Directed by Wang Jiawei, the new drama "Flowers" starring Hu Ge, Ma Yili, Tang Yan, Xin Zhilei and others is currently being broadcast on Tencent Video. In order to present the drama perfectly, Wang Jiawei spent three years polishing the camera. Not only does it run through its own unique style in narrative, but it also repeatedly recalls actors who have already finished filming. To be honest, many viewers of Wang Jiawei’s TV series did not have high expectations this time. After all, the shooting process and narrative style of TV series and movies are completely different.

Moreover, compared to movies, the filming of TV series takes a long time, and it is completely too late to pick the shots one by one. The more popular directors and actors are often in a state of seamless integration, and the progress of normal filming TV series is too slow. "Flowers" is different, because it is directed by Wang Jiawei and Hu Ge is the main male lead, so the drama has attracted the attention of many industries and platforms from the beginning of filming. Wang Jiawei is also really persistent in the drama, and forcefully made the TV series into a movie.

Sure enough, this drama did not live up to the expectations of most audiences. Although Wang Jiawei’s fragmented narrative style did not meet the taste of the remote control audience, the online broadcast volume of "Flowers" was in the process of steady growth, and the popularity of Tencent in-app also exceeded the 30,000 mark. Tang Yan played Miss Wang with a full personality and a complete growth line. Xin Zhilei played Li Li, who was also bright and moving under the camera of Wang Jiawei, and there was a big gap with the previous image, stunning many viewers who came to follow the drama.

It can be said that when filming Wong Kar-wai’s plays, actors have the opportunity to leave their own life scenes and unlock another image of themselves, but this does not apply to actors in the rising stage and actors who have not yet stabilized their coffee positions. Because Wong Kar-wai’s seriousness and dedication to the play exceeds the image of all working actors, even a powerful faction like Hu Ge can’t stand Wong Kar-wai’s dedication to the play. Because in the past, movies were filmed, so actors in the TV drama circle did not have a real sense of Wong Kar-wai’s stream-of-consciousness shooting method.

For example, Liang Jiahui, he admitted in an interview that when he entered the group, the director only told him that the role he was going to play was Huang Yaoshi, and there was no script to tell him what to play and how to play it. So in the later shooting process, Liang Jiahui was in a kind of confusion about not knowing what to shoot. In addition to the stream of consciousness method of film shooting, Wong Kar-wai also has a lot of experience in fooling actors. In the early years of filming movies, Wong Kar-wai used his superior fooling skills to deceive many actors at the level of best actor.

For example, Tony Leung. Because he was a screenwriter in the early days, Wong Kar-wai wrote a high-quality suspense film script on the spot, and immediately won the actor Tony Leung. However, when he arrived at the filming location in Argentina, Leung Chaowei was told by the director that the role he was going to play was gay. The movie Leung Chaowei was fooled into making was "Spring", which was later enthusiastically sought after by most fans.

First of all, regardless of whether the behavior of fooling people is correct, the mere fact of editing a script to deceive the best actor proves that Wang Jiawei himself is a talented top PUA master. From this, it can be seen that Wang Jiawei’s personal style is quite distinct. This time, Wang Jiawei, who came to shoot a TV series, still adheres to the same set of principles of making movies. Hu Ge was driven crazy in the process of walking through the scenes again and again, and posted on social platforms: If I stop acting, will you still support me?

At that time, many netizens were wondering why Hu Ge’s mental state was so beautiful. All their questions were answered in interviews with the creators released one after another after the show was broadcast. It turned out that Hu Ge’s collapse came from Wang Jiawei’s strict requirements for actors to act. In an interview with the media, Hu Ge said: In his opinion, "Flower" is not just a crew, but more like Hengdian Film Academy. In addition, the entire filming cycle of "Flower" is very long, and the actors will experience a period of exhaustion in both physical and mental aspects.

It is precisely because the filming time of "Flowers" took a full three years, and the actors kept reworking and reshooting according to Wang Jiawei’s requirements, so Hu Ge felt physically and mentally exhausted. According to the cast member, Wang Jiawei’s understanding of the play is usually not on the same channel as the actors, so the actors can only rely on themselves to constantly grope. Before the director nods, the actors can only repeat the same scene, which is a stream of consciousness shooting method that really makes many actors collapse.

Because he had no idea what kind of effect Wong Kar-wai wanted to achieve, he could only keep repeating the same scene. Tony Leung broke the news that he ate 26 bowls of wonton noodles in a row during the filming of "In the Mood for Love". Liu Jialing also said in an interview that during the filming of "The True Story of Ah Fei", he wiped the floor 27 times in a row, and in the middle of the filming, several actors suddenly felt that they could not act. Therefore, when choosing the film and television works directed by Wong Kar-wai, actors should be more careful.

Dong Yong, a veteran artist who starred in "Flowers", also said: "I have always used the standards of old artists to demand myself, and the standard of" one pass "is the basic quality of old actors, but when it comes to Wang Jiawei, there is no" one pass "at all. Director Wang Jiawei keeps asking actors to reshoot clips that he is not satisfied with. There is even a scene that has not been filmed more than 30 times in a row. Later, the director called out and gave Dong Yong a break. Who knows that the first scene back to the crew after the holiday is still the last one.

From this, it can be seen that Wong Kar-wai has a strong sense of responsibility for the film and television works he directs. The truest reaction of actors nowadays is the state he pursues in the film venue. It is precisely because of this that Wong Kar-wai will hand over so many film and television works that satisfy fans. Although Wong Kar-wai has extremely high requirements for every frame of "Flower", it is precisely because of this rare persistence and dedication to the work that "Flower" will be so precious in the era of frequent bad movies.

It can be said that Flower, whether it is the texture of the picture or the design of light and shadow, is completely unlike a TV drama, and it can be said that it is a perfect work of art. In addition to the great shock of the picture to the audience, the three actresses of the play have also reached a new height of beauty, and even left their own life scenes. Tang Yan has successfully transformed with the play, and her acting has been recognized by the audience. Her image has subverted the inherent dress of silly and sweet in the past, and her portrayal of Miss Wang’s role has been affirmed by many audiences.

Although Tang Yan gave up many film and television invitations in the early stage because of the filming of "Flowers", it was not a loss, at least because she successfully got rid of the label of the idol school in this drama, and the resource rating will definitely be higher in the future. Xin Zhilei also attracted much attention because of her role as the bright and moving Li Li in the drama, and the follow-up bonus should not be underestimated.

　　CCTV NewsAt 15:22 this afternoon, our country successfully launched the 52nd and 53rd Beidou navigation satellites with the Long March 3B rocket at the Xichang Satellite Launch Center, which is also the last two satellites of the Beidou system deployed in the medium circular orbit.

　　Satellites in mid-circle orbit can travel the world, so they are the key to the global network of Beidou satellite navigation system. Whether it is GPS or other existing global satellite navigation systems, a large number of satellites need to be deployed in this orbit. After the launch, all 24 satellites planned by Beidou satellite navigation system in this orbit have been in place, and the deployment of the core constellation of the global system has been officially completed.

　　Beidou has actually quietly entered your life

　　Video: Why do you say "China’s Beidou, the world’s Beidou"?

　　Perhaps many people will ask, Beidou has launched so many satellites, when will we be able to use them? Or how can we use them?

　　There is already "Big Dipper" above your head.

　　In fact, Beidou has already quietly entered our lives. Now when you turn on your mobile phone or navigator to use navigation services, you are not just receiving GPS satellite signals, but the fusion signal of Beidou, GPS, Glonass and other satellite positioning systems. They can complement each other. For example, in the case of high-rise buildings in the city, the GPS signal in some directions will be blocked, so you can directly receive the signal of Beidou to locate.

　　What is the use of Beidou’s unique communication capabilities?

　　Unlike other systems, we can not only know where we are through Beidou, but also tell others where we are through Beidou. This is the unique communication capability that distinguishes Beidou from any other system.

　　Many people may think that we can communicate so conveniently now, so why use Beidou?

　　Because at sea, in many deep mountains and forests without ground communication facilities, communication can only be done by satellite signals. Therefore, whether it is sea rescue or meeting for "jungle exploration", Beidou is an excellent choice. Not only is it global coverage, but it is also very cheap.

　　Of course, this function requires the use of a specific "Beidou" mobile phone!

　　Official certification! World-class navigation and positioning service capabilities

　　Video: Understand the working principle of Beidou navigation with high school knowledge

　　Wang Ping, chief designer of the Beidou-3 satellite, introduced to reporters.At present, the basic system of our Beidou-3 has been evaluated all over the world. The evaluation results show that Beidou’s signal quality, signal ranging accuracy, navigation, positioning and timing accuracy are on par with the US GPS.The completion of all the medium-circle orbit network satellites will enable our Beidou satellite navigation system to achieve world-class service capabilities.

　　China speed! Beidou breaks the world record for global networking

　　Since November 2017, our country has organized 18 Beidou launch missions in 25 months and launched a total of 30 Beidou satellites, breaking the world record for the networking speed of global satellite navigation systems at an average rate of 1.2 satellites per month.

　　Among them, we have to mention the "Beidou special train" – the Changsanjia series of carrier rockets that transported Beidou 38 times.

　　Since the launch of the first Beidou-2 navigation test satellite in 2007, in the past 12 years, the Changsanjia series of rockets have sent 53 Beidou navigation satellites into the predetermined orbit with 38 successful and perfect performances. If the Beidou navigation test satellites launched earlier are included, the Changsanjia series of rockets have escorted 57 Beidou satellites into orbit with a 100% success rate of 42 launches.

　　From Beidou-1 to Beidou-3, from several launches a year to more than a dozen launches a year, the Long March-3A development team has been constantly exploring on the road of innovation. They set a precedent for our country’s "one arrow and two stars" to launch high-orbit satellites, further accelerated the deployment of Beidou satellites, greatly shortened the construction progress of Beidou engineering and greatly reduced the construction cost. (CCTV reporter, Wang Shiyu, partner unit Aerospace Science and Technology Group Fifth Academy)

　　Long March 3A series rocket launch Beidou satellite full record

　　Long March 3A series rockets launched in 2019

The popularity of the new M7 continues, and a tit-for-tat new energy luxury SUV "price war" has officially started.

On October 15, AITO asked the world to announce that the new M7 listed on the market in the first month of the big order has exceeded 60,000 orders. At present, the Sailis factory has added production shifts, 22 hours of continuous production every day and opened the double shift operation mechanism. In the live broadcast of the factory, Yu Chengdong, chairperson of Huawei Intelligent Vehicle Solutions, bluntly said that in order to improve the production and supply speed of the new M7 in the world, the entire industrial chain and supply chain have increased more than 20,000 workers, and at the same time increased capital investment over 1 billion yuan.

Recently, the Financial Union reporters have repeatedly explored the end point market of automobiles. Even at noon on working days, consumers who go to Huawei stores to see cars and consult are still in constant flow. In terms of policy, after the 33,000 yuan purchase rights and interests of the first sales period, the second round of car purchase rights and interests of the new M7 is worth 30,000 yuan. The deadline for activities is October 31.

The continued sale of the new M7 has directly stimulated the end point policy of competing models such as Krypton 001 and Ideal L7.

The day after the announcement of the report card of "60,000 vehicles in a single month", Extreme Krypton announced that all its models will open the rights and interests of limited-time car purchase, limited-time purchase and replacement. Among them, Extreme Krypton 001 can enjoy a maximum of 80,000 yuan after a number of rights and interests are superimposed. The activity period is from 9:00 on October 16 to 24:00 on December 31.

Compared to JK 001, the competition between the ideal L7 and the new M7 is intensifying. Not long ago, the two brands launched a "air-to-air confrontation", and End Point even spread the rumor of "re-purchase between the new M7 and the ideal L7, and the transaction can reimburse the other party’s deposit". "Our store does not have this [reimbursement deposit] policy, but the current activities of L7 and L8 are very rare, you can directly discount 31,000 yuan, and give gifts such as 20,000 points and foot mats." An ideal store salesperson told reporters.

Earlier this month, Tesla China announced that the price of the Model Y would remain unchanged while adding multi-colored ambient lights, upgraded dashboard trim, upgraded 19-inch wheels and improved acceleration performance. Such a policy is also seen by the industry as a "disguised price reduction" in a highly competitive environment.

From the perspective of market segmentation, the mid-sized/medium-sized SUV market in which Tesla Model Y, Wenjiexin M7, Ideal L7 and other models are located continues to heat up, and the competition is quite fierce. According to the data of the Passenger Federation, in September, although Tesla Model Y fell by 18% month-on-month, it was still far ahead with 53,200 vehicles. There are 7 models that sold more than 10,000 vehicles, namely Audi Q5, BMW X3, Ideal L7, Mercedes-Benz GLC, Hongqi HS5, Ideal L8 and BYD Tang. Among them, Mercedes-Benz GLC, Hongqi HS5 and BYD Tang showed a month-on-month decline, and Ideal L7 and Ideal L8 were basically flat compared with the same period in August.

The white-hot competition of new energy luxury SUVs is just a microcosm of the "Silver Ten" car market. According to incomplete statistics from the Financial Union reporters, more than a dozen car brands, including BYD, NIO, Xiaopeng, Zero Run, Volkswagen, and Buick, have recently launched different preferential policies to take over the "Golden Nine". Under the rare "peak season", the "price war" whose cycle has been extended is still ongoing.

"Because dealers increased the number of cars picked up in September, the end point prices in September and October continue to drop." Lang Xuehong, deputy secretary-general of the China Automobile Dealers Association, believes that under the background of the superposition of various factors, this year’s "Silver Ten" car market will not only be in good condition, but also the actual performance is expected to exceed "Golden Nine". "We believe that the quality of’Gold Nine Silver Ten ‘will be basically the same, and there may even be a situation of’Silver Nine Gold Ten’."

Original title: Q Jie new M7 hot orders detonated "price war": ideal L7 straight down 31,000, extremely krypton push limited-time car purchase rights

Editor: He Bao, Editor in charge: Wu Jian, Review: Wang Guangjiang

Red Star Capital Bureau noticed that on February 27, a lawyer’s letter sent to Geely Automobile (00175.HK) by Changan Automobile (000625.SZ) entrusted Chongqing Baijun Law Firm was exposed on the Internet, claiming that Geely’s "Galaxy Light" prototype car copied Changan concept car and mass-produced car, and infringed Changan Automobile’s intellectual property rights.

↑ Online lawyer’s letter

"The lawyer’s letter is true," Chang’an Automobile told Red Star Capital Bureau. "We believe that the relevant content of Geely Galaxy’s new energy strategy release is suspected of infringing the intellectual property rights of Chang’an Automobile, so the company sent the lawyer’s letter to the other party."

Some netizens posted pictures comparing the appearance of Geely’s "Galaxy Light" with Changan VISION-V and UNI-V models.

↑ Comparison chart of Changan Automobile and Geely

On February 28, Geely Automobile responded via its official Weibo: "The content of the lawyer’s letter is seriously inaccurate, the accusations against our company are groundless, misleading the public, and causing serious damage to our brand and goodwill."

Geely said that Geely Galaxy Light is an original design of Geely, and there is no plagiarism or infringement of other people’s intellectual property rights. Geely will take legal measures to safeguard its legitimate rights and interests against any attempt to smear, maliciously attack and spread false remarks through this matter.

↑ Geely Response

Yang Xueliang, senior vice-president of Geely Holding Group, said in a statement: We must have healthy competition, not internal strife. To transform and develop, not to fight in the same room, to be united, not to divide and smear.

On February 23, Geely Automobile released the new mid-to-high-end new energy series Geely Galaxy and released the prototype car "Galaxy Light". According to reports, "Galaxy Light" was designed by Chen Zheng, vice president of design of Geely Automobile Group. It was designed and developed based on Geely SEA’s vast architecture, using "ripple aesthetics" design, and incorporated Geely satellite antenna, Wofei long-sky drone, Galaxy NOS smart cockpit and other technologies.

Text | Blue Hole Business, Yu Weilin

Editing | Giorgio Lisa

In just one month, rumors of "ByteDance acquiring Ele.me" broke out twice.

In the latest version, Caijing quoted sources as saying that not only did it state that ByteDance’s bid was $7 billion – one of the points of disagreement between the two sides, but also that ByteDance only wanted the delivery team of Ele.me, while Ali wanted the word energy saving to undertake the entire Ele.me.

Although soon, the rumors were once again confirmed by both sides, the outside world believed that the "Schr?dinger’s acquisition" was only a layer of window paper away from the ground – "denial" was just a prescribed action in the negotiations between the two sides.

In the past two years, the local life battlefield has seen renewed waves due to Douyin’s disruption, with the store business performing traffic magic, but the home business has experienced ups and downs. Douyin’s local life is still in a state of "running through the process".

The low-hanging fruit has been picked, and moving forward is a tough battle with real swords and real guns. Meituan spent tens of billions of yuan to build the performance ability, and if Douyin wants to replicate it, he needs to invest several times more time and money. Buying Ele.me is the most cost-effective way, and it is also in line with Zhang Yiming’s usual style of "vigorously performing miracles".

Five years ago, Ali bought Ele.me for $9.50 billion; in the past few years, the decline is not only valuation, but also market share. Now Ele.me is almost reduced to a regional player, takeaway is a low-margin business, and it is difficult to make profits without scale effects. If Ali wants to stop losses in time, Douyin is the only potential buyer on the table.

If Douyin wants to be a "universal entrance", it is impossible to give up local life. But the question is, even if he eats Ele.me and completes the closed loop of local life, can he win Meituan? What Douyin lacks in local life is only the ground delivery team? What Ali + Ele.me couldn’t do in the past, can it be done by Douyin + Ele.me?

Just as Yu Yongfu said in his internal letter in 2021: "This is a protracted battle, a boxing match that has just begun. The process is destined to be long and cruel. Neither side can defeat the opponent, but can only fight for points."

The Infinity War of local life, even if the acquisition is completed, is far from the end.

Douyin Local Life: Good Night Yet to Come

In the past two years of the Douyin Meituan dispute, the outside world’s attention has focused on how Meituan defends the city, but it has ignored that Douyin’s battle for local life has not gone smoothly as imagined, and the traffic stick has also encountered "hard bones".

"Changing coaches" is the most obvious signal. In November 2023, Douyin publicly admitted that Pu Yanzi, the head of commercialization, will also serve as the head of life services business, and Zhu Shiyu, the original head, will be transferred. Pu Yanzi’s internal evaluation is that his style is pragmatic and he is good at solving complex problems.

Industry analysts "Zouma Finance" interpret that the role of the commercialization leader in Douyin is similar to that of Alimama to Ali, and it is the existence of the "God of Wealth". Pu Yanzi, who is more "important", can not only mobilize the commercial traffic of Douyin, but also the commercial traffic resources of almost all traffic-type products such as Jinri Toutiao and Watermelon Video in Douyin – this is the highest configuration that Douyin can give.

Douyin’s local life is far from a "good night". They need more resources and more fierce leaders. The core incentive is the failure of takeaway.

In June last year, according to the "LatePost" report, Douyin takeaway’s annual GMV target was reduced from 100 billion yuan to 5 billion yuan, which came to an "ankle cut". At the same time, the focus of takeaway business changed to: try to run through business processes in more ways.

Half a year has passed, and according to a report by "Whip Bulls" at the end of December last year, Douyin life service partners in multiple regions revealed that Douyin will no longer renew their contracts with them. "Except for the five cities of Chengdu, Changsha, Shanghai, Shenzhen and Fuzhou, the Douyin takeaway business in other cities will be suspended." The purpose is to "penetrate the above five cities in order to obtain comprehensive and sufficient experience and lessons, and then promote the replication to other cities."

Since it was exposed in July 2021, Douyin has been running in the takeaway field for two and a half years, but it is still "running through the process".

The cost is undoubtedly huge. According to a report by Sohu News in March last year, Douyin’s boost to merchants in the pilot takeaway service was 5%, which was three percentage points lower than that of its peers. But Douyin’s traffic is expensive, and its investment in takeout should be higher than that of Meituan and Ele.me, including the costs of delivery and service providers.

This raises the suspicion that takeout is a low-margin chore, and if it is so difficult to move forward, why not give up? Because it does not want to watch consumers flee due to the lack of takeout.

According to a report by "LatePost" in February last year, Douyin Group CEO Zhang Nan once imagined at an internal meeting that Douyin would become a universal portal for users’ mobile devices, not only to swipe content when bored, but also to shop, choose restaurants, and buy plane tickets to book hotels.

This is Douyin’s ambition, and it is also the common dream of Internet giants. Today’s Capital Xu Xin once said in his early speech that there are actually only 12 apps commonly used by users, and apps that are opened more than 8 times a day are exclusive and monopolistic, and "flowers" can grow on them.

Therefore, for Douyin’s local life, it is necessary to close the loop between home and store, which is the answer that Meituan proved ten years ago.

As early as 2014, Wang Huiwen once answered the reporter "Why does Meituan want to do takeout?" He said, "Group buying and takeout, there must be a lot of overlap in the business. From the perspective of the merchant, we can bring it customer flow and transactions. Consumers group buying to the store, or ordering takeout to be delivered to consumers for transaction. Although they are two different transaction models, the merchants will not reject them."

The lack of Douyin takeaway links today is like the short board on the bucket. On the one hand, consumers who have settled through home group buying will flow to Meituan when they repurchase takeaway; on the other hand, the merchants who have made great efforts to attract them will only stay at the store level, and cannot reap the commission of takeaway business.

According to public information, Douyin’s GMV in 2022 is 77 billion yuan, while it has increased by 256% in 2023. It is estimated that the GMV completed in 2023 is about 197.12 billion yuan, exceeding the original target of 150 billion yuan. But if you can’t take takeaway business, how long can such high-speed growth be maintained is an unknown.

Since takeaway is a must, then the existing cooperation model is not good? Since August 2022, Douyin and Ele.me have cooperated, and Douyin has diverted traffic and Ele.me has fulfilled the contract, but both sides have different ideas, and they have not fully connected on the page jump. Douyin cannot obtain the core data assets, so he has more than two years of experience in "running through the process".

Douyin and Meituan are bound to have a head-to-head war, but Douyin looks at his hand and only has abundant traffic and funds, but lacks infrastructure, including systems, teams, and the Know-How capabilities that Meituan has accumulated for more than a decade.

And these, eat Eli.me can make up for it?

"Are you shaking?" Can you win Meituan?

Before Douyin’s disruption, the takeaway battlefield had long since died down. Meituan began to explore instant retail in search of incremental growth; Alibaba’s Ele.me system became infrastructure, focusing on stopping losses.

A set of data clearly illustrates the changes in Ele.me in Alibaba. According to third-party data agency trustdata, in 2020, Meituan and Ele.me’s market share was 60% and 25% respectively; by 2022, it had become 72% and 15%.

From Ele.me to "Shake it", how much can it shake Meituan? Let’s take a look at the fundamentals of the two companies first.

Look at the supply side first, there is the most intuitive data. According to the relevant report of Guolian Securities, the average daily active users of Meituan takeaway business version in October 2023 4.8861 million, and the average daily active users of Ele.me business version 2.6131 million, Meituan is almost 1.87 times that of Ele.me.

Looking at the demand side, according to Quset Mobile data, in October 2023, Ele.me APP DAU 2154.6 million, Meituan takeaway APP DAU 17.4993 million, Meituan APP DAU 144 million. You know, Meituan APP is the main position of all businesses. Combined with past financial reports, Meituan takeaway also leads Ele.me in terms of annual transaction users.

What about Ele.me + Douyin? According to the data report released by "Douyin Life Service Business Observation" on January 2, 2024, in 2023, Douyin Life Service stores will exceed 4.50 million. Even taking into account deduplicate factors, on the supply side, Douyin + Ele.me will still have a considerable base.

In addition, the addition of Ele.me may recoup Douyin’s disadvantage on the supply side of small and medium-sized merchants. "Blue Hole Business" once mentioned in the article "Meituan, Can Use Magic to Beat Magic" that the high cost makes it difficult for small and medium-sized merchants to survive in Douyin. "If you don’t buy advertising and don’t have traffic, you will have zero sales."

On the demand side, Douyin’s traffic magic and Ele.me’s home consumption mindset are expected to make up for their previous shortcomings.

Different from Meituan, benefiting from the acquisition and Ali system, a large proportion of Ele.me’s loyal customers come from 88VIP members, which is characterized by strong spending power. Double 11 in 2023, 88VIP user scale broke through 32 million, and transactions increased by double digits year-on-year. According to Ali’s financial report, the average annual consumption of this group in 2022 reached 57,000 yuan, and the demand-side customer unit price may be expected.

From the perspective of supply and demand, Ele.me has been ahead of Meituan, and it may have new vitality. But whether it can win or not, the performance side is more critical. What Douyin wants most is also the delivery team of Ele.me. Capacity is the "card point" that Douyin takeaway cannot push, and it is also the "east wind" that Douyin only owes for the development of instant retail.

According to Ele.me’s official website, Hummingbird, its delivery platform, has 3 million active riders, including full-time and crowdsourcing; but according to a report released by Meituan in 2022, Meituan has 6.24 million riders. In fact, in 2019, Ele.me has more than 3 million riders, and Meituan is 3.99 million. With Ele.me losing ground, riders naturally flow to Meituan, which has a more dominant order volume.

Of course, the fulfillment of contracts does not rely solely on offline capacity. Offline delivery and online fulfillment are two sides of the same coin. It is rumored that Douyin only needs "delivery staff" and does not need "programmers". Ele.me is currently the second largest takeaway in the market after Meituan, and its fulfillment system is the closest option to contend with it.

After it was merged into Alibaba that year, Ele.me’s hummingbird system was the first to be transformed. Alibaba’s expectation for hummingbird was to rely on the foundation of takeaway services and cooperate with Alibaba’s retail "three-kilometer ideal life circle", which meant that in the past few years, hummingbird and Hema, Tmall Hourly, and first-line brand instant delivery have a long match, and the handling situation is far more complicated than food delivery.

At the same time, Hummingbird’s intelligent scheduling system has been supported by Alibaba Cloud. Now AI has become one of the core directions of Ali’s development, and Hummingbird’s computing power and iteration speed have been enhanced. Because Hummingbird is deeply bound to Ali, it has also become one of the arguments that Alibaba will not give up Ele.me. easily.

But Ele.me in the Ali system can only be said to be self-improvement, and whether it can resist Meituan requires a question mark.

Takeaway fulfillment has the characteristics of "multi-concurrency" and "strong randomness", and a strong online fulfillment system can be regarded as Meituan’s "moat". As Wang Xing said in the first quarter of 2023 earnings report: "If the takeaway business wants to complete each transaction efficiently, it needs a reliable order fulfillment system. We have accumulated a deep foundation in the consumer, merchant, and distribution network of the takeaway business, and it is difficult for other players to break through."

Another factor that cannot be quantified, but can determine the course of the war, is methodology and organizational ability.

On the one hand, the Know-How capabilities and takeaway talents accumulated by Ele.me are equivalent to directly giving answers to Douyin, who has been "running through the process"; but on the other hand, with the invasion of organizational culture and the migration of management authority after Alibaba’s acquisition, Ele.me’s core management has gradually lost, and its playing style is also very different from that of Zhang Xuhao’s era. Ele.me, which pursues cost control, has gradually shrunk into a regional player.

In the two years after Alibaba acquired Ele.me, morale was booming. Wang Lei, the earliest head of Alibaba’s department, also stated internally, "It turned out that Ele.me played Meituan on the first floor and the second floor, but now we are standing on the sixth floor."

At that time, Wang Lei participated in Double 11 and Double 12 with his local life, interacted with Youku and Juhuasuan, and connected with Autonavi and Hema. But from the first quarter of 2019 to the second quarter of 2020, Ele.me’s market share did not rise but fell.

An industry insider told Blue Hole Business that during that time, he went on a business trip to Shunde, Guangdong. Ele.me increased subsidies and launched activities in the local area, hoping to gain momentum in several of Meituan’s advantageous cities, but the results came to nothing. [The business of local life is more complicated than imagined, and the success of one city may not be replicated in all cities.]

A Meituan person once recalled with "Blue Hole Business" that at that time, Meituan did not regard the other party as a competitor when competing with Ele.me. "Although Meituan gave less resources than the other party in each city, it always got good results in the end. There is indeed a methodology."

Frustrated by the competition, Alibaba began to adjust its thinking. In July 2021, Yu Yongfu, known as the "integration master", took over local life and proposed the so-called "541 formation" and "four vertical and four horizontal" playing methods, but this was an internal staff that also had some unclear theories.

Falling on Ele.me, the strategy focuses more on key cities, which is the so-called "efficiency first, then scale", emphasizing the strengthening of instant retail and distribution capabilities in terms of capabilities, and paying more attention to festival marketing in terms of tactics, such as the repeated mention of "guess the answer to win the free order".

The key data obtained from the above actions is that Ele.me’s unit economic benefits continue to be positive, and its losses have narrowed year by year. But takeaway is always a low-margin business, and if you want to make money, you still need to do it on a large scale. Ele.me’s long-term strategy is to stop bleeding for Ali, but it is the opposite for Ele.me itself.

The local life battlefield is far more complicated than imagined, and it is unknown whether Douyin can recover the share that Ele.me has lost in the past few years.

Although Meituan’s share price fell every time the acquisition scandal broke, it proved the outside world’s attitude towards the deal. But even if the acquisition is completed, it is only an escalation of the war situation, not an end.

Original, Team Author, Shuaizhen Business Vision

Why did Wang Sicong jump into the "fire pit" when he knew that the other party was a liar?

Produced by Shuai Zhen Business Vision (ID: ailishi777)

A few days ago, Jia Yueting made a rare appearance at the China Auto Blue Book Forum and participated in the meeting by video link. This is his first public appearance in China since he left the United States for six years.

In the video, Jia Yueting wears a signature smile, with an assembled FF91 parked behind him, to prove to the outside world that the FF91 is really mass-produced.

The first batch of FF91s in mass production in the United States has been delivered to car owners, most of whom are Wall Street executives or Hollywood stars.

The appearance on the domestic auto forum this time is clearly Jia Yueting’s preparation for the sale of FF91 in China. According to people familiar with the matter, China’s first FF91 owner is the famous "national husband" Wang Sicong.

Anyone familiar with Wang Sicong knows that he rented a garage at the Peninsula Hotel in Shanghai, where more than 20 luxury cars, including Ferrari, Lamborghini, Rolls-Royce, Bentley Mulsanne, Maybach, and limited-edition Porsche, are parked, with a total value of over 100 million yuan.

Only there are no electric luxury cars.

This time, Wang Bicong threw 2 million to buy Jia Yueting’s new car, which is a bit confusing. You know, he once publicly criticized Jia Yueting on Weibo as a "liar who cuts leeks".

Why did Wang Sicong jump into the "fire pit" when he knew that the other party was a liar? The story starts with an investment made seven years ago.

01

Jia Yueting used to be the God of Wealth of Wang Sicong.

In 2009, after Wang Sicong returned from studying abroad, Wang Jianlin always wanted to train him as a successor and take over the then-thriving Wanda Group.

Wang Sicong has his own ideas. He doesn’t want people to say that he is a rich second generation of "fighting father", and wants to break out-point himself.

Therefore, Wang Jianlin gave Wang Sicong 500 million yuan as the capital base for starting a business and agreed: "This 500 million yuan loss is fine, I will give you another 500 million yuan, but if you lose again, you will honestly go back to Wanda to work."

Wang Sicong took the 500 million yuan given by his father and established an investment company called "Pusi Capital", looking for small companies with potential all over the world.

In his opinion, it is too hard for his father to make money by building a building. Real entrepreneurs should learn to let others make money for themselves.

The person who helped Wang Sicong make money was Jia Yueting.

At that time, Jia Yueting had unlimited scenery in the capital markets, holding the two major industries of LeTV film and television and LeTV sports.

Under the guidance of his wife Gan Wei, Jia Yueting turned Zhang Yimou, Guo Jingming, Sun Honglei, Huang Xiaoming, Li Bingbing, Sun Li and other celebrities into LeTV shareholders.

The famous LeTV has attracted the attention of Wang Sicong. In 2015, he invested 100 million yuan in LeTV Sports, accounting for 11% of the shares and becoming the largest shareholder.

Jia Yueting did not disappoint Wang Sicong. Under the superb capital operation of the former, LeTV Sports only took one year, and the valuation soared from 2 billion to 20 billion, which expanded by 10 times. Wang Sicong did nothing, just made 2.20 billion!

After 2017, there were a lot of self-media on the Internet, saying that Wang Sicong was not only handsome, but also very powerful. It took a few years to turn the 500 million yuan given by his father into 5 billion yuan. As expected of the "national husband" that every woman wants to marry.

In fact, Wang Sicong just followed the trend and voted for LeTV, which is no different from the "chasing high" of ordinary investors.

02

When Wang Sicong was immersed in the vanity of "national husband", Guo Taiming, the real business boss, had sensed that LeEco was going to die.

The reason was that Jia Yueting held a "buy a member and get a color TV" activity, which caught the home appliance factory by surprise. Huang Hongsheng, the boss of Skyworth, said that he had dealt with color TVs all his life, and he never dreamed that one day he would buy a color TV for free!

Under the free offensive, LeTV color TV surged forward, with annual sales reaching 6 million units, becoming the fourth largest color TV brand in the country. LeTV’s share price rose with the tide, and its valuation reached 160 billion.

Jia Yueting wanted to seize control of the color TV industry and began a series of merger plans.

He first set his sights on Skyworth and invited Huang Hongsheng to a Beijing palace for dinner. During the dinner, Jia Yueting opened two bottles of 82-year-old Lafite. After three rounds of wine, Jia Yueting stated the purpose of the dinner: he wanted to buy 30% of Skyworth’s shares at 1.5 times the price.

Huang Hongsheng is excited, which means he can cash out billions at a time.

But Mr. Jia added: LeEco will pay $100 million first, and the rest will be paid within nine months. He then produced a letter of intent for Mr. Huang to sign.

Huang Hongsheng was not drunk and said that he was not in a hurry to sign the contract. He would wait until he went back to discuss with the team.

This decision saved Skyworth.

A few days later, Huang Hongsheng received a call from Guo Taiming and also made an appointment for dinner. At the dinner, Guo Taiming said straight to the point, "I heard that Jia Yueting talked to you about the acquisition?"

Huang Hongsheng explained the situation. Guo Taiming pointed and said, "He also talked to me about buying a TV brand in my hands."

What makes Guo Taiming puzzled is that Jia Yueting’s 100 million deposit has been on the account for 8 months, why did the balance not arrive?

Guo Taiming asked Huang Hongsheng, "Do you think Jia Yueting has so much money?"

The answer is no. At the moment, LeEco’s funds are extremely tight, and there are only five months left before the collapse.

Afterwards, Huang Hongsheng rejected Jia Yueting’s acquisition offer. Guo Taiming also cancelled the deal because he did not receive the balance, earning a deposit of 100 million in vain.

Capital that sensed something was wrong began to secretly sell off LeEco’s shares. Wang Sicong, the "son", was still in the dark, and his daily concern was "Which girlfriend do you want to hang out with today?"

03

In April 2017, the LeTV empire began to disintegrate; in July, it was revealed that there were problems such as exaggerated profits and false sales; in October, Jia Yueting resigned as chairperson and went to the United States, but has not yet returned.

Wang Sicong woke up like a dream, not only did the 2 billion he earned in the early stage disappear, but even the principal of more than 1 billion was wasted.

The bad news doesn’t stop there.

In 2019, Panda Live, which he invested in and served as CEO, declared bankruptcy after losing the money-burning war, leaving 1 billion debt black hole.

Then, the entertainment company "Banana Project", which he founded, lost orders from Tencent, got into trouble, and was sued by many creditors. Wang Sicong became "Lao Lai".

A company screenwriter even knelt down to Wang Sicong in order to ask for 800,000 royalties. But only in exchange: "Go to court and sue me!"

After a series of blows, the once-famous Pulse Capital lost all its "underpants". "National husband" was suddenly beaten back to its original form and became synonymous with playboy.

The unwilling Wang Sicong took Jia Yueting to court again, demanding Jia Yueting to compensate 100 million yuan on the grounds that LeTV Sports violated the agreement.

The court upheld Wang Sicong’s request.

It is said that Jia Yueting contacted Wang Sicong privately to ensure that he would be responsible for the debt to the end, and promised to give him one when FF91 was mass-produced.

6 years later, Jia Yueting’s situation is improving. More than 20 billion in debt, he has paid more than 10 billion, only owe 9.80 billion. Wang Sicong’s 100 million probability has been paid off.

Therefore, the two repaired their relationship. Only then did the news come out that Wang Sicong bought FF91. Jia Yueting, who made a comeback, proved his ability.

Wang Sicong was courteous, and it was not surprising to buy an FF91 to support him. After all, there are no eternal friends in the mall, only eternal interests.

END

Original title: "After scolding" cutting leeks ", Wang Bicong threw 2 million to buy Jia Yueting’s new car"

Read the original text

As the saying goes: a big tree attracts the wind. In early June, Wanda and Wang Jianlin accidentally became a hot topic on the Internet again. The reason is that the stock price of AMC cinema chain in the United States has recently soared again, from about $12 at the end of May to more than $60 at the close of June 2. On May 23, Wanda just issued a notice to announce that it would clear its position and withdraw from AMC.

"Wanda fell before dawn and missed tens of billions of dollars in revenue" "Wang Jianlin passed by a hundred small targets"… For a time, Wanda and Wang Jianlin became the object of self-media ridicule, but these keyboard warriors and hindsight forgot a basic fact:

Wang Jianlin is an entrepreneur, not a gambler.

As the leader of a large private enterprise like Wanda, Wang Jianlin’s decision-making priority is the stable and sustainable development of the enterprise, avoiding unnecessary risks and earning profits from the good development of the enterprise, rather than taking huge risks like a gambler in an attempt to maximize profits in the stock market.

In 2012, the US movie theater industry was booming, and the US annual movie box office reached a record high of 10.80 billion US dollars. Wanda spent 700 million US dollars to acquire the loss-making AMC theater chain at this time, mainly based on the expectation of the good development prospects of the US movie theater industry.

"After Wanda Group acquired AMC, it promoted the successful listing and merger and acquisition of AMC, making AMC the world’s largest movie theater chain, and jointly promoted the cooperation of the film industry and the exchange of film culture between China and the United States."

Wanda’s statement in the May 23 notice clearly stated the purpose and achievements of the acquisition of AMC that year.

On December 18, 2013, AMC successfully landed on the New York Stock Exchange, raising 400 million US dollars, and the opening price on the first day of listing was 19.18 US dollars, which doubled the income of Wanda’s merger and acquisition in just over a year.

If you just want to make quick money in the capital markets, Wanda can choose the opportunity to exit, why wait until now?

In 2018, the annual movie box office in North America hit a record high of $11.80 billion, and then began to decline. Wanda began to gradually withdraw from AMC’s controlling stake in that year in anticipation of the downward turning point in the development of the US movie theater industry.

Wanda not only adopts a gradual withdrawal strategy for AMC, but also for other industries with bleak development prospects. In January 2019, Wang Jianlin explained his strategic adjustment in his speech at Wanda Group’s 2018 work summary:

"For other industries that do not have a competitive advantage now, and it will be difficult to achieve a competitive advantage in the future, we must gradually and orderly withdraw. In short, Wanda needs to be thin and have something to give. This is the logic of Wanda’s past, present and future disposal of some assets."

"Some self-media or so-called experts only see that we are selling, but they don’t see that we are still investing in new projects. Then again, if everyone in Wanda’s business can understand it, then we are worthless. This kind of strategic adjustment is definitely uncomfortable, even painful, but Wanda must’stick to Qingshan and not relax, and let the wind from east to west".

The outbreak of the COVID-19 pandemic has only accelerated the pace of Wanda’s exit from AMC. In January this year, American retail investors gathered to hype the first wave of AMC’s market, which sent AMC’s share price from as low as $1.91 to as high as $20.36, giving Wanda the opportunity to exit the profit.

Therefore, whether it is to acquire or withdraw from AMC, Wanda and Wang Jianlin are mainly based on the anticipation of the development prospects of the US movie theater industry, and later Wanda Group’s "domestic focus" development strategy needs.

Of course, the price of AMC’s share price should be considered, but how to ensure the stable and sustainable development of the enterprise and avoid unnecessary risks is the first consideration for entrepreneurs like Wang Jianlin.

No one can accurately predict the rise and fall of stocks. The future development prospects of the American cinema chain are not optimistic, but many industry insiders and entrepreneurs can anticipate it.

From the perspective of entrepreneurs, with AMC’s share price having risen sharply, Wanda has no problem exiting AMC and earning the money it is certain to earn.

Although AMC started the second wave of speculation this year after Wanda’s exit, and its share price continued to rise sharply, it has long been out of the hype of stock fundamentals, and the risk is extremely high. Moreover, there is no limit on the rise and fall of the US stock market. AMC’s share price can rise by 95% in a day, and it may also fall by so much. AMC’s share price once rose to $20 at the end of January this year, and quickly plummeted to $5 in February, which is evidence of this.

What’s more, the old investors know that it is difficult for the stocks of major shareholders to sell down their holdings by a large amount to rise sharply. If Wanda did not clear its position and exit AMC, AMC’s share price would not be more than 60 US dollars. Because in the process of Wanda’s large-scale selling of AMC shares, huge purchases are required, which will suppress the sharp rise in AMC’s share price.

Only after the announcement of Wanda’s clearance of AMC shares, without a lot of selling pressure, but with the expectation of a new main force entering, did AMC retail investors dare to go long without any worries, which led to the second wave of AMC share price speculation this year.

Those who mocked Wanda for "missing out on tens of billions of dollars in revenue" were either hindsight or ignorance.

According to media reports, Wall Street analysts recently reminded retail investors who are heavily invested in AMC stocks to be aware of the risks. Macquarie analyst Chad Beynon and his team believe that the debt situation of AMC theaters is worrying, and once again reiterated that AMC’s target price is $6, and the investment evaluation is "neutral".

The price of a movie ticket at an AMC theater is about $14, and the $6 target price means that in the eyes of this analyst, AMC’s share price is not worth half the price of a movie ticket at an AMC theater!

On June 5, Beijing time, Thomas Peterffy, founder and chairperson of Interactive Brokers (IBKR.US) in the United States, warned that investors in "retail group stocks" such as AMC cinema chain could face huge losses.

Wanda’s clearance and withdrawal from AMC is the need for strategic adjustment. Although it has not and cannot be sold at the highest point, it has earned double the profit while avoiding the huge risks it may face.

This is the vision and pattern of entrepreneurs, and gamblers and adventurers will never understand it.

　　On the evening of December 16, the first mainstream pure electric sedan "Geely Galaxy E8" based on the SEA architecture officially opened for pre-sale at the 2023 Geely Automobile User Conference. The new car launched a total of 5 versions (550km Pro, 550km MAX, 665km Starship, Voyage Edition, 665km Starship, Smart Driving Edition, 620km Starship, Performance Edition), with a pre-sale price of 188,000 yuan. The new car will be officially launched and delivered in January 2024.

　　The Geely Galaxy E8 was launched on October 30 this year. It is based on the SEA vast architecture and is the first intelligent pure electric flagship sedan of the Geely Galaxy series. It is also Geely’s first product based on the SEA architecture. It has a first-mover advantage in the three-electric system, vehicle control experience, and body safety framework.

　　The Galaxy E8 adopts the new design language of "Ripple of Light", and is equipped with the world’s first mass-produced integrated luminous front face, which is highly recognizable. The interior is equipped with a 45-inch ultra-wide screen and a new generation of Qualcomm Snapdragon 8295 flagship cockpit chips. It integrates the latest technology and is a masterpiece of Geely Technology’s car manufacturing.

　　The Geely Galaxy E8 inherits the brand’s unique "ripple aesthetics" and innovates a new "ripple of light" design language. It has a very cool rhythmic grille and is also the world’s first mass-produced integrated luminous front face. The grille has a luminous matrix composed of 158 windows, with a luminous area of 0.105m. It not only inherits Geely’s classic ripple symbol design, but also jumps out of the homogenization route of electric vehicle design, creating a new paradigm of intelligent electric vehicle design in China.

　　The attitude of the Geely Galaxy E8 is close to that of a coupe model, and the roof line is very smooth. At the same time, thanks to the streamlined body, external AGS active air intake grille, low wind resistance closed pneumatic wheel rim and other 25 low wind resistance designs in the whole car, the Geely Galaxy E8 wind resistance coefficient is only 0.199Cd. The length, width and height of the Geely Galaxy E8 are 5010/1920/1465mm respectively, and the wheelbase is 2925mm. The through-type tail light group of the Geely Galaxy E8 has rich lamp cavity lines, and visually forms a signal linkage with the high-mounted brake lights, thus creating a good visual effect and recognition. In addition, the exaggerated diffuser and ducktail design at the tail enhance the sports atmosphere, while effectively reducing the rear turbulence, reducing the wind resistance by 10counts, and improving the battery life.

　　Geely Galaxy E8 is inspired by the four seasons and characteristic scenery of West Lake, and has launched six body colors, including: Begonia powder (Quyuan wind lotus), smoke gray (double peaks insert clouds), autumn apricot yellow (thunder peak sunset), Zhiqiuhong (Huagang viewing fish), first snow silver (lake mirror first snow), willow frost white (Su Di winter pen), providing consumers with a richer choice.

　　Geely Galaxy E8 is equipped with a 45-inch 8K screen, with an effective display area size of 1130mm * 138mm, a 7.5mm border, a screen ratio of 98%, and a thickness of 9.8mm. The screen pixel is 7680 × 936, achieving a quasi-retina-level 8K pixel density. When the vehicle is in P gear, this large screen also supports direct connection of mobile phones or handles to play games. Geely Galaxy E8 is equipped with a new generation of Qualcomm Snapdragon 8295 flagship cockpit chips and a new car system. It adopts a 5nm process, and the AI computing power reaches 30TOPS. Compared with 8155 (7nm) GPU, the overall performance is improved by 2 times and the 3D rendering performance is improved by 3 times. The Geely Galaxy E8 is equipped with a round double-spoke steering wheel and a half-spoke steering wheel (optional) for consumers to choose from, and has integrated knobs in the control area under the center console.　

　　Geely Galaxy E8 is equipped with a 4D zero-pressure cloud seat, which supports 12-way electric adjustment of the main driver seat/electric waist support + 4-way electric adjustment of the passenger seat + ventilation and heating of the main/passenger seat + memory welcome of the main/passenger seat, providing a rich riding experience. In addition, the passenger seat is laid at an angle of 180 °, supports one-click automatic leveling, and can be connected with the rear seat cushion.

　　Geely Galaxy E8 is equipped with: front door electronic unlocking, 50W mobile phone wireless charging, 25.6-inch AR-HUD head-up display, HARMAN INFINITY sound system + headrest audio, intelligent air conditioner, FACE ID facial recognition, OMS entertainment camera, electric rear tailgate, 256-color intelligent chasing ambient light, rear seat ventilation and heating and other functions.

　　Geely Galaxy E8 two-wheel drive (rear drive) model has a motor power of 200kW and a torque of 343Nm; the four-wheel drive model has a motor power of 475kW (165kW + 310kW) and a torque of 710Nm; in addition, the power battery pack of the vehicle adopts a new generation of silicon carbide electronic control technology, and the cruising range can be increased by 5-10% compared with the previous generation. According to official data, the 0-100km/h acceleration time of Geely Galaxy E8 two-wheel drive (rear drive) model is 5.95s, and the 0-100km/h acceleration time of four-wheel drive model is 3.49s. The maximum speed can reach 210km/h.

　　Geely Galaxy E8 is officially defined by Geely Automobile as "China’s new generation of pure electric flagship". With a new generation of flagship architecture, a new generation of flagship cockpit, a new generation of flagship driving control, a new generation of flagship safety, a new generation of flagship design and other leapfrog hardcore strength, Geely Galaxy E8 is expected to become one of the most competitive flagship products in the current B-class pure electric cars. (Source: Geely Galaxy)

　　() The Record Form of Investor Relations Activities was released on March 7, and the company was investigated by seven institutions on February 22, 2023, with institutions of other types, fund companies and securities companies.

　　The main contents of investor relations activities are introduced:

　　Q: Review of operation in 2022.

　　A: In 2022, the company’s overall revenue increased by 27%, mainly due to the supporting business of new energy vehicles and the export market business, of which the supporting business of new energy vehicles accounted for about 22% in 2022, the export market business accounted for about 33% in 2022, and the export growth rate was over 30%.

　　Q: Expectation in 2023

　　A: In 2023, the company is expected to achieve an overall revenue growth of 30%. It is estimated that domestic revenue and export revenue will basically keep pace with growth, and the proportion of new energy revenue is expected to reach more than 30%.

　　Q: What are the incremental plates in 2023?

　　A: In 2023, the main increase will be in supporting the business segment and export business segment for new energy vehicles. Traditional fuel vehicles will enter the batch production with new localization projects, which will also contribute to some growth.

　　Q: The ratio of fuel vehicles to new energy vehicles in exports.

　　A: In the export business in 2022, the business income supporting fuel vehicles will account for 80%+, and the proportion of new energy income in the export business in 2023 will increase year-on-year.

　　Q: The specific gravity of differential assembly products.

　　A: In 2022, the differential assembly revenue will account for about 17% of the total revenue, and the target in 2023 will be more than 25%.

　　Q: Major customers of agricultural machinery sector.

　　A: The main customer of agricultural machinery is John Deere.

　　Q: Long-term planning by product and business.

　　A: New energy vehicles: differential gears, differential assemblies, main reduction gears and motor shafts.

　　The target is that in 2025, the revenue from supporting new energy vehicles will account for more than 50%. Lightweight field: air-conditioning compressor scroll, chassis system forgings, thermal management system forgings, etc., target chassis system forgings, thermal management system forgings, etc. began to contribute revenue in 2024.

　　Q: Matching situation of major customers in North America.

　　A: The company’s domestic market support for major customers in North America has basically reached expectations. In the near future, it will arrange a team to visit its European factory to meet the supply issues.

　　Q: Volvo’s new energy project

　　A: The company started mass production for Volvo’s second-generation new energy vehicle supporting business (domestic+export) in Q1, 2023. Its next-generation new energy vehicle differential assembly and motor shaft are under negotiation and are progressing smoothly.

　　Q: BYD project

　　A: The company mainly supports differential gears for (). BYD has four platforms of differential business. The company has been supporting differential gears for the platform with the largest output, and the gears for the other three platforms have also been developed and are currently being tested and verified.

　　Q: The business of well-known technology companies in China.

　　A: The company has been developing differential assemblies for its different platforms, and plans to start mass production in 2024.

　　Q: Geely Automobile’s business:

　　A: The company has been supporting motor shafts for Geely in batches. In addition, the differential assembly business has obtained the fixed point of its new project, and the assembly is currently being tested and verified.

　　Q: New Power Customer Business

　　A: Major new car-making customers, such as Ai ‘an, Weilai, Ideality, Tucki, Lingpao and Nezha, have cooperated with them. The main supporting products are differential gears and differential assemblies.

　　Q: Main gear reduction business

　　A: At present, the production capacity of the project is already under construction, and the target customers are also docking. The goal is to contribute revenue in 2024.

　　Q: Plans to build factories overseas

　　A: In 2022, the company’s export accounted for 33%, of which North America accounted for about one third of the export. Considering the factors such as tariffs, market competition and expansion, and customer requirements, the company will start the overseas factory building planning in Asia, Europe and North America in real time, and will announce the actual progress in time.

　　Q: What is the impact of changes in raw material prices?

　　A: The company and most customers have a mechanism for adjusting the fluctuation of material prices, and the impact of changes in raw material prices on costs is relatively controllable;

　　The main business of Jiangsu Pacific Precision Forging Technology Co., Ltd. is bevel gear of automobile differential, combined gear of automobile transmission, shaft parts of automobile transmission, EDL (electronic differential system gear), synchronizer gear ring, clutch drive hub parts, parking gear, motor shaft and differential assembly for new energy vehicles, and gears for high-end agricultural machinery. The company’s main products are divided into bevel gears and combined teeth.

　　Details of participating institutions are as follows: