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　　[car home Industry] Recently, the news that Celeste Huawei has stopped production of SF5 has been widely circulated. Many users said that they had been told by offline stores that (|) no longer accepted reservations. Not long ago, AITO, a high-end new energy brand jointly built by Huawei and Celeste, was released, and the first model of the new brand was listed on the market. This caused concern about the fate of Cyrus.

　　"The Celestial brand will not withdraw from the market. As long as users have demand, we will produce and deliver it." After an exclusive conversation with Zhou Lin, executive deputy general manager of Jin Kang Celeste Science and Technology Center and general manager of product line, car home got this definite answer.

　　In the face of the constantly fermenting public opinion, Cyrus recently posted on its official social platform that "Cyrus SF5 will continue to accept user orders." Despite the official clarification, with the new brand AITO, the future development fate of the Celeste brand is worrying. Since the announcement of its entry into the automobile industry, Huawei has always been accompanied by controversy, and the future of Cyrus, which is closest to Huawei, naturally concerns the industry.

"Zhou Lin, Executive Deputy General Manager and General Manager of Product Line of Jin Kang Sailisi Science and Technology Center"

■Cyrus will not disappear.

　　Sailis SF5 is the first model that Xiaokang (parent company of Sailis) cooperates with Huawei. When it came out in April, 2021, it was rumored that the order number of Celestial was refreshed several times: "The order number was broken by 3,000 vehicles in two days" and "the national order number exceeded 10,000 vehicles in one month". It is based on the high attention at the initial stage of the release that the outside world has high expectations for the sales volume of Sellers SF5 in the terminal.

　　According to the latest data of the Federation, the sales volume of Sailis SF5 in 2021 (April-November) is only 7080 vehicles. According to car home, it is partly because of the slow delivery. Due to Huawei’s high technical requirements, the running-in of quality control between the two parties has a certain impact on the climbing of production capacity.

"Source: Federation; Watchmaking: car home Industry Group "

　　"In this process, Huawei applied some concepts in the field of mobile phones and ICT, and provided more information on how to complete product quality control standards completely." Zhou Lin said, "A large number of mobile phones need to ensure complete and consistent quality standards, and the number of them on the market far exceeds that of cars, so Huawei’s quality control standards are more detailed than cars."

　　As for why the news that Celeste SF5 stopped production came out, Zhou Lin attributed it to the fact that the promotion of new brand models needed to be tilted in resources, which caused some misunderstanding to the outside world. "Due to the shortage of chips, due to the consideration of ensuring the timeliness of user delivery, the reservation will not be accepted for a few days, avoiding that the order cycle will take two or three months or longer to deliver, and users may complain. Now, with the solution of this problem, the reservation channel has been reopened."

　　Car home found on Celestial App that at present, Celestial Huawei can still place an order normally, and users can choose 1000 yuan’s intentional deposit or 10,000 yuan.

　　In fact, the negative emotions of Celestial SF5 users stem from Celestial’s closure of direct stores and the "separation" of Huawei brand from SF5. After all, Celestial SF5 withdrew from all the experience centers of Huawei overnight after its appearance, and the posters in the store have been switched from Celestial Huawei’s smart selection SF5 to AITO Media M5. When car home visited the Shanghai Sailisi direct store, he also found that the store was being rebuilt or even closed. The sales said, "We have moved to the AITO user center, and the pre-sales and after-sales are integrated."

"Photo by car home: The changes before and after a Celeste store in Shanghai"

　　It is not uncommon to complete the model change and upgrade within one year in the current technical iteration of smart electric vehicles. Even the new force of "Wei Xiaoli" can’t avoid the pit of complaints, and old users often feel that they have been "cut leeks". However, in just eight months, it is the first time that a newly established brand has switched to another brand.

　　In order to appease the old users, Sailis posted on its official social platform on January 5, "For the users who have already delivered, Sailis promised to upgrade the lifetime warranty of the whole vehicle and range extender in addition to the 8-year/160,000-kilometer warranty of the three-power system promised earlier, and the first owner can get an additional discount of 10,000 yuan on the basis of the rights and interests of the schedule within four years." However, the owner of Celeste SF5 needs to go to AITO brand store for after-sales maintenance.

　　Zhou Lin also clearly told car home, "Sailis is still Sailis, and AITO is a brand-new high-end smart car brand with the high assistance of Huawei. The two brands will continue to enrich their product matrix and new models will come out constantly. This is a product pedigree evolved under two brands of an enterprise."

　　It is expected that at the end of February this year, the M5 will start the delivery of the first car owners. Regarding the follow-up vehicle planning of AITO brand, Zhou Lin revealed, "It is expected that a new large SUV will be launched at the end of the second quarter or the beginning of the third quarter in 2022, and it can be delivered by the end of this year. Since then, there will be a pure electric version of the M5. At the same time, new models launched in 2023 are also being prepared in an orderly manner. "

■Competition between Cyrus and AITO brand?

　　Although Celestial’s response put an end to the rumors of the suspension of production of SF5, it did not completely dispel the doubts about the future direction of Celestial SF5 and even the brand.

　　The insiders believe that Huawei has shifted its focus to the newly listed model M5, and stopping SF5 is a timely stop loss in a sense. However, some analysts pointed out that there are some differences in the positioning, selling prices and target groups of the two models, which may be complementary.

　　After the official listing of M5, some potential consumers were diverted to M5 on a large scale under the guidance of sales due to the temporary suspension of sales of Celestial SF.

　　Gwan Chin (a pseudonym), a user around car home, bought the SF5 of Celeste Huawei Smart Choice in early December. Because the sales promised to deliver the car in one week, Gwan Chin sold the gas car at home. Unexpectedly, after waiting for two weeks, the sales told him that the car had been discontinued and recommended him to add money to buy a new brand M5.

　　According to the official, M5 has been on the market for three days, and the large order has exceeded 2,000 units. Will Sellers SF5 be substantially marginalized by the market?

　　From the perspective of product strength, the M5 of AITO is indeed remarkable. Among them, Huawei’s HarmonyOS intelligent cockpit is the biggest highlight of the M5. Only with the opening of HarmonyOS system, will this advantage be leveled by more models equipped with HarmonyOS smart cockpit in the future? In Zhou Lin’s view, AITO has taken the first-Mover advantage at the time node.

　　"It was originally planned that the mass production time of Huawei’s HarmonyOS smart cockpit product was September 2022. With the deep cooperation between Huawei and Celeste, this product can be mass-produced about one year in advance. At present, the HarmonyOS smart cockpit mentioned by friends on the market is not a complete cockpit concept, similar to the cooperation mode of the traditional car Tier 1. "

　　In the mode of cooperation, Huawei’s deep participation has obviously gone far beyond other automobile projects. If Cyrus SF5 is Huawei’s adopted son, then the world M5 is more like Huawei’s own son.

　　Nowadays, Huawei has put more thoughts into the pre-planning and product design of AITO brand, even into product marketing and factory transformation. Especially in the research and development and adaptation of intelligent cockpit in HarmonyOS, Huawei has devoted more human resources.

　　"Since March this year, the Huawei team has gradually intervened in various workshops and links, including the R&D team. At present, there are four or five hundred people." Zhou Lin revealed.

　　As for whether the follow-up Sailis can only use its own channels, there is also uncertainty about whether it can re-enter Huawei’s intelligent car selection system. After all, unlike other auto companies’ direct stores, Huawei has limited area allocated for exhibition cars. With the release of the second new model of AITO this year, how much resources can Huawei give to Celeste? How to avoid internal competition among brands is a problem that Cyrus must think about at the moment when various car companies are grabbing the window period of smart electric vehicles.

　　"We give the choice to the users," Zhou Lin said frankly. "Celeste and AITO brands will have their own brand positioning and target customer groups, and the two brands will be differentiated. At present, there is only one model under each brand, and the system is not fully established. It will be gradually improved in the later stage."

■Xiaokang doesn’t want to just be a foundry.

　　Under the concern of where the Celeste brand will go, the outside world also believes that Huawei will "build a car" by taking advantage of the factory and qualification of Xiaokang shares.

　　Today’s Huawei, although verbally claiming "no cars", has indirectly declared its series layout and actions that Huawei does not only want to be limited to Bosch in the era of smart electric vehicles.

　　On December 23, 2021, at Huawei’s flagship new product launch conference in winter, Huawei walked to the stage for the first time from behind the scenes of the automobile industry. Yu Chengdong said apologetically that he had caught a cold, but he spent more than 30,000 words to introduce the M5, but Cyrus never appeared in front of the stage.

　　Yu Chengdong said, "AITO M5 integrates Huawei’s industrial design, engineering technology, system software and HarmonyOS’s ecological advantages." Selis is rarely mentioned between the lines, and people in the industry feel that this car is infinitely close to Huawei’s "pro-son" except for not hanging Huawei’s logo.

　　"But this does not mean that Xiaokang has become a Huawei foundry." Zhou Lin emphasized that with Huawei’s help, AITO’s first model, the M5, was manufactured into the whole value chain of users’ cars, and Cyrus was responsible for R&D, manufacturing, delivery, service and creating the whole life cycle car experience. Huawei is deeply involved in product definition, quality control and channel sales. The two sides give play to each other’s strengths.

　　"When the smart ecology collides with the automobile industry, there will be many new explorations and ways." At present, Huawei’s cooperation with car companies has defined two modes: First, Huawei Inside mode. At present, Huawei provides autonomous driving solutions to three cooperative car companies, namely BAIC, Changan and Guangzhou Automobile, to support them to build their own sub-brands; Second, Huawei’s BU business provides parts and solutions to car companies.

　　AITO M5 is a brand-new cooperation mode, which is independent of the above two modes: Huawei is not only a component supplier, but also the industrial design team of Huawei BU.

　　"If someone says that we are a foundry, why doesn’t Huawei buy a factory itself?" In the conversation, I can feel the injustice in Zhou Lin’s heart. "Huawei originally made mobile phones, but it didn’t know much about the automotive field. The design standards of automobiles have always been dominated by us, but Huawei’s specialties in the ICT field, such as communication and cockpit information security, will be deeply dominant."

　　In Zhou Lin’s view, in addition to Huawei’s empowerment, Cyrus also has its own core technology, which is more focused on the research and development of new energy technologies and manufacturing quality (five boutique platforms+core three-power technology+Industry 4.0 smart factory). If the M5 can maintain its leading position in the market, it is not the strength of a single product point, but the joint efforts of both parties to open the era of smart cars for users, which is the core that distinguishes it from other models.

　　Undoubtedly, Cyrus’ initial intention is to use Huawei to improve his brand image. Before the cooperation with Huawei, the industry knew little about Cyrus. After taking the "express train" of Huawei, the share price of the parent company of Cyrus Xiaokang soared from 17 yuan/share in early 2020 to the highest 83 yuan/share.

　　However, after the release of M5, the capital market quickly gave feedback to Xiaokang shares: it fell more than 7% that day and fell for two consecutive days, then continued to fall, and closed at 52.56 yuan/share on January 7. Huawei still spends a lot of energy and resources on the new car of AITO brand, but Cyrus is busy with the production and after-sales of SF5.

　　Will Cyrus reconsider its cooperation with Huawei? The insiders think it is difficult to give an answer. "Objectively speaking, the cooperation with Huawei has brought a high degree of attention to Xiaokang and also brought a sharp rise in the stock price." The data shows that in the first three quarters of 2021, the company achieved a total operating income of 11.45 billion yuan, a year-on-year increase of 24%, but the net profit returned to the mother was-1.083 billion yuan, a year-on-year decrease of 49%.

　　In-depth cooperation with Huawei can almost be said to be the only option for Cyrus at present. Xiaokang also stressed at the investment exchange meeting on January 7 that "the cross-border cooperation between the company and Huawei is in-depth and successful, and the two sides have invested heavily, and there is no reason for not cooperating."

　　At present, it is a top priority for Cyrus to cooperate well with Huawei and try to polish products and make delivery. At the AITO brand launch conference, Sailis officially put forward a slogan that seems a bit difficult now-to become the TOP3 of the global new energy vehicle within five years. In Zhou Lin’s view, with the advantages of both parties and the continuous optimization of the new product system, we can reach the breakthrough level of the sales model. "Let everything go to time!" (Text/car home Peng Fei)

After successively transferring the trademarks of "Zhijie" and "Enjoy the World", Huawei transferred the trademark of "Wenjie" to Cyrus. On July 2nd, the announcement issued by Cyrus showed that Cyrus planned to acquire all kinds of "Jiejie" and other related trademark rights and application rights and related design patents held by Huawei in the world, with a total purchase price of 2.5 billion yuan.

This move by Huawei and Cyrus not only aroused widespread concern in the industry, but also further clarified Huawei’s role positioning and development direction in the field of smart cars. How can Huawei, which insists on "not making cars", help car companies "sell good cars"?

The audience understands the related models of Huawei AITO. (Image courtesy of CNSPHOTO)

Cyrus bought the trademark "Wen Jie"

The announcement issued by Sailis shows that Sailis Automobile Co., Ltd., the holding subsidiary of the company, intends to acquire 919 registered or pending series of text and graphic trademarks and 44 related design patents held by Huawei Technologies Co., Ltd. and its related parties, with a total purchase price of 2.5 billion yuan.

"This transaction will not affect the development of joint business between the two parties, and the two sides will further deepen the cooperative relationship." Cyrus said that based on the consistency of product and brand market cognition, the underlying assets related to this transaction will be dedicated to the joint business of both parties.

Since the cross-border cooperation in 2021, the AITO series jointly built by Cyrus and Huawei has gained wide attention in the market, and has successively launched models such as M5, M7 and M9. According to the latest sales data, in June, the total delivery volume of AITO industry reached 42,800 units, reaching a new high.

Guo Tao, an angel investor and a senior artificial intelligence expert, told the China Business Daily reporter that Celis gained brand autonomy by acquiring trademarks, which helped to unify brand image and marketing and enhance market competitiveness; This move enables Cyrus to develop and sell related products more freely and increase its market share. At the same time, the existing popularity and influence of the "Wen Jie" brand will bring long-term value to Cyrus.

Huawei successively transferred the trademark "Jie"

Huawei had successively transferred the trademarks of "Zhijie" and "Enjoy the World" before Cyrus got the trademark of "Wenjie".

According to Tianyancha’s intellectual property information, in May, Huawei Technologies Co., Ltd. transferred its registered trademark of "Enjoy the World" to Beijing New Energy Automobile Co., Ltd. According to the information, Huawei applied for the trademark in May 2023 and completed the registration in November of the same year.

At the beginning of June, Huawei Technologies Co., Ltd. transferred its two registered "Zhijie" trademarks to Chery Automobile Co., Ltd. Huawei applied for the above trademarks in October 2013 and September 2019, and completed the registration in April 2015 and April 2020 respectively.

China Business Daily reporter learned that since 2023, Huawei has successively applied for a series of trademarks named "Jie", such as Zhijie, Reading Jie, Youjie, Haojie, Hejie and Aojie.

Huawei publicly responded: "Huawei has always insisted on not building cars, but using the leading intelligent networked automobile technology to continue to help car companies build and sell good cars. Huawei will continue to work with car companies to create excellent smart car products for users and provide the ultimate smart travel experience. "

Stick to the concept of "no car"

At present, Huawei’s smart car business has three cooperation modes with automobile manufacturers, namely, standard parts supply mode, full-stack solution mode and smart car selection cooperation mode. Among them, Changan Automobile cooperated with Huawei by adopting the full-stack solution mode, and companies such as Cyrus, Chery, BAIC and JAC chose the smart car selection mode. Under the smart car selection mode, Huawei is deeply involved in product definition, design, research and development and even production, and is responsible for product marketing.

In November, 2023, Huawei officially released "HarmonyOS Zhixing", an ecological alliance of smart car technology in HarmonyOS, marking the upgrading of Huawei’s smart car selection model.

At present, HarmonyOS Zhixing owns brands such as asking, intelligence and enjoyment. In the future, HarmonyOS Zhixing will also welcome the proud brand built with Jianghuai, and the first model is expected to be launched in 2025.

According to the sales data published by HarmonyOS Zhixing, in the first half of 2024, HarmonyOS Zhixing delivered a total of 194,200 vehicles, of which HarmonyOS Zhixing delivered 46,100 vehicles in June.

Guo Tao believes that Huawei adheres to the principle of "no cars", concentrates on consolidating its role as an intelligent networked automobile technology provider by transferring trademarks, and clarifies the business model of cooperation with automobile enterprises, which not only highlights Huawei’s technical strength in the field of smart cars, but also demonstrates its insight and adaptability to the development trend of the industry. (Reporter Lei Yuxin)

As a new generation of Honda XR-V built by Honda family, this car is absolutely very attractive, and the overall route is round. The overall design of the car continues the family design concept, the front face looks harmonious, the sharp headlights on both sides, and the internal light groups are patchy, and they are bright when lit. Judging from the side waistline, the new car is still an excellent streamlined body, and the tradition of wide C-pillar can be continued. In the rear body part, Honda XR-V adopts many popular design elements, and the design of through taillights is also interesting, which is very personalized after lighting.

In the interior of all-black design, the new car adopts Honda’s latest design style and layout, which is very young and dynamic as a whole. The chrome-plated steering wheel is covered with a large area of plastic, which brings a good sense of luxury and makes people feel full of power when driving. The central control is made of soft plastic, and the materials and workmanship look quite satisfactory. The 8.0-inch central control screen is simple but fully functional in screen design, and the front row is also equipped with a manual air conditioning control system, allowing you to freely debug the most comfortable space atmosphere. At the same time, the new car also provides leather seats, which can bring certain comfort.

Honda XR-V has a length of 4380mm, a body width of 1790mm and a wheelbase of 2610mm, which is quite satisfactory. In the same class, the wheelbase of Honda XR-V ranks 88th. 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 sunroof of Honda XR-V1.5L Love Edition provides a wider field of vision, which can create a better visual environment and good sensitivity for the rear passengers and increase the light entrance for the whole vehicle. Among the models of the same price and class, the trunk volume of Honda XR-V ranks 92nd. It can basically meet the luggage space for family travel. But there is no extra hidden storage space.

Honda XR-V1.5L Love Edition uses a 1.5 engine, with a maximum horsepower of 124 and a peak torque of 145, matching the CVT gearbox. It will definitely bring unforgettable control charm. Ranked third among 80,000-120,000 SUV models.

The active/passive safety configuration of Honda XR-V 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.

If the above data and participation can’t fully understand Honda XR-V, then we can give you a more comprehensive reference based on the word-of-mouth information of users who have purchased Honda XR-V in history. It can be seen that what everyone is most satisfied with Honda XR-V is that its steering wheel has texture, and the comfortable sitting and the shape I like are also the points that everyone likes it.

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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The design of FAW-Volkswagen CC adopts dynamic and smooth lines, and the front face adopts sharp LED headlights and unique air intake grille, which shows a strong sporty atmosphere. The shape of the whole vehicle presents a low posture, and with simple and powerful body lines, it shows its unique fashion style.

The body size of FAW-Volkswagen CC is 4865 * 1870 * 1459mm, the wheelbase is 2841mm, the front tread is 1586mm, and the rear tread is 1572mm. The side lines of the car are smooth and elegant, outlining the dynamic body outline. Equipped with 18-inch rims, the front tyre size is 245/45 R18, and the rear tyre size is also 245/45 R18. The matching rim style is both sporty and fashionable, which enhances the visual effect of the whole vehicle.

The interior design of FAW-Volkswagen CC is full of modernity, luxury and sporty style. The center console is equipped with a 9.2-inch touch screen, supports voice recognition control system, and can easily control multimedia system, navigation, telephone and air conditioner. The steering wheel is made of genuine leather, which has the function of manual adjustment up and down and back and forth, providing a comfortable grip and a good control experience. There are plenty of USB and Type-C interfaces in the car, including three in the front row and two in the back row, to meet various charging needs. The seat is made of leather /Alcantara mixed material. The main and auxiliary seats support multi-directional adjustment, including front and rear adjustment, backrest adjustment, height adjustment and lumbar support, and are equipped with heating function to provide a comfortable riding experience for drivers. The rear seats can be laid down in proportion, which further improves the flexibility and storage capacity of the vehicle.

FAW-Volkswagen CC is equipped with a 2.0T turbocharged engine with a maximum power of 137kW and a maximum torque of 320N·m, which provides a strong power output for the vehicle. With the 7-speed wet dual-clutch gearbox, the power transmission is more efficient and smooth, bringing excellent driving experience.

Car owners in car home believe that the thick lines on the hood of FAW-Volkswagen CC show a sense of output, and the white body shines in the sun, which makes it highly recognizable on the road both statically and dynamically.

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.

In recent years, the SUV market has grown rapidly, showing a hot trend of continuous growth for several years, reflecting the good development trend and prospects of the SUV market. Under such a rapid growth situation, many manufacturers have participated in the competition in the SUV market, and the SUV market has become a battleground for military strategists.

Over the years, FAW Mazda’s product line has mainly focused on cars, with a single model. Although Mazda8, an MPV model, was added in 2010, there has been a lack of a domestic SUV model, which has affected and restricted the sustainable development of the enterprise. The listing of MazdaCX-7 just fills this gap and perfects the product line of FAW Mazda. Since then, FAW Mazda has the capital to wrestle with the future in all fields.

Inheriting the essence of Mazda brand/

At the beginning of MazdaCX-7 research and development, Mazda’s goal was to develop a "distinctive SUV", and "sports car" became a distinctive breakthrough. MazdaCX-7 combines many advantages of SUV, such as "high passability, practical convenience, large space and high sitting posture", and also integrates personality characteristics such as "the shape of sports car, the speed of fast galloping and the motion control characteristics of safe driving", which is endowed with completely different value elements from competitors.

At first glance, MazdaCX-7 is full of charm. From the appearance, MazdaCX-7 is like an eagle flying with wings, full of "movement" and "vitality", reflecting a kind of wild power beauty, which is exactly consistent with the aesthetic taste pursued by its target consumers. Therefore, it is easy to resonate between people and cars. Not only that, Mazda brand embodies a finely crafted craftsman spirit in its bones, and it is this craftsman spirit that gives MazdaCX-7 a very exquisite inner charm.

Although MazdaCX-7 is still an SUV, it inherits Mazda’s persistent pursuit of control and driving pleasure. In fact, its characteristics are more in line with the concept of "SportsCrossoverSUV" and concentrate the advantages of sports cars, SUVs and cars. MazdaCX-7′ s power system is further implanted with MPS2.3T engine from Mazda legend and timely four-wheel drive system with electronically controlled intelligent torque distribution. Obviously, it inherits Mazda’s brand essence.

The charming "SUV control king"/

Driving MazdaCX-7 on the road will attract the attention of many passers-by, because MazdaCX-7 has such a special sports car shape design. Of course, the sporty appearance of MazdaCX-7 is not only pleasing to the eye, but also very practical. For example, the front windshield with an included angle of 65.5 degrees makes the drag coefficient of MazdaCX-7 as low as 0.34, which not only improves the handling performance, but also effectively reduces the fuel consumption. Such practical and advanced modeling design adds the smoothness and dynamics of MazdaCX-7 body.

Another highlight of MazdaCX-7 is its excellent handling, which can be described as "SUV control king". Take the 2.3T four-wheel drive as an example. The 2.3T engine originated from MPS is very powerful, and it has won the top ten engines of Ward for three consecutive years. With the perfect cooperation of timely four-wheel drive system, MazdaCX-7 has excellent acceleration performance. In addition, the chassis of MazdaCX-7 is a special SUV chassis, which is different from other SUV brands that are mostly cars and SUVs. Obviously, MazdaCX-7 has better stability. The MazdaCX-7′ s highly rigid body brings it more accurate cornering performance than the general SUV.

After the intense and busy work, driving MazdaCX-7 in the urban jungle and Shan Ye coast, and enjoying the relaxed and comfortable driving, you can realize the excellent dynamic performance brought by MazdaCX-7′ s leapfrog power, timely four-wheel drive system, special SUV chassis and four-wheel independent suspension system for drivers and passengers, so that you can truly appreciate the charm of SUV control king.

Not only that, MazdaCX-7, the "SUV control king", also has a convenient and flexible mechanism and configuration for car owners. As a medium-sized SUV, MazdaCX-7 has a large comfortable space that can easily accommodate four adult passengers. RelaxbutSportyCockpit, a relaxing and dynamic theme design, can bring abundant driving passion to drivers and make passengers feel relaxed and comfortable.

Compact pricing of medium-sized SUVs highlights the ambition to enter the market/

At present, the domestic SUV market presents a pattern that compact SUVs account for a relatively large proportion and medium-sized SUVs account for a relatively small proportion. But the medium-sized SUV represents the development trend of SUV in the next few years. As a typical medium-sized SUV, the listing price of MazdaCX-7 is set at 199,800 ~ 273,800 yuan, which is equivalent to the price of compact SUV. The establishment of this pre-sale price range actually reflects FAW Mazda’s "smart" market plot: based on the medium-sized SUV market, seize the market space of compact SUV, and hope to make a breakthrough in both the medium-sized SUV and the compact SUV market.

Compared with medium-sized SUVs, MazdaCX-7 has outstanding personality value in dynamic sports car modeling, excellent handling and comfort. Under the condition of ensuring high performance and high quality of medium-sized SUVs, MazdaCX-7 shows the advantage of "king of cost performance" with the price of compact SUVs. In this way, Mazda CX-7 can make great achievements in the medium-sized SUV market and lead the medium-sized SUV market.

Compared with the compact SUV, MazdaCX-7 shows the outstanding advantages of "Big One" in vehicle size and interior space, and shows the powerful momentum of "Strong One" in power, while it has the absolute domineering of "High One" in configuration and safety. At the same time, this pre-sale price range can also reflect the foresight of the "king of cost performance" and highlight FAW Mazda’s ambition for the compact SUV market.

It is not difficult to see that FAW Mazda’s strategizing in the pricing process of MazdaCX-7 and its shrewdness in grasping the market just right, among which, it has both the determination to base itself on the medium-sized market and the ambition to acquire the compact market, which is really a wonderful move. It can be predicted that with the support of this market pricing strategy, it will undoubtedly be a strong guarantee for MazdaCX-7 sales.

Equation Leopard Car Leopard 8 appeared at the 2024 Guangdong, Hong Kong and Macao Auto Show.

On June 1st, the 2024 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show kicked off, and Equation Leopard took its new work, Leopard 8, to the stage. This medium and large SUV is scheduled to be officially launched in the third quarter of this year, and the official revealed that its market positioning is at the level of 500,000 yuan.

Leopard 8 inherits the tough design language of the brand, which is similar to Leopard 5. The front grille is complicated in design and decorated with black paint guard. On the technical highlight, the roof is equipped with a laser radar, and the front fender is equipped with a side-facing camera, which indicates that the vehicle will be equipped with the high-order intelligent driving assistance system of the Eye of the God, and it is expected to support the NOA function of cities and highways in the future.

On the side of the car body, Leopard 8 shows a simple and technical design. The hidden door handle and black wheel eyebrows are well matched, and the side skirt incorporates a unique "super lock" design element. In the rear part, Leopard 8 adopts a wrap-around spare tire cover and is equipped with a full-size spare tire. The design of the side-opening tailgate is convenient and practical, and the distinctive logo when the taillights are lit is impressive. In terms of size data, the size of the Leopard 8 with external spare tire is 5195 mm long, 1994 mm wide, 1875 mm high and 2920 mm wheelbase. If the roof rack is optional, the height is adjusted to 1905 mm.

In terms of configuration, Leopard 8 provides a variety of options, including fixed or electric side pedals, 20-inch to 21-inch rim selection, multi-color brake calipers, streaming media rearview mirrors, trailer hooks and electrical connectors. It is reported that there will be 6-seat and 7-seat seat layout options inside the model to meet the travel needs of different users.

In terms of performance and platform, Leopard 8 is built on BYD DMO super hybrid off-road platform. The power system is composed of a 200 kW 2.0T high-power engine and front and rear double motors, with the maximum power of the front and rear motors being 200 kW and 300 kW respectively. In addition, the car is also equipped with Yunqi -P active hydraulic body control system, which realizes four-wheel height independent adjustment and soft and hard adjustment functions, further improving the driving experience and passing ability.

In terms of market positioning, Equation Leopard has locked the direct competitor of Leopard 8 in the tank model equipped with 2.0T plug-in hybrid system, especially considering the market performance of related products in the tank series-2,006 tanks and 3,646 tanks were sold in April. With Leopard 8 coming into the market, it is worth looking forward to whether consumers will vote for it.

Equation Leopard Car Leopard 8 appeared at the 2024 Guangdong, Hong Kong and Macao Auto Show.

CCTV News:The annual meeting of 2023 Financial Street Forum was held in Beijing today (November 8). At the annual meeting, China Yi Huiman, Chairman of China Securities Regulatory Commission said that risk prevention is the main goal of strengthening supervision, and strengthening supervision is an effective way to prevent risks, both of which are important guarantees for achieving high-quality development.

According to the development law of capital market and the supervision practice in recent years, China and Yi Huiman, Chairman of China Securities Regulatory Commission summarized the causes of capital market risks into five aspects: excessive leverage or even out of control, imbalance between innovation and supervision, fraud, breach of trust and absence of main responsibility. He pointed out that it is the first duty and statutory duty of the CSRC to strengthen the supervision of the capital market, safeguard the "three public" order of the market and the legitimate rights and interests of investors, and prevent and resolve financial risks.

Yi Huiman, Chairman of China Securities Regulatory Commission:We adhere to the supervision concept of "respecting the market, respecting the rule of law, respecting the profession, respecting the risks, and giving full play to the joint efforts of all parties", adhere to the main business of supervision, and pay attention to the following principles: First, adhere to the principle of "only by seeing clearly can we manage it" and promote innovation under the premise of prudent supervision. The second is to guard against excessive leverage and gradually reduce the scale and level of leveraged funds to a reasonable range. Third, "zero tolerance" has cracked down on all kinds of chaos and reversed the long-standing situation that the illegal cost of securities is too low. The fourth is to adhere to the blade inward and self-revolution.

The reform of the registration system is by no means deregulation.

Regarding the reform of the registration system, China Yi Huiman, Chairman of China Securities Regulatory Commission said that the reform of the registration system is by no means a relaxation of supervision, but a better combination of an effective market and a promising government.

Yi Huiman, Chairman of China Securities Regulatory Commission:After the implementation of the (registration system) reform, supervision has become stricter, and the most prominent performance is the improvement of transparency. This promotion comes from the openness of the whole process of audit and registration, accepting the supervision of the whole society, and from the supervision covering the whole chain before and after the event, which urges enterprises to fully disclose information and compact the responsibility of intermediary agencies as "gatekeepers". Through reform, the basic system of capital market is comprehensively strengthened, especially the level of rule of law is further improved.

Yi Huiman said that in the next step, we will continue to promote the stock issuance registration system.

Yi Huiman, Chairman of China Securities Regulatory Commission:Dynamically evaluate and optimize institutional arrangements such as pricing, reduction and refinancing. At the same time, we will vigorously promote the reform of the investment side, promote the implementation of various supporting policies for medium and long-term capital entering the market, accelerate the cultivation of "smart funds" in China, promote the strengthening of industry institutions, effectively enhance professional investment capabilities and market leadership, and take our own path.

Yi Huiman said that the healthy development of the real economy is the foundation for the smooth operation of the capital market. The CSRC will adhere to the fundamental purpose of serving the real economy, and focus on doing the "five major articles" on technology and finance, green finance, inclusive finance, pension finance and digital finance, so as to give full play to the hub function of the capital market and serve the overall situation of Chinese modernization more effectively.

As a medium and large luxury car, it has been highly recognized by the market for its excellent quality, exquisite craftsmanship and advanced technology since its inception. Compared with other cars of the same class, the Audi A6L performs well in price, configuration and performance. In November this year, the sales of more than 16,000 vehicles once again demonstrated its leading position in the luxury C-class car market. Audi A6L not only leads the same level in sales volume, but also sets a new benchmark in scientific and technological innovation.

Elegant posture, redefining luxury car standards

Audi A6L redefines the standard of luxury cars in an elegant manner. It is not only a means of transportation, but also a perfect combination of technology and art, which shows Audi brand’s unremitting pursuit of luxury and quality. Through the combination of front and rear five-bar independent suspension and cutting-edge technology, Audi A6L not only improves the driving experience, but also leads the industry trend with excellent performance, opening a new chapter of intelligent luxury life for drivers.

Perfect integration of technology and comfort

As a model of luxury car, Audi A6L combines technology and comfort perfectly, setting a new benchmark for driving experience. The 12.3-inch full LCD instrument panel adopts digital display mode to visually present driving information, so that drivers can also feel a strong sense of the future while driving. This design not only improves the convenience of driving, but also makes every driving an extraordinary journey full of speed and passion. Every detail of Audi A6L has been carefully designed to stimulate driving pleasure and let drivers enjoy driving pleasure.

Meticulous luxury experience

The design of Audi A6L embodies the pursuit of quality everywhere, making every journey a luxury feast. The adaptive air suspension system in the car can automatically adjust the height of the car body according to individual needs, ensuring that every passenger can enjoy a stable and comfortable riding environment. This meticulous care is the embodiment of luxury, so that drivers and passengers can enjoy the speed and passion, but also feel the Audi brand’s unremitting pursuit of comfort and quality.

Perfect combination of high efficiency and excellent performance.

The advantage of Audi A6L lies in its high efficiency, excellent performance and excellent fuel economy. It adopts advanced power system and lightweight components, which not only improves vehicle performance, but also reduces fuel consumption, so that drivers do not have to sacrifice the control experience. This perfect combination of high-efficiency power and excellent performance makes Audi A6L unique in the luxury car market.

The uniqueness of family characteristics and detail handling

In terms of design, the Audi A6L inherits the characteristics of the Audi family, but it is unique in details. In particular, the front face design reduces the wind resistance, improves the aerodynamic performance, and makes the vehicle more energy-saving and efficient. Viewed from the side, the Audi A6L uses lightweight components to further improve vehicle performance. These designs not only show the Audi brand’s attention to detail, but also make the Audi A6L stand out in the luxury car market.

A number of active security configurations protect every journey.

In addition to excellent performance and luxurious design, the Audi A6L is also equipped with a number of active safety configurations. These configurations not only improve driving safety, but also allow drivers to enjoy the ultimate driving experience in all kinds of road conditions. Audi A6L is driven by technology and based on safety, providing all-round protection for drivers and passengers.

As a leader in luxury car market, Audi A6L not only performs well in sales volume, but also sets new standards in design, technology and comfort. From elegant posture to meticulous care, to efficient power system, every detail reflects Audi’s unremitting pursuit of quality. In the future, Audi A6L will continue to provide consumers with more intelligent, luxurious and comfortable driving experience with innovative and excellent quality, and continue to maintain a leading position in the luxury car market.