Author: Xiao Li Fei Dao, editor: Xiao Shimei

In November, 2023, Yang Yinfen, the new head of Liangpin Store, wrote in an open letter to all employees that the company is facing the most difficult challenge since it started its business, not only the problem of living hard, but the problem of not being able to live. If it remains unchanged, it is really possible to lose the opportunity at the poker table.

This is really not an alarmist.

[Strategic Turn]

At the end of 2023, Liangpin Store officially announced that the average price of more than 300 products of the company was reduced by 22%, with the highest drop of 45%, the largest price reduction in 17 years. This means that good shops have given up the positioning of high-end snacks, and their business strategy has turned to the pursuit of "cost performance".

In fact, in the past many years, the company’s high product prices have not brought higher profits to the brand, but have discouraged consumers and increased business pressure.

Since listing, the revenue of good shops has almost stagnated, and the profit has been negative. In 2023, the revenue was 8.046 billion yuan, down 14.76% year-on-year, and the net profit returned to the mother was 180 million yuan, down 46.26% year-on-year. In the first quarter of 2024, it continued to drop sharply by 58%.

▲ source: Chocie

The profitability of good shops is also deteriorating. The gross profit margin in the first quarter of 2024 was 26.43%, a sharp drop of 6.3% compared with 2015, setting a new low since the financial disclosure data. The latest net interest rate was 2.54%, down 1.59% from 2019. Among them, the sales expense rate is around 20% all the year round, but the R&D expense rate is less than 1%.

Judging from the above core business data, the high-end business strategy of Liangpin Shop has not brought good growth to the company. However, after the strategic shift, the future life is still difficult, because there will be a big price cut.

For good shops, it will be a good result if the price reduction can achieve small profits but quick turnover. But often the ideal is full, and the reality may be very skinny.

In recent years, discounts on leisure snacks have become a common practice. Not only are good shops cutting prices, but three squirrels, herbs and other heads are lowering their bodies to cut prices, not to mention many small and medium-sized brand manufacturers following suit. You drop me, but the total demand of consumers will not change obviously, so the final outcome of price reduction is that it is difficult to make up the price by quantity.

Three squirrels are a typical example. At the beginning of 2023, the company put forward the strategy of "high-end cost performance" and carried out quality improvement and price reduction. However, the total annual sales volume was 68,500 tons, which was 12% lower than that in 2022.

Secondly, the price reduction of good shop products will reduce the company’s gross profit and net profit performance, impact investors’ expectations, and the overall valuation level may tend to move down.

Judging from the advantages and disadvantages of the business model, the leisure snacks where Liangpin shops are located are at the bottom of the whole food and beverage, with low operating threshold, easy price war, rapid changes in consumer demand and low brand loyalty. Unlike high-end liquor, it has high operating barriers, and can continuously raise prices, improve profitability, and the valuation level is often relatively high. In other words, good shops are in a bitter business track, earning hard money.

Good shops don’t cut prices, so it’s difficult to operate! After the price reduction, it may be more difficult to operate!

[Industry changes]

In the past many years, high-end snack enterprises have been competing for market positioning, with good shops, three squirrels and herbs everywhere. Nowadays, the giants are forced by reality to cut prices to survive.

In addition to objective factors such as macro-consumption fatigue, the most important logic is the rapid rise of the snack mass-market store model focusing on cost performance in just a few years, which reshapes the market structure of China leisure snack industry.

From 2021 to 2023, the number of snack discount stores in China increased from 2,500 to 25,000, an increase of 1,000%. It is estimated that it will exceed 30,000 in 2025, and the compound annual growth rate will still exceed 30%. The sales scale increased from 3.7 billion yuan in 2017 to 70-80 billion yuan, with a compound annual growth rate of 112%.

▲ The number of snack shops has expanded rapidly. Source: Dongguan Securities.

After several years of staking, the snack discount market has basically formed a market pattern of "North Wanchen, South Busy, West Ming and East Ming". Among them, the industry leader Snacks is very busy. The number of stores in the group was only 1,150 in 2021, and it has expanded to 6,500 in 2023, more than five times.

In November, 2023, Snacks Busy merged with Zhao Yiming Strategy. In 2023, the new group’s total revenue exceeded 20 billion yuan, and the number of stores reached 10,000, which brought the snack discount war from regional competition to the whole country and crushed other competitors.

Then, why can snack shops rise rapidly?

According to the words of the semi-annual report of Three Squirrels in 2023, the discount snack format is aimed at the bottom consumption demand of "how fast and how good it is", and it will rise rapidly with more abundant zero food and more affordable product prices, and will efficiently undertake the traffic transfer from traditional supermarkets (PS: accounting for more than 40% of sales channels).

Specifically, for example, snacks are very busy, there are more than 2,000 kinds of snacks in Zhao Yiming, and the monthly renewal rate is more than 100 kinds, and the location is near the community or in the commercial area with more people, which can better meet the needs of consumers.

Of course, the most important thing is the price. Discount snack vendors have innovated the snack channel, that is, bypassing the dealers and purchasing directly from the manufacturers, making profits to consumers with lower purchase costs, and finally getting the return of small profits but quick turnover. According to statistics, the average retail price of general discount snacks is about 20%-40% lower than that of supermarkets. This is attractive enough for consumers.

China leisure snacks sales channels, offline is still the main battlefield, accounting for more than 80%. Now, the rise of discount snack mode is regarded as "offline version of Pinduoduo" by the market, which has had a strong impact on the high-end snack price system, including good shops.

Good products are greatly reduced in price and have to be.

[Difficult situation]

In 2012, Yang Hongchun led a good shop to bet wildly on e-commerce channels, laying out Tmall, JD.COM and No.1 stores, and embarked on the road of rising, realizing the leap from a regional snack brand to a snack industry giant.

In 2015, online sales exceeded 800 million yuan. In 2016-2019, online revenue continued to grow, accounting for 33.7% to around 50%. Relying on the e-commerce dividend, the good shop has surpassed the one that still relies mainly on offline channels.

However, in recent years, the pattern of e-commerce platform has been intensified and reshaped, online traffic differentiation has continued, the channel layout of good shops has been unbalanced, and the online growth engine has failed. In 2022, the revenue of e-commerce channels showed a rare negative growth, which worsened in 2023, with a sharp drop of 32.6% year-on-year, accounting for 10.58% to 39.8% of revenue.

The online channels of good shops rely heavily on Tmall and JD.COM, and there is no improvement in the layout of Tik Tok. However, the e-commerce market in Tik Tok has risen rapidly. In 2023, the sales of leisure snacks surged by 53%, eroding the market cakes of Tmall and JD.COM. Looking at peers, the revenue of Tik Tok platform of Three Squirrels surpassed that of JD.COM platform in 2023, with a year-on-year increase of 119%.

In terms of offline channels, good shops still open more direct stores. In 2023, there were 258 self-operated net stores, and the total number of direct stores reached 1256. In the same period, 191 franchisees closed their stores, leaving 2,037.

I’m afraid that blindly opening a good shop can’t stop the business decline. On the one hand, accelerating the opening of direct stores also means higher operating costs, which is also an important factor dragging down performance. On the other hand, the rise of snack discount mode will divert offline traffic, which will also have an impact on the business of good direct stores.

On the other hand, the competitor Yanjin Shop has a profound understanding of the changes in retail channels. As early as the second half of 2021, it began to lay out snack discount channels, and the partner was the industry leader Snacks Busy Group.

In 2023, Yanjin Shop has exceeded 500 million yuan in the busy snack sales channel, accounting for more than 12% of the total revenue, far exceeding the traditional supermarkets such as Wal-Mart and CR Vanguard. In 2022-2023, the revenue of Yanjin Shop increased by 26.8% and 42% year-on-year, and the net profit returned to the mother increased by 100% and 67.8% year-on-year. Its performance is the best among the listed snack vendors.

Good shops don’t cooperate with the channel of mass-selling giants, and may have some concerns and considerations of their own. First, I want to control the offline traffic entrance by expanding the scale of opening a store, and I don’t want to be an "offline platform worker". Second, we set up a discount brand "Snacks Hard Home" to focus on the Hubei market. It was expected that 500 stores would be opened in 2023, but it did not cause much waves in the market.

Yanjin Shop chose to embrace the general trend of channel traffic change, and got a wave of super bonuses, and its performance scale reached a big step. On the other hand, the decision-making of good shops is somewhat slow and chaotic, and some opportunities are missed. Of course, all this has nothing to do with the lack of company supply chain.

Good shops don’t have their own production factories, and the products take the mode of "OEM+OEM". On the one hand, it is difficult to effectively manage and control food safety and quality. For example, on the black cat complaint website, there are more than 2,400 complaints about good shops, including eating foreign objects and moldy food. On the other hand, it can’t enter the retail scene in large quantities like other self-produced brands.

▲ Source: Black Cat Complaint

Yanjin Shop controls the supply chain by itself, which can control the procurement, production and sales, and can extend the upstream and downstream industrial chains, with good cost reduction effect. Its gross profit margin and net interest rate rank NO.1 in the snack industry, which is significantly higher than that of good shops.

Generally speaking, in terms of online channels, the growth engine that relied on in the past has turned off due to the disappearance of the traffic dividend of the e-commerce platform. In terms of offline channels, no effective measures have been taken to deal with the major changes in traffic, resulting in passive operation. Based on this, the capital market has already voted with its feet. The stock price of good shops has retreated by more than 80% compared with the peak in 2020, and the market value has evaporated by 27 billion yuan.

As a result, Yang Yinfen, the new coach, may have to accept the reality that good shops return to mediocrity, and the era of high growth is gone forever. However, the severe test of the market may have just begun.

disclaimer

This paper deals with the contents of listed companies, and is the author’s personal analysis and judgment based on the information publicly disclosed by listed companies according to their legal obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.); The information or opinions in this article do not constitute any investment or other commercial suggestions, and Market Value Watch shall not be responsible for any actions arising from the adoption of this article.

Special feature of 1905 film network The 2024 Spring Festival file has entered the countdown. There are 9 films and 7 comedies, and the competition is fierce, competing for "king of comedy". With the opening of the pre-sale, all the publicity is in full swing, hoping to get the audience’s "first ticket" first.

On the seventh day of the Lunar New Year, it seems a little low-key in many comedies. As the only crime action movie, it gives the audience more choices of movie types. As the only Hong Kong film, the luxurious starring lineup also represents the courage of Hong Kong films to fight the Spring Festival again.Choose the wrong peak setting, actively avoid competition with other films, or the film has other considerations.

Off-screen, for the director of the filmDanny PangGenerally speaking, Breaking the War means more.

On December 19th, 2023, Hong Kong director Peng Fa revealed that he owed HK$ 2 million for his wife’s medical treatment and declared bankruptcy because he could not repay it. Shortly after the finalization of "Breaking the War", on January 23rd, Peng Fa said in Weibo that the current financial crisis could be solved due to the development of new cooperative projects, and the earlier bankruptcy application could be withdrawn. This director, whose debut is the pinnacle, definitely has a place in the history of Hong Kong film, but after he went to Hollywood and went north to the mainland, the film quality was mostly less than expected, and he failed to continue to write the past glory.

The movie market and audience still have expectations for Peng Fa. What surprises can Peng Fa give us after the bankruptcy application is withdrawn? Can Broken War make him prove himself again?

The director’s dream of a talented editor

When it comes to Peng Fa, I have to mention his twin brother — — Another Hong Kong director. The audience and film critics called them the Peng brothers. Just like the Cohen brothers and Luc Dardenne in the world cinema.

They were born in the glorious period of Hong Kong movies. Since childhood, they have either watched movies or discussed ideas and stories, and they are looking forward to making these fantastic ideas into movies one day. At the age of 15, my brother Peng Shun found a S16 camera and made an experimental short film. This was the first time for the two brothers to be directors, and they wanted to be closer to the real movie.

Seven years later, Peng Fa became an editor, while Peng Shun focused on color mixing. They started from technical positions and entered the film and television industry for more than ten years.

In 1998, Peng Fa won the Best Editing Award at the 18th Hong Kong Film Awards, which was his first prize. After more than ten years of hard work, he became a top editor in Hong Kong, and more importantly, he finally caught up with his brother Peng Shun.

At that time, Peng Shun was already a well-known colorist in Asia, developed in Thailand, made many advertisements, MV and TV series, and got the opportunity to shoot his own film debut "Who’s Running? And was nominated for the New Wave Award of Busan International Film Festival. It was only that year that another young director from Shanxi finally stood at the award ceremony. His name was.

Soon after, the two brothers finished a script with almost no lines about a deaf-mute killer — — They decided to be directors together as they were children.

With superb editing, Peng Fa told a story with almost no dialogue. Later, this Thai film with a strong Hong Kong film style won the four awards of Best Director, Best Film, Best Actor and Best Editing in one fell swoop, and also won the International Film Critics Award at the Toronto International Film Festival. The brothers’ first work was a great success.

Born in Hong Kong and raised in Thailand, Applause Pictures was just established, and it was in urgent need of cooperation from new directors. As one of the judges of the Thailand Golden Awards that year, he took a fancy to the Peng brothers and invited them back to Hong Kong to make movies, which would also open the golden age for the Peng brothers. With their respective advantages, they constantly refreshed the creative ceiling of horror movies, won numerous international film festival awards, and went to Hollywood to make movies and cooperate with other stars.

After returning to Hongkong, Peng Fa worked as the editor of a series of trilogy, won the best editing award of the Academy Award again with Infernal Affairs 1, and was nominated for the best editing for three consecutive times. In the works directed by himself, he also makes good use of editing thinking, guides the audience’s emotions with the combination of lenses, and creates a feeling of horror and horror.

This talented editor’s directorial dream, which is the peak of his debut, seems to have a perfect ending, just like the plot of a movie, but the reality is not a movie, and life goes on.

In 2009, the "Fengyun" series filmed a sequel, and the original team returned. The former editor has taken the position of director, but compared with the success of his previous work of HK$ 41.5 million, his word-of-mouth and box office have dropped significantly.

At the same time, Peng Fa has gone further and further along the creation of horror movies, but the genre of this theme is extremely small. When the narrative is modeled, the movies are produced like an assembly line, and the final results are not satisfactory. Many directors have been making the same film all their lives, and Peng Fa is obviously more extreme.

Silent North Hong Kong Director

With the signing of CEPA agreement and the development of the mainland film market, more and more Hong Kong directors choose to "go north" to make films in the mainland.

,,, Chen Kexin, … These directors all ushered in a new creative stage after going north, which also made many Hong Kong stars glow with "second spring".

Except for these great directors, the situation of other directors is different.

In 2013, after the Peng brothers went north, they directed a co-production film between the mainland and Hong Kong, and tried the theme of disaster film for the first time. Actors,,, starring, the lineup is luxurious, but unfortunately the final word of mouth and box office have a certain gap with expectations. However, in this film, we can vaguely see that they are good at integrating the thriller elements into the disaster theme.

Since then, the two have stopped directing films together and started their own development.

Peng Fa has filmed youth themes, suspense themes, and participated in the screenwriter of the comedy film Let That Girl Go, but failed to give full play to his creative advantages, and both box office and word of mouth failed, and began to be criticized as a "bad film director".

After being frustrated, Peng Fa has made many films with horror themes, but the comfort zone has not become the "ruling area" of Peng Fa. Apart from various factors, people can’t help but question, "Is this Peng Fa’s film?"

Later, Peng Fa turned to shoot action movies, but the result was still regrettable. Although he expected to reproduce the classic "Silent Fire" in the era of "Peng Brothers" and direct the theme of criminal action, the miracle did not happen, and the box office barely exceeded 20 million.

The expectation of the new film "Broken War" is also not optimistic, which is largely influenced by the failure of "Trapped Beast". "Broken War" and "Trapped Beast" have the same configuration: Hong Kong star lineup+action crime+director Peng Fa. However, it is still worth looking forward to whether "Broken War" can learn from the creative experience of previous works with the same theme and improve the quality of its works.

Peng Fa, like a paranoid player, assigned all his talent points to the skill tree of editing and horror in movie games.

After going north, he failed to give full play to his own advantages and misjudged the situation in the mainland market. With the rapid growth of mainland movies and audiences, the once classic meta-narrative and the competitiveness of the theme of tiger balm are no longer the same.

Bankruptcy application is submitted and withdrawn.

Before filing for bankruptcy, Peng Fa was filming a TV series in the Mainland. After learning of his wife’s illness, he was worried that he would not see his wife for the last time. He decided to pay liquidated damages and return to Hong Kong. Previously, he also signed a contract for a mainland film, but due to the continuous delay of the shooting date, he was unable to pay the medical expenses without compensation. In addition, due to the particularity of the director’s career, there was no fixed salary certificate, so he had to borrow from the private sector.

The dilemma of filmmakers is finally solved by film.

Peng Fa wanted to take care of his wife and return to his old job, but he could hardly get the job of editing. Fortunately, my brother Peng Shun gave him support. After the wife of the actor who had worked together knew his predicament, she gave him a sum of money in the name of director’s fee for emergency. Colleagues in the film industry also helped him introduce job opportunities and give him care and support.

The new project of Alibaba Pictures cooperating with Hongkong Universal and Peng Fa has enabled him to withdraw his bankruptcy application and rekindle his hope. Compared with fundraising, filmmakers help directors in the form of work. Not only let Peng Fa display his strengths, but also let him get through the current difficulties.

At present, Peng Fa has a new film project, but also a film to be released."Dragon and Child" and "The Golden Cicada Demons" are Peng Fa’s first attempt at fantasy adventure themes, which have been finished.Regenerated manPeng Fa’s first science fiction film. Tentatively scheduled to be released in 2025Fortress of moneybywang qian yuan、William Feng、Ju Jingyi; Kiku、Danny ChanWith the leading role and the help of luxury actors, Peng Fa once again challenged crime movies.

The director is the operator of the movie dream machine, while Peng Fa connects dreams with reality and witnesses the silent majority. The achievement of Breaking the War after its release is undoubtedly an important battle for director Peng Fa to prove himself, but no matter what the result is, Peng Huifa is creating infinite possibilities.

Increasing income does not increase profit! The number of closed stores is greater than the number of new stores, and the goal of "thousand stores" of good shops is suspected of cutting leeks!

Good shops have always regarded themselves as "high-end" snacks, but high-end in consumers’ minds means expensive.

Snacks should be able to taste a delicious and economical comfort when you are tired, and bring relief to your tired body. However, when consumers find that snacks have become a high-priced commodity and feel that the pain of wasting their wallets even exceeds the delicious enjoyment, snacks have also become a problem.

Therefore, despite the rapid rise of good shops, neither product breakthrough nor brand positioning has achieved good results.

Judging from the financial and operating data disclosed by good shops in recent years, the operating ability of good shops is lacking.

From a longer time dimension, in the past three complete years, there has been a situation of "increasing income without increasing profit" in good shops. In 2020, good shops achieved revenue of 7.894 billion yuan and net profit of 344 million yuan; However, by 2022, its revenue has increased to 9.44 billion yuan, but its net profit is only 334 million yuan.

At the same time, the online business growth of good shops is also weak. In 2022, the online main business income of Liangpin Shop was 4.698 billion yuan, down 3.29% year-on-year.

In this context, the company’s share price has also entered a downward trend. On July 15, 2020, the stock price soared to 86.52 yuan/share, with a market value of nearly 30 billion. In contrast, today’s share is 24.84 yuan, the total market value is less than 10 billion yuan, and the market value has evaporated by about 20 billion yuan.

For an enterprise that has been firmly established in the market for 16 years, the predicament of the good shop is undoubtedly the most difficult moment in its history.

First, the number of closed stores is greater than the number of new stores, and the goal of thousands of stores is suspected of "cutting leeks"

In addition, following the hot spots in the market, Liangpin Store began to sell Xiaoqing Lemon Juice, a very popular drink at present, and put this product in the most conspicuous position in the freezer of the store.

In recent investment activities, regarding issues related to store expansion, Liangpin Store said: "While polishing the model of big stores, the company opened 80 new stores in the first quarter. In the second and third quarters, the company will speed up the pace of opening offline stores and make efforts to achieve the goal of opening 1,000 new stores throughout the year. "

However, the goal of a thousand shops in a good shop seems as empty and empty as its "high-end" slogan.In the first quarter of this year, the number of newly opened stores in Liangpin shops was 80, while the number of closed stores reached 122, which was higher than the number of newly opened stores. According to the progress in the first quarter, only 320 good shops can be opened a year. At the same time, even if the accelerated process reaches 1,000 in the later period, the number of closed stores of good shops may far exceed the number of new stores according to the ratio of opening stores to closing stores in the first quarter.

At the same time, from the point of view of the number of stores in the past three years, the number of closed stores of good shops has also increased rapidly while the number of new stores has increased rapidly, which has led to the net growth of no more than 300 stores in 2020-2022. Taking 2022 as an example, the number of good shops increased by 720, but the number decreased by 468 in the current period.

As can be seen from the number of stores opened in the past, franchise stores are the main driving force for the growth of new stores in good shops. Behind the high rate of opening and closing stores is the high joining cost of good shops.

According to the official website data of good shops, the minimum joining cost of good shops is 475,000 yuan. Among them, the performance bond is 100,000-200,000 yuan, the brand use cost is 45,000 yuan /3 years, the store decoration cost is 180,000-220,000 yuan, and the shelf/electronic equipment is 150,000-250,000 yuan.

On the online platforms such as Xiaohongshu and Tik Tok, some users said that the joining cost of good shops is high, and it is difficult to make a profit when the daily operating income reaches 7,000 yuan. According to preliminary calculation, in the north, Guangzhou and Shenzhen, according to the monthly rent of 25,000 yuan plus 14,000 labor and miscellaneous expenses, the annual cost of good shops will be 468,000 yuan. Even if it is estimated by the lowest joining cost and 30% gross profit margin, it will take two years to return to the capital, and the daily break-even will reach 6000 yuan in operating income.

In the stock bar, the joining of good shops has triggered a discussion. Some investors’ views are very sharp, and they compare the existing joining mode of good shops to "cutting leeks". According to these viewpoints, this model is more like opening a new branch with the funds of franchisees, but it fails to give them corresponding support and profit return. Therefore, franchisees have suffered great risks and pressures, and good shops have benefited from this. In the eyes of investors, this model is no different from "cutting leeks", that is, it constantly attracts new franchisees to invest, but fails to give them due returns and makes them suffer losses in investment.

The current dilemma faced by good shops is that it has become an inevitable choice to improve their performance by opening new stores. If we don’t continue to open new stores, the number of stores closed for various reasons will continue to increase every year. In 2022, for example, a total of 409 stores were closed, of which 235 were closed due to losses and 93 were closed after active optimization.

Therefore, if we do not continue to open new stores, the growth of operating income of good shops will be difficult to maintain. At the same time, the newly opened franchise stores can continue to promote the growth of operating income of good shops through procurement.

In confirming the income of franchise stores, the practice of good shops is to "confirm the income according to the expected amount of consideration when the control of related goods is transferred to franchise stores". Before the listing, the strategy adopted by good shops was "when the franchise stores sell goods to consumers, and confirm the income when the goods are delivered to the end consumers and get the right to collect money". The change of this policy has also attracted the attention and discussion of investors.

Second, major shareholders have repeatedly reduced their holdings, and the decline in stock prices has attracted market attention!

In the face of the gradual decline of e-commerce dividends, the growth momentum of good shops is facing major challenges. This anxiety is widely perceived by investors, and its major shareholders are constantly selling stocks. Recently, the early institutional investors of Liangpin Store, who have been with Liangpin Store for more than ten years, have also reduced their holdings on a large scale.

On June 9, 2023, Liangpin Store received the Notice on the Implementation of Reduction from shareholder Dayong Co., Ltd. From May 25, 2023 to June 8, 2023, Dayong Co., Ltd. reduced its shares by 4,647,000 shares through block trading, with a cumulative reduction ratio of 1.16%.

It is understood that Dayong Limited holds as much as 30.30% of the shares in good shops, making it the second largest shareholder of good shops. This time, Dayong Co., Ltd. plans to reduce the company’s shares by centralized bidding or block trading, with a total of no more than 24.06 million shares, that is, no more than 6% of the company’s total share capital.

The actual investor hidden behind Dayong Co., Ltd. is today’s capital, a well-known investment institution. As early as 2010, today’s capital saw the development potential of the good shop, invested in the company and became its early shareholder. Later, today Capital transferred its shares to Dayong Co., Ltd. as an indirect way to hold shares in Liangpin Store. In the recent reduction action, today’s capital may realize a gain of up to 700 million yuan through cash.

Xin Xu, the head of today’s capital, who is widely praised as the "Queen of Venture Capital", is a prestigious figure in the investment community. She has successfully invested in Wahaha, Yifeng Pharmacy and other well-known brands, and won wide acclaim in the industry by virtue of her profound insight into consumption trends in the primary market.

In the past ten years, today’s capital has consistently supported good shops. However, today’s substantial reduction and cash-out of capital undoubtedly reflects investors’ re-evaluation of the future development prospects of good shops.

What is even more worrying is that it is not the first time that a good shop has been reduced by a major shareholder. Starting from March 2021, Gaochun Capital began to reduce the number of good shops by clearance. On November 20, 2022, Liangpin Store announced that three investment companies under Gaochun Capital, namely Zhuhai Gaoyun, Hong Kong Gaoyun and Ningbo Gaoyun, announced that they planned to reduce their holdings by no more than 22.29 million shares (no more than 5.56% of the total share capital), which was only one step away from the clearance.

At present, Gaochun Capital has reduced its holdings of 2,240,021 shares through centralized bidding, accounting for 0.56% of the company’s current total share capital, and the remaining shareholding ratio is only 5%. At the same time, Gaochun Capital also plans to continue to reduce the shares of good shops through centralized bidding from June 28, 2023 to September 25, 2023.

In the face of the reduction of major shareholders and the continuous decline of stock prices, investors’ worries and dissatisfaction are gradually heating up. In an interactive session of investors, a question stands out, that is, whether the company has formulated an appropriate market value management strategy to deal with this situation, and whether the unilateral decline of the stock price has attracted the attention of the company management team.

What’s more interesting is that some investors have further questioned whether the company’s shares were shorted by large-scale securities lending, and whether an investor seminar should be organized immediately to answer all investors’ doubts. Investors also stressed that every minority shareholder is not only a consumer, but also a disseminator of the company’s brand. Therefore, excellent market value management will undoubtedly be the most substantial return to minority shareholders.

However, there are also views that the selling behavior of major shareholders to good shops is not unexpected. As a matter of fact, the challenge faced by good shops is not limited to finding new growth points. The more serious problem is that their competitive defense line in the old business field is not stable, and a large number of emerging consumer brands are eyeing the market share of good shops.

For more reports about this article, we have published it on Hexun Finance APP. The app store searched for Hexun Finance, downloaded and participated in the index guessing activity to win the JD.COM card and the cash prize of 10,000 yuan.

Editor in charge:

　　Huang Xiaoming is an outstanding public welfare rising star in 2009. The Love Ambassador of UNICEF Hong Kong Committee, the Volunteer Publicity Ambassador of Shanghai World Expo and the Panda Love Ambassador of China Research Center for the Protection of Giant Pandas are all not empty titles. He is always thinking about his mission with heavy responsibilities. In addition to evenly allocating time to do the duties of various ambassadors, his long-term support for the post-earthquake construction in Wenchuan is also very eye-catching. He not only funded more than 30 poor students in Sichuan, but also funded the construction of school buildings.

Public welfare declaration: charity is like long-distance running.

　　After serving as UNICEF’s love ambassador, Huang Xiaoming led a charity long-distance running with 8,500 people and raised 5.8 million donations for the disaster-stricken areas; Participated in the "Wolong Panda Grateful China Miles" activity, and also celebrated the birth of the adopted panda children "Ping Ping" and "An An" in Taiwan Province; Go to Sichuan to build the first "safety emergency experience classroom"; The first anniversary of the Wenchuan earthquake advocated "512 I want to love", and Huayi Stars responded; Donate 200,000 yuan to the children in the disaster area in Ya ‘an; Donate NT$ 1 million for the flood in Taiwan Province & HELIP; … In the long-distance running of charity, Huang Xiaoming galloped ahead and didn’t fall behind.

Seeing the new generation of FAW-,the line design is completely new. Generally speaking, the front face shape of the new generation FAW-Volkswagen CC has become more exquisite, and some protruding lines have been added to the hood, which looks quite muscular. The headlights with bright spots on both sides have a patchwork of internal light groups, and they are bright when lit. From the side of the car body, the new car is still elegant in appearance, and the tradition of wide C-pillar continues. In the design of the tail shape, this model has shaped the sports posture, and the design of the L-shaped taillight is also interesting, which is very personalized after lighting.

The interior style of FAW-Volkswagen CC is quite classic, and the visual effect is a highlight without losing the sense of hierarchy. In similar price models, this design can make people simple. Because the steering wheel is wrapped with leather material, it performs very well in texture and touch, and supports the steering wheel heating function. The central control is made of plastic, leather and metal, and the materials and workmanship look quite satisfactory. The 8.0-inch central control color large screen is simple but fully functional in screen design. The front row is also equipped with a dual-temperature automatic air conditioning control system, which can freely debug the most comfortable space atmosphere. Leather seats look very textured.

FAW-Volkswagen CC has a car length of 4869mm, a car body width of 1870mm and a wheelbase of 2841mm, which is quite satisfactory. In the same class, the wheelbase of FAW-Volkswagen CC ranks fifth. This size exceeds most models in its class. The actual interior space performance is also very good. From the actual ride experience, the front and rear rows are relatively spacious. The design of skylight also increases the subjective space feeling of front and rear passengers. The space is relatively regular, without obvious protrusions, and the overall loading capacity is good.

FAW-Volkswagen CC is equipped with a 2.0 engine with a maximum output of 162kW and a maximum torque of 350Nm. The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. FAW-Volkswagen CC’s official measured acceleration score is 7.9S, ranking 9th among 180,000-250,000 medium-sized car models.

The active/passive safety configuration of FAW-Volkswagen CC 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.

What happened to Huang Lei? Once a national male god, but now people are set to collapse into a "missing person" in the entertainment circle?

Once upon a time, Huang Lei’s light on the screen was unparalleled. With a series of popular dramas and excellent acting skills, he was once a male god in the eyes of the audience and a model in the hearts of younger generations. However, at present, the former national male god seems to have disappeared. For two years, no new works have been published, and even the figure in variety shows has gradually become scarce. What the hell is going on here?

According to industry sources, Huang Lei’s position in the entertainment circle has indeed declined in recent years. Not only that, but some survey data also show that his exposure and influence are far less than before. Once a top star, he has now become a "missing person" in the entertainment industry. This change is really embarrassing.

So, what happened to Huang Lei? Why did it come to this? Some people say that it is because his acting skills have not kept pace with the times; Some people say that it is because his image is no longer in line with the audience’s aesthetics. But I don’t think these are the root causes. The real reason for Huang Lei’s predicament lies in his gradually disintegrating human setup.

Huang Lei has always played the role of "Chef Huang" in variety shows, but his cooking level has been questioned. The fragments exposed by some programs show that his dishes are not only plain in taste, but even lead to food poisoning for guests. Such a "chef" is a bit of a misnomer.

In addition, Huang Lei’s performance in the program is often surprising. He often puts on a self-righteous posture and tells young artists what to do. This attitude is not only offensive, but also makes people doubt his character.

What is even more disappointing is that Huang Lei’s performance in family life is also surprising. Rumor has it that on the eve of his marriage to his wife, he sent a message to other actresses to retain him. Such behavior not only makes people question his loyalty to his family, but also his moral bottom line.

The collapse of Huang Lei’s staff undoubtedly brought a lot of shock to the entertainment circle. Once a national male god, now he has become the target of public criticism. Such a change makes people wonder: What happened to Huang Lei? Where will his future go?

For Huang Lei’s collapse, China netizens also expressed their opinions. Some people think that he gradually lost the market because of age and image problems; Some people think that he ruined his future because of his personal misconduct. But in any case, everyone expects Huang Lei to face up to the problem and rediscover himself who once made the audience love him.

Can Huang Lei’s future return to its peak? Perhaps only time will tell the answer. But in any case, we all hope that he can learn from it and start again to bring more excellent works to the audience.

Generally speaking, Huang Lei was once a bright star in the entertainment circle, and his works and images were deeply loved by the audience. However, in recent years, his status and image have declined, leading to the collapse of his personnel and becoming a "missing person" in the entertainment circle.

There are many reasons for Huang Lei’s collapse, including his cooking level being questioned in variety shows, his self-righteous attitude, and his personal misconduct. These problems make the audience’s recognition and support for him gradually decline, and also lead to his position in the entertainment circle gradually decline.

Although Huang Lei’s future is unpredictable at present, we hope that he can seriously reflect on his own problems and take active measures to reshape his image and regain the trust and support of the audience. After all, his previous performances and works have proved his strength and charm. As long as he can find the real Huang Lei, it is not difficult to return to the top.

No matter what the future holds, we are all looking forward to Huang Lei’s re-emergence and bringing us more wonderful performances and works.

Editor in charge:

A few days ago, the Equation Leopard spring conference I believe everyone paid attention to. The Equation Leopard family made a collective appearance, bringing new models such as Leopard 8, SUPER 3 and SUPER 9, which really made people feel bright.

(Note: The following figure is from the official release of Equation Leopard)

Like the equation Leopard Leopard 5, it is actually very familiar, and the popularity on the Internet has been very high. It is different from the traditional hard-core off-road based on oil, and adopts a special off-road platform for DM-o hybrid, and the overall drive is mainly electric. Driving in the city or taking it off-road, you can get a good experience. In terms of power, the comprehensive power of the system is 505 kW, the comprehensive torque is 760 Nm, the acceleration of 100 kilometers is 4.8 seconds, and the fuel consumption of 100 kilometers is 7.8 liters. In terms of chassis, CTB technology is adopted, and there are also versions equipped with cloud -P system. In terms of interior, it is equipped with Divare audio, refrigerator, fragrance, co-pilot screen, etc., which has a strong sense of science and technology. In terms of dynamic experience, the acceleration ability is the strength of this car. In the hybrid mode, the connection between oil and electricity is relatively smooth, and the feeling of pushing back deeply on the accelerator comes quickly. Chassis training is mainly comfortable, urban driving is relatively comfortable, and non-paved roads do not feel too much impact. Handling is not the strong point of this car. The highlight of Equation Leopard’s spring conference is actually the appearance of several new models.

Equation Leopard 8 is a hard-core off-road vehicle with a larger size, which is indeed stronger than Leopard 5 in the gas field. In terms of appearance design, the starship style design idea is adopted. In the front part, the energy shield type middle net is used, and the flying wing light groups on the left and right sides are also quite shiny. The snap-on front bumper under the lock adds a lot of mechanical feeling. There is a tough style of metal cutting on the side of the car body, with clear front and rear shoulder lines, thick C-pillar, hidden door handle and fashionable suspended roof. Energy propulsion taillights and planetary ring spare tire covers are used at the rear of the car body. In terms of face value, Leopard 8 is still very hard-driving, and there are also some bright spots in the details. In terms of product planning, Leopard 8 will be listed in the third quarter of this year, and the price may be more than 500,000.

SUPER 3 is the concept version of Leopard 3. The new car is a small hard-core SUV product, which means a bit of personality. The new car has a certain futuristic appearance, such as the luminous logo, the intelligent interactive screen under the logo, the drone on the roof, and the electronic exterior rearview mirror. Visually, the SUPER 3 mecha style is obvious, the body lines are prominent, and there is a feeling of wearing armor. In terms of details, the front and rear light groups use double-layer lines, the door handle is hidden, and the tires and rear spare tires use all-terrain tires. In terms of chassis, the official used the term "Star Wars chassis", and personal understanding may give consideration to both mechanical quality and driving texture. In terms of product planning, Leopard 3 should be officially released at the end of this year or early next year, and the price is expected to be above 250,000.

There was a big surprise in the egg part of this conference, that is, the appearance of SUPER 9, a two-compartment car without a roof. At present, it is also a concept car. As for the name of the later production version, it has not been announced yet, and it may be called Leopard 9. The new car is designed with a suspended double-wing door, with a low body and nine air ducts, which creates a good sense of performance. The headlight group is very sharp, and the rear taillight adopts the design elements of the equation leopard logo. The wheel adopts a nine-spoke hub with central locking. In the interior part, there are some design elements of the space capsule. The framework of the instrument panel in the car is made of carbon fiber, and the suspended large screen is combined with the leather and metal texture in the car, which has a sense of science and technology and is not short of mechanical elements. The lightweight seat with carbon fiber skeleton is really critical for a Speerster sports car. In terms of product planning, the new car will be officially released in 2025, and there is not much information about the price. However, from this shape and materials, guessing may be more expensive than looking up at U9.

After the press conference, Xiong Tianbo, general manager of Equation Leopard Auto, also appeared in the live broadcast room of Equation Leopard Friends, and exchanged views with you on the design, technology and products of the models unveiled at the press conference. According to Xiong Tianbo, the Equation Leopard sports car line has been completely planned. Personally, I guess that more than one sports car may be launched in the future. Regarding SUPER 9, the production model will largely continue the design of the concept car. Regarding SUPER 3, in addition to drones, future production models may have more playable configurations. Regarding the sales of Leopard 5, Xiong Tianbo said that the order performance is still very strong.

In the end, the spring conference of Equation Leopard really brought a lot of futuristic new car design ideas, which is in line with the positioning of Equation Leopard’s professional personalized brand. Personally, I still expect the production versions of SUPER 3 and SUPER 9 to be launched earlier. I don’t know what you think of the launch conference of BYD, where the whole family of Equation Leopard presented their gifts. # Equation Leopard Britney Spears Appears in Leopard Friends Live Room #

This time, Huawei finally aimed at a million luxury cars.

Not long ago, HarmonyOS Zhixing and Jianghuai Automobile launched the first product:Zunjie S800.

Different from the rest of the "Huawei Four Realms", as soon as Zunjie was born, it filled up the suspense stunt.

At the booth of Guangzhou Auto Show, the exhibition area of Zunjie was surrounded by a circle of "shady", which was very mysterious. Only invited visitors could go in and shoot.

Even if you are lucky enough to get the invitation from the distinguished circle, visitors need to sign a series of "5 million-worth" confidentiality agreements before they can go in and take pictures casually, and the mystery is directly filled.

At last week’s Huawei conference, this mysterious venerable world finally took the stage as the "One More Big Thing" finale of the conference, which was amazing.

As the highest-end car in Huawei’s "Four Boundaries", Zunjie S800 has the confidence of being unfamiliar with luxury cars such as Rolls-Royce and Maibakh.

Although there is no accurate pricing, Yu Chengdong also "spoiled" the pricing of Zunjie at the end of the conference, ranging from 1 million to 1.5 million. If you book on the spot, the light deposit will start from 20,000 yuan.

But beyond the gimmicks, can the inner nature of the Zunjie really stand up to positioning?

01

Why does the honorable world under the "shady" sell for 1 million?

At the Guangzhou Auto Show, every audience invited to enter the "shady" world of honour came out with a mysterious smile.

-this car is too distinguished to look at.

In terms of naming, S800 has nothing to hide. Since the highest end of Maibakh is called S680, the Zunjie will be "bigger" than you.

In terms of appearance, Zunjie is full of luxury. Although many young bloggers think that its design is "old-fashioned", they have to admit that,In terms of appearance benchmarking, Zunjie is simply a one-shot fight.

The size of the vehicle is 5.5 meters long, 2 meters wide, 1.5 meters high, and the wheelbase is as high as 3.37 meters. It is full of domineering on the road and directly targets the "ceiling" of the D-class executive car.

In terms of design details, Zunjie pays attention to a "harmony between heaven and earth".

Among them, the "sky" part naturally marked the starry roof of Rolls-Royce, but Zunjie added it to the door handle and became a "hand-picked star".

In the design of headlights and taillights, Zunjie has also implemented the design element of "starry sky" with full details.

As for more design details, Yu Chengdong said that he would slowly disclose them in the future.

In terms of power, Zunjie S800 has confirmed that it will be a hybrid model with 3 motors. It seems that the bosses who buy millions of luxury cars also have endurance anxiety and a restless heart.

Of course, in addition to benchmarking Rolls-Royce in appearance and interior, Zunjie has to show some "housekeeping skills".

As the main intelligent new energy vehicle, science and technology must be the most "luxurious" inside of Zunjie.

Zunjie follows the concept of the Sixth Generation Machine, and uses the latest Huawei "8S" design standard, which shows Huawei’s closet strength in cruise, mobility, information perception, privacy, network connection, AI, active protection and reliability.

Huawei’s most advanced "Turing II Long Xing Platform" is also said to be "the first to create a century-old chassis structure", which directly refers to Bentley’s hard work.

In terms of intelligent driving that everyone is concerned about, Zunjie directly piled up the materials and gave L3-level autonomous driving technology.

You know, in the field of autonomous driving, L2 to L3 levels are the watershed of intelligent driving from "human intervention" to "unmanned intervention".

Although the domestic autonomous driving authority is only open to L2 level, Zunjie boldly declared L3 this time to tell the market that we already have L3 strength, just waiting for the policy to be opened!

The courage of this "leading version" has to be said to be very Huawei.

Of course, the 1 million to 1.5 million and 20,000 down payment from the venerable world are also showing their dignity everywhere.

The market reaction also proves the "success" of Zunjie from the side.

48 hours after opening the reservation, Zunjie received an impressive record of 2,108 orders. You know, in 2023, Rolls-Royce sold 1,600 units in China.

Yu Chengdong’s dream of "turning over a lot of work" seems to be in progress.

02

Can JAC support Huawei’s high-end dream?

Since its appearance, the distinguished circles have disputed and ordered Qi Fei.

In fact, we don’t doubt Huawei’s ability to hack into high-end, but we are worried about another "dad" in the respected world.

After all, before Zunjie, JAC had little experience in manufacturing top-end vehicles.

Jianghuai Automobile, founded in 1964, is the "eldest son" of Anhui automobile industry.

Like other old-fashioned domestic cars, JAC started from trucks and slowly transformed into passenger cars until the 1980s.

Without the assistance of foreign capital, JAC completely developed and designed the first special chassis for passenger cars in China in the 1980s, which reached a milestone in the history of China’s automobile industry.

In the next few decades, Jianghuai has been developing both trucks and passenger cars. Not only did it cooperate with Hyundai for a short time, but it also developed many independent models.

Among them, the most prestige is Ruifeng commercial vehicle launched by Jianghuai. Because of its excellent quality, it has become the first choice for national government agencies to purchase MPV models.

However, in the era of new energy, Jianghuai is also in crisis like other car companies.

In 2013, Jianghuai Automobile was exposed by CCTV 315 because Tongyue model was suspected of cutting corners. Since then, Jianghuai’s reputation and reputation have plummeted, and original models have stopped developing. In the end, they can only rely on OEM business to continue their lives.

Jianghuai’s attempt at new energy vehicles is also superficial. After making several water testing works, there is no movement anymore.

Fortunately, in 2016, Jianghuai ushered in a savior:Weilai automobile

At that time, Weilai, who had just started to build a car, was worried because he didn’t have the qualification to build a car, and Jianghuai Automobile was anxious because of outdated business.

Coincidentally, the two companies hit it off, Weilai came out to design and Jianghuai came out of the factory, which jointly propped up the first half of Weilai Automobile.

In order to promote Jianghuai, Li Bin even claimed in an interview that "Porsche’s factory is definitely not as good as Jianghuai’s factory." Caused a lot of controversy.

In addition to Weilai, JAC and Volkswagen jointly established "Volkswagen JAC" and launched the brand "Volkswagen Sihao", but compared with Weilai’s success, Sihao’s existence is very thin.

Generally speaking,Weilai, as a brand that hits the middle and high-end among the new forces, has brought rare experience in manufacturing middle and high-end new energy vehicles to Jianghuai.

And this may be that after Jianghuai and Huawei held hands, the first model hit the bottom of the 1 million luxury car.

At the press conference of Zunjie, Xiang Xingchu, chairman of Jianghuai Automobile, said:Everything is for the respect, for everything in the respect!

It seems that in order to hold Huawei’s thigh tightly, JAC has done its best.

As far as the current situation is concerned, Zunjie has made a good start for the cooperation between Jianghuai and Huawei, but whether it can "surpass Celes" depends on the future performance of Zunjie.

03

"dismembering" BBA, respecting the world is the most cruel knife.

A few years ago, domestic new energy vehicles were still called "toy cars and old people’s music".

The market’s expectation of new energy vehicles is to buy them back for daily transportation. As for track racing, hard-core off-road and business use, they are basically the world of traditional oil vehicles.

But in the automotive field, high-end means the right to speak.Therefore, for domestic car companies, this "hard battle" has to be played.

In less than a few years, domestic car companies have launched an impact on the site of old oil cars from various fields.

BYD’s hard-core off-road looks up to U8, and its target is the luxury off-road vehicle series represented by Mercedes-Benz G Class and Land Rover Range Rover.

Looking up at U8 with a price of 1.098 million yuan is also BYD’s "technology master". It is equipped with a unique Yunqi body control system and can literally go up the mountain and down the river, which is very hard-core.

Perhaps it is expected that U8′ s sales are declining, but its purpose has actually been accomplished: as the first new energy brand to hit the "solid position" of traditional oil vehicles, it will show the potential and strength of new energy vehicles at all levels.

In terms of track racing, although there are many players, Xiaomi SU7 Ultra can be said to be the best-known and best-performing.

The ordinary version of Xiaomi SU7 is full of competitive elements, whether it is a streamlined body, a "ten-second real man" model, or Lei Jun’s own "racing driver" marketing, all of which are promoting the "track model" Xiaomi.

When Xiaomi SU7 Ultra came out with the fastest four-door car in New North, it also marked the official entry of domestic new energy vehicles in the competitive field.

After the hard-core cross-country and track racing were all disrupted, Zunjie S800 hit the "last fortress" luxury administrative field of oil trucks.

This summer, Huawei has cooperated with BAIC to launch the Luxury Car Enjoyment S9. Many people will wonder, although the Enjoyment S9 is positioned lower than the Zunjie S800, it will not be "internal friction" if it is fired twice in the luxury car in less than half a year.

In fact, from the perspective of product positioning, respect and enjoyment are actually two different beings.

Many netizens believe that the significance of Zunjie S800 is actually more like the Mate XT three-fold mobile phone launched by Huawei this year. It does not seek to sell well, but it must appear to "blow up" the market.

The enjoyment of the world is to assume a positioning similar to Mate 70, which is more biased towards the mainstream market.

However, whether domestic new energy vehicles are "really luxurious" or "high-end" depends on the precipitation of the market and subsequent feedback.

Domestic new energy has the strength of European luxury cars, but the time behind luxury cars still needs to be precipitated and accumulated to overturn.

After all,Subversion can’t be achieved overnight, but at least you have to make a beautiful start.

On December 18th, Chongqing Changan Automobile Co., Ltd. issued an announcement on the disposal of land and house assets of Yubei factory and the signing of the expropriation agreement. According to the announcement, Changan Automobile intends to sign the Agreement on Expropriation of Houses on State-owned Land in Yubei District of Chongqing with the Housing Construction Committee of Yubei District. It is estimated that the total amount of compensation for this expropriation is RMB 2,558.18 million, and the final compensation amount is subject to the expropriation agreement formally signed by both parties.

Due to the need of public interest, according to the Regulations on Expropriation and Compensation of Houses on State-owned Land, Regulations on Expropriation and Compensation of Houses on State-owned Land in Chongqing and Detailed Rules for the Implementation of Regulations on Expropriation and Compensation of Houses on State-owned Land in Chongqing, the People’s Government of Yubei District of Chongqing plans to expropriate the land, overground houses and related ancillary assets of Chongqing Changan Automobile Co., Ltd. (hereinafter referred to as "Changan Automobile") located at No.579 Airport Avenue in Yubei District of Chongqing. The expropriation department is housing and urban and rural construction in Yubei District of Chongqing.

Changan Automobile held the 33rd meeting of the 9th Board of Directors on December 17th, 2024, and deliberated and passed the Proposal on Disposal of Land and House Assets of Yubei Factory and Signing the Expropriation Agreement, agreeing that the Company and the Housing Construction Committee of Yubei District should sign the above agreement.

It is reported that the assets expropriated this time are the land, above-ground houses and related ancillary assets of Changan Automobile located at No.579 Airport Avenue, Yubei District, Chongqing. There are 100 assets in total, of which the building area is about 239,800 square meters, the plot ratio is less than 1 and the land use right area is about 212,300 square meters. By the end of October 2024, the original book value of assets was about 714.79 million yuan, the net book value was about 267.91 million yuan, and the provision for impairment was about 30,000 yuan, with a book value of about 267.88 million yuan.

Chongqing Wanhe Assets Appraisal Real Estate and Land Appraisal Co., Ltd., a third-party agency, was entrusted by the Housing Construction Committee of Yubei District to appraise the expropriated land, overground houses and related affiliated assets. According to the Assets Pre-Appraisal Report (H.W.H.Y. (Chu) 2024 Zi No.002), taking November 21st, 2024 as the base date, the appraisal results of the structures to be expropriated this time were taken as the appraisal conclusion, and the pre-appraisal value was about 49.89 million yuan. According to the Report on Pre-evaluation of Real Estate Appraisal (H.W.H.F.Z. Pre-evaluation (2024) No.005), taking November 21st, 2024 as the base date, the appraisal result of the house to be expropriated this time is based on the income method, and the appraisal result of the land to be expropriated is based on the market comparison method, with a total pre-evaluation value of about 1,963.93 million yuan. The final evaluation value is subject to the official report issued by the third party organization.

The compensation collected this time is a comprehensive compensation fee, totaling 2,558,179,368.29 yuan. Comprehensive compensation fees include housing value compensation fees, single-family early signing incentive fees, guidance incentive fees, single-family scheduled relocation incentive fees, facilities and equipment compensation fees, loss compensation fees for production and business suspension, decoration compensation fees, etc.

　　On November 14th, Yin Tongyue (front left), Chairman and General Manager of Chery Automobile Co., Ltd., shook hands with Chairman of the Board of Directors of Chery Rongchuang Group in Thailand after signing the contract. On the same day, Chery Company and Thailand Rongchuang Co., Ltd. held a cooperation signing ceremony at Daoxianglou Hotel in Hefei, Anhui Province, which marked the official landing of Chery Automobile in the Thai market. The initial annual output of Thailand Chery Rongchuang Co., Ltd. is expected to reach 5,000 vehicles, mainly selling Chery QQ and Tiggo. Xinhua News Agency reporter Chen Yuhua photo

　　Xinhua Net Hefei, November 16 (Reporter Chen Yehua) Chery Company and Thailand Chery Rongchuang Co., Ltd. held a cooperation signing ceremony at Daoxianglou Hotel in Hefei on the 14th, and Chery Automobile will be sold in Thailand and other Southeast Asian markets in the form of semi-assembled parts (SKD).

　　According to the agreement, Thailand Chery Rongchuang Co., Ltd. will be the exclusive agent of Chery in Thailand, assemble and produce Chery cars in SKD form, and sell them in Thailand and other Southeast Asian markets under the Chery brand. The company’s initial annual output is expected to reach 5,000 vehicles, mainly selling Chery QQ and Tiggo.

　　Thailand is the largest automobile production and export base in Southeast Asia, and almost all world-renowned automobile manufacturers have factories in Thailand. Thailand Chery Rongchuang Co., Ltd. is a joint venture between Thailand Zhengda Group and Rongchuang Group.

　　It is understood that Chery has established eight factories in seven countries including Russia, Ukraine, Iran, Egypt and Uruguay, forming an overseas production capacity of 150,000 vehicles. Yin Tongyue, chairman and general manager of Chery Automobile Co., Ltd. said: "We plan to have 14 overseas factories and 400,000 overseas sales by 2010, which will greatly enhance the international competitiveness and brand influence of Chery Automobile."

Editor: Jufu