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.

Among the new generation of actors born after 1995, Zhao Lusi’s existence can be said to be clean.

At the age of 22, her works are prolific. In addition, her acting skills have been recognized by the public. With a series of works, she won a double harvest of word of mouth and popularity. Only five years after her debut, she has achieved the present results, which is really enviable.

When I was a child, Zhao Lusi was not only good-looking but also interesting in soul. She was often praised for her beauty when she was away from home. But Zhao Lusi is a real academic scum.

She once revealed in an interview that she didn’t like studying, and her academic performance was always poor, especially in math. The worst exam only got 16 points. But compared with those artists who come with their mouths open, Zhao Lusi is more real.

Zhao Lusi, who was in high school, uploaded a photo to the Internet. Unexpectedly, it was still on fire, and even turned into a red-hot space network map. Wang Han, the famous host of Mars Intelligence Bureau, invited her to become a senior agent, and Zhao Lusi’s performance in front of the camera was remarkable.

As the director, Wang Han will also ask Zhao Lusi questions from time to time to increase the exposure of some shots.

Later, Zhao Lusi welcomed the second noble, named Yu Zheng, the "star-making machine" in the entertainment circle.

For example, Yang Mi, Zhao Liying, etc., which also proves that Zhengzheng’s vision is still very good. , gave Zhao Lusi the role of female two.

Because Guan Xiaotong, the heroine at that time, the audience preferred Zhao Lusi’s performance because of her modeling and other reasons. Zhao Lusi played such a wonderful role for the first time, which also paved the way for the fire behind.

In 2018. Zhao Lusi finally ushered in the protagonist, starring in the TV series "Oh! My Emperor has been praised by many netizens.

Zhao Lusi’s works occupied the whole hot search list, and the relaxed and funny plot also attracted the attention of many viewers. With the popularity of the plot, everyone finally saw the existence of this precious girl.

Do you like such a beautiful Zhao Ruth? Welcome to leave a message in the comment area ~

Editor in charge:

　　Dongfang. com reporter Fu Wenzhao reported on October 20th: Express delivery is ok, and the box is left. A few days ago, such a strange rule appeared in a university in Xi ‘an. Students queue up at the express delivery collection point to unpack the boxes and pick up the pieces. Once the things they buy involve personal privacy, the scene will be embarrassing … …

School notice

　　It is understood that the express delivery collection point in this university recently received a Notice on the Dismantling of Packages such as Express Delivery Boxes from the school, which requires that the express delivered by the express delivery collection point must be removed on the spot, and the staff will disassemble and flatten the boxes on the spot and stack them neatly. It is strictly forbidden for the picker to take the boxes away. If the collection point fails to be implemented as required, the logistics support department of the school will impose compulsory punishment by means of a fine of 5,000 to 30,000 yuan, suspension of business for rectification, expulsion from school, etc.

　　Regarding this rule, some students said that if the shoe box is dismantled when buying a pair of shoes, "one shoe in each hand is taken back to the dormitory, and then you are treated like a monster when you walk on the road." "If you buy fruit, you can’t take it back one by one." Because there are still students taking the express box away during the execution, the staff of the express point revealed that "the boss has eaten several tickets." Some netizens pointed out that if girls buy personal hygiene products, or personal privacy items such as underwear, do they have to open them on the spot? In addition, there is personal information of the recipient on the box, and some netizens are worried that personal privacy will be revealed.

　　Lawyer Yin Qingli, director of Beijing R&F Law Firm, said that according to the product quality law and contract law, the packaging of products is also an important part of products. For products like fruits, the packaging itself plays a protective role. This method adopted by this university in Xi ‘an will not only lead to inadequate protection of the whole product, but also infringe on the privacy of purchasing these products. This simple practice of the school infringes on the legitimate rights of students.

　　According to the staff of the school office, after students take the courier, it is easy to throw the courier box back to the dormitory, which affects the environmental sanitation. "So let them dismantle the box. If you encounter something more private, you won’t let them tear it down. "

　　Lawyer Yin Qingli believes that the school’s current practice is too simple, and some rules and regulations should be formulated to manage, restrain and supervise the handling of student garbage classification. Schools can give criticism and education to students who violate the relevant regulations on garbage classification, and can also give corresponding warnings or other disciplinary actions according to the seriousness of the circumstances. It should not be so "one size fits all".

Recently, a group of mysterious road test spy photos of large luxury cars have attracted wide attention in the circle of car bloggers. Although the vehicle is covered with camouflage, its huge body and powerful gas field are still eye-catching, and its size is expected to be equivalent to that of top luxury models.

It is reported that this new car is probably the product of HarmonyOS Zhixing’s "Fourth World" brand-Zunjie, which was jointly launched by Huawei and Jianghuai Automobile. The rear wheel steering function of this model shows its high-end configuration. At the beginning of this month, Yu Chengdong, CEO of BU, Huawei’s smart car solution, officially announced that the English name of Zunjie brand is MAEXTRO, and the first product has entered the stage of vehicle verification, which is expected to be off the assembly line at the end of this year and officially listed in the first half of next year.

"Zunjie" brand aims at benchmarking ultra-luxury brands such as Maibakh and Rolls-Royce, positioning itself in the ultra-high-end market, and the estimated price will reach one million yuan. The cooperation between Huawei and JAC is not limited to this luxury car, but will also expand to the MPV market of one million yuan. These models are expected to be produced through JAC X6 platform, with an annual production capacity of 35,000 vehicles.

According to informed sources, JAC Automobile is accelerating the recruitment of Huawei-JAC "Zunjie" project, involving quality system experts, quality evaluation experts, product line quality experts, production quality experts, vehicle quality experts, etc., to ensure the smooth progress of the project. At present, JAC hopes to build 38 test vehicles, so as to comprehensively test and verify the first model.

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.

On March 31st, 2023, AION S PLUS was officially launched. The new car has released a total of four models. The guide price is 149,800 yuan-165,800 yuan. In terms of power, it is equipped with a single motor precursor system with a comprehensive endurance of 510km and 610km.

The overall appearance follows the design language of ENO.146, the concept car with the lowest wind resistance in the world, and the wind-plastic front face and the low hood airflow fit smoothly. The details of the headlights with cloud arrows on both sides have been adjusted, and the recognition degree is still high compared with the current models. The two-stage adaptive lower grille with opening and closing function and the front lip with blackened bottom design show good sports effect.

The side of the car body, the dive posture with low front and high back, the sharp waistline with double pressure, and the vast light-sensitive color-changing skylight glass are very sporty. Sliding back design, hidden door handle, wind resistance coefficient can be reduced to 0.211Cd. In addition, the left and right rear fenders are connected with fast and slow charging interfaces to show the identity of new energy.

The multi-line tail design looks like a good layering. The visible double-layer penetrating taillights, with red reflectors superimposed on the bottom, create a vertical sense of geometric order and a horizontal sense of wide body size.

In terms of interior, the overall interior adopts embracing design, and a large number of leather packages bring good luxury and comfort. 10.25-inch full LCD digital instrument panel, with 14.6-inch central control large screen, the sense of technology is still full.

In terms of configuration, it is equipped with a brand-new ADiGO 4.0 intelligent driving internet ecosystem. Compared with ADiGO 3.0, the voice system is more sensitive and more convenient for users to travel. Built-in 360-degree surround image, high-tech map navigation, QQ music, 5G Tik Tok shooting, watermelon video, playing more than 3,000 game masterpieces, Himalaya, singing bar and other borderless entertainment ecology allow passengers to enjoy the entertainment experience in the car.

In terms of power, the new car is still equipped with a single motor drive system with maximum power of 150kW and 165kW and peak torque of 225N·m and 350 N m. With the brand-new magazine battery 2.0, it only takes 6.8s per 100 kilometers, and its comprehensive battery life is 510km and 602km respectively.

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 #

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

Recently, the new fraud of "online fraud+offline money withdrawal" is rampant. Xiao An analyzes a real case to analyze this new type of electric fraud case routine for you:

On August 28th, a district public security organ received an alarm from the victim Li, saying:

In July, I met a male netizen who claimed to be a "soldier" on Tik Tok. After a period of chatting, the other party asked Li to help manage an account in an investment and financial platform named "China Aerospace" on the grounds that it was inconvenient to operate due to a task.

1. Asking the victim to help manage the account is a common trick in telecom fraud, such as false investment and wealth management, "killing pig plates", etc. This kind of asking for help is easy to make the victim put down his guard and think that the operation on behalf of him is risk-free. In fact, the real purpose of asking the victim to help manage the account is to let the victim see the financial data with his own eyes, "seeing is believing" and trick him into believing in the "authenticity" of the false investment platform.

During Li’s help operation, he saw that the account had gains and losses every day. On the whole, the gains far exceeded the losses, and the trend of "steady profit" was obvious. So Li believed the netizen’s story and thought that the platform was a good platform that could really bring him benefits, and the psychology of wanting to invest together began to work.

Second, the victim’s "greed for profit" psychology is often used to the maximum extent. Criminals convince the victim to believe the so-called off-line special channels to recharge money by "evading fund supervision, special channels to deposit money, and tax avoidance". Then make up various reasons to induce the victim to go to the bank counter or withdraw money in batches at the ATM, and then give it to the stranger designated by the other party to take it away, causing great losses to property!

Under the further deception of the strange man, Li invited friends to download the platform and "invest" together. The other party then asked Li and his friends to withdraw cash in batches at the bank counter or ATM machine on the grounds of "evading fund supervision, tax avoidance, and recharging through special deposit channels", and handed over more than 1 million yuan in cash to the stranger designated by the other party (the criminal suspect responsible for taking the cash) to take it away.

1. Hide the whereabouts of funds.

2. Save the cost of capital transfer.

It is extremely risky to trust the investment and financial statements of strangers on the internet and then take cash to strangers! ! !

If you are in contact with strangers on the Internet and have the following characteristics, please be vigilant! Nine times out of ten, you have encountered telecommunication network fraud!

In case of strange online communication behavior, please take a look at the key points we have drawn to improve the ability to know and prevent fraud! ! ! If you are in doubt, please go to the nearby public security organ or call the 96110 national anti-fraud hotline for consultation and alarm! ! !

Source: Guizhou Anti-fraud Center

Editor: Ding Pan

First trial: Su Wei

Second trial: Luo Xingmei

Third trial: Luo Hua

Chief producer: Luo Shiming

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Original title: "Anti-fraud warning | Case analysis of the latest electronic fraud means! 》

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