Following the hot sale of Huawei Pura 70 Ultra and Huawei Pura 70 Pro last week, Huawei Pura 70 and Huawei Pura 70 Pro+ were officially launched at 10:08 on April 22nd. ?

For Huawei’s mobile phones, the sales fever of "selling out immediately after listing" continues. At 10: 08 on April 22, Huawei Pura 70 and Pura 70 Pro+ opened their first sales and sold out quickly. According to official website, the starting price of Huawei Pura 70 is 5499 yuan, and the starting price of Pura 70 Pro+ is 7999 yuan.

In addition to the high popularity of mobile phones, Huawei has also made a strong attack in the automotive field.

On April 24th, Huawei will hold two conferences: Huawei Smart Car Solutions will hold the "2024 Huawei Smart Car Solutions Conference" and Huawei Digital New Energy will hold the "2024 Huawei Smart Electric & Smart Charging Network Strategy and New Product Launch Conference".

"Assault sales" reappears, and Pura 70 is hot.

On April 18th, Huawei launched the "HUAWEI Pura 70 Series Pioneer Program", and Pura 70 Ultra and Pura 70 Pro went on sale at 10:08 on the same day.

It is understood that there are four models of Huawei Pura 70 series. In addition to the Pro and Ultra versions that were launched on April 18, the remaining Pura 70 and Pura 70 Pro+ were also sold separately at 10: 08 am on April 22. From the price point of view, the Pura70 model with the lowest price in Huawei Pura 70 series starts at 5499 yuan, and the starting price of Huawei Pura 70 Pro+ is 7999 yuan.

It is understood that both Huawei Pura 70 Ultra and Pro series adopt super-focusing macro telephoto. Pura 70 Ultra is the only model equipped with super-focusing telescopic main camera, which is also a major innovation of Huawei in the field of mobile imaging. It is also equipped with the industry’s first rotating telescopic lens structure. Compared with conventional lenses, this design can take into account the thickness of the lens and the fuselage, and at the same time, plug in high-standard camera lenses to enhance the image ability of mobile phones.

At present, Pura 70 series continues the sales popularity of Mate 60 series, and the scene of "sold out in one second" has appeared many times, and the overall sales of Huawei mobile phones are also recovering strongly. Counterpoint data shows that smartphone sales in China bottomed out in the fourth quarter of 2023, increasing by 6.6% year-on-year, of which Apple’s mobile phone sales decreased by 9% year-on-year, and Huawei’s sales increased by 71.1% year-on-year.

At the same time, Huawei has also "recovered lost ground" in the high-end mobile phone market. Counterpoint report shows that in the global high-end smartphone market of 600 dollars or more (about 4,333 yuan) in 2023, Huawei reached 5% of the high-end market share, up from 3% in the same period in 2022.

Wang Peng said that Huawei’s R&D strength is its core strength, especially in communication technology (such as 5G), camera technology and artificial intelligence technology. Innovations in these fields make Huawei mobile phones ahead of their peers in performance, photography and intelligent experience.

Liang Zhenpeng, an observer of the consumer electronics industry, said in an interview: "Huawei’s current advantage in regaining global high-end market share lies in its technological innovation, R&D strength and in-depth understanding of the domestic market. However, the main difficulty lies in the acceptance of the global market and the response of competitors. Although Huawei Pura70 series has evolved in AI capabilities and HarmonyOS OS, it is not enough to completely reverse Huawei’s disadvantage in the global high-end market share. "

Zhijie "grabs the bill" Xiaomi SU7, which can deduct 5,000 yuan.

On April 11th, HarmonyOS Ecological Spring Communication Meeting was held, and Huawei and Chery officially announced that Zhijie S7 had achieved mass delivery, which could "deliver one car in one minute". Based on the strong manufacturing capacity, the intellectual community has also set its sights on Xiaomi SU7, whose production capacity is in short supply.

Recently, there is market news that Huawei’s Zhijie S7 is "grabbing" customers of Xiaomi SU7, buying Zhijie S7 and paying the final payment, which can deduct the 5000 yuan deposit of Xiaomi SU7 lock order from the car price.

It is understood that at present, there are three modes of cooperation between Huawei and car companies, namely, spare parts supply mode (providing standardized products such as laser radar and car networking module for car companies and electric control of motors), HI mode (namely HuaweiInside, car companies adopt Huawei’s full-stack solution, including hardware and software) and HarmonyOS Zhixing mode (Huawei is deeply involved in product design, marketing and terminal sales).

Zhijie S7 is the model of Huawei’s HarmonyOS Zhixing cooperation. In 2023, HarmonyOS Zhixing opened to 78 cities nationwide to join the user center, which provided a series of services including sales, delivery and after-sales. According to Ping An Securities Research Report, HarmonyOS Zhixing Store will operate independently, and it is planned to build 800 stores by 2024.

The reporter came to a Wuhan HarmonyOS Zhixing Super Experience Center for consultation. The relevant staff told the reporter that the policy of deducting the deposit of 5,000 yuan from Xiaomi by purchasing Zhijie S7 does exist. At present, it is only for Zhijie S7, and other HarmonyOS Zhixing models do not enjoy this discount. To enjoy the relevant discount, you need to show the lock voucher of Xiaomi SU7, and the activity will last until the end of May. Compared with Xiaomi SU7, the delivery speed of Zhijie S7 is relatively fast. The above-mentioned staff told the reporter that the current delivery cycle of Zhijie S7 is 2 weeks to 4 weeks. Now you can pick up the car in May, and some configurations need 4 to 6 weeks to pick up the car.

According to the Pacific Securities Research Report, Zhijie S7 is the first car in Huawei’s smart car selection business, which will further fill the layout of Huawei’s cars. With the large-scale delivery and further cooperation between Huawei and the OEM, Huawei’s auto business is expected to continue to achieve profitability after turning losses, and Huawei Smart Drive is expected to shape a new round of industry prosperity.

Behind the "battle for orders" between Zhijie S7 and Xiaomi SU7, the sales of Xiaomi SU7 far exceeded expectations, and the production capacity was "in short supply". At the beginning of April, a car buyer with a lock list of Xiaomi SU7 told reporters that the estimated delivery time of the Xiaomi SU7Max version of the lock list is 26-29 weeks later, and it will take almost the end of the year to pick up the car.

In response to this "battle", Lei Jun, founder and chairman of Xiaomi Group, also responded. On April 22nd, Lei Jun said at the Weibo: "At present, the production capacity and delivery speed of Xiaomi SU7 are increasing rapidly, and the standard version and Max have been delivered in advance. Many prospective car owners found in Xiaomi Auto APP that the delivery time is expected to be advanced. At Beijing Auto Show, I will introduce our production capacity and delivery plan in detail. If you are really anxious to buy a car, domestic new energy vehicles are good, for example, Zhijie S7, Weilai ET5, Tucki P7 series, etc., you can also consider buying. "

The official of Zhijie responded by saying: "Thank you, Mr. Lei, for recommending Zhijie S7! Super-large space, Huawei intelligent driving and HarmonyOS cockpit have now started scale delivery, and consumers are welcome to experience in the store! "

Huawei takes the lead! The overcharge alliance is about to start.

On April 24th, Huawei will hold two conferences: Huawei Smart Car Solutions will hold the "2024 Huawei Smart Car Solutions Conference" and Huawei Digital New Energy will hold the "2024 Huawei Smart Electric & Smart Charging Network Strategy and New Product Launch Conference".

Among them, official website, Huawei’s smart car solution, was officially launched yesterday. According to the agenda of the meeting, "2024 Huawei Smart Car Solution Conference" includes new product launch conference, smart car lighting, smart car control, computing platform, smart driving, smart cockpit and smart Che Yun theme forum.

Weibo, the official of Huawei’s smart car solutions, said that at the press conference, Huawei will launch a new brand, and invited many car companies, such as Extreme Fox, Changan Automobile, Aouita, Deep Blue Automobile, Blueprint Automobile, Warrior Technology and Guangzhou Automobile Chuanqi.

At the "2024 Huawei Intelligent Electric & Intelligent Charging Network Strategy and New Product Launch Conference", a new intelligent fusion solution in power domain will be launched for pure electric and extended range hybrid platforms, and a full range of ultra-fast charging solutions will be released.

It is worth noting that according to the agenda of the meeting, the meeting will also include the release ceremony of the "Overcharged Alliance".

Editor: Ye Shujun

Proofreading: William Wang

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　　(Year-end feature) Hong Kong | The economic winter has passed and the dawn is gradually emerging.

　　China news agency, Hong Kong, December 27th (Reporter Wei Huadu, Liu Chenyao) In 2022, the COVID-19 epidemic and the external environmental impact remained the same. In the eyes of some people, Hong Kong’s economic performance was not satisfactory. However, all walks of life in Hong Kong refused to "lie flat", and the road to normalization was difficult, but they became more and more brave. As the pace of "customs clearance" approached, the dawn of Hong Kong’s economy gradually appeared.

　　Hong Kong’s economic winter is over.

　　Judging from the data, Hong Kong’s economy once bottomed out in 2022. Since the beginning of this year, the Hong Kong SAR Government has repeatedly lowered its annual GDP growth forecast from 2% to 3.5% to minus 3.2%, and it is expected to record a fiscal deficit of over 100 billion Hong Kong dollars.

　　Wu Lixian, securities strategist of China Everbright Securities International Co., Ltd., said that Hong Kong is an export-oriented economy, and the goods exported from the mainland of China through Hong Kong have decreased due to the closure measures imposed by the epidemic and the weakening of external demand; In addition, interest rate hikes by major central banks around the world have also continuously impacted the investment environment in Hong Kong. This momentum will make Hong Kong’s economy still face challenges in the first quarter of next year, but Wu Lixian believes that the slowdown in foreign interest rate hikes in the second half of 2023, the economic stability in the Mainland and the relaxation of epidemic prevention measures will bring good news to Hong Kong.

　　In fact, the dividend has been delivered in advance in the last few days of 2022. On the evening of December 26th, the joint prevention and control mechanism of the State Council released the "Overall Plan for Implementing" Class B and B Tube "for novel coronavirus infection, which proposed to cancel the nucleic acid detection and centralized isolation for all personnel after entry. This means that Hong Kong will soon achieve "customs clearance" with the Mainland.

　　Zhuang Tailiang, executive director of Liu Zuode Institute of Global Economics and Finance of the Chinese University of Hong Kong, said in an interview with China News Service: "With the recent reopening of the mainland, the flow of people between the two places will drive up the retail, tourism and store rents in Hong Kong. It is estimated that Hong Kong’s GDP will increase by 5% next year."

　　Hold a grand event and return to the world stage

　　The economic forecast for the whole year is hardly optimistic. Chen Maobo, Financial Secretary of the Hong Kong SAR Government, once said that as long as the epidemic continues to be controlled and foreign activities are further resumed, it is expected to support the gradual strengthening of economic recovery in the future. In 2022, Hong Kong did just that.

　　Since the epidemic situation gradually stabilized in the second half of the year, "returning to normal" has been put on the agenda, and the entry epidemic prevention measures have been gradually relaxed, and restoring communication with the outside world has become the primary task. Since the end of August, the "Belt and Road" Summit Forum, Hong Kong Financial Technology Week, International Financial Leaders Investment Summit, International Rugby Sevens, and several Greater Bay Area Financial and Economic Forums have been held one after another, making Hong Kong become the international focus again.

　　Li Jiachao, Chief Executive of the Hong Kong Special Administrative Region, delivered the message "Hong Kong has returned to normal" to more than 200 foreign guests at the International Financial Leaders Investment Summit in early November, and received a positive response. International financial giants said at the meeting that Hong Kong is still a very important international financial center, and many foreign companies are preparing to increase investment in Asia and Guangdong-Hong Kong-Macao Greater Bay Area, and Hong Kong will provide assistance as a "super contact".

　　It was followed by the international rugby sevens tournament, an international sports event that had been away for three years. In just three days, it attracted more than 65,000 people, many of whom were foreign tourists from afar.

　　Zhu Jiajian, a Hong Kong invited member of the National Hong Kong and Macao Research Association, believes that foreign guests have come from afar, which shows their confidence and affirmation in the return of Hong Kong’s economy and proves Hong Kong’s attractiveness to international investors.

　　Grasp the opportunity and innovation power in the mainland

　　In 2023, Hong Kong is speeding up its return to normality and taking off again.

　　"The biggest opportunity for global development in 2023 is in China, and the biggest opportunity for Hong Kong’s development is in the mainland." Cai Guanshen, president of the Chinese General Chamber of Commerce in Hong Kong, believes that relying on the motherland is the advantage of Hong Kong’s economy. Hong Kong’s financial position is solid and its key advantage as a bridge for foreign capital to enter the mainland remains unchanged. I believe that after customs clearance with the mainland, Hong Kong’s economy will soon regain its vitality.

　　Cai Guanshen’s confidence comes from a number of new policies issued by Hong Kong this year. For example, Shenzhen Qianhai Administration and the Treasury Bureau of the Hong Kong SAR Government jointly issued "Article 18" in early September, including building Qianhai Shenzhen-Hong Kong International Venture Capital Cluster and facilitating two-way cooperation in cross-border investment between Shenzhen and Hong Kong. He believes that the innovative and breakthrough mechanism for the governments of the two places to support the development of private equity and venture capital funds can not only promote the cooperation between Hong Kong and Qianhai in financial technology, but also help to form agglomeration effect and promote the cross-border flow of innovative capital to form scale effect.

　　"All kinds of measures are believed to further attract funds interested in investing in the mainland to use Hong Kong as their base camp, open up the capital circulation between Hong Kong and Shenzhen, guide funds from all directions to invest in Greater Bay Area’s creative industries, and let finance serve the real economy." Cai Guanshen said.

Zhiji automobile /SIXGOD

In November, the hard-core off-road sales list was announced, with 20 models on the list. Among them, the tank 300 was overtaken by Leopard 5 and slipped to the second place; Looking forward to the sharp decline in U8 sales, only 278 units were sold, and the performance was not satisfactory; Although Ford Fierce Horse entered the top ten of the list, its sales volume failed to break through the thousand mark. Hongqi Guoyao was even worse, and almost fell to the bottom.

Leopard 5 successfully climbed to the top, tank 300 second, new energy off-road is more popular than pure oil models?

Specifically, Equation Leopard 5 performed well, ranking first with sales of 6,058 units per month, followed by Tank 300 and Tank 400 New Energy. These two models sold 5,397 units and 5,216 units respectively, and the sales gap was very small, showing the fierce competition in the market.

Maybe some netizens will wonder why Leopard 5, whose off-road performance is relatively inferior, is more popular than Tank 300 on the hard-core off-road sales list. The price ranges of the two cars overlap. Although the Leopard 5 is a new energy vehicle, it is equipped with BYD 1.5T plug-in system, and its comprehensive cruising range is as high as 1,200 km (NEDC), which not only has no endurance anxiety but also saves fuel, and the fuel consumption of the feed is as low as 7.8L/100km(NEDC).

In contrast, the tank 300 is more suitable for pure off-road enthusiasts because of its simple and durable structure and can withstand greater impact. As can be seen from the market trendThe demand of more users is only concentrated on light off-road rather than heavy off-road, which belongs to a relatively niche market.

In addition, two models, Tank 500 New Energy and Beijing BJ40, also made it into the top five of the list, with sales reaching 4,790 units and 3,993 units respectively.

The sales of Leopard 8 and Haval H9 were both cold, and Ford Fierce Horse failed to break through 1,000 units.

The sales volume of Equation Leopard 8 is 2,463 units, which is far less popular than Leopard 5 because of its high positioning (official price: 379,800-407,800 yuan). The performance of Haval H9 is similar to that of Leopard 8, with a sales volume of 2,328 units.

From the performance of the top models on the list, it can be seen that BYD is obviously inferior to Great Wall Motor’s reputation and user base in the hard-core off-road market segment, and the latter has higher market recognition in the field of new energy.

Prado and Ford Fierce Horse are both in the middle of the list, with sales of 1,904 units and 880 units respectively, and their overall performance is average, which failed to arouse enthusiastic response in the market; The sales of Tank 700 New Energy and Haval H5 hovered around 700 units, and failed to gain a firm foothold in the market.

Looking forward to U8′ s market downturn, Hongqi Guoyao and Beijing BJ80 are both he is my brother.

It is worth noting that the market performance of high-end models looking up to U8 declined, with sales of only 278 units. At the same time, the sales of paladin and Warriors are less than 200 units, and their appeal in the current market environment is very limited.

The performance of the last three models on the list is very bleak. Among them, the territory only achieved 70 sets of sales in a single month, and Hongqi Guoyao faced more severe challenges, with sales only staying at 6 sets. Its "he is my brother" BJ80 was also in trouble, and the market response was quite cold. Only 4 sets were sold in November, which was completely marginalized by the market.

Conclusion:Faced with these models with poor market performance, consumers need to be more cautious before buying to ensure that they can make rational and wise decisions.

The original article of Zhiyou Automobile, please contact us if you need to reprint it.

* The picture is from the Internet. If it is infringing, please contact the author to delete it. *

Mr. Feng learned from BYD that its new car Seal 06 GT will be officially launched on October 18th. Although BYD is now the absolute king in this market segment of 100,000-200,000 yuan. However, in this field, there are still many sub-models that can be explored, and Seal 06 GT is one of them.

Seal 06 GT is a pure electric medium-sized hatchback car based on E platform 3.0Evo. The estimated price range is 150,000-200,000 yuan, and the longest battery life can reach 605km.

The reason why Seal 06 GT is different is that the car is positioned as a pure electric small steel gun model, in other words, sports and performance are the highlights of its products.

From the design point of view, Seal 06 GT basically restored the concept car design concept of Ocean-M. Although the details such as headlights are in the same strain as Seal 06 DM-i, it can be seen that the positioning of the two cars is completely different.

For example, Seal 06 GT has made a more prominent design on both sides of the front face, making the whole front face effect more aggressive. Although it is a pure electric vehicle, it still has an opening under the front face. Mr. Feng blindly guessed that this is to achieve better heat dissipation effect. In addition, the front inverted "L" air duct opening is also real, so that more cold air can be delivered to the brakes.

In terms of size, the length, width and height of Seal 06 GT are 4630*1880*1490mm and the wheelbase is 2830mm, which even surpasses many sedan cars. Therefore, although the car is positioned as a hatchback and moves, it is believed that its daily practicality is beyond doubt.

In other design details, Seal 06 GT designed a blackened 19-inch petal-shaped wheel hub, and the brake calipers were also painted red, which enhanced the overall sense of movement. (However, at present, the equipment on the wheel is not outstanding, and there will be a stronger performance version after blind guess.)

In terms of interior, Seal 06 GT has not done too much sports treatment, and it can still see the family-style 15.6-inch rotating screen, integrated sports seat, electronic gear handle and so on. At the same time, DiLink, DiPilot and other functions are equipped.

In the power layout, Seal 06 GT will provide two different versions of rear drive and four-wheel drive, in which a single motor has two versions of power output, which are 160kW/310Nm and 165kW/330Nm respectively.

The four-wheel drive version is equipped with a dual-motor four-wheel drive system with a comprehensive power of 310kW, which can achieve zero acceleration of 4.9s, and will also be equipped with iTAC intelligent torque control system and FSD frequency variable damping shock absorber. Whether the car can bring surprises in driving is worth looking forward to.

In terms of battery life, Seal 06 GT has two kinds of battery packs with capacities of 59.52kWh and 72.96kWh. The two-wheel drive version has a battery life of 505km and 605km, and the four-wheel drive version has a battery life of 550km.

Generally speaking, Seal 06 GT is obviously not a pure sports performance model, but it can bring consumers more personalized modeling needs and sports pursuit on the premise of meeting home needs. You can not only buy food at home, but also chop off the track. This is the essence of steel cannon.

I don’t know what friends think, will such a small home sports cannon with a positioning personality fill the market vacancy and reproduce the attraction of golf and Fox to young consumers at the beginning, and what may the final price be? Welcome to leave a message for interaction, and Mr. Feng will continue to follow up.

* very important:

Can see the last of you, I hope I can pay attention to it. Quite cold male gray gray will do detailed model interpretation, evaluation, shopping guide and comparison for each new car on the market. I hope I can help you understand new cars and buy cars and provide the most effective help.

This is the first time that we have hit the entry price of Lu Zun to 269,900, just to let all users in China who are expecting MPV enjoy luxurious and comfortable MPV.

Haitao Xue, Deputy General Manager of SAIC-GM

For the first time, Buick entered the 250,000-yuan household MPV market.

On October 31st, SAIC-GM Buick brand-new GL8 Land Zun was officially launched, with three seven-seat models, namely, the first-seat version, the smart-seat version and the exclusive version, priced at 269,900 yuan ~ 339,900 yuan. At the same time, multiple listing rights were introduced, including replacement ceremony: up to 40,000 yuan; Purchase gift: 5,000 yuan; Financial gift: 24-60 low interest; Car maintenance ceremony: 5 maintenance times in 5 years; Traffic gift: smart screen in the back cabin of the basic car, free traffic; Upgrade courtesy: the exclusive version gives a smart screen in the back cabin, and the price is 6000 yuan.

Haitao Xue, deputy general manager of SAIC-GM, told "Qiuyan Finance" that "Buick used to sell high-end cars well. This time, we launched the first-class version, which is also the first time to hit the entry price of Lu Zun to 269,900 yuan. The final result depends on the market. " From the feedback of dealers, the first-to-enjoy version has attracted a lot of users’ attention.

If Buick’s brand-new GL8 Land Zun succeeds, it means that the king of the brand-new GL8 family will return. It is reported that the new GL8 Land Zun and the GL8 ES Land Zun models on sale are vertically switched, and the new GL8 Land Zun and the new GL8 Land Zun PHEV that exploded on the market have jointly impacted the MPV market.

Unlike Buick’s previous focus on the business market, the new GL8 Land Zun is aimed at the home market. Most of the reasons given by the car owners’ guests who appeared at the listing meeting were family needs, or travel/tourism needs of families with two children or extended families in it runs in the family.

Unlike GAC Toyota Saina, the new GL8 Lu Zun hopes to refresh the ceiling of luxury and comfort experience at the same level. The new GL8 Lu Zun inherits Buick’s deep accumulation in the MPV field, builds the "gold standard" of MPV industry in all dimensions such as design, comfort, quality, intelligence and safety, and realizes the new evolution of MPV king. Among them, the car has a total of 25 optimizations and upgrades in terms of humanized and comfortable configuration, high perception function, intelligent interconnection and intelligent driving technology, and many details of household needs are pursued to perfection in order to meet the full-scene car demand of high-end users.

Externally, the new GL8 Lu Zun follows the Buick PURE Design family design, and the front face adopts a matrix rhythmic light and shadow grille. The brand-new 2-meter-long penetrating light curtain split headlight supports six intelligent lighting modes, which echoes the penetrating taillights of crystal-penetrating cloud-level LED. The one-piece hidden door handle will automatically pop up when approaching the vehicle, and with the rhythm of Yun Qi Xuefei and the lighting pedal, it will make getting on the bus more ceremonial.

The new GL8 Land Zun has the gold body size that is most suitable for the urban roads and urban center scenes in China, with the length, width and height of 5219×1878×1807mm and the wheelbase of 3088mm respectively. The space of the trunk is flexible from 521 L to 1650 L, and the whole family can easily accommodate outings, picnics and camping. This size design not only meets the needs of users with spacious and comfortable seating space and abundant storage space, but also takes into account the convenience needs of narrow road traffic in urban areas and underground parking.

The new GL8 Luxun luxury configuration will not work, making the whole family travel more exquisite. The cockpit is extended with MPV classic seven-seat layout, and the second row is equipped with a brand-new Nappa leather feathered aviation seat, which meets the strict requirements of users for top luxury seats, such as "soft at first sitting, sedentary and not deformed for ten years", supplemented by six-way aviation headrest, electric leg rest, three-speed rapid heating/ventilation and other functions. The third row not only has the best spacious space at the same level, but also the seat back is newly upgraded with electric adjustment and one-button folding function, and is equipped with three rows of side window sunshade curtains to take good care of every member. The space inside the car also maximizes efficiency, so that children don’t bend over and adults don’t head.

The new GL8 Land Zun is equipped with a new generation of VCS intelligent cockpit, which has an EYEMAX 30-inch integrated cambered 6K screen, Qualcomm Snapdragon 8155 chip and 5G communication technology. At the same level, the only voice assistant with AI big model is introduced, which can be understood as soon as it is heard and answered with questions.

The new GL8 is the only one in its class equipped with a 15.6-inch smart screen in the rear cabin. The ceiling screen supports 5-speed electric adjustment and 0-150 manual adjustment. It can be controlled by touch control and Bluetooth remote control, supports Wi-Fi connection, Android and iOS wireless screen projection, and provides more than 1,000 kinds of APP downloads. It is equipped with the only 12-speaker Bose sound system in its class, and supports Bose Centerpoint? virtual surround technology, AudioPilot?2 noise compensation and other technologies. There are three independent intelligent air conditioners, co-pilot boss key, luxury folding small tables and iKey mobile phone keys.

The launch of the new GL8 LUZun will stir up and even expand the home MPV market in China.

Previously, Lu Xiao, general manager of SAIC-GM, pointed out, "As a mobile space for families, large SUVs are not the only choice. We look forward to having a better, high-end and family-oriented MPV. By then, the China MPV market capacity will not be the current annual sales of 1 million vehicles, and it may be 1.5 million vehicles or even 2 million vehicles in the future. "

Buick GL8 has experienced six iterations in the domestic market for 25 years. Among them, as the best-selling and most well-known model series in Buick MPV history, GL8 Luzun is the benchmark model leading the development in the luxury MPV market segment. Due to various reasons, in recent years, the sales volume of Buick GL8 declined, and in 2023, the MPV sales crown was handed over to Tengshi D9.

This year, with the launch of new products and a series of combination punches, Buick GL8 returned with glory, and its market share quickly rebounded to the first place in MPV market. In September this year, the GL8 family maintained a hot-selling state, and once again set a new monthly sales record for the whole year with the sales volume of 10,591 vehicles, ranking first in the MPV market. Among them, in September, the monthly retail sales of Buick GL8 was 4,368 vehicles, an increase of 18.4% from the previous month.

In September, the second millionth vehicle of GL8 family, the brand-new GL8 Luzun PHEV, rolled off the assembly line at the Jinqiao luxury car factory of SAIC-GM. This brand-new milestone (002219) marked that GL8 family became the first vehicle in the domestic high-end MPV market with production and sales exceeding 2 million vehicles.

Author | Wang Yajun 　

Cover Source | Douban Entry 　

On January 26th, Beijing time, Tesla released the latest financial report: in the fourth quarter of 2022 (hereinafter referred to as Q4), the revenue increased by 37% year-on-year to US$ 24.318 billion, and the net profit increased by 59% year-on-year to US$ 3.687 billion, both hitting record highs and exceeding market expectations. 　

During the period, Tesla’s vehicle production and delivery both reached new highs: Q4 produced 439,701 vehicles and delivered 405,278 vehicles, up 44% and 31% respectively. 　

On the first trading day after the financial report was released, Tesla closed up nearly 11% and its market value returned to 500 billion US dollars. 　

DanielIves, a well-known Tesla bull and Wedbush analyst, believes that Q4 in 2022 will be "one of the most important financial reports in Tesla’s history" because its dominant position in the electric vehicle market is facing new resistance in the past few years. 　

Before the financial report was released, Tesla took the lead in the unprecedented price reduction promotion in the domestic market on January 6, and then spread the price war to the United States, Europe and other places. Musk said in the earnings conference call that he saw the strongest order in Tesla’s history in January, and the current number of orders is almost twice the production capacity. 　

In 2023, Tesla gave a delivery target of 1.8 million vehicles in the financial report, an increase of 37% compared with 2022, which was lower than the previously set long-term target (an annual increase of 50%). However, Musk is also optimistic that if there is no external interference, 2 million cars may be produced and sold in 2023. 　

The price of cars has dropped, but the growth rate of delivery has slowed down. 　

In Q4 of 2022, Tesla, the "price butcher", once again showed the cutting edge of price reduction. 　

Since October, 2022, Tesla has successively reduced prices in China and North America. Musk’s goal is to sell all the cars produced in Q4 that year and usher in an "epic year-end". 　

However, due to the small price reduction, the effect of exchanging price for quantity is not satisfactory. Tesla delivered a total of 405,300 vehicles in Q4, with a year-on-year growth rate slowing from 71% in the same period of last year to 31%, and a year-on-year revenue growth rate of 37%, a record low in the past two years. MarkDelaney, an analyst at Goldman Sachs, believes that Q4′ s delivery data is "an increasing negative factor". 　

　In Q4 last year, Tesla’s output exceeded the delivery by 34,423 vehicles, and the annual difference was 55,769 vehicles. In 2022, Tesla delivered a total of 1,313,800 vehicles, which failed to reach the annual target (1,404,100 vehicles), and the throne of the annual new energy vehicle sales crown was also taken away by BYD. 　

As the most profitable new energy vehicle company in the world, Tesla’s net profit growth rate slowed down obviously in Q4 last year, even less than Q2, which was affected by epidemic and supply chain. 　

The price reduction promotion also lowered the gross profit margin. Tesla Q4′ s gross profit margin was 23.8%, down 3.6 percentage points from the same period of last year and 1.3 percentage points from the previous month, hitting a new low in nearly seven quarters. 　

　　In the face of the decline in profitability brought about by price cuts, Musk believes that Tesla can get compensation from autonomous driving. 　

In a Twitter space discussion at the end of 2022, Musk said that the value of a car that can drive automatically is much higher than that of a non-self-driving car. Even if the profit margin is extremely low when selling a car, it can be upgraded to automatic driving. It can bring a lot of income. "Only Tesla can do this." 　

FSD(FullSelf-Drive) brought Tesla $324 million in revenue in Q4. Tesla has released a beta version of FSD to almost all customers in North America, and the number is about 400,000. 　

In addition to the slowdown in growth and the decline in gross profit margin, Musk, as the soul of Tesla, was also distracted by Twitter. 　

Musk proposed to acquire Twitter in April 2022 and entered the company in October. After the acquisition, Musk reduced his holdings of Tesla shares worth nearly $23 billion. KoGuanLeo, the third largest individual shareholder of Tesla, said that Musk gave up Tesla and Tesla had no CEO. 　

The cold winter of Q4, together with Twitter nightmare, has impacted Tesla’s market value and Musk’s net worth. As of the close of the last trading day in 2022, Tesla’s share price fell by more than 50% in the fourth quarter. Affected by this, Musk became the first rich man in history to lose $200 billion. 　

　　

Weakened first-Mover advantage 　

Behind the slowdown in delivery, revenue and net profit growth is Tesla’s insufficient demand challenge in Q4. According to the financial report, Tesla Q4′ s global inventory supply days reached 13 days, up 225% year-on-year, the highest in the whole year. 　

Bernstein, an American investment research institute, said that the price reduction of Tesla’s promotion in China and the United States in 2022 means that Tesla may have a demand problem. 　

The long gap period of models is one of the important reasons for the decline in Tesla demand. In 2022, the combined delivery of Model3 and ModelY accounted for 94.92% of Tesla’s total annual delivery, but the release time of these two models should be traced back to 2016 and 2019 respectively. 　

Merrill Lynch once predicted in a report that by 2025, Tesla’s American electric vehicle market share will drop from the current 70% to 11%, because Tesla did not expand its product portfolio quickly enough, while traditional car manufacturers and new forces making cars are improving their product lineup. Standard & Poor’s Global Mobile also believes that although Tesla is still the best-selling electric vehicle brand in the United States, its competitors are launching more and more affordable models, and Tesla’s dominant position in the electric vehicle market is being weakened. 　

During the gap period of Tesla models, the pattern of new energy vehicle market in China has also changed greatly. According to the data of the Association, the market share of BYD’s new energy passenger cars increased from 19.5% in 2021 to 31.7% in 2022. In the same period, Tesla decreased from 10.7% to 7.8%. Wei Xiaoli also broke through the annual delivery of 100,000 vehicles in 2022, and plans to launch more models. 　

　

At the same time, Tesla’s technological aura is gradually eclipsing. 　

Tesla’s brand power is centered on the exploration and landing of new technologies, especially the combination with FSD. Musk also predicted that "autopilot software will become Tesla’s most important profit point", but FSD has never achieved true full autopilot. According to the calculation of CITIC Securities, from 2019 to 2021, the revenue of FSD accounted for 3.4%, 2.8% and 1.7% respectively. 　

Will the price war last? 　

At the beginning of 2023, Tesla cut prices sharply on a global scale. 　

On January 6th, all the models on sale in Tesla China market were reduced in price, with a drop of 20,000 ~ 48,000 yuan, and the promotion was unprecedented. The following week, Tesla spread the bonfire of price war to Japan, South Korea, North America, Europe and other places. 　

Price reduction is a double-edged sword. Daniel, the aforementioned Wade Bush analyst, believes that Tesla’s price reduction may increase the global delivery this year by 12% ~ 15%. Deutsche Bank predicts that Tesla’s gross profit margin will drop by 3 percentage points in 2023 compared with 2022. 　

At the earnings conference call, Tesla did not release the expectation of continuing to exchange prices. Musk said that Tesla raised the price slightly because the demand after the price reduction far exceeded the output. On January 24, Tesla raised the price of the ModelY dual-motor all-wheel drive model sold in the United States by $500. Tesla CFOZachKirkhorn also said in the earnings conference call that the gross profit margin of automobiles will be higher than 20% this year. 　

Tesla’s price reduction action is bound to cause a rebound of competitors. Haitong Securities believes that Tesla will increase market sales by reducing prices, announcing that the electric vehicle industry will officially enter fierce competition in 2023, and global car companies will face great pressure to compete head-on. 　

On January 13, AITO asked the community to announce that the price of some of its models would be lowered by 28,800 ~ 30,000 yuan. On January 17th, Xpeng Motors, which is still at a loss, announced that it would adjust the price of its G3i/P5/P7 models, with an overall decrease of 20,000 ~ 36,000 yuan. 　

The day after the official announcement of price reduction, He Xiaopeng, chairman of Xpeng Motors, said at the annual summary meeting, "Either you are brilliant enough with everyone, or you will die with a bang". 　

BYD, which did not follow the price cut, launched a million-class luxury car the day before Tesla’s domestic price cut in an attempt to get more cakes in the high-end market. 　

In the face of rivals who are chasing after each other step by step, Tesla urgently needs to find new sales growth points. 　

FranzvonHolzhausen, chief designer of Tesla, said on January 16th that Cybertruck, a pure electric pickup truck, had finished the design and was ready to put into production. The market generally believes that if Cybertruck can be listed as scheduled, it will become a new growth point for Tesla in the North American market in 2023. 　

Cybertruck； Source: Tesla official Weibo 　

　Musk said in the earnings conference call that Cyberruck may start production in the summer of 2023, but the real mass production work will begin in 2024, and Cyberruck’s contribution to profits will not be great this year. 　

Cheap models are another sales growth point besides Cybertruck. Musk predicts that the cost of the next-generation car platform will be half that of the second-generation platforms (Model3 and ModelY), and its output may be higher than the sum of all the company’s current products. 　

Tesla said in Q4 financial report that more details of the next-generation car platform will be released on March 1, 2023, Investor Day. Analysts of venture capital firm LoupVentures believe that Tesla’s affordable model Model2 will not be launched until 2024. 　

In addition, Tesla has to consider the impact of the macro environment. 　

In a Twitter discussion at the end of 2022, Musk believed that the severity of the economic recession in 2023 was equivalent to that in 2009, which would affect the demand for automobiles and lead to an increase in the consumption cost of automobiles. However, in the earnings conference call, Musk also said that the economic recession will reduce Tesla’s costs, which in turn will bring higher profit margins. However, he stressed that this was only his guess. 　

Twitter is also a variable that Tesla will face this year. In December 2022, Musk launched a vote on whether he should step down as CEO of Twitter. 57.5% of users thought he should resign, but Musk still serves as CEO of Twitter. 　

In the earnings conference call, Musk "showed off" his Twitter account with 127 million fans, and said that Twitter created demand for Tesla. At present, Musk has renamed his Twitter account "Mr. Twitter". 　

Competition in the industry has intensified and the first-Mover advantage has diminished. In 2023, Tesla will still face severe challenges.

Recently, under the command and coordination of the Provincial Public Security Department and with the support of the environmental protection department, Zhuhai police, in conjunction with police in many places, launched a simultaneous network-closing operation, which destroyed the "1.29" criminal gang led by Zhang Mokun in one fell swoop, arrested more than 120 criminal suspects, found 9 oil storage points, and seized 39 vehicles, 62 oil drums, more than 100 boxes of used engine oil and 61 tons of used engine oil substances used for illegal transportation, storage and disposal.

　　At the beginning of this year, Zhuhai police found that a man surnamed Zhang organized illegal recycling and resale of waste engine oil in Zhuhai, Zhongshan, Jiangmen and Shenzhen. After investigation, since the end of 2015, Zhang Mokun organized relatives, fellow villagers and others to illegally purchase waste engine oil, and after centralized storage, sedimentation and filtration, they sold it again, illegally disposing of more than 30,000 tons of hazardous waste waste engine oil, involving more than 60 million yuan. There are strict laws and regulations on the recovery and disposal of waste engine oil, and only units with the qualification of hazardous waste management can recover and dispose of it. Zhang Mokun and others do not have the qualification conditions, and their behavior poses a great threat to the public safety and environmental safety of our province. On the 12th, Zhuhai, together with the police in Shenzhen, Shantou, Zhongshan, Jiangmen and other places, launched a simultaneous network-closing operation and successfully destroyed the criminal gang.

　　Shi Zifu, Harbor Business Watch

　　In the sub-field of matching in the same city, flash delivery is usually regarded as a leading participant in the industry. However, this market is highly competitive, and only the well-known SF City, JD.COM Hours and Dada Seconds are not small rivals.

　　On October 4th, Flash (FLX.US) was successfully listed on NASDAQ, with an issue price of US$ 16.5 /ADS and a total fundraising of US$ 66 million. As of 9: 38 EDT on October 8th, the stock price of Flash dropped to about US$ 15. According to Tianyancha, the domestic operation entity of Flash is Beijing Tongcheng Bing Technology Co., Ltd..

　　01

　　Achieve profitability in 2023.

　　Official website introduced that Flash Delivery is a one-to-one express delivery platform in the same city’s instant delivery industry, providing personal and corporate customers with special express delivery services on demand. The brand of Flash Delivery is FlashEx or Flash Delivery, which means instant delivery.

　　According to the data of iResearch, in terms of revenue in 2023, Flash is the largest independent on-demand express service provider in China. In 2023, the market share of Flash in China’s independent on-demand express service is about 33.9%.

　　Different from the delivery service provider that adopts the order consolidation mode, Flash initiated and always focused on the special delivery mode of on-demand delivery. For each order, Flash will assign a special Flash-Rider to pick up the order and deliver it to the recipient without merging multiple orders or changing hands on the route.

　　As of June 30, 2024, Flash has about 2.7 million registered riders, and its service coverage has been extended to 295 cities in China.

　　From 2021-2023 and January-June 2024 (hereinafter referred to as the reporting period), Flash Delivery fulfilled 158.6 million, 213.4 million, 270.7 million and 138.1 million orders respectively; In the current period, the company realized revenue of RMB 3,039.8 million, RMB 4,002.7 million, RMB 4,528.8 million and RMB 2,284.5 million respectively, and realized gross profit of RMB 189 million, RMB 259 million, RMB 395 million and RMB 257 million respectively, with gross profit margins of 6.2%, RMB 6.5%, RMB 8.7% and RMB 11.3 respectively.

　　It is not difficult to understand the reason for the increase in revenue, which is related to the increase in the company’s orders in the current period. In terms of net profit, flash delivery generated a net loss of 291 million yuan and 180.4 million yuan in 2021 and 2022 respectively, and realized a net profit of 110 million yuan (US$ 15.205 million) and 124 million yuan (1702.0) in 2023 and January-June 2024 respectively.

　　For the realization of profit in 2023, the flash payment is attributed to the increase of other income caused by the increase of government subsidies. In 2023, other income from flash delivery was 74.3 million yuan (US$ 10.2 million), compared with 9.2 million yuan in the same period in 2022.

　　In the revenue composition of Flash-Riders, the salary and incentive paid to Flash-Riders are the biggest components of the company’s revenue cost. During the reporting period, it was 2.751 billion yuan, 3.614 billion yuan, 3.975 billion yuan and 1.951 billion yuan respectively, accounting for 90.5%, 90.3%, 87.8% and 85.4% of the total income of the current period respectively.

　　In addition, the attention of the outside world is high. During the reporting period, the average income of a single order delivered by flash was 19.2 yuan, 18.8 yuan, 16.7 yuan and 16.5 yuan respectively, showing an obvious downward trend. Although the order volume is rising, the continuous decline of single income is still likely to affect the overall operating performance of the company.

　　02

　　Downgrading various fees, more than 8,000 complaints.

　　The operating expenses of flash delivery include sales and marketing expenses, general and management expenses and research and development expenses. In the total cost, sales and marketing expenses account for the vast majority.

　　According to the prospectus, the sales and marketing expenses of flash delivery mainly include: advertising and marketing expenses, staff costs related to sales and marketing functions, rent and depreciation, and advertising expenses mainly include endorsement fees and advertising fees. During the reporting period, the sales and marketing expenses of flash delivery were 272 million yuan, 240 million yuan, 188 million yuan and 89.738 million yuan respectively, accounting for 8.9%, 6.0%, 4.2% and 3.9% of the corresponding income respectively.

　　General and administrative expenses of flash delivery mainly include: salaries and related costs of employees engaged in general company functions, professional fees and other general company expenses, as well as expenses related to the use of facilities and equipment. During the reporting period, the company’s general and administrative expenses were 113 million yuan, 103 million yuan, 105 million yuan and 45.505 million yuan respectively, accounting for 3.7%, 2.6%, 2.3% and 2.0% of the corresponding income respectively.

　　In addition, R&D expenses mainly include: staff costs, rent and depreciation related to R&D functions, and other expenses related to R&D functions. During the reporting period, the R&D expenses of Flash were 105 million yuan, 119 million yuan, 90.847 million yuan and 41.306 million yuan, respectively, accounting for 3.4%, 3.0%, 2.0% and 1.8% of the revenue in the corresponding period.

　　In the first half of 2024, Flash reduced the sales and marketing expenses, general and administrative expenses, and research and development expenses, by 8.56%, 13.17% and 18.6% respectively compared with the previous year. Some market participants told Harbor Business Watch that it is not ruled out that this year is facing fierce market competition and the consumption environment is weak. In order to improve profitability and IPO, Flash delivery has carried out all-round cost control.

　　Flash accounts payable mainly refer to the remuneration payable to Flash-Riders. By the end of 2022, 2023 and the end of the first half of 2024, the accounts payable for flash were 356.1 million yuan, 339.8 million yuan and 314.6 million yuan respectively. In the same period, the company’s cash and cash equivalents were 622 million yuan, 699 million yuan and 712 million yuan respectively.

　　In 2021 and 2022, the net cash used in flash business activities was 194.9 million yuan and 86.8 million yuan respectively, and in 2023, the net cash provided by flash business activities was 45.7 million yuan.

　　In the first half of 2024, the net cash provided by Flash business activities was 20.7 million yuan (US$ 2.8 million). Flash mentioned that the company’s main source of liquidity was equity financing income. In March, April and May, 2021, the company obtained 747.8 million RMB from D2 financing. As of June 30, 2024, Flash had cash and cash equivalents of 711.7 million yuan (US$ 97.9 million).

　　Flash delivery mentioned in the prospectus that the company does not employ any lightning riders, and provides special express service for individual and corporate customers by relying on Flash-Riders. The company usually regards such lightning riders as independent contractors.

　　In this context, there are also many consumer complaints about flash delivery. As of October 8, the keyword "flash delivery" was searched on the black cat complaint platform, with a total of 8,128 complaints, and 5,744 complaints have been completed. In the last 30 days, there were 213 complaints, with an average of 7.1 complaints per day. Consumer complaints focus on time delay, overlord clauses, arbitrary deduction of service fees, unreasonable punishment of riders, and unauthorized cancellation of orders.

　　03

　　Valuation has shrunk dramatically, how to break through the competition in the Red Sea?

　　Tianyancha shows that at the beginning of its establishment in March 2014, Flash received millions of RMB angel round financing from Jingwei Venture Capital; In June of the same year, the company also received millions of dollars in Series A financing from Jingwei Venture Capital and CDH Investment. In July and August, 2015, Flash completed $50 million in Series B financing and Series B+ financing respectively, with investors including Jiuding Investment, Light Source Growth Fund and Tiantu Investment.

　　In February and June of 2017, Flash completed the C and C+ rounds of financing respectively, and the transaction amount of both rounds was USD 50 million. In August, 2017, August, 2018 and March, 2021, Flash completed the D, D+ and D++ rounds of financing respectively, among which the investors in the D+ round of financing included Haisong Capital, Wuyue Capital, Yuanxing Capital, Haina Asia Venture Capital, Shunwei Capital, Changbai Xing Capital, Shunliang Investment, Hearst Capital and Light Source Venture Capital, with a transaction amount of 60 million.

　　The investors in the flash D++ financing include Shunzhi Capital, Wuyue Capital, Haina Asia Venture Capital Fund, Tiantu Investment, Haisong Capital, AlphaSquare Group, Qiyuan Investment Axiom Asia Private Capital, Qian Shan Capital and Zhongcai Capital, and the transaction amount reached 125 million US dollars.

　　However, in the instant delivery market, flash delivery faces a lot of market competition.

　　In the field of traditional logistics and distribution, SF Express’s SF Express delivery, running errands, and helping to buy services, with an average of one hour in the whole city; JD.COM’s instant retail business is aimed at consumers’ JD.COM Hours, and in May 2024, JD.COM Hours and other brands were upgraded to "JD.COM Seconds Delivery"; Dada Group’s Dada seconds to send help, help to send, run errands, 1 hour; Hungry? Hummingbird, its real-time logistics platform, also provides consumers with comprehensive life services such as home catering service, supermarket service, help buy and help deliver.

　　In addition, after the completion of the D++ round of financing in March 2021, the valuation of flash delivery reached 2 billion US dollars (equivalent to about 14 billion yuan). According to the Hurun Global Unicorn List in 2024, the flash valuation is about 7 billion yuan, down about 40% from 2021. Up to now, the flash market value is about $1.078 billion.

　　According to the Research Report on Instant Distribution Industry in China released by iResearch, the scale of the instant distribution industry will be about 341 billion yuan in 2023, and it is estimated that the scale of the industry will exceed 810 billion yuan in 2028.

　　Mo Daiqing, director and senior analyst of the online retail department of the E-commerce Research Center of NetEconomy & Society, pointed out that the competition in the instant delivery market is becoming more and more fierce. For example, Dada Group and SF Express have been successfully listed in the same city, and the rookie also announced to upgrade its express delivery service in the same city and launched the "half-day service". Backed by giants such as JD.COM, SF Express and Ali, they have strong financial support and business resources. In addition, there are some new "showstopper". For example, last year, the cargo Lala announced the online errands business; Didi also launched Didi errands service; Gaode Map announced that it has cooperated with a number of instant delivery companies to provide errands through its platform; Tik Tok, Aauto Quicker, Oriental Selection, etc. are also accelerating the trial of instant retail.

　　Although it has been successfully listed, on the one hand, its profitability is under great pressure, and on the other hand, how to successfully break through in the Red Sea industry has also been tested.

On August 10th, Jiyue Automobile officially announced the official interior map of the brand’s brand-new medium and large pure electric car. It is reported that this car adopts the design concept of "AI Aesthetics", showing the charm of pure China original design.

In the interior, Extreme Yue 07 continues the design of family style, with minimalism as the leading factor. Among them, the design of the half-width steering wheel is eye-catching, and its development cost is as high as 20 million yuan. Officials said that this design not only provides a good grip, but also ensures that it does not block the driver’s line of sight. In addition, the button design in the car is also extremely simple.

The interior adopts embracing design, and the center console is equipped with a whole penetrating suspension screen with a size of 35.6 inches and a resolution of 6K, and colorful atmosphere lights are incorporated to create a sense of technology and advanced. There is also a wireless charging panel at the lower part of the center console to provide convenience for passengers. The new car also features an integrated seat design and a small screen in the center of the rear row.

In appearance, the car body size of Extreme Yue 07 is 4953mm long, 1989mm wide and 1475mm high, with a wheelbase of 3013mm, and it is positioned in medium and large cars. Its short front and rear suspension and long wheelbase design make the body look full and dynamic. There is also an electric spoiler at the tail, which automatically rises when the speed exceeds 95km/h, further enhancing the value of the whole vehicle.

According to the declaration information, the Extreme Yue 07 dual-motor version can output a maximum power of 400 kW, and is equipped with a maximum speed of 200 km/h.. It is expected that the new car will be listed this year, and the price is expected to be in the range of 200,000-300,000 yuan. It is worth mentioning that Extreme Yue 07 will also adopt pure visual high-order intelligent driving technology, which is provided by Baidu.

CITICS

Edible oil can be divided into vegetable oil and animal oil according to the category. Edible vegetable oil is the main domestic consumption, and the consumption of animal oil is decreasing year by year. According to the statistics of the National Bureau of Statistics, the proportion of edible vegetable oil in the per capita edible oil consumption of rural households in China has increased from 56% in 1980 to 90% in 2018. Edible vegetable oil is mainly produced from upstream soybeans, rapeseed,

Planting oil seeds such as peanuts and sunflower seeds, squeezing, refining and packaging to obtain packaged edible oil products; In addition, the by-product oil meal can be used as an important feed raw material, while the primary processed products such as crude oil can be used to manufacture daily chemical products, high-quality basic chemicals, nutritional products, etc., which are widely used in food, chemical industry, medicine and other industries.

In recent years, the consumption of edible vegetable oil has increased steadily.

With the increase of per capita edible oil consumption and the substitution of edible vegetable oil for edible animal oil, the consumption of edible vegetable oil in China has continued to increase, and the growth rate of industry consumption has gradually slowed down after 2005, stabilizing at single-digit growth.

According to the statistics of National Cereals and Oils Information Center, in 2017/18 (from October 2017 to September 2018, the same below), the consumption of edible vegetable oil in China reached 34.4 million tons, and the CAGR reached 4.5% in the past five years. Among them, the production of edible vegetable oil reached 29.63 million tons, and the CAGR reached 4.5% in the past five years. Some edible vegetable oils were supplemented by imports.

Soybean oil-rapeseed oil is dominant, and oilseed soybeans are mainly imported.

In terms of scaleAccording to USDA data, the consumption of soybean oil and rapeseed oil in China in 2018/19 reached 15.89 million tons and 8.39 million tons respectively. The consumption of peanut oil, sunflower oil and corn oil ranks second. According to USDA data, the consumption of peanut oil and sunflower oil in China in 2018/19 was 3.09 million tons and 1.5 million tons respectively.

From the perspective of growth rateIn recent years, sunflower oil and olive oil have increased rapidly, with CAGR reaching 10.1% and 6.7% respectively in the past five years.

From the perspective of supplySoybean oil, rapeseed oil and peanut oil are mainly made in China, while sunflower oil and olive oil are mainly imported, accounting for 69% and 93% of consumption; From the perspective of oil materials (raw materials for oil extraction), soybeans are mainly imported, and imports in 2018/19 accounted for 97% of the crush.

Packaging edible oil: soybean oil dominates the market, and consumption is gradually escalating.

According to the packaging methods, edible vegetable oil can be divided into bulk oil, medium packaging edible oil and small packaging edible oil.

In recent years, with the continuous promulgation of national laws and regulations on restricting the sale of bulk oil, the improvement of residents’ living standards and consumers’ increasing awareness of food safety, the consumption of bulk oil has gradually decreased, and the consumption of small and medium-sized packaged edible oil has gradually increased, occupying the main position in the edible oil market.

According to Euromonitor statistics, the consumption of packaged edible oil in China reached 14.67 million tons in 2019 (excluding industry), and the CAGR was 4.8% in 2014-2019. It is expected that the industry will continue to grow steadily in the future, and the expected sales volume CAGR in 2019-2024 is 3.7%.

Looking at retail channels alone, the sales volume, sales volume and retail price of packaged edible oil in 2019 were 103.1 billion yuan, 8.39 million tons and 12,292 yuan/ton respectively, corresponding to CAGR of 2.2%, 3.8% and -1.5% in 2014-2019 respectively.

Soybean oil dominated, and the proportion of high-priced edible oil increased.

In terms of categories, soybean oil is still dominant in packaged edible oil.

According to Euromonitor statistics, in 2019, China’s soybean oil sales accounted for 44%, and rapeseed oil, peanut oil and sunflower oil accounted for 10%, 9% and 7% respectively.

From the retail price, olive oil is much higher than other categories, reaching 97,000 yuan/ton in 2019; Peanut oil and sunflower oil are relatively higher than the average level, with 14,300 yuan and 13,600 yuan/ton respectively in 2019; Soybean oil and rapeseed oil are the most common edible oils, and the price per ton is relatively low. In 2019, they were 11,200 yuan and 10,100 yuan/ton respectively.

With the improvement of people’s consumption level, the sales growth rate of relatively high-priced edible oil is ahead. From 2014 to 2019, the sales of olive oil, peanut oil and sunflower oil reached 9.9%, 5.9% and 8.3% respectively, which was higher than the industry average.

Modern channels are dominant, especially high-priced oil.

Small-package edible vegetable oil has both the attributes of hoarding goods and giving gifts, so modern channels such as supermarkets and supermarkets are the main sales channels.

According to Nielsen statistics (quoted from the company’s prospectus), in 2019, the sales volume of small package edible vegetable oil in supermarkets and supermarkets accounted for 32.4% and 30.9% respectively.

Especially for sunflower seed oil, rice oil, peanut oil, olive oil, etc., the total proportion of hypermarkets and supermarkets is over 70%.

Judging from the trend in the past three years, the proportion of overall hypermarkets has declined, the proportion of supermarkets has increased, and other channels have changed relatively little.

In the future, the industry will grow steadily and the upgrading trend will continue.

In the future, the domestic packaged edible oil industry is expected to maintain a steady growth trend. According to Euromonitor’s forecast, the domestic packaged edible oil sales CAGR will reach 3.7% from 2019 to 2024.

With the increase of people’s income level and the demand for health and quality, the demand for high-end edible oils (such as sunflower oil and olive oil) with more balanced and rich nutrients will continue to increase in the future.

According to Euromonitor’s forecast, from 2019 to 2024, the traditional sales of soybean oil and rapeseed oil will be only 1.5% and 2.7%, while the consumption of sunflower oil and olive oil will reach 4.1% and 5.4% respectively, and the proportion of high-end edible oil sales is expected to continue to increase.

Source: CITIC Securities, "The leading grain and oil company is Hengqiang, and its listing efforts have reached a new high"