The stars gather for the Spring Festival Gala of the Federation of Literary and Art Circles, Jackie Chan’s head appears as the vice chairperson of the Film Association


  Jackie Chan, who appeared for the first time as the newly elected vice chairperson of the China Film Association, sang "Hard to Say Goodbye" at the Spring Festival Gala of the China Federation of Literary and Art Circles on the 10th. Ying Ni, photo



Song Zuying concluded the party with a song "To the Motherland". Photo by Ying Ni


  China News Service, *******, January 10 (Reporter, Ying Ni) The annual ****** Festival Gala ** China’s literary and art circles is already the seventh. This year will usher in the 60th anniversary ** New China and the 60th anniversary ** the founding ** the China Federation ** Literary and Art Circles. Therefore, this year’s gala will closely focus on the theme ** "I want to say to the Republic…". According to 11 art categories such as drama, film, music, artists, quyi, dance, folk literature and art, photography, calligraphy, acrobatics, and television, a group ** classic programs and well-known artists will be displayed.


  First on the stage were Jiang Kun, Tang Jiezhong, Chang Baohua, Chang Guitian, Shi Shengjie, Li Guosheng and other 65 crosstalk experts, reviewing the development process of folk art in the past 60 years in the form of "crosstalk cantatas".


  Subsequently, Mei Baojiu, the son of Peking Opera master Mei Lanfang, led Li Shengsu, the descendant of the Mei School, and Hu Wenge, a disciple of the Mei School, to perform the classic verse of Peking Opera "The Concubine is Drunk" on the spot. Peking Opera performing artists Yu Kuizhi and Meng Guanglu presented a wonderful excerpt from the new epic Peking Opera "Red Cliff".


  Jackie Chan, who first appeared as the newly elected vice-chairperson of the China Film Association, today presented a down jacket to Lou Yuanyong, a farmer film projectionist. "This is Jackie Chan brand down jacket, I hope it can protect you from the wind and rain on the journey of future screenings." Then he sang the Olympic song "Hard to Say Goodbye" with his disciples to express his high respect for those who have silently dedicated themselves to the new Chinese film industry.


  TV series "Romance of the Three Kingdoms" director Gao Xixi led Cao Cao’s actor Chen Jianbin, Zhuge Liang’s actor Lu Yi, and Liu Bei’s actor Yu Hewei to the stage. Li Shaohong, director of TV series "Dream of Red Mansions", led Jia Baoyu’s actor Yu Xiaotong, Lin Daiyu’s actor Jiang Mengjie, Xue Baochai’s actor Li Qin, Wang Xifeng’s actor Yao Di, and Lu Yi to sing on the spot, forming a small climax.


  At the scene of this year’s gala, reporters saw a group of old artists such as Qin Yi, Yu Lan, Yu Yang, Cai Dan Zhuoma, Ding Yinnan, Dao Meilan, Yu Lan, Yu Yang, Wang Xiaotang, Ge Cunzhuang, etc.


  Song Zuying’s finale singing "To the Motherland" ended the party perfectly.


  It is reported that CCTV will broadcast the live video of the party during the Spring Festival.

Editor in charge: Li Erqing

The Dark Blue G318 will be available on June 13. What price do you want it to sell for?

"This life must drive 318" I believe is the voice of every self-driving travel enthusiast. Compared with planes and high-speed rail, self-driving travel is more full of fun and challenges, enjoying the soul redemption of wilderness outdoors, and wanting to have a comfortable and relaxed journey. It must be a car that takes you to pursue freedom. The name of the dark blue G318 that just appeared some time ago is also from the Sichuan-Tibet Line National Highway 318. According to the official accurate news, the dark blue G318 will be officially listed on June 13.

First of all, when it comes to the appearance, the dark blue G318 is definitely something that people can’t forget at a glance. In everyone’s traditional impression of hard-core off-road vehicles, most of them are square box types, such as the Defender, Mercedes-Benz Big G, tanks, etc. But to be honest, coming out with an off-road vehicle is a square box really makes people a little visual fatigue, but the dark blue G318 is different. It balances the two current hotspots of hard-core and technology at the same time, and is more popular with young people. The chic headlights are combined with a closed front face, and the whole vehicle is based on a square body. Together, it feels like a technological battleship.

The overall proportion of the side of the body is very harmonious. The hidden door handles and raised eyebrow lines on the side add a sense of style while also appearing hard-edged. The whole car is at a balance point of hard style and youth. In terms of size, the length, width and height of the dark blue G318 are 5010 (including external spare tires)/1985/1960 (including spotlight luggage racks) mm, the wheelbase is 2880mm, and the dark blue G318 is positioned as a medium and large SUV. If you look at the size, it is larger than the Equation Leopard Five, Tank 500 and other models. The rear part of the car adopts the style of a more classic external spare tire, and the rear door uses a side door design, which is more convenient for even female users to use. At the same time, the manufacturer also provides original expansion parts, including headlights, luggage racks, etc. The playability of the dark blue G318 is also very high, with 1.6T trailer qualification, 6kW external discharge can easily supply the power demand of 8 tents, making outdoor travel more convenient.

After talking about the appearance, let’s take a look at the interior. The overall design of the interior has exceeded the expectations of the editor. Whether it is the workmanship materials or the embodiment of the sense of technology, it is not inferior to the luxury off-road brand. From the details, the dark blue G318 is equipped with a large-size LCD instrument panel and a 14.6-inch embedded central control screen. Instead of using the shift mechanism such as the button lever that is particularly popular among new forces, it uses a more traditional grip-type shift. At the same time, it also includes four-wheel drive system adjustment buttons. The retention of physical buttons makes the operation more convenient. The design of the central armrest box area is also very chic, and it looks very advanced in technology.

The next thing I want to introduce to you is its power aspect. The dark blue G318 is first equipped with a "super" range extension 2.0 power system. The maximum power of the front and rear drive motors of the dual-motor model is 131 kW and 185 kW respectively. The comprehensive maximum power of the system reaches 316 kW, the peak torque at the wheel end can reach 6200 Nm, and the zero-hundred acceleration reaches 6.3 seconds, which truly realizes "super cool". The long-distance range extension of the dark blue G318 has a feed fuel consumption of as low as 6.3L/100km, and the pure electric battery life in the urban area can reach 190km, truly achieving "super saving". The official certification of the golden bell cover battery achieves zero battery ignition, active safety of the assembly, and passive safety of the assembly. The three major battery safety protection battery packs have a distance from the ground (default 318mm) of 278mm-348mm and greater than 100mm. Embedded safety design and 10 Layer battery bottom protection, truly achieving "super safety".

The dark blue G318 adopts a double fork arm and multi-link suspension structure, which can have better anti-tilt ability of the car body and more comfortable road vibration isolation effect, making the driving texture more comfortable. And the dark blue G318 is also equipped with air suspension plus CDC, the height can be adjusted at any time and there is a millisecond damping response. The dark blue G318 is equipped with a central electric stepless differential lock and a magnetic mechanical differential lock. Above the choice of driving mode, the dark blue G318 includes five daily modes and five terrain modes plus three special scenarios of off-road creep, tank U-turn, and steep slope descent. One-click adjustment allows you to enjoy the fun of driving more easily.

The Deep Blue G318 is currently the third model under Deep Blue Auto. It also has two models, the SL03 sedan and the S7 SUV model. The editor has always been very favorable to Deep Blue. The models under Deep Blue are well-positioned and the audience is also very clear. And the design of any model is very fashionable and technological, and the overall preference is younger. The new car of the Deep Blue G318 also did not disappoint everyone. The appearance of the technology battleship, the interior of the luxury technology, and the power of the city can be satisfied. The editor believes that the Deep Blue G318 is still worth buying. There is no problem with the product. Now let’s look at the pricing on June 13. Let’s look forward to its final pricing together. If there is more information about this car in the future, follow us and we will inform you in time.

Tencent was pressured by NetEase

Author | Huang Qingchun

In the past month (December 15, 2023 to January 15, 2024), user acquisition through ads market, social platforms, game live streaming host/game media almost all fell under the "Yuan Dream Star" marketing offensive:

On the input side, the fixed-file press conference said "the first phase of ecological incentive investment is 1.40 billion yuan, and the long-term investment is not capped". On the first day of the launch, the user acquisition through ads material was placed in more than 27,000 groups, which was 50 times that before the launch, and more than 600 stars were invited to promote;

Linkage end, WeChat Channels, QQ, Tencent News and other traffic entrances work together to promote, 6 "Honor of Kings" joint fashion free, and joint B station, Douyin, Douyu, Huya, Kuaishou, Weibo, Xiaohongshu and other platforms to carry out "Star Dream Partner" incentive plan.

Data Source: Diandian Data

Tianmei, Tencent’s major IP push, the outside world can clearly feel the importance of the entire Tencent in this game;Even some media have called "Yuan Mengzhixing" "Tencent’s next extremely important battle", or it will become its next "trump card".

However, the anomaly is that the "Yuan Dream Star" that Tencent has put on the stage so much is not a long-dormant heavy self-research masterpiece, but a party casual game that runs into the venue – after two rounds of confidential testing, the first exposure (September 20), the first test (September 28), the second test (November 17), and the open test (December 15) were quickly completed in more than three months.Such efficiency is still rare among domestic game makers, let alone as large as Tencent.

This makes one wonder why a party game makes Tencent so concerned and anxious.

Tiger Sniff believes that the pattern of Tencent is no longer limited to the vision of a game company. The reason why "Yuan Dream Star" was raised to the group strategy is to a greater extent that a certain trend and potential energy are loosening the entire Tencent’s future development channel – "Egg Party" covers the skin of the game and leverages the young market through the UGC (User Generated Content, that is, user-generated content) ecology, which truly touches the foundation of Tencent:Social relationship chain.

Following this logic, Tencent’s above actions are reasonable:The stability established by Tencent in the past is being loosened in the process of content and channel gaming. "Yuan Dream Star" is no longer limited to a single game category, and Tencent is betting not just on a party game, but on the next generation of social scenes.

Why did Tencent smash the "party"?

Since NetEase’s "Egg Party" detonated the party track, the entire gaming industry knew that the dormant Tencent would take action sooner or later.

On the one hand, CITIC Securities analysis, the essence of the party game is a mild multiplayer competitive game, due to the low threshold, fission propagation characteristics, easy to birth phenomenon-level large DAU (Daily Active User, the number of active users) game; while the domestic casual game has reached more than 800 million users, but the supply of party games is still small, so it is the blue ocean track in the mobile game segment.

Moreover, Tencent has been coveting party games for a long time – previously, Tencent has laid out the party track through a number of external collaborations and investments, such as investing in Synopsys, the developer of "Beast Party", cooperating with Nintendo to introduce Switch National Bank and Nintendo party games (such as "Mario Kart 8" and "Super Mario Party"), Tencent-backed Epic Games also acquired "Jelly Bean Man" developer Mediatonic’s parent company Tonic Games Group in 2021.

June 2023 QuestMobile data, growth contribution rate = APP year-on-year increment/secondary market year-on-year increment

On the other hand, "Egg Party" pushes up the DAU step by step through the player’s UGC ecology – Tiger Sniff learned that in September 2023, NetEase "Egg Party" completed the "Double Billion Achievement", that is, MAU (Monthly Active User, monthly active user) broke through 100 million + the total number of maps accumulated 100 million; as of December 2023, "Egg Party" has over 500 million registered users and 30 million DAUs.

In view of this, "Yuan Dream Star" is intentionally or unintentionally targeting "Egg Party" from the game category, launch time, and targeting the crowd, which can be called a precise sniper by Tencent for NetEase – on the day of the launch of "Yuan Dream Star" born with a golden spoon, not only WeChat and QQ spared no effort to set up a platform, but also platforms such as B Station, Douyin, Douyu, Huya, Kuaishou, Weibo, and Xiaohongshu came to join the audience, and won the first place in the App Store free list in two hours.

Generally speaking, new games are launched in two ways: "hot start" and "cold start". The survival of the cold start project depends entirely on the market data. "At the beginning, the cold start’Honor of Kings’ almost died, and it was originally called’Hero’s Trail ‘. When it was changed and re-launched halfway through, the expectations were not so high, and the result was a steep upward curve." A person close to the "Honor of Kings" project said to Tiger Sniff.

As for the hot start, it is mostly accompanied by a grand press conference + traditional hardcore alliance channels (Huawei, Lenovo, OPPO, vivo and other app stores) + new live broadcast platforms (Douyin, Kuaishou) + old live broadcast platforms (Douyu, Huya) + community (B station, TapTap) release momentum –Such a big battle is mainly due to the particularity of the "Yuan Dream Star" category: the party track is already a fully competitive field, and the new product iteration speed is fast, and the hot start is conducive to occupying the minds of vertical users.

"There is another important reason for the launch of" Yuan Dream Star "carpet shop, which involves the issue of sniping and counter-sniping between companies – the launch of" Yuan Dream Star "is not small, and the momentum will only be even worse in the first week of its launch, but NetEase, Lilith, Heart, Eagle Horn and other game manufacturers are also pushing new party games, and they are bound to grab the launch time and media schedule. In order to ensure the spread of high expectations, Tencent must’sweep goods’." A practitioner explained to Tiger Sniff that the logic of "Yuan Dream Star" carpet launch is to ensure that it will not be exposed by competing cards such as "Egg Party".

Now, from the "Yuan Dream Star" has been on the line for a month, at least from the market performance point of view is still competitive – data points show that the iOS end of the flow, December 15 to January 15 during the "Yuan Dream Star" total revenue of 138 million yuan (Tiger sniff to Tencent related people to verify, the other side said that the actual data is not limited to this), more than the "Egg Party" over the same period of 110 million yuan total revenue, in many new tours of a ride out of the steep climbing curve.

Data Source: Diandian Data

However, "Yuan Dream Star" has only been launched for more than a month, but "Egg Party" has been running for 20 months (launched on May 27, 2022) – the latter has not only completed the staging of the market structure, but also some users’ minds have been formed.Even "Egg Party" has become a phenomenal IP for party games.

In the face of such a situation, "Yuan Dream Star" chose to confront "Egg Party" head-on, hand-to-hand combat, even if Tencent used the power of the group to invest resources and link all channels and platforms that could be mobilized, but the game was not a pile of resources that could explode, otherwise Tencent would not be seven or eight years later. "Honor of Kings" is still a revenue trump card.

Moreover, "Jelly Bean Man", "Goose and Duck Kill", "Egg Party", and "Beast Party", these representative party games each have their own advantages, and have already divided up a lot of party players in the market. How can Tencent catch up and run a differentiated upward curve?

In this regard, people close to Tencent IEG (Tencent Interactive Entertainment Group) analyzed the strategy of "Yuan Dream Star" to Tiger Sniff:

First, "Dream Star" has targeted the promotion direction to a "family fun game" –This is not a product that only targets the young market. "Yuan Dream Star" has established a more universal goal to target the full client base and full circle coverage;Taking a step back, even if "Dream Star" can’t hit the core user base of "Egg Party", this game still has a differentiated audience.

"Tianmei has chosen to incorporate strong social networking and mainstream gameplay, including the cooperation between" Star of the Dream "and" Honor of Kings "," Crayon Shin "," Kung Fu Panda "and other leading IPs, in order to bind the brand’s mind to more pan-users and pan-circles, and quickly absorb the fan groups behind different IPs into potential party game players." An industry insider analyzed to Tiger Sniff.

In other words, in terms of strategy, "Yuan Dream Star" reserves a back hand, and also wants to break down some player groups that "Egg Party" has not shaken, targeting users of all ages, to penetrate them and become a new addition.

DataEye, a third-party research institution, calculates the user composition of "Yuan Dream Star" in the first month

Secondly, the sewing ability of "Yuan Dream Star" is very "Tencent": the core gameplay of the game is the pass mode, but it integrates the strengths of each family, and the shadow of the shadow makes players feel the shadow of eating chicken + QQ speed car + CF + Werewolf + King + Jelly Bean Man + Egg Boy party, and in the recent "Mountain and Sea Adventure" new season preview shows that "Yuan Dream Star" plans to add ball bumper cars, bubble wars, go-kart mode, and tower defense gameplay to the game – you know,The series of gameplay integrated by "Yuan Dream Star" has led the trend. After all these gameplay are integrated into one game, "Yuan Dream Star" is no longer just a party game, but more like a game square.

"Party games is just a concept, or a container, and there is no standard for what gameplay should be in it. From its definition, it can be included in the game that is suitable for everyone to play together. The extension of the party is very large, and it must be constantly dug." A game producer said to Tiger Sniff.

The above producers further pointed out that in recent years, there has been almost no new single gameplay in the game market (unless there is a change brought about by technology), and new games are all stitching together various gameplays – following this logic, the underlying logic of new games is a mathematical problem: what gameplay to capture a group of users, and what IP to capture a group of users.The difference is that some people have made subtraction, some people have made addition, and some people have even made multiplication.

"There is no one-size-fits-all formula to get this math problem right (that is, to ensure the success of the game). Whether it should be subtracted, added or multiplied depends only on the product and the market." He stressed that the domestic game industry has been changing drastically in recent years, especially the obvious reshuffle of some large DAU products. To succeed, we must keep pace with the times.

A battle that Tencent cannot lose

Tiger Sniff has previously written that party games such as "Jelly Bean Man: The Ultimate Knockout Tournament", "Among Us" and "Goose and Duck Kill" have successfully verified the huge potential of social communication. The reasons why "Egg Party" came from behind and successfully "penetrated" the post-00 group are divided into two levels:

On the one hand, "Egg Party" has come up with high-quality art design, superimposed its relaxed and casual game rhythm, strong interactive game social gameplay (can challenge racing, survival, individual points, team theme levels, while combining two-player cooperation, 2v2 confrontation, asymmetric competition and other gameplay), captured the hearts of many young gamers –These game scenes are undoubtedly a new "social currency" for the post-00s who value self-expression and have a stronger sense of group identity.

QuestMobile calculates the age distribution of egg users in June 2023

On the other hand, the UGC system derived from "Egg Workshop" in "Egg Party" has greatly broadened the boundaries of game exploration, not only providing players with the convenience of freely creating levels and self-made maps, but also fully mobilizing players’ creative collisions and sharing more secondary content.

The reason behind this is that there is an obvious change in party games. Before, the entire industry was casual and light games such as chess and cards to complete user education, and then heavy games to complete the harvest. Now the whole logic is different –Light games can also be made to complete the harvest, just like casual party games were originally low-stickiness games, but the gameplay richness of "Egg Party" and the entire game are becoming more and more complex, and casual parties can also be like heavy games.

Another change is that the difference between the RMB players of "Egg Party" and ordinary players and the difference in game experience is not so big. Strictly speaking, "Egg Party" is not a pure NetEase style game – NetEase specializes in big payment design, while "Egg Party" is a big DAU + low payment threshold in terms of business model. It follows the path of "Honor of Kings", and the logic has changed.

Take NetEase’s "Against the Cold" and "Naraka: Bladepoint" as an example, the character’s weapons and skin have circulation attributes, and there are tens of thousands of three-way transactions. It mainly promotes the scarcity of external equipment, but "Egg Party" mainly promotes fun, weakening the competitiveness –To a certain extent, the success of "Egg Party" has given NetEase the opportunity to break through and reflect on its own capabilities.

Based on the above analysis, if the success of "Egg Party" is UGC first, and the game is just a shell, then how "Yuan Dream Star" surpasses "Egg Party" has become a proposition that Tencent games must face – difficult, but crucial.

Looking at the review, after products such as "Crossing the Wire", "League of Legends", "Dungeon and Warrior" established the status of Tencent’s PC era, it rode the social (WeChat & QQ) and entertainment territory potential in the mobile game wave – Tencent games identified several promising game categories, a large number of horse racing projects squeezed into these tracks "gambling explosion", good at grafting the group’s resources into its own business system, through investment, joint research, and self-research to promote the rapid growth of gameplay, technology, and user ecology in different periods.

Data Source: Game Committee, Gamma Data

Even with the expansion of Tencent’s game industry-wide investment territory, the channel is likely to follow the mobile game era and quickly establish track control capabilities in the MOBA (Multiplayer Online Battle Arena) and shooting (including FPS/TPS/tactical competition, etc.) categories.

At present, Tencent games are facing a situation of internal and external troubles:

In terms of Tencent, the two cash cows in hand, "Honor of Kings", have been in operation for more than 8 years, "Game for Peace" has been online for nearly 5 years, and it has been more than 7 years since the explosion of chicken gameplay in 2017. However, the entire IEG has been unable to come up with a new explosion, and the two-dimensional trend led by "Yuan Shen" in 2020 and the party trend led by "Egg Party" in early 2023 are all passive followers. Tencent has long been anxious.

In terms of external competition, rising stars such as miHoYo ("The Original God"), Lilith ("The Awakening of Nations"), Moonton Technology ("Mobile Legends: Bang Bang"), IGG ("Kingdom Era"), Habby ("The Legend of Bow and Arrow") have occupied the top of the sub-category through a product with hundreds of millions of flowing water, and even gained good water in the global market.However, Tencent has become increasingly passive in leading new categories.

Moreover, the old rival NetEase is further strengthening its deterrence through new games, taking the 2023 summer as an example, GameLook statistics show that NetEase ("against the water cold mobile game", "egg boy party", "peak speed", "all-star streetball party") 4 new games have eaten more than 40% of the new game market, while Tencent ("Adventure Island: Legend of Maple"), Byte ("Crystal Core"), miHoYo ("Star Iron") The three giants’ new game flow only accounts for more than 30% of the new game market.

The situation is like this, Tencent naturally sees it in the eyes and is anxious in the heart – so, with the power of the group to launch "Yuan Dream Star" positive "hard" "Egg Party", if this "shot" is misfired, Tencent’s morale will inevitably be severely dampened –Therefore, "Yuan Dream Star" has become a battle that Tencent games cannot lose.

Of course, there are many game practitioners who are optimistic about the next market performance of "Yuan Mengxing", after all, leisure competition + big DAU is Tencent’s strength; but people close to Tencent IEG said that there is no DAU goal for "Yuan Mengxing" now:

On the one hand, the growth and accumulation of party games is a long-term cyclical work, and short-term results after going online are difficult to "determine life and death". At least this Spring Festival can see more possibilities;

On the other hand, Tencent’s various gaming businesses operate in a diverse manner and have different expected goals, making it difficult to determine the evaluation criteria.

The above-mentioned person further reiterated that Tencent IEG (including Tianmei Studio Group, Photon Studio Group, Rubik’s Cube Studio Group, and Northern Lights Studio Group) has its own layout and business promotion rhythm when it cuts into new products, and is not intentional to benchmark "Egg Party" as the outside world said. "Tencent’s style will not catch a wave of popularity in a certain category and gameplay in the market immediately; when a certain gameplay is popular, it will pay close attention to market changes in the early stage and invest in some start-up teams. Later, there will be projects based on market judgment, business needs, and meeting players."

Lynk & Co New 09EM

  Lynk & Co’s flagship SUV, the new 09EM-P, launched two six-seat and two seven-seat models, priced from 307,800 yuan to 347,800 yuan. It is understood that the new car has been improved in terms of chassis materials, handling performance, space comfort and safety performance. So, which model is more suitable for purchase?

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image001

  The new 09EM-P inherits the family classic design of the Lynk & Co brand "Urban Opposition Aesthetics". The middle grid grille that occupies a large area of the front of the car adopts a straight waterfall design, which has been blackened and treated with luxury and visual impact. The headlight group still adopts the iconic and sharp split design, which has a good recognition after lighting. There are large-size air intakes on both sides of the front of the car. The interior is embellished with chrome-plated trims to enhance the texture of the front face. The side shape of the new 09EM-P is very tough, and the rich line design presents a good light and shadow effect. The segmented waist line design is matched with blackened decorative pieces around the windows, which has a strong sense of movement. On the tail side, the taillight adopts a through design, and the layout of the internal light group module is more personalized. The exhaust layout is concealed and a bright black diffuser is added.   

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image002

  Entering the car, the panoramic island cockpit reflects a symmetrical beauty. The 12.3-inch smart LCD instrument is paired with a 15.4-inch central control screen, which has a good sense of technology. In terms of power, relying on the Lynk & Co EM-P super range-extended electric solution, the new 09EM-P is equipped with 2.0T + 3DHT + three-motor layout. The maximum output power of the power system is 408kW, and the maximum output torque is 844N · m. It can achieve a CLTC pure electric cruising range of 190km, and a CLTC comprehensive cruising range of up to 1430km. The whole system is equipped with FYRA-E intelligent electric four-wheel drive system as standard, providing 7 dynamic driving modes.

  The seven-seat version of the new 09EM-P has two models, namely the seven-seat PLUS and the seven-seat PRO, priced at 307,800 yuan and 317,800 yuan. The two models have little difference in configuration, mainly reflected in some comfort configurations and atmosphere creation. 

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image003

  Specifically, first of all, in terms of safety, the seven-seat version comes standard with front dual airbags, front side airbags, head air curtains (one row to three rows on the side), RP roll protection system, front pre-tightening force-limiting seat belts, ESP9.3 HEV body stability control system, CBC curve control system, DTV dynamic torque control system, ARP anti-roll protection system, front/rear parking assistance early warning system, 360 ° panoramic imaging system, 180 ° transparent chassis system, steering assistance image, and vehicle theft reminder and tracking. In terms of intelligent driver assistance system, the car is uniformly equipped with 1 forward camera, 1 rear camera, 4 surround view cameras, 5 millimeter wave radars and 12 ultrasonic radars. Other features come standard with DAC driver fatigue warning system, DMS driver status monitoring system, TSR traffic sign recognition system, FCW forward collision warning system, AEB active emergency brake assist system (with pedestrian identification), CVW vehicle rapid approach warning system, RCTA rear lateral oncoming warning system, TAA car active deflection system, etc. In the external configuration part, the new 09EM-P comes standard with AFS headlight follow-up steering system, ADB intelligent matrix high beam control system, AHB-C intelligent far and near light control system, adaptive headlights (low beam mode adjustment), sliding openable panoramic sunroof, first row of double-layer sound insulation glass, second row of double-layer sound insulation privacy glass, third row of privacy glass, electric trunk tailgate, exterior rearview mirror electric folding & heating & memory, etc.

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image004

  Internal configuration part, the new car comes standard with leather multi-function physical button steering wheel, automatic anti-glare frameless rearview mirror, NAPPA leather seat, electric 12-way main and passenger seat adjustment (including 4-way electric waist rest), main driver seat memory function, front seat heating & ventilation function, dual temperature zone automatic air conditioning, passenger compartment PTC heating, glove box refrigeration function, active cockpit cleaning system, rain sensing integrated water spray system wiper, rain sensing sunroof & window closing, keyless entry & start system, 12.3-inch smart LCD meter, 15.4-inch central control screen, high fidelity audio (10), car 5G network, car Wifi hotspot, four-tone area voice interaction system, mobile APP remote control system, mobile phone wireless charging function and other configurations …   

  In terms of specific differences, the seven-seat PRO is 10,000 yuan more expensive than the seven-seat PLUS version. The electric adjustment of the main and auxiliary seats is upgraded from 12 to 16 (including 4-way electric lumbar support + flank support + seat cushion extension). The number of high fidelity audio is increased from 10 to 14 and adjusted to BOSE luxury audio. There are more front seat massage functions, second-row seat heating functions, AQS air quality management system, 12.8-inch full-color W-HUD head-up display, ANC active noise reduction system, streamer coral ambient light, and high definition driving recorder. 

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image005

  In addition, the seven-seat PRO version can also be selected to the performance package, which includes dual-cavity air suspension, CCD continuously adjustable electronically controlled vibration damping system, multi-function electronic sun visor, main driver motor pre-tensioned seat belt, exterior rearview mirror welcome light, exterior rearview mirror automatic anti-glare – main driver side, NAPPA leather steering wheel, steering wheel electric four-way adjustment & heating & memory, rear passenger seat electric adjustment, front foldable aviation headrest, third-row seat electric folding and recovery, four-temperature zone automatic air conditioning, PM2.5 air quality detection system, Ocean Mystery fragrance system, second-row door side sunshade, and second-row air conditioning control screen.   

  The six-seat version has six-seat HALO and six-seat ULTRA models, priced at 327,800 yuan and 347,800 yuan respectively. On the basis of the configuration of the seven-seat PRO version, the six-seat HALO adds the pre-tensioned seat belt of the main driver motor, the welcome light of the outer rearview mirror, the automatic anti-glare of the outer rearview mirror – the main driver side, the electric four-way adjustment multi-function steering wheel, NAPPA leather steering wheel, steering wheel heating & memory, the electric leg support of the passenger seat, the memory function of the passenger seat, the function of one row of two rows to form a bed, the electric adjustment of the rear row of the passenger seat, the small table board of the rear row of the passenger seat, the ventilation & massage & lumbar support function of the second row of seats, the electric folding and recovery of the third row of seats, the automatic air conditioning in the four-temperature zone, the PM2.5 air quality detection system, the ocean mystery fragrance system, the second row of door side sunshades and the second row of air conditioning control screens.

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image006

  In terms of the adjustment of the main and auxiliary seats, the six-seat version is equipped with the main driver electric 12-way (including 4-way electric waist support) and electric 14-way (including 4-way electric waist support + 4-way electric leg support), and the second row of seat adjustment is electric 4-way. Finally, look at the six-seat ULTRA model. As the top model, this car has only more CCD continuously adjustable electronically controlled vibration reduction system and dual-cavity air suspension system than the six-seat HALO version.

Lynk & Co's new 09EM-P which is more cost-effective _fororder_image007

  Since consumers have their own needs for the purchase of the seven-seat version or the six-seat version, the two versions can be purchased on demand. Specific to the model part, among the seven-seat versions, the PRO model has a higher technological configuration and a sense of luxury atmosphere. Consumers who pursue these two points can choose this model. After all, the price difference of 10,000 yuan is more cost-effective. If you only want seven seats, the PLUS version is enough for daily use if other functions don’t matter; and in terms of the six-seat version, the configuration of the two models will be richer. If you want air suspension, you can directly choose the ULTRA model. (Source: Lynk & Co Automotive)

Lei Jun fought against Dong Mingzhu, and Xiaomi dug old Gree employees to make air conditioners, which were ridiculed by Dong Mingzhu as sticker goods

A few days ago, the old photo of Dong Mingzhu and Lei Jun attending the meeting together became popular again. Dong Mingzhu in the picture "asked" Lei Jun: Just you? Can you also make air conditioners? Can you turn on air conditioners? Lei Jun silently responded to the Xiao Ai speaker: Xiao Ai, turn on the Mijia Internet air conditioner and turn off the Gree air conditioner!

It has to be said that Lei Jun and Xiaomi, who did not let go of any explosive points, launched the marketing copy of air conditioners to cater to the hearts of the people who love to watch the fun.

As expected, the next day, Xiaomi officially released the Mijia Internet air conditioner. This air conditioner labeled Mijia adopts Xiaomi’s commonly used pricing method: 1.5 horsepower, three-level energy efficiency standard, retail price of 1999 yuan, which is about 1,000 yuan cheaper than the big brands Gree and Midea congeneric products on the market, and the public test price is only 999 yuan.

It was still Lei Jun’s familiar formula and Xiaomi’s familiar taste.

01

A mysterious air conditioning company

"For this Mijia air conditioner, Xiaomi has started to form a team in the first half of last year, looking for OEM foundries, designing product prototypes, and also buying our air conditioner data reports," Dong Min, vice-president of Aowei Cloud Network, which provides information services, told AI Finance Agency.

Xiaomi’s air-conditioning business has always been in charge of Xiaomi’s ecological chain enterprise Zhimi Technology. The company responsible for the research and development and production of Xiaomi air-conditioners is a company called Zhuhai Sanyou.

From the industrial and commercial registration information, the legal representative of Zhuhai Sanyou is Liu De, the co-founder of Xiaomi and the head of Xiaomi’s ecological chain. The shareholder of Zhuhai Sanyou is Beijing Xiaomi Mobile Software Co., Ltd., with a 100% shareholding ratio. In short, Zhuhai Sanyou is a wholly-owned subsidiary of Xiaomi.

A point person in Zhuhai Sanyou’s business is Xiao Youyuan. He was originally a senior executive of Gree, worked in Gree for 10 years, and was also a trusted person of Dong Mingzhu, who was in charge of Gree’s overseas business. In 2015, Xiao Youyuan was poached by Skyworth with his team and participated in the establishment of Skyworth Air Conditioning. Hundreds of Skyworth Air Conditioning people came from Gree that year.

Xiao Youyuan, who participated in the founding of Skyworth Air Conditioning

From the industrial and commercial registration information of Zhuhai Sanyou, Xiao Youyuan and the team worked in Skyworth for two years, and soon took the team to the wholly-owned subsidiary of Xiaomi, "because Skyworth and Gree have very different corporate cultures."

"As a private enterprise, Skyworth is used to’small input and big output ‘, while the Xiao Youyuan team from Gree has a style of’big work and fast work’." A person familiar with the matter told AI Finance Agency. In addition, Skyworth air conditioners encountered the "Little New Year" of air conditioners at the beginning, and their performance was not good. Gree and his group were gradually emptied of Skyworth air conditioners.

Xiao Youyuan’s team, who joined Xiaomi’s subsidiary, brought "Gree Feng" to Xiaomi. Wu Wei, who has visited the Sanyou production line and is also a supplier of air-conditioning components, told AI Finance Agency that Sanyou is a mysterious company, but "the solution is almost the same as Gree". For example, the MCU (microcontroller) is made by Texas Instruments, a large American manufacturer, the module is made by Fuji or Mitsubishi, and the IPM (intelligent power module, responsible for frequency conversion) is made by Ruineng.

"Everyone in their company seemed to be holding their breath. After Gree came out to Skyworth, Gree issued a ban order, and all Gree suppliers were not allowed to supply Skyworth. The team gambled so much and was finally washed out by Skyworth," Wu Wei said.

The team was eventually recruited to Lei Jun.

However, Wu Wei revealed that Sanyou currently has only two production lines of its own, and its annual production capacity is "only a few hundred thousand units". Therefore, in May 2017, Zhuhai Sanyou and Zhongshan Changhong jointly funded the establishment of Zhongshan Hongyou Electric Appliance Co., Ltd., with Zhongshan Changhong holding 60% and Zhuhai Sanyou holding 40%. It should be noted that Changhong is the foundry of Zhimi air conditioners this time.

According to people familiar with the matter, Xiaomi’s foundry is not in Mianyang, Changhong’s headquarters, but in Nantou Town, Zhongshan, not far from TCL’s headquarters.

02

Lei Jun’s obsession

This is the third time Lei Jun has tried to make air conditioners.

The first dates back to three years ago. When Lei Jun first entered the air-conditioning industry, he chose to cooperate with Dong Mingzhu’s old rival, Midea. This immediately annoyed Dong Mingzhu and directly accused the cooperation between the two sides as "two scammers together, a group of thieves". At that time, Midea had just been ordered by the court to compensate Gree 2 million yuan for stealing Gree’s patents.

But this Youth series air conditioner, priced at 3,099 yuan, did not cause much splash. The selling point at that time was that it was used in conjunction with the Xiaomi Mi Band, which could be set to automatically turn on when you go home, and automatically enter sleep mode when you feel you fall asleep.

Youth series air conditioner

Perhaps deliberately to highlight Xiaomi’s "Internet thinking" in the limelight, there is no display panel on the surface of the air conditioner. This means that if users want to know the temperature of the air conditioner in the room, they need to open their mobile phone, check the app or pick up the Xiaomi bracelet. This incredible design appeared in the first generation of products. Fortunately, this is the only cooperation between Xiaomi and Midea in the field of air conditioning.

"It’s impossible for Midea to raise competitors," says one air-conditioning supplier. In fact, Xiaomi decided to invest in Midea at the end of 2014, paying nearly 1.30 billion yuan for a 1.29% stake. But the shareholding relationship has not alleviated the conflict between the two sides in real business.

Millet’s tentacles have already extended to rice cookers, electric fans, water purifiers, electric kettles, cooking machines and many other small household appliances. This is Midea’s territory, which will inevitably lead to fierce collisions, and it is impossible to expect that Midea will be willing to help Xiaomi produce air conditioners. However, from an investment perspective, Midea’s share price has doubled in the past three years, and Xiaomi’s investment in Midea has been very successful, earning a lot of money.

The second time Xiaomi launched an air conditioner was in 2017, which was developed by Zhimi, a wholly-owned subsidiary of Xiaomi. The minimalist design of this air conditioner has also won international design awards, and this design style has been carried over to the current Mijia air conditioner.

However, the price of the Zhimi air conditioner at that time was as high as 4,399 yuan. Although Su Jun, CEO of Zhimi Technology, said that there was almost no profit, such a high price did not have the pricing style of Xiaomi at all. Now the air conditioner has been removed from the Xiaomi mall.

Interestingly, in order to explain that his 4,399 yuan air conditioner was a conscientious price, Su Jun reported at the time that the quality of the current air conditioner was worse than that of more than ten years ago. "The original material was very solid, but now it is loose, and there are recycled materials in it. You don’t even need to open it, and you can feel the huge decline in quality just by the shell itself."

He said that Zhimi can also make its products cheaper than some 999 yuan air conditioners on the market, by using some inferior materials or even recycled materials to cut costs. "But that’s not something we can guide the quality of life of ordinary people, it doesn’t make sense."

But coincidentally, this time, the price of Mijia’s Internet air conditioner was exactly 999 yuan. However, it was embarrassing that the first user to get the goods couldn’t wait to hang the Xiaomi air conditioner on a second-hand trading platform on the same day.

03

Mi Ge Gree’s life?

What makes Lei Jun envious is that Dong Mingzhu’s Gree air conditioner profits are astonishingly high.

Chen Hang, chief analyst at Southwest Securities, told AI Finance Agency that Gree’s gross profit margin for air-conditioning products is above 35%, which is unusual in the home appliance industry known for price wars. Midea’s gross profit margin is slightly worse. But it is much higher than Xiaomi’s 10% gross profit for mobile phones.

High profits mean there is room to be compressed. This is also the direction of Xiaomi’s revolution, improving efficiency and reducing circulation costs.

This time, the air conditioner of Mijia brand, whether it is the price strategy or the product itself, looks much more reliable than the previous two times. But Dong Mingzhu has never been easy to bully. When Lei Jun entered the mobile phone market, it coincided with the market being on the eve of the transformation to smartphones, and the timing was excellent. But the air conditioner industry is relatively stable, the technology has existed for hundreds of years, and the market structure and corporate rhythm are quite stable.

Mijia air conditioner

"Gree will not be killed." Chen Hang analyzed that unlike other household appliances, air conditioners need to be installed, and one of Gree’s moats is a team of highly efficient ground installers. "Xiaomi will not have much impact on the giants in the short term."

"The competition of air conditioners is nothing more than the competition of brands and after-sales services." Lu Jianguo, deputy chief engineer of the Home Appliances Research Institute, also believes that now Xiaomi air conditioners are all new machines and have not yet reached the after-sales link. Users can take their mobile phones to the store for repair, but the air conditioner needs to be repaired at home, which will test the after-sales team of Xiaomi air conditioners.

Dong Min, vice president of Aowei Cloud Network, also expressed his concerns. Air conditioners are financial products. They are produced in winter and sold in summer, and they need to pay a lot of money in advance to stock up. To a certain extent, stocking up is also a gamble on the weather, and sales immediately rise in hot weather.

Dong Min was deeply impressed that when the weather was hot a few years ago, whoever had installers sold their air conditioners well. And this requires a huge ground force, which is not what Xiaomi is good at.

The bigger challenge comes from the supply chain. Back then, Xiaomi suffered a loss in the mobile phone supply chain and had been in short supply. Lei Jun went to South Korea to meet the boss of Samsung Electronics, hoping that the other party could guarantee the supply of mobile phone screens.

The risk of the supply chain is increasing in the air-conditioning market. The routine of these traditional large manufacturers is to build a huge capacity scale advantage first, and then firmly control the supply chain, especially the core components such as compressors, and finally achieve a stable market structure and profit margins.

"Compressors are a seller’s market," said Zhang Jie, a supplier of air-conditioning components. Gree and Midea produce their own compressors.

Zhang Jie revealed that there is a shortage of inverter compressors this year, and many air conditioner manufacturers have reduced production as a result. "Key components have been out of stock from this year to next year, so compressor companies must protect big factories, not millet."

AI Finance Agency learned from people familiar with the Xiaomi ecological chain that in order to get the upstream supply chain of air conditioners, Xiaomi paid a lot of money to obtain air conditioner compressors and IPM module parts. "They need to take out 30-4 billion to the compressor company to book the production capacity, which is equivalent to the table fee."

Dong Min believes that the air-conditioning business is designed and defined by Xiaomi in the short term, and Changhong conducts OEM OEM, because Changhong has a large volume and has the voice over, but according to the laws of TV and mobile phones, Xiaomi will definitely purchase and customize some important components in the future.

Zhang Jie was also a little surprised that Xiaomi chose Changhong OEM. "Changhong’s production line is relatively old, and it can’t be compared to the big factories." Changhong bought Meiling and Huayi in 2005 and 2007 respectively. Meiling is mainly responsible for the production of air conditioners and refrigerators in Changhong, while Huayi specializes in the production of compressors.

But in Zhang Jie’s opinion, Changhong’s Meiling air conditioners are not mainstream in the industry. The first echelon is Gree and Midea, the second echelon is Oaks, and the third echelon is Chigo, Haier, and Hisense. Meiling is outside these echelons.

Compared with the melee in the color TV market, the competition landscape of the air conditioner market is very clear. Gree and Midea firmly control the first camp of the market, and the two together occupy more than 50% of the market share. The remaining Oaks, Haier, Hisense, etc. have only a small market share.

"Xiaomi must have harvested the second and third camps first," Dong Min said. "Consumers have brand loyalty to the top few, but they have no impression of a lot of brands behind."

Asked in an interview with Mr. Dong in July what she thought of Xiaomi’s entry into the air-conditioning market, Mr. Dong understated: "We make it ourselves, they produce it under brand names. We are hardly on the same track, and we are not an industry type."

In fact, Dong Mingzhu had already reached for the mobile phone, while Lei Jun reached for the air conditioner. This was the lifeblood of the two families. When entering the other’s area of expertise, whether it was Lei Jun or Dong Mingzhu, their performance was difficult to satisfy.

04

Broken halberd "empty ice wash"?

Lei Jun "rose to the challenge", not just the bet with Dong Mingzhu, but the performance pressure may be a more important consideration for him to build air conditioners.

The Xiaomi Ecological Chain is a grand vision that Xiaomi has painted for the capital markets. In 2017, the Xiaomi Ecological Chain achieved 20 billion sales performance. Xiaomi has also set an ambitious goal for the ecological chain: 40 billion in 2018 and 80 billion in 2019. This means that the Xiaomi Ecological Chain needs to nearly double every year.

Xiaomi has proved its success in power banks, bracelets, sweeping robots, and air purifiers. But these products priced at tens of yuan or a few hundred yuan are a drop in the bucket for doubling the revenue of the ecological chain. According to the exclusive information of AI Finance Agency, Xiaomi made an organizational adjustment to the ecological chain team on July 27, and established a precious metals business department, an exploration product department, and an investment department under the ecological chain.

So far, Xiaomi has invested in more than 100 eco-chain companies and produced more than 1,600 SKUs of hardware products. But it is undeniable that Xiaomi specializes in industries where the original market is relatively chaotic and inefficient, typically color TVs, rice cookers, plug-in boards, and sweeping robots.

Take Xiaomi TV as an example. In the TV market that Xiaomi has entered, the share of leading brands such as Hisense and Skyworth is around 15%, and the share of other major brands is around 10%. The gap is not large. The melee pattern is conducive to Xiaomi’s competition for the market.

Because TV involves video content, for companies like Xiaomi and LeTV with operating experience, it is very familiar. And Xiaomi has also invested in video platforms such as iQIYI very early, and LeTV is known for video copyright. However, with the collapse of LeTV, the similarity of the two companies has also caused most of the share of LeTV super TVs to flow to Xiaomi. According to the data of Aowei Cloud Network, in April 2018, the total online and offline shipments of Xiaomi TVs exceeded all brands, ranking first in China.

"The categories that can contribute more than 2 billion can be exhausted, probably within 50. And among these 50, there may be only 10 fields that are relatively easy to enter." The person in charge of a Xiaomi ecological chain enterprise broke his fingers to the AI financial club. The bracelet can exceed 2 billion yuan, the sweeping robot can exceed 2 billion yuan, and the notebook can exceed 3 billion yuan.

If the Xiaomi ecological chain wants to double its growth, it has to enter the major home appliance market. In this market, Xiaomi has successfully won the TV market, and now there are only empty ice washers (air conditioners, refrigerators, washing machines) left.

However, Xiaomi’s playing style is not universal, especially in the air ice washing market, where Xiaomi has encountered unprecedented resistance.

In early 2017, Xiaomi ecological chain enterprise Yunmi released the first Internet smart refrigerator with a crowdfunding price of 999 yuan. The following year, it launched an Internet smart refrigerator iLive priced at 1999 yuan, which supports Wi-Fi connection and can be remotely adjusted by mobile phone app. In addition to the refrigerator, Xiaomi ecological chain enterprise Xiaoji intelligent mini drum washing machine (Xiaomi version) launched a crowdfunding on the Xiaomi platform, priced at 1499 yuan.

However, none of these products were as successful as expected, and young people’s first ice wash didn’t really make young people buy it. Xiaomi, which is good at marketing, even lost money in terms of market volume.

Xiaomi has also entered the drone market, built by Xiaomi ecological chain enterprise Feimi, after two and a half years of research and development, the cost of the mold alone cost more than 4 million yuan. Lei Jun personally demonstrated in front of 1 million netizens through Xiaomi live broadcast. However, surprisingly, in the live broadcast of Xiaomi employees, the drone actually lost control, and finally "blew up", and died before he could beat him.

In fact, even if it doesn’t "blow up", Xiaomi will have a hard time making a difference in the drone market. In the drone market, DJI is an absolute giant. Under the Iron Curtain of DJI, almost no players can survive in the consumer drone market.

Five years ago, Dong Mingzhu and Lei Jun made 1 billion bet, which was judged by the revenue of the two companies.

Now, Lei Jun and Dong Mingzhu’s gamble is only 5 months away. Xiaomi’s revenue in 2017 is 114.60 billion yuan, while Gree’s revenue is 148.20 billion, and it is expected to break through 170 billion this year. Lei Jun has almost no chance of winning. It has to be said that in the face of Gree, which still maintains strong growth, Lei Jun should carry out a large-scale "encirclement and suppression" of Dong Mingzhu earlier. To make amends, Lei Jun should not care about temporary gains and losses, and it is not impossible for Xiaomi to surpass Gree. Even if Xiaomi air conditioner is not done, it can still drive the industry to change like a catfish, which is what Xiaomi has always been best at doing.

(Wu Wei and Zhang Jie are pseudonyms in the article)

Evergrande Group’s latest response!

At noon on November 29, China Hengda Group announced on the Hong Kong Stock Exchange that it had noticed the announcement issued by Hengda Property on November 28, which concerned its subsidiary Jinbi Property Co., Ltd. to recover about RMB 1.996 billion and about RMB 152 million from the company and three related subsidiaries for the enforcement of its RMB 2 billion deposit certificate pledge guarantee by the bank.

China Evergrande Group said that as of the date of the announcement, the company and related subsidiaries have not received the notice from the Guangzhou Intermediate People’s Court in Guangdong Province to file a lawsuit against Jinbi Property.

The company will seek legal advice to safeguard the company’s legal rights. The company will issue further announcements in due course on any significant developments in the above litigation.

As of press time, China Evergrande Group reported HK $0.230/share, down 8.00%, and the total market value 3.037 billion HK $.

Previously reported: Sudden! Evergrande Property Sues Evergrande Group

Source, Reading Finance

Original title: "Evergrande Group’s latest response!"

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Beijing Municipal Transportation Commission cooperates with map companies to promote an integrated service platform for green travel

Xinhua News Agency, Beijing, November 5th (reporter, Ding Jing) What time does the next bus arrive? Is the subway station crowded now? When should I get off? Passengers can enjoy these smart services when traveling in Beijing. Beijing Municipal Transportation Commission signed a strategic cooperation framework agreement with Autonavi Map on the 4th. The two sides will share traffic big data and launch more abundant transportation services within Beijing.

The two parties will build an integrated service platform for green transportation in Beijing – MaaS (Mobility as a Service, Mobility as a Service). The idea of the platform is to enable travelers to transform from owning vehicles to owning transportation services, and improve the public travel experience through one-stop service of various transportation methods. The platform is based on the Autonavi map APP, which connects to big data from various transportation industries such as Beijing’s public transportation, subway, suburban railways, online car-hailing, and long-distance buses. At present, real-time public transportation has covered more than 95% of bus lines in Beijing, and the accuracy rate of real-time information matching exceeds 97%. Passengers can also check the current congestion situation of all subway stations in Beijing through this platform. The Beijing MaaS platform has pioneered the "bus/subway ride companion card", which can display services such as route planning, transfer guidance, and get off reminders in real time according to the user’s location.

A drop of more than 90%! Evergrande’s sudden announcement

On August 28, China Evergrande announced on the Hong Kong Stock Exchange that Evergrande’s agreement arrangement meeting will be postponed for 29 days to September 26. Before that, China Evergrande said that the agreement arrangement meeting scheduled for August 23 will be postponed to August 28.

On the same day, China Evergrande resumed trading on the Hong Kong Stock Exchange, and the intraday share price fell by more than 90%. As of the close, China Evergrande’s share price was HK $0.34, falling below HK $1 and becoming a penny stock.

Image Source: Oriental Fortune

Agreement to postpone the meeting

According to China Evergrande’s announcement, the company has decided to extend the period for Evergrande Agreement Arrangement creditors to consider, understand and evaluate the terms of Evergrande Agreement Arrangement, and to give Evergrande Agreement Arrangement creditors more time to consider the recent development of the Group. Therefore, the Evergrande Agreement Arrangement Meeting will be postponed for 29 days to September 26. In order to keep the schedules of Evergrande Agreement Arrangement, Jingcheng Agreement Arrangement and Space-based Agreement Arrangement as consistent as possible, the Jingcheng Agreement Arrangement Meeting and the Space-based Agreement Arrangement Meeting will be postponed for 28 days to September 25.

The Hong Kong Evergrande Class A Agreement Arrangement Meeting will be postponed to September 26, 2023 at 8:00 pm (Hong Kong time) (i.e. 7:00 am Cayman Islands time). The Hong Kong Evergrande Class C Agreement Arrangement Meeting will be postponed to September 26, 2023 at 9:30 pm (Hong Kong time) (i.e. 8:30 am Cayman Islands time) (if later than the aforementioned time, after the conclusion of the Cayman Islands Evergrande Class A Agreement Arrangement Meeting).

The Cayman Islands Evergrande Class A Agreement Arrangement Meeting will be postponed until 8:45 pm (Hong Kong time) on September 26, 2023 (i.e. 7:45 am Cayman Islands time) (if later than the aforementioned time, after the conclusion of the Hong Kong Evergrande Class A Agreement Arrangement Meeting). The Cayman Islands Evergrande Class C Agreement Arrangement Meeting will be postponed until 10:15 pm (Hong Kong time) on September 26, 2023 (i.e. 9:15 am Cayman Islands time) (if later than the aforementioned time, after the conclusion of the Hong Kong Evergrande Class C Agreement Arrangement Meeting).

The meeting will be postponed until 9:00 am (British Virgin Islands time) on September 25, 2023 (i.e. 9:00 pm Hong Kong time).

The Space-based Agreement Arrangement Meeting will be postponed to 8:00 pm (Hong Kong time) on September 25, 2023.

Evergrande Group believes that, despite the postponement of the Agreement Arrangement Meeting, the timetable for the proposed restructuring is still in line with the Agreement Arrangement creditors’ expectations for the implementation of the proposed restructuring, given that the current deadline is December 15, 2023.

Shares resume trading on the Hong Kong Stock Exchange

On August 28, China Hengda resumed trading on the Hong Kong Stock Exchange, the intraday share price fell by more than 90%, and the market value evaporated by nearly 20 billion Hong Kong dollars.

Wind data show that China Hengda shares closed at HK $1.65/share before the resumption of trading, with a market value of HK $21.80 billion.

On the evening of August 25, China Evergrande announced that it will resume trading on August 28. So far, all three listed companies in the Hengda department have completed the resumption of trading.

On August 27, China Evergrande released its 2023 semi-annual report. Revenue in the first half of 2023 was 128.20 billion yuan, an increase of 44% year-on-year, and the total net loss was 39.25 billion yuan.

Data show that Evergrande’s total liabilities decreased slightly to 2.3882 trillion yuan from the end of last year, excluding the advance payment of the debt is 1.7842 trillion yuan. Among them, interest-bearing loans 624.80 billion yuan, engineering materials and other payables 1.0566 trillion yuan, other liabilities 102.90 billion yuan. As of June 30, China Evergrande’s land reserves reached 190 million square meters, and there were 78 old renovation projects (34 in Shenzhen).

It is worth noting that according to the 2022 annual report released by China Evergrande recently, China Evergrande’s revenue in 2022 was 2300.7 billion yuan, the total net loss was 125.81 billion yuan, and the cumulative sales refund for the year was 35.79 billion yuan. The total liabilities in the 2022 statement were 2.43741 trillion yuan. In terms of land reserve, as of the end of 2022, China Evergrande had a land reserve of 210 million square meters.

According to China Evergrande, since its operating difficulties began in September 2021, Evergrande has promoted the full resumption of work on nearly 700 projects and the maintenance of buildings.

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Original title: "More than 90% down! Evergrande sudden announcement"

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225 stores across the country opened simultaneously, and Geely’s "Galaxy Speed" goes beyond cars

With the official launch of Geely Galaxy L7, Geely Galaxy’s exclusive retail system has also been updated.

On June 5, the "Opening Ceremony of Geely Galaxy 100 Stores" was held in Xi’an. On this day, 225 exclusive Geely Galaxy stores opened simultaneously in multiple cities, reaching users across the country at "Galaxy Speed".

It is expected that within this year, Geely Galaxy will achieve a channel scale of 650-700 exclusive stores.

According to reports, Geely Galaxy has adopted a new channel ecosystem of compound franchise authorization for its new retail system.

In terms of agency distribution system, Geely Galaxy fully empowers dealers in talent management, service standards, and digital operations, and jointly builds user centers (4S stores), experience centers (city exhibition halls), and display spaces (supermarket stores) with partners to create a more transparent car purchase environment and a more efficient and convenient car purchase experience for users. At the same time, Geely Galaxy will set up a number of brand centers (4S stores) in the CBD areas of first- and second-tier cities such as Hangzhou, Shanghai, Shenzhen, and Guangzhou.

At the same time as channel innovation, Geely Galaxy has created new service standards around users.

In terms of store management, Geely Galaxy has developed a unified and rigorous service management system, and has comprehensively improved service standards through regular training and assessment, service quality evaluation, and in-store counseling.

At the talent level, Geely Galaxy formulates expert development plans such as test drive experts, experience experts, and delivery experts, and provides corresponding professional services for users at different stages of car purchase in the store. At the same time, 100% full-staff advanced training is used in store talent training to form high-standard service quality from the source of talents, and eliminate the chaos of "unprofessional and poor attitude".

At the daily operation level, considering the pain points of high communication cost and asymmetric information in the traditional 4S model, Geely Galaxy specially created a "digital exhibition hall" to connect the full link of user car purchase by digital means, and realize the double improvement of service efficiency and user experience. Users can skip the annoying bargaining process and place orders directly through the online payment platform to visually track the status of the vehicle anytime, anywhere.

At present, the first model of Geely Galaxy series, Geely Galaxy L7, has been fully launched in major exclusive stores, achieving "delivery on the market".

In addition to the Geely Galaxy L7, this year’s Geely Galaxy series will also launch new models including the intelligent electric hybrid car L6 and the pure electric model E8, which will continue to bring high-value travel experiences to users.

Digital technology penetrates the front, middle and back ends of the industry, and Dongguan builds a new "moat" for the furniture industry

  How to seize the new opportunities of digital transformation in the era of digital economy is a must-answer for Dongguan furniture industry to achieve high-quality development.

  As a famous furniture manufacturing city in China, Dongguan’s furniture industry is famous at home and abroad. As a characteristic industry in Dongguan, how to seize the new opportunities of digital transformation in the digital economy era is a must-answer for the furniture industry to achieve high-quality development.

  At the beginning of this year, Dongguan proposed to promote the digital transformation of the furniture industry cluster, with a clear transformation goal of personalized customization transformation, using digital technology to penetrate the front, middle and back ends of the furniture industry, extending from manufacturing business to high added value at both ends of the value chain, and realizing the transformation from "production + sales" to "product + service" by 2025.

  Industry insiders said that, unlike other industries, the furniture industry is still a non-standard industry to a large extent. There are many product materials, complex processes, and small order volumes. Its digital transformation is difficult to achieve in one step. Although some leading enterprises have taken the lead in digitalization, the digital transformation of Dongguan furniture industry is still in its infancy.

  Lin Guorong, vice chairperson of the China Furniture Brand Alliance, said that most of the furniture industry in Dongguan produces high-end home products, which also makes the digital transformation of the furniture industry in Dongguan more difficult. "But Dongguan’s advantages are also obvious. Relying on industrial Internet platforms such as Huawei Cloud and Wewin Big Data, the furniture industry will have great technical advantages in digital transformation, and will explore more local solutions for the digital transformation of Dongguan furniture industry clusters."

  Industry digital transformation is still in its infancy

  According to the digital transformation roadmap planned by Dongguan, the digital transformation of the furniture industry cluster mainly involves four parts: leading enterprises to create digital transformation system integration solutions; support enterprises to transform production lines, develop intelligent, collaborative and flexible production and processing models, and promote enterprises to transform into new production models such as personalized customization and modular furniture; promote the application of advanced furniture design technologies such as virtual simulation and 3D design, and strengthen the intelligent design of furniture products linked with smart home systems; guide enterprises to accurately grasp the end point retail situation.

  However, combing the digitization process of Dongguan furniture industry can find that, in addition to the leading enterprises "one ride without dust", the vast majority of enterprises are "jogging in small steps" according to their own actual conditions, and are not in a hurry to digitalize in an all-round layout. The digital transformation of the furniture industry presents a bipolar phenomenon.

  Mousse health sleep joint stock company isDongguanThe only listed company in the furniture industry, as an industry leader, is undoubtedlyDongguanThe "leader" of the digital transformation of the furniture industry. Entering the Mousse intelligent digital factory, the large screen of the industrial Internet will collect the layout and real-time progress of all kinds of equipment. In the production area, the bed net spring machine intelligently forms the string net, and the automatic edge machine operates in an orderly manner.

  Due to non-standard products, the home furnishing industry has been facing many pain points such as high cost of personalized production and too much reliance on manpower. Mousse, on the other hand, has installed a "smart brain" in the factory by building an Industry 4.0 intelligent manufacturing system based on the soft furniture industry, allowing custom home furnishings to have flexible production lines and carry out modular and large-scale production.

  In recent years, Mousse has introduced world-class automated and intelligent equipment and industrial processes such as Siemens. At the same time, it is equipped with an intelligent decision management platform. It integrates CRM, SAP, MES, WMS and other full systems to open up the integrated production process of orders. Production personnel can monitor and analyze the system data of each product in real time. On-demand customized C2M business model can quickly schedule production according to customer personalized and non-standard customized production needs. Customers are fully automated and visual processes from order placement to product delivery, making it one of the most automated production workshops in China’s furniture manufacturing industry.

  Unlike Mousse, Dongguan Chuangyu Industrial Co., Ltd. chose to "gradually transfer" on the road of digital transformation. In early July, Chuangyu joined hands with Guan Enterprise Shufu to complete the upgrade and closure of Enterprise Resource Planning, and 17 major modules such as business management, group operation, and material management have been launched. Through Shufu Enterprise Resource Planning, Chuangyu Group has opened up data sharing in material control, finished product warehouse management, sales, and procurement, so as to realize data transmission between the brand end and the factory end, improve production efficiency and reduce error rates.

  Southern finance media reporter learned that as the first step of digital transformation, many furniture enterprises in Dongguan have settled in Enterprise Resource Planning. But most enterprises have only penetrated the internal management link, connecting the front-end supply chain, back-end marketing, store end points and service links, and have not fully realized the integration and digitalization of the whole process. The digital transformation of the production line is still in the initial stage due to the high cost and complicated process.

  "At present, our digital equipment is only for the early standardization of cutting, edge sealing, punching and other aspects. Last year, we introduced a device for the manufacture of wooden door patterns, which can realize digital three-dimensional cutting. But we have more than 40 processes, which are more complicated, and some process digital equipment is still difficult to achieve." Lin Guorong, chairperson of Chuangyu Group, introduced.

  Let products and designs take the lead in digitalization

  Many industry insiders said that most of Dongguan mainly produces high-end home furnishing products, with extremely high requirements for craftsmanship and higher difficulty in digital transformation. Take Rongma Furniture as an example, as a high-tech enterprise with a global professional designer and R & D team, the main production of sofas includes more than ten processes such as nail racks, cotton, and leather, all of which are completed by workers by hand. "Whether the sofa is well done or not, whether it is full or not, depends on manual realization," Rongma Furniture technicians said.

  At the same time, the government advocates the transformation of enterprises to new production models such as personalized customization and modular furniture, requiring them to adjust their processes according to customer needs. They also face problems such as the large number of non-standardized links and the difficulty of large-scale output due to small quantities.

  Faced with the challenges of transformation, many companies have turned to breaking through, taking the lead in digitizing their products and designs, promoting the application of advanced technologies such as virtual simulation and 3D design, strengthening the segmentation of the population, strengthening the iterative upgrade of smart home systems and products, and climbing towards high value-added links.

  "We are currently the first to digitize product design. This year, through AI intelligent design, we have realized the virtual simulation of the exhibition hall. Consumers can experience products interactively on the Internet, accelerating the digitalization process of our flexible production," said Lin Guorong, chairperson of Chuangyu Group.

  Using the core technology of Industry 4.0 to combine the Internet, big data, Internet of Things, etc. with industrial production, create a flexible production chain, realize the interconnection of factories, consumers, products and information data, and gradually realize the production and service, is the inevitable direction of the furniture industry. As an important territory with the strongest interaction and experience in the home furnishing industry, soft furniture has brought new growth points to the furniture industry. Relevant statistics show that it is expected that by 2023, the global smart home market will reach 510 billion yuan. The huge market space of smart home has attracted major enterprises to enter the market. The digital transformation of Dongguan furniture industry is the epitome of it.

  In the field of smart home, Mousse has long created a "tailor-made personal healthy sleep system" in the industry. The newly developed T10 intelligent healthy sleep system can monitor heart rate, snoring, and deep sleep through built-in sensors in the mattress. When users have sleep problems, the Legend26 smart healthy sleep system will tailor sleep solutions, provide psychological intervention guidance such as sleep music and CBTI, and realize closed-loop management of the smart healthy sleep ecosystem.

  As one of the first companies in China to lay out smart homes with smart furniture as an entry point, Rongma Furniture’s Livable Home brand has become one of the first companies to enjoy the benefits of the smart home industry. Walking into the smart exhibition hall of Rongma Furniture, with the help of "artificial intelligence + Internet of Things" technology, customers issue instructions to artificial intelligence "Xiaole": open the viewing mode, the curtains in the house will automatically close, and the sofa will also be adjusted to a comfortable angle. Livable Home injects artificial intelligence and Internet of Things technology into sofas, beds and other furniture items to create a "smart home".

  Looking at the digital transformation process of Dongguan furniture industry cluster, it can be seen that actively integrating into the development trend of smart home is a highlight of the digital transformation of Dongguan furniture industry. Based on its own smart platform, creating a cloud platform interface that can be opened to the outside world, connecting to Huawei Hongmeng system, and promoting the home to upgrade to the smart IoT healthy field will be an important direction for the digital transformation of the industrial cluster in the future.

  Big data and artificial intelligence deeply empower the industry

  Southern finance media reporter survey found that although walking in the forefront of digital transformation, and Dongguan furniture industry cluster development has become a general trend, but due to different enterprises production and operation mode, and the degree of embedding of the industrial chain is different, leading furniture enterprises did not output a set of unified applicable to the industry’s digital transformation integrated solutions, each enterprise’s digital system, equipment, direction, etc. are independently customized, the status quo of information islands is obvious, furniture industry cluster digital transformation still maintains the "go it alone" situation.

  With the foundation of industrial software in the early years, Foshan Weishang Furniture, which has a certain Internet gene, has become a benchmark enterprise in the custom home furnishing industry, and actively provides digital intelligence transformation solutions for upstream and downstream enterprises in the industry, shaping a classic path of digital transformation for furniture enterprises. And in Dongguan, such a case is about to be born.

  Walking into the small laboratory of Interface Technology Co., Ltd., located in Songshan Lake, several 6-axis industrial robots and automation equipment are conducting research and development and production of various products.

  As a technology-based innovation enterprise engaged in supply-side technology development and channel expansion in the furniture industry, Interface Technology has accumulated a lot of technical experience in the use of industrial 6-axis robots for processing processes including sheet metal, square material, soft material milling, surface forming, and supporting tooling equipment. It is mainly used in single-piece to small-batch production, targeting the majority of small and medium-sized furniture enterprises.

  "In terms of solid wood furniture, the technology can initially meet the customization needs of some high-end customers. At the same time, due to the establishment of product and process databases, the robot production process makes it possible to produce single pieces to small batches on demand," said Wang Huaiqun, head of the interface technology department.

  At present, Interface Technology is actively seeking cooperation with small and medium-sized furniture enterprises in Dongguan. "We hope to build intelligent furniture production units that can empower small and medium-sized enterprises, truly solve the practical difficulties of small and medium-sized furniture enterprises in digital transformation, and launch intelligent manufacturing system solutions for the furniture industry that can be implemented." Jiang Wei, founder of the company, said.

  In terms of solving the information islands between enterprises, Dongguan furniture enterprises actively use Huawei Cloud, Wewin big data and other industrial Internet platforms for digital transformation. Lin Guorong told the Southern Finance and Economics All Media reporter that he has established a separate technology company and joined hands with Huawei to create a "data Rubik’s Cube". "We hope to create a solution together with Huawei, and use a central platform to link different software and systems in the integration industry. Enterprises bring their own data to the station. As a peer-to-peer exchange, the platform will provide enterprises with corresponding user portrait analysis, logistics matching services based on big data, etc."

  "Making big data and artificial intelligence technology deeply empower the industry is the core goal of the digital transformation of Dongguan’s furniture industry in the future," Lin Guorong said.

  (Author: Zheng Kangxi, a trainee reporter for Southern Finance and Economics All Media, Editor: Yu Changhuan)