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Chery Jietu Traveler Hybrid Edition Named Shanhai T2： Equipped with Kunpeng C-DM system, it will be launched around the Beijing Auto Show in April

On March 12, Chery’s Jietu Automobile announced today that the new car, known as the "travel off-road super hybrid SUV", will be launched around the Beijing Auto Show in April this year.

Chery Jietu Mountain Sea T2 Poster

In terms of power, Jietu Shanhai T2 is equipped with Chery Kunpeng C-DM hybrid system, equipped with a 1.5TGDI hybrid special engine and a 3-speed DHT gearbox. The maximum power of the engine part is 115 kW, the peak torque is 220 N · m, and the maximum thermal efficiency exceeds 44.5%;

Jietu Shanhai T2

In terms of batteries, the new car is equipped with a pure electric battery life of 208km and a comprehensive battery life of more than 1300km.

Jietu Shanhai T2

In addition, the model is also equipped with a 15.6-inch central control screen, built-in Qualcomm Snapdragon 8155 chip, and supports features such as FOTA smart upgrades.

Jietu Shanhai T2

IT Home Inquiry Jietu official website learned that the length of 4785 mm, width 2006 mm, height 1880 mm, wheelbase 2800 mm, equipped with 1.5TDGI/2.0TDGI engine, 7-speed wet dual-clutch transmission/8-speed AT transmission, the official guide price 13.99-18 4,900 yuan.

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This pharmaceutical stock has risen 9 times in a month, and the boss of Nongfu Spring is actually an invisible billionaire in the pharmaceutical industry

Image source @Visual China

Titanium Media Note:This article comes from WeChat official account eight points health news (ID: HealthInsight), author: Wu Yeting, editor in charge: Wang Jilu, titanium media authorized to publish.

In more than a month, 21 trading limits, the stock price rose from 8.75 yuan to 84.82 yuan, an increase of nearly 9 times, and it has not stopped, Wantai Bio is likely to become the most rising new stock in 2020. This is also far more than the 16 trading limits of WuXi PharmaTech in 2018 and the increase of nearly 5 times.

Along with the stock price, there is the value of the actual controller Zhong Shanshan, whose shares in Wantai Bio have reached 27.60 billion yuan. In September 2001, he spent 17.10 million yuan to buy 95% of the shares in Wantai Bio, which has increased by 1600 times in 19 years. And the low-key Zhong Shanshan, the most well-known commercial version of the picture, is about to be listed on the Hong Kong Stock Exchange. It is estimated that the market value will be 100 billion after the listing, and the wealth of Zhong Shanshan will exceed 100 billion.

Wantai Bio was established in 1991 as a Sino-Japanese joint venture. Since then, its shares have been converted several times, and its main business has remained unchanged. It is mainly engaged in the research and development, production and sales of in vitro diagnostic reagents, in vitro diagnostic instruments and vaccines.

Although the main business is vaccines, Wantai Bio’s first vaccine was developed in 1998 and did not go on sale until 2012. Moreover, this is a hepatitis E vaccine. Its sales revenue in 2019 was only over 14 million, accounting for less than 2%.

To this year, the first real market prospects of the main product, from 2003 began to develop the 2-valent human papillomavirus vaccine (HPV vaccine, cervical cancer vaccine) Xin Kening (Cecolin) before the market, and Wantai biological investment in research and development costs have exceeded 1.10 billion yuan, it can be seen that the pharmaceutical industry really needs time and capital to temper.

Wantai Bio’s Xinkoning is the third HPV vaccine in the world, which was approved on the same day, as well as Watson Bio’s 13-valent pneumococcal polysaccharide conjugate vaccine, which is China’s first 13-valent pneumonia vaccine. Pfizer’s annual sales are $5.80 billion. After the COVID-19 pandemic broke out, Kanginuo and Kexing Bio were in the first sequence of global COVID-19 vaccine development.

So, is China’s vaccine industry starting to shift from the sales-driven trend of the past to the trend of emphasizing R & D and paying attention to both legs? Is the popularity of Wantai Bio a projection of the industry emerging from the shadows after the "vaccine crisis" in 2018, or a capital hype for vaccine stocks under the COVID-19 pandemic?

Since landing on the main board of the Shanghai Stock Exchange on April 29, Wantai Bio has stably maintained the rhythm of the daily limit of each trading day, and by June 1, it has continuously harvested 21 one-word daily limit boards.

Up to now, the record of new shares listed on the main board of the Shanghai Stock Exchange this year is the Star Semiconductor listed in February, which has achieved 22 one-word daily limit. Followed by Wantai Bio, and Wantai Bio has not yet opened the board and is expected to break the record.

And pushing the time forward to a longer cycle, according to Wind data statistics, since the implementation of the first day of listing restrictions on new shares in 2014, a total of 51 new shares have exceeded 20 after listing. After Jucan Optoelectronics, which listed in October 2017, Star Semiconductor and Wantai Bio are the only two new shares that have reached 20 one-word boards in more than two years. Also in the pharmaceutical field, the last one with the largest number of boards was WuXi AppTec, which listed in 2018. After 16 one-word boards, it rose from 21.6 yuan to 92.91 yuan.

According to the data disclosed in the prospectus, Wantai Bio achieved revenue of 949 million, 983 million yuan and 1.184 billion yuan in 2017, 2018 and 2019 respectively, the largest proportion of which is diagnostic reagents. However, this composition is about to change. Wantai Bio’s HPV vaccine has been officially listed in May this year, and the company expects sales revenue to usher in explosive growth.

Since the outbreak of the COVID-19 pandemic, Wantai Bio, together with the National Research Center for Infectious Disease Diagnostics and Vaccine Engineering Technology (NIDVD) of Xiamen University, has developed 11 detection reagents such as the novel coronavirus antibody detection kit (double antigen sandwich method), and invested in the research and development of the recombinant protein new coronavirus vaccine candidate (COVID-19XWG-03).

Detection kits and vaccines related to COVID-19 are an important reason for the continuous rise of Wantai, a securities analyst to eight health news analysis, detection and vaccine are two important concepts involved in Wantai, the former product quality has been internationally recognized, exported to many countries; the latter because the final can be completely against the novel coronavirus will be the vaccine, and the companies involved in the development of COVID-19 vaccines, including Wantai Bio, have a certain degree of overgrowth.

In vitro diagnostics and vaccines are the core business of Wantai Bio.

In vitro diagnosis refers to a diagnostic method that obtains clinical diagnostic information by testing human samples (blood, body fluids, cells, tissues, etc.) outside the human body. Internationally, it is collectively referred to as IVD (In-Vitro Diagnostics). During the COVID-19 pandemic, nucleic acid testing with pharyngeal swab sampling is an in vitro diagnostic method.

According to its prospectus, Wantai Bio has formed characteristic testing products in AIDS, hepatitis, tuberculosis, dengue virus, etc. In 2019, diagnostic reagents and diagnostic instruments generated 1.20 billion yuan of business income for Wantai, accounting for more than 80%.

Compared with in vitro diagnostics, vaccine research and development requires more investment and takes longer to develop and market. The current R & D pipeline includes recombinant hepatitis E vaccine, bivalent cervical cancer vaccine, nine-valent cervical cancer vaccine, next-generation cervical cancer vaccine, and freeze-dried varicella live vaccine, of which only the first two have been approved for marketing.

In the prospectus, Wantai attributed its core competitiveness to its research and development capabilities. As of the end of 2019, the company had a research and development team of 382 people, accounting for 21.41% of the total number of employees.

In addition, Wantai Bio and Xiamen University jointly established the National Infectious Disease Diagnostic Reagents and Vaccine Engineering Technology Research Center, and maintained close cooperation with the team of Xia Ning Shao, Dean of the School of Public Health of Xiamen University.

During the reporting period, the R & D expenses invested by Wantai were 159 million yuan, 138 million yuan and 166 million yuan respectively, accounting for about 15% of the operating income.

This proportion is relatively high in the industry, but it is still not high compared to the nearly 30% of sales expenses.

After the outbreak of the epidemic, Wantai Bio invested in the development of COVID-19 antibody detection kits and COVID-19 vaccines.

In March, the novel coronavirus antibody detection kit (chemiluminescent microparticle immunoassay) was approved by the State Drug Administration on an emergency basis, becoming one of the five novel coronavirus antibody detection reagents that had been approved at that time. Since then, Wantai Bio has developed 11 detection reagents such as the novel coronavirus antibody detection kit (double antigen sandwich method) in conjunction with the National Infectious Disease Diagnostic Reagents and Vaccine Engineering Technology Research Center (NIDVD) of Xiamen University. As of March 30, Wantai Bio has supplied 437,000 detection reagents in China and 502,000 abroad.

According to the information disclosed by Wantai, the product uses a double antigen sandwich method to detect the total antibodies of novel coronavirus in blood samples (including various antibody types such as IgM, IgG and IgA), which methodologically guarantees that the reagent has higher sensitivity and better specificity, and reduces the false positive rate. Since then, several novel coronavirus antibody detection kits developed by Wantai have been certified by the European Union CE and exported to South Korea, Italy, Hungary, Austria, the Netherlands and other countries.

On April 2, Wantai Bio and GlaxoSmithKline (GSK) jointly announced that they have cooperated in the development of novel coronavirus. But at present, compared with other COVID-19 vaccines under development, Wantai Bio has fallen behind.

The launch of the HPV vaccine is a milestone for Wantai Bio.

According to its prospectus, as the third cervical cancer vaccine supplier in the world and the first domestic HPV vaccine to be launched in China, Wantai expects to lead its domestic peers by about two years.

This market is very large, according to Wantai’s calculation, the current domestic cervical cancer vaccination for women aged 9-45 a total of about 300 million people, according to the domestic cervical cancer vaccine price for imported vaccines 1/2 (about 300 yuan/dose, 900 yuan/person) calculation, the stock market size up to 270 billion yuan, according to 1% vaccination rate estimated market demand is 2.70 billion yuan.

Cervical cancer vaccines currently available on the market are divided into bivalent, quadrivalent, and nine-valent. The higher the number, the more virus types that can be prevented. The overall protective efficacy of the bivalent vaccine against cervical cancer prevention is 84.5%, and the overall protective efficacy of the nine-valent vaccine is 92%.

The price and young age group are the advantages of Wantai’s bivalent vaccine, which is priced at 329 yuan/shot. The whole process of vaccination between 9 and 14 years old requires two shots, or 658 yuan; for those over 14 years old, the whole process requires three shots, or 987 yuan. The bivalent vaccine of GSK is 580 yuan/shot, and the whole process costs 1,740 yuan for three shots. Merck’s quadrivalent and nine-valent vaccines are 798 yuan/shot, 1,298 yuan/shot, respectively. Three shots cost 2,394 yuan and 3,894 yuan.

In the past May, Xinkening has been officially launched, and ads for domestic HPV vaccines can be seen on Alipay.

However, there are also pessimistic expectations for market demand. Zhao Heng, founder of Latitude Health, a medical strategy consulting firm, said in an interview with Time Finance that the bivalent cervical cancer vaccine of Wantai Bio will not cause major changes to the current domestic market structure, because the consumption attribute of cervical cancer vaccine is stronger, and consumers prefer the nine-valent, and the advantages of the bivalent cervical cancer vaccine are weaker.

Xiamen University, a partner of Wantai Bio, previously said that the first batch of launch areas are Hubei, Xinjiang, Jilin, Yunnan, Jiangsu, Shandong and other provinces. From this market layout, it can avoid head-to-head confrontation with Merck and GSK to a certain extent, and open the second- and third-tier cities with cost-effectiveness.

In addition to the 2-valent vaccine, the 9-valent HPV vaccine is also in Wantai’s research and development plan. It was approved in 2017 and completed the Phase 1 clinical trial in 2019. It has now entered the Phase 2 clinical trial, ahead of other domestic companies.

It is worth mentioning that Wantai’s research and development technology on HPV vaccines can help improve the protection rate of 9-valent vaccines from 92% to 99%, which has been recognized by GSK, a leading company in the industry. It will pay a total of 134 million euros to Wantai Bio (about 1 billion yuan), use Wantai’s HPV vaccine antigen technology to develop new cervical cancer vaccines, and share the international market sales revenue with Wantai. In November 2019, Wantai received the first milestone payment of 11 million euros (about 85 million yuan).

For many years, China’s vaccine industry has been sales-driven.

In an article, Junlin Investment Research Institute described China’s vaccine industry as: a typical "two legs one big and one small walk" driving model, research and development is the calf, sales is the thigh, because the early research and development costs are high and the later production costs are low, only the more sold, can quickly return to the cost, and generate several times the profit of revenue growth. So whoever can sell the vaccine and earn back the white ocean will have a high status. In a typical vaccine company, Jiang Rensheng of Zhifei Bio has a sales background, Du Weimin of Kangtai Bio has a sales background, Gao Junfang of Changsheng Bio has a financial background, her husband and vice president Zhang Youkui has a sales background, and Li Yunchun, chairperson of Watson Bio, also has a sales background.

The advantage of sales-driven is that it can generate quick cash flow, which is conducive to promoting research and development and launching new vaccines.

For example, Changsheng Bio had a sales cost of 583 million yuan in 2017, and there were 25 sales staff, and the per capita annual sales cost exceeded 23 million. Many cases involving vaccine distributors bribing CDC staff can be found in the judgment document network.

The sales of Wantai biological pre-vaccine are relatively small, but in the sales of testing reagents, the company was also involved in a case of bribery by the director of the hospital’s laboratory department. The company’s overall sales expenses also accounted for a high proportion, approaching 30%.

While focusing on sales, if the product is light, it is prone to problems. Extreme cases are like the Changsheng Biological Vaccine incident in 2018, which pushed substandard vaccines to the market.

After the incident, the vaccine industry was mired in a crisis of confidence and was facing a reshuffle.

At the end of Product Research & Development, good news has come one after another. On December 31, 2019, Wantai Bio’s HPV vaccine and Watson Bio’s 13-valent pneumonia vaccine were approved at the same time, providing room to compete with imported vaccines in these two fields. In the research and development competition of COVID-19 vaccines, more than 130 projects around the world, Kang Xinuo’s adenovirus vector vaccine and Koxing Bio’s inactivated vaccine, are the first to enter clinical trials.

However, the newly approved vaccine, after the listing of the feedback is still unknown. Wantai Bio’s hot market, and the overall rise in the biomedical industry under the epidemic is also related, according to the wind sub-industry index, if the latest index data compared with the beginning of the year to calculate the increase, health care social security and supplies index (50.65%), biotechnology index (45.37%), life science tools and services index (26.01%) are ranked high, like Kang Xinuo’s stock, also rose 3 times at the peak.

Whether China’s vaccine industry will shift from sales-driven to a model that places equal emphasis on sales and research and development is still uncertain. But change is happening.

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The impact of the new car-hailing policy on taxis (Beijing, Shanghai, Guangzhou, Shenzhen)

　　Yesterday, on the first day of work after the National Day holiday, in addition to Beijing, Shanghai, Guangzhou, Shenzhen and other first-tier cities also announced the local rules for online car-hailing exposure draft. Similar to Beijing, all three places have set strict thresholds for online car-hailing vehicles, drivers and platforms. (Related reading: The impact of the new policy on online car-hailing in Beijing, Shanghai, Guangzhou and Shenzhen)

　　Both are limited to operating vehicles

　　In terms of vehicle requirements, the "Shanghai Municipal Network Reservation Taxi Business Service Management Regulations (exposure draft) " requires that vehicles engaged in online car-hailing must have Shanghai license plates, with a wheelbase of more than 2,700 mm, and a wheelbase of new energy vehicles to reach 2,650 mm.

　　The "Guangzhou Municipal Network Reservation Taxi Business Service Management Interim Measures (exposure draft) " does not require the wheelbase of the vehicle, but it is clear that it needs to be a passenger car with 7 seats and less, and it sets requirements for the displacement and size of the car, such as the displacement of the car should not be less than 2.0 liters, the displacement of the supercharged engine vehicle should not be less than 1.75L and the power should not be less than 110 kW; the body length should be greater than 4.60 meters, the body width should be greater than 1.70 meters, and the body height should be greater than 1.42 meters. Guangzhou also requires that the vehicle must be a new car within one year of the license plate; if the application for the online car transportation license is issued within 180 days of the detailed rules, the age can be extended to 2 years; the vehicle with the supercharged engine should have a displacement of not less than 1550 milliliters and an engine power of not less than 108

　　The "Shenzhen network booking taxi business service management interim measures (exposure draft) " requires that the network car must be more than 5 seats and less than 7 seats of passenger cars, and is a new car within two years.

　　Shanghai requires drivers to register with the city

　　In terms of driver conditions, Shanghai requires online ride-hailing drivers to have a household registration in the city and obtain a driver’s license in the city.

　　Guangzhou requires online car-hailing drivers to be under 60 years old for men and under 55 years old for women, have a junior high school education or above, be in good health, and must obtain a driver’s license in Guangzhou. Shenzhen requires that online car-hailing drivers must have a household registration in the city or hold a valid "Shenzhen Special Economic Zone Residence Permit", and have a driving experience of more than 3 years.

　　In addition, Shanghai, Guangzhou, and Shenzhen have all imposed requirements on drivers’ safety driving records and law-abiding records.

　　Among the requirements for drivers, the most influential is the household registration. At present, many of the online car-hailing drivers in Shanghai are non-Shanghai personnel who drive cars with foreign license plates.

　　The platform shall bear the responsibility of the carrier

　　In terms of online car-hailing platforms, Shanghai, Guangzhou, and Shenzhen all require online car-hailing platform companies to assume the responsibility of the carrier, ensure the safety of operations, and protect the legitimate rights and interests of passengers.

　　Shanghai requires that non-registered online car-hailing platform enterprises and legal persons shall establish branches in the city; have office space, service outlets and management personnel in the city commensurate with the number of registered vehicles and drivers; access the data of the network service platform to the industry supervision platform of the municipal transportation administrative department; and insurance carrier liability insurance.

　　The new regulations of Guangzhou online car-hailing require that enterprises engaged in online car-hailing business shall apply for the "Online Booking Taxi Business License", and the valid period of the license is 8 years. According to the technical requirements of the government supervision platform, the relevant data of the vehicle satellite positioning device is directly connected to the government supervision platform to realize real-time data sharing.

　　Shenzhen requires that the online car-hailing platform should set up branches in this city, and have office space, management agencies and personnel; the platform server is set up in the Chinese mainland, but not in this city, the data backup system should be set up in this city; the network service platform database is connected to the municipal government supervision platform.

　　Online car-hailing implements market-regulated prices

　　In terms of price mechanism, Shanghai has made it clear that online car-hailing freight rates are subject to market-adjusted prices.

　　Guangzhou has also proposed the implementation of market-adjusted prices for online car-hailing, and it is clear that factors such as population size, economic development level, urban traffic congestion, and taxi mileage utilization rate can be comprehensively considered to establish a dynamic monitoring and adjustment mechanism for online car-hailing in a timely manner.

　　Shenzhen proposes to establish a dynamic adjustment mechanism for the scale of online car-hailing capacity, and implement market-adjusted prices for freight rates, and government-guided prices when necessary.

　　expert

　　Safety cannot be ignored while seeking convenience

　　"The era of Ode to Joy for the whole people is over." Zhang Jin, a senior reporter at Consumer Daily who has long been concerned about taxi issues, believes that consumers should not have illusions about online taxi-hailing, thinking that they exist, and that taxi-hailing will be cheap and convenient. This possibility is no longer available.

　　"Cheapness is all an illusion. Was it cheaper for you on July 20? Was it cheaper for you during the Spring Festival? Is it still cheaper now?" Zhang Jin said that online ride-hailing platforms are not only not cheap for passengers, but also not cheap for drivers. Online ride-hailing companies burn so much money to make it back.

　　Looking at the behavior of online car-hailing from this perspective, the online car-hailing platform has allowed many foreign cars to operate in Beijing, "and some drivers don’t even know where the international trade is", which has exacerbated traffic congestion. "You can’t trade congestion in the city for personal comfort."

　　Zhang Jin believes that passengers find online car-hailing very good because it is convenient, but at the same time, safety issues cannot be ignored, "we cannot give up safety and seek convenience".

　　The argument about the sudden decrease in supply is worth considering

　　Zhang Zhuting, a professor at the Management Cadre College of the Ministry of Transport, believes that the statement of the sharp decline in the supply of online car-hailing is worthy of scrutiny. Now many online car-hailing cars are "zombie cars", but few orders are accepted after registration. In some prefecture-level cities, zombie cars account for 60% -70% of the total number of online car-hailing registrations. In addition, the current low price of online car-hailing is not a reflection of the real price law, but a large number of subsidies. Everyone knows that subsidies are unsustainable, and even if there is no new policy on online car-hailing, prices will eventually increase. The document of the State Council makes it clear that online car-hailing provides differentiated and high-quality services. Therefore, in the future, the price of online car-

　　Taxi prices are also reasonable.

　　Some industry experts believe that there will be certain contradictions between supply and demand in the short term, but with the gradual implementation of policies and the profit-driven market, the contradiction between supply and demand will gradually ease.

　　Yang Guoping, chairperson of Shanghai Volkswagen and Transportation, said that from the perspective of transportation capacity, there is still a certain potential for taxis in megacities. In addition, with the standardization of the market, regular online ride-hailing companies will also get more online license plates, and these new capacity supplies will alleviate the problem of expensive and difficult taxis.

　　observe

　　The price of online car-hailing may rise first and then fall

　　For many passengers, they care about the details because they care about whether the price of online car-hailing will increase. In fact, the price of online car-hailing depends on the supply and demand on the one hand, and the cost on the other hand.

　　In the Beijing and Shanghai detailed rules, there are requirements for vehicle configuration, license plates, and driver’s household registration, which will also lead to a reduction in compliance vehicles. On the other hand, the detailed rules also refine many compliance requirements, so that the cost of online car-hailing is on the same level as that of taxis and rental cars. Industry insiders believe that the previous low price of online car-hailing, on the one hand, stems from its subsidy policy, and on the other hand, it also benefits from avoiding many compliance costs. With the introduction of the detailed rules, the cost of online car-hailing will also increase accordingly, including offline costs, insurance costs, taxes, etc. Coupled with the implementation of market pricing of online car-hailing, the short-term price increase of online car-hailing is full of

　　But in the long run, the price of online car-hailing may experience a rise and then a fall, and eventually stabilize at a level slightly higher than that of taxis.

　　In fact, in the detailed rules of many places, it is also proposed to establish a "dynamic monitoring and adjustment mechanism" to adjust the capacity of online car-hailing according to market demand. This also leaves room for adjusting the number of online car-hailing in the future.

　　The detailed rules will force the travel platform to upgrade

　　Regarding the new policy of online car-hailing, different platforms have different opinions.

　　Shenzhou Special Car, known for its B2C model of online car-hailing, is optimistic about the new policy. Zang Zhongtang, vice president of Shenzhou Special Car, told reporters that local rules will increase the cost of enterprises, but the impact on Shenzhou is still expected. The new policy has a greater impact on platforms that rely on private cars for part-time jobs.

　　In fact, with the implementation of the new policy and the introduction of the detailed rules, the bonus period of online car-hailing has basically come to an end. But the future of business is always unknown. With the implementation of the detailed rules, it may force the platform to get out of the low-level subsidy competition and enter the benign track of innovative travel products.

　　In fact, changes in the "Internet + Transportation" market are quietly taking place. Not long ago, the new sharing platform "Mobike" became popular in the capital markets and travel market, and Didi Chuxing also invested tens of millions of dollars in the sharing bicycle platform OFO. The development of travel technologies such as driverless driving has also attracted attention. It can be seen that the "Internet + Transportation" market is still in the ascendant.

　　Perhaps the future travel market is even more promising.

　　Requirements for the driver

　　Shanghai

　　Should have the city’s household registration, should hold the city’s motor vehicle driver’s license. Since the date of application within one year without driving a motor vehicle occurred more than 5 times of road traffic safety violations; since the date of application within 5 years, no record of being revoked cruise taxi qualification; As of the date of application, no more than 5 times of road violations have not been processed.

　　Guangzhou

　　Hold the city’s motor vehicle driver’s license; must obtain the city’s online car-hailing driver’s qualification, and no online car-hailing under the name is still in operation; male age under 60 years old, female age under 55 years old, junior high school graduate or above education level; no traffic accident crime, dangerous driving crime record, no drug use record, no driving record after drinking alcohol, no record of 12 points in the last 3 consecutive scoring cycles, no violent crime record.

　　Shenzhen

　　Have a household registration in this city or hold a valid "Shenzhen Special Economic Zone Residence Permit", and have more than 3 years of driving experience; pass the qualification test for online car-hailing drivers; no record of revocation of taxi driver qualification certificates within 3 years before the date of application.

　　Requirements for vehicles

　　Shanghai

　　Register in this city; meet the national five emission standards; fuel vehicle wheelbase of more than 2700 mm, new energy vehicle wheelbase of more than 2650 mm; insured for business compulsory traffic insurance, business third party liability insurance and passenger accident insurance and other conditions.

　　Guangzhou

　　It should obtain a vehicle driving license issued by the public security department of this city; a new car within one year; a passenger car with 7 seats and less; a displacement of not less than 2.0; a body length greater than 4.60 meters, a body width greater than 1.70 meters, and a body height greater than 1.42 meters; equipped with ABS anti-lock braking system, front seat airbags, and front and rear seat seat seat belts; vehicles with naturally aspirated engines, with a displacement of not less than 1950 milliliters; vehicles with supercharged engines, with a displacement of not less than 1750 milliliters and an engine power of not less than 110 kilowatts; new energy vehicles should also be equipped with EBD electronic braking force distribution system.

　　Shenzhen

　　Registered in this city; passenger cars with more than 5 seats and less than 7 seats; less than two years from the initial registration date stated in the vehicle driving license to the time of application; fuel vehicles with a wheelbase of more than 2700 mm and a displacement of more than 1950 ml, meeting the Shenzhen Motor Vehicle Pollutant Emission Standards, or vehicles with a wheelbase of more than 2700 mm, a displacement of more than 1750 ml and an engine power of more than 110 kW, meeting the Shenzhen Motor Vehicle Pollutant Emission Standards; pure electric vehicles with a wheelbase of more than 2650 mm and a cruising range of more than 250 kilometers; plug-in (including extended range) hybrid vehicles with a wheelbase of more than 2650 mm and a cruising range of more than 50 kilometers under pure electric drive.

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The construction of Nongfu Spring in Wuyishan National Park in Fujian was investigated, and the official notice responded

　　CCTV News: Recently, a video circulated on the Internet claiming that Nongfu Spring was building water in Wuyishan National Park in Fujian without approval, destroying vegetation. On the evening of January 12, the Wuyishan National Park Administration issued an investigation report.

　　According to the video circulating on the Internet, the Wuyishan National Park Administration organized the National Park Law Enforcement Detachment, Forest Public Security Bureau, Ministry of Ecology and other departments to form an investigation team, rushed to the scene to verify the relevant situation, and issued a notice on the evening of January 12. The notice said that the construction site in the video was the construction access road of Nongfu Spring. According to the construction party, it was transporting materials for the construction of the nearby water intake point. The water intake point is not within the scope of Wuyishan National Park. However, the construction access road for transporting materials for the water intake point was built in October 2019 and was not included in the national park at that time, but about two months later, on December 25, 2019, the "Wuyishan National Park Master Plan" approved by the Fujian Provincial People’s Government also transferred the area of this access road into the national park. In other words, the area where the access road is located now belongs to Wuyi Mountain National Park. According to regulations, the area where the access road is located cannot be constructed.

　　The Wuyishan National Park Administration said that at that time, the construction party was using the access road for material transportation, but no construction was carried out.

　　In addition, when the construction party built the access road in October 2019, there was indeed damage to the forest trees. The Wuyishan Forest Public Security Department has filed an investigation on the damage to the forest trees caused by the construction of the access road in Nongfu Spring on November 18, 2019, and the results have not yet been announced.

　　Journalists will continue to monitor the follow-up to the incident.

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Tencent is becoming a ＂WeChat company＂

Text | Slightly Referenced, Author | Yin Kai, Yang Zhichao, Editors | Harano

Last May, ByteDance was renamed Douyin Group.

Tencent did not change its name to "WeChat Company", but in the financial report, WeChat has become the absolute protagonist. On August 16, Tencent released its second quarter financial report. Tencent achieved revenue of 149.208 billion yuan, an increase of 11% year-on-year, and net profit of 37.548 billion yuan, an increase of 33% year-on-year. In this beautiful transcript, WeChat’s contribution is quite huge.

Advertising, live streaming, mini-games, financial services, and many other sectors are all related to WeChat’s growth. The most eye-catching results came from the advertising business: Tencent’s advertising revenue grew by 34% year-on-year in the second quarter, driven by advertising businesses such as WeChat Channels and Moments.

In contrast, sectors without WeChat’s "help", such as Tencent videos and local games, are mostly reaping the rewards.

While gaming and social entertainment are still Tencent’s biggest sources of revenue, WeChat is the "hope of the whole village" from a growth perspective. This also brings subtle changes to Tencent’s development logic.

Tencent’s growth drivers can be summed up in two words: WeChat.

In the latest two-quarter earnings report, Tencent achieved revenue of 149.208 billion yuan, an increase of 11% year-on-year, and most of the growth was related to WeChat.

Watch the ad first.

In the second quarter, Tencent’s online advertising business revenue increased by 34% year-on-year to 25 billion yuan. The main growth driver is WeChat. WeChat Channels advertising revenue has exceeded 3 billion yuan.

In addition, WeChat Channels, Mini Program and Moments continued to grow in usage time, especially WeChat Channels, which nearly doubled in user usage time, and Mini Program’s MAU users exceeded 1.10 billion.

Revenue from the financial technology business and Enterprise Services business was 48.60 billion yuan, an increase of 15% year-on-year.

The main growth driver is WeChat. The financial report attributed the above growth to the increase in consumer spending, which led to an increase in online and offline payment activities. In short, WeChat Pay made more money. In addition, WeChat Channels’ live streaming also led to weak growth in Enterprise Services’ revenue.

Social entertainment revenues edged up 2 per cent year-on-year, linked to growth in mini-games within the Mini Program – also on WeChat.

The so-called mini-games, which are light games in the "WeChat games" based on the Mini Program framework, generated more than Rmb10 million in total quarterly revenue in the second quarter, according to the earnings call. These mini-games can provide Tencent with high gross platform fees and also provide advertising revenue.

The improvement in gross profit is still related to WeChat.

Due to the characteristics of WeChat’s platform, WeChat-derived businesses tend to have higher gross margins. In the second quarter, Tencent’s revenue-to-cost ratio fell from 57% to 53%, which ultimately led to a significant increase in gross profit. The main reason for the decrease in cost ratio is that new services such as WeChat Channels bring in new revenue with higher gross margins, according to the financial report.

Although gaming and social entertainment still provide the highest revenue, from a growth perspective, Tencent has gradually begun to focus on WeChat.

Since Tencent handed over a less than ideal financial report in Q2 last year, WeChat has become almost the only growth point for Tencent.

At that time, Tencent’s games, advertising and other TOB businesses all slowed down, revenue and net profit both declined, and only WeChat Channels stood out. Last year’s Q2 financial report data showed that the total user session length of WeChat Channels exceeded 80% of Moments, the total video views of WeChat Channels increased by 200% year-on-year, and the number of daily active creators and daily average video uploads increased by more than 100% year-on-year.

In terms of commercialization, WeChat Channels has moved frequently, not only launching creator sharing plans and paid subscription functions, but also launching Daren Square to help creators increase their profits.

After rapid commercialization, WeChat generated a large amount of advertising revenue, platform revenue, and financial revenue in the second quarter of this year. These revenues are scattered across the various businesses of the financial report, almost carrying the growth of the entire group.

In addition to WeChat, Tencent’s second-quarter earnings report highlights a stability.

First, take a look at Tencent’s cash cow game.

In the second quarter, Tencent’s value-added services achieved revenue of 74.20 billion yuan, an increase of 4% year-on-year, which is not bad, but compared with Tencent’s overall growth rate of 11%, it is not outstanding.

Among them, the most profitable local game revenue has not increased, and it is still 31.80 billion yuan. Tencent games have not had a phenomenon-level explosion problem for many years, and it is not easy to maintain revenue without recession. In the summer, Tencent may have the opportunity to bring some growth by relying on the launch of the global "Fearless Pioneer" national service.

Although the social entertainment business increased slightly year-on-year, the growth came from WeChat mini-games and music members. According to the financial report, the revenue of music live broadcast and Game LIVE has declined.

However, there are surprises in the international game market. In the second quarter, Tencent’s international market game revenue increased by 19% to 12.70 billion yuan, and it was 12% after excluding the impact of exchange rates. The growth was mainly due to the contribution of games such as "Victory Muse: Nikki", "VALORANT", and "Triple Match 3D".

In terms of content business, Tencent Video has still not stopped its decline.

The financial report shows that the number of Tencent video paid members decreased by 5% year-on-year, which is 115 million. In the last quarter, Tencent video paid members also declined, and Tencent attributed the reason to the impact of content scheduling. But after Tencent Video broadcast popular dramas such as "The Long Season" and "Love Only" in the second quarter, the decline in paid membership data can no longer be explained by simple content scheduling.

In addition, in the last quarter’s earnings conference, Tencent executives also revealed that the gross profit margin of Tencent Video is low in the group. Overall, the performance of Tencent Video is not ideal in the group.

Another Tencent-owned content platform, Tencent Music, has done well, with music paid members reaching 100 million and music subscription revenue growing.

At the moment, Tencent Music is in a period of transition, social entertainment revenue is declining, and revenue from selling green diamonds is rising – a healthy sign, after all, the business of green diamonds is much greener than rewarding beautiful women live streaming hosts.

Finally, look at Enterprise Services.

Since the second quarter of 2019, Tencent’s earnings report will no longer disclose Enterprise Services revenue separately, but combine financial services and Enterprise Services revenue represented by WeChat Pay. So this part of the situation will be a bit complicated.

According to the financial report, Enterprise Services revenue achieved "low double-digit year-on-year growth" in the second quarter, but the growth was mainly due to the revenue generated by WeChat Channels’ live streaming. I don’t know how Tencent calculates it, but in general, the revenue generated by live streaming will be a bit strange to count in Enterprise Services. And the "real" Enterprise Services – Cloud as a Service, the financial report only claimed that it achieved "slight growth".

Overall, in addition to WeChat, Tencent is stable as a whole. Except for Tencent Video, there is no obvious decline in the main business. With the support of the huge volume, this is enough for Tencent to live a stable life.

Although Internet Tech Giants’ business is complex, it mostly revolves around one or two keywords.

For example, Alibaba. Although Alibaba has six major groups and countless small businesses, whether it is e-commerce Taotian, wholesale Alibaba, local life Ele.me and Hema, its business revolves around the buying and selling of goods, which can be summed up in two words: transactions.

Falling on Tencent, the business keyword has become: charging.

Since the QQ era, value-added services have been the lifeblood of Tencent. Whether it is QQ’s various diamonds, members, QQ shows, or game points and skins, to music and video members, it all fits this logic. In 2016, when Tencent’s games were at their peak, service revenue from online games and social networks reached 107.81 billion yuan, accounting for 71% of total revenue. This means that about 70% of Tencent’s revenue at that time was earned by users "charging".

To put it bluntly, at that time, Tencent was a company that primarily earned revenue from selling virtual goods.

However, the era of charging has become history. After "Honor of Kings" and "Game for Peace", Tencent games no longer have national-level hits, the live broadcast industry continues to shrink, long-form video users peak, and Tencent videos enter a period of cost reduction and efficiency. For Tencent, there is less and less new news and good news about "charging".

At the same time, Tencent’s Enterprise Services market is growing rapidly, and the commercialization of WeChat is accelerating. As the trend continues, the proportion of revenue generated by "charging" in Tencent is getting smaller and smaller.

By the second quarter of this year, the share of revenue from value-added services had slipped to 50%, growing by only 4%. Although it is still the main force for making money, from the perspective of growth momentum, it is already showing signs of weakness.

WeChat is contributing more growth space, which also means that the business logic of Tencent has changed: from "charging" business to traffic business.

As a super APP, WeChat is difficult to define simply. It can socialize, pay, shop online, buy tickets, and order takeout. But in the end, it is not a transactional APP. Its most valuable value is more than 1 billion high-frequency users – but this also provides a broad enough imagination. Before tapping into new traffic and business models, Tencent only needs to find more ways to monetize traffic directly or indirectly, and it can live a good life.

Advertising, for example.

Advertising was Tencent’s biggest bright spot in the second quarter, growing by 34% year-on-year. In today’s Internet environment, an advertising growth rate of more than 15% can be considered excellent. A growth rate of more than 30% can only be achieved by very few platforms such as Pinduoduo.

The rapidly growing advertising revenue has also changed Tencent’s role: from advertiser to advertiser.

The key to distinguishing advertisers from advertisers is how much money a company can make from advertising and how much it spends on advertising.

Tencent’s advertising revenue has always been strong, but it also spends a lot of advertising money. In the early stage of mobile Internet, Tencent’s online advertising revenue in 2011 was 1.99 billion yuan, while sales and marketing activity expenses were 1.92 billion yuan, which is very close to the two figures. This means that Tencent earns almost all of its advertising money on its own sales.

It is not surprising that games have always been a major player in advertising, and one of the most important advertisers of Party B. Tencent has its own QQ, WeChat and other traffic portals, which has greatly saved marketing costs. However, at that time, Tencent was still doing video, e-commerce and other businesses, which required user acquisition through ads.

But as WeChat’s advertising revenue grew, that changed.

In 2015, Tencent’s sales expenses accounted for only about 45% of advertising expenses, which means that less than half of the money Tencent made through advertising revenue was spent on marketing and advertising its own products. By the second quarter of this year, as advertising revenue increased and the proportion of sales expenses decreased, this proportion became 33%.

That is to say, Tencent’s sales cost has far exceeded the cost of user acquisition through ads, advertising revenue has officially become the front line of Tencent’s growth, and Tencent has also completed the gorgeous turn of advertisers to advertisers.

However, although WeChat Channels’ advertising revenue in the second quarter of this year has exceeded 3 billion yuan, which can be regarded as living up to Pony Ma’s expectations, compared with Kuaishou’s 13.06 billion yuan advertising revenue in the first quarter of this year, the difference is obviously quite obvious. Not to mention the gap with Douyin, Douyin has not officially released advertising revenue data, but there is no doubt that it is the highest advertising revenue among all short videos.

In addition, the advertising traffic business also has its drawbacks: the monetization method is relatively simple, and the imagination space is relatively limited.

Looking at the content platform, we know that from Douyin to Zhihu, everyone is struggling everywhere to find ways to monetize beyond advertising to enhance their competitiveness. WeChat is the same, for example, WeChat Channels has launched live streaming and local life one after another, striving to open up more channels for making money.

Tencent has always been a company that makes money and can make money. For a long time, it has made relatively easy money, such as games and live broadcasts. These high-margin businesses that are naturally extended from products have made Tencent never worry about the money bag.

But for now, with WeChat the biggest source of growth, Tencent may have to try to make some harder money – whether in traffic or advertising, it is not yet qualified to sit back and relax.

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Nine stars in one arrow! Taizhou-made satellite was successfully launched yesterday

At 12:00 on June 2, our country used the Long March II C carrier rocket at the Xichang Satellite Launch Center to successfully launch the Geely Constellation 01 group of satellites into the air, 9 satellites successfully entered the predetermined orbit, and the launch mission was a complete success. Xinhua News Agency issued

Satellite assembly site (file picture)

Sweep the Evening News Douyin　Watch the exciting video

Yesterday at 12:00 noon, the first-orbit nine-star "Geely Future Travel Constellation" was successfully launched from the Xichang Satellite Launch Center and successfully entered the scheduled orbit. This is the first time that China has successfully launched a mass-produced commercial satellite in the form of "nine-star with one arrow" from the Xichang Satellite Launch Center.

The reporter learned from Geely that the nine commercial satellites are produced and shipped from Taizhou Xingkong Zhilian Technology Co., Ltd., located in Taizhou Bay New Area. The company is a satellite factory under Geely Technology Group and is the first satellite mass production factory in China that deeply integrates aerospace manufacturing and automotive manufacturing capabilities. The satellites are highly reliable and high-performance, with a design life of 5 years. The satellite manufacturing efficiency and system reliability have reached the industry-leading level.

The construction and commercial application of low-orbit satellite constellations is the focus of commercial aerospace development. The successful launch of Jiuxing this time was used for the deployment test of the first orbital plane of Geely’s low-orbit future travel constellation. The successful entry of the first orbital Jiuxing into orbit marks the start of the construction of the world’s first "heaven-earth integrated high-precision spatiotemporal information system" space segment created by Geely Technology Group. The overall constellation deployment plan is completed in 2025, and it is expected to provide satellite data application services covering the world in 2026, which will provide strong support for intelligent manufacturing, drone transportation, smart city, smart travel and many other fields.

It is worth mentioning that one of the nine stars is named "Asian Games China Star", which is the first commercial satellite named for the Asian Games. The satellite will empower the "Smart Asian Games" with aerospace technology to provide high-precision location-based services for official vehicles, and provide users with Torch Relay tracking, autonomous driving, multi-mode communication, and the eye of space to see the Asian Games and other special services.

Xu Zhihao, CEO of Geely Technology Group, said that the application of low-orbit satellites is the main battlefield for the future development of commercial aerospace, and it is also a high ground for the transformation of scientific and technological achievements that benefits the country and the people, and has great value. The successful launch of nine satellites into orbit this time confirms the strength of China’s private commercial aerospace technology.

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Kung Fu superstar Samuel Hung receives ＂Lifetime Achievement Award＂ at Asian Film Awards


1905 movie network news On March 1, the 16th official "Lifetime Achievement Award" was announced to a generation of kung fu superstars in recognition of their great contributions and far-reaching influence on Asian films. "I am very happy! At the same time, I am very surprised to receive the award at this time, and it is an award that affirms my acting career."


Hong Jinbao studied under famous Peking Opera performers. As the senior brother of Qixiaofu, Hong Jinbao learned to sing, read and play under the guidance of traditional opera teachers and apprentices since childhood. His childhood career in Liyuan not only allowed Hong Jinbao to develop solid basic skills, which laid the foundation for future action movies, but also cultivated Hong Jinbao’s hard-working and dedicated character. In his more than 60-year acting career, Hong Jinbao has left a strong impression on Hong Kong and even the Chinese film industry. Hong Jinbao said frankly: Looking back on his life, the most proud thing is that he chose the film industry at the beginning.


Samuel Hung has contributed to the film industry for more than half a century. He has starred in countless films, including "Killing Gun", which has brought countless classic scenes and characters to audiences. In addition, he has also served as a producer, director, screenwriter and action director for several films. In 2016, he directed and starred in an action film. In 2017, he served as an action director. In 2020, he will co-direct a film with six well-known Hong Kong directors.


It is reported that this year’s Asian Film Awards ceremony will be held in Hong Kong, China on March 12, 2023. At that time, Samuel Hung will go to the venue to receive the honorary award.


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Ele.me ＂black and red＂ free of charge for 1 minute, can you win back the hearts of lapsed users？

　　On July 29th, Shanghai. There were still 3 minutes before 16:00. Kobayashi opened the Ele.me APP and added 3 cups of milk tea to the shopping cart in advance. At 16:00, Kobayashi submitted the order on time and waited nervously for the "gift" from Lucky Muse.

　　This is the "Guessing the answer and free order (that is, free order for 1 minute) " activity launched by Ele.me from June 21st (hereinafter referred to as the "free order activity"). The rules are: the platform publishes the question the day before, and the clue points to one or more groups of time. The next day, users have the opportunity to place an order within a specified minute. The upper limit of the free order amount in the early stage is 200 yuan, and the maximum is adjusted to 56 yuan in the later stage. So far, the activity has been held to the 5th issue, and has derived gameplay such as "whole network questions" "free order per minute" "double happy" "city special".

　　Kobayashi participated in the "city special". The day before, the number of votes in Shanghai exceeded Wuhan and thus won 80,000 free places, 10,000 in each game, a total of 8 games. In the end, Kobayashi became the lucky one of the more than 9,300th people to be exempted from the game. "Thrilling, fortunately I won the bet today".

　　Ele.me is a generous "treat", which is very eye-catching in the short term. How much bonus can it bring in the long run? It is also worth observing.

　　The form of free order is not new, and there are two reasons behind the high attention of the harvest.

　　Since its launch, Ele.me free-order activities have exploded in popularity, from "free-order answer" to "free-order time" to take turns on hot searches; as of August 2, #Ele.me free-order #topic has accumulated more than 3.70 billion reads on Weibo, and more than 50,000 notes on Xiaohongshu with the same keyword.

　　Source: Network

　　Source: Network

　　In fact, the form of free shopping is not uncommon. Dianping next door has played the set of "please eat" very well, VIP has the opportunity to be selected to eat "Overlord meal", and the corresponding only need to write "after eating"; many platforms and merchants will also solicit business with free shopping benefits on specific days.

　　Why is it that a form that is not novel can attract high attention? Market participants have explained to Hexun Finance that the free-order activity just happens to grasp the psychology of young people who love to pick up wool. If you guess the wrong answer, there is no loss. After all, three meals a day are rigid needs; if you guess correctly, it is the icing on the cake, why not do it? Therefore, many netizens joked that "betting on dogs will never give up" and "betting on nothing in the end".

　　In addition, the free-order activity is simpler and more crude than coupon return, collection and other preferential forms. As of June 30, the first phase of the activity has been free of charge for more than 956,000 orders. If calculated according to half of the maximum free-order 200 yuan in the period, Ele.me will pay nearly 10 million. After 5 periods, the number will be even larger.

　　The other side of the eye: from the title to the free order conditions have been complained

　　The development of free-order activities has not been smooth sailing, and Ele.me has also encountered user backlash in the topics, free-order conditions, and other links.

　　The title is usually a picture, covering elements such as guessing people’s names, chemical molecular formulas, traditional Chinese medicine, and music scores. Within two days of the event, the following beach beauty attracted controversy because all the number clues were invalid. The correct problem-solving pose is: The shape of the flowers is the root sign, and there are two people under the house, so the number in the root is 2. √ 2 is equal to 1.4142135623, and the ending number is June 23 of the day, so the free order time is 14:14 and 21:35 respectively.

　　This "bizarre" answer made users shout "You can play by yourself" "I’m really speechless, I’m going down". Some netizens said that they were not angry because the question was difficult, but because the question was illogical.

　　The free-order conditions are also full of controversy. For example, on July 17, Ele.me opened a "Black Diamond Special", and platform members had the opportunity to get free orders without answering questions. Facts have proved that the free benefits for members are not easy to get. On the Black Cat complaint, since July 18, netizens have participated in collective complaints one after another, saying that although they are Black Diamond members, they have not been free of orders in the special session.

　　Source: Black Cat Complaint

　　Source: Black Cat Complaint

　　In addition, the "city special" has also been complained. In order to get more votes in the city, some people have fancy canvassing votes, and some people have questioned that the small city has no sense of participation, which once caused regional "scolding wars".

　　Source: Network

　　Source: Network

　　It is worth mentioning that in order to strengthen the food safety supervision of food delivery platforms, on July 21, the Market Supervision Bureau of Hangzhou City, Zhejiang Province interviewed the city’s Meituan, Ele.me and other food delivery platforms. One of the requirements is that "the catering industry should further standardize the business order, strictly prohibit vicious competition, and do not allow low-price dumping to disrupt the market order." This also makes the market full of worries: is it referring to the Ele.me free-order event? Can the free-order event continue?

　　However, on July 30, Ele.me announced that it would continue to hold its fifth edition from July 31 to August 7.

　　Thousands of investments benefit many parties, but the biggest winner is the platform

　　With praise and criticism, is this multi-million-dollar business still cost-effective? From the perspective of relevant parties, the free-order activity has benefited consumers, merchants and platforms.

　　"Nothing else, just hope you are happy", consumers did reap happy and free benefits. According to media reports, some people even ate 6 meals a day for picking wool.

　　For the food and beverage merchants who have been suffering from the epidemic for a long time, Zhou Di, a senior engineer of Fangrong Technology and a national science and technology expert of the Ministry of Science and Technology, told Hexun Finance, "The free-order activity has brought significant benefits, and consumers’ enthusiasm for participation is high. Many merchants have strong order growth and a significant recovery trend. Many merchants’like to mention ‘new daily peaks. The increasing order volume has injected business motivation into merchants and ignited consumption passion." Zhou Di also pointed out that the business growth brought by "free-order 1 minute" is "more than 1 minute": After the consumption peak at the beginning of the activity, the order volume still increased significantly for many consecutive days. The data shows that more than 300,000 merchants are involved in orders related to one phase of the activity alone.

　　However, there is no free lunch in the world, and the biggest beneficiary is Ele.me. Seven data show that on June 21, the day of the official announcement of the free-order event, Ele.me APP jumped to the sixth place in the IOS free list, setting a new high in nearly three months.

　　Source: Qimai Data

　　Source: Qimai Data

　　Gao Zelong, a digital economy expert and expert consultant of MIIT’s Leading Talent Program, said that "this is a good public relations, publicity and marketing tool," and explained in detail, "On the one hand, Ele.me claims that the first phase of the event has been free of orders for more than 956,000 orders, which is nearly 1 million self-media communication. I believe that many users who are free of orders will send Moments. This communication effect is huge; on the other hand, the platform bears tens of millions of yuan in free orders, which is really nothing for a tech giant like Ele.me, not to mention that the cost of tens of millions of yuan may eventually be borne by merchants, not Ele.me itself. In any case, there is always a way for the platform to pass on these costs to the merchants; in the end, through such activities or events, it may also get media attention, which is even more cost-effective. "

　　Can free shopping save falling market share? Experts say "thousands of problems need to be solved"

　　The free-order activity is in full swing, and the platform anxiety behind it has also begun to surface.

　　At present, China’s takeaway market is still a "two-world" situation. After being "born" in 2008 and acquiring Baidu takeaway in August 2017, Ele.me’s market share once reached 54%, making it a well-deserved takeaway giant.

　　But starting in the second half of 2018, Ele.me was gradually overtaken by Meituan. In July 2020, its market share fell below 30%, and further fell to about 25% in the first half of 2021; in 2022, according to the 2022 Meituan and its industrial chain research report, Meituan’s market share in the takeaway field may approach 70%, its revenue is three times that of Ele.me, and it has an early advantage in the lower-tier market.

　　Although the two leaders have occupied more than 90% of the market share, there are still many rich and powerful players eyeing the position of the second child. In June, JD.com Retail CEO Xin Lijun confirmed in an interview that the company has considered entering the takeaway business; recently, Douyin has also begun to test the group buying home business. After users place an order in the catering live stream, they can ask the merchant to deliver it to their home. Earlier, SF Express incubated the group meal platform "Fengshi" in 2020.

　　Although there is no head-to-head confrontation, the future that can be met may usher in changes. Zhou Di pointed out that during this time, the economic operation has been greatly affected by the epidemic, and many catering companies have lost confidence in operating. At the same time, many Internet Tech Giants have flooded into the catering track. It has caused great pressure on Ele.me. In this case, Ele.me needs a mass traffic event to arouse everyone’s attention and re-raise the heat.

　　After Ele.me, JD.com and Meituan are also eager to try. The former launched the "Grab Free Orders, Not Alone" activity on July 28, in a format highly similar to "Free Orders for 1 Minute". Users have the opportunity to get free orders when they place an order at a specified time after guessing the puzzle; the latter started on July 31, and users place three orders randomly free of one order.

　　"This is reminiscent of Didi and Kuaidi’s online car-hailing subsidy war a few years ago. This kind of platform subsidy requires huge investment, but it is often very effective. It is an effective means to quickly acquire users and occupy the market," Gao Zelong told Hexun Finance.

　　"This is just one of the many factors for the success of the platform," Gao Zelong also said. What is the key to the long-term retention of users of the food delivery platform? In his opinion, whether it is Ele.me or JD.com, Meituan, to achieve ultimate success, it needs to solve thousands of problems, which is extremely difficult and complex.

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CJ officially ended! Players in the e-sports area of the exhibition hall linger, and Meizu becomes the biggest winner

　　ChinaJoy is an exciting event for all game and technology enthusiasts, and it is Meizu who is the most popular exhibition hall this year, and everyone is eager to see it.

　　The products Meizu showcased at ChinaJoy this year were unforgettable, while the "Singularity" stage and super charging stations also stopped many audiences.

　　Even though today is the last day of ChinaJoy, the Meizu exhibition hall is still very popular, attracting countless loyal Meizu fans and game enthusiasts.

　　Let’s talk about the game first. Meizu and JD.com jointly set up an e-sports area to provide audiences and users with equipment to play games and offline water friends competitions. It attracted all kinds of game gods to compete on the spot. The stage was hot, and the audience was also passionate, which is why Meizu can become the most lively exhibition hall of ChinaJoy this time.

　　Of course, the Meizu 20 series has also successfully passed the test of the game God. Players who have experienced the Water Friends Competition say that the operation and response of the mobile phone are particularly fast, and the grip feels very good.

　　For such a compliment, Meizu also made a lot of effort.

　　First of all, Meizu will add the top hardware of the current market flagship. The top three-piece set of Snapdragon 8Gen2 + LPDDR5X + UFS4.0 constitutes the bottom computing power support of Meizu 20 series, providing extremely fast computing speed for mobile phones. Then it is matched with Meizu’s own Flyme10 system for scheduling and presentation.

　　As the so-called good horse with a good saddle, Flyme10 also fully demonstrated its ability to control the Snapdragon chip, and Antu Rabbit’s running score also easily passed the 1.30 million mark. And with good memory scheduling and recycling technology, it achieved 21 background APPs at the same time.

　　At the user level, the APP can be placed in the background for a long time without being turned off. It also allows users who are used to multi-APP switching and collaborative use to have a better experience.

　　And for the good grip, the Meizu 20 series is definitely qualified to stand out among the heroes.

　　Because the main performance chips and lenses of conventional mobile phones are concentrated in the upper half of the phone, the lower half of the phone is mainly simple interfaces and sensors. This design makes the upper half of the phone much heavier than the lower half. If it is a normal vertical grip, it actually doesn’t feel obvious.

　　However, if you hold the phone horizontally during the game, you will find that one side of the phone is particularly heavy and the other side is very light, which will affect the game’s impact and the player’s grip.

　　The Meizu 20 series has been comprehensively adjusted to make the weight ratio of the upper and lower parts of the mobile phone tend to 50:50, so that the mobile phone can maintain a very good feel whether it is held horizontally or vertically, and the weight will not tilt!

　　Whether it is the careful design of the exhibition hall or the ingenious details of the product, all of them reveal Meizu’s emphasis on user experience and feelings! This may be the reason why Meizu has always followed to the end.

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Behind the doubts about the listing of Nongfu Spring： The fast-moving food industry is ushering in a wave of listings


　　Writing | Willem


　　Editor | Mori Miao


　　Tao Huabi, founder of Laoganma, once said: The company can never go public because it has sufficient cash and does not do that deceptive thing.


　　For many self-made food companies that have been cultivating the market for many years, stable revenue and profits and sufficient cash reserves make them not have to worry about financing, but can proudly refuse olive branches from the outside world. But this situation is slowly changing. As the food fast-moving consumer goods industry enters a new stage, competition among enterprises is becoming increasingly fierce, and more and more companies are beginning to put aside their stubbornness in the past. Even Wahaha, who was in the "non-listing alliance" at the beginning, has changed his insistence for many years, believing that "after going public, it can accelerate the development of enterprises". As Wahaha’s opponent for many years, Nongfu Spring, the largest drinking water producer in China, has also been reported recently. It is said that the company plans to IPO in Hong Kong with a financing scale of more than 1 billion US dollars, and it will be carried out as early as the first half of next year. Regarding the rumor, the relevant person in charge of Nongfu Spring said in an interview with the media that he would not comment on the news. This ambiguous answer made capital markets imagine infinitely. You know, when Nongfu Spring was reported to have an IPO two years ago, the founder Zhong Xuanxian responded very firmly: the company does not need to go public. Two years have made Nongfu Spring’s attitude change a lot, and looking at the entire food fast-moving consumer goods industry, more companies have rushed ashore in the past two years, trying to seize the final trend in the IPO tide.



　　"Resolutely not listed" bottled water faucet, according to public information, Nongfu Spring was established in September 1996 and is headquartered in Hangzhou, Zhejiang. It is a holding company of Yangshengtang. At that time, the advertisement "Nongfu Spring is a little sweet" helped it quickly occupy the market. In addition to our common drinking natural water, Nongfu Spring’s main business also includes the research and development and sales of various soft drinks such as fruit and vegetable juice drinks and tea drinks. At present, Nongfu Spring distributes its products to all parts of the country by building large-scale production and nationwide marketing networks in water sources such as Qiandao Lake in Zhejiang and Danjiangkou in Hubei.



　　(The picture comes from the official website of Nongfu Spring) Looking back on the development history of Nongfu Spring, the company has come a long way. In 2000, Nongfu Spring’s products switched from pure water to natural water, which made it successfully squeezed into the top three in the market. In 2007, Nongfu Spring began to advocate consumers to drink weakly alkaline water, which once again caused shock in the industry. In 2011, Nongfu Spring surpassed Master Kong to become the first in the packaged drinking water industry. According to data analytics company Nielsen, Nongfu Spring ranked first in the industry with a market share of 26.5% in 2018, followed by China Resources Yibao and Centennial Mountain with a market share of 21.3% and 10.1% respectively. Wahaha and Master Kang have long since withdrawn from the top three in the industry. For a long time, Nongfu Spring has been very low-key in the business world, and its founder Zhong Shansui is known for his mystery, which is called an invisible rich man by the capital circle. Because the company insists on not listing or financing all year round, its financial data has always been a mystery. However, according to the "2018 Zhejiang Business National Top 500 List" released by Zhejiang Business Magazine, Nongfu Spring’s revenue in 2017 reached 16.25 billion yuan, an increase of 8.3% year-on-year. In the three years from 2014 to 2016, Nongfu Spring’s revenue was 9.09 billion yuan, 12.60 billion yuan and 15 billion yuan respectively. In June this year, Yangshengtang Holdings’ Wantai Biological updated its prospectus and also revealed some of Nongfu Spring’s financial data. According to the prospectus of Wantai Bio, Nongfu Spring’s total assets in 2018 were 20.07 billion yuan, net assets were 14.411 billion yuan, net profit was 3.61 billion yuan, and the debt-to-equity ratio was 28.2%. With a low debt ratio and high net profit, Nongfu Spring was also called "selling water and milking milk" by capital markets, which is why Nongfu Spring was able to shout the slogan "not listed". However, the rumors from the outside world are not groundless. In fact, as early as ten years ago, Nongfu Spring tried to sprint the class A share IPO, and then entered a long tutoring period. In May 2008, Nongfu Spring and CITIC Securities (600030, stock bar) signed the "Initial Public Offering Stock Tutoring Work Agreement". From May to December 2008, Nongfu Spring received listing counseling, which included communication between CITIC Securities and Nongfu Spring management.Assist Nongfu Spring in sorting out specific development goals and ways to achieve them. However, at the beginning of this year, the "CITIC Securities joint stock company report on the termination of Nongfu Spring joint stock company counseling" issued by the Zhejiang Regulatory Bureau of the China Securities Supervision Commission shows that Nongfu Spring has undergone ten years of listing counseling by CITIC Securities and terminated in December 2018. As to why Nongfu Spring terminated the ten-year listing counseling, Nongfu Spring said to the outside world that the company has no plans to go public, and does not need to use the power of capital markets, so it terminates the listing counseling. "Nongfu Spring started to participate in counseling ten years ago, and every time it has to report, so far it is a routine counseling. The company currently has abundant cash flow and has no listing plan," the company’s board secretary said.



　　According to the official website of Nongfu Spring, the company produces and operates dozens of products in four major series, including drinking water, fruit and vegetable juice drinks, functional drinks, and tea drinks. In addition to the familiar packaged drinking water brand Nongfu Spring, well-known brands in the market such as Nongfu Orchard, Scream, Water Soluble C100, and Oriental Leaves are also under its umbrella. Although it has not been active in listing, Nongfu Spring has been active in promoting new products and expanding its business. As a leader in China’s bottled water industry, Nongfu Spring has been actively expanding and investing more. In May 2010, Nongfu Spring invested at least 300 million yuan and signed a 10-year plan with Jiande City to build the Nongfu Spring factory project, saying that within ten years, Nongfu Spring will build 1.50 billion yuan in fixed assets in Jiande. In 2014, Nongfu Spring invested 1 billion yuan to establish the Emei Mountain factory, and then invested 500 million yuan to reach an agreement with the Jiangkou County Government to build a mineral water plant in Qindongping Town, Taiping Town, at the foot of Fanjing Mountain. In 2015, the Changbai Mountain (603099, stock bar) Fusong factory was fully put into use, officially entering the high-end water market, and launched Nongfu Spring glass bottle mineral water, natural drinking water suitable for infants and young children, and natural mineral water suitable for students. In August 2016, the fourth phase of the Nongfu Spring Jiande City project started with a total investment of more than 1 billion yuan. In October of the same year, the company invested 1.20 billion yuan to build its seventh factory in Zhejiang. At the end of 2016, Nongfu Spring Gannan Xinfeng County Navel Orange Factory was completed and put into operation, with a total investment of 680 million yuan.



　　(Nongfu Spring Jiande Base) In addition, in order to achieve upgrades, Nongfu Spring has also increased investment in technological product innovation. Among them, the parent company Yangshengtang invests more than 1 billion annually in this regard, which is also the reason why Nongfu Spring has continuously launched new products in addition to natural drinking water. Especially in 2019, in order to open up new growth points, Nongfu Spring began to accelerate its expansion into market segments, and successively launched the ready-to-drink coffee brand "Charcoal", the middle-aged and elderly beverage "Lithium Water", and the low-temperature juice "NFC Juice". It is not difficult to imagine that with the rapid expansion of Nongfu Spring, the demand for funds will inevitably increase gradually. Although the company currently has a good cash flow, it is natural to open up new funding channels if it wants to be more comfortable in the development of new projects. In fact, the growth rate of Nongfu Spring’s revenue has been slowing down year by year. In the "2018 Zhejiang Top 500 List", Nongfu Spring’s revenue in 2017 was 16.25 billion yuan, an increase of 8.3% year-on-year. In 2015 and 2016, its revenue growth rate was around 20%. On the other hand, the competition in the domestic bottled water market is also becoming more and more brutal. After Nongfu Spring, there are five major brands such as China Resources Yibao, Master Kang, Hundred Years Mountain, Wahaha, and Binglu. The competition among oligarchs is intensifying. Nongfu Spring cannot be said to be without pressure. In this context, listing has become an option worth considering for Nongfu Spring, which can give it more ammunition in the ever-changing capital markets and face increasingly powerful opponents more calmly. In this regard, Zhu Danpeng, a Chinese food industry analyst, once said that the listing of Nongfu Spring, whether from the capital chain, corporate goodwill, or from the development of multi-brand, multi-category, multi-channel, multi-consumption scenarios, multi-consumer groups, and the development trend of fast-moving consumer goods, has certain advantages and help. Xu Xiongjun, a strategic positioning expert, also believes that "although Nongfu Spring operates in many aspects, it still needs to carry out multi-brand layout to enhance the scale. The most direct way is to achieve rapid expansion through capital operation and reduce the chance of making mistakes. "



　　In fact, the entire food industry has entered a big year of listing in 2019, and many food companies have joined the IPO team. According to incomplete statistics from Node Finance (ID: jiedian2018), many leading food companies have "caught up with the tide" in 2019. Among them are West Wheat Food (002956, stock bar), which is mainly engaged in the production of oat food, Youyou Food (603697, stock bar), which is known as "the first stock of chicken feet", Tianwei Food (603317, stock bar), which specializes in hot pot seasoning, Three Squirrels (300783, stock bar), which started with dried fruits and casual snacks, Liangpin Shop, and New Dairy (002946, stock bar), Plum Garden, Feihe and other dairy companies. After that, there are Ganyuan Food, which specializes in processing beans and nuts, Zhancui Food, a cartoon snack foundry of Peppa Pig, Dongpeng Special Drinks, Huawen Food, the main company of "Jinzai", and Yoyo Orchard, which produces "Yoyo Plum".



　　Combing through the list of food companies with IPOs this year, it is not difficult to find that these companies can be roughly divided into three categories, one is the snack companies represented by Three Squirrels and Yoyo Orchard; the other is the dairy companies represented by Plum Garden and Feihe Dairy; the third is the condiment companies represented by Tianwei Food and Zhongjing Food. First, the listing of leisure snack companies has become the focus of the food industry this year. With the centralized listing of Three Squirrels, Yanjin Shop (002847, stock bar) and other companies, the road to upgrading of the leisure snack industry has officially opened, especially in the context of omni-channel has become the consensus of the industry, the willingness of leisure snack companies to impact the IPO has become more intense. Secondly, 2019 is also a key year for domestic dairy companies to intensively impact the capital markets. On January 25, the new dairy industry, which has rapidly expanded through the integration of regional dairy companies, was listed on the Shenzhen Stock Exchange; on November 13, Feihe Dairy, which has been established for nearly 60 years, also sounded the bell for listing on the Hong Kong Stock Exchange. In addition, regional dairy companies such as Junyao Dairy, Huahua Niu, and Red Star Meiling are also actively promoting IPOs. In addition, the capital markets are also quite favorable to the condiment industry. In addition to Tianwei Food’s successful listing on the Shanghai Stock Exchange in April this year, many condiment companies have also rushed to A-shares and Hong Kong stocks. Moreover, with the opening of the domestic salt industry, many salt companies represented by Hunan Salt Industry (600929, stock bar), Shandong Salt Industry, and Jiangxi Salt Industry have also joined the IPO team. It is worth mentioning that in addition to brand manufacturers, food foundries have also become new members of the IPO army, among which Zhancui Food, which was established in 1996, is the most concerned. This factory that processes candy and chocolate for brands such as Peppa Pig, Minions, and Frozen, also decided to hit the capital markets. The food industry is the industry that is most in contact with people’s daily lives and is the most vulnerable to attention. Under the pursuit of capital, Haitian Flavor Industry (603288, stock bar), Fuling mustard (002507, stock bar) and other sub-enterprises have become large-market companies. Among them, the total market value of Haitian flavor industry has reached about 300 billion yuan, which will undoubtedly be a huge stimulus for Nongfu Spring or other food companies.



　　Many factors have contributed to the boom in capital markets. Behind the listing of many food companies, on the one hand, it is the favorable policy environment, and on the other hand, it is the pressure of the entire market environment and the company’s own operation. First of all, from the policy perspective, in 2017, 7 food companies went public smoothly. However, in 2018, under the situation of stricter review by the Issuance Examination Committee, Hairong Food, Dexing Food and other companies have suspended the review, and no one has attended the meeting throughout the year. In May 2019, at the annual meeting of the China Listed Companies Association, Yi Huiman, chairperson of the Securities Supervision Commission, said in response to the issue of IPO listing of enterprises that more outstanding enterprises from all walks of life will be attracted to list and continue to maintain the normality of IPO. The food industry, as an industry related to people’s livelihood, has naturally ushered in the upsurge of capital markets; as of the end of August this year, six companies have successfully obtained the approval of the Securities Supervision Commission.



　　Secondly, the listing of food companies at this time is also due to the critical period in the current food industry. According to the data of iiMedia Consulting in 2018, the retail sales of various sub-segments of the fast-moving consumer goods industry in our country continued to grow. Among them, grain, oil and food increased by 10.2% year-on-year, beverage increased by 9.0% year-on-year, tobacco and alcohol increased by 7.4% year-on-year, and daily necessities increased by 13.7% year-on-year. However, with the overall growth of the industry, the competition among enterprises is getting bigger and bigger. Taking the beverage industry where Nongfu Spring is located as an example, the data of the China Commercial Industry Research Institute shows that as of the end of May 2018, the number of enterprises in the beverage manufacturing industry in our country reached 6717, of which 881 were loss-making enterprises, with a total loss of 3.82 billion yuan, a year-on-year decrease of 4.7%. In this critical period of the industry, almost all food companies are facing a life-and-death test. Surviving it means that they can achieve rapid development, otherwise, they are very likely to be eliminated by the market. And because the entry threshold of the food industry is relatively low, and there are many companies participating, capital and management have become the key to victory. In recent years, fast-moving consumer goods have fallen to the bottom, and almost all companies have begun to worry about cash flow, and some of their shortcomings have also been exposed due to financial problems. At present, many food companies have problems such as single products, categories, channels, scenarios, and consumer groups, which brings great risks to business operations. Listing can not only solve financing problems, but also solve some management problems, and also facilitate the rapid expansion of enterprises. On the day of Zhou Hei Duck’s listing, the official flagship store sold a total of 1.25 million boxes of goods. On the same day, the stock price rose by 13% to the close. It can be seen that in the domestic class A share listing, in addition to bringing sufficient capital transfusion, enterprises can also obtain a rapid increase in brand influence and a sharp rise in market value and valuation. Therefore, no matter how tight-lipped food companies like Nongfu Spring or Wahaha are, in the context of consumption upgrades and increasingly fierce platform competition, going public will become their next priority.


This article was first published on WeChat official account: Node Finance. The content of the article belongs to the author’s personal opinion and does not represent the position of Hexun.com. Investors operate accordingly, and please bear the risk.

(Editor in charge: He Yihua HN110)

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