South Capital Center of Jinzhengyan-Interpretation of Financial Report Yunye/Author Ying Wei/Risk Control

At present, the discount integration of snack industry is accelerating, and the scale effect is gradually emerging. Looking back on the listing of Liangpin Shop Co., Ltd., a well-known snack manufacturer (hereinafter referred to as "Liangpin Shop"), on February 24, 2020, Liangpin Shop was successfully listed at an issue price of 11.9 yuan/share. On July 15th of the same year, the share price of Liangpin Store reached its peak, which was 85.22 yuan/share. As of January 11th, 2024, the closing price was 19.81 yuan/share, and the share price of Liangpin Store showed a downward trend.

Just one year after listing, the first round of reduction plan was implemented just after the lifting of the ban on the shares of the promoters of Liangpin Store, and 456 million yuan was cashed out. During this reduction period, the share price of Liangpin Store went down, and Liangpin Store bought back shares on bargain hunting to implement the employee stock ownership plan. Since then, its shareholders have frequently reduced their holdings, and there are also real controllers in the ranks of reduction. During the period when relevant shareholders reduce their holdings, the total market value of good shops may evaporate by tens of billions of yuan.

It is worth mentioning that Liangpin Shop claims to expand its business by investing in snack-selling "track" companies. However, in only half a year, it sold all the underlying shares and gained an investment income of about 60 million yuan. In the first three quarters of 2023, the performance of good shops grew negatively year-on-year. In addition, the good shop boasts itself as "the first share of high-end snacks", but its gross profit margin is not as good as that of its peers. On the other hand, the draft employee stock ownership plan of Liangpin Store was hastily revised one day after it was published. The stock price of employees was adjusted from 9.9 yuan to 16.7 yuan per share, and the share payment fee was reduced by more than 20 million yuan.

According to public information, on February 24, 2020, the good shop was officially listed on the main board of the Shanghai Stock Exchange.

It is worth noting that just one year after Liangpin Store landed in the capital market, its shareholders holding more than 5% of shares "threw out" the first round of reduction plan.

On February 27th, 2021, Liangpin Store issued the Announcement of Shareholder’s Shareholding Reduction Plan. The shareholders of Liangpin Store are Zhuhai Gaoying Tianda Equity Investment Management Center (Limited Partnership) (hereinafter referred to as "Zhuhai Gaoying"), HH LPPZ(HK)Holdings Limited (hereinafter referred to as "Hong Kong Gaoying") and Ningbo Gaoying Zhi. These shares are all derived from the shares held by Liangpin Store before its IPO.

According to the Announcement of Shareholder’s Shareholding Reduction Results signed by Liangpin Store on August 28th, 2021, due to their own capital needs, Zhuhai Gaoyou, Hong Kong Gaoyou and Ningbo Gaoyou (hereinafter collectively referred to as "Gaoyou Capital") plan to start from March 2021.The total number of shares of the good shop reduced by centralized bidding from February 22nd to August 26th, 2021 and by block trading or agreement transfer from March 4th, 2021 to August 26th, 2021 shall not exceed 24,060,000 shares, which shall not exceed 6% of the total share capital.

As of August 26th, 2021, when the planned reduction time expired, the shareholder Gao Ying Capital reduced its holdings of 10,776,494 shares of Liangpin Store by means of block trading and centralized bidding, accounting for 2.69% of the total share capital.

The announcement shows thatThe reduction price of Gaoyan Capital this time is 33.07-53.19 yuan/share., reducing the total amount by 456 million yuan.

After the implementation of this reduction plan, Gaoling Capital holds 36,023,777 shares of Liangpin Store, accounting for 8.98% of the total share capital of Liangpin Store at present.

From the time point of view, on February 27, 2021, Liangpin Store announced the first round of shareholding reduction plan of shareholder Gaoying Capital. At this time, Liangpin Store has just been listed for one year, and Gaochun Capital, as a shareholder holding more than 5%, has just lifted the ban.

During the period of Gaochun Capital’s reduction, the stock price of Liangpin Store fluctuated and fell.

According to the data of Oriental Fortune Choice, from February 27th, 2021, the announcement date of Gaoyan Capital Reduction Plan to August 26th, 2021, the stock price of Liangpin Store reached the highest value of 61.71 yuan/share on March 2nd, 2021, and the closing price on that day was 60 yuan/share, and the lowest value was 31.63 yuan/share on July 28th, 2021.

By July, 2021, the first reduction plan of shareholder Gaoyan Capital entered the "end". Compared with the date of the announcement of the reduction plan, the share price of Liangpin Store was close to "waist cut", and at this time Liangpin Store announced the share repurchase plan.

According to the Announcement on Share Repurchase by Centralized Bidding signed by Liangpin Store on July 7, 2021, Liangpin Store held the sixth meeting of the second board of directors and the sixth meeting of the second board of supervisors on July 6, 2021, and reviewed and approved the Proposal on Share Repurchase by Centralized Bidding, agreeing that the company should use its own funds not less than 75 million yuan and not more than 150 million yuan. Buy back the company’s shares by centralized competitive bidding, the repurchase price shall not exceed 69.85 yuan/share (including 69.85 yuan/share), and the repurchase period shall be within 6 months from the date when the board of directors deliberated and passed the share repurchase plan.

The purpose of repurchase is to implement the equity incentive plan or employee stock ownership plan.

According to the Announcement on the Expiration of Share Repurchase Term and the Results of Repurchase Implementation signed by Liangpin Store on January 6, 2022, as of January 5, 2022, Liangpin Store has repurchased 3,016,600 shares through centralized bidding, accounting for 0.75% of the total share capital of Liangpin Store. The highest price purchased is 35 yuan/share, and the lowest price is 31.35 yuan/share.

That is, from July 6, 2021 to January 5, 2022, the share repurchase price of the good shop was 31.35-35 yuan/share.

Compared with the first reduction price range of shareholder Gaoyan Capital, the stock repurchase price of good shops may be at a low level.

As mentioned above, just one year after the listing of Liangpin Store, Gaochun Capital, as a shareholder holding more than 5%, reduced its holdings and cashed in 456 million yuan. In fact, since then, Gaochun Capital has continued to reduce its holdings. Not only that, the second largest shareholder and actual controller of Liangpin Store also took turns to reduce their holdings.

On August 26, 2021, Gaochun Capital completed the first reduction plan for good shops. Less than two months later, Gaochun Capital "stepped into" the second round of reduction plan.

According to the Announcement on the Results of Shareholder’s Shareholding Reduction signed by Liangpin Store on April 9, 2022, due to its own capital needs, Gaoyan Capital plans to reduce its shareholding in Liangpin Store by centralized bidding from October 29, 2021 to April 7, 2022, and by block trading or agreement transfer from October 13, 2021 to April 7, 2022, with a total amount of no more than 24,060,000.

As of April 7, 2022, when the planned reduction time expired, the shareholder Gao Ying Capital reduced its holdings of 5,911,800 shares of Liangpin Store through block trading, accounting for 1.47% of the total share capital of Liangpin Store.

During this reduction, the reduction price of Gaochun Capital was 40-40.81 yuan/share, with a total reduction of 239 million yuan.

After the implementation of this reduction plan, Gaoling Capital holds 30,111,977 shares of Liangpin Store, accounting for 7.51% of the total share capital of Liangpin Store.

Soon, the good shop ushered in the third round of reduction of Gaochun Capital.

According to the Announcement on the Change of Shareholders’ Equity by More than 5% and the Result of Shareholding Reduction signed by Liangpin Store on November 19, 2022, due to its own capital needs, Gaoling Capital plans to reduce the shares of Liangpin Store by centralized bidding from June 14, 2022 to November 20, 2022, and by block trading or agreement transfer from May 26, 2022 to November 20, 2022.

As of November 18, 2022, upon the expiration of this reduction plan, shareholder Gao Ying Capital reduced its holdings of 7,821,956 shares of Liangpin Store by centralized bidding, accounting for 1.95% of the total share capital.

The price of this reduction is 25.47-35.64 yuan/share, with a total reduction of 219 million yuan.

After this equity change, Gaoling Capital holds 22,290,021 shares of Liangpin Shop, accounting for 5.56% of the total share capital.

The reduction is still going on.

According to the Announcement on the Change of Shareholders’ Equity Holding More than 5% and the Result of Shareholding Reduction signed by Liangpin Store on May 20, 2023, from March 14, 2023 to May 19, 2023, Gaoling Capital reduced its shareholding in Liangpin Store by 2,240,021 shares, accounting for 0.56% of the total share capital.

The price of this reduction is 299.3-39.14 yuan/share, with a total reduction of 73.1651 million yuan.

After this equity change, Gaoling Capital holds 20,050,000 shares of Liangpin Store, accounting for 5% of the total share capital of Liangpin Store.

According to the Announcement of Shareholder’s Centralized Bidding and Shareholding Reduction Plan signed by Liangpin Store on June 3, 2023, according to the fund term requirements, the total number of shares of Liangpin Store to be reduced by centralized bidding from June 28, 2023 to September 25, 2023 shall not exceed 4,010,000 shares, which shall not exceed 1% of the total share capital of Liangpin Store. In any continuous 90 days, the total number of shares reduced by centralized bidding transaction shall not exceed 1% of the total number of shares in good shops.

According to the Announcement on the Results of Holding Shares by Centralized Bidding signed by Liangpin Store on October 20, 2023, from June 28, 2023 to September 25, 2023, Gaoling Capital accumulated 4,009,356 shares of Liangpin Store through centralized bidding, accounting for 0.9998% of the total share capital of Liangpin Store.

The price of this reduction is 23.30-26.38 yuan/share, with a total reduction of 99.8484 million yuan.

After this equity change, the proportion of Gaoling Capital holding shares in Liangpin Store is 4.0002%.

As of the inquiry date, January 10th, 2024, Gaochun Capital has no new trend of reducing its holdings.

Looking back on history, Liangpin Store disclosed in the prospectus signed on January 21, 2020 (hereinafter referred to as "the prospectus signed on January 21, 2020") that with the rapid growth of Liangpin Store’s performance and the continuous improvement of brand awareness, investors continued to be optimistic about the future development prospects of Liangpin Store, so in 2017, Liangpin Store received a capital increase of RMB 326,049,500 from shareholders.

Just in 2017, the good shop completed the share reform.

According to the prospectus signed on January 21, 2020, Liangpin Store completed the share reform in December 2017, and was one of the founders of Gaochun Capital.

In other words, Gaochun Capital, as the initiator of share reform, was originally optimistic about the development prospects of good shops. After the lifting of the ban on its shares, it implemented five reduction plans in a row, and even the upper limit of the "card" reduction ratio for the fifth time, reducing the shareholding ratio to less than 5%. This also means that if Gaochun Capital still has a reduction plan, the good shop will not need to make an announcement in advance.

During the period of gaoling capital reduction, the second largest shareholder of Liangpin Store also joined the ranks of reduction.

According to the 2022 annual report of Liangpin Store, by the end of 2022, Dayong Co., Ltd. (hereinafter referred to as Dayong Co., Ltd.) held 121,496,526 shares of Liangpin Store, accounting for 30.3% of the total share capital, making it the second largest shareholder.

According to the Announcement of Shareholder’s Equity Change by 1% and Early Termination of Shareholding Reduction Plan signed by Liangpin Shop on December 2, 2023, Liangpin Shop disclosed the Announcement of Shareholder’s Shareholding Reduction Plan on May 18, 2023. Due to its own capital requirements, Dayong Co., Ltd. plans to reduce the total number of shares in Liangpin Store by centralized bidding or block trading to no more than 24,060,000 shares, which is no more than 6% of the total share capital. The reduction period of Dayong Limited through centralized bidding transaction is within 6 months after 15 trading days from the date of announcement of the reduction plan; The reduction period by block trading is within 6 months after 3 trading days from the date of announcement of the reduction plan.

From May 25, 2023 to November 29, 2023, Dayong Limited reduced its holdings by 17,040,000 shares through centralized bidding and block trading, accounting for 4.25% of the total share capital.

The price of this reduction is 19.46-28.53 yuan/share, and the total amount of reduction is 404 million yuan. After the reduction, Dayong Limited holds 26.05% of the shares.

In addition, the original concerted action of the good shop also participated in the reduction.

According to the 2022 annual report of Liangpin Shop, by the end of 2022, the controlling shareholder of Liangpin Shop was Ningbo Hanyi Venture Capital Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Hanyi"). Ningbo Liangpin Investment Management Co., Ltd. (hereinafter referred to as "Ningbo Liangpin"), Ningbo Hanliang Qihao Investment Management Partnership (limited partnership), Ningbo Hanlin Zhihao Investment Management Partnership (limited partnership) (hereinafter referred to as "Ningbo Hanlin"), Ningbo Hanning Beihao Investment Management Partnership (limited partnership), Ningbo Hanning. Yang Hongchun, Yang Yinfen, Zhang Guoqiang and Pan Jihong are the actual controllers of Liangpin Store. Among them, Yang Hongchun is the chairman and general manager of Liangpin Store.

According to the Prompt Announcement on Dissolving the Relationship of Concerted Action between Controlling Shareholders and Some Concerted Actions signed by Liangpin Store on March 7, 2023, Liangpin Store received the notice of dissolving the relationship of concerted action from Ningbo Hanyi, the controlling shareholder, Ningbo Liangpin, Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang on March 6, 2023. After all partners reached a consensus, Ningbo Hanliang, Ningbo Hanlin and Ningbo Hanliang recently.

Since Yang Hongchun no longer serves as the executive partner of Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang, the relationship between Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang and Ningbo Hanyi and Ningbo Liangpin is dissolved, Ningbo Hanyi and Ningbo Liangpin are still acting in concert.

In short, Yang Hongchun, the real controller of Liangpin Store, was originally an executive partner of Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang, and therefore formed a concerted action relationship with Ningbo Hanyi, the controlling shareholder. By March 2023, Yang Hongchun no longer served as the executive partner of the above four institutions, so the relationship of concerted action was dissolved.

According to the Announcement of Shareholder’s Shareholding Reduction Results signed by Liangpin Store on December 7, 2023, from June 9, 2023 to December 5, 2023, Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang reduced their shareholdings by 6,015,000 shares through centralized bidding, accounting for 1.5% of the total share capital.

The reduction price is 19.28-25.44 yuan/share, and the total reduction amount is 140 million yuan.

After the implementation of this reduction plan, Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang jointly held 9,742,651 shares of Liangpin Store, accounting for 2.43% of the total share capital.

It should be noted that according to the data of the Market Supervision Administration, as of the inquiry date of January 10th, 2024, Yang Hongchun’s shareholding ratio for Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang all exceeded 40%, making him the largest shareholder.

It can be seen that the controlling shareholder has dissolved the relationship of concerted action with Ningbo Hanliang, Ningbo Hanlin, Ningbo Hanning and Ningbo Hanliang. Judging from the shareholding ratio of the partners of the above-mentioned enterprises, the actual controller Yang Hongchun may be the "main force" for this cash.

According to the data of Oriental Fortune Choice, from the date of the announcement of the first round of reduction plan of Gaochun Capital to the date of the expiration of the reduction period of shareholders such as Ningbo Hanliang, the stock price of Liangpin Store reached the highest point on March 2, 2021, with a closing price of 60 yuan/share and a total market value of 24.06 billion yuan. As of December 5, 2023, the stock closing price of Liangpin Store was 24.65 yuan/share, with a total market value of 9.885 billion yuan.

It is estimated that the total market value of good shops may have evaporated by 14.175 billion yuan during the period when the above shareholders reduced their holdings.

The decline of stock price is influenced by many factors, such as the performance change of listed companies, shareholder reduction and so on. After the lifting of the ban on the shares held by the above shareholders, the market value of good shops evaporated by tens of billions of yuan, and how did the frequent reduction of shareholders affect it?

In recent years, convenience stores and snack shops that mainly serve community users have achieved rapid growth with richer products, better consumption experience and higher cost performance, and have become an important force to promote the development and growth of the snack industry.

According to the record of investor relations activities of Liangpin Store in August, 2023, regarding the issue of "measures to deal with competition in the development of volume distribution channels",One of the measures that the good shops responded to was to actively expand the discount snack business by investing in "Snack Stubborn Home" and "Zhao Yiming Snacks".

According to the public information of Black Ant Capital’s WeChat public platform on March 7, 2023, in March 2023, Zhao Yiming Snacks, a snack collection store brand, completed a series of financing of 150 million yuan, which was led by Black Ant Capital and followed by good shops.

According to the public information of Zhao Yiming Food official website, in January 2019, the "Zhao Yiming Snacks" brand was established and the first direct store opened. In October 2019, the first franchise store opened. In October 2022, the total number of "Zhao Yiming Snacks" nationwide exceeded 500. In February 2023, the total number of stores in China exceeded 1,000. In August 2023, the total number of stores in China exceeded 2,000.

Only three years after the establishment of the brand, the number of "Zhao Yiming Snacks" stores has exceeded 2,000, and the development speed is obvious.

However, while the brand of "Zhao Yiming Snacks" is growing rapidly, Liangpin Store only invested in Zhao Yiming Food for half a year, and then sold the underlying equity.

According to the Announcement on Sale of Assets by Wholly-owned Subsidiaries signed by Liangpin Shop on October 17th, 2023, Ningbo Guangyuan Juyi Investment Co., Ltd., a wholly-owned subsidiary, intends to transfer its 3% equity of Yichun Zhao Yiming Food Technology Co., Ltd. (hereinafter referred to as "Zhao Yiming Food") to Shanghai Yihai Enterprise Management Consulting Partnership (Limited Partnership) and Xiamen Heiyi No.3 Overseas Connection Venture Capital Partnership (Limited Partnership) at a total price of about 105 million yuan.

According to this announcement, after the completion of this transaction, Liangpin Store will no longer hold the equity of Zhao Yiming Food, and at the same time, it is expected to generate an investment income of about 60 million yuan in the current period at the consolidated statement level due to the sale of the equity of Zhao Yiming Food.

That is to say, in the face of the rapid growth of snack distribution channels, Liangpin Store declared to investors that it would expand its business by investing in Zhao Yiming Food, but in only half a year, Liangpin Store "hastily" transferred its equity in Zhao Yiming Food, thus obtaining an investment income of about 60 million yuan. In this case, is the good shop investing in Zhao Yiming Zero Food out of business layout or financial investment?

As mentioned above, at the "end" of the first round of the shareholding reduction of Gaochun Capital, the good shops "buy back the shares on dips" for the employee stock ownership plan.

The implementation of employee stock ownership plan can bind the interests of employees with the interests of the company, improve the enthusiasm of employees and create more profits for the company. Therefore, there are certain assessment conditions for the granting and unlocking of equity.

According to the Employee Stock Ownership Plan (Revised Draft) in 2023, the underlying stocks obtained by the employee stock ownership plan will be unlocked by stages 12 months after the last underlying stock of Liangpin Store is transferred to the name of the employee stock ownership plan. The specific arrangements are as follows:

The first batch of unlocking time: it is 12 months from the date when the last target stock of Liangpin Store is transferred to the name of this employee stock ownership plan, and the number of unlocked shares is 33% of the total number of target stocks held by this employee stock ownership plan.

The second batch of unlocking time: 24 months from the date when the last target stock of Liangpin Store was transferred to the name of this employee stock ownership plan, and the number of unlocked shares is 33% of the total number of target stocks held by this employee stock ownership plan.

The third batch of unlocking time: it is 36 months since the last target stock of Liangpin Store was transferred to the name of this employee stock ownership plan, and the number of unlocked shares is 34% of the total number of target stocks held by this employee stock ownership plan.

If the performance appraisal indicators at the company level corresponding to the first batch are not reached, the corresponding rights and interests shall not be unlocked, and the related rights and interests shall be recovered by the management committee at the original investment amount of the underlying stock corresponding to the share, and the management committee shall dispose of the recovered related rights and interests according to the plan approved by the board of directors. There is no company-level performance appraisal in the second and third unlocking periods of this employee stock ownership plan.

With regard to company-level performance assessment, based on the operating income or net profit value in 2022, the operating income growth rate or net profit growth rate of the assessment year, that is, the operating income or net profit value in 2023, is assessed.

That is, the growth rate of operating income or net profit in 2023 is higher than 20%, and the unlockable ratio at the company level is 100%; If it is higher than 16% but lower than 20%, the unlocking ratio is 80%; If it is less than 16%, the unlocking ratio is 0%.

It should be noted that the above-mentioned "net profit" refers to the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses.

Looking back to the performance level of good shops.

According to the data of Oriental Fortune chioce, from 2019 to 2022 and from January to September in 2023, the operating income of good shops was 7.715 billion yuan, 7.894 billion yuan, 9.324 billion yuan, 9.44 billion yuan and 5.999 billion yuan respectively, with year-on-year growth rates of 20.97%, 2.32%, 18.11% and 5.999 billion yuan respectively.

In 2019-2022 and January-September 2023, the net profit of Liangpin Store after deducting non-recurring gains and losses from shareholders of listed companies was 274 million yuan, 275 million yuan, 206 million yuan, 209 million yuan and 122 million yuan respectively, with year-on-year growth rates of 31.78%, 0.57%, -25.15% and 1.2 million yuan respectively.

It is not difficult to see that in 2019, the performance of good shops was in a relatively "highlight moment", and the growth rate of revenue and net profit exceeded 20%. The following year, its performance growth slowed down. In 2021, there was no increase in income, but it increased slightly in 2022. By January to September 2023, its performance both fell into negative growth.

In this case, is it difficult for employees of good shops to unlock the corresponding performance appraisal indicators in the first batch of shares? The answer may be known after the announcement of the 2023 annual performance of Liangpin Store.

In addition, good shops boast of "the first share of high-end snacks", but the gross profit margin is not optimistic.

According to the semi-annual report of Liangpin Store in 2023, Liangpin Store said that it landed in the capital market as the first "cloud-listed" enterprise of Shanghai Stock Exchange in 2020 and became the first "high-end snack" in China. In addition, the good shop quoted the data of the "2022 Snack Market Research Report" of the China National Business Information Center, and disclosed that from 2015 to 2022, it led the domestic high-end snack sales for eight consecutive years.

However, the gross profit margin of good shops since listing may still be less than the average of peers.

According to the prospectus signed on January 21st, 2020, the comparable companies in the same industry of Liangpin Store include Shanghai Laiyifen Co., Ltd. (hereinafter referred to as Laiyifen), Haoxiangni Healthy Food Co., Ltd. (hereinafter referred to as Haoxiangni), Three Squirrels Co., Ltd. (hereinafter referred to as "Three Squirrels") and Yanjinpu Food Co., Ltd. (hereinafter referred to as "Yanjinpu Store").

According to the annual report of Liangpin Store in 2020-2022, the gross profit margin of Liangpin Store’s main business in 2020-2022 was 27.45%, 26.98% and 27.67% respectively.

According to the above-mentioned annual reports of comparable companies in the same industry and the data of Oriental Fortune Choice, from 2020 to 2022, the gross profit margin of your main business is 17.76%, 25.03% and 22.69% respectively. The gross profit margin of the main business in Iraq is 42.13%, 42.46% and 41.92% respectively; The gross profit margin of the main business of the three squirrels is 23.9%, 29.38% and 26.74% respectively; The gross profit margin of Yanjin Shop’s main business is 43.83%, 35.71% and 34.72% respectively.

It is estimated that the gross profit margin of the main business of the above-mentioned comparable companies in the same industry will be 31.91%, 33.15% and 31.52% respectively from 2020 to 2022, which is higher than the gross profit margin of the main business of Liangpin Store in the same period.

It can be seen that in 2020-2022, the gross profit margin of the main business of good shops was lower than the average of peers. Therefore, does the gross profit margin level of the above-mentioned main business of Liangpin Shop contradict with the "high-end" positioning?

Continue to pay attention to the employee stock ownership plan of the good shop.

According to the announcement signed by Liangpin Store on January 12, 2023, Liangpin Store held the first employee representative meeting, the 18th meeting of the second board of directors and the 14th meeting of the second board of supervisors in 2023 on January 11, 2023, and deliberated and passed the Proposal on the Company’s Employee Stock Ownership Plan (Draft) in 2023 and the Administrative Measures on the Company’s Employee Stock Ownership Plan in 2023.

On the signing date of the above announcement, Liangpin Store also announced the 2023 Employee Stock Ownership Plan (Draft), and the price of the shares repurchased by Liangpin Store in the employee stock ownership plan is 9.9 yuan/share. The total number of employees participating in this employee stock ownership plan shall not exceed 90.

Among them, there are 9 supervisors and senior managers, namely, Li Haohao, Jia Liming, Liu Ling, Jin ‘an, Xu Ran, Ke Bingrong, Xuanmingfeng, Ma Teng and Wan Zhang Nan, and their total share accounts for 37.84% of the total planned share. The total share of other middle and senior managers and core professionals accounts for 62.16% of the total planned share.

The source of the underlying stock involved in this employee stock ownership plan is the common stock of Liangpin Store.

As for the share payment fee, it is assumed that the employee stock ownership plan will transfer 3,016,600 shares of Liangpin Store held in the special securities account for Liangpin Store repurchase to the employee stock ownership plan by means of non-transaction transfer at the end of February 2023, with the closing price of Liangpin Store on January 11, 2023 (35.35 yuan/share) as the forecast, and the share payment fee will total 76,772,500 yuan.

Oddly, the next day, Liangpin Store revised the 2023 Employee Stock Ownership Plan (Draft), which was reviewed and approved by the Board of Directors and the Board of Supervisors.

According to the "2023 Employee Stock Ownership Plan (Revised Draft)" signed by Liangpin Store on January 13, 2023, after the revision of the draft, the price of the stock repurchased by the employee stock ownership plan is 16.7 yuan/share. The upper limit of the share to be held by the incentive object is increased, and the corresponding proportion of the total share of the plan remains unchanged.

Assume that the employee stock ownership plan will transfer 3,016,600 shares of Liangpin Store held in the special securities account for Liangpin Store repurchase to the employee stock ownership plan at the end of February 2023 by means of non-transaction transfer and other laws and regulations, and the stock payment fee will be 53,031,800 yuan based on the closing price of Liangpin Store shares on January 12, 2023.

In other words, after the price changes, the calculated share payment fee disclosed by the good shop may be reduced by RMB 23,740,700.

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On September 10th, Guangzhou Automobile Chuanqi E8+ MPV went on the market today, and launched three models: MAX+version, Longteng Guanghui+and Longteng Starry Night+version, with the price range of 232,800-238,800 yuan. The new car is based on the electronic and electrical architecture of GAC Spirit, and the appearance and interior design have not changed much, but the configuration has been greatly improved. The new car is equipped with ADiGO driver assistance system, and the comfort configuration is optimized, such as standard steering wheel heating, rear small table board and two rows of zero-gravity seats.

In addition, Chuanqi E8+also introduced preferential policies for car purchase. From now until September 30th, you can enjoy the comprehensive rights and interests of up to 30,000 yuan under the order of Chuanqi E8+. When you buy Chuanqi E8 Longteng+,you can also get a "refrigerator color TV" boutique set worth 10,000 yuan. Chuanqi E8 old car owners can enjoy the suit at half price.

IT House noticed that the appearance of Chuanqi E8+series has not changed much compared with E8 series, and it still adopts the design of split light group and through LED daytime running lights. The front grille is designed without a frame, with a patchwork of banners in the middle net, and the front enclosure is equipped with LED light groups arranged vertically on both sides.

The side of the car body maintains the traditional MPV structure, with 18-inch seven-spoke wheels and chrome-plated side skirts. The new car is equipped with double side sliding doors, with a body size of 4920/1900/1760mm and a wheelbase of 2930mm. The rear is equipped with a roof spoiler and a blackened through taillight group.

In terms of interior, the new car is equipped with an 8.88-inch full LCD instrument panel and a three-spoke multi-function steering wheel. The center console is equipped with a 14.6-inch multimedia touch screen, equipped with an 8155 chip and a car voice wake-up function. The channel area of the center console is equipped with electronic key shift mechanism, wireless charging panel and double cup holder, and the overall stepped design makes the new car more atmospheric. The new car can also be equipped with HUAWEI HiCar mobile phone interconnection box.

In terms of comfort configuration, the new car comes standard with steering wheel heating, automatic anti-glare interior rearview mirror, front seat ventilation and heating, ambient light, rear small table board, two rows of zero-gravity seats, rear sound insulation glass and manual side window sunshade. The new car still adopts a 7-seat layout, and the trunk volume is 345-1917 liters.

In terms of intelligent configuration, the new car has added the functions of fatigue driving monitoring, door opening warning and rear anti-collision warning. As standard, the front and rear parking radars are upgraded to 13 ultrasonic radars and 2 millimeter-wave radars. In terms of intelligent driving system, the new car has added ADiGO driver assistance system, which comes standard with parallel assistance, lane centering and reversing side warning. Voice wake-up recognition is increased to four areas.

In terms of power, the new car still adopts a hybrid system consisting of a 2.0L four-cylinder engine and an electric motor. The maximum power of the engine is 103 kW and the maximum torque is 180 Nm. The front motor has a maximum power of 134 kW and a maximum torque of 300 Nm. The battery adopts liquid-cooled ternary lithium battery pack, and the battery energy is 25.57kWh. Under CLTC working condition, the pure electric cruising range is 150 kilometers, and the comprehensive cruising range is 1200 kilometers. The new car supports fast charging and is equipped with 3.3 kW external discharge function.

Speaking of childhood memories, Ashton Chen’s little bald head image is the most representative one, although most of them now play the role of green leaves. But small 8 found under the clues that Ashton Chen’s background is not simple, and his real identity is a rich second generation!　

From time to time, Ashton Chen’s personal Weibo has car racing and golf map updates, and the high-end point of the star’s business activities is understandable. However, in Reuters’s map, Ashton Chen can often see luxury cars nearby, which makes people wonder about Ashton Chen’s identity background.　

Ordinary people who travel on weekdays are extended Land Rover Range Rover, worth more than 3 million yuan, and there are also many sports cars such as Audi R8 and RS7. In addition to owning a car, racers certainly have to be very rich. After all, modification and loss are not small expenses.

Ashton Chen’s father, Chen Tongshan, is one of the 18 King Kong in Shaolin. Born in a martial arts family, he devoted himself to the cause of martial arts. From Shaolin Wushu Performance Troupe to Wulin School, he is famous all over the country and even in neighboring countries. All this must require a lot of money, so how can it work smoothly?

It turns out that Ashton Chen’s father manages nine companies, whose industries involve the spread of martial arts culture, diet, film and television, etc. His son is sent to master Shi Yongxin to study, and Chen Tongshan is not idle. With the basic strength, what he wants to do can naturally be realized slowly.　

Ashton Chen, who made her debut in childhood, is also an expert in making money. Since "shaolin popey" in 1994, many martial arts films have been made, with lovely images and aura. Every time I look at previous films, I admire this little actor’s acting skills.

Ashton Chen’s film and Shang Yan are the first pot of gold for Chen Tongshan to get rich. The film contract is constant, and the popular income of the booming will naturally not be low. If you invest in the real estate, you will have a huge family fortune now. It is said that you also have a whole commercial street in Dengfeng.

Chen Tongshan also has two famous martial arts schools. Many people come here to cultivate countless talents, including world-class and national champions, or martial arts child stars like Ashton Chen. The martial arts film and television base set up conveniently also provides a lot of convenience for martial arts action movies.　

All in all, Chen Tongshan is worth at least 100 million yuan, and his strength cannot be underestimated. Although the development of these undertakings is also very helpful to personal interests, it is self-evident that they have made contributions to spreading Shaolin Kung Fu and making Wushu go global.　

Without his father’s business acumen, Ashton Chen’s salary as a child could not have made such a big industry. There are many things to spend money, and the fastest flowing thing in the world is money. Ten or twenty years ago, the pay of popular actors was only nine Niu Yi cents compared with the current traffic.　

The number of works is also because Ashton Chen is an old-timer in the film and television circle. Occasionally, the staff around him will ask him if he was born in more than 90 years. It’s really hard to imagine that he was born in 88 just by looking at his appearance. After 25 years in the industry, he still hasn’t lost his youthful spirit. It seems that he will be the same as Jimmy Lin.　

Although rich, Ashton Chen loves acting as much. He was trained as a Shaolin disciple because of family reasons, and he was amazing at acting. He just debuted in 1993 and had supernatural acting skills in front of the screen, and he did not fall into the same strange martial arts. small 8 saw that many adult actors could not do this.　

When he grew up, his career would definitely change. During that quiet period, Ashton Chen was sent to the United States for further study because of his superior family conditions. There is no need to worry about no filming at all, and the property of over 100 million in the family is estimated to be not bad for the money earned from filming in recent years.　

Ordinary artists are easily misunderstood by the secular as making money and wanting to be popular, but when we learn that a person will go back to inherit thousands of possessions if he doesn’t film well, we will sincerely think that this is a person who is serious about his career.　

Ashton Chen’s father invested a lot in martial arts, and constantly expanded the art of martial arts. Father and son who earn money are also enthusiastic about public welfare. Chen Tongshan not only concentrates on martial arts education, but also participates in many charitable activities like Ashton Chen.　

China has such a rare talent, which is really a treasure in the entertainment circle. Ashton Chen is willing to be a supporting role in many film and television dramas, and all of them are real kung fu. I hope that there will be more people in the entertainment circle who speak with real skills, devote themselves to drama and produce more masterpieces of word of mouth.

　　It is imperative for Chang ‘an, which reshuffles its cards, to accelerate new energy sources.

　　Sub-brands play a phased role from appearance to departure. The last stage has come to an end and they are ready for the next stage.

　　At the end of the year, Changan X5 PLUS and X7 PLUS, two classic models of Changan Auchan, have been updated one after another, but the brand-new V-shaped logos of the two cars are very eye-catching and adopt a brand-new naming method. It seems that everything points to the return of the new car to the brand sequence of Changan Automobile. Where will the Auchan brand go?

　　In 2018, Changan Auchan was born. With the blessing of Changan brand and the accuracy of positioning, it quickly occupied a seat in domestic second-line independent brands and harvested in the low-end market.

　　Changan’s joint venture brands are becoming more and more obvious. Changan has built the Auchan brand with the strength of the brand, and Auchan has helped Changan Automobile to move smoothly into the passenger car market.

　　In the next three years, Changan Auchan entered a golden age. If it is pessimistic, it seems to be the last carnival of fuel vehicles, because the development of China automobile soon reached a turning point.

　　Behind the Shuang Sheng, the fuel car is shrinking silently.

　　In 2022, Rao, Changan Auchan, who still made a lot of money in the field of fuel vehicles, realized that this was not a long-term solution, so he launched Auchan Z6 and the hybrid model Auchan Z6 iDD, in order to get out of the comfort zone and want to inject new energy into Changan Auchan brand.

　　However, the injected new energy force is in conflict with the low-end market where it is located, and the premium brought by new technologies and the existing audience groups begin to contradict, and soon Changan Auchan, who once climbed all the way, began to slow down.

　　As a fuel model, Auchan Z6 has not reproduced the excellent performance of Auchan X7 and X5 since its launch. However, the hybrid model Auchan Z6 iDD did not arouse much splash. In the final analysis, it is the mismatch between technology and pricing. The plug-in hybrid in the market has already appeared the standard answer like BYD, so Auchan is even more silent.

　　It never rains but it pours. This year, the fuel car market began to shrink, and it was very obvious. In 2022, the sales volume of passenger cars in China was 23.563 million, a year-on-year increase of 9.5%.

　　Among them, new energy vehicles sold 6.887 million vehicles in the whole year, up 93.4% year-on-year, and the market share increased to 25.6%, up from 12.1% in the previous year. In other words, in 2022, the sales volume of passenger cars in China will increase by 9.5% year-on-year, and the role of new energy vehicles is the biggest.

　　From the sales data, the sales volume of fuel vehicles decreased by more than 2 million units in 2022. However, Chang ‘an’s 2022 answer sheet hit a new high in five years. It is worth noting that Changan Automobile also disclosed the main subsidiaries and shareholding companies that affected the company’s net profit by more than 10% in 2022. Specifically, Aouita lost 2.015 billion yuan, Changan New Energy lost 3.196 billion yuan and Changan Ford lost 2.449 billion yuan.

　　But the reality of the market is that no matter how hard we try to absorb nutrients, it is limited, especially when the market is shrinking.

　　Therefore, the weakness of Changan Auchan this year is becoming more and more obvious, and the shrinking market has caused many brands to start to cut prices on a large scale. The most serious impact of this year’s price war is the low-priced market, because the price itself is already very low, but the price above will be under pressure, so the impact on Changan Auchan’s fuel vehicles this year can be imagined.

　　New energy sources are cutting prices, old first-line fuel vehicles are cutting prices, and second-line Auchan’s living space is constantly being compressed, so the beginning of head pressure is the beginning of the disappearance below.

　　Reflected in the sales volume, the sales volume of Changan Auchan brand in November 2023 was 22,526 vehicles, up 32.7% year-on-year and down 19.9% quarter-on-quarter.

　　The chain of single products is also declining. In November, the sales volume of Changan Auchan X5 PLUS was 5,771 units, down 7.97% from the previous month. However, it accounted for 28.83% of Changan automobile sales, and its ranking in SUV sales dropped by 4 places compared with last month.

　　It can be seen that Changan Auchan is still a pillar for Changan brand in the fuel vehicle sector, but it will inevitably be slightly affected when the whole market begins to compress.

　　This means it’s time to shuffle again.

　　The old does not go, the new does not come.

　　This wave of Auchan’s return to Chang ‘an may mean that Chang ‘an is carrying out brand reconstruction and sequence rejuvenation. In fact, from the beginning of this year, Changan has been making adjustments, starting with new energy vehicles and launching a multi-brand strategy.

　　Deep Blue announced that it would change its name to "Deep Blue Automobile", or it would change from Changan to an independent operation mode, similar to the relationship between Geely and Krypton Automobile. The official said, "Changan Deep Blue was changed to Deep Blue Car to make the brand clearer, and nothing else has changed."

　　In the second half of the year, Changan Qiyuan was officially released. Changan Automobile’s new energy will become a parallel pattern of Qiyuan, Deep Blue and Aouita. Qiyuan is different from Aouita and Deep Blue. Both of them have Changan as the largest shareholder, but Qiyuan is a series of brands hatched by Changan Automobile, which is 100% owned by Changan Automobile. This means that Qiyuan, a "son" in the field of new energy, has higher autonomy.

　　The new energy field pushes three in one breath, and the brand in the fuel vehicle field returns, and the focus of Changan is clear at a glance. It seems that the three brands cover almost all the current new energy power scenarios, and Aouita and Deep Blue also have the advantage of intelligence with the help of Huawei. But in fact, there is no strong profit cow in Chang ‘an’s new energy.

　　Let’s start with Aouita, who has made his debut for the longest time. Last week, there was a major personnel change in Aouita, and Zhu Huarong, Party Secretary and Chairman of Changan Automobile, served as Chairman of Aouita Science and Technology. Zhu Huarong’s appointment is an important manifestation of his great attention to Aouita.

　　As the "eldest son", Aouita shoulders the responsibility of Changan to attack the high-end field of new energy, so Changan will spare no effort to pull Huawei, Contemporary Amperex Technology Co., Limited and other allies to pour a lot of resources, technology and funds into Aouita. However, the sales volume and cognition did not seem to break out. In the first 11 months of this year, the highest monthly sales volume in Aouita was only 2,825 vehicles, and the sales volume in other months remained at around 1,000 vehicles. It seems that the target of 100,000 vehicles can only be achieved less than one fifth.

　　Therefore, Aouita 12 tried to break through the bottleneck, and the result is still unknown. Changan’s new energy rhythm broke out this year, and the mid-range dark blue car and the low-end Changan Qiyuan were sorted out successively, but some of them fell behind.

　　Compared with several other independent brands, both the main brand and the new series are somewhat slow. The leading BYD is even catching up with Tesla this year. It is predicted that BYD accounts for 17% of the global pure tram market, and it is expected to surpass it in the fourth quarter of this year and become the first in the world.

　　In the first 11 months, the cumulative sales volume of Guangzhou Automobile Ai ‘an was 434,000 units, and the growth rate in the first half of the year was amazing. Geely’s five products in three years have sold about 94,000 vehicles as of November this year. Combined with the new models launched at present, it is hopeful to complete the total sales of 120,000 vehicles in 2023.

　　In contrast, Aouita delivered 21,483 units in the first 11 months, while Deep Blue delivered 122,000 units in the first 11 months. It’s not a remarkable achievement. I don’t know if I can turn the situation around with Aouita’s 12 big break of 20,000 vehicles.

　　Changan’s iron triangle of new energy has already begun to take shape, but it will take time for the "three carriages" to be quickly accepted by the market. According to the plan, Changan Automobile will have 27 new energy products in 2025, among which Changan Qiyuan will launch 10 new digital intelligent evolution new automobile products. At the same time, Deep Blue Auto will launch 6 models and 4 models from Aouita, totaling more than 20 heavyweight products. The sales volume of new energy reached 1.2 million vehicles, accounting for 40%, and by 2030, the sales volume will reach 2.4 million vehicles, accounting for 60%.

　　Although the plan is beautiful, Chang ‘an’s fuel is under pressure, and new energy has not yet broken through the shackles and ushered in an outbreak. Therefore, Changan carefully adjusted the chessboard, further reclaimed the brand of fuel vehicles, and accelerated the development of new energy, which may be Changan’s main plan for 2024.

　　Auchan’s rebranding into Chang ‘an seems to indicate the future in which independent fuel brands will gradually shrink.

　　[Aika Auto Domestic New Car Original]

　　On December 8, 2023, FAW Pentium officially announced the official guide price of the new Pentium B70. The new car has launched two models with a price range of 12.99-13.79 million yuan. At the same time, FAW Pentium also announced the listing rights including cash gift, financial gift, replacement gift, quality assurance gift and flow gift.

　

　　A quick look at the highlights of new cars

　　New appearance and interior design, and the body size is further increased.

　　Equipped with a new generation of car platform and a new generation of D-Life 6.0.

　　Huawei HiCar Internet and Yilian systems cover three mainstream systems: HarmonyOS system, Android system and ios system.

　　Equipped with 2.0T engine and Aisin 6AT gearbox.

　　New car introduction

　　As a mid-term redesigned model, the new Pentium B70 adopts a brand-new family design language of "strength, purity and perfection", and the "layered" front grille adopts a borderless design, which makes the new car look more in line with the aesthetic needs of consumers at the same time. The "flying wing" headlight group is smooth and stretched, with a brand-new brand logo, which makes the front face look full of inductance, with a sense of advanced and technology.

　　The new car also uses more dynamic side lines, and the slip back design further highlights the movement and elegance of the new car. The multi-spoke large-size rim also highlights the sense of movement while highlighting the luxury. The double waistline design makes the side design more layered. One waistline runs from the front lamp group to the taillight group, and with the slightly raised wheel eyebrow lines before and after, it not only enriches the visual layering, but also enhances the sense of movement of the vehicle. In terms of size, the length, width and height of the new car are 4855*1840*1455mm, the length of the car is 45mm longer than that of the current model, and the wheelbase is 2800 mm. It is a standard medium-sized car.

　　The rear of the new car adopts the popular through taillight design, which further extends the visual width of the rear with the times, and the brand subtitle is located under the taillight. This design has more or less improved the grade sense of the whole car, and it meets the aesthetic needs of the moment with the exhaust system of the two sides below.

　　In terms of interior, the new car adopts a dual-screen design with a full LCD instrument panel and a central control multimedia display screen, and is equipped with a penetrating air conditioning outlet, which is very fashionable as a whole. At the same time, the design of the dual-spoke multi-function steering wheel and the suspected toggle shift mechanism also adds a sense of luxury to the interior of the new car. The new car adopts a new generation of car platform, and the software and hardware performance of the intelligent cockpit system and intelligent cockpit are fully upgraded. The main control SOCS adopts industry mainstream chips and 8-core processors, with a computing power of 62.5K, which is smoother without crashing, and the time for hot-start reversing images is less than 1 s. The new car is equipped with Pentium D-Life 6.0 system, with rich in-vehicle applications, and with the blessing of Iflytek 3.5 voice suite, it can realize efficient interaction that can be seen and spoken. In addition, Huawei HiCar Interconnect and Yilian systems cover three mainstream systems: HarmonyOS system, Android system and ios system.

　　The new Pentium B70 is equipped with a 2.0T turbocharged engine and Aisin 6AT gearbox. The maximum power of the power system is 165kW, the maximum torque is 340Nm, and the acceleration per 100 kilometers is 7.86s s..

　　Editor’s point of view: The new Pentium B70 will form an independent three musketeers in the medium-sized car market with Geely Xingrui and Chery Arrizo 8. Compared with competitors, the new Pentium B70 has certain product advantages in size, power and configuration, and it is believed that it will gain a good market share after listing.

Wonderful content review:

Do you really know young people better than young people? Try Pentium T90

Pentium T90 is officially listed at a price of 100,000-146,999,000 yuan.

2023 Shanghai Auto Show: FAW Pentium T90 officially unveiled.

Dear friends, have you ever been worried about choosing a car? AT, CVT, DCT, these terms are dazzling. Today, I will give you a general idea of the difference between these gearboxes, so as to help you not be confused when choosing a car.

1. Manual gearbox (MT)

First of all, we have to talk about the manual gearbox, which is MT. This kind of gearbox needs us to do it ourselves and shift gears according to factors such as speed and speed. It’s like a "hands-on" friend, which needs us to worry more. But it is this "hurry-scurry" that makes many people feel that MT is a bit troublesome. Moreover, many novice drivers are not sure about the timing of shifting, and it is easy to have problems such as frustration and flameout. So, MT gearbox is more suitable for drivers who like driving and pursue a sense of control. Low fuel consumption, cheap maintenance and high durability.

2. Automatic gearbox (AT)

Automatic gearbox, that is, AT, can be said to be the gospel of lazy people. Step on the accelerator and the gearbox will automatically help you choose the right gear. There is no need to worry about the frustration caused by the wrong shift timing. Moreover, the AT gearbox has fast response speed and smooth shifting, which makes driving easier. However, AT gearbox also has its shortcomings. First of all, its cost and maintenance are relatively high; Secondly, some AT gearboxes will feel frustrated at low speed. So, AT gearbox is more suitable for friends who pursue driving comfort.

3. Continuously variable transmission (CVT)

Continuously variable transmission, that is, CVT, can be said to be the "chameleon" in the transmission. It is not in the traditional sense, but transmits power through two cone wheels and steel belts. This means that it can continuously change the transmission ratio and make the acceleration of the vehicle smoother. CVT gearbox performs very well in urban commuting and daily transportation, and its fuel consumption is relatively low. But ah, CVT gearbox also has its shortcomings. For example, its carrying capacity is relatively small and it is not suitable for intense driving; For another example, some CVT gearboxes will slip when accelerating rapidly. So, CVT gearbox is more suitable for friends who pay attention to economy and comfort.

4.（DCT）

Dual clutch gearbox, namely DCT, can be said to be the choice of high-end players. It combines the advantages of manual gearbox and automatic gearbox, and has the characteristics of fast response and smooth shift. At high speed, DCT gearbox can provide better acceleration performance and fuel economy. But ah, DCT gearbox also has its shortcomings. For example, its manufacturing cost is high; For another example, the technical requirements for drivers are relatively high. So, DCT gearbox is more suitable for friends who pursue high performance and driving pleasure.

Having said that, everyone should have a general understanding of these gearboxes. Actually, which gearbox to choose depends on your own needs and preferences. If you are a driver who likes driving and pursues a sense of control, then MT gearbox is definitely the best choice. If you are a friend who pursues driving comfort, then AT gearbox is definitely more suitable for you. If you are a friend who pays attention to economy and comfort, then CVT gearbox will definitely not let you down; If you are a friend who pursues high performance and driving pleasure, then DCT gearbox can definitely meet your needs. Personally, I recommend Aisin and ZF AT gearbox, but CVT doesn’t recommend it.

Finally, what I want to say is that no matter what kind of gearbox you choose, safety is the most important. So, while enjoying driving, we should always remember that safety comes first! I hope this article can be helpful to everyone, and I wish you all the best in choosing your favorite model! If you like it, just like it. If you don’t like it, just say something about me.

　　IT House reported on November 13th that HP seems to be developing a brand-new folding device. Judging from the current patent map, its shape is quite different from Spectre Fold released last year. HP stopped using the "Spectre" brand earlier this year.

　　The United States Patent and Trademark Office (USPTO) recently published a 16-page patent document submitted by HP. The document was submitted in April 2021, but it was not officially made public until November this year. The document describes a foldable device in detail, which adopts flexible display screen, hinge and spring mechanism and can be folded into a compact shape.

　　As can be seen from the patent drawing, the device adopts a "three-fold screen" design, which can fold both sides of the screen inward to form a more compact shape, which is more "extreme" than the folding method of Spectre Fold.

　　Hewlett-Packard said in the patent document: "The progress of flexible flat panel display technology, especially the development of rollable display screen, makes it possible to manufacture thinner and more portable products."

　　It is worth noting that HP has abandoned traditional brands such as Spectre, Pavilion and Envy this year, and launched brand-new Omni and Elite brands, which are aimed at consumers and enterprises respectively. Spectre Fold, launched last year, is a 17-inch folding screen laptop with a price as high as $4,999.99 (Note from IT House: currently about RMB 36,189), equipped with Intel Core i7-1250U processor, 16GB memory and 1TB solid state drive.

　　It is worth mentioning that Huawei has previously launched the world’s first three-fold mobile phone Mate X, and Samsung has also applied for a three-fold mobile phone patent.

Hamas’s rocket attack led to Israeli troops sending troops to retaliate.

The fuse of this round of large-scale conflict between Palestine and Israel was buried as early as a few months ago. On April 23rd, Fatah led by Abbas reached a settlement with Hamas. Since then, Palestine and Israel have been at odds. From the beginning of the year to mid-March, Hamas fired at least 60 rockets into Israel (note: see attached table), and Israel, fed up with it, attacked northern Gaza on June 11th, causing many Palestinian casualties, thus escalating the retaliatory actions of both sides.

On the evening of June 12, three Jewish seminary students disappeared while hitchhiking near Hebron in southern Israel. On June 14th, Israeli Prime Minister Benjamin Netanyahu announced that the missing teenagers were "kidnapped by terrorist organizations". On that night, Israeli warplanes launched air strikes on various targets in Gaza. The next morning, the Israeli army went out again and arrested about 150 Palestinians, including Hassan Youssef, an important leader of Hamas. The regional situation suddenly became tense, and Hamas continued to launch rockets into Israel, thus opening the curtain of a new round of conflict between Palestine and Israel.

On June 30th, Israel discovered the remains of the missing teenagers. From July 1st, the armed forces of the army, navy and air force went into battle to attack Gaza. On July 8, Israel launched the "Blade of Defense" military operation. On the evening of July 17th, a large number of Israeli ground troops moved into Gaza, and the Palestinian-Israeli conflict entered a white-hot stage of hand-to-hand combat.

Hamas beat Gaza civilians and forced them to act as "human shields"

When Israel launched the ground war, it happened that Flight MH17 crashed in eastern Ukraine, which invisibly covered the Israeli army’s actions. Although the Israeli army will distribute leaflets, call or send text messages to inform Palestinian civilians to evacuate in advance before air strikes or attacks, according to foreign media reports on July 25th, Hamas beat and intimidated residents who tried to leave the war zone, forced them to return to their residences as "human shields" and hid rocket launchers in densely populated residential areas, hospitals, schools and mosques. "The enemy wants us to fire at these targets and hurt innocent bystanders, thus putting us under international pressure," said Major Delaur, an Israeli army spokesman.

After all, the war is ruthless. As of August 2, more than 1,600 Palestinians have been killed and 9,000 injured in Gaza, 70% of them are civilians. On the other hand, 63 soldiers and 3 civilians in Israel have died or disappeared, and more than 160 people have been injured. Although Egypt has allowed the Palestinian wounded to go to Egyptian hospitals for treatment, and foreign aid and doctors can also enter Gaza through the country, the life of Gaza residents is still very difficult. Some towns are cut off from water and electricity for 20 hours every day, and more than 460,000 people have fled their homes, about half of whom have temporarily taken refuge in 61 shelters built by the United Nations.

After four Middle East wars, Israel abandoned expansion and turned to defense.

It is regrettable that Israeli military actions have caused a large number of civilian casualties. However, the outbreak of the Palestinian-Israeli conflict this time is mainly due to Hamas’s constant harassment of Israel and its infiltration into Israel to carry out kidnapping and assassination, which has caused Israel to suffer.

It has been more than 66 years since Israel became independent on May 14th, 1948, and its founding time is longer than that of most countries in the world. As a normal country that has been recognized by more than 80% of the United Nations member states (note: including the five permanent members), the security concerns of Israel and its eight million citizens should be respected.

Moreover, after the end of the fourth Middle East War in 1973, high-level reflection on historical lessons has gradually abandoned the expansion policy and adopted a new strategy of "peaceful negotiation+active defense". For example, in 2006, Israel attacked southern Lebanon in retaliation for the cross-border Hezbollah armed forces, and it took only more than three months from the start to the evacuation. At the same time, Israel invested billions of dollars to build a separation wall with a total length of more than 600 kilometers on the Palestinian-Israeli, Lebanese-Israeli and Egyptian-Israeli borders, and deployed the "Iron Dome" rocket interception system at home, which further highlighted the conservatism of its defense policy. Israel hopes that the Palestinian-controlled areas will develop independently and replace the bloody struggle with peaceful competition.

Hamas used tunnels to provoke the Palestinian-Israeli conflict to divert people’s dissatisfaction.

However, Hamas has been in power in Gaza for eight years, and his "clean government" has been accused by 57% of Gaza residents of "widespread corruption". Senior officials in Hamas sold land and embezzled at least $800 million from banks. Their members went to luxury houses, while Audi, Porsche, Hummer and other famous cars went out. A few privileged people made a fortune through smuggling, but 70% of the residents were struggling under the poverty line, and the unemployment rate was as high as 30%. In addition, Hamas’s support for a radical faction of the Syrian opposition has led to Iran’s suspension of its monthly aid of 20 million US dollars, and Egypt has also strengthened border control, which has sharply reduced the smuggling income of the former (note: 700 million US dollars per year).

Faced with the rising discontent among the people, Hamas tried to provoke the Palestinian-Israeli conflict again to pass on the internal contradictions. Especially after Israel began to build the separation wall in 2003, Hamas dug dozens of tunnels leading to Israel and connected them into a network. According to the photos, some tunnels in Hamas are "exquisite in workmanship", and the walls and tops on both sides are made of thick cement slabs, and the top is also built into an arch coupon structure with certain seismic performance. The pipes covered with plastic sheaths are stretched regularly on the walls, and the ground is paved with simple rails that can be used by carts. People are so big that they are not humbled when standing in the tunnels.

It is said that Hamas has moved many rocket launchers, equipment repair shops, ammunition depots and command centers underground to avoid Israeli air strikes, and from time to time, it has sent armed men with light weapons, sedatives and handcuffs to sneak into Israel to launch attacks. On June 25th, 2006, a number of Israeli militants kidnapped 19-year-old Israeli sentry Shah Park Jung Su through an 800-meter-long tunnel, eventually forcing Gaza to exchange 1,027 Palestinian prisoners for the latter. Therefore, Israel hates the Hamas tunnel, and will try to get rid of it quickly.

The Israeli army’s "air strikes to clear the way and the cooperation of the three armed forces" focused on tunneling.

According to the division of "areas of responsibility", the Israeli Southern Command usually directs Gaza’s operations, and this "Defence Blade" is no exception. Under the command, there are 80 divisions and 643 divisions (note: also known as Gaza Division), as well as three reserve armored divisions, including 252 divisions and 366 divisions, and some directly affiliated units of military regions, with a standing force of about 25,000 to 30,000. Shortly after the operation "Blade of Defense" began, Israel quickly recruited about 86,000 reserve officers and soldiers, and assembled hundreds of Merkava MK4 main battle tanks, M109 self-propelled artillery and zadar armored personnel carriers at the border.

In terms of specific tactics, the Israeli army followed the tactics of "air strikes to clear the way, ground follow-up, and coordination among the three armed forces". First, it dispatched F-16 and F-15 fighter planes, and bombed thousands of Hamas targets in Gaza City, Shezai in the east, Shati in the north, Khan Younis in the south and Deir Ballach in the middle (note: including rocket launchers, At the same time, Israeli helicopter gunships and fighter planes also launched a large number of Hellfire and Spike -ER missiles, destroying buildings where the enemy might be hiding and supporting ground operations. In addition, the Israeli army sends more than 10 unmanned aerial vehicles around Gaza for reconnaissance every day, so as to obtain battlefield information in time and reduce accidental injuries to civilians. Israeli warships also patrol the offshore of Gaza, monitoring and shelling offshore targets.

After the ground war started, the Israeli army first set off from Kisufim military base near the central border of Gaza and went straight into Gaza along Highway 242. The primary goal was to search for and destroy the Hamas tunnel in the border area. The first Israeli ground troops to enter Gaza were probably the aforementioned Gaza Division, which has been ordered to defend Jewish settlements in Gaza since 1967. On July 17th, 13 Hamas militants crossed the tunnel and tried to attack the Sufa port in Israel, but were defeated by the Israeli army.

Attacking Hamas stronghold with elite special forces suffered heavy losses.

In the following days, the Israeli army expanded the scope of its attack, aiming at Gaza City, the core stronghold of Hamas. During this process, the Nahar Infantry Brigade under the Central Command was also ordered to fight in Beit Hanoun, north of Gaza, and the Gorani Infantry Brigade, known as the elite (note: under the Northern Command), took on the heavy responsibility of attacking Shezai. From the map, Shezai, located in the east of Gaza, is the gateway of the former. If the Israeli army wants to take Gaza directly, it must first take this place. It is also known that Shezai is not only hiding the leadership of Hamas, but also an important rocket launching position, and many tunnels have been dug, and the former command post is also hidden here.

From July 20th, Israeli mechanized infantry attacked Shezai under the cover of artillery fire, while Hamas militants who fought to the death tried to stop Israeli tanks and armored vehicles with mines and roadside bombs. On the day of the war, the Golani Brigade suffered heavy losses because of its opponent’s "anti-tank missiles, RPG attacks and heavy machine guns hidden in the building". As many as 13 soldiers were killed (note: 7 people were ambushed in armored vehicles, and 6 others died in street fighting), one was missing (note: the 20-year-old Israeli sergeant named Allen Saul was allegedly captured by Hamas), and even the brigade commander Lasan Alien was attacked by enemy RPG rockets, and his head was hit.

In the evening, the reinforcements of Hamas armed men took advantage of the cover of darkness to enter Shezai through the tunnel and continued to fight the next day. Despite the surge in casualties, Netanyahu warned his people to "prepare for a protracted war" and "the war will stop only when all the secret tunnels used to kill Israeli civilians are destroyed."

The number of times the Israeli army destroyed 3,200 target fighters increased fourfold.

Since 1987, there have been seven large-scale armed conflicts between Palestine and Israel. According to the relevant data, the interval and duration of the previous conflicts have been greatly shortened (Click on the picture), on the one hand, it highlights that the contradiction between Palestine and Israel is becoming more and more acute with the passage of time, on the other hand, it shows that Israel is increasingly inclined to use the "blitzkrieg" of "quick victory" to weaken the anti-Israeli forces. It is worth noting that the number of Palestinian casualties in previous conflicts has also shown an overall rapid upward trend (Click on the picture), reflecting Israel’s impatient revenge mentality of "excessive defense" because of the fruitless pursuit of "absolute security", and the Palestinian-Israeli contradiction has thus fallen into a vicious circle of violence against violence.

According to the figures released by Israel, from July 8 to 22, the Israeli army bombed 3,200 targets in the Gaza. According to the calculation of the "Cast Lead" operation in 2009, the Israeli army dispatched about 700 sorties of various fighters and destroyed more than 500 targets in 10 days. In the 15 days after the start of the "Blade of Defense" operation, the Israeli army dispatched about 4,500 sorties of various fighters (note: fighters accounted for 90%).

Hamas launches 1,600 rockets in 10 days to hit high-value targets.

On the other hand, Hamas is not to be outdone. In 2009, it launched 616 rockets in two weeks, with an average of 44 rockets per day. This time, since July 8, Hamas has launched more than 1,600 rockets into Israel in just 10 days, with an average of 160 rockets per day, and the attack intensity is also four times as high as before. It is worth noting that Hamas not only successfully interfered with civil aviation traffic, but also targeted some "high-value targets", such as air bases and nuclear facilities in central and southern China. This time, the two sides can be described as "blood".

By July 30th, the Israeli military had killed and wounded more than 500 Israeli militants, discovered more than 30 secret tunnels and 36 shafts, and destroyed and consumed 40% of Hamas’s rocket stocks. In the battle, the Israeli army once encountered an opponent attacking with a donkey tied with explosives, and also met Hamas militants pretending to be injured and asking for help, waiting for an opportunity to throw grenades at the Israeli soldiers who arrived. The disparity in weapons and equipment between Palestine and Israel and the "doing whatever it takes" to destroy their opponents can be seen.

Both Israelis and Hamas know that this war cannot go on forever. Especially for Hamas, its real purpose is to use the Palestinian-Israeli conflict to pressure Egypt to open the Rafah port bordering Gaza, thus alleviating its own predicament. The Sethi regime also has the sincerity and motivation to promote a ceasefire in terms of enhancing international prestige, striving for external assistance, and stabilizing the domestic situation (note: especially the Sinai Peninsula). As mentioned earlier, the Egyptian border blockade has been partially lifted, and the conditions and time for Hamas to accept the ceasefire are gradually taking shape. However, as long as the Palestinians and Israelis still firmly believe that "power and force can bring security and even victory", lasting peace in this bloody land is doomed not to come.

References:

1. Jerusalem Post: http://www.jpost.com/opinion/op-ed-contributors/hamass-corruption.

2. Associated Press:

http://hosted2.ap.org/ORBEN/07e34bb59e064cedb7e2776e8db4b4f7/Article_2014-07-18-ML–Israel-Palestinians/id-e340748d597e4d5fb5e3aa8f3da11eab

3. Israeli intelligence website "Debock Archives": www.debka.co.il

4. The Guardian: http://www.theguardian.com/category/breaking-news/Gaza-crisis/

5. Washington post:

http://www.washingtonpost.com/news/morning-mix/wp/2014/07/21/how-hamas-uses-its-tunnels-to-kill-and-capture-israeli-soldiers/

6. CNN website: http://edition.cnn.com/2014/07/17/world/meat/middle east-crisis/index.html.

On April 25th, the first car of Geely Holding Group’s Jiyue brand-Jiyue 07 was officially released, and it is planned to be officially listed in the second half of the year. Extreme Yue 07 maintains the style of the concept car in design, the center of the front enclosed grille is dotted with the brand logo, and through-going daytime running lights and similar "triangle" headlights are used, and the overall style is similar to that of Extreme Yue 01.

Extreme Yue 07 continues the family-style door handle design without a car, and adopts a push-button electric door. The front of the car is equipped with the most integrated interactive smart headlights, which integrate interactive AI pixel lights, far and near light/steering/daily travel/position lamp. The rear of the car is equipped with a boomerang lamp group and a liftable tail. The roof is equipped with a rear camera.

It is expected that the car will be equipped with the same 35.6-inch 6K 3D unbounded integrated ultra-clear large screen as the Extreme Yue 01, built-in Qualcomm 8295 chip, and equipped with a half-width steering wheel and screen shifting. In addition, Extreme Yue 07 also adopted BEV+Transformer "pure vision" high-order intelligent driving technical scheme.

In terms of power, Extreme Yue 07 is expected to provide a single-motor rear-drive version and a dual-motor four-wheel drive version, with the maximum power of 200kW and 400kW respectively, the maximum torque of 343N·m and 686N·m respectively, and the acceleration time from zero to 100 kilometers is 3 seconds. Referring to the guide price of Extreme Yue 01 (starting from 219,900 yuan), the starting price of Extreme Yue 07 may be less than 200,000 yuan.