The outline of can be described as more suitable. Generally speaking, the front shape of the new generation Mercedes-Benz GLB has become more tough, and some protruding lines have been added to the hood, which looks quite muscular. The halogen headlights on both sides are quite cheap, and they look very energetic after the headlights on both sides are lit. The side waist is still the unique overall design of Mercedes-Benz, and the enchanting figure is displayed incisively and vividly! In the tail design part, Mercedes-Benz GLB adopts many popular design elements, and the split taillight design of the new car is more beautiful.

The interior style of Mercedes-Benz GLB is quite advanced, and the visual effect is patchy without losing the sense of hierarchy. In similar price models, this design can make people stand out. The steering wheel is made of leather, which feels good and is equipped with shift paddles, which is very fun to drive. In the central control room and the door handle, a lot of plastic and leather materials are used to cover and wrap it, which makes it feel scientific and technological. It is equipped with a 10.25-inch LCD screen with clear display and relatively young design. The front row is also equipped with an automatic air conditioning control system to freely debug the most comfortable space atmosphere. The seat is surrounded by two fists, which can firmly grasp the family.

Mercedes-Benz GLB has a length of 4638mm, a body width of 1834mm and a wheelbase of 2829mm, which is quite satisfactory. In the same class, the wheelbase of Mercedes-Benz GLB ranks 114th. As an SUV, its body size does not occupy much advantage in its class, and its internal seating space is only basically enough. After all, it is limited by the length and shape of the body. Mercedes-Benz GLB modified GLB 220 4MATIC 7-seat skylight to provide a larger view, which can create a better visual environment and good sensitivity for the rear passengers and increase the light intake for the whole vehicle. Among the models of the same price and class, the trunk volume of Mercedes-Benz GLB ranks 34th. It can basically meet the luggage space for family travel. But there is no extra hidden storage space.

Mercedes-Benz GLB modified GLB 220 4MATIC 7-seat adopts 2.0 engine, with maximum horsepower of 190 and peak torque of 300, matching wet dual clutch (DCT) gearbox. The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. Mercedes-Benz GLB’s official measured zero-acceleration score is 8.6S, ranking 174th among more than 800,000 SUV models.

The active/passive safety configuration of Mercedes-Benz GLB is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In addition to the above description, we can also go to the Easy Car Forum to browse more real car feedback from actual buyers, or use our experience.

High power generation fraud type reminder

The "May Day" holiday is approaching. Every holiday, fraudsters are also eager to move. New scams are constantly emerging, old scams are constantly updated, and fraud routines are constantly emerging, which makes it impossible to prevent. To this end, Qingcheng anti-fraud summarizes the following types of high-incidence fraud, and asks the general public to be vigilant and not to be deceived.

Brush rebate category

Fraudsters will post part-time brushing praise tasks through SMS, phone calls, various social software, short videos and mailing fake lottery tickets, and pull victims into designated Alipay and WeChat group chats.

When the victim joins the group chat, the fraudster will entice the victim to download the fake brushing APP to do the task. At the beginning, fraudsters often cheat the trust of the victims by distributing some small tasks of praise and attention. When the time is ripe, they will guide the victims to continuously increase their investment.

Once the victim starts to do a large amount of "advance" work, the fraudster will refuse to refund the money to the victim on the grounds of needing to do a single task or entering the wrong bank card number, and ask the victim to continue to do the task to correct the so-called "mistake" until the victim realizes that he has been cheated.

Police tips

It is illegal to swipe the bill online. Don’t trust the information of part-time swiping the bill to get the rebate on the internet, and don’t trust the liar’s refund promise with luck to avoid a serial scam.

Flight return and change category

Fraudsters will pretend to be airline customer service, send text messages or make phone calls, claiming that the flight booked by the victim is about to be postponed or cancelled, and they should change the ticket or refund the ticket to the victim.

Once the victim believes it, the fraudster will ask the victim to provide the Alipay account number or bank card number, and then ask the victim to verify the personal credit information on the grounds that the provided account number or card number cannot be collected. After that, the fraudsters will let the victims download various video conference apps, open conference rooms, and ask the victims to turn on the screen sharing function to help the victims "verify the capital". Usually, the victim is required to open his own mobile banking, check the account balance, and let the victim transfer all the cash to one of his bank cards.

During this period, fraudsters will steal the victim’s bank card number, bank card password, SMS verification code and other important information through the screen sharing function, and take the opportunity to steal the victim’s bank deposit. Sometimes, victims are also required to transfer all their deposits to a capital verification account claiming to be the People’s Bank of China, and claim that they will automatically return the money after capital verification. As everyone knows, the victim’s funds are gone forever.

Police tips

The airline ticket refund and change business must be handled by logging in to the airline’s official website or calling the official phone number. You should not blindly trust the strange customer service phone number. If necessary, you can call the official phone number of the relevant airline to confirm. Remember not to turn on screen sharing and remote collaboration easily. This operation will make you reveal important personal information, such as bank card account number, password, mobile phone verification code, etc., and make your property suffer losses.

Pretending to be an enterprise customer service cancellation service class

Fraudsters will pretend to be corporate customer service to make a phone call, claiming that due to the victim’s misoperation, they have opened the services such as Million Guarantees, JD.COM White Slips, VIP, etc. If they don’t cancel the above services, they will generate additional charges every month to induce the victim to download the designated conference APP, participate in video conferences, and open screen sharing.

Subsequently, the fraudster will induce the victim to transfer the money in his bank card to the designated "safe account" on the grounds of identity authentication, ensuring the safety of funds, and closing the automatic deduction fee, so as to be cheated.

Police tips

If you receive a call from a well-known customer service company, don’t be credulous, let alone transfer money and remit money. Services such as Million Guarantees and JD.COM White Stripes are provided by the government free of charge. Even if they are charged, they should be verified with the official customer service in the APP.

False procurement category

Fraudsters pretend to be purchasing personnel of various enterprises and units, and contact merchants by telephone and WeChat, claiming to purchase a large number of goods from merchants during the holiday season.

During the procurement of materials, fraudsters will ask for a "special material" and ask the victim to buy related items from the designated "special material supplier". (During this period, in order to gain trust, fraudsters will also provide forged documents with official background, contracts and false transfer screenshots.)

The so-called "special material supplier" will let the victim pay the deposit or payment in advance on the grounds of paying first and then shipping, so as to achieve the purpose of defrauding money.

Police tips

Enterprises and units will strictly implement the contract procedures when purchasing materials, so don’t trust this "air-to-air" telephone order and advance payment method. You can’t remit money easily in any situation where you pay the deposit first and then do things. You must try to verify the identity of the other party before you think twice.

False investment and financial management

This kind of fraud is often that fraudsters first master the special groups with investment and financial management needs through the Internet, and then carefully set up scams to implement accurate fraud. The main ways are: relying on various social and video software to actively contact the victims and build trust, and some in the name of the investment master team; Some play the cards of love and marriage, and then commit fraud by mastering inside information.

Some fraudsters will also ask the victims to help operate their own investment accounts, and take the opportunity to let the victims see the high returns (these investment websites have been controlled by fraudsters and can control the background profit data at any time), so as to induce the victims to actively participate in the investment.

Subsequently, the fraudster will induce the victim to invest in the false investment platform, and the small amount of investment in the early stage will get high returns. After the victim has invested heavily, the fraudster will refuse to withdraw the cash from the victim for various reasons, such as asking the victim to pay high personal income tax, being found to have insider investment, paying a deposit, etc., and asking the victim to continue to transfer money until the victim realizes that he has been cheated.

Police tips

Remember, there will be no pie in the sky, and don’t believe in the scams that netizens say, such as "make sure you don’t lose money", "low cost and high return", "expert tutor’s advice" and "lovers build a love nest together" When investing in wealth management, you must download the investment APP that can be found on the official application platform. Anyone who asks you to transfer money to a personal account or the corporate account that asks for transfer does not match the name of the platform is likely to be a "black platform" forged by fraudsters. Be vigilant.

Pretend to be leaders, relatives and friends

Fraudsters will impersonate leaders, relatives and friends through hacking, forging friends circle and imitating accent tone, and make up false reasons such as buying air tickets, paying tuition fees and transferring fees to induce victims to transfer money to them.

During this period, in order to enhance the confusion of their own fraud, fraudsters will also forge false screenshots of receipts and payments, chat records and other supporting materials, thus reducing the psychological preparedness of victims.

Police tips

When chatting with leaders, relatives and friends on the internet, when it comes to borrowing and remittance, you must verify the identity of the other party in person or call me, and then make a decision after confirming the true identity.

Pretending to be responsible for corporate finance.

The fraudsters will pretend to be the relevant social accounts of corporate finance leaders, set up a temporary work group, and pull the accounting cashier of the enterprise into the group chat (except the accounting cashier, the accounts of other corporate leaders in this group are all impersonated by fraudsters).

During this period, fraudsters will imitate the tone of business leaders in the group and ask the company’s business to be discussed in the group in the future. After that, the accountant cashier will suddenly be asked to transfer money to the "designated account" on the grounds of paying the contract money to the partner.

Police tips

When the leader asks for transfer or remittance, be sure to confirm the real identity of the other party by telephone or meeting to verify before proceeding to the next step. Do not transfer or remit money easily.

Original title: "May 1 High Power Generation Fraud Type Reminder"

Read the original text

Publicity Department of the Communist Party of China Secretary-General Jing Hui

Zhang Hongsen, Deputy Director of Film Bureau of State Administration of Radio, Film and Television.

Jia Qi, Deputy Director of Film Channel Program Center

Jing Hui (first from left), secretary-general of Publicity Department of the Communist Party of China, and Zhang Hongsen (first from right), deputy director of the Film Bureau of the State Administration of Radio, Film and Television, presented certificates to the actors.

　　Movie network news (Graphic/Love Movie Sending and Learning Reporting Group)　Following Wuxi and Shenzhen, the film channel "Love Movies" sent to learn action "held a special program of" Movies Love Qingdao "during the Spring Festival. Jing Hui, Secretary General of Publicity Department of the Communist Party of China, Zhang Hongsen, Deputy Director of the Film Bureau of the State Administration of Radio, Film and Television, Jia Qi, Deputy Director of the Film Channel Program Center, and other leaders attended the party. Hundreds of Qingdao filmmakers gathered together to congratulate the audience on their good luck in the Year of the Tiger. The appearance of Bo Huang, the Golden Horse winner, Chen Hao, and Zhang Di, the king of quick wisdom songs, made the atmosphere of the scene unprecedentedly warm. They not only sang movie songs in succession, but also reviewed many classic movie works through communication and interaction with the audience, which made the audience gain more film knowledge.

Bo Huang, the golden horse winner, sings and dances.


Chen Hao

Zhang Di, the King of Quick Wisdom Songs

Bo Huang rode the Golden Horse back to show off his singing voice "King of Quick Wisdom" and Zhang Di recalled his childhood life.

　　Bo Huang, the first Qingdao native star and the new winner of Golden Horse, sang the song "Mermaid" in his new album. Bo Huang, who won the title of film emperor, has changed her dress style greatly. Bo Huang, who is good at shaping the image of a nobody, made her debut in a fashion dress, accompanied by many hot girls, and her dance style was exaggerated and unrestrained, and her style transformation was amazing. At the same time, Bo Huang also played an interactive game with the audience, and three audience members recreated the scene of "Black Skin" running down the highway with bread in his mouth in Crazy Stone.

　　Sixteen film and television stars performed the movie scene sketch "Don’t Say That" on the spot. The sketch was based on Red Cliff, Crazy Stone, If You Are the One and Looking for Dust, and re-interpreted the highlights of these films by the "Dust Spirit" that touched China in 2004. The costume sketch "Journey to the East" arranged by seven stars, including Wu Gang, Zhang Shan and Zhao Baole, also attracted bursts of laughter from the audience.

　　This activity also invited Zhang Di, a famous "king of quick wits" in Taiwan Province, to perform on the stage. Zhang Di revealed that he was also from Qingdao. He went to Taiwan Province with his parents "inexplicably" when he was a child, and now he has returned to his hometown again. Zhang Di sang his nostalgia for his hometown with lyrics. Chen Hao, the heartthrob, also presented his new song Fortunately to the audience.

Wugang version of "Tang Priest"

Imitating the plot of "Giving birth to a horse" in Red Cliff in the movie sketch "Don’t Say That"

Qingdao-born stars gather to "send and learn" and "look for dust" to show Qingdao’s elegance

　　This evening’s "Love Movie" is based on a film "Looking for Dust" co-starred by 45 stars, which attracted many movie stars to congratulate the audience on the Spring Festival. Looking for Dust is a film carefully planned and filmed by the Propaganda Department of Qingdao Municipal Committee in 2009. The stars in the film include Tang Guoqiang, Ni Ping, Bo Huang, Xia Yu, Chen Hao, Huang Xiaoming and many other domestic first-line movie stars. Once the film was released, it won unanimous praise from the national audience, and all the crew members also won the group award of "Top Ten People Who Moved Qingdao in 2009".

　　[Film background]

　　On December 31, 2004, a middle-aged couple was entrusted by a friend to donate 50,000 yuan for the Indian Ocean tsunami disaster, leaving a pseudonym of "Dust". In the donation record of Qingdao Red Cross Society, this citizen with the pseudonym of "Dust" once donated nearly 200,000 yuan to many social welfare activities such as fighting SARS, the Kashgar earthquake in Xinjiang, the disaster area in Hunan, and treating leukemia children.

　　In January, 2005, Qingdao media launched a campaign to find "dust", and the reports for several days caused strong repercussions. The donor with the pseudonym "Dust" contacted the media reporter by telephone and said: He will never appear in public and is willing to be a "Dust". The process of finding "dust" has become an opportunity for Qingdao to dig and shape the urban spirit. The spirit of "dust" deeply touched the public, and more and more people left the names of "dust", "little dust" and "particle" after donating money. "Dust" has gradually expanded into a caring group and become a brand of Qingdao public welfare undertakings. Last year’s Wenchuan earthquake alone, Qingdao donated 297 million yuan in the name of "dust". "Dust" has evolved into "the conscience of a city" from the name written casually by a caring donor.　

　　In 2009, the Propaganda Department of Qingdao Municipal Committee carefully planned and filmed the film "Looking for Dust", striving to reproduce the deeds of "Dust" and preach the spirit of "Dust".

　　At the end of the program, all Qingdao-born film and television actors took the stage to launch the "Dust" initiative to film and television actors all over the country.

　　[Movie Network ]www.1905.com exclusive manuscript, please indicate the source!

On October 8 th, Lectra Motors announced today that Lectra 07 EM-P and 08 EM-P The total number of large orders for the National Day holiday exceeded 8,000 units..

On September 8, the total delivery of 07 EM-P and 08 EM-P was over 100,000 vehicles.

According to the previous report of IT House, Lectra 07 EM-P was launched on May 17th, adopting Lectra’s second-generation design language and equipped with Lectra EM-P plug-in hybrid power system. The size is 4827/1900/1480 mm and the wheelbase is 2843 mm; The price starts at 169,800 yuan.

The 2025 LECK 08 EM-P was released on August 8, with a size of 4820/1915/1685 mm and a wheelbase of 2848 mm; Equipped with China’s first 7nm mass-produced self-developed chip "Longying No.1" (2 chips), the price starts at 179,800 yuan.

Shanghai securities news, a well-known domestic securities media, once described Xiaomi eco-chain enterprises in "Xiaomi Department": Real Bottleneck and Fantasy Valuation ":

1) Eco-chain enterprises are more like the OEM departments of Xiaomi’s product lines than independent operations;

2) Although the relevant founder is the largest shareholder, the actual control right behind the complicated shareholding structure still belongs to Lei Jun;

3) The high related party transactions make Xiaomi Eco-chain Company and Xiaomi more like a "family".

Since it is a "family", it is common to leverage each other for common development; But once the dependence is formed, it greatly increases the difficulty of capitalization.

As the largest ecological chain group in China, Lei Jun and many enterprises in its Xiaomi ecological chain once dreamed of going to the distant capital market. Now, they have to face the cold reality because the regulators are not stupid.

More than 20 days ago, the proposal of all-magic acoustic backdoor under Xiaomi Ecological Chain was rejected by CSRC, and the right and wrong of Xiaomi Ecological Chain and the ultimate trend of Xiaomi Empire were once again put before the public.

There are two main audit opinions of the M&A Committee of CSRC:

1) The company’s disclosure that the actual controller of Wanmo Acoustics has not changed in recent three years is not sufficient;

2) The sales and profit sources of Wanmo Acoustics are highly dependent on related parties.

If you don’t quite understand the meaning of these two sentences, then compare them with the three descriptions of shanghai securities news above.

In fact, this seemingly dull veto has dealt a fatal blow to Lei Jun and Xiaomi’s eco-chain, and also intuitively demonstrated many business dilemmas of eco-chain enterprises pointed out by the Shanghai Stock Exchange in its report:

Single product structure, serious related party transactions, lack of independent pricing power, excessive dependence of brands and channels on Xiaomi, and doubts about the stability of ownership structure …

The Shanghai Stock Exchange pointed out that "from the business, it is increasingly difficult for eco-chain enterprises and Xiaomi to be independent of each other; From the perspective of capital market rules, eco-chain enterprises may not be listed separately. " If Xiaomi is listed on the A-share market, it will face the problem of related party transactions, and the listing of eco-chain enterprises will face the question of independence.

Serious financial contact interviewed relevant people of Xiaomi Group, and no reply was received as of press time.

01

The backdoor is denied, whose magic acoustics?

The first reason why the CSRC vetoed the backdoor of Wanmo Acoustics is:The company’s disclosure that the actual controller of Wanmo Acoustics has not changed in the past three years is not sufficient.

Translate this sentence as follows:Tell me honestly, who is the boss of Wanmo Acoustics?

In fact, the matter itself is not complicated.

According to the equity change report disclosed by electroacoustic, Wanmo Acoustics was established in October 2013. In December 2016, Xiaomi began to invest in Wanmo Acoustics, mainly producing Xiaomi piston headphones for Xiaomi OEM.

Up to now, Gary Hsieh holds 20.9408% equity of Wanmo Acoustics by adding Hong Kong, HKmore, Wanmo Guanxing, Wanmo Yingren, Wanmo Renju, Wanmo Shuntian and Wanmo Hengqing, and is the actual controller of Wanmo Acoustics on paper.

According to the inquiry announcement, in the historical shareholding change of Wanmo Acoustics, People Better Limited once became the largest shareholder of the company, with a shareholding ratio of 33.32% and a majority of the board seats. The CSRC asked it to supplement whether the actual controller of the company has changed.

In this regard, Wanmo Acoustics replied that the change in shareholding ratio is only the adjustment of the red-chip structure, and the financial investors do not participate in the actual operation, and the actual controller has always been Gary Hsieh. However, supervision is still in doubt.

Why do regulators cling to this issue?

According to the understanding and application of Article 12 of the Measures for the Administration of Initial Public Offering and Listing of Stocks —— Opinions on the Application of Securities and Futures Law No.1 (Zheng Jian Zi [2007] No.15, hereinafter referred to as Opinions on the Application of Securities and Futures Law No.1), the CSRC defines the company’s control right as:

(Source: Official Document of CSRC)

Generally speaking, the identification of the actual controller is based on the principle of "substance is more important than form" and combined with the specific analysis of individual cases.

There are two unavoidable problems:

1) Is the big boss of the company Xiaomi or Gary Hsieh? This is related to the change of ownership structure.

2) Who has the final say in the actual operation of Wanmo? Is it the millet that hatched it, or Gary Hsieh?

According to the description of the absorbed party in the electro-acoustic absorption scheme, People Better Limited was once the largest shareholder of Wanmo Acoustics and held a majority of seats. According to public information,People Better Limited is a subsidiary of Xiaomi Technology Co., Ltd., and the actual controller of Xiaomi Technology is Lei Jun.

(Source: A total of electroacoustic history announcements)

Shunwei, another shareholder of Wanmo Acoustics, Xu Dalai is the actual controller and the former non-executive director of Xiaomi Technology, but as we all know, Lei Jun is the big boss of Shunwei Capital.

(Source: Historical Announcement)

Back to July 31st, 2017, Xiaomi’s People Better Limited and Shunwei TMT(HongKong) Limited invested 16,611,600 yuan and 10,509,300 yuan respectively, holding 33.22% and 21.02% of the shares, with a total holding of 54.24%, and the proper largest shareholder plus the actual controller.

(Source: A total of electroacoustic history announcements)

After several rounds of capital increase and equity transfer,Up to now, the shareholding ratios of People Better Limited and Shunwei TMT(HongKong) Limited are 11.15% and 7.19% respectively, making a total of 18.34%, second only to Gary Hsieh’s 20.9408%.

What is the inner feeling behind the arrangement and change of this ownership structure? Is there a proxy? As a result, Gary Hsieh is only the nominal actual controller? After the evaluation benchmark date announced in the draft merger plan, People Better Limited and Shunwei TMT(HongKong) Limited continued to reduce their shareholding ratio. What is the purpose?

The answers to these questions are the core of the regulatory authorities’ continuous questioning of the actual controller of Wanmo Acoustics.

02

Business dependence and related party transactions rely on Xiaomi to make money?

Regarding the second question that the CSRC is concerned about:The sales and profit sources of Wanmo Acoustics are highly dependent on related parties.This problem is also unavoidable for any party.

Backed by Xiaomi’s powerful channels and traffic, the compound growth rate of Wanmo Acoustics revenue in the past three years is as high as 47%.

However, this performance growth has also caused Wanmo Acoustics to rely on Xiaomi’s performance.

During the reporting period, the sales proportion of the top five customers of Wanmo Acoustics in 2016 -2018 was 86.01%, 83.17% and 83.54% respectively. Among them, Xiaomi Group is a related party and the company’s largest customer, with sales accounting for 59.45%, 64.24% and 60.12% respectively.

You can understand that if there is no Xiaomi, the performance of Wanmo Acoustics will collapse by at least half.

Moreover, such high correlation and dependence also lead to the lack of autonomy in sales channels and product pricing of Wanmo Acoustics:

• Wanmo Acoustics sells Xiaomi ODM products to Xiaomi Communication according to the cost price, but the cost audit is checked by Xiaomi Communication;

• Wanmo Acoustics does not have the independent right to set the retail price of Xiaomi ODM products. The products are sold by Xiaomi according to the fair market price, and the profit is divided into 50%.

It is this dependence and lack of relative autonomy in the main business that determines profits that makes Wanmo’s profitability lower than that of similar companies.

According to the report of Securities Market Weekly, the historical data of Wanmo Acoustics shows that,The gross profit margin of ODM headphones is 23.89% to 27.56%, while that of OBM (private brand) headphones is 33.59% to 38.14%.

In the case that ODM accounts for more than half of the revenue (57.65% in the first half of 2019), most of the surplus value of Wanmo acoustic products is "deprived" by downstream customers, namely Xiaomi.

Business dependence, related party transactions, combined with the CSRC’s questioning of the actual controller of Wanmo Acoustics, it is not difficult for us to understand the real intention of the regulatory authorities to be so cautious.

Behind this is actually a cliche:Why do regulators attach so much importance to related party transactions?

Due to the sales and purchases with related parties, there may be accommodation or even fraud in terms of price, payment method and account period. A large proportion of related party transactions will distort the company’s financial data, which is not conducive to investors’ accurate judgment. At the same time, there are risks such as interest transfer, which is likely to damage the interests of listed companies and thus the interests of investors.

In order to protect the interests of investors, especially small and medium-sized investors, the regulatory authorities are particularly strict in the disclosure management of related party transactions.

However, as an independent enterprise, Wanmo Acoustics is not convincing enough in its sustainable management ability and independence.

03

Capitalization is difficult. Is the label "Xiaomi" an assist or an obstacle?

The problem of magic acoustics is also common in Xiaomi ecological chain enterprises:

1) The adjustment of ownership structure has experienced the changes in equity process from Xiaomi Holdings to Xiaomi’s shareholding;

2) In terms of business structure, Xiaomi is both a related party and the largest customer.

According to the report of Shanghai Stock Exchange, Huami Technology also has the same subtle equity arrangement as Wanmo Acoustics. According to its prospectus, the company’s largest single shareholder is Huami CEO Huang Wang, holding 39.4% of the shares; Shunwei Capital holds 20.4%, and Xiaomi’s fund People Better limited holds 19.3%. Shunwei Capital and Xiaomi are controlled by Lei Jun.. Therefore, although Huang Wang is the largest natural person shareholder, Lei Jun’s consolidated shareholding ratio is 39.7%, which has surpassed Huang Wang.

In addition, judging from the disclosed prospectus, the performance of Huami also reflects that Xiaomi is highly dependent on the eco-chain company: in the first three quarters of 2015, 2016 and 2017, the revenue contributed by mi band to Huami Technology was 870 million yuan, 1.434 billion yuan and 1.068 billion yuan respectively, accounting for 97.1%, 92.1% and 82.4% of Huami Technology’s revenue in the same period.

Coincidentally, Roborock, another typical enterprise of Xiaomi Eco-chain, also experienced repeated inquiries and verification by the regulatory authorities before listing in science and technology innovation board.

According to the prospectus, Roborock’s gross profit margin in recent three years was 19.21%, 21.64% and 28.79% respectively, while Cobos’s gross profit margin remained at around 36%. In terms of splitting, the gross profit margin of its own brand products is 42.06% higher than that of Cobos, but the gross profit margin of "Mijia Robot" produced for Xiaomi is 14.99%, which lowers the average gross profit of the company.

In addition, there are ten business risks related to Xiaomi’s cooperation mode in the prospectus, involving a large number of related transactions, ODM business dependence, foundry selection and so on.

It can be seen that the two fatal problems of the rejection of Wanmo Acoustics also exist in Roborock and Huami Science and Technology.

Looking back on the development of Xiaomi’s ecological chain, Xiaomi and the ecological chain company have achieved mutual success.

Starting from Xiaomi itself, the products of these eco-chain enterprises support the high efficiency of Xiaomi’s offline channels and greatly share the operating costs of offline stores; As for the "world’s largest intelligent hardware IOT platform" planned by Lei Jun for Xiaomi, the mobile phone is only one of the terminals, and the "data" and "control" of products of a number of eco-chain enterprises are also the core of the platform.

To this end, Xiaomi’s approach is:Investing in eco-chain companies, splitting the product departments that should exist into eco-chain companies, and finally making Xiaomi’s shareholding equal to that of the founders of eco-chain companies through ingenious equity design, thus achieving the status quo of controlling these eco-chain companies and seemingly "independent".

According to this capital path, "eco-chain enterprises" will be listed independently, and Xiaomi will convert the business income of its multi-product lines into investment income. At the same time, there will be a number of listed companies in the whole system of Xiaomi, which will open up new space for the capital operation of Xiaomi.

This is the capital imagination of Xiaomi and its ecological chain.

But in the process of capitalization, the disadvantages of ecological chain are gradually emerging:

• Eco-chain enterprises are more like the OEM departments of Xiaomi’s product lines. They have no independent pricing power and product autonomy. Their own brand channels and capital are weaker than the OEM model, and their independent operation is doubtful.
• In terms of shareholding structure, although the relevant founder is the largest shareholder. However, tracing back to the actual control right behind the complex ownership structure, there are Lei Jun or Xiaomi, and problems such as A-shares and related party transactions cannot be avoided.

From this perspective, the independent development of eco-chain enterprises may be a good wish from the beginning.

THE END

This article is written bySerious finance and economicsOriginal production, please do not reprint without permission.

Wen | Fu Jie♀

　　　　[XCAR domestic new car original]

　　　　Recently, Land Rover officially announced that Land Rover’s 2015 Range Rover Sport Edition will be launched in January 2015. The biggest change of the new car is the addition of a model equipped with a 3.0L V6 diesel engine and diesel hybrid. It is reported that the 2015 Range Rover Sport Edition will provide 7 models to choose from, with a price range of 988.8-1.818 million yuan.

　　　　Tip: The 2015 Range Rover Sport Edition will be launched in January next year; Add body color and power; The price range is 98.8-1.818 million.

　　　　The newly-added Range Rover Sport diesel vehicle is equipped with a 3.0L SDV6 engine, while the diesel hybrid vehicle is composed of a 3.0L SDV6 engine and a motor that can output 35kW(48Ps). The comprehensive maximum output power is 250kW(340Ps), the peak torque is 700Nm, and its comprehensive fuel consumption per 100km is 6.5L/100km. The power systems of other models remain unchanged.

　　　　It is reported that in addition to the new diesel version, the 2015 Range Rover Sport Edition also adds three body colors: Aruba Grey Silver, Montachino Red and Kaikula Brown. In addition, the new model can also be equipped with digital TV and Meridian surround sound system.

　　　　Editor’s comment:The launch of the new model will expand the product line of Range Rover, and the new car will provide consumers with more choices in power, configuration and body color. At the same time, it can also stimulate new car sales to a certain extent.

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　 　　1.198 million Range Rover Sport Hybrid Model Listed in Chengdu

　　[car home Industry] On January 13th, 2021, the intelligent car system "Lion Zhiyun System Lion4.0" of Chery’s high-end brand EXEED Star Road was released in Shanghai. Since its first release in 2018, the system has been updated and iterated to the fourth generation. Compared with the previous generation of Lion3.0, the iterative Lion Zhiyun system Lion4.0 has better performance in multi-mode interaction, human-vehicle interconnection and big data application.

　　Xiongshi Zhiyun System is a set of "Know You Especially" intelligent car system created by EXEED Star Road in cooperation with Baidu, Intel, Neusoft and other software and hardware service providers. It integrates AR enhanced real-life navigation, deep face recognition payment, intelligent voice semantic recognition and other functions, and is equipped with up to 22 ADAS functions at the same level. Starting from the pain points of users, it is used in personalized face and voice recognition, car control, driving experience, safe driving, automatic parking, network security and even home interconnection.

　　◆AR enhanced real-life navigation

　　Lion4.0 system is equipped with a high-definition camera, which can interact with GPS positioning. Through AR real-life display and free switching of dual-screen images, the entire space facade will be built into an exclusive cockpit to realize cloud navigation guidance. The path identification that fits the road is like the original road. Map data, vehicle data and visual data are perfectly superimposed and integrated, which pulls the world outside the cabin into the cabin space. Through augmented reality technology, the guide line and lane line are perfectly fitted, giving a more intuitive, accurate and realistic road experience to complex road conditions and realizing "three-dimensional real-life navigation".

　　The 3D view allows users to rotate the vehicle at will to view the road information around the vehicle, and users can obtain the warning information of visual radar on obstacles in the high-definition view, and can also set the front or rear wide-angle view for viewing a larger field of view, so that it is easier to know the front and rear side road conditions.

　　◆Exclusive FACE ID to realize personality identification.

　　Through face recognition, after the driver gets on the bus, face recognition will quickly and automatically log in to the personal account, adjust the seat position suitable for the driver’s preference, and automatically switch the exclusive host, instrument and air conditioning theme style. The face recognition system has the ability of night recognition and living body recognition. When a stranger is driving, it will send an anti-theft reminder through Starway App, thus ensuring payment security.

　　After personality identification, the system will bind music, maps, wallets and other applications with one click, which can automatically associate various ecosystems, including automatic synchronous face-brushing payment, personalized music and video recommendation, and navigation account favorites (Baidu map) and other information.

　　　◆Intelligent speech recognition and sound source localization

　　The voice system of Lion Smart Cloud System Lion4.0 covers more than 80 kinds of vertical semantic databases, which can accurately identify various voice commands of users and respond quickly. The function of "sound source location" can identify the source of sound, identify the driver and passenger according to the location of the awakened sound source, execute voice control instructions according to the position, and control different areas respectively, which can be used for opening and closing windows, seat ventilation, heating and so on. Through in-depth linkage with Baidu, the voice system can also query Baidu Encyclopedia, Chinese-English translation, stock price, limit number and other contents.

　　◆ Autopilot/full-speed adaptive cruise/city intelligent car-following/high-speed intelligent navigation system

　　Lion4.0 is equipped with 3 77GHz millimeter-wave radars, 5 high-resolution cameras, high-performance depth based on hardware Soc, high-performance deep learning camera system based on neural network algorithm, and 12 ultrasonic radar systems around the vehicle in 360 degrees. L2 advanced auxiliary automatic driving can be realized.

　　Under the condition that there is a car ahead, the ACC of Lion4.0 can adaptively adjust the speed of the vehicle according to the set speed and distance, and follow the car to realize full-speed adaptive cruise of 0-180 km/h. ICA+TJA automatically accelerates, decelerates and turns with the preceding vehicle during the driving process, without stepping on oil, braking and steering, which can easily face the traffic jam and greatly reduce the burden on drivers’ hands and feet.

　　The new generation lane keeping system (LKA) is ahead of the mainstream lane departure suppression system (RDP) and adopts a new generation of BOSCH high-definition camera, which can support cornering and short-time unloading.

　　◆FAPA automatic parking assistance system

　　The upgraded Lion Zhiyun system combines image and radar parking mode, which makes parking conditions more relaxed and the success rate higher. The system can freely plan parking spaces based on panoramic view. In addition to supporting three modes of lateral parking, vertical parking and oblique parking, it also supports users to customize parking and drag parking spaces themselves, and it will make parking routes according to the parking spaces you drag. Vehicles are controlled by the system during parking, which completely liberates people’s hands and feet.

　　◆ Driver behavior monitoring

　　Lion 4.0 Lion Zhiyun system is equipped with fatigue driving monitoring, including attention monitoring, fatigue monitoring, dangerous driving behavior monitoring, linkage early warning and sub-speed interval early warning. For example, monitoring actions such as drinking water, looking out of the window for a long time, making phone calls, smoking, etc. will implement dangerous driving warning strategies; Monitoring behaviors such as closing eyes and yawning will implement the fatigue driving reminder strategy.

　　Drivers in the car equipped with Lion4.0 can give instructions directly through head movements and gestures to enhance the interactive experience. For example, you can perform mute operation by nodding and shaking your head.

　　Lion4.0 also has such a "black technology". The system is equipped with DOW front and rear double-door warning and DOA, which can detect and remind the range of 0-70 meters behind the vehicle, and can realize simultaneous warning and reminding inside (front row+rear row) and outside the vehicle, while caring for the occupants and laymen inside the vehicle. With this system, there is no need to worry about accidentally hitting the takeaway brother when driving the door.

　　In addition, Lion 4.0 Lion Zhiyun system is equipped with 9-inch W-HUD head-up display, dual 12.3-inch LCD screens, SONY customized hi-fi audio, and can also realize smart home interconnection. Automatic evolution of vehicle intelligence can be realized through FOTA remote intelligent upgrade.

　　　Edit commentsAs a high-end brand of Chery, Starway has made a lot of efforts in intelligence. Starway’s listed (|) and Chery’s Tiggo 8 are all equipped with the lion Zhiyun system. Intelligent and advanced car system is the general trend. In addition to transportation, cars are endowed with more and more entertainment functions, which is extended to the "third space" of people’s lives. But on top of this, safety is the first priority of the car, and the efforts of the Lion Zhiyun system in safety protection are also based on this consideration. As Professor Zhu Xichan said at this sharing meeting: Safety is 1, others are 0, and 1 comes first, followed by 0 is meaningful. (Text/car home Wang Jingbo)

[car home Jiaxing Preferential Promotion Channel] Recently, a new round of preferential promotion activities was ushered in in Jiaxing market, with a maximum cash discount of 28,000 yuan, which reduced its minimum starting price to 74,900 yuan. For consumers who are interested in buying a car, this is a good opportunity not to be missed. Please click "Check the car price" in the quotation form to get a higher discount.

Roewe RX5 adopts a fashionable and dynamic design, and the front face adopts a large air intake grille, which is combined with sharp LED headlights to create a highly recognizable visual effect. The body lines are smooth, showing a sports style as a whole, giving people a visual impact full of power.

Roewe RX5 has a body size of 4655*1890*1664 mm, a wheelbase of 2765 mm, a front track of 1590 mm and a rear track of 1584 mm.. The lines on the side of the car are smooth, showing a dynamic visual effect. The front and rear tyre size are both 215/60 R18, with exquisite rim style, which further enhances the overall beauty of the vehicle.

The interior design of Roewe RX5 is simple and full of scientific sense. The 12.3-inch large touch screen on the center console adds a lot of modern flavor to the whole interior. At the same time, it is equipped with a voice recognition control system to support the control of multimedia systems, navigation, telephones, air conditioners and skylights. The steering wheel is made of leather, which provides a good grip and control experience, and can be manually adjusted up and down and front and rear positions. The seat is made of imitation leather. The main seat has front-back adjustment, backrest adjustment and height adjustment (2-way), while the auxiliary seat supports front-back adjustment and backrest adjustment. In addition, the rear seat can be laid down in proportion to provide more storage space. The car is also equipped with multiple USB and Type-C interfaces, which is convenient for passengers to charge the equipment.

Roewe RX5 is equipped with a 1.5T turbocharged engine, with a maximum power of 138kW and a maximum torque of 300N·m, and adopts L4 engine layout, which is matched with a 7-speed wet dual-clutch gearbox. This engine provides a strong power output and a smooth driving experience for the vehicle.

The owner of car home said that he was very satisfied with the appearance of Roewe RX5, and chose the color of Yunjin Gray, which was recognized by his family and friends. Everyone agreed that this gray showed youth and sportiness, and the streamlined design of the front face and body also met his aesthetic standards.

[car home Jiangmen Preferential Promotion Channel] is currently carrying out preferential activities in Jiangmen, with the highest discount reaching 20,000 yuan and the lowest starting price of 122,200 yuan. Interested consumers can click "Check the car price" in the quotation form and strive for higher discounts.

The design of Xingyue L has both a sense of modernity and strength. The front face adopts a large air intake grille with exquisite chrome trim, which makes the whole car look more magnificent. The body lines are smooth and layered, showing its unique design style. On the whole, the design of Xingyue L is dynamic, showing its luxurious and fashionable atmosphere.

Xingyue L has a body size of 4770*1895*1689 mm and a wheelbase of 2845 mm, providing a spacious interior space. The side lines of the car are smooth and powerful, with a front and rear track of 1610 mm, ensuring a stable driving posture. In addition, Xingyue L is equipped with 245/45 R20 tires, which are matched with sporty rims to enhance the visual impact and handling performance of the vehicle.

The interior design of Xingyue L is dominated by the sense of technology and comfort, and the interior space layout is reasonable. The center console adopts suspended design, and the 12.3-inch central control screen occupies the visual center, supporting the voice recognition control system, which can easily control the functions of multimedia system, navigation, telephone, air conditioning and skylight, thus improving the convenience and comfort of driving. The steering wheel is made of leather, which feels delicate and supports manual adjustment up and down and back and forth to ensure that drivers can find the best driving posture under different heights. The car is equipped with a variety of charging interfaces, including USB and Type-C interfaces, which are convenient for passengers to charge electronic equipment. The seat is made of imitation leather, and both the driver’s seat and the co-pilot seat are equipped with electric adjustment functions. The main seat also has heating, ventilation and massage functions, which further enhances the driver’s riding experience. In addition, the driver’s seat is also equipped with headrest speakers, which brings more immersive hearing enjoyment to the driver. The second row of seats supports backrest adjustment, and the rear seats can be laid down in proportion, providing passengers with more storage space. On the whole, the interior design of Xingyue L fully considers the needs of drivers and passengers, creating a comfortable and convenient driving environment.

Xingyue L is equipped with a 2.0T 238 horsepower L4 engine with a maximum power of 175 kW and a maximum torque of 350 N m. It is equipped with an 8-speed automatic manual transmission, which provides drivers with abundant power and smooth shifting experience.

The owner of car home said: "Generally speaking, Xingyue L is cost-effective, and I like its design and interior very much. Its appearance is very atmospheric and steady, and it belongs to the eye-catching type. I personally like Yun Qi’s white and brown interior, plus three screens, and the temperament is directly full! "

　　From 17: 00 to 21: 30 on July 19th, the China Giant Panda Conservation and Research Center (hereinafter referred to as "Panda Center") once again welcomed two pairs of twins at Shenshuping Base in Wolong!

　　Giant panda "Pingping" gives birth.

　　In March this year, the giant panda Pingping completed natural mating. After more than three months of pregnancy, she gave birth to a cub at 17:14 on the 19th and a second cub at 19:44. The second baby is female, weighing 186.7 grams, and in good health.

　　Pingping is one of the first pair of giant panda twins born in the Panda Center after the Wenchuan earthquake in 2008. Pingping, who is 13 years old this year, gave birth to two babies and three cubs before, and she is very maternal. She has been keeping her boss in her arms and taking good care of her since she gave birth.

　　The giant panda "Joey" gave birth to a newborn baby.

　　While the staff were still immersed in the joy and busyness of "Pingping" giving birth, the giant panda "Joey" broke the amniotic fluid at 20:27, gave birth to the first cub at 21:03, and gave birth to the second cub half an hour later. The second cub is a female, weighing 202.1g, which is the heaviest panda cub born this year.

　　Born in August 2016, "Joey" participated in the breeding work for the first time this year. In March, "seed of love", with the help of the nurse, "found" Mr. Right, and successfully gave birth to twin babies. However, as it is the first time for a mother, "Joey" is still learning how to take care of the baby, and the staff always pays attention to the situation of "Joey" taking care of the baby, and will intervene manually if necessary to ensure the health and safety of the baby.

　　Zhang Guiquan, director of the management office of Wolong Shenshuping Base, said that from July 17 to 19, the Panda Center harvested four pairs of twins and eight baby pandas in two days, which was both a surprise, a responsibility and a challenge. At present, breeding experts and artificial breeding experts are on duty in turn 24 hours a day, always paying attention to the panda mother’s breeding behavior, taking good care of the artificially-fed newborn baby, and at the same time making preparations for other expectant females to give birth at any time.

　　At present, there are more than 10 giant pandas waiting to be produced in the Panda Center. (reporter tension at the reception desk)