[Autohome News] Before 2020, our Chinese brand’s medium/medium and large SUV products were still rare, and the market was almost monopolized by overseas brands. At that time, we were still very cautious about this market. Even if there were products, most of them showed brand perception and technology, and did not pursue market performance. However, the growth of our Chinese brands in the past two years has indeed made rapid progress, especially in the new energy market. Medium/medium and large SUVs have gradually become the mainstream. Not only is the market demand increasing day by day, but our products are also becoming more and more mature.

　　Recently, it has also become a period of product explosion in this market, including the new (|), the new Wenjie M7, Lynk & Co 08 EM-P and the new Xiaopeng G9 have been launched, and new players such as Zhiji LS6 are waiting for an opportunity. What is their market prospect? What is the sales policy now? Let’s go to the store again to find out.

◆　The new NIO EC6
Price range: 35.80-41 6,000
Product features: LiDAR upper body, appearance/configuration have been upgraded
Store location: direct sales model, there are many supermarket/store layouts. At present, there are 134 NIO centers, 286 NIO spaces, 304 NIO service centers and 58 NIO delivery centers globally

　　The new NIO EC6 was officially launched on September 15, with two versions priced at 358,000 (75kWh) and 416,000 (100kWh). It stands to reason that it is beyond our 300,000 car purchase budget, but after using the NIO BaaS battery rental plan, the price of both models is 288,000 (battery rental 980 yuan/month and 1680 yuan/month), just within the budget, plus a good heat, so we decided to add it to this car purchase survey.

　　The new EC6 has not been listed on the day of arrival, so there is only one.10,000 points for booking (deposit 5000 yuan)Other relevant policies are subject to those announced at the time of official listing. Detailed information can be found atClick here.Check, the delivery cycle is about 2 weeks. At that time, although the price of the new EC6 has not yet been released, the sales said that it is expected to be about 350,000, which is very close to the actual price. The order data is also relatively good. There are already more than 10 orders in the store, and one can be added every day on working days, and about 3 on weekends. The order is mainly for young people. Older users are also interested, but they have not placed an order. They still want to wait for the listing price to come out. Overall, the market prospect is relatively optimistic. It is worth mentioning that although the new EC6 has no discounts, there are no discounts in the storeES8 and ET7 have a small number of stock cars, you can get a discount of 10,000 yuan…

　　One of the main upgrades of the new EC6 is the appearance, and the other is the intelligent performance. The appearance aspect includes changing the appearance to a new design style, and at the same time provides 9 body colors to choose from. The interior will also provide 3 exclusive color schemes. It just so happens that the car on display adopts the Danxia red color scheme, which is very classy. In addition to intelligence, the new car is equipped with the latest banyan system and NOP + driving assistance. This time I came to the store just in time for the system upgrade, and I couldn’t actually experience it. However, friends who want to know more about the new car can also check our previous detailed experience videos.

　　The NIO EC6 was first launched in 2020, which can be regarded as a pioneer for Chinese brands to enter the medium-sized SUV market relatively early. At that time, it was also regarded as one of the strong competitors of Tesla Model Y. After the previous generation EC6 was launched, it achieved a monthly sales of 3,000 +, which is also a meritorious model that helped NIO achieve monthly sales of over 10,000 and successfully ranked among the top three new forces. With the launch of the new EC6, it can be regarded as the last piece of the puzzle of the NIO NT2.0 platform. It is bound to bear the burden of sales again. The future market performance is what we all look forward to.

◆　New Xiaopeng G9
Price range: 26.39-35 9,900 yuan
Product features: configuration adjustment, more people-friendly, more practical
Store location: mainly based on the direct sales model, but also developing the dealer model.Supermarkets are the main ones, and there are also departmental stores.

　　The new Xiaopeng G9 just listed on September 19, after the completion of the change, the new car has finally dropped to 300,000, a total of 5 models, the price range is 26.39-35 9,900 yuan. At the same time, you can also enjoy the air suspension time-limited 20% off, car color limit free, delivery gift package, replacement subsidy, intelligent upgrade and other subsidy policies, while there are points compensation and hardware upgrades for old owners and so on.

　　This time, the Xiaopeng G9 has been mainly adjusted for the configuration. For example, the Danao audio + 5D music cockpit is replaced with an optional configuration, and the standard Xiaopeng XOpera brand audio is equipped. In practice, this self-developed audio can also provide a good listening experience for front and rear passengers, which is completely sufficient for the vast majority of people. In addition, the car system still maintains a relatively high level, and the voice response is very sensitive, which has always been XPeng Motors’ expertise. Of course, in addition to the audio, the new Xiaopeng G9 has many details to adjust. For details, you can click here to view.

　　There is a new G9 570max model display in the store. This is also the configuration mainly promoted by Xiaopeng G9. The new G9 has not been listed when it arrives at the store.The deposit is 5,000 yuan, and delivery is expected to start in 1 month.In addition, sales representationThe old Xiaopeng G9 can have a discount of 10,000 yuanHowever, there are only a small number of existing cars, and they are not available when they are sold out. But users who come to the store are basically waiting for the launch of the new G9. After all, there was news at that time that the price of the new model would be cheaper, and the configuration adjustment would not be large.

　　Xiaopeng G9 was officially launched in September 2022 at the earliest, and it has been exactly one year. As the flagship product of XPeng Motors, although its intelligent driving and charging capabilities have been raised to a new height, the pricing of 30.99-46 9,900 yuan has not been recognized by the market. Except for the sales volume of 4,000 in December 2022, the average monthly sales volume in other months basically hovers around 1,000. After the launch of the new Xiaopeng G9, the price range will be greatly reduced. Can it be recognized by the market again?

◆　New Q Jie M7
Price range: 24.98-32 9,800 yuan
Product features: five-seat version, Huawei ADS 2.0 smart drive, all-aluminum chassis
Store location: Huawei direct sales are mainly in supermarkets, while Sailis direct sales are mainly in industrial park stores, and supermarkets have a wider layout

　　The new Q & J M7 was officially launched on September 12, with a total of 5 models and a price range of 24.98-32 9,800 yuan. Since the new car was pre-sold at the Chengdu Auto Show in August, the cumulative order exceeded 15,000 units within 24 hours of listing, and 2700 new orders were added on September 17, creating a new high for the brand’s single-day orders. It can be seen that whether in the supermarket Huawei store or the Q & J 4S store, the new Q & J M7 has become a well-deserved star product.

　　According to sales, the new M7 store can basically guarantee a daily increase of 2-3 orders, and can double on weekends, mainly young consumers, most of them choose 5-seat smart driving version (309,800), Huawei ADS 2.0 smart driving is still very attractive to young consumers, and the older ones will basically choose the rear drive version (5 rear drive version sold 249,800, 6 rear drive version sold 269,800 yuan). According to previous news, Huawei ADS 2.0 smart driving system is expected to be in the National Open City NCA in December, when it may usher in another wave of sales.

　　If you place an order before the first sales period on October 7, you can get a cash discount of 6,000 yuan, a matching fee of 12,000 yuan and a matching benefit of 15,000 yuan (choose one of three). In addition, there is a replacement subsidy of 15,000 yuan in the store, and the sales rights are still quite attractive. Although the new Q Jie M7 will be delivered when it is listed, if you place an order now, the delivery cycle will take about a month. It is worth mentioning that the new Q Jie M7 has a new 5-seat version with high comfort in the rear row, which is the most comfortable in this visit. In addition, Hongmeng Smart Cockpit 3.0 also has excellent performance. Except for the slightly slow automatic speech recognition (possibly due to signal problems in the exhibition hall), other performances are impeccable.

　　Wenjie M7 was first launched in July 2022. Under Huawei’s halo blessing, it achieved good market feedback in the early stage of listing. The highest monthly sales exceeded 5,000 units, but it fell sharply after 2023, with the average monthly sales falling to about 1,000 units. The new Wenjie M7 can be said to have been adjusted very timely and successful, especially at the moment when Huawei’s new mobile phones are released, the new M7 is also taking advantage of the momentum and has the potential to enter the first echelon.

◆ Lynk & Co 08 EM-P
Price range: 20.88-28 8,000 yuan
Product features: Meizu car machine, new design language/pure electric battery life 245km
Store location: dealer model, mostly industrial park stores, few supermarkets

　　Lynk & Co 08 ushered in the official listing on September 8. This time, a total of 5 models were launched, priced at 20.88-28 8,000 yuan. Through communication with sales staff, it was found that there are no other preferential policies in the store. For consumers who want to buy Lynk & Co 08, they can only refer to the official rights and interests released when they were listed. At present,Lynk & Co 08 all models can enjoy 9,000 yuan to enjoy the gold when placing an order. At the same time, you can also upgrade the Harmanka 23 speaker audio bag worth 10,000 yuan for free. The optional "Technology Pride Smart Enjoy Pack" can get 7,500 yuan for five years of NOA function service. In terms of replacement subsidy, you can enjoy a replacement/additional purchase subsidy of up to 6,000 yuan. In addition, you can also get 300 yuan worth of Meizu Mall 30,000 points.

　　According to Geely’s official sales figures, the Lynk & Co brand sold 18,696 units in August, an increase of about 9% month-on-month and an increase of about 24% year-on-year. According to previous data, less than a week after the new car opened for pre-sale on August 8, the order has exceeded 10,000 units. On the same day, I communicated with the staff in the Beijing store and learned that since the official listing of Lynk & Co 08 as of September 15, the current in-store sales have exceeded 100 units. In this way, this store alone has an average of more than 10 orders per day. It seems that the popularity of new cars is still very high. During our viewing, there are staff who are explaining the functions of the car system to users. It can be seen that users are still very concerned about the intelligent configuration of vehicles.

　　The new car uses the latest LYNK Flyme Auto Meizu car system. The sales staff in the store said that it has the same level of fluency as the mobile phone, and the actual experience is really good. Our experience of zoom navigation, one-handed sliding interface, switching between different interfaces and other conventional operations did not find any cards or slow responses during the process. Basically, we can realize finger operation where to hit, and the response is very fast. In addition, we also experienced the automatic speech recognition function of the car. Lynk & Co 08 can only support voice conversations in a single area. When the main driver issues a voice command, the co-pilot immediately sends out a voice command that cannot be recognized. In this regard, we can compare the M7, which can support continuous dialogue in different zones and increase the convenience of continuous operation for different passengers in the car. But for the usage habits of different users, we can’t give absolute good or bad evaluations.

　　In addition to the function of the car, when we learned that the Harmanka stereo can be replaced for free, we immediately carried out the experience, which does continue the consistent characteristics of its brand, with excellent sound resolution. In addition, we hope to give users a certain reference in the car purchase experience. Looking back at our car store this time, the overall scale is relatively large, and different models have cars on display. There are also a small number of official used cars in the store. The service attitude of the sales staff in the store and the patient explanation provided us with a good car viewing experience.

◆ Zhiji LS6
Pre-sale price range: 23- 300,000 yuan
Product features: DIY personalized dress-up/technology cockpit design, GPT large modelgo online
Store location: direct sales model, mostly supermarket stores, industrial park stores are rare

　　Zhiji LS6 has opened pre-sale at the previous Chengdu Auto Show, and the pre-sale price range is 23-300,000 yuan.The new car plans to show the car to the store on September 22. By inquiring about the sales in the store, it is expected that the official price will be maintained within 300,000 yuan, and it will be officially listed and delivered in October. At present, there are no additional preferential policies in the store, and it is still based on official rights and interests. At present, the preferential activities that provide 2,000 yuan of intention gold to 5,000 car purchases also include 10,000 yuan of optional funds. For L7/LS7 owners, they can enjoy another 10,000 yuan discount.Since the pre-sale started at the end of August, as of the day of the survey on September 15,The national order volume of Zhiji LS6 has reached 15,000 units.

　　The new car offers a total of 7 body colors. According to the store, the current main colors are brown, cyan and pink. Obviously, pink bodies are more popular with female consumers. Interestingly, although we didn’t see the real car, the in-store sales explained to us a variety of personalized gameplay of Zhiji LS6, including DIY replacement of different colors of rim decoration, side skirt trim and rear spoiler trim and so on.

　　Since there are no show cars in the store at present, we did not experience the actual operation of the car and machine system this time. However, in the store we experienced the car and machine of Zhiji L7 and the voice control system. The overall recognition speed needs to be improved compared with other vehicles of the same class. Looking forward to LS6’s improvement in this regard. The Zhiji car we investigated this time is a store located in a large shopping mall. The store decoration style is similar to the reduced version of the car show booth, located in the central lobby area of the mall. The service attitude of the staff in the store and the professional performance of the product are acceptable.　

Editor’s comment:

　　This time we are mainly limited to about 300,000 of new products to the store survey, but in the domestic new energy market, of course, there are many BYD, Tengshi and ideal brands have very good products have been affirmed by consumers. An obvious feeling is that compared with the previous store survey by price, preferential and other stimulus policies, this survey we are more impressed by the product force.

　　They are not only trying their best to meet the harsh conditions of consumers "both want, want, and want", but also form brand differences through details and bring some unexpected joy. So if you buy a car 300,000 budget, what aspects do you value most and which model will you choose? Which new car market conditions do you want to see? You are welcome to leave a message in the comment area, our car purchase investigation team is always ready. (Text/Autohome Guo Chen, Yao Yu)

　　　From December 13th to 14th, the 2023 China Home Appliance Science and Technology Annual Conference and the High-quality Development Exchange Activity of the Smart Home Appliance Industry were held in Wuhan, Hubei. TCL Air Conditioning and a new generation of air conditioners – TCL Small Blue Wing P7 Fresh Air Conditioning appeared, with a smart health experience upgrade that understands your health, energy conservation, and usage habits better, bringing a new wind to the high-quality development of the industry.

　　According to the introduction, the theme of this conference is "Scientific and technological innovation leads the high-quality development of the home appliance industry", focusing on "green and low-carbon, intelligent home appliances, health and cleanliness, refrigeration, noise reduction, DC flexibility" and other technical directions. Many academicians and authoritative experts and professors in related fields such as intelligence and refrigeration were invited to give special reports.

　　TCL air conditioning breaks the market with high-quality development

　　At the plenary meeting held on the morning of December 13, Chen Shaolin, senior vice president of TCL Industrial and general manager of the Air Conditioning Division, gave a keynote speech entitled "The Road to Breakthrough in the High-quality Development of TCL Air Conditioning".

　　Chen Shaolin pointed out that the challenges from respiratory health, the challenges of high energy consumption and refrigerants to global warming, and the opportunities and challenges of new technologies to the traditional air-conditioning industry are the main challenges facing the development of the current air-conditioning industry. In the face of industrial challenges and changes, it is necessary to use leading strategies to achieve high-quality development, and high-quality development is first and foremost the high-quality development of brands.

　　In order to find a way to break through the high-quality development, TCL Air Conditioning is taking smart health as its value direction, with the brand mission of allowing more people to easily enjoy the healthy and green life brought by the air, and becoming a leading brand in healthy air management, heat pump and thermal energy management that users can trust.

　　In terms of high-end, intelligent and green, TCL air conditioning takes Wuhan intelligent manufacturing base as its foothold, deepens 5G + industrial Internet integration, promotes digital transformation and high-quality development of the industrial chain, and increases efficiency by 40% in the past four years.

　　Leading the new generation of air conditioning technology innovation, TCL air conditioning won the Intelligent Fresh Air Innovation Award

　　On December 10th, TCL Little Blue Wing P7 Fresh Air Conditioning was released in Beijing Water Cube. From Beijing to Wuhan, TCL Little Blue Wing P7 Fresh Air Conditioning has attracted extensive attention from consumers and the industry. At this event, TCL Air Conditioning won the 2023 Intelligent Fresh Air Innovation Award and 6 Excellent Paper Awards for its fresh air air technology innovation, further demonstrating its technological research and development strength as a leading brand of fresh air.

　　According to reports, the TCL small blue wing P7 fresh air conditioner has been fully upgraded from three aspects: health, energy saving and user habits.

　　A new generation of air conditioners, better understand your health. This product upgrades the user’s health from sound comfort, air quality comfort and thermal comfort, achieving 30 dB (A) silent fresh air, air quadruple filtration purification, temperature fluctuation control ± 0.3 ℃ and other experience improvements.

　　A new generation of air conditioners, better understand your energy saving. TCL small blue wing P7 fresh air air conditioner not only saves energy in hardware, but also realizes energy saving in software algorithms, design energy saving, and operation energy saving. Among them, in terms of operation energy saving, the product adopts AI time domain prediction algorithm, which will anticipate the temperature and optimize it in real time, which can avoid excessive dehumidification and excessive cooling, and the energy saving rate can reach up to 40%.

　　A new generation of air conditioners, better understand your usage habits. TCL small blue wing P7 fresh air conditioner is equipped with a high-performance offline voice module, which has a high wake-up rate in the bedroom environment, making voice control freer and more satisfactory. At the same time, it is equipped with a two-wheat control system with sound source positioning function, which can achieve the effect of "wind blowing towards people" or "wind avoiding people blowing".

　　In fact, the TCL small blue wing P7 fresh air air conditioning is the innovation of TCL air conditioning in the fresh air track. At present, TCL air conditioning has seven international leading technologies, including high-efficiency energy-saving silent fresh air technology, heat pump operation energy-saving technology, large fresh air volume and low noise technology, frequency conversion energy-saving technology, smart soft air technology, 60 ° C high temperature and strong cooling technology, and power visualization technology.

　　Industry experts say that the high-quality development and breakup of the air-conditioning industry cannot be separated from the joint promotion of the whole industry. TCL Air Conditioning has focused on the fresh air track, continuously increased investment in technology research and development, and launched a new generation of air conditioners that understand your health, energy conservation, and usage habits better. This has created a path of high-quality development.

Image source: NIO

On September 21, the long-rumored NIO phone finally appeared. At the NIO IN 2023 NIO Innovation and Technology Day, founder Li Bin officially released the flagship smartphone NIO Phone to the outside world.

At the beginning of the mobile phone launch session, Li Bin responded to the long-curious question of the outside world to everyone present – why does NIO make mobile phones?

"This is definitely not because mobile phone companies are building cars, nor is it because NIO doesn’t make money from cars now, but relies on mobile phones to make profits," Li Bin said. "Our reason is actually very simple and well-considered – because users need a mobile phone that is seamlessly connected to NIO, and we want to make NIO products better."

He showed how the phone can be seamlessly integrated into the car, both in terms of hardware and software.

First of all, the hardware configuration of the NIO Phone is basically the same as the flagship mobile phone on the market. In terms of chips, the phone is equipped with Qualcomm’s second-generation Snapdragon 8 leading version. The storage solution is based on 12GB + 512GB, and the maximum optional 16GB + 1T. It is equipped with a 6.81-inch curved screen with 2K resolution and supports a variable refresh rate of 1-120Hz. In terms of images, its main camera, ultra-wide-angle and periscope telephoto are all 50 million pixels. In terms of battery life, the NIO Phone is equipped with a 5200mAh battery and supports 66W wired and 50W wireless flash charging. At the same time, the special project matches the NIO wireless car charging.

In terms of appearance design, NIO Phone refers to the skyline elements of the NIO brand, using nano-microcrystalline ceramics and environmentally friendly leather stitching on the material. In addition, a special version of EPedition has been launched, with red elements interspersed in the fuselage, which is different from the ordinary version in design language.

Image source: NIO

As an important medium for human-vehicle interaction, NIO has injected many software-level interaction shortcuts into NIO Phone.

According to reports, the NIO Phone integrates mobile phones and smart electric vehicles through NIO Link NIO panoramic interconnection technology. The phone is equipped with UWB ultra-wideband technology, which can replace car keys and support unlocking without electricity within 48 hours.

On the left side of the fuselage, NIO Phone sets a NIO Link car control key, which can be just a click away 30 driver interconnection functions, including quick view of vehicle status, parking position, complete vehicle unlocking lock, window lift, trunk opening, air conditioning remote adjustment, etc., in the case of mobile phone without network, it can also realize unlocking, flashing horn, vehicle summoning, remote parking and other functions.

In terms of in-car control, Li Bin mentioned that the NIO Phone can be combined with in-car sensors to identify the user’s location and present a car control card interface with different functions based on the driver’s seat, passenger seat, or rear seat.

Li Bin believes that this reflects the original intention of NIO Phone’s design. "In addition to these functions that can be perceived more quickly, it is more about the seamless information flow and relay at the bottom of the software."

For example, NIO Phone has a more detailed understanding of human-vehicle interaction, such as the navigation route relay, which allows users to set a destination and choose a driving route on their mobile phone. After getting on the bus, it will automatically switch to the car-side navigation, and there is no need to perform additional operations on the car. For example, the navigation clipboard relay can automatically pop up and push on the car’s central control screen according to the location text copied by the user on the mobile phone, and the user can enter the navigation after clicking. It should be pointed out that these operations will not go to the cloud, ensuring the privacy and security of user data.

The Inter-App communications application of the mobile phone and the smart cockpit is the key breakthrough direction of this mobile phone. In addition to the aforementioned functions, the NIO Phone currently also has a panoramic application function, namely "Sky Window". After this function is turned on, a separate phone will run on the central control screen of the vehicle, supporting the parallel operation of the central control screen and the mobile phone dual applications. "Windows is not a simple screen projection, these two screens can run different programs in parallel, which is very different," Li Bin said.

For business scenarios, when users use the super conference, they can automatically transfer to the car after boarding the car, and can also call the in-car hardware (such as cameras). In terms of entertainment scenarios, NIO Link games can also be synchronized to the central control large screen to play.

For more systematic privacy and security issues, NIO said that the NIO Phone’s NIO self-developed SkyUI system provides 0 system advertisements, 0 commercial pre-installation, and only local processing of sensitive data. On cloud data protection, NIO Phone adopts multi-key encryption protection, and data and keys are stored separately.

According to reports, the 12GB + 512GB version of the mobile phone is priced at 6499 yuan, the 12GB + 1TB version is priced at 6899 yuan, and the EPedition 16GB + 1TB version is priced at 7499 yuan. It is currently only available in the NIO App Mall.

During the "golden age" of Hong Kong cinema in the mid-1970s and early 1990s, more than a dozen film crews started work at the same time every day in this small city on the southern coast of China. Pretty boys and beautiful women from Hong Kong’s wireless artist training class came together and set up scenes among the various crews. Film and television companies such as Golden Harvest, Shaw’s and New Art City invested heavily in digging up and cultivating newcomers to compete in the entertainment industry. This also contributed to the miracle that Hong Kong films produced more than 200 films a year in the 1980s.

That golden age of Hong Kong cinema gave birth to countless movie superstars. They may be as good-looking as Chow Yun-fat, Andy Lau, and Tony Leung Chaowei, and their acting skills are first-class, becoming hot A-list actors. Or as daring as Samuel Hung, Jackie Chan, Yuan Biao, and Yuan Hua, who sacrificed their lives to complete eye-catching stunts and become action superstars.

However, those who can write, direct, and act, and are unique in artistic expression, can create a personal style, and even find a way to break out of a school of film, I think Xingye is one of the best.

The nonsensical style of "Zhou’s comedy" he pioneered and his special attention to the subject matter of the little people are enough to secure him the top spot in Chinese comedy, and it is no exaggeration to call it "Asian Jim Carrey".

Today, let’s talk about the most outstanding work of Xing Ye in the 21st century so far – "Kung Fu"

First, the self-cultivation of "little people"

The story of "Kung Fu" still follows the tradition of Xing Ye’s "little person narrative", telling the story of the 1940s Shanghai, when A Xing, a street gangster who has been bullied since childhood, tried to get ahead by pretending to be the "Axe Gang" and extorting in the "Pig Cage City". As a result, he attracted the real "Axe Gang" forces.

The unexpected invasion of the gangster forces disturbed the quiet life in the slum, and also disturbed the four peerless kung fu masters who were entrenched here – the inheritors of the Gorang Bagua Band, the Hong Family’s Iron Wire Fist and the Shaolin 12th Road Tan Leg.

The gangsters were naturally no match for the descendants of the divine arts, but the arrogant Axe Gang boss, Brother Kun, was unwilling to stop, so he used the gang’s power to invite peerless experts to try to level the "Pig Cage City" in one fell swoop. Every attack by Brother Kun would stir up more "masters" hidden in the secular world in this unsightly small pool. Until, Brother Kun used his head to sacrifice the ultimate killing king Huoyun Evil God, and his opponent was the little rascal A Xing who caused this disturbance.

Lord Xing wrote, directed and acted himself, focusing the guide tube on the little character A Xing, making him a witness and key participant in the contest between the "evil forces" and the "pig cage city". Every turn in the battle between the two sides was caused by A Xing’s inadvertent speculation.

The first time was when he saw that he was going to be beaten by the residents of the city, so he had to learn the way the Axe Gang used fireworks to call people and threw a cannon fight. As a result, it just blew up the head of the leader of the Axe Gang passing by the wall. Then the villain complained first and blamed the residents of the city, which caused a conflict between the two forces.

The second turning point was that Ah Xing, with an incomparable desire to get ahead, put down all his courtesy and shame to join the Axe Gang. As a result, the first task he received was to rescue the great devil Fire Cloud Evil God from the mental hospital.

Xing clearly knew that his actions were wrong, but he seemed to have been carried away by the desire to become famous. As a result, with the release of the Fire Cloud Evil God, an uncontrolled force of destruction swept through the entire Axe Gang and the city.

The third turning point was when the charterer and the charterer in the base camp of the Axe Gang faced off against the three masters who were entangled with each other, and A Xing chose to use a wooden stick to beat the Fire Cloud Evil God.

This time, the little gangster Ah Xing finally stood on the side of justice. But this also caused the evil god of fire clouds to go berserk directly, breaking Ah Xing’s meridians with a fist, and his life was hanging by a thread. It was precisely because of his walk through the gate of hell that Ah Xing’s potential as a "martial arts genius" was completely exploded.

It can be said that in the first half of the film, Ah Xing has always been a gangster who makes a living by picking locks and speculating. For fame and fortune, he can join gangs, bully civilians, and even rob a girl who buys candy.

But in the end, he was just a small person, without noble virtue or the ferocity of a big traitor, between good and evil. He did not dare to kill, set fire, or rape. After being bitten by a snake, he had to hide in the traffic light box and silently digest the pain.

But it was after a series of setbacks and tribulations that Ah Xing finally realized how precious the opportunity to "be a good person" was, and how despicable it was to be self-deprecating on the old road of a gangster. Therefore, the moment he completed the good and evil decision, the potential hidden in his body also fully exploded.

Eight kung fu stunts, combining Chinese martial arts

Since the movie is called "Kung Fu", the core element of the story is naturally Chinese martial arts. In the "imagined China" in Jin Yong and Gu Long’s martial arts novels, Chinese martial arts can be said to have a long history and many branches. The kung fu of Shaolin, Wudang, Emei, Beggar Gang, and Tai Chi schools have their own strengths and weaknesses, and together they have painted the world of pleasure, enmity, swords, light and shadows.

On the one hand, Xing Ye’s "Kung Fu" continues the tradition of Hong Kong martial arts novels, and on the other hand, it inherits the mantle of Hong Kong martial arts films and kung fu films. The eight kung fu that appear in it can be said to be both a reinterpretation of traditional Chinese kung fu and a tribute to Hong Kong classic kung fu films. Let’s take a look at it together:

(1) The Tathagata Palm

The most invincible kung fu in the film "Tathagata’s Palm" is actually a fiction invented by Hong Kong filmmakers. It first appeared in the Hong Kong film "Tathagata’s Palm" in the last century, and was portrayed as the Buddha created for all living beings. There are ten styles.

At the end of the film, Ah Xing used the ninth form of "Ten Thousand Buddha Dynasty". Later, it was continuously interpreted by people, and the Tathagata Divine Palm became a kind of divine power that interacted with the "Heavenly Remnant Foot".

(2) Toad Gong

"Toad Technique" was a must-kill skill of the Fire Cloud Evil God. He once used this skill to put Ah Xing at a disadvantage.

The toad skill comes from Jin Yong’s martial arts novel. It is the original stunt of Western Poison Ouyang Feng, and later passed on to his righteous son Yang Guo.

Its characteristic is that it is like a toad preying on insects, waiting for an opportunity to move, using static braking, and striking after. When the enemy attacks, it pounces suddenly, concentrating all its internal force on one point and bursting out, killing it in one blow.

(3) (4) Shaolin Nanquan North Leg – "Hongquan" and "Tan Leg"

The tailors and laborers who live in seclusion in the Kowloon walled city in the film are the descendants of Hong Quan and Tan Ju respectively. Hong Quan was pioneered by Hong Xiguan, a Cantonese from the Qing Dynasty. When he was a teenager, he studied under the Shaolin sect and integrated the kung fu of the North and South Shaolin with his extremely high understanding. He created a school of "Hong Quan" that combines internal and external cultivation, uses both fists and feet, and combines strength and softness.

The person who plays the tailor in the film is Zhao Zhiling, the apprentice of Huang Feihong, and the iron wire boxing he practices is also one of the five battles of Hongquan.

There are many theories about the origin of "Tan leg", including Shaolin Temple in Songshan, Henan, Longtan Temple in Shandong, and many other theories. Later, the Jingwu Association of Huo Yuanjia in Tianjin also taught this kind of kung fu. There is a proverb that goes "If you practice boxing without training your legs, you are like a daredevil". The Tan leg style, with sharp movements, changeable moves, and quick attack and defense, can complement the boxing technique well.

(5) Goro gossip stick

The origin of this stick technique is hidden in the name. The so-called "Goro" refers to Yang Goro, who fought against the Khitan people in the Southern Song Dynasty. When he was defeated in the battle with his father at the Golden Beach, he disguised himself as a monk.

Later, he really went to Mount Wutai to cut his hair and become a monk, and changed the Yang family’s marksmanship to a stick technique, creating the "Gorang Bagua Stick". The actor who plays the boss Yang in the film is Dong Zhiping, a Peking Opera martial artist, whose gun and stick skills are first-class.

(6) Tai Chi

This can be said to be the most well-known kung fu in the film. In the film, the charterer plays "Chen’s Tai Chi" originating from Chenjiagou, Henan. With Taoist Tai Chi and Yin and Yang as the mental method, he pays attention to both internal and external cultivation, combining rigidity and softness, and overcoming rigidity with softness.

Although the chartered public can use a set of superb tai chi to play the six-fingered piano demon in the palm of his hand, he is a "rake ear" and has to swallow his anger and bear the humiliation in the face of his wife’s domestic violence.

(7) The Lion’s Roar

The renter’s Lion’s Roar skill, which is comparable to ultrasonic weapons in the film, is one of Shaolin’s seventy-two stunts. When the power is performed, the qi is first sank in the dantian, and then it spreads for thousands of miles, which can be transmitted for miles. Hearing it, the heart is frightened and the back is cold. As Du Fu said in his poem, "When I suddenly hear the roar of a lion in Hedong, I am at a loss when the cane falls on my hand." Presumably, only a strong and domineering renter can control it freely.

(8) Three-hole Qin Demon – Shaolin Dragon Claw Hand

In the film, the two of the three-hole piano demons stroke a guqin together, the sound of the piano turns into the light of the sword and the shadow of the sword, the lights turn off the grass wherever they go, and the killing is invisible. This kung fu can be regarded as the original of Xingye, which is composed of the six-style fingerings of the guzheng and the Shaolin dragon claws.

Of course, Xing Ye was also inspired by the "Fuqin Style" and "Drum Style" in Jin Yong’s novels, which Zhang Wuji once used in the Shaolin Dragon Gripper.

Three or ten years of preparation only to fulfill the "Kung Fu Dream"

In fact, Xing Ye had wanted to put "Kung Fu" on the stage as early as 2005. One of his original intentions when he set up his own color star company to film "Journey to the West" was to use the money he earned to shoot his dream work – "Kung Fu".

However, the nonsensical style of "Journey to the West" exceeded the upper limit of the audience’s understanding at that time, encountering an unprecedented box office waterloo, which directly led to the bankruptcy of the color star company and the plan to shoot "Kung Fu" was stranded indefinitely.

From "Journey to the West" in 2005 to "Kung Fu" in 2004, Xing Ye also filmed another classic work, "The King of Comedy" in 1999. It can be said that these three works, separated by five years from each other, together form the "Iron Triangle" of Zhou’s comedy across the centuries at a very high level.

Looking back now, in fact, the box office failure of "Journey to the West" at that time was not necessarily a bad thing. It was with the precipitation and tempering of the next ten years that Xingye was able to polish the script and works to such an exquisite level.

Moreover, based on the special effects level of the 1990s to shoot kung fu, the final scene of A Xing’s group fighting the Axe Gang and the Tathagata’s palm defeating the Fire Cloud Evil God would definitely be very simple, difficult to achieve the desired effect, and unable to perfectly interpret Xing Ye’s understanding of kung fu.

　　After the merger of Uber China and the completion of the local online ride-hailing management plan, Didi began to make major adjustments to the pricing method.

　　Surging News (www.thepaper.cn) learned that starting from August 18, Didi Chuxing platform implemented separate pricing for drivers and passengers.20% of each order charged by the driver before cancellation, 0.5 yuan per order, plus 1.77% management fee.

　　Taking Beijing as an example, the order is driven for 10 kilometers and 20 minutes. Before the adjustment, the actual income of the owner = (2 * 10 + 0.5 * 20) * 80% = 24 yuan; after the adjustment, the actual income of the owner = (1.8 * 10 + 0.4 * 20) * 100% = 26 yuan.

　　Didi said that after this adjustment, the income of car owners has not changed compared with before. The income of car owners in some cities will also increase with the separation of drivers and passengers, which can increase by about 10% -18%.

　　The adjustment of Didi’s pricing method this time is mainly aimed at the driver side, with little impact on the passenger side.

　　It is reported that after the driver and passenger are priced separately, the basic fare (km + duration + night fee), other fees, and dynamic price adjustment fees will be 100% owned by the owner. The owner does not need to make any changes in the withdrawal operation, which is the same as before.

　　Didi told Surging News that the purpose of making this pricing adjustment is very simple. First, after the division of pricing,Owners can see their income more intuitively, and the details of their income become clearer. Second, owners can also calculate their income directly through the pricing rules on the owner’s side, which is simple and clear.Didi said that after the adjustment of the pricing method, the income of car owners will also be more stable and will not be affected by fluctuations in the passenger side.

　　As for why they chose to make this pricing adjustment at this time, Didi said that after Didi merged with Uber China, the media reported a large number of Didi price increases (Didi said it was just a normal price dynamic adjustment, and there was no price increase), which confused Didi drivers about the pricing method. Many drivers expressed their desire for a more transparent pricing method to Didi Chuxing.

　　After communicating with a number of Didi drivers in Shanghai recently, Surging News found that there has been a recent phenomenon of Didi drivers leaving the platform. Drivers said that the current subsidy for drivers has decreased compared to before.

　　Zhu Wei, deputy director of the Communication Law Research Center of China University of Political Science and Law and an expert member of the Sharing Economy Working Committee of the Internet Association of China, told The Paper.The adjustment of the pricing method made by Didi further illustrates the difference between online car-hailing and traditional taxis. It is not a disguised form of money or a tap, but a manifestation of the sharing economy.This also reflects the requirements of the "differentiated operation" of the new policy on special cars, not only for passengers and owners, but also for the difference in revenue sharing. This will force taxi reform.

　　An insider of Volkswagen Chuxing (a ride-hailing platform owned by the mass transportation group) told The Paper that from the recent frequent actions of Didi, including price increases, reduced driver subsidies, and this time drivers charging a fixed proportion, it can be seen that Didi is under increasing pressure in terms of profitability and is working hard to make changes and postures to give confidence to the capital.

　　The aforementioned Volkswagen insider also said that in the long run, Didi will surely generate profits on the driver and passenger side.

　　It is reported that the new pricing method of Didi Chuxing has been launched in Beijing, Shanghai and other cities, and will be gradually rolled out across the board in the future.

As we all know, there have been many revelations about the iPhone 16 series long before the release of the iPhone 15 series. In line with the principle of "bold assumptions, careful verification", we will still learn about predictions or revelations about new models to see what new things Apple may do next year.

Recently, Haitong International Securities analyst Jeff Pu revealed some details about the iPhone 16 Pro. He introduced,The device will feature a faster 5G modem, Wi-Fi 7, and a new ultra-wide-angle lens at the rear.

In a note to investors, Jeff Pu based his predictions for the iPhone 16 series on his sources in Apple’s supply chain.

He revealed that the size of the new iPhone will be 0.2 inches larger than the current 6.1 inches and 6.7 inches, that is, the standard version iPhone 16 and iPhone 16 Pro will increase to 6.3 inches, and the larger iPhone 16 Plus and Pro Max models will become 6.9 inches – In contrast, Huawei Mate 60 Pro is 6.82 inches in size.

Coincidentally, Tianfeng International industry analyst Guo Mingxuan and DSCC CEO Ross Young have reported that iPhone 16 series will be larger in size.

And thanks to the larger fuselage size,Apple will be able to carry the same quadruple prism periscope head as the iPhone 15 Pro Max on the relatively small iPhone 16 Pro model, and will finally support 5x optical zoom.

Jeff Pu emphasized that both the iPhone 16 Pro and Pro Max will feature 12 million-pixel quadrilateral prism periscope heads for better zoom.

But in this way, the more widely applicable triple telephoto seems to be gone. If Apple still maintains the 3-lens module, the lack of 3x optical telephoto becomes a loss.

Jeff Pu said in the report that Apple plans to upgrade the super wide-angle lens for the Pro series models, and this lens has not been moved since iPhone 13 Pro.

The ultra-wide-angle lens on the iPhone 16 Pro series will use 48 million pixel sensor, a huge leap over the current 12 million pixels. Better ultra-wide-angle quality can also improve the utilization rate of ultra-wide angle to some extent.

Apple’s A-series chips have changed this year, and the appearance of the A17 Pro has changed the next naming rules. Not surprisingly, the iPhone 16 Pro will be equipped with a new A18 Pro chip, built on the same 3nm process as the A17 Pro. The memory is still estimated to be 8GB.

It is worth noting that iPhone 16 Pro changes in terms of connectivity, whether it is Wi-Fi or 5G, iPhone 16 Pro will be upgraded. Jeff Pu speculates that the new iPhone will be equipped with a Qualcomm Snapdragon X75 modem, which can achieve 5G download speeds of up to 7.5 Gbps.

While the iPhone 15 Pro was the first to introduce support for WiFi 6E, next year’s iPhone Pro will likely feature WiFi 7. The latest Wi-Fi standard has speeds of up to 46 Gbps, four times that of WiFi 6.

But support is support. If you want to enjoy the speed of WiFi 7, you also need the corresponding network speed and router, and WiFi 6 routers are not yet popular… I can only say that in the future, it is no problem to use the mobile phone for two more years.

Jeff Pu also predicted the standard iPhone 16. He said that the iPhone 16 will still use a dual-camera module, and the ultra-wide-angle lens will retain 12 million pixel sensor, but will not support macro function.

iPhone 16 standard model should be the A17 didn’t run, after all, to pull the gap with the A17 Pro. The good news is that the memory is 8GB, but the 5G modem will not be upgraded. In terms of connectivity, the iPhone 16 and iPhone 16 Plus are also finer – they will support WiFi 6E, not WiFi 7.

The above information is an early reference, Apple is expected to launch iPhone 16 series in September next year, the future we will continue to pay attention to Apple and the new iPhone.

Apple launches a new iPhone every year, and we haven’t seen a refreshing update on the iPhone in years – oh, the last one was called "Dynamic Island". Many users and fans of competing products expressed dissatisfaction and ridicule at these small fixes.

Apple does not tweak new iPhone every year, but it does upgrade. In a recent interview with Brut., Apple CEO Tim Cook answered the question "Is it necessary to launch a new iPhone every year?"

"I think it’s a great thing to have a iPhone every year for people who want it," he said. Apple promotes the practice of users trading in old phones for new ones. So if the phone still works, Apple resells it (recycles it).

If it doesn’t work, Apple has a way to disassemble it and recycle the material to make new iPhone. This is also in line with Apple’s environmental values, although the idea of releasing iPhone annually seems to contradict environmental sensitivity.

But Cook believes that Apple is committed to maximizing the value of older iPhone. iPhone 13 Pro series is still the most worth buying iPhone model in the past 5 years, if iPhone 16 Pro series still has no upgrades, then I may still retain that view.

? Movie: "Drunk Fist II"　

? Broadcast time: Sunday, April 7 at 22:22

? Starring:// 　

1905 movie network feature This is a film that was selected as one of the "100 Best Movies in Global History" by Time Magazine in the United States; this is a Hong Kong-specific genre film that experienced the golden age of the 1950s and reemerged in the 1970s – Hong Kong Action Movie; this is a representative work that fully shows the style of Hong Kong’s "Dragon Tiger Martial Artist", it is – "Drunken Fist II". This year is the 30th year of this film’s release, and let us see the pinnacle of this kung fu film on the movie channel.

Jackie Chan, the most down-to-earth lone hero.

This movie history classic with its own BGM is a brilliant show of skills by Jackie Chan and his family. Their full dedication has written a crazy and beautiful chapter in the history of kung fu movies. In the film, Jackie Chan plays Huang Feihong, not only the incomparable "fighting king", but also creates a different image of a down-to-earth and profound "lone hero".

In this film, the family class also fully unleashed their potential. Their unique and creative movement design skillfully blended traditional Chinese martial arts with modern action elements to form a unique style that is still loved and sought after by the majority of audiences.

Star-studded – Andy is a little dragon

Think Jackie Chan is the only coffee in the play? Then you are wrong! The "Drunk 2" crew is here to tell you what is Crouching Tiger, Hidden Dragon, and what is a luxurious lineup! Huang Feihong’s father Huang Qiying, the "Tiger Dad", is played by Dillon; Huang Feihong’s little mother is played by Anita Mui, who not only assumes the funny role in the play, but also the strong backing behind Feihong; the sideways one-word horse who plays the villain Big Boss shows the sky; the director who plays Wu Ju Fu Minqi is a director who has won the Academy Award Lifetime Achievement Award…

In addition, there are also,,, Weng Hong, and other "big coffee" people who collectively play tricks, which is simply the "star team building" of the entertainment industry!

Jackie Chan-esque desperation — the pinnacle of a kung fu movie.

"Do you think you are Jackie Chan? Do you have nine lives?" Jackie Chan really fought with his life by jumping diagonally from a height of 50 meters to a low-temperature fire to be beaten! Coal chips pressed the top, coal barrels smashed, and rolled around on a fire covered with coal. This "desperate" spirit made the audience love and respect, and also made him unique in the film industry and became an eternal legend.

Jackie Chan told us with practical actions: Only by daring to fight and dare to break through can he become a true king! His spirit not only won the love and respect of the audience, but also set a new benchmark for Chinese action movies.

"Dragon Tiger Martial Master" still exists, and the spirit of kung fu is all over the world

Today, many "dragon and tiger warriors" are still active in every corner of the world’s film industry, guiding Hollywood action movies. From gorgeous action designs to shocking fight scenes, they are full of the unique charm of Chinese warriors, and their spirit also shines in global movies.

Their influence has transcended national borders, becoming an indispensable part of the global film industry, and also influencing the gradual evolution of new styles in global film action genres.

"Gold nine silver ten" is the peak season of the traditional car market. According to the data released by the Passenger Federation, the sales of new energy passenger vehicles in September increased by 23.0% year-on-year. The AITO Wenjie new M7, which has been listed for only a month, is undoubtedly the new favorite of the market. According to the official, Dading has broken through 60,000 units. While sales are hot, it also puts forward higher requirements for delivery. It is reported that in order to fully ensure the high-quality and fast delivery of the AITO Wenjie new M7, Sailis Automobile’s joint supply chain has invested 1 billion yuan and added more than 20,000 manpower.

Whether the supply chain can be effectively pulled and managed is the key to ensuring large-scale delivery and high-quality product delivery. Especially in the new energy automobile industry, a stable and efficient supply chain system is the guarantee of the quality, quantity and delivery efficiency of auto parts. This is reflected in some previous new power car companies. Due to the lack of deep cooperation foundation and experience, there may be unstable and uncontrollable risk factors in the supply chain in the face of extreme situations. For example, during the epidemic, there were even situations where the supply chain was tight and "dared not" to take orders, which limited the sales growth of car companies.

As one of the leading enterprises in the whole vehicle chain, Sailis Automobile has 20 years of vehicle manufacturing accumulation and excellent supply chain management capabilities, and uses the high-quality supply chain system as the foundation for the whole vehicle strength. Not only does it cooperate with Huawei’s cross-border business to build a smart car industry chain in depth, but also reaches strategic cooperation with many leading enterprises such as Ningde Times, Topu, Wencan, etc. Among them, Li’er, Huguang, Topu, etc. have settled in the local area to help the local industry strengthen and supplement the chain. Through forward-looking judgment of the industry and cooperation with many supply chain enterprises in advance, Sailis Automobile gathers the leading technologies of leading supply chain enterprises, and at the same time reduces the cost from procurement, production to after-sales services, promotes production efficiency and quality control, and builds a solid foundation for efficient and high-quality delivery.

Since the beginning of this year, the AITO Q & A series has been launched and delivered the M5 smart driving version and the new M7 series, which have been widely recognized by the market. In December, the flagship model AITO Q & A M9 will also be launched soon. Under the support of a complete supply chain system, Sailis Automobile promotes the strategy of large single products, and will seize a place in the fierce competition of new energy vehicles.

It is worth noting that the stock price of 601127.SH has continued to rise recently, and the market value has jumped by 100 billion yuan again. Cinda Securities’ latest research report said that it is optimistic about the rising profit space of Sailis, and pointed out that with the launch of AITO’s new M7 and M9, the company’s new energy vehicle sales are expected to achieve a significant increase.

Text/Wang Fangjie

With a swipe of the camera, Xu Jiayin appeared on the CCTV news screen, which was a report on the 2017 BRICS Business Forum. Xu Jiayin, wearing a red tie, sat in the first row behind the dignitaries, directly behind the top government. Obviously, this is not a position that ordinary entrepreneurs can get. In addition to the chairperson of the board of directors of China Evergrande, Xu Jiayin is also a member of the Standing Committee of the National Committee of the Chinese People’s Political Consultative Conference.

Mr. Xu’s political status has kept him very busy. On his public itinerary, he attended a meeting of the Standing Committee of the Chinese People’s Political Consultative Conference in Beijing before going to Xiamen for the BRICS meeting. Before that, he attended a "symposium on private enterprises studying and implementing the spirit of the National Financial Work Conference" held by the All-China Federation of Industry and Commerce. Only, he did not attend the half-year performance report of China Evergrande (03333.HK).

Originally, Xu Jiayin could have received a lot of congratulations at the half-year performance meeting. In addition to China Evergrande’s best performance in history, he himself surpassed Wang Jianlin to become the richest man in China’s real estate in July this year. As China Evergrande’s share price rises further, according to the latest data from Forbes, Xu Jiayin is the new richest man in China at a price of 39.10 billion US dollars, slightly higher than the second-place Pony Ma and the third-place Jack Ma.

It’s not that Xu Jiayin has never been the richest man. As early as 2009, the day China Evergrande went public, his net worth reached the top of China. But year after year, Evergrande has been playing the "game" of high debt and high leverage, with capital markets ranging from novelty to boredom to worry, and institutions like Citron shorting. According to the calculation of Xia Haijun, the president of China Evergrande, China Evergrande’s current price-to-earnings ratio is only 4-5 times, about half that of mainland real estate companies. "Evergrande’s stock is still far from reaching the right position," Xia Haijun said.

Since the beginning of this year, China Evergrande has started to deleverage significantly, and at the same time vigorously promoted Evergrande Real Estate’s backdoor listing in class A shares. Under the stimulus of multiple positive factors, the capital markets have expressed their support with practical actions. The company opened at HK $5.04 on January 3, 2017 and closed at HK $28.15 at noon on September 15. Xu Jiayin also once again topped the list of China’s richest people.

However, for a mature entrepreneur, the status of the richest person is no longer of great significance, just like the scale of a leading company. Xu Jiayin and Evergrande’s management need to continue to face the problem of how to keep a giant ship within a safe boundary.

A keen sense of smell

In a fashionable phrase, Xu Jiayin lacks freestyle. In the real estate circle, Sun Hongbin wears T-shirts and sneakers, and usually scolds the Three Character Classic when he is in a hurry. He is an "upright BOY"; Wang Jianlin roars at the company’s annual meeting that he has nothing like a "rock old cannon"; although Wang Shi is full of bourgeois delicacy, he will also be angry and become a beauty. Whether the reporter is in close contact or the public can feel the vividness of these characters through the computer screen. But Xu Jiayin is serious and serious. He is like a "veteran cadre" who is surrounded. You look at him, he looks at you, and they are separated by several layers.

But employees at China Evergrande are used to "the boss is such an old-fashioned person." They told reporters that the billionaire had not had access to a smartphone until recent years. The owner of a media advertising agency brought up a story in which Evergrande people approached them years ago to include a single page on Sina Finance’s Hong Kong stock channel, because the boss only used Sina Finance to watch stocks.

Xu Jiayin, a veteran cadre, is different from Wang Shi – "he will not get involved in politics in this life and the next", and different from Wang Jianlin – "close to the government and away from politics". He is very close to politics and well integrated. This of course attracted criticism from short-selling institutions for him. Citron once pointed out that it was very close to the **, but the accusation was ultimately unfounded. The other side of the coin is Xu’s keen grasp of policy. Just a little attention can be found that ** Evergrande’s strategy is almost in sync with the macroeconomic development strategy. The state expands the scale of Evergrande, and the state shrinks the scale of Evergrande.

At this performance meeting, China Evergrande announced a major strategic transformation, from the past scale priority to efficiency priority. To this end, the company adjusted the previous "three highs and one low" development model to "three lows and one high". The so-called "three highs and one low" means high debt, high leverage, high turnover and low cost, while "three lows and one high" means low debt, low leverage, low cost and high turnover. In this regard, Xia Haijun did not shy away: "China Evergrande’s measures are consistent with the country’s policy orientation of reducing debt and deleveraging."

Xu Jiayin was not among the speakers at the "Symposium on Private Enterprises Learning and Implementing the Spirit of the National Financial Work Conference" on August 23. Xu Lejiang, executive vice chairperson of the All-China Federation of Industry and Commerce, who presided over the symposium, named Xu Jiayin to talk about the experience of studying the National Financial Work Conference. Xu Jiayin said that from 2014 to 2016, Evergrande’s income was 130 billion yuan, 200 billion yuan and 370 billion yuan respectively, and this year it is expected to reach 500 billion yuan. Such rapid growth, no matter which enterprise, is basically a "three highs and one low" development model; now after the Central Financial Work Conference, enterprises must change to the "three lows and one high" model. Only in this way can they achieve long-term stable and healthy development of enterprises. Xu Lejiang joked in the exchange that Evergrande’s past development model should actually add a "high risk".

The guidance from the top is very direct, how can Xu Jiayin not hear the strings and know the elegance? In fact, with his keen sense of policy, there is no need for such a direct reminder at all. In the early years, under the background of policy encouragement to go global, many real estate companies adopted aggressive overseas expansion strategies. Now those overseas real estate projects that rely on domestic investors have become a problem for the company’s future, but China Evergrande has not gone abroad. Evergrande made it clear to reporters that Evergrande has no plans to invest overseas. "In the past 21 years, Evergrande has insisted on investing only in China, and has successfully realized the growth of the company in the dividend of China’s rapid economic development. We believe that this dividend is still very large, and Evergrande can continue to make great progress in it."

Of course, in addition to external factors, Evergrande’s slowdown has its own internal logic.

China Evergrande was founded in 1996 as a project that no one else wanted. That year, Vanke’s operating income exceeded 1 billion yuan, and R & F Real Estate’s sales revenue was about 60 million yuan. In the 20 years leading up to 2016, Evergrande has been playing the role of a chaser, from project companies to local companies, then to national companies, and finally became the world’s largest real estate company last year. Xia Haijun believes that to catch up with others, it must scale up. How can a small company overcome the disadvantage of insufficient capital base and achieve leap growth in scale? There is only one way – borrow more money. The money was deposited on the land, and as the value of the land far exceeded the financing cost, Evergrande became the "diamond in the crown".

But Xia Haijun knew that the development model of high debt was unsustainable. After all, the golden age of Chinese real estate had passed, and a large number of small and medium-sized real estate enterprises had disappeared, which showed that the simple and crude way of making money in the past was no longer feasible. The cost of land was getting higher and higher, and if the financing cost continued to rise, enterprises could only work for the government and banks.

China Hengda decided in the next three years, the scale of land reserves negative growth of 5% to 10% per year, to 50 million square meters per year of floor area calculation, about 10 million per year will reduce the land reserves, buy less land debt will decline, profits will be released.

This year, China Evergrande handed in the best report card since its listing. Its gross profit and net profit increased by about 200%. Due to the repayment of perpetual bonds, the net profit attributable to the company’s shareholders increased more than 8 times to 18.83 billion yuan. After the results were announced, the research reports of various brokerages concluded that it was "recommended to buy". "Shareholders don’t care how big we are, they only care about how much dividends we pay." Xia Haijun told the truth.

Slow down

Judging from the contract sales in the first half of this year, Evergrande is no longer the country’s leader, although it only took this position last year. In the first six months of this year, Evergrande achieved contract sales of 2440.9 billion yuan, slightly inferior to Country Garden’s 2889.1 billion yuan. "We have been the boss, and it is pointless to focus on this goal after this." Xia Haijun said, but he changed the topic and said: "It is useless to put other people’s rights and interests on your own side." This sentence smells of gunpowder. In the first half of 2017, according to the statistics of equity sales, China Evergrande ranked first in the country’s real estate enterprises, reaching 2291.6 billion yuan, surpassing Country Garden.

"Evergrande will no longer emphasize contract sales first, equity sales first, and profit first." Xia Haijun stressed that in response to this strategic adjustment, Xia said that China Evergrande’s consistent low-cost and high-turnover model will not change. "Real estate is bread, we are chefs, land is flour, and Evergrande took the cheapest flour a few years ago." Xia Haijun is quite proud of this. As China’s largest "landlord", China Evergrande currently has 276 million square meters of land reserves. The original value of this land is only 457.60 billion yuan, and the average floor price is 1,658 yuan/square meter. Of this land, 72.6% is located in first- and second-tier cities, and 27.4% is located in third-tier cities. It is well known that since the beginning of last year, China’s real estate market has started a new round of upward cycle, and the price of Evergrande projects has also risen along with the market. According to Xia’s introduction, the average price of Evergrande projects has risen from 8,800 yuan/square meter last year to more than 10,000 yuan/square meter. "The extra 1,200 yuan/square meter is profit," Xia Haijun said.

Xu Jiayin is also a professor of management at his alma mater, Wuhan University of Science and Technology. Many people think this is a false name. After all, Professor Xu studied metallurgy and has never talked about his management methods in public. But when you look closely at this company, you will find that it does have some unique management experience. For example, due to the long management radius of national real estate enterprises, many companies choose to fully delegate power to regional companies. However, China Evergrande adopts a tight group management model. The group directly controls all aspects of the project, planning and design, material supply, bidding, budget and final accounts, project management, quality management, sales, and property delivery. The role of regional companies is only implementation. Of course, this model is difficult to implement. This year, Evergrande Group needs to control and develop more than 8,000 buildings with more than 20 floors at the same time. But this has given birth to Evergrande’s standardized operation. In Xia Haijun’s opinion, no real estate company can surpass Evergrande in this regard. It has only three product lines, with a 5% share of high-end series – Evergrande Washington, a 70% share of rigid demand product series – Evergrande Oasis, Evergrande Yayuan, etc., and a 25% share of tourist real estate series – Evergrande Jinbi World. These products are distributed in 223 cities across the country, but each real estate with the same name looks almost identical.

Evergrande also has a unique management model, which Xu Jiayin regards as a magic weapon for maintaining long-term high growth – target plan management. "In management, usually target management and plan management are two separate chapters, Evergrande combines the two, and Evergrande’s plans are all targeted," Xu Jiayin said in an internal speech at the beginning of this year.

In Hengda Group, there is a unique department in the real estate industry – the management and supervision center. At first, there were only 10 people in this department, but now there are nearly 1,000 people, and the regional companies also have comprehensive planning departments. The two departments have formed a multi-level project plan management system, which is mainly responsible for maintaining the high-speed turnover of project development. According to Hengda, the company has detailed control over the project plan to every week, ensuring that the opening sales are opened within half a year after the land is acquired. Unless there is a serious force majeure, the opening time is a dead order.

Evergrande is about to change the development model of high leverage and high debt. Before this year, few people could say how much money Evergrande had borrowed because of its high perpetual debt. According to the 2016 annual report, the net profit attributable to the holders of perpetual debt exceeded that attributed to the shareholders of the company. It was not until early July, when Evergrande announced that it had redeemed all perpetual bonds in June, that people learned that the size of this "hidden debt" was 112.90 billion yuan, and its disappearance caused China Evergrande’s full-scale net debt ratio (including perpetual bonds) to be sharply halved.

It is undeniable that China Evergrande is still a highly leveraged company, which may even be considered abnormally high by Xia Haijun himself. Its net debt ratio is 240%. Xia Haijun said that the net debt ratio will be reduced to 140% in one year, 100% in two years, and 70% in three years. After that, China Evergrande will maintain such a "normal company" debt ratio.

The Road Ahead

In fact, Evergrande’s net profit in the first half of the year could have been even higher. The company sold its stake in Vanke to Shenzhen Metro at a very low price, losing 7 billion yuan. Of course, as Xu Jiayin said, "all things are pleasant things to do". As we all know, Evergrande Real Estate Group is advancing the plan of backdoor Shenshenfang, and the group headquarters has also been relocated to Shenzhen. Xia Haijun revealed that the appraisal agency is revaluing Evergrande Real Estate’s land assets, and the price after the revaluation of the assets will determine the valuation of Evergrande Real Estate when it goes public. The relevant work is going very smoothly, and the company will soon welcome the third round of strategic investors. The scale of this round of financing is between 30 billion and 50 billion yuan. After the financing is completed, Hengda Real Estate will formally submit a statement to the Securities Supervision Commission.

Of course, there are many people who want to participate in the business of China’s largest landowner, and Evergrande Real Estate has the active option. Its shareholder list is shining, including CITIC, Zhongrong, CEFC, Shenzhen Industry Group, Shandong Expressway, Shenzhen Guangtian, etc. All are powerful central enterprises, state-owned enterprises, large Financial Institution Groups and strategic partners.

It is worth noting that the backdoor listing of class A shares is Evergrande Real Estate Group, while China Evergrande already owns four major sectors: real estate, finance, tourism and health. In recent years, China Evergrande has been trying to diversify. It has successively "fought" FMCG and finance, but the FMCG business was eventually divested, and the financial business was affected by policy changes. Now, tourism, which is in line with the direction of expanding domestic demand and upgrading consumption, is Evergrande’s key direction.

In 2016, the "Analysis Report on the Development Model and Investment Strategic Planning of China’s Theme Park Industry" released by the Prospective Industry Research Institute pointed out that 70% of domestic theme parks are in a state of loss, 20% are flat, and only 10% are profitable. About 150 billion yuan of funds are tied up in theme park investment. This situation can also be seen in the transaction between Wanda and Sunac. According to the original transaction structure, Wanda plans to sell the Wanda City project according to the registered capital base price, so that the average price of the saleable area of the project is only more than 1,000 yuan/square meter. Such a valuation method inevitably makes people feel that those theme parks that need to be held for a long time are a "big pit".

But Evergrande is also pushing ahead with plans for theme parks, known as Evergrande Children’s World, and suddenly there are 15. In the first quarter, Evergrande Travel Group inspected 28 theme parks around the world and finally selected 33 game projects, which will be 1.5 times the size of Disney.

Evergrande Children’s World will be the only fully indoor theme park in the world, which seems magical. Evergrande may need to build a very large dome, and people will probably fall down the rabbit hole like Alice through the entrance. But these theme parks will consume a huge investment. The investment of Shanghai Disneyland without a roof is 5.50 billion US dollars. China Evergrande has not disclosed the commercial estimates of the theme park project, but Xu Jiayin obviously values Children’s World very much. In January this year, he personally participated in the project planning seminar. Maybe the man with nearly 1.50 trillion assets just wants to create some happiness.

　　China News Service, Shanghai, July 23rd (Wang Gupi) The fourth Bilibili Macro Link two-dimensional concert hosted by Bilibili bullet comment network, China’s largest young people’s trend culture and entertainment community, was held in Shanghai on the evening of the 23rd. Under the high temperature of 40 ° C that day, 10,000-person two-dimensional fans from all over the country showed undiminished enthusiasm and shared this annual "two-dimensional event" in China.

　　Bilibili Macro Link (hereinafter referred to as "BML") is an annual large-scale offline party brand created by Bilibili bullet comment network (hereinafter referred to as "bilibili"), a cultural gathering place of China’s two dimensions (generally referring to Animation, Comic, Game, Virtual Idol, etc.) and the largest young people’s trend culture and entertainment community in China. In recent years, it has formed an increasing influence across the country.

　　According to Chai Xujun, general manager of the cultural division of bilibili, BML’s name comes from a programmer’s "brain hole". "Macro refers to the macro command in the computer. We think this activity should be able to connect a very’grand ‘group of two-dimensional audiences, so there is such a name." And from the first 800-person small performance to this year’s 10,000-person scale, BML’s "macro" wish has been gradually realized.

　　At the concert that night, in addition to the popular "UP masters" from the bilibili music district, dance district and other major sectors, the organizers also invited well-known foreign stars such as Miyazuki, who had sung interludes for "Digital Baby", to help perform and interact with Chinese fans.

　　It is worth mentioning that the world’s first Chinese virtual singer Luo Tianyi and the well-known Japanese virtual idol Miss Black and White also took the stage that night with the latest holographic technology.

　　"We want to give all two-dimensional fans a carnival experience. It’s a concert, and it’s a two-dimensional music festival," Chai Xujun said.

　　According to the organizers, a total of 12,000 tickets for this year’s BML were sold out in less than two hours. Among them, the most expensive 1280 yuan (RMB) infield tickets were "sold out" in 4 minutes. The main force of ticket purchases this year is the "post-95s" who do not seem to have high spending power.

　　"I have been registering for bilibili for many years. I am very curious about what my friends who like the two-dimensional world are like, and I also want to see the behind-the-scenes look of bilibili who has been with me for so long. It’s like wanting to meet an old friend, so when I see BML, I immediately grab the ticket." "After 95" freshman "Yin Lin" said.

　　Chen Rui, chairperson of Bilibili, told reporters that in today’s growing spiritual demand, new forms of cultural consumption are also emerging, young people are more willing to accept new things, and the need for cultural consumption structure to develop in a diverse direction is becoming increasingly obvious. "For example, when we started BML, we just wanted to give everyone an opportunity for offline communication, but we didn’t expect to end up with the current 10,000-person scale."