On July 23, 2010 local time in South Korea, the closing ceremony of the 14th Bucheon International Fantasy Film Festival in South Korea was held at 7:00 pm in Bucheon, Gyeonggi Province, South Korea. More than 1,000 filmmakers and fans attended the event.

　　The main awards of the Bucheon International Film Festival were presented at the closing ceremony. Hsu Young-hee won the Best Actress Award for "The End of the Kim Funan Killing Incident", Ren Xianqi won the Best Actor Award for "Fire Dragon Versus Chance", and Director Zhang Zhexiu won the Best Work Award for "The End of the Kim Funan Killing Incident".

　　"Fire Dragon" is the only Hong Kong-made film that can be shortlisted for the competition at this year’s Fuchuan International Film Festival. Last year, director Lin Chaoxian won the Best Director of the Fuchuan Film Festival. This year, his work also helped Xiao Qi win the Best Actor. Both are quite excited.

　　Xiao Qi said that he was winning a film award for the first time, and said excitedly: "It turns out that the award is so exciting! Thank you to the director and I for constantly researching the characters, and also to my opponent Liming for making me very involved in the role. Now I hold this award in my hand, and I am still excited. I didn’t expect that the first film award will be the male lead award, and it will be won in an overseas non-Chinese film festival. The impact is too great!"

　　Director Lin Chaoxian specially went to Bucheon to attend the film festival this year to make up for the regret that he couldn’t attend last year because he was in a hurry to shoot "Fire Dragon". Although he didn’t win again this year, he thought it was very happy to see Xiao Qi win the award. Xiao Qi also said that on the night of the award, he would have a big meal with the director to celebrate. To thank the director for his credit, the two have decided to eat Korean barbecue and enjoy the richest cuisine in Korea.

　　It is reported that PiFan, held in July every year in the middle of summer, can be regarded as a "summer film festival", and the participating works are also mainly horror, thriller, mystery and fantasy themes. This year’s festival will feature 193 works from 42 countries. The opening and closing films are "Death Trial" starring two Oscar winners, Adrian Brody and Forest Whitaker, and Korean horror films. It will also hold a variety of colorful side events such as "Filmmaker and Audience Dialogue", "Today I am also the protagonist of the film", PiFan congratulatory performances, and open-air free film screenings.　

Next page: Red carpet map of Bucheon Film Festival

Text | Online Travel, Author | Zhou Xiongfei

I’ve been very busy lately.　

Recently, Hengchi, a brand owned by Evergrande Automobile, posted a message on its official Weibo and "authorized agent recruitment".In its recruitment details page, it not only shows the operation model of the future vehicle sales channel, but also stipulates the conditions for joining, such as agreeing with the development model of Hengchi and the registered capital shall not be less than 5 million yuan.

In addition, Hengchi also calibrated the store construction standards for franchise, such as exhibition hall area and headroom details, and listed the franchise process, which shows that Hengchi has made a very detailed description of the agent’s franchise.　

At the same time as the authorized agent joining, there are also offline experience activities for Hengchi 5 models.　

According to the official introduction of Hengchi, during the "May Day" period, its offline experience stores in Guangzhou and Tianjin held experience activities for Hengchi 5 models. In fact, since the end of March this year, there have been some news in the industry about the landing of Hengchi 5 offline experience stores.　

As early as mid-January this year, Hengchi officially announced that the first car of Hengchi 5 was officially rolled off the production line from the factory, 12 days earlier than the original schedule.It is worth noting that the Hengchi 5 appeared in the MIIT new car declaration catalogue in November last year.　

From the launch of the first car of Hengchi 5, to the holding of offline experience activities, and now to the opening of the agent franchise, this series of actions seems to announce that Hengchi 5 has entered the countdown stage of mass production.But the industry is full of doubts about whether Hengchi can achieve this goal.　

Hengda has embarked on the road of new energy vehicle manufacturing since it acquired car companies in 2019, and launched nine models at the Shanghai Auto Show in 2021, which once detonated the entire auto show.But then not only did none of these models actually go into mass production, but Evergrande itself was also embroiled in a storm of shutdowns and debt.　

By January this year, the models that could achieve mass production had changed from the original 9 models to the Hengchi 5 model, but to achieve mass production, it was necessary to have sufficient cash flow to ensure stable production capacity.According to the performance data released by Evergrande Automobile at the end of August last year, it has accumulated a loss of 18.83 billion yuan as of the first half of 2021, and the loss is in the trend of expanding year after year.　

It is precisely because there is no money that Evergrande will choose a different franchise system from the "Wei Xiaoli" direct sales model in the establishment of sales channels.However, in the industry’s opinion, although Hengda’s channel joining threshold is low, there should not be many agents willing to join due to the well-known predicament that Hengda is currently in.　

Today, although Evergrande seems to be on the right track step by step, it is still mired in a fog of uncertainty.　

Evergrande Auto is one step closer to selling cars on the market.　

On the last day of the "May Day" holiday, an investment page about "authorized agent recruitment" appeared on Hengchi’s official Weibo.In this investment promotion introduction, Hengchi provides a detailed list of sales models, store construction standards, investment promotion policies, qualification requirements, and franchise processes.　

In terms of sales model, Hengchi said it would adopt a model of order-based sales and asset-light operations.Order-based selling, in short, is to arrange factories to produce according to the order volume, and then deliver the produced products to consumers. This approach can reduce the pressure on inventory compared with the mainstream warehouse sales in the industry, which are made first and then sold to the market. In order to achieve the purpose of asset-light operation.　

Asset-light operations are also reflected in the establishment of a sales center.According to the requirements given by Hengchi, its sales center needs to be established in the automotive business district, with an exhibition hall area of 200-300 square meters, an exhibition area of more than 150 square meters, and a clearance height of 3.5 meters.

Looking at this store construction standard alone, it seems to be very demanding, but in the industry it is the opposite.　

"The’car business district ‘required by Hengchi to build a store is not the shopping mall business district laid out by new forces such as NIO and Xiaopeng, but an area such as the car city in the suburbs of the city. In the car city, the general 4S store will start with 2,000 square meters, compared to Hengchi’s 200-300 square meter sales center, which is too small."Liu Bin, domestic regional sales manager of the Mercedes-Benz brand, explained to Connected Travel.　

Perhaps this is why Hengchi will position the sales center as "small and refined". According to Hengchi’s plan, such a sales center will support services such as sales and test drives. This also means that the completed Hengchi sales center will be more functionally biased towards the stores currently established by "Wei Xiaoli".　

Similar to the store construction standards, the agent qualification requirements listed by Hengchi also have higher restrictions in the eyes of the outside world, but in fact the threshold is also very low.According to Liu Bin, although Hengchi requires the registered capital to reach 5 million yuan, it does not require the actual payment of 5 million yuan, which is a lower threshold for joining.

According to the latest "Company Law" and related regulations, at present, only the total registered capital of a company needs to be registered, and it is not mandatory to submit a capital verification report, which means that there is no need to pay all the total registered capital at the beginning.　

In comparison, other automakers have higher requirements for authorized franchisees.　

Taking XPeng Motors as an example, as one of the new forces in domestic car manufacturing, although the layout of sales channels is mainly direct sales like NIO and Ideal, it has also opened up some franchise channels on this basis.　

According to its official website,To become an agent of Xiaopeng, it must have no less than 3 4S stores, mid-to-high-end brands are preferred, and the annual revenue of the automotive business sector needs to reach more than 100 million yuan, and the asset-liability ratio is less than 70% "red line".　

In Liu Bin’s opinion, if according to the standard of Hengchi, the investment of a sales center will be very small, based on the agent’s ready-made 4S store, plus hundreds of thousands of renovations, the overall cost will be about 100-2 million yuan.　

For the average luxury brand 4S store, the cost of decoration and equipment alone will reach tens of millions of yuan, which is completely different from Hengchi’s playing style.　

In terms of the joining process, Hengchi has also made some simplification.　

In comparison with Hengchi and Xiaopeng’s joining process, although both parties have as many as five steps in the process, including submitting an application, qualification evaluation, signing a store construction agreement, store construction, and store acceptance.But in terms of details, Xiaopeng needs to ask the agent to pay a security deposit in the process of signing the store construction agreement, but Hengchi does not have this requirement.　

According to Liu Bin, generally speaking, the brand will charge a deposit for the agent when joining, such as Xiaopeng’s deposit of about 800,000 yuan, which is a means for the brand to restrain the agent.For Hengchi, it may be to shorten the agent joining process and time, to save this link first, but this does not mean that Hengchi will not charge a security deposit later.　

In addition, in terms of joining application, Hengchi and Xiaopeng also have differences. By looking at the application forms of both parties, we found that Xiaopeng’s application form is a document file. In addition to the basic information such as the applicant’s name and company name, it also needs to fill in the company’s equity structure and its own advantages. As a whole, it is more formal and detailed.　

In contrast, Hengchi’s application form is not a formal document, but a simple Mini Program.In terms of content, you only need to fill in the applicant’s name, company name, current operating brand, and other basic information, which is much simpler than the Xiaopeng application.

From the lower standards for building a store, to the omission of the franchise process, to the simplification of the franchise application,In the industry, Hengda Automobile is likely to further reduce the threshold for agents to authorize franchise and shorten the franchise process, in order to attract more agents to join and accelerate the layout of sales channels.　

And all this preparation is also for the purpose of better selling the car in the future.　

The production time of Hengchi 5 is getting closer and closer.　

According to a recent announcement by Evergrande Automobile,The Hengchi 5 will go into mass production on June 22 this year.Hengda Motor President Liu Yongzhuo also said in March this year that the work of Hengchi 5 is progressing smoothly and is making final preparations for the launch of Hengchi 5 for mass production.

The reason why Hengda Automobile officials are confident to announce such news is also because Hengchi 5 has had a series of positive developments.　

In mid-October last year, Hengda held a strategic partner conference at its Tianjin production base. At the meeting, Liu Yongzhuo said that Hengda Automobile started a three-month car-building battle to ensure that the first production car "Hengchi 5" was rolled off the production line early next year.　

In order to ensure the smooth rollout of Hengchi 5, Hengda Automobile had mobilized core R & D teams from Shanghai, Guangzhou and Shenzhen to support Hengda Automobile’s Tianjin production base. The Tianjin factory, which had previously defaulted on payments from suppliers, also resumed production at that time and accelerated the progress.　

Facts have proved that Hengchi 5 went offline as scheduled this year.On January 12 this year, Hengchi issued a notice on its official Weibo, announcing that the first production model of the Hengchi brand, Hengchi 5, had been rolled off the production line at the Tianjin factory, 12 days earlier than originally planned.　

A month later, in the 353rd batch of car declaration information released by MIIT, the name of Hengchi 5 appeared in the public information. It should be noted that this is the second time this model has appeared in the public list.　

As early as last November, Hengchi 5 had appeared in the MIIT 350 batch of vehicle product announcements. According to the information given at the time, the model was manufactured by Hengda New Energy Automobile (Tianjin) Co., Ltd.

According to Hengda Automobile’s model planning, Hengchi 5 length, width and height are 4725mm, 1925mm and 1688mm respectively, and the wheelbase is 2780mm. From the size point of view, Hengchi 5 belongs to the compact SUV model like Xiaopeng G3 and Weimar EX5; the price will be below 200,000 yuan, and the standard Audi Q3, BMW X1 and other models.　

From the appearance perspective, the Hengchi 5 features a streamlined body and a hidden door handle, which is in line with the mainstream design style in the industry as a whole.　

The body of Hengchi 5 is equipped with a drive motor from United Electronics, with a peak power of 150kW and a rated power of 60kW; the electronic appliances have chosen a full-domain control architecture jointly developed with Bosch; and the power battery is equipped with a lithium iron phosphate battery from Ningde era.　

In terms of power performance, Hengchi 5 accelerates from zero to 100 kilometers for 7-8 seconds, with a maximum speed of 180km/h, and a CLTC cruising range of 602 kilometers. According to First Electric Network, Hengchi 5 will also be equipped with the H-SMART OS Hengchi intelligent network system jointly built with Tencent. Based on this system, the model can achieve L2 + level automatic driving assistance.　

In the industry’s opinion, Hengchi 5’s entry into the MIIT public list means that Hengchi 5 has passed the review of relevant departments and is eligible for listing and sales.After all, the publication of vehicle products into MIIT is a necessary review process before the product is launched.　

During this year’s "May Day" period, just as Hengchi started recruiting agents, it also held static experience sessions of Hengchi 5 in Guangzhou and Tianjin Experience Centers. This was also the first time that Hengchi 5 production cars were offline to the public.

Although the experience activity of Hengchi 5 was officially opened during the "May Day" period,However, according to Wired Travel, the Hengchi Experience Center in Guangzhou was launched in March this year, and its location is also located in the business district of Guangzhou. The Hengchi 5 exhibition car was also installed in the store at that time.　

From the visits and reports of many media, it can be seen that the Hengchi 5 exhibition car on display in Guangzhou and Tianjin Hengchi Experience Center and the model data announced by MIIT have not changed much, and belong to the final form before mass production and listing.　

Now, whether it is Hengchi’s 5 first cars offline and offline experience, or the opening of the agent franchise model,In the eyes of the outside world, it is a phenomenon that Hengda Automobile and Hengchi are on the right track of car manufacturing.Therefore, many people began to reflect on the future of Hengda Automobile.　

It is undeniable that Hengda Automobile is currently riddled with holes.　

On March 21 this year, Hengda Motor issued a suspension notice, saying that at the request of the company, its shares were temporarily suspended from trading at 9 am that day.　

Regarding the reason for the suspension, Evergrande Automobile said in the "inside information" announcement issued later,Due to the significant changes in the operation of the company’s real estate sector since the second half of last year, a large number of additional audit procedures have been added for this year, coupled with the related impact of the COVID-19 pandemic, according to the company’s current information, the company cannot complete the audit procedures on schedule.

Evergrande also said that due to the unfinished audit work, it was unable to submit the audited performance data as of December 31, 2021 by March 31 this year in accordance with the listing rules.This also means that due to Hengda’s failure to submit last year’s performance data on time, it was forced to implement a suspension.　

According to Tiger Securities data, Connected Travel has indeed seen Hengda Automobile Hong Kong stock has been suspended, and its share price and market value have also stayed at HK $3.2/share and HK $34.70 billion.　

By looking at the stock price and market value performance of Hengda Automobile since its listing in 2008, we found that it reached its highest value in February 2021, when its share price reached HK $69/share and its market value reached HK $60.83 billion.　

In contrast, the current share price of Hengda Automobile has fallen by 95.3%, and the market value has even evaporated 26.13 billion Hong Kong dollars.　

Although Hengda Automobile has not handed over the annual performance data, but at the end of August last year, it announced the performance data of last year’s mid-term. According to the data, Hengda Automobile’s revenue in the first half of the year was 6.92 billion yuan, an increase of 53.5% year-on-year.　

In terms of net loss, Hengda Automobile recorded 4.79 billion yuan, down 110.51% year-on-year. Such losses began in 2018, and the net losses in 2018-2020 were 1.428 billion yuan, 4.947 billion yuan and 7.665 billion yuan respectively.It can be seen that its losses are expanding year by year, and as of the first half of 2021, Hengda Automobile has accumulated losses of 18.83 billion yuan.　

According to Wind data, Hengda Automobile’s cash and cash equivalents in 2018-2020 were 1.60 billion yuan, 9.90 billion yuan and 10.50 billion yuan respectively. Although its cash reserves were still growing slightly as of December 31, 2020, its total liabilities also increased significantly in these years. From 2018 to 2020, its total liabilities were 22.80 billion yuan, 94.70 billion yuan and 155.90 billion yuan respectively.

Based on the above performance data, Hengda Automobile is currently mired in debt and insufficient funds.Due to this, Hengda Automobile announced in August last year that it would sell some of its projects and assets in order to repay its debt.　

At present, there is no news of selling assets for money, and Hengda Automobile, which is short of money, wants to establish sales channels to sell cars. In Liu Bin’s opinion, Hengda Automobile can only choose to invest less in the franchise model to establish a sales network in order to achieve this goal.　

But Liu Bin also believes that although Hengda Auto offers a relatively low threshold for agents to join, it is easy for general agents to join, but it is very likely that not many agents will choose to join the Hengda Auto brand. After all, to sell cars to make money, the premise is that the cars sold must be competitive.　

However, for Hengchi 5, it is difficult to have this strength.　

First of all, from the appearance point of view, the design of Hengchi 5 belongs to the standard, and there are not many bright spots; in terms of interior decoration, from the current public information, although it has a triple-screen design, it is different from the two-screen design of NIO and Tesla, but this design has long appeared on models such as Ideal ONE and Zero Run C11, which is not uncommon.　

In terms of cruising range, Hengchi 5 can achieve 602 kilometers, although it has exceeded the industry’s passing line, but if this level of cruising is compared to the track of new energy compact SUVs, it does not have much advantage.Because the Nezha U and GAC AION Y, both compact SUVs, also have a maximum cruising range of more than 600 kilometers, and the cruising range of Xiaopeng G3, Zero Run C11 and other models has also reached about 550 kilometers, which is not much different from Hengchi 5.　

As the intelligent aspect that is currently valued by consumers, according to public information, Hengchi 5 only has L2-level automatic assisted driving capabilities. In contrast, the higher-level urban road automatic assisted driving capabilities of car companies such as Xiaopeng and Great Wall have also been unveiled to the outside world.　

In addition to the lack of advantages of the model itself, Hengchi’s brand power and financial capacity have also become important factors restricting the launch of Hengchi 5.　

"Based on the current situation of Hengda Automobile’s insufficient capital reserves and declining performance, it is still unknown whether it can support the mass production of Hengchi 5 in the future. Even if mass production can be achieved in the end, Hengchi’s brand power will be exhausted with the occurrence of previous layoffs, asset sales and other events, not to mention that there are still many consumers who do not know this brand."Zhang Xiang, a distinguished expert from China Bolian Think Tank, told Connected Travel.

From this perspective, although Hengda Automobile has currently launched an agent franchise model, Hengchi 5 is also experiencing offline appearances, but under the influence of factors such as the lack of bright spots, insufficient capital reserves, and weak brand power, Hengda Automobile wants to use Hengchi 5 to launch a mass production turnaround.　

Even so, for Hengda Automobile, in the context of the current new energy vehicle industry trend, car manufacturing is already an extremely important "life-saving straw", which must be grasped.　

(Liu Bin is a pseudonym in the article.)

NIO released the 2023 Quarter 1 financial report Long Bridge US stocks premarket on June 9, Beijing time. Another large area of "spicy eye" performance, if the fourth quarter of last year is poor, the first quarter of this year is still a "strengthened version":

1. Poor sales and poor income:$NIO – SW.HK revenue 10.70 billion, and less than the market expectations, the 1 billion +, the sales difference is known, the key is because of the volume price, the old car, 75kwh entry models accounted for more, resulting in a unit price of only 297,000, significantly lower than market expectations.

2. Gross margin collapse: As the unit price fell below 300,000 for the first time, much lower than the previous guidance implied unit price of about 320,000,The gross profit margin of the car fell directly to 5% without impairment and other operations, far lower than the market expectation of about 10%. Obviously, the damage caused by the price reduction of the old model and the low gross profit margin of ET5, the capacity utilization rate in the process of platform replacement has particularly serious damage to NIO.

3. Guidance mediocre: second quarterGuidance sales 2.3 – 25,000 units, due to the known sales in April and May, implied sales in June after the release of the new ES6, finally began to stand on the 10,000, guidance implied sales in June should be about 11,000. And the company’s goal is that ET5 + ES6 double top stream can bring 20,000 monthly sales, this guidance is still significantly different from this goal.

However,$NIO. SG The price of implied bicycles behind the revenue guidance 87-9.40 billion may recover to about 320,000, the proportion of implied inventory vehicles may decrease, and the gross margin should recover.

4. NIO who is still "voting":Although the gross profit has dropped to less than 20,000 yuan, NIO wants to do a lot of things in R & D and needs to "warm up users". The investment in R & D and sales expenses has not seen obvious restraint. The operating loss rate hit a three-year high, reaching 48%, significantly higher than market expectations.

Dolphin Jun’s overall perspective:

For new forces with a very short period of new car explosions and repeatedly falling into the green and yellow of changing cars, Dolphin Jun naturally has a red label of "suspicious execution". Obviously, the current NIO is such a company.

Therefore, the previous share price of 9 yuan has fallen to the PS valuation level between life and death in 2019. Dolphin Jun proposed that companies with too big dreams and too weak execution cannot talk about bottom fishing lightly. By this financial report, the company’s share price was hovering at 7-8 yuan, and bottom fishing did not generate profits.

Of course, from the perspective of marginal changes, this performance is basically the bottom of NIO’s performance: because NIO’s double-top streaming car ES6 went on sale at the end of May and the ET5 hunting version went on sale in June, two promising cars began to contribute to full sales in the second half of the year, and all other models will basically transition to the NT2.0 platform. Sales and gross profit margins are unlikely to be worse, and will only go in the direction of improvement.

In the corresponding stock price, along with the improvement of sales volume and gross profit margin, there is also hope to slowly climb out of the bottom. But how much can be pulled up from the bottom, or can it return to the previous height? It depends on how much the original new power brother reflects on this wave of mistakes, and how much the execution improves. Dolphin Jun has doubts. At least to see the change of attitude first, you might as well listen to what NIO has to say in the phone call.

First, stronger than painting cakes, weaker than landing: NIO, it’s time to reflect

Let me remind you of the two core goals of NIO’s delivery this year:

1)NIO aims to deliver 250,000 vehicles this year.

2) By the fourth quarter, the monthly sales should stand firm 30,000 vehicles: the two pillar cars ET5 + ES6 have a total monthly sales of 20,000, ET7 + ES7 + ES8 have a total contribution of 8k-10k vehicles, and the two coupe EC6 and EC7 have a total monthly sales of about 2k vehicles.

Goals vs reality, let’s compare:

1) By the end of the first half of this year, the delivery was probably on 55,000 vehicles, barely completing a little more than 20% of the annual target. In the case of just climbing 10,000 in June, it is equivalent to 32,500 monthly delivery in the second half of the year, which means that the hope of achieving the 250,000 goal for the whole year is very slim.

2) Monthly sales 30,000 target vs May 6k reality: In May, due to NIO’s two top-class models – ES6 replacement and ET5 hunting car to be released, the new ES8 was launched in June and EC6 was launched in July; the new EC7 was relatively niche, and it was just launched and basically did not contribute to sales;, in addition, the market demand for ET7 and ES7 models that are not being replaced is weak, and the final result is that NIO sold a mere 6,155 units in May, even lower than in April.

On the list of new car makers in May, the original first brother has almost slipped to the bottom.

Fortunately, looking ahead, it should be the worst time for NIO nowFrom the perspective of the release rhythm of the model, NIO’s two promising contributions to large sales ET5 and ES6:

ES6: As the best-selling SUV in the NIO model matrix, on May 24 this year, NIO released an updated version of ES 6 (competitors mainly include Model Y, L7, etc.), and deliveries began that night.

According to market survey information, within 72 hours of ES6 release, the average intention of a single store was 90 orders, 20 prepaid orders, and ES6 contributed 60-70% of the incoming traffic. Preliminary data seems to be good.

2.) ET5 prey version: released on June 15 and delivered in the same month ET5 prey version, prey version will optimize the current ET5 rear space, it is estimated that part of the original wait-and-see ET5 lead.

After the two NIO top-class models are all launched in June, the monthly sales of tens of thousands is a reasonable expectation for the market. So from this quarter, the second quarter sales guidance given by NIO 2.3-2 5,000 vehicles are only within expectations.

Due to the sales volume of 6.7k in April and 6.2k in May, this guide implies that the sales volume in June is 11,000, which is basically the same as the market expectation of 10,000 vehicles in June. There is no further shock, but it is obviously not a surprise.

Overall, NIO has not really exploded in this cycle of car replacement, from new cars such as ET5 to the present. Compared with the ideal replacement cycle, the replacement time of NT2.0 models has been delayed for too long, and the problem is still obvious.

When the automotive market had long since entered the era where demand was king, NIO wanted too much, and its execution was still stuck in the era of "supply is king", completely unable to keep up with its peers who were crazy about rolling in.

Finally, from the perspective of the actual delivery volume in the first quarter, only 31,000 vehicles were achieved, barely reaching the lower limit of the original target 3.1-3 3,000 vehicles.

Fatal Expectation Spread: Gross Margin Revisited

Behind the poor sales volume, the gross profit margin was pulled again, and the severity exceeded the one-time impairment 1 billion due to "inventory impairment provisions, accelerated depreciation of production equipment, and loss of old 866 purchase agreement" in the first quarter.

In the first quarter of this year, NIO’s gross profit margin of automobile sales was only 5.1%, while the gross profit margin of automobiles 1 billion one-time factors was 13.5% in the last quarter, while the market’s expectations for the gross profit margin of automobiles in the first quarter were basically in double digits, basically between 10% and 12%.

Specifically, consider the bicycle economy.

1) In the first quarter, bicycle revenue hit a record low, falling below 300,000 for the first time, only 297,000, and the cost of bicycles directly fell 70,000.

Of course, the reason is also obvious. During the new car replacement period, the old 866 model has exhibition car clearance, national subsidies, and financial discounts, etc.; while the unit price of the new ET5 itself is lower than that of the previous models, the gross profit margin is also low, and the average price decline is normal.

2) Now that NT1.0 is converted to NT2.0, the intermediate capacity utilization rate is very low, which will also drag down the gross profit margin; the cost of a bicycle cannot go down synchronously with the price of a single car, and the gross profit of a bicycle is further reduced by 3,000 yuan compared with the fourth quarter, and the gross profit margin is directly pulled from 6.8% to 5.1%. The standard gross profit margin for car manufacturing should be around 20%, which is too large.

Fortunately, looking ahead, NIO couldn’t be any worse.

The company’s guidance for the second quarter revenue is between 87.4 and 9.37 billion. Dolphin Jun’s estimated bicycle revenue should be about 32.5-33 million, and by the end of the second quarter, basically all NIO models have been transferred to the NT2.0 platform.

In addition, although the overall price of lithium carbonate has reached about 300,000 from the beginning of the 190,000, compared with the previous 500,000, there is still a trend to fall, and the decline in battery costs will also help NIO to ease the cost pressure.

Of course, under the brand tone of NIO’s "no price reduction", the real increase in gross profit margin still depends on whether NIO really reaches the target of 30,000 monthly sales and pulls up the capacity utilization rate. And on this point, Dolphin Jun is still skeptical:

1) In terms of the current trend, the Chinese luxury car market above 30w seems to have a relatively tenacious vitality of fuel vehicles, and the penetration rate is relatively slow. At present, it is less than 20%, which is not as good as the overall pure electric penetration rate.

2) In the absence of insufficient facilities such as fast charging/power exchange, when pure electric luxury cars further go out of first-tier cities such as Shanghai and further penetrate into the lower-tier market, it seems that there is no ideal range extension model that can better target user pain points.

Third, the income pulls the hips, the natural result of poor sales

NIO’s revenue 10.70 billion in the first quarter, growing by only 8% year-on-year, significantly lower than the market consensus expectations 11.60 billion, clearing inventory and other low unit prices are the core issues.

The only thing that came up a little bit this quarter was auto revenue other than auto sales, which hit 1.45 billion this quarter, a lot more than the market expected 11-1.20 billion.

NIO’sOther business revenue sources primarily include revenue from the sale of energy and service packages, as well as revenue generated from embedded products and services that go hand in hand with vehicle sales, such as charging stations, in-vehicle internet connectivity services, and more.

The company has always maintained a high-end strategic positioning, hoping to provide better service and experience to car owners in terms of brand management and user community through better gross margins.

Data source: company earnings, Long Bridge Dolphin Investment Research

Data source: the company’s official website, Long Bridge Dolphin Investment Research

In addition, at the Berlin conference of NIO last October, the overseas models were mainly charged by fixed lease and floating subscription. For example, the rental time provided by the fixed rental fee is generally 1-5 years, and the fixed monthly rent is adopted. For short-term flexible cars, monthly subscriptions can be used. Short-term subscriptions can be cancelled at any time two weeks in advance. Vehicles can be replaced at will, and as the age of the car increases, the monthly fee will be reduced accordingly.

The additional growth in other revenue this quarter is expected to be related to NIO’s overseas sales growth: from January to April, NIO sold more than 150 vehicles in Germany, more than 184 in Norway, and more than 450 worldwide, which should contribute to this part of the revenue.

But the problem here is that, because these markets are in the early stages of development, when they contribute revenue, they basically lose money early on. So the rest of the business saw revenue increase this quarter, but the losses were also severe: less than 1.50 billion revenue in the first quarter, costs were almost 1.80 billion, and the gross loss ratio was 21%.

IV. Gross profit is almost "zero"

If the fourth quarter NIO gross profit was miserable, the first quarter was even more miserable, because other income business directly gross loss, and the car sales business sold cars 9.20 billion, only earned less than 500 million gross profit. The overall group level gross profit is only 160 million, no better.

Invest "a lot of money"

Although after subtracting external costs, only gross profit 100 million, but expenses are not less: R & D expenses 3.10 billion, basically within the normal range between 30 and 3.50 billion of the company’s original quarterly guidance; sales and administrative expenses 2.45 billion, just a little less than the market expected 2.70 billion.

Overall, due to the fact that NIO wants to do too many things and has too many dreams in R & D, the possibility of cost reduction in R & D is very small. So far, I have not seen it openly reflect on cost reduction and efficiency like Xiaopeng.

In the sales system, NIO has always been a "warm user" approach, and sales have not seen very clear signs of control.

Six, NIO has passed the life and death tribulation again

The same painting style as the fourth quarter, but it came more tragically: delivery pulling hips, income pulling hips, gross profit margin pulling hips, cost and investment rigidity, and operating profits are hotWhat is it?

The single-quarter operating loss 5.10 billion; the operating loss rate was 48%, a new high in the past three years.

Summary:

In the eyes of Dolphin Lord, internal reflection and rapid adjustment in the current state of NIO may be more important than boasting and describing the grand blueprint of 5-10 years.

　　[Global Network Technology Report, Reporter Chen Jian] In recent years, the development speed of China’s technology has changed with each passing day. China’s technology industry has also led the transformation from "Made in China" to "Created in China". Today, a group of Internet companies represented by Xiaomi have emerged in China. They focus on quality, so that "Made in China" gradually gets rid of the traditional impression of low price and low quality in the eyes of the world.

　　In 2017, Xiaomi rose against the trend

　　2017 was a year of fruitful results for China’s technology industry. A large number of representative major scientific and technological innovations such as Jiaolong, Tianyan, Wukong, Mozi, Huiyan, and large aircraft have emerged one after another, constantly refreshing the public’s scientific and technological perception. Quantum regulation, iron-based superconductivity, and synthetic biology have entered the world’s leading ranks, continuously enhancing people’s sense of scientific and technological pride. But after all, these cutting-edge things are still far from people’s lives, and people still feel the progress of science and technology from daily consumer electronics. The update and iteration of mobile phones, TVs, and other products have made people feel the strength and confidence of domestic brands. Even in many regions around the world, people are eager to enjoy the experience brought by Chinese electronic products.

　　2017 was not an easy year for the mobile phone industry and the TV industry. In the field of home appliances, according to the total data of Aowei Cloud Network (AVC) omni-channel push, the retail sales volume of the color TV market in 2017 was 47.52 million units, a year-on-year decrease of 6.6%. The increase in panel prices from the end of 2016 to 2017 caused many color TV companies to increase costs, and their net profits fell one after another. Coupled with the decline in market capacity and sales, many companies experienced negative growth, which was miserable. Even the extremely hot Internet brands have lost their voice, and some Internet brands have even suffered "premature death".

　　In the field of mobile phones, according to the data, the domestic market shipments 491 million in 2017, down 12.3% year-on-year. Especially in the fourth quarter of 2017, the decline in shipments exceeded 20%, and the market reshuffle was further intensified. Due to the acceleration of the industry reshuffle in 2017, the concentration of mobile phone brands was further enhanced; China, O, V, and Mi grew rapidly, ranking three to six in the global TOP10 brand shipment rankings in 2017, followed by Samsung, iPhone.

　　In the context of the global downturn, Xiaomi, which was sung bad in 2016, suddenly made a comeback and hit a lot of people in the face. According to data from Oviyun.com, Xiaomi TV 4A 32 inches was officially mass-produced from July 10, 2017, and 1 million units were officially offline on March 9, 2018. Xiaomi TV 4A 32 inches reached the sales volume of 1 million units in only 8 months. This data is of great significance in the TV field, because at present, in the domestic TV sales, only another Internet TV 40-inch and 50-inch TVs have reached a single product sales of over one million, but it took 13 months and 24 months respectively. And Xiaomi mobile phones have re-entered the top five in China.

　　Xiaomi TV is applauded at home, and Indian rice noodles are even more crazy for it

　　The reporter looked at the evaluation of major e-commerce platforms, and the Xiaomi TV 4A 32-inch has a high praise rate of 99% on Suning.com, and even 100% in JD.com. And according to the reporter’s survey, the repair rate of Xiaomi TV has been controlled to 0.43%, far below the industry average of 2.5%, and the good quality has led the industry by a large margin. The quality control of any product is also the key to the success of this product.

　　In overseas markets, taking India as an example, Xiaomi’s TV has also achieved impressive results. On the day of Xiaomi TV’s first sale in India on February 22, Xiaomi TV 4 55-inch 10-second lightning sold out. After the release of Xiaomi TV 4 A series 32-inch and 43-inch new products, it was snapped up by Indian fans, even to the extent of exaggeration than in China.

　　India’s TV market is also in a period of transition. Many ordinary users can only choose expensive international brands or relatively low-priced but outdated models. After the thousand-yuan Xiaomi TV products enter India, they can fill the gap in the market. As an Internet company, Xiaomi also makes localized customizations for local users in India.

　　While Xiaomi TV is recognized by Chinese consumers, it will once again go out to the world as a representative of new domestic products. Not long ago, the news of the Sri Lankan brother grabbing Xiaomi TV and flying home was still vivid in my mind. On social platforms, Indian netizens also expressed a kind of love for Xiaomi. Some Indian netizens even said that "when they see Xiaomi TV, their eyes can’t move".

　　Xiaomi wants to enhance the global influence of the "Made in China" brand

　　It is precisely because of the emergence of companies like Xiaomi that the "foreign brand" life of the mobile phone and TV market is miserable. As a global hegemon, Samsung once occupied the first position in the Chinese market in the mobile phone field. In just a few years, due to the rise of domestic manufacturers, Samsung’s current market share in China has been less than 1%. In the field of home appliances, Samsung, LG, Sony and other TV manufacturers are currently unable to compete with Xiaomi and Hisense in small-size TVs, so they have to focus on the high-end market above 55 inches.

　　Wang Chuan has said many times: "Adhering to high cost performance and saving every penny for users is the core value of Xiaomi." In an interview with reporters, Wang Chuan of Xiaomi TV said that Xiaomi has a saying that always believe that good things are about to happen. Wang Chuan believes that as long as everyone does their best to make the product really good, and then is willing to be kind, willing to learn from Lei Feng to do good things, and provide it to customers, they will definitely win the love of users. Although I did not expect to achieve 1 million in such a short time, it is actually a natural thing. As Bezos said, there is a company that reduces costs by forcing itself to continuously improve efficiency, and then provides users with better and cheaper products. This is the case with Xiaomi.

　　According to the reporter’s understanding, Xiaomi TV will also explore more markets this year, bringing the excellent experience of Xiaomi TV to the world. The only major difficulty currently plaguing Xiaomi TV is the issue of production capacity.

　　Lei Jun recently proposed at the two sessions to enhance the global influence of the "Made in China" brand and comprehensively improve the level of Chinese design. In recent years, the MIX series designed by Xiaomi has been collected by three major museums around the world, and Xiaomi TV and its ecological chain products have repeatedly won international design awards. On the road of practicing innovation, Xiaomi has been at the forefront and has been recognized by the global market.

　　International Online auto channel News: On April 26th, at the awarding ceremony of 2021 China Automobile Fengyun Festival held by CCTV, "Geely Xingyue L" won the best Zhilian car in China Automobile Fengyun Festival.

　　Xingyue L is a highly intelligent SUV with all the best technologies of Geely. The whole vehicle is equipped with Geely Galaxy OS Vehicle Intelligent Control Center and Qualcomm Snapdragon 8155 chip, which supports the online upgrade of FOTA, providing users with an intelligent and humanized interactive experience. Since its listing for more than 9 months, Xingyue L has won nearly 40 awards, including 2022 China SUV of the year and 2022 Ninth Xuanyuan Award-Top Ten Cars of the Year.

　　Beyond the intelligence of time, Xingyue L has become the leader of intelligent SUV.

　　Geely Xingyue L can realize three screens of IMAX and four screens of 25.6-inch AR-HUD — An intelligent cockpit with the largest "screen ratio" has been built. With the assistance of HWA Expressway, it can actively monitor the surrounding environment, automatically control horizontally and vertically, and stay away from large vehicles. When the lane change conditions are met, the driver can pull the steering lever to complete the lane change. Inheriting CMA’s new intelligent and evolvable electronic and electrical architecture, cross-domain integration and high-speed transmission capabilities make it possible to drive at a higher level, and at the same time, it has the ability to integrate the latest and strongest technologies in the world, so that Xingyue L has the potential for intelligent expansion in the next 5 to 10 years.

Xingyue l

　　Beyond the safety of imagination, Xingyue L is born and powerful, inheriting the world’s top safety genes of CMA supermatrix.

　　Thanks to the 24 sensing components with the largest number of mass-produced fuel vehicles, Xingyue L has nine large-area safety, meeting the global five-star safety in China, Europe and America. The EMA emergency steering assistance system carried by Xingyue L can help the driver to make emergency avoidance when danger comes and minimize the possibility of injury; Elk passed the test with a score of 79km/h, and its body posture is close to perfection, giving users the strongest protection with extreme safety.

Xingyue l

　　Beyond the expected luxury, Xingyue L is in line with the value of 300,000-level products.

　　Cuiyu Blue, which draws on oriental classical elegance, perfectly blends with Xingyue L, and has a long wheelbase of 2845mm; The fineness of pearl stitching and the delicacy of suede complement each other. In order to let users enjoy the quiet experience of "baby-level sleep", Xingyue L has made great efforts in the aspects of acoustic materials, sound insulation materials, sealing strips and double-layer laminated sound insulation glass, and applied ANC active noise reduction technology of high-end headphones to the extreme, with excellent mute effect in all working conditions.

　　Xingyue L comes standard with the Drive-E series 2.0TD engine. The high-power version has a maximum power of 175kW and a maximum torque of 350N·m, which matches Aisin 8AT gearbox and the sixth generation electro-hydraulic four-wheel drive system launched in China, with an acceleration of 7.7 seconds per 100 kilometers and a braking of 37.37 meters per 100 kilometers. The comprehensive mechanical quality far exceeds the same level.

Xingyue l

　　As a heavy product of Geely Automobile, China Star, the high-end series of Geely brand CMA represented by Xingyue L, insists on the popularization of high-end products and the creation of quality cars in the eyes of users. At present, the cumulative sales volume has exceeded 340,000, and the average price has reached 150,000, which has opened up a brand-new track for Geely brand and has become a banner of Geely’s high-quality development. (Photo courtesy of Geely Automobile)

"Fight for the value of Chinese cars" has never been a slogan. Geely China Star is writing the story behind this sentence with its high sales, high value and high premium, and leading Chinese brands to break through.

Data show that the total sales of China Star currently exceed 200,000 units, with monthly sales of 20,000 units, quickly detonating the Chinese auto market, becoming a phenomenon, and successfully entering the "price hinterland" of joint venture vehicles. On November 19, China Star’s flagship SUV Xingyue L ushered in evolution, and launched the Xingyue L Thor Hi · X gasoline-electric hybrid version at the Guangzhou Auto Show, breaking the inherent definition of non-traditional fuel vehicles or new energy vehicles in the past, and becoming "a higher organism in the automotive industry, a new species that continues to evolve". At the same time, Xingyue L also ushered in the first OTA upgrade of the whole vehicle, launched the "Xingyue L Star Enjoy Official Co-creation Plan", and continuously brought users a commonly used and new product experience.

Since its debut, China Star has attracted a lot of attention for breaking through the boundaries of independent and joint ventures and breaking through the barriers of technical constraints. Today, China Star not only rivals the joint venture brands, but also shows a better position in the value competition and becomes the mainstream choice of high-value.

Evolution: A number of leaders, bringing new species of gasoline-electric hybrids

China Star is a CMA high-end series created by Geely into the era of Geely 4.0 comprehensive architecture car manufacturing. It is composed of Xingyue S, Xingrui, and Xingyue L. It integrates the latest technological achievements of Geely Automobile and breaks the barriers defined by joint venture brands in the past. Among them, China Star’s flagship SUV Xingyue L not only redefines the new standard of SUV, but also has epoch-making significance.

In fact, when Xingyue L was listed, Li Shufu, chairperson of Geely Holding Group, once said, "Xingyue L not only inherits the advantages of traditional cars, but also absorbs the bright spots of new energy vehicles, opening up a new path for the transformation and upgrading of traditional cars." Now the launch of the Raytheon Hi · X gasoline-electric hybrid version once again confirms the characteristics of Xingyue L taking into account the advantages of fuel vehicles and new energy vehicles.

The evolved Xingyue L Raytheon Hi · X gasoline-electric hybrid version is Geely’s first model launched after entering the "Power 4.0 Era". It is based on the just-released "Raytheon Zhiqing Hi · X" world-class modular intelligent hybrid platform. It has far superior strength in performance, energy saving and intelligence than its Japanese hybrid competitors.

Specifically, the Xingyue L Raytheon Hi · X oil-electric hybrid version is equipped with a hybrid core drive system composed of a three-speed variable DHT Pro drive motor and a DHE15 hybrid special engine, enabling the geometric expansion of the intelligent driving mode and covering more working conditions.

Among them, the "China Heart" top ten engine DHE15 hybrid special engine, thermal efficiency has reached an unprecedented 43.32%, the coverage rate of high efficiency area is close to 50%, the maximum power is 110kW, the maximum torque is 225N · m, and the liter power and liter torque are veritable best in the same class. The three-speed electric drive transmission DHT Pro is the intelligent energy control center of this car. In the axial size of only 354mm, it is highly integrated with a generator motor and a drive motor, two motor controllers and a three-speed ratio variable speed and torsion mechanism. Under the combined action of the DHE15 engine, the average fuel consumption of 100 kilometers is as low as 4.3L, and the maximum cruising range of full fuel is 1300 kilometers, bringing the strongest power and lowest fuel consumption performance among HEV models in the same class.

At the same time, the Xingyue L Raytheon Smart Engine Hi · X gasoline-electric hybrid version has a full-speed domain parallel function, which can enter the parallel mode at a speed of more than 20km per hour to achieve ejection start, which is much lower than the parallel speed of at least 70km for Japanese hybrid cars, and the system efficiency is increased by 20%.

As a milestone product in the hybrid field, Xingyue L Raytheon Smart Engine Hi · X Hybrid Edition not only pioneered the era of multi-mode transmission of hybrid electric drive, but also adopted the intelligent electronic and electrical architecture GEEA 2.0 to realize the joint control of the power domain and other domains of the vehicle. The system can identify the driver’s driving habits and road congestion, realize driving mode adaptation, self-learning and self-adjustment, and enable 20 intelligent working modes to switch without feeling.

Upgrade: Often used and always new, bringing an experience that exceeds expectations

While Xingyue L has expanded its product lineup to the field of gasoline-electric hybrids, opening up a new path for the transformation and upgrading of traditional automobiles, Xingyue L has not forgotten to speed up its own iteration in intelligent ecology. At this auto show, Geely released the Geely Galaxy OS vehicle function OTA carried by Xingyue L, which brought 49 product upgrades worth 2,750 yuan, continuing to bring users a comprehensive vehicle intelligent ecological experience. It is reported that users who place an order before December 31, 2021 can open the upgrade for free.

In fact, this is the second upgrade of Xingyue L, which has been on the market for only four months. In August this year, Xingyue L has brought a Geely Galaxy OSV1.1 version upgrade to users, bringing 17 new smart experiences to users in four aspects: interaction, vision, application and intelligent control. The officially released OTA function of the whole vehicle adds Huawei Hicar function, which allows mobile phones to cast screens, such as map projection, game playing, etc., as well as more comfortable and convenient new functions.

As the world’s first mass-produced global FOTA fuel SUV, in the future, Xingyue L will push FOTA upgrades every quarter, which will bring product experiences that exceed expectations in intelligent driving, power performance, body control, and digital cockpit interaction. More importantly, OTA upgrades will not be limited to application ecological expansion and experience optimization in the traditional sense, but also put the upgrade of vehicle performance on the agenda. In the future, Geely will continue to keep the Xingyue L’s usual and new through iterations of the underlying design, power performance, and Geely Galaxy OS speed upgrades.

It is worth mentioning that these upgrades of China Star will be co-created with users. In Geely’s view, "products are ships, marketing is sails, and users are water", and user co-creation is the source of China Star’s living water. As early as May this year, Geely announced the user brand "we", becoming the first car manufacturer in the world to release a user brand, narrowing the distance with users.

At this year’s Guangzhou Auto Show, Geely once again promoted the implementation of the "Co-Creation Plan", opened the "Xingyue L Star Enjoy Official Co-Creation Plan", issued a total of 10 million gigabytes to encourage co-creation, invited users to propose the evolution direction of Galaxy OS according to their own preferences and thinking, and put forward their own plans for digital smart cars. Users who contribute will get the permission of Xingyue L permanent free FOTA.

From the world’s first recruitment of Star Enjoy officials, to the listing of 28,000 + Star Enjoy officials to witness together, and then to this OTA upgrade, the launch of the "Star Enjoy L Star Enjoy Officer Co-creation Plan", the continuous maintenance of the evolution ability of Geely Galaxy OS, and the creation of user communication activities IP – CMA Day, CMA Hour, CMA Summer, CMA Life, etc., user co-creation has long been engraved in Xingyue L, and in the genes of China Star, in the "open, co-creation, exploration, happy" user ecosystem, continue to bring users new experiences that exceed expectations.

Break the circle: face to face, enter the "price hinterland" of the joint venture car

The evolution and upgrade of Xingyue L is in fact a microcosm of China Star’s upward breakthrough. China Star’s total sales exceeded 200,000 units and monthly sales exceeded 20,000, becoming the "China Star phenomenon" that appeared again in Geely after the "Boyue phenomenon". It opened up a new track for Chinese brands to rise, and also showed people the courage, determination, sincerity and strength of China Star to fight for the "value of Chinese cars".

When China Star was officially released, Geely made it clear that it would fight for the "value of Chinese cars" and aimed the battlefield at the mainstream joint venture market. Now, China Star has successfully entered the "price hinterland" of the joint venture brand, breaking the boundary between joint venture and autonomy, and truly facing the "high value" and joint venture brand head-on.

Behind this evaluation, there is full user support and data support. Xingrui has accumulated more than 120,000 units in the 12 months of listing, with high-end models accounting for 66% of sales. The average transaction price exceeds 130,000-140,000 yuan, breaking the "ceiling" of the main sales price of Chinese brand sedans 100,000 yuan, becoming the only Chinese brand sedan with a monthly average of more than 10,000 yuan in the 110,000-150,000 level sedan market. Xingyue L has been listed for more than three months. Sales volume is 30,355 units. At present, the total order has exceeded 75,000 units. Sales of high-end models account for more than 62%. The average transaction price of the whole series is as high as 170,500 yuan. It has become the only Chinese brand model with a monthly average of more than 10,000 in the 120,000-180,000 level five-seat SUV market.

Another set of data more intuitively reflects the impact of China Star on the joint venture market. "Now 60% of the replacement users of the’Star series’ are from joint venture brand users, which is the broken circle of China Star," said Lin Jie, senior vice-president of Geely Automobile Group.

Relying on Geely’s technological advantages in the 4.0 era and global high-quality resources, China Star continues to break through the value ceiling to lead the global architecture car-making era, the global hybrid new energy era, and the global 5G intelligent travel era.

Regarding the future, Fan Junyi, executive deputy general manager of Geely Automobile Sales Company, is full of confidence. The goal is that the China Star series will account for 30% of Geely’s total sales in 2022. In fact, "China Star is the first choice for Chinese car buyers, which has become the consensus of Chinese users in the new era. In the era of new technology, China Star will represent Chinese manufacturing to participate in global competition and shine on China’s technological strength.

At the last moment, Wang Jianlin lifted the crisis!

According to Dalian Wanda’s official website, on December 12, 2023, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of a new investment agreement. PAG will cooperate with other investors to reinvest in Zhuhai Wanda Commercial Management after its investment redemption period expires in 2021. Existing investors invested about 38 billion RMB in Zhuhai Wanda Commercial Management in August 2021, of which PAG’s investment is about 2.80 billion US dollars (about 18 billion RMB). Existing investors enjoy redemption rights in the original investment arrangement.

This means that before the deadline for Zhuhai Wanda Commercial Management to list in Hong Kong, Wanda’s listing pressure has been eliminated.

Picture source: Screenshot of Dalian Wanda’s official website

Wanda’s "urgent need" solution

Wanda said that according to the new agreement, Dalian Wanda Commercial Management holds 40% of the shares, making it the single largest shareholder. Pacific Alliance and several existing and new investors will participate in the investment, with a total of 60%. However, Wanda did not disclose which new investors will enter. Some analysts believe that the possibility of insurance capital entering cannot be ruled out, and some original investors may withdraw.

The 21st Century Business Herald reporter noticed that in the new agreement, the direct shareholding ratio of Dalian Wanda Commercial Management will drop significantly from the existing 70.15%, while the shareholding ratio of investors will rise sharply from 29.84%.

Wanda said that Wanda will work with important shareholders such as Pacific Alliance to further optimize the corporate governance of the company, maintain the stability of the management team, and jointly support the long-term development of the company. The new agreement reflects investors’ high recognition of the growth potential of Zhuhai Wanda Commercial Management and its operating capabilities.

In September 2021, Zhuhai Wanda Commercial Management, which is seeking to list in Hong Kong, signed a share transfer agreement with 22 investors including Zhuhai SASAC, Tencent, Country Garden, CITIC, Ant Financial, China Merchants Group, Warburg Pincus, and Zheng Yutong’s family. Among them, some investors signed a gambling agreement with Wanda Commercial Management. According to the agreement, Zhuhai Wanda Commercial Management needs to complete the listing by the end of 2023, otherwise it will have to pay investors an equity repurchase at an annual internal rate of return of 8%. It is reported that the repurchase payment will reach 30 billion yuan.

However, due to the weak environment in the Hong Kong stock market, the listing of Zhuhai Wanda Commercial Management has been delayed repeatedly. And as the "limit" of gambling is approaching, this new investment agreement can be described as solving Wanda’s "urgent needs".

Zhuhai Wanda Commercial Management has submitted to the Hong Kong Stock Exchange four times on October 21, 2021, April 22, 2022, October 25, 2022, and June 28, 2023. On November 10, Zhuhai Wanda Commercial Management updated its listing application form on the Hong Kong Stock Exchange. According to the latest announcement, Zhuhai Wanda Commercial Management has agreed to terminate the appointment of Credit Suisse (Hong Kong) Limited as the overall coordinator of its listing application, effective from November 9, 2023. As of now, there are two joint sponsors of the company, namely CITIC CLSA Securities Limited and J.P. Morgan Securities (Asia Pacific) Limited. Wanda has since confirmed that UBS has replaced Credit Suisse as the overall coordinator of Wanda Commercial Management.

Image source: Visual China

Zhuhai Wanda Commercial Management for three consecutive years

Exceeding performance targets

Zhuhai Wanda Commercial Management currently manages 494 large commercial centres in 227 prefecture-level and above cities across the country. The number of commercial centres managed by Zhuhai Wanda Commercial Management has grown from 417 to 494 in the past two years, an average annual growth rate of about 9%. Zhuhai Wanda Commercial Management is now the world’s largest commercial management company in terms of commercial area under management.

Dalian Wanda said that since existing investors invested in 2021, Zhuhai Wanda Business Management has exceeded its performance targets for three consecutive years. After-tax income in 2021 is 23.50 billion yuan, 2022 is 27.10 billion yuan, and 2023 (estimated) is 29.30 billion yuan, with an average annual growth rate of about 12%. After-tax profit in 2021 is 5.30 billion yuan, 2022 is 7.50 billion yuan, and 2023 (estimated) is 9.50 billion yuan, with an annual growth rate of 34%. In the past three years, the company has paid a total of about 10 billion yuan in taxes, and dividends to shareholders are 4.60 billion yuan in 2021, 6.70 billion yuan in 2022 and 8.50 billion yuan in 2023 (estimated).

Wang Jianlin previously sold off assets

In order to solve the liquidity problem, some time ago, Wang Jianlin also sold off assets.

On December 6, Wanda Film announced that the 51% stake of the company’s controlling shareholder, Beijing Wanda Investment Co., Ltd. was to be transferred to Shanghai Ruyi Investment Management Co., Ltd., a wholly-owned subsidiary of China Ruyi Holdings Co., Ltd. In other words, Wang Jianlin sold Wanda Film. If the deal is completed, plus the previous transaction, Shanghai Ruyi will hold 100% of Beijing Wanda Investment, thereby indirectly holding 20% of Wanda Film and becoming the actual controller of Wanda Film.

According to the surging news on the 7th, on December 6th, the reporter learned that during the recent communication with investors, Zhuhai Wanda Commercial Management revealed that Wanda Group plans to sell its Wanda Plaza in first- and second-tier cities in exchange for liquidity, and is currently negotiating with insurance institutions. However, Wanda did not disclose which insurance institution it contacted. At the same time, there is still no IPO timetable for Zhuhai Wanda Commercial Management’s listing in Hong Kong.

In addition, on October 26, there was a market news that "Zhuhai Wanda Commercial Management intends to delay its listing on the Hong Kong Stock Exchange and is discussing providing compensation to investors to avoid triggering a repurchase." In response, people close to Wanda Group told the "Daily Economic News" reporter, "The current listing work is advancing normally. Whether it is contacting investors or applying for an IPO normally, it is a daily work, and there are no new changes."

———————

● According to Daily Economic News, Dalian Wanda official website, The Paper, 21st Century Business Herald, Securities Times, China Fund News, etc

Original title: "Last minute! Wang Jianlin, there is big news"

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Andy Lau "kissed" with Big S in public, claiming to yearn for "polygamy"

　　　　　　　 Andy Lau was Big S’s idol for many years. When he learned that he was going to cooperate with Andy Lau, Big S was very nervous, and it happened that the first scene between the two was a kiss scene. Looking back on the scene at that time, Big S still remembered it vividly, "My sister and my mother knew that I was going to shoot a kiss scene with Andy Lau, and they all excitedly asked to watch it.

　　　　　　　 In the interactive game at the scene, Andy Lau had to satisfy the fan’s request to "offer a kiss". When Xu Jiao and Shi Yunpeng, two young actors, kissed him instead of the fan, Andy Lau took the initiative to ask Big S to kiss him, "Don’t Big S come up? I want to kiss her." Facing the invitation of the idol, Big S was a little shy, but he didn’t expect Lau Dehua to "anxiously" go forward and kiss Big S, but, cunning, he used his hat to block both of their faces and offered a fake kiss by borrowing. In the film, Andy Lau from the future and Big S have only been in a relationship for 30 days, and he has never forgotten his dead "wife" Fan Bingbing. The affectionate Liu Tianwang wants to have two "lovers" at the same time, "I can’t choose between them. The future world I envision has resumed’polygamy ‘."

　　　　　　　 On the same day, Andy Lau brought the ambiguous part of the film with Big S to the scene, not only acting very gentleman, but also often humorously showing "love" to Big S. When asked about the type of girl he likes the most, Andy Lau confessed that it is a girl with long hair, "Big S now has long hair, but it used to be short hair, like a boy. It’s just that we met too late. This is all fate." When Big S revealed his penchant for eating peanuts, Andy Lau said, "Because of my high cholesterol, I have quit for a year." Then he did not forget to add a sentence, "Alas, I quit after I separated from Big S. It’s pointless to do anything without her." A humorous "confession" amused the audience with laughter and screams.
　

Text/Mr. Mizuki & Zhuojue

Source/Mr. Mizuki said (ID: shuimujunshuo)

Singer Von Timo is hot.

The reason is not a scandal, not a new work, but cancer.

In August this year, Feng Timo interviewed a family.

The host asked, Why did you disappear for more than half a year?

Feng Timo says:Health went wrong, got a cancer, thyroid cancer.

The host looked surprised: That’s benign, right?

Feng Timo says:No, it was advanced malignancy.

On another health talk show, Feng Timo presented his cancer medical records.

"Contrast-enhanced ultrasound shows a high probability of CA."

CA, thyroid tumor.

Feng Timo is a female anchor debut.

Singing skills, emotional intelligence is quite high. After the live streaming host industry, and through their own efforts, into the entertainment industry.

In 2016, he sang the opening song "You Don’t Understand Me" for the movie "28 Years Old".

In 2017, he sang the promotional song "Goodbye Ex" for the movie "Ex 3".

Fame rose, once became a new corner of the music scene.

Feng Timo cherishes everything that is hard-won.

After learning of the cancer, the first thing she asked the doctor was: Will it affect my singing?

The doctor said: Yes, even if you fully recover, it will be difficult to return to the past state.

Von Timo collapsed.

"Singing is not only my career, but also the meaning of my life. After knowing that it will affect my voice, my heart really died."

Unfortunately, thyroid cancer, also known as "lazy cancer," has a very low metastatic rate.

More than 90% of patients recover after surgery.

Von Timo’s surgery went well.

The laryngeal tumor was completely removed and soon discharged from the hospital.

After recovering, Feng Timo lowered his collar, revealing a "smile scar".

Just after the surgery, Feng Timo did have difficulty pronouncing.

Not to mention singing, it would be difficult to make a little louder.

But Feng Timo was unwilling to give up.

After his body recovered 80% to 90%, Feng Timo found a famous teacher and practiced his pronunciation every day.

A few months later, Feng Timo returned to the stage.

Regarding the cause of cancer, Feng Timo did not respond positively.

However, I can roughly guess from the content of her Weibo response.

"Through this cancer, I want to tell everyone, especially the girls, that you must not have internal mental friction, and don’t accumulate negative energy in your heart…"

After Feng Timo rushed into the hot search with cancer, Wu Jian, director of the Cancer Hospital Affiliated to Chongqing University, said:

It is necessary to be vigilant against long-term mental internal friction causing cancer.

Existing studies have shown that emotional internal friction such as sensitivity, suspicion, and nervousness can easily lead to endocrine dysfunction and decreased immunity, which in turn lead to various physiological dysfunctions in the body and lead to cancer.

It’s not just thyroid cancer.

Yang Video once released a popular science video, and stomach cancer is also related to bad emotions.

Negative emotions such as internal friction and tension can reduce the body’s immunity and leave the stomach in a state of high reaction, which can lead to diseases in the long run.

New Weekly has interviewed three cancer patients.

Thyroid cancer, both in their 30s.

The results revealed that these young patients all had one characteristic:The work is stressful and the mood is very anxious.

Photo: New Weekly Interview

If it is not forced by life, who is willing to carry the burden forward.

I don’t want to say tasteless advice like "don’t work too hard" or "take a break".

I just want to say, friends, if the external environment cannot be changed for a while, we can try to change our mindset.

Last week, I had a small chat with a well-connected colleague.

Now the official account market is getting more and more difficult, and the graphic market has been severely impacted by the short video market.

Last year can earn a million accounts, this year basically halved; last year to earn 300,000 accounts, this year I am afraid even to feed themselves are difficult.

Friends complain that their income is getting lower every day, they are very anxious, and they can’t sleep well.

I asked, What’s the worst possible outcome?

The friend said: The account is not profitable, so it is sold cheaply. Maybe I will send the courier.

I asked: If you sell it, you can sell it. In Guangzhou, how much is the express delivery?

The friend said, There are eight thousand.

I said, Can’t I survive with a monthly salary of 8,000?

Friend said: It seems to be able to live…

My words are not to persuade friends to mess up, but to reduce the anxiety of the moment by adjusting the "bottom line mentality".

A few days ago on the short video platform, I saw a quote from Ma Yun.

"You should be serious about life, but don’t be too serious about work. If you are too serious, you will be very tired."

"Being a person is already so tired, and working is so tiring, it’s boring."

"Work should be like play."

This sentence is easy to be misunderstood. If you don’t work seriously, the boss will fire me every minute? How can you live without money?

I think what Ma Yun said "don’t take it too seriously" should beDon’t be too concerned about the quality of the results.

In life, some things can be changed through hard work.

For example, the level of skills, such as speech.

But some things are just about luck.

Such as talent, such as trends, such as the decline of the industry, such as some unpredictable opportunities in destiny.

We’re going to take these and then use a"Let fate belong to fate, let your own belong to yourself"Attitude, looking at everything.

This doesn’t necessarily bring happiness.

But at least it can help us reduce anxiety, make our bodies lighter and our lives lighter.

Anxiety affects people’s health.

A bad lifestyle can also destroy a person’s health.

The "2021 Contemporary Young People Staying Up Late Report" shows that,More than 40% of young people say they stay up late almost every day and fall asleep after the wee hours of the morning.

As for the reasons for staying up late, there are mainly the following:

First, follow the drama and watch the video.

Second, swipe Weibo Zhihu and so on.

Third, play games.

Fourth, think about life

Fifth, online chat

Sixth, work.

It is a common phenomenon for young people to stay up late.

But universal does not mean that this is a normal, rational way of life.

What are the dangers of staying up late?

To put it mildly, skin deterioration, baldness, hair loss, memory loss, poor concentration… People will accelerate aging.

To put it more seriously, the harder you stay up late, the greater the risk of sudden death.

We often get this kind of news.

"The 22-year-old girl died suddenly after staying up late and working overtime."

"The guy was too excited to stay up late playing games and was sent to IUC for rescue…"

I can understand why many people stay up late.

The day belongs to the company, and the night belongs to you.

When night falls and the time approaches midnight, I rationally know it’s time to fall asleep, but my heart is full of unwillingness: brush for five minutes, brush for another five minutes…

It seems that only in this way can we cherish the precious time that belongs to us.

Is that really the only way?

No, definitely not.

If you enjoy it in advance, you will always come back later.

Today you stayed up too late, and tomorrow you will use all possible rest periods during the day to catch up on sleep.

Since that’s the case, we might as well change our posture and cherish time.

Move the sleep time forward a bit.

Push the wake-up time forward a bit.

This results in not only healthy work and rest habits, but also self-discipline.

Your body is better, and your willpower will be stronger than ordinary people – and self-disciplined people are generally not too bad.

Haruki Murakami said,The body is everyone’s temple, and no matter what is enshrined in it, it should be kept strong, beautiful, and clean.

May we be open-minded and look down on external gains.

Allow everything to be as it is, and accept that everything backfires.

May we all enjoy a disciplined and disciplined life.

Less indulgence, more delayed gratification, and always put health first in life.

Today’s topic

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Welcome to the comment area to share!

Author:Mr. Shuimu @Zhuojue, source: Mr. Shuimu said (ID: shuimujunshuo), analyze the society, share the view of education, and grow with 5 million readers. There is temperature, depth, and attitude. See you at 21:21 every night. Let our voice become the sound wave that promotes world change.

A post-00s mortician, entering the profession at the age of 16, does not eat meat, does not attend weddings, and does not touch babies…

These three colors are called "depressed colors", and if your child likes them, parents should pay attention!

//

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　 　 1905 movie network feature At many press conferences, Huang Xiaoming and Yang Mi were referred to as "national cp" by the propagandists, or some people would be a little dissatisfied to see such a big name, but regardless of whether the screen couple they formed was a good match or not, looking back at the years of hard work in the entertainment industry, the two still have a "fate".

　 　 In Zhang Ji’s version of "The Condor Heroes", Huang Xiaoming misses a group of women for life, and Yang Mi plays the infatuated little Guo Xiang. At that time, Yang Mi was still in school, and in the play, he called Huang Xiaoming "big brother" one by one, and occasionally his parents would come to visit the class during filming. After so many years, Yang Mi and Huang Xiaoming had never worked together again, but both of them had experienced various "spiritual tempering" from "being hacked" to "self-hacking". Now Yang Mi could casually tease the "foot odor" meme, and Huang Xiaoming would always use "making too much trouble" to recall his "black history"…

　 　 Until the two partnered again in "Why Sheng Xiao Mo" and became the male and female protagonists in the story of the "overbearing president" at the originator level, years of friendship and each other’s experience allowed them to seize the opportunity to black each other. During the interview, the two sat side by side. When Huang Xiaoming was reasoning for a long time, Yang Mi was next to him imitating his gestures. After he finished speaking, Yang Mi also said: If he were to chat with me, he would definitely be interrupted by me in less than a minute.

　 　 Don’t look at Huang Xiaoming as a senior brother of the film school and the "big brother" in "The Heroes of the Condor", Yang Mi is several steps ahead of him on the road of life: at present, Yang Mi is guarding Liu Kaiwei and Xiao Nuomi’s family of three, and Huang Xiaoming is still showing his love with Angelababy all day long. Yang Mi said that "Uncle Liu" is a gentle and considerate man. Under such care, although she became a mother, her mentality will always be a girl; Huang Xiaoming himself is actually a little anxious: it is time to get married and have children. I don’t want my children to be young when I am in my seventies and eighties.

　 　 But when it comes to the word "domineering president", as the most Jacques-Su-like actor in China, Huang Xiaoming immediately starts to play the role: "You have to impose your kindness on her, whether she accepts it or not."

　 　 These days, celebrities are too good at finding trouble for themselves.

interview transcript

　 　 1905 Movie Network: Is this style still taking the luxurious route?

　 　 Yang Mi: Not luxurious, our play is really not luxurious.

　 　 Huang Xiaoming: Yes, we are more realistic and not so beautiful. A lawyer has the identity of a lawyer, and he must wear the clothes he should wear. Zhao Mosheng also has her identity, but I still think that from the point of view of the girls, the style is still good-looking.

　 　 1905 Movie Network: Yang Mi has seen big scenes in it. Will he feel a lot simpler this time?

　 　 Yang Mi: You mean Brother Xiaoming has never seen a big scene?

　 　 Huang Xiaoming: I admit, I really haven’t seen any big scenes. It’s just a suit, it’s very boring, very boring…

　 　 Yang Mi: Eh! English! English!

　 　 Huang Xiaoming: Yes! English is so good~

　 　 1905 Movie Network: Has Yang Mi read the novel "Why Sheng Xiao Mo" before?

　 　 Yang Mi: Actually, I read it a long time ago, because I like reading novels in my life. After I knew I was going to shoot it, I watched it again, and I also talked to Tang Yan about this play. In fact, there was no communication on how to act, but just how the character was and everyone’s understanding.

　 　 1905 Movie Network: You always seem to be able to play the heroine of the novel that girls love to fantasize about.

　 　 Yang Mi: (with a shy face) How can it always be…

　 　 Huang Xiaoming: Yes! You summed it up right! Her appearance is typical of many heroines in novels. Maybe it’s because of her personality. I think an actor who creates a character must first be particularly suitable for this role, and her acting skills also make this character particularly full. The reason for the success of many movies and TV dramas must also be the credit of the male and female protagonists. Yang Mi is such an actor.

　 　 (At this moment, Yang Mi has been imitating Huang Xiaoming’s gestures when speaking.)

　 　 1905 Movie Network: Do you like to make fun of some of Huang Xiaoming’s signature moves?

　 　 Yang Mi: Because the two of us are too familiar, I wouldn’t dare to change others. Brother Xiaoming is a particularly tolerant person. I called him big brother when I was a child. He has never had a temper with me, no matter how much I run on him.

　 　 1905 Movie Network: After that, Huang Xiaoming seems to have played this "handsome" role again.

　 　 Huang Xiaoming: I’m not as serious as I used to be. As a person who came out of the film school, I always think that big movies are my destination. But at the beginning of making movies, I can’t get good roles. Later, when I want to break through, I will choose roles that are not handsome. Maybe I didn’t do well enough. Sorry for polluting everyone’s eyes. That was my mistake. Just like when you are a reporter, you may not be the best one, but you are still working hard. I am the same as everyone else. Maybe everyone doesn’t like the characters I play, but I worked hard and I broke through. Now "Why Sheng Xiao Mo" I really like this novel and the character He Yichen. As Yang Mi said, just do what you like. Life is not long, and it is very important to do what you like…

　 　 Yang Mi: I wouldn’t give him such a long time to chat with me. Maybe he was interrupted by me in less than a minute.

　 　 1905 Movie Network: What kind of character do you think He Yichen is when you read the novel?

　 　 Yang Mi: "Why Sheng Xiao Mo" is considered the originator of the overbearing president! When we were filming, we also read the script and read the novel, hoping to achieve the role in everyone’s mind.

　 　 Is Huang Xiaoming a domineering CEO in his life? He seems to be quite obedient in front of Baby.

　 　 Huang Xiaoming: (Seriously) It’s like this, that’s one side, and at the same time, I will also impose some arrangements and surprises on her, which is also a manifestation of domineering. You should impose your kindness on her, whether she accepts it or not, men should be like this, girls like surprises.

　 　 Yang Mi: (earnest) You understand women too well.

　 　 1905 Movie Network: Does Yang Mi like this type?

　 　 Yang Mi: I like the kind of boy like our Uncle Liu~ He is a gentle and considerate man who helps you think about and take good care of everything.

　 　 1905 Movie Network: When you read a novel, don’t you fantasize about being beaten by the male protagonist or something?

　 　 Yang Mi: I just fantasize about being beaten by the wall, so what have I become! (laughs)

　 　 1905 Movie Network: Is it because after becoming a mother, the mentality is not so girly?

　 　 Yang Mi: I have always been a girl! Because Uncle Liu has always protected me well, I have always been very young mentally.

　 　 1905 Movie Network: Now people all over the country are anxious about Huang Xiaoming’s marriage. Will you urge him as a past person?

　 　 Yang Mi: No, no, I’m talking about what he’s doing, what does it have to do with me…

　 　 Huang Xiaoming: That’s right! Whether I get married or not has something to do with her!

　 　 1905 Movie Network: Looking at Yang Midu’s family of three and happy, aren’t you in a hurry?

　 　 Huang Xiaoming: It’s alright. After all, it’s time to get married and have children. After all, I’m old, and I don’t want to wait until I’m in my seventies and eighties when my children are still very young.

　 　 1905 Movie Network: You two seem to be typical examples of mainland actors and actresses who have been on the road of self-destruction for a long time.

　 　 Huang Xiaoming: It has started, and it will go further and further.

　 　 Yang Mi: I can help hack him! I came up with a lot of jokes on the set.

　 　 1905 Movie Network: Which of you is stronger at heart?

　 　 Huang Xiaoming: It must be her! At a young age, I also want to learn from her.

　 　 Yang Mi: If you say that again, I should kneel down and draw…

　 　 1905 Movie Network: Compared with the TV series version, what are your chances of winning?

　 　 Huang Xiaoming: We don’t PK, we just work hard. (Yang Mi repeats this sentence on the side) Zhong Hanliang’s performance is really good, and there are things worth learning from. This is a sensitive topic. To put it bluntly, the entertainment industry is a big cake. You can’t finish it alone. Let’s eat it together.

　 　 Yang Mi: Actually, Tang Yan and I don’t care about each other’s performances in private. There are so many roles. If I don’t play, you can do it. If you don’t play, there are others. Just like when we held a press conference today, a reporter said that there were four movies promoting at the same time in one day. I think this kind of competition is healthy.