苏州快餐200半夜500

1905 movie network news　On the evening of December 18th, the film was premiered in Beijing, which is another Mahua FunAge work written and directed by Zhou Shen and Liu Lu. On the same day, they attended the post-screening meeting with Ren Suxi, Wu Yuhan, Liu Xun and Tang Min, and shared with the guests and audience present.

　

Zhou Shen had no intention to interpret his own creation, and Liu Lu made a speech on his behalf. She said that three years ago, the topic of "the bottom line" was discussed in "The Water of the Donkey", but Almost A Comedy only made this discussion younger: "We are still thinking, why? Because we wanted to’ kneel down’ (compromise with the world) countless times in the process of doing "The Water of the Donkey", but in the end we proved that we can do (one thing) without kneeling down, and I want to share this truth with all young people. "

　

Wu Yuhan, Ren Suxi, Liu Xun

Almost A Comedy, adapted from Mahua FunAge’s drama, discussed the realistic topic of college students’ finding jobs and getting married after graduation. Ren Suxi admits that her role is "out of place and doesn’t give people a step", but she thinks that what the girl wants to express is her true feelings. In the movie, Ren Suxi’s favorite line is "I’m 30 years old. It’s not that I don’t know what the world is like. I just want to try this." This is also her self-expression in the rehearsal process, and when she said this word, Ren Suxi choked and wet her eyes.

　

Ren Suxi

In order to pay tribute to the "Mahua FunAge" brand, Shen Teng, Yan Fei, Peng Damo, Huang Cailun and others were also present to watch Almost A Comedy. Shen Teng’s speech is still humorous, laughing that he "feels that he still needs to work hard because he has not been able to participate in such an excellent film." Directors Yan Fei and Peng Damo are proud and moved by the opportunity for their old classmates Wu Yuhan to show themselves on the big screen. This made the two people suffer from Shen Teng’s "spit": "Then why don’t you use others when making movies?" Yan Fei hit back: "Teacher Shen Teng won’t let me use it. Both of them are from military arts, and who is the school grass has its own public opinion today. "

　

Shen Teng

In addition, Xiaogang Feng, Liang Jing and other filmmakers also made their debut on the same day. Xiaogang Feng bluntly said that she was a fan of Ren Suxi, and thought that she was an excellent actress who could "give a movie a sense with her own efforts". Ren Suxi also expressed the hope that both Almost A Comedy and Shanghai will sell well at the box office.

　

On December 20th, Almost A Comedy will land in the cinema.

　

　　□ Our reporter Wang Chun Our correspondent Hu Congying

　　While many traditional industries are struggling to realize the new economic development form of "internet plus", I didn’t expect illegal gambling to get on the bus early.

　　Gambling machine, Mark Six Lottery, Stud, Mahjong Pai Gow … … The traditional gambling methods in the past no longer meet people’s needs. With the development and popularization of network technology and the frequent replacement of social entertainment projects, gambling no longer relies solely on realistic means, and gambling forms through network virtual methods are becoming more and more diverse.

　　Wechat grabs red envelopes and online silver merchants … … The emerging online gambling has now become an important form of gambling, which is getting worse. Some criminals take advantage of the convenience, rapidity and concealment of the Internet to carry out online gambling in various forms, and some gamers are trapped in the fog of traps.

　　The amount involved in online gambling is extremely high.

　　Online gambling has a distinctive feature, which is the convenience, low cost and low risk of operators and participants. Its participants can stay at home, just click the mouse at home to participate in the virtual gambling places; For the operators of online gambling, they don’t need much investment. They just need to set up a website and use a server to easily build a virtual casino and organize people to participate in gambling.

　　In 2015, the People’s Court of Yongjia County, Wenzhou City, Zhejiang Province concluded 128 cases involving 338 gambling crimes, including 5 cases involving 14 people, involving a total amount of 738 million yuan.

　　At present, as a medium between gambling game websites and players, "silver merchants" have become an important participant in online gambling. In recent years, Yongjia Court has accepted many criminal cases involving online gambling to investigate "silver merchants".

　　Zhang Qingxin, vice president of the criminal court of Yongjia Court, told the reporter of Legal Daily that "silver merchants", as middlemen, specialize in the exchange and settlement of virtual game coins and RMB on the game website, and earn the difference by constantly buying and selling them, thus attracting more people to participate in gambling. Because the price of game coins sold by "silver merchants" is generally lower than the official recharge price, it attracts a large number of players to trade with them. The game money won by players can only be converted into cash through the "silver merchants", so the gambling game website and the "silver merchants" have become interdependent and mutually beneficial cooperation.

　　Last year, Yongjia Court accepted a case of "silver merchants" pursuing responsibility. Seven people involved in the case acted as "silver merchants" on the game website, buying and selling "silver" through QQ account and bank transfer, and the amount of bank cards used for this activity was as high as 500 million yuan. In the end, the court sentenced the defendant to four years and six months to ten months in prison for opening a casino.

　　With the fire of WeChat red envelopes, a new gambling method has also emerged. Due to the randomness of the amount of WeChat red envelopes, some lawless elements have exploited this loophole.

　　Around July 2015, Zhou, a post-80s woman, set up a WeChat group by using mobile phone WeChat. She was the owner of the group, and Chen Mou and others, who were also post-80s women, were hired as a package. The package was distributed on behalf of the package and the first salary was drawn. Self-made rules organized people in the group to gamble in the form of grabbing red envelopes. In the end, the court sentenced three defendants to corresponding penalties for gambling.

　　Zhang Qingxin, the judge in charge of the case, said that sending red envelopes in the WeChat group, if it is a small amount of mutual exchange between friends, can be regarded as a gift and does not involve illegality; However, if it is a group of red packets for profit, it is suspected of gambling.

　　Cross-border features are obviously concealed.

　　In recent years, all kinds of illegal and criminal activities of online gambling are spreading in China, and the gambling patterns are constantly being renovated, the number of gamblers is increasing, and the amount involved in gambling is increasing, which has become a major public hazard. At the same time, the forms of online gambling are constantly changing, and the work of banning gambling is facing a severe situation.

　　It is understood that with the development of network technology, the phenomenon of gambling by means of internet and online financial payment has developed rapidly. This kind of gambling is mainly caused by overseas online gambling groups establishing the organization chain of gambling activities in China by means of agency and expanding by means of pyramid schemes. Online gambling activities are concealed and spread rapidly, especially in areas with developed economy and Internet information technology.

　　Dr. Li Huaisheng of China University of Political Science and Law, who has been engaged in the research of cyber criminal law for a long time, believes that the amount involved in online gambling is often huge because of the virtuality and infinite extension of cyberspace, and more gambling shady scenes may still be hidden underwater, and the cross-border characteristics of online gambling are obvious. Although China has criminal jurisdiction over the behavior of overseas gambling groups to attract mainland residents to participate in gambling in criminal law, it is objectively difficult to punish them because of cumbersome procedures.

　　It is understood that due to the virtuality and cross-regional nature of the network, the managers in gambling sites are isolated from each other and have strong concealment, which makes it difficult for major shareholders or bookmakers to be captured. Gambling companies use virtual hosts, hosting hosts, etc. to publish gambling advertising information, but also constantly change network addresses and domain names, which has certain anti-detection ability; When arresting the people involved, once the gambler disconnects the network connection or turns off the computer, a lot of evidence in the server will be lost. At the same time, gambling funds are often paid online by credit card or transferred by bank, while agents usually have several bank accounts, and the capital turnover channels are complex and hidden, so it is difficult to find out all the crime amounts and the total amount of illegal profits.

　　In 2015, Heilongjiang police cracked a large transnational online gambling case, involving trillions of dollars, but it encountered many difficulties in the early investigation stage. The police found that "Dafa 888" online gambling activities had more than 30 branches of gambling websites such as "Horizon Asia" and "Paradise", and the gambling personnel were distributed in more than 10 provinces across the country, which generally caused heavy losses. This website can connect with overseas casinos and broadcast the gambling activities of related casinos live, thus realizing the synchronization of domestic gambling and overseas casinos.

　　For the police of the task force, the only breakthrough in the case before us is the confusing gambling webpage and the bank card number retained on the webpage for gambling transactions. The ownership of these cards is false, and the bank cards are illegally purchased from China by overseas gambling gangs, and each card is linked with thousands or even tens of thousands of cards at the same time. Once gambling funds enter the bank cards published in gambling sites, these funds will be quickly transferred to a series of bank cards linked to the card, making it difficult for the police to track down the whereabouts of the funds.

　　Similarly, Zhejiang Songyang police moved to Hanoi, Vietnam and 10 Yu Sheng cities all over the country for more than 100,000 kilometers, and finally successfully cracked the "998" mega-transnational online gambling case, involving more than 400 billion yuan, which also faced similar investigation problems. Until April this year, with the cooperation of the Chinese and Vietnamese police, Zhou, the main criminal of the case notified by the international red, was successfully pursued and brought to justice from Hanoi, Vietnam. At present, there are still three principal criminals fleeing abroad, and the case is still under investigation.

　　Strike hard and prevent with big data

　　The Internet is a double-edged sword. In recent years, the illegal crimes of gambling by using the Internet are on the rise, and a large number of crimes such as robbery, theft and fraud have been induced.

　　With the social transformation and the diversification of values, some people have a weak legal awareness, and even think that gambling and opening casinos are just ‘ Prohibition is not illegal ’ Blurred the line between gambling and entertainment, and lacked due vigilance against gambling-related crimes. What’s more, in order to pursue excitement and hope to get rich overnight, they boldly gambled.

　　It is urgent to crack down on online gambling. On June 30th this year, Guo Shengkun, State Councilor and Minister of Public Security, demanded that illegal and criminal activities, such as online gambling, which were strongly reflected by the masses, should be severely cracked down in accordance with the law, and efforts should be made to build a comprehensive prevention and control system for the online society, so as to continuously improve people’s sense of security and satisfaction.

　　Hu Jianwu, president of the criminal trial court of Yongjia Court, said that gambling not only endangers public order, but also easily leads to other crimes that infringe on citizens’ personal rights or endanger social order, which is very harmful to society and should be severely cracked down. In order to crack down on online gambling, the court must play its criminal trial function, severely punish gambling-related crimes according to law, and ensure social harmony and stability. To completely eliminate online gambling, the most important thing is that people who are deeply involved in online gambling can get out of the quagmire. In reality, many people vent their emotions and release their pressure through online games, and online gambling is constantly tempting to "take the bait" under the guise of games; Players’ appetite is getting bigger and bigger after tasting the "sweetness", and they are increasingly unable to extricate themselves. Only the people in the game can ignore the temptation and get out of the trap fog, can the network really be a pure land.

　　"Yongjia Court will continue to adhere to the zero tolerance attitude towards gambling crimes, give full play to the role of property punishment, cut off the sources of funds for gambling crimes, effectively curb all kinds of gambling-related criminal activities, and prevent the recurrence of gambling-related crimes." Hu Jianwu said that the court will strengthen information exchange with the public security bureau and the procuratorate, and further build a communication platform between functional departments on the basis of regular joint meetings of the public security inspection law. In addition, further strengthen the docking with the Judicial Bureau in community correction, help correct criminals’ gambling habits, and promote their smooth return to society.

　　"Online gambling has been very popular in recent years. Because of the non-contact nature of the Internet, online gambling is not limited by time and space. The objective harm is much higher than that of ordinary gambling, and it is difficult to investigate." Gao Yandong, director of the Internet Criminal Law Research Center of Zhejiang University Law School, said that in the Internet age, we must have a sense of big data, rely on big data, and use technology to technology. On the Internet, everyone swims naked. No matter how gambling sites covers it up, how anonymous the gamblers are, transfer records and chat records all leave traces. In the era of big data, all this should belong to nowhere to hide.

　　Gao Yandong believes that the police in the Internet age need not only muscles, but also technology. Law enforcers should be good at using big data to improve their data analysis and tracking capabilities. Only by using technology to technology, can online gambling not be initiated and checked, and online gambling can be truly curbed.

　　"Combating online gambling is not an easy task, and it needs the joint efforts of all parties. In addition to the judicial departments such as the Public Prosecution Law, it is inseparable from the support of Internet companies. " Gao Yandong suggested that Internet companies like Alibaba and Tencent have more data and higher technical capabilities than law enforcers. Law enforcers should be brave enough to try, introduce and use private forces to make up for shortcomings in law enforcement and crack down on Internet crimes including online gambling.

　　Draw/Gao Yue

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♀

Recently, GAC Ai ‘an released the brand-new car AION RT, announcing that it will be pre-sold globally on September 26th. The new car is a compact pure electric car. It is bold and innovative in appearance, adopts a brand-new design concept, and is equipped with laser radar and advanced high-order intelligent driving system. The cruising range of a single charge can reach 650 kilometers, which is expected.

It is reported that Ai ‘an is fully armed at the cost of AION RT. The official claims that with the unprecedented high value of A+ level, it has surpassed the soft bag space of B level, the high-level intelligent driving of laser radar that A+ level has never been equipped with, and the unprecedented long battery life and silicon carbide overcharge of A+ level, which has achieved the unprecedented leapfrog experience of A+ level.

From the appearance, AION RT’s front face is unique in design, with a closed grille with polygonal headlights and built-in LED daytime running lights, which is fashionable and dynamic. The trapezoidal cooling vents under the front bumper and the special-shaped vents on both sides not only improve the heat dissipation performance of the vehicle, but also add a sporty atmosphere.

On the side of the car body, the new car adopts the classic sedan shape, and the front of the car gyrates to the double waistline at the rear of the car, giving people a magnificent feeling. In addition, the new car is equipped with double three-spoke wheels, hidden door handles and roof lidar, which is both beautiful and practical. In terms of body size, the new car has a length of 4865mm, a width of 1875mm, a height of 1520mm and a wheelbase of 2775 mm. Combined with the body data released by the Ministry of Industry and Information Technology, its size has surpassed the level of a B-class car.

In the rear part, AION RT adopts a long and narrow taillight design, and the license plate frame area in the middle of the trunk is cleverly designed and has a strong three-dimensional effect. The double-layer design on both sides of the rear bumper and the reflective strip decoration complement each other, making the overall shape more stable and atmospheric.

In terms of battery life, the official said that the new car’s pure electric cruising range can reach 650 kilometers, and it is equipped with 400V silicon carbide technology and magazine battery technology. It takes only 18 minutes to charge from 30% to 80% in fast charging mode. According to the information previously released by the Ministry of Industry and Information Technology, AION RT provides two kinds of motors with different powers for consumers to choose from, namely 150 kW and 165 kW.

The A+ class family car market is in full swing, and major car companies have tried their best to grab a piece of the cake. The recently released MONA M03 in Tucki is one of the representatives. Now, with the emergence of AION RT, MONA M03 will usher in a strong opponent, and we will wait and see how the final market performance will be.

Today, I went to the local Wuling 4S store (Jinan City, Shandong Province), focusing on the market research of Hongguang MINIEV, especially the third-generation macaroon, which has not been listed for a long time in the early stage. As the old macaroon is still on sale, will there be any internal competition between the new and old models? Please read down.

Compared with the old model, the size of the third-generation macaroon has changed. The measurements are 3064/1493/1629mm, and the wheelbase is extended to 2010mm, which is 70mm； longer than that of the previous generation macaroon. The white roof, front and rear white through panels, and the color scheme of avocado green look a little small and fresh, and the changes of the front and rear light groups are more obvious. The oval outline is better than the previous generation, but it always feels a little lost to cancel the LED daytime running lights on the front of the car.

The interior uses an 8-inch touch screen and a 7-inch full LCD instrument panel, which improves the sense of technology obviously, and the air conditioning control area is located under the touch screen, making the operation more convenient; The mobile APP supports more remote control functions such as door unlocking, charging management, car light condition inquiry, car search and so on, and provides multi-function buttons on the right side of the steering wheel.

In the case of long wheelbase, the interior space of the third-generation macaroon has indeed improved, especially the longitudinal space experience. The second row of legs is no longer as cramped as the previous generation. The co-pilot can adjust the backrest forward with one button, but it still feels awkward to get in and out of the second row, and the door is still relatively large. When opening the door, pay attention to the pedestrians or vehicles outside.

The third generation macaroon provides reversing radar, reversing image, uphill assist and main and auxiliary airbags. CLTC pure battery life is available in two versions: 170km and 215km. Among them, the 2024 macaroon 215km supports 0.58-hour fast charging, with a motor power of 30 kW and a total torque of 92 Nm, while the 2024 macaroon 170km does not support fast charging. The motor power is reduced to 20 kW and the total torque is reduced to 85 Nm.

Recently, macaroon, the third generation of Hongguang MINIEV in the store, came to the car one after another, with various colors, including milk apricot coffee and avocado green, and the exhibition car was the avocado green version. In the face of sales, the third-generation macaroon is mainly promoted to prospective customers. To see car customers is basically to measure whether it is worth buying around face value and space.

However, the 2022 macaroon is still on sale, and the preferential strength has reached 13,000 yuan. For example, the guide price of the 2022 macaroon color painting model promoted by the store is 52,800 yuan, and now the bare car price is 39,800 yuan, and the NEDC pure battery life is 170km；; The guide price of 2024 macaroon 170km is 41,800 yuan, and after detailed discussion, a discount of 2,000 yuan is also given, and the price of bare car is also 39,800 yuan.

Because the old and new models are together, customers will unconsciously compare the differences between them, but basically the face value plays a decisive role; A small number of customers will compare Changan Lumin, focusing on appearance and interior.

Customers look at the 2024 macaroon 170km, which is 5,000 yuan cheaper than the 215km version. The difference is only in terms of cruising range and motor power. The full landing price is estimated at 44,200 yuan, and the full landing price of the 215km version is estimated at 49,300 yuan. Customers will feel that the 5000 yuan spent less is enough to support the electricity bill for a long time to come.

Wuling Hongguang MINIEV now mainly promotes the third-generation macaroon and the previous-generation macaroon, and other versions don’t even have exhibition cars, indicating that the recent focus of car companies is the macaroon series. Personally, the price of this kind of car is more suitable, and the difference between them is very small. Those who like the face value can refer to this price to talk about it, and it is also good to win more gifts.

　　Zhongxin Jingwei client September 6 th After losing at 3000 points on the previous trading day, the Shanghai and Shenzhen stock markets both opened higher today (6 th), and the Shanghai Composite Index consolidated below 3000 points. In the afternoon, the three major indexes turned green one after another, and the GEM index fell by nearly 1%. Near the end of the session, boosted by the rise of brokerage stocks, the Shanghai Composite Index turned red again, only 0.4 points away from 3000 points.

　　All-day trend of Shanghai Composite Index Source: Wind

　　At the close, the Shanghai Composite Index reported 2999.60 points, up 0.46%, with a turnover of 258.3 billion yuan and a daily line of 5 consecutive days; The Shenzhen Component Index reported 9823.42 points, up 0.41%, with a turnover of 375.7 billion yuan; Growth Enterprise Market reported 1692.24 points, up 0.19%, with a turnover of 129 billion yuan.

　　This week, the Shanghai Composite Index rose by 3.93%, the Shenzhen Component Index rose by 4.89%, and the weekly line was four consecutive years.

　　On the disk, the agricultural sector led the decline, pork stocks fell across the board, and the young eagle that entered the delisting period retreated to the limit. Mu Yuan shares fell nearly 8%, and Tianbang shares, New Hope, Zhengbang Technology, Lihua shares and Wenshi shares were among the top losers; Seed stocks Fengle Seed Industry, Dunhuang Seed Industry, Wanxiang Denong Seed Industry and Denghai Seed Industry collectively floated green.

　　Most non-ferrous stocks fell, with Sheng Da Mining dropping by more than 7%, while Yintai Resources, Western Gold, Jingui Banking, Yuguang Gold and Lead, and Baiyin Nonferrous all fell to varying degrees. Gas supply and heating, oil, steel, real estate, electricity, wine-making and other sectors have gone green.

　　Auto stocks were active, with Qingdao Double Star, Yaxing Bus, Derived Technology, jiangling motors, Longji Machinery and other stocks trading daily. In the news, Gao Feng, a spokesman for the Ministry of Commerce, said at a regular press conference held on the 5th that the Ministry of Commerce is currently conducting in-depth research and soliciting opinions from enterprises in the automobile industry, and will work with relevant departments to study and timely introduce targeted policies and measures to support the high-quality development of the automobile industry.

　　Environmental protection stocks rose, Luen Thai Environmental Protection had a daily limit, Tokugawa Environmental Protection and Green Power rose by more than 7%, and China Tianying, Zhongzhi Shares and Longma Environmental Sanitation rose by more than 4%. The 5G concept stocks continued to strengthen, and many stocks such as Farsheng, Tianhe Defense, Chaoxun Communication, Jialinjie, Rongda Photosensitive, etc. were daily limit. ZTE once closed the board, and Weishitong, Hainengda and Hengtong Optoelectronics followed suit.

　　Performance of 5G concept stocks

　　In terms of individual stocks, N Broadcom landed in science and technology innovation board today, and rose by 217.33% to offer 180.35 yuan. So far, science and technology innovation board stock data has reached 29. ST Furen, the former white horse stock, fell for the fourth consecutive trading day after being "capped", and the closing price was 6.30 yuan.

　　Guangzhou Bandung analysis believes that the current long-term market rise has momentum, but there are signs of adjustment in the short term. Therefore, investors must make timely changes in the next operation strategy, and don’t chase too high in the short term, especially the stocks with huge gains in the previous period, focusing on the risk of killing back; In the medium and long term, driven by multiple factors such as policies, funds and trends, the large-band and long-term rising market of technology stocks will continue to show, and the strategic opportunities of core industrial chains such as 5G and chips are still worthy of attention.

　　Jufeng Investment Gu said that after mid-August, the market ended its adjustment under the stimulus of favorable policies and regained its upward trend. On Monday, the Shanghai Composite Index broke through the 2900-point integer mark and the 60-day moving average, and the market went well in an all-round way. After the close of trading on Wednesday, the regular meeting of the National People’s Congress reported positive results, and it was planned to reduce the RRR generally. As a result, the big financial sector was launched across the board on Thursday, and the Shanghai Composite Index once recovered 3000 points. On Friday, the market oscillated and sorted out, digesting profit chips. Overall, the market has returned to a strong region. It is expected that after a continuous unilateral rise of half a month, the Shanghai Composite Index will be consolidated around 3000 points. It is suggested to pay attention to the opportunities of plate rotation driven by excellent stocks and favorable policies, and not to easily chase high-tech stocks with excessive gains.

　　In addition, for financial stocks and consumer stocks that are more active recently, Founder Securities said that the financial sector ranked first among the four sectors in the second quarter, and has had a comparative advantage in performance for four consecutive quarters; In addition, the growth rate of the consumer sector in the second quarter ranked third, and it has lost its comparative advantage in performance for at least two consecutive quarters. According to the influence of comparative advantage of performance on positions, the financial sector deserves attention, and at the same time, it is necessary to be alert to the collapse of the consumer sector in the case of high positions and unsatisfactory performance. (Zhongxin Jingwei APP)

　　(The opinions in this article are for reference only, and do not constitute investment advice. Investment is risky, so you should be cautious when entering the market. )

Text | Liu Kuang

"Nongfu Spring is a little sweet." This advertising slogan left a deep impression on the public and made Nongfu Spring a household name in the water drink brand. Tracing the history of the brand, Nongfu Spring opened up the water drink market with its own differentiated marketing strategy, competing with long-established water drink brands such as Wahaha and Master Kong, and even maintained the first market share of packaged drinking water in China for eight consecutive years from 2012 to 2019.

With the upgrading of consumption and the improvement of economic level, the consumption field is constantly changing, and the water drinking track is constantly subdivided. As an old player in the industry, Nongfu Spring is not easy. But the recently released semi-annual report seems to let us see the huge potential of Nongfu Spring.

revenue and net profit double growth

On August 25, Nongfu Spring released its 2021 semi-annual report. According to the financial report data, Nongfu Spring’s revenue in the first half of the year was 15.17 billion yuan, an increase of 31.4% year-on-year; net profit was 4.013 billion yuan, an increase of 40.1% year-on-year. It can be seen through the financial report data that Nongfu Spring’s revenue and net profit achieved double growth in the first half of this year.

From the product point of view, Nongfu Spring multiple product lines to help revenue. According to the financial report, Nongfu Spring packaged drinking water revenue 8.119 billion yuan, an increase of 25.6% year-on-year, accounting for 58.8%; tea beverage revenue 2.182 billion yuan, an increase of 36.4%, accounting for 14.4%; functional beverage revenue 2.004 billion yuan, an increase of 38.4%, accounting for 13.2%; fruit juice beverage revenue 1.224 billion yuan, an increase of 29.9%, accounting for 8.1%; other categories (including coffee drinks, soda water, plant yogurt, gas-flavored drinks) total revenue 846 million yuan, an increase of 86.8%, accounting for 5.5%.

From the gross profit margin, Nongfu Spring gross profit margin continued to grow. According to the financial report, Nongfu Spring gross profit in the first half of the year was 9.241 billion yuan, an increase of 33.7% over the same period last year, and gross profit margin also increased by 1% to 60.9%. Master Kong and Unified are the top players in the water market, and gross profit margin only fluctuated around 30%. Nongfu Spring’s high gross profit margin promoted double income in the first half of the year.

From the cost of sales, Nongfu Spring relaxed cost control. According to the financial report, the cost of sales of Nongfu Spring in the first half of the year was 5.934 billion yuan, an increase of 28% year-on-year. Among them, sales and distribution expenses were 3.554 billion yuan, an increase of 31.92% year-on-year, accounting for 23.4% of revenue; other expenses were 55.757 million yuan, an increase of 1186.5% year-on-year, accounting for 0.4% of revenue.

In the first half of the year, Nongfu Spring’s product sales volume, gross profit margin, and sales cost all increased. It is not difficult to see that Nongfu Spring has increased its investment in sales costs to enhance profitability, and has taken improving product sales volume and gross profit margin as a breakthrough point, thus boosting both revenue and net profit growth.

Track exploration of double growth

For enterprises, whether it is revenue growth or net profit growth, there are traces to follow, and Nongfu Spring’s double growth is no exception. Nongfu Spring showed in its financial report that this is due to the increase in the company’s product sales, changes in product structure, and effective control of PET costs.

First of all, the consumption environment has improved, and the sales of Nongfu Spring have begun to recover. According to the financial report, due to the stable epidemic prevention and control in the first half of the year, the national economy has gradually recovered, the overall market sales have improved, and the beverage industry has been further developed. According to the preliminary accounting data of the National Bureau of Statistics, the retail sales of beverage consumer goods in the first half of the year were 135.40 billion yuan, an increase of 29.2% year-on-year. With the improvement of the market environment, the sales of various categories of Nongfu Spring have also gradually recovered.

Secondly, Nongfu Spring continues to launch new products to enrich product types. In terms of packaged water, it has launched high-margin new products such as "Changbai Snow" and "Wuyi Mountain Tea Water". In other sub-segments of water and beverage business, Oriental Leaf has launched two new flavors: "Green Orange Pu’er" and "Xuan Rice Tea"; Screaming has launched a new "isotonic" series; soda water has launched four types of sparkling water: Dawn White Peach, Mojito, Hyuga Summer Orange and Chunjian Oil Orange. The launch of various series of new products can better seize the water and beverage market.

Finally, Nongfu Spring’s PET costs in the first half of 2021 are lower. PET, or polyester resin, is obtained through petroleum cracking and is the main raw material for the production of product bottles. In 2020, the international crude oil price fell, and the price of PET fell together. Its prospectus said: "We have seized the opportunity to purchase PET to reduce the cost of raw materials." Nongfu Spring has stored enough PET to reduce the cost of raw materials. As the cost of PET has fallen, Nongfu Spring’s gross margin has also increased.

The double growth results achieved by Nongfu Spring in the first half of the year were not only affected by the improvement of the domestic consumer industry, but also benefited from its own forward-looking. The dual reasons together helped Nongfu Spring achieve revenue and net profit growth.

There are still concerns after double growth

The water drinking track has entered the most lively time, new and old players are struggling to seize the market, and getting consumer recognition has become the core of the current competition. Nongfu Spring has achieved double growth in the first half of the year, can it maintain its record in the second half, keep up with the pace of the team, and not be kicked out?

First, a peach triggered a marketing crisis for Nongfu Spring. "The flavor of white peaches at dawn, white peaches at dawn are produced in Fukushima Prefecture, Japan." Anyone who reads the sentence will think that the raw materials are from Fukushima, Japan, but Nongfu Spring’s public relations department has a "new explanation". The official response is difficult for the public to be angry, but it has instead put the brand in the awkward situation of "real Fukushima or fake marketing".

Although the marketing overturn was not reflected in the financial report released this time, it was reflected in the capital markets. In the three trading days after the public response of Nongfu Spring, the share price of Nongfu Spring fell one after another, falling by 1.58%, 2.72% and 0.89% respectively, and the share price fell below 39 Hong Kong dollars per share.

Secondly, the offline channel encountered challenges. Yuan Qi Sen Lin captured a group of consumers with his sparkling water, and also adopted the traditional "freezer war" in the lower-tier market, which caused the freezers placed by Nongfu Spring, Master Kong and other brands to be returned by merchants. In order to snipe Yuan Qi Sen Lin’s freezer placement plan, Nongfu Spring launched the "God of Wealth" activity nationwide in an attempt to stabilize offline sales.

Finally, new products appear frequently, but there are no explosions. In recent years, Nongfu Spring has continuously expanded its layout in the water drinking track, and each sub-track has launched products. Although the category update speed is fast, it lacks bright spots. Since the launch of Tea Pi in 2016, there has been no popular drink, making it difficult to seize the market.

Even if Nongfu Spring has achieved the current double growth, it is not safe to rest easy. Nongfu Spring is encountering a marketing crisis while being robbed of sales channels by new players. At the same time, it is also facing the problem of having new products without explosions. Industry giants are also slightly tired when encountering menacing opponents, and the situation is not optimistic.

There are constantly new categories flooding into the water drinking track, and the competition is extremely fierce. Judging from the past situation, no brand can sit at the top. Blindly re-engraving the trend period of dividend products without seeking innovation, not only can not bring new experiences to consumers, but also make consumers taste fatigue, and in the long run the brand will lack competitiveness.

Nongfu Spring has built a moat of natural concepts, has a broad consumer market, and has laid mature sales channels. It has obvious advantages and strong ability to face risks. In the face of the impact of new brands, it is better to use static braking and continue to develop new products on the basis of solid foundation. Catering to the current new consumption trend, challenging consumers’ taste buds, and starting to build its own products into "Everred Products" to achieve the next double growth.

On the morning of January 29th, local time, a serious accident happened on Temploux E42 highway in Belgium, involving two heavy trucks and three cars. Five people were injured and one died in the accident. After the pileup, one of the trucks rolled over and caught fire. Another car was stuck under the truck and the driver was killed. Firefighters have rushed to the scene. (CCTV News)

Culture refers to the values, belief system, behavior norms, artistic creation, language, customs and traditions shared by a society or group. It is the product of human evolution and social development, which helps to shape the identity and thinking mode of individuals and groups.

Identifying whether a person has a culture is not simply about whether he has a high degree of education or extensive knowledge. The embodiment of culture depends more on a person’s ideological depth, values, interpersonal communication and behavior. Here are some ways to identify whether a person is literate or not:

Breadth and depth of knowledge: A literate person usually has a wide range of knowledge, not limited to a certain field, but also can deeply understand and think about what he has learned.

Open mind and curiosity: Educated people usually have open mind, are willing to accept new ideas and ideas, and are curious about different cultures and concepts.

Art and aesthetic consciousness: Culture and art are closely related, and literate people usually have a certain ability to appreciate and understand art forms such as painting, music and literature.

Language expression ability: A literate person usually has good language expression ability and can express his views and thoughts in accurate and vivid language.

Social consciousness and code of conduct: Educated people usually have high social consciousness, can respect others, abide by social code of conduct, and actively participate in social activities.

In a word, literacy is not only knowledge, but also a way of thinking, a code of conduct and an understanding of the world. By observing a person’s knowledge, way of thinking, artistic appreciation, language expression and social behavior, we can preliminarily judge whether he has culture or not. However, culture is a complex concept, and everyone’s understanding and expression may be different, so we should keep an open mind, respect diversity, and have positive exchanges and dialogues with others.