world. The birth of "Little Miracle" brought joy and hope to the local people. After the Meixiang family returned to China, there were two giant panda sisters, Yalun and Xilun, at Atlanta Zoo in the United States. (Participating in reporters: Hu Yousong, Liu Jie)

Cool Open is an Internet lifestyle brand under Skyworth. During AWE 2024, Cool Open made its debut with new smart home appliances of all categories.

Kukai has deeply deployed Mini LED and is committed to providing high-quality and cost-effective Mini LED TV products for young families. The new Mini LED TV launched by Kukai this time – Kukai K6 adopts a dual-core octa-crystal light-emitting chip, each lamp bead brings up to 8192 microcrystalline units, and the matrix dense microcrystalline greatly improves the light output efficiency. Compared with ordinary Mini LED, it has greatly improved the light control accuracy, brightness, uniformity, luminous area and energy efficiency.

In addition, the new category of wallpaper speakers – Kukai "Sugar Cube" debuted. The home art wallpaper speaker composed of a 32-inch 4K matte display screen and built-in 4-unit stereo effect integrates music and art wallpaper. It has multi-functional applications such as music mode, watch mode, mobile phone screen projection, wireless controller, etc.

Kukai’s flagship product P9 Pro is jointly developed by Kukai and BOE in depth. The brightness of 630CVIA allows users to expand more usage scenarios. Equipped with the flagship MT9667 chip, supports MEMC motion compensation and HDR10 +, and adjusts the image quality of Skyworth SKYVISION. At the same time, with the help of Kukai’s scientific and technological strength, P9 Pro is more prominent in intelligent algorithms, with AI automatic content recommendation, autofocus, automatic ladder correction, automatic obstacle avoidance and automatic closing functions.

Kukai Big Cang Fox Refrigerator QXG560Pro, with a volume of 505L, has a full-cabin ultra-clean preservation technology. But the large capacity has a "small body", the smooth texture of 60cm flat inlay, and the high-value appearance of the high-end star limestone glass door body, bringing beauty to the home. Enjoy.

Kukai Big White Fox 12KG washing and drying integrated machine X12HPro adopts full-color screen touch, DD direct drive and dual intelligent investment technology, which is simple and intuitive to operate; micro-steaming and sterilization effect protects the health of clothes. The Big White Fox heat pump dryer H10pro has 10KG frequency conversion technology, low-gentle drying at 42 ° C with double filament filtration and UVC ultraviolet sterilization, so that the clothes can be comfortable and reassuring when taken out.

Cool Open Fresh Air Conditioning 35 first-level fresh air, with a large cross-flow fan, to create a first-level fresh air environment for the family. At the same time, it is matched with an intelligent voice system, which is convenient and fast to interact, and solves the problem of "wanting but not getting" the remote control. Cool Open Air Conditioning 72 first-level round cabinet adopts ECO energy-saving operation system, silent large air volume and intelligent voice, convenient operation, and fresh air requirements are realized immediately.

1905 movie network news The film documentary will officially land in major theaters across the country on August 28th. This film, which has gathered the strongest kung fu lineup of Chinese movies such as,,,, and, has become the most eye-catching film for the majority of fans since its self-filing.

Recently, the film was shown again, attended by well-known filmmakers such as,,, and even surprised the whole family, and fully praised the film. It is worth mentioning that the age span of the fans in this field is also as long as 60 years, which marks a perfect footnote for this "Dragon and Tiger Martial Arts Master" that shows the 60 years of kung fu movies. Word of mouth continues to rise, making "Dragon Tiger Warrior" one of the most passionate and sentimental movies in 2021!

Since August 28th, the documentary film "Dragon Tiger Warrior" has infected countless fans with feelings for China’s action movies. The film’s several small-scale movies have always been hard to get a ticket, and even been dubbed "hard currency" by fans. Recently, the film was shown again, attracting many filmmakers and die-hard fans to join in. In the communication after the film screening, the director shared his creative experience with you. He said that he had tried to film the daily life of these dragon and tiger martial artists, but he was rejected without exception. Later, he learned that among the martial artists, there was a poem: "Beauty has been a famous name since ancient times, and it is forbidden to see a white head on earth!" They can be interviewed and talk about the current situation, but they don’t want to expose their daily life to the public, and they want fans to remember their lively appearance on the screen.

Wei Junzi’s remarks were recognized by the audience. Director Li Yu said, "From them, I can see the era that has never been lost and the spirit of their generation. I once wanted to cry when I was watching the movie. This movie not only has blood, but also feelings! " Producer Fang Li is even more excited to express his praise for the Dragon and Tiger Martial Arts Master: "Their spirit is still there! That kind of heartfelt pride really touched me. They are all movies in their bones, which is really respectable. I really love them! " Wang Hailin, the screenwriter, calmly analyzed the enlightenment of "Dragon and Tiger Martial Masters" to the current film creation: "Dragon and Tiger Martial Masters will also compete with each other, showing a healthy competition, and the spirit behind it is actually that you are stronger than me! Every staff member goes all out to make a good film, because they know that it is not easy to eat this bowl of rice. They cherish their bowl of rice very much, which is what many filmmakers have to learn now. "

Their speeches resonated strongly with the audience, and they recommended the film in various social media: "I am excited to see it", "I will shout it out and feel it hurts, but at the same time I feel too cool and hearty", "Blood and feelings are never out of date, and heroes are never late"! The continuous high reputation makes this "Dragon and Tiger Martial Master" synonymous with "blood" and "feelings".

"Master of Dragon and Tiger" recorded 60 years of kung fu movies. Interestingly, the age span of the fans attending this movie, from the producer Fang Li in 1953 to "Uh-huh" Du Yuqi in 2013, is exactly 60 years. The surprise meeting of two "60 years" witnessed the surging and golden years of China movies!

In this movie, Du Jiang and Huo Siyan "ambushed" among the audience. Du Jiang, who specially brought his son to watch the movie, shared his mental journey: "I have also taken some action movies since 2018, and alsoI will try to complete some dangerous action scenes in person, and I feel very proud and energetic after each filming, so I can better understand the pride of these dragon and tiger martial artists. I specially brought Uh-huh to watch this movie today, because I always told him before that filming injuries were all fake, but today I want him to know that filming is not all fake, some actions and feelings are real, and the injuries are also real! Huo Siyan even said that the film made her see the greatness of these martial artists behind China Kung Fu movies: "Through this film, I remembered these martial artists, and I also knew that our film had defeated Hollywood. Thanks to the film for retaining these memories, I feel that their glory has not passed. With this film and the spirit of the Dragon and Tiger Martial Arts to accompany us on the next road, I believe everything will get better and better! "

Special feature of 1905 film network In this issue, we met our old friends again. After a lapse of three years, he was once again a guest as a director, bringing the comedy "The Great Anti-school" which he directed and led.

This film, which was released last month, tells the story that Bi Chao, a washed-up actor played by Bao Beier, accidentally lost his memory and mistakenly thought that he was a villain who wanted to kidnap the rich. In the course of his action, he not only fell into a series of oolong incidents, but also met the real villain kidnapper and staged a series of hilarious stories.

Q：The film is called "The Great Anti-school", in which the "anti-school" is quoted. What is the special significance of this setting?

Bao Beier: I think there are two sides to everything in the world. A good person may do something wrong, and a bad person may also have a good side. Everything must not be judged by good and bad. In fact, the role of Bi Chao in the Great Anti-Faction is not really a bad guy. But in his work and life, he forgot the good family life because he wanted to be famous and get more fame and benefits. In fact, he was a bad person at this time. When his identity was reversed, he wanted nothing but a stable and happy life. I think the film also uses this title to express real life.

The film involves a controversial topic at present, that is, how middle-aged people who are struggling for their careers should balance the relationship between family and career. As the film director and starring, Bao Beier has his own views on this.

Q: By shooting this work, what kind of answer do you hope the audience can get to the confusion of family and career?

Bao Beier: I hope that the audience who saw this film will be as contented as Bi Chao, the protagonist in the film, and Bao Beier, including me as a director and actor. Every day we worry and worry about all kinds of things, but in fact, life is already very beautiful. If you have family members who love you, friends who care about you, and have enough to eat and warm clothes, I think you are already very happy. Sometimes our desires often add to our troubles, so I hope everyone can find happiness in their lives.

Although he has participated in many comedies since he entered the performance industry, Bao Beier has never defined himself as a comedian. No matter what kind of role he plays, he hopes that his performance will get better and better and bring more happiness to the audience. For example, when shooting the film "The Great Anti-Faction", he didn’t deliberately try to highlight the height and value, but simply wanted to make the audience happy.

More than 20 comedians, including Xiao Spicy,,,, Yu Yang,,,, and other familiar comic faces, gathered in The Great Anti-school, which added more highlights and comic effects to the film.

Q：In the process of cooperating with so many excellent comedians, which actor did you play opposite to make you feel the happiest?

Bao Beier: Actually, everyone is very happy, but if you want to say the happiest thing, you may be very happy to work with Mr. Wei Xiang and Mr. Yang Haoyu every day. My first directorial work was a TV series called Happy Detective. At that time, I established a deep friendship with teachers Wei Xiang and Yang Haoyu. So for a long time, when our own team was doing the script, the role we wrote was written according to two teachers. Because we know the humor in their lives, such as Wei Xiang’s seriousness and persistence, such as Yang Haoyu’s introversion, we will enlarge their comedy situation and hope to bring different feelings to the audience.

Q：On the road of directing, you have accumulated some experience. What goals or expectations do you have in directing works in the future?

Bao Beier: Actually, I haven’t thought about specific plans for the future. I just hope that my ability will get better and better. In fact, I don’t direct many works. This is only my third film work, which has spanned seven years. During these seven years, I have been studying continuously, including directing class, photography class and scriptwriting class. I hope to improve my ability gradually and get better step by step. I hope I can get recognition from the audience and the market one day earlier.

Bao Beier, an actor, and Bao Beier, a director, are constantly learning and making progress, trying to make themselves better. I hope everyone can witness his growth and look forward to more wonderful works in the future. Not long ago, the adventure comedy "The Future is Huge" starring him has been released, so please support it a lot ~

　　Rajasthan Royals of the Indian Cricket Super League signed a sponsorship agreement with Niine, a sanitary towel brand in India, whose trademark will appear on the jersey of this men’s cricket team. The media commented that this will greatly challenge the deep-rooted menstrual taboo in Indian social concepts.

　　According to Agence France-Presse reported on the 18th, Rajasthan Royal Team said that they hoped the sponsorship of Niine brand would help educate men. According to the report, menstruating women in India still face deep-rooted social taboos. In some rural areas, menstruating women must arrange separate sleeping places and are forbidden to enter temples. According to "Business Wire India", Indian Prime Minister Modi emphasized his support for eliminating menstrual taboos in his Independence Day speech on the 15th.

　　Both Rajasthan Royal Team and Niine Company expressed the hope that this sponsorship will promote the society to change its view on menstruation, and both sides also released a poster with the words "Let’s discuss menstruation". The Royal Rajasthan team issued a statement saying: "There is no doubt that cricket is the most popular sport in India, which provides an ideal platform for discussing health problems and promoting social change." The statement also said: "The Rajasthan Royal Team will become a communication intermediary to help educate men in the Indian Cricket Super League in the 2020 season, which will not only enhance the relevant awareness on a large scale, but also promote understanding."

　　Ranjit Barthakur, executive chairman of Rajasthan Royal Team, said: "It’s time to make a real change. We are very pleased to welcome Niine, who has been a pioneer in changing the society’s view of menstruation. "

　　Amar Tulsiyan, founder and chairman of Niine Company, said that Rajasthan Royal Team and the company hope to jointly eliminate the shackles of women’s menstruation in their lives. "We believe that the Indian Cricket Super League is a powerful platform that can benefit thousands of men and women in our country and even in the world, and can be a catalyst to eliminate many people’s embarrassment about sanitary napkins and menstruation."

　　Niine brand was born two years ago, and its products include sanitary napkins, hand sanitizers and a series of hygiene and personal care products. In addition, Niine has developed a menstrual record App, which is available in 9 Indian languages.

　　Cricket is one of the most popular sports in India, and the Indian Cricket Super League has great influence both at home and abroad. Affected by the COVID-19 epidemic, this year’s Indian Cricket Super League will be held in the United Arab Emirates from September 19th to November 10th. At that time, the Rajasthan Royal Team will play in a jersey with Niine logo printed on the back.

Speaking of Honda, it is an "evergreen tree" under the Honda brand. Since its birth in 1976, it has maintained good sales and reputation after many generations of changes. As a medium-sized car, Accord has won the favor of many consumers with its balanced performance, comfortable driving experience and reliable quality. Today, we will bring you a second-hand Accord to see how it performs.

Basic information

The specific version of this Accord is the 2022 260TURBO Deluxe Edition, which is a medium-sized car with a black exterior and a dark interior. The accumulated mileage is 31,000 kilometers. The first license date of the car is January 2022. The license plate and the source of the car are both in Shenyang, and the ownership is 0.

The tax-included price of the new car is 213,200, and now the price of the used car is 125,800.

Specific configuration information

Accord 2022 260TURBO Deluxe Edition is equipped with leather seats, single skylight, 7-inch non-full LCD instrument, 1 speaker, dual-zone automatic air conditioning and other configurations. Among them, L2 assisted driving, full-speed adaptive cruise and other active safety configurations make driving easier and more convenient.

In terms of comfort, although the main driver’s seat does not support electric adjustment, the dual-zone automatic air conditioner and leather-like seat provide a good riding experience. In addition, the car is also equipped with keyless entry and starting functions, which further enhances the convenience of use.

In terms of power performance, it is equipped with a 1.5T inline 4-cylinder turbocharged engine, with a maximum power of 143kW and a maximum torque of 260N.m It is matched with a CVT continuously variable gearbox, which has smooth shifting and high transmission efficiency. The front McPherson independent suspension and the rear multi-link independent suspension ensure the stability and comfort of the vehicle. NEDC’s comprehensive fuel consumption is only 6L/ 100 km, and its fuel economy performance is excellent.

interior decoration

4-door 5-seat sedan with a wheelbase of 2830mm provides passengers with spacious seating space. The trunk volume is 573L, which meets the daily travel needs. Accord 2022 260TURBO Deluxe Edition has a body length, width and height of 4906x1862x1449mm and a wheelbase of 2830mm, providing passengers with spacious seating space. The rear seats support the whole row, which further increases the flexibility of storage space.

Market situation and car cost

The current market situation shows that the used car price of this Accord is roughly between 112,900 and 139,100. Of course, the specific selling price will be affected by factors such as the condition of the vehicle. According to estimates, the average annual comprehensive vehicle cost of this car is about 11,000 yuan per year.

Advantages and disadvantages

In terms of advantages, Accord 2022 260TURBO Deluxe Edition has become the choice of many consumers with its excellent power performance, rich configuration and spacious space. At the same time, the car has a high value-for-money ratio and is a model with high cost performance.

Disadvantages, some car owners report that the car is noisy at high speed and the sound insulation effect is average. In addition, there is less storage space in the car, which may not be enough for users who have a large number of items to store. The rear seats of the Accord 2022 260TURBO Deluxe Edition only support the whole exhaust, which can not be laid down in proportion, which limits the flexibility of space to some extent.

Generally speaking, the Accord 2022 260TURBO Deluxe Edition is a cost-effective model, which is suitable for consumers who pursue power performance and comfort. Of course, you need to make a reasonable choice according to your personal needs and budget before buying.

To sum up, the car cost, market conditions, advantage analysis, price comparison of the same paragraph and other data are for reference only, and the car condition information needs to be comprehensively referenced offline in combination with the actual situation of the vehicle.

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.

On September 10th, Guangzhou Automobile Chuanqi E8+ MPV went on the market today, and launched three models: MAX+version, Longteng Guanghui+and Longteng Starry Night+version, with the price range of 232,800-238,800 yuan. The new car is based on the electronic and electrical architecture of GAC Spirit, and the appearance and interior design have not changed much, but the configuration has been greatly improved. The new car is equipped with ADiGO driver assistance system, and the comfort configuration is optimized, such as standard steering wheel heating, rear small table board and two rows of zero-gravity seats.

In addition, Chuanqi E8+also introduced preferential policies for car purchase. From now until September 30th, you can enjoy the comprehensive rights and interests of up to 30,000 yuan under the order of Chuanqi E8+. When you buy Chuanqi E8 Longteng+,you can also get a "refrigerator color TV" boutique set worth 10,000 yuan. Chuanqi E8 old car owners can enjoy the suit at half price.

IT House noticed that the appearance of Chuanqi E8+series has not changed much compared with E8 series, and it still adopts the design of split light group and through LED daytime running lights. The front grille is designed without a frame, with a patchwork of banners in the middle net, and the front enclosure is equipped with LED light groups arranged vertically on both sides.

The side of the car body maintains the traditional MPV structure, with 18-inch seven-spoke wheels and chrome-plated side skirts. The new car is equipped with double side sliding doors, with a body size of 4920/1900/1760mm and a wheelbase of 2930mm. The rear is equipped with a roof spoiler and a blackened through taillight group.

In terms of interior, the new car is equipped with an 8.88-inch full LCD instrument panel and a three-spoke multi-function steering wheel. The center console is equipped with a 14.6-inch multimedia touch screen, equipped with an 8155 chip and a car voice wake-up function. The channel area of the center console is equipped with electronic key shift mechanism, wireless charging panel and double cup holder, and the overall stepped design makes the new car more atmospheric. The new car can also be equipped with HUAWEI HiCar mobile phone interconnection box.

In terms of comfort configuration, the new car comes standard with steering wheel heating, automatic anti-glare interior rearview mirror, front seat ventilation and heating, ambient light, rear small table board, two rows of zero-gravity seats, rear sound insulation glass and manual side window sunshade. The new car still adopts a 7-seat layout, and the trunk volume is 345-1917 liters.

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.