Wu Shuying, 21st Century Business Herald reporter, reporting from Guangzhou

On September 16, 2022, Hengda Automobile announced that the Hengchi 5 would be mass-produced at the Tianjin plant on September 16, 2022 and would be delivered in October 2022.

In the announcement, Hengda Automobile said that it will accelerate the development and mass production of other models, and strive to build a national automobile brand with world-leading core technology and world-class product quality.

In a subsequent article published by Hengchi’s official account, Hengchi Automobile said that it has established the concept of "gathering global wisdom and building a national brand", and strives to achieve the goal of world-leading core technology and world-class product quality.

In order to achieve this goal, Hengchi Automobile pointed out that it has tried every means to introduce more than 2,000 international top scientific research talents, established the Global Research Institute and the Global Battery Research Institute, and carried out R & D work simultaneously in China, Sweden, South Korea, Japan and other places. Adopting a global integrated R & D model, introducing international advanced technology, and jointly developing models with the world’s top leaders such as Magna and EDAC.

According to Hengchi Automobile, it currently has world-leading core technologies in the fields of vehicle manufacturing, chassis architecture, intelligent networking, power batteries, and autonomous driving.

In terms of the automotive research and development schedule, Hengchi said that it will accelerate the development and mass production of other models. Hengchi 6 will be launched at the end of this year and mass-produced in the first half of next year. Hengchi 7 will be launched in the first half of next year and mass-produced in the second half of next year. At the same time, we will accelerate the research and development progress of Hengchi 1 and Hengchi 3, and make every effort to build a national automobile brand with world-leading core technology and world-class product quality.

Hengchi Auto’s mass-produced model, Hengchi 5, will start pre-sale at 20:00 on July 6, 2022. On July 30, 2022, Hengchi Auto announced that the cumulative pre-sale order of Hengchi 5 has exceeded 37,000.

Hengchi 5 "innovated" the sales method. According to the sales plan of Hengchi 5, the first 10,000 cars will be given a large profit, and the car will be paid at the time of delivery, and the car can be returned and refunded within 15 days after pickup. All car purchase payments and refunds are in the special account of the notary office.

At the same time as the mass production announcement of Hengchi 5, Hengda also announced the progress of its resumption of trading.

Evergrande Motor is required to publish its 2022 interim results on or before August 31, 2022, while the relevant audit and review work is still in progress. Evergrande Motor said that after the relevant procedures are completed, it will release the 2021 audited annual results and 2022 interim results as soon as practicable.

Evergrande said it would continue to inform the market of all important information in due course. Evergrande has been suspended since April 1, 2022 and has not resumed trading.

　　CCTV News:In response to some netizens’ doubts about the problems of the police in the process of solving the case, the Wenzhou Public Security Bureau immediately organized personnel to carry out an investigation. After questioning the reporter Zhu Moumou and the family of the victim, reviewing the video and report records of the police reception hall, and reviewing the relevant communication records, the police issued a notice saying that there was no "case will not be filed without the license plate number and the driver’s phone number."

　　At 16:22 on August 24, the victim’s friend Zhu Moumou went to Yongjia County Shangtang Police Station to report the case. The police used Zhu Moumou’s mobile phone to communicate with Didi customer service. After indicating the identity of the police, they hoped to learn more from Didi customer service. Regarding the relevant information of the owner and vehicle of the hitchhiker taken by the victim, Didi customer service replied that the security expert would intervene and asked to continue waiting for a reply.

　　At 17:13, Didi customer service reported to the police that the victim had cancelled the order at 14:10 after booking a ride at 13:00 and did not get on the bus. The police questioned that the order could be cancelled halfway through the ride, and again asked to know the driver’s contact number or license plate number for easy contact, but failed. At around 17:30, the family of the victim also went to the police station to report the case.

　　Xie Zhangan, Chief of the Propaganda and Education Section of Yueqing Public Security Bureau: "At around 5:30 pm on the 24th, the family of the victim came to our Yueqing Hongqiao police station to call the police. Her father and his grandfather came over. Her father said that her daughter lost contact, and the police briefly understood the situation. At about 5:36, the police contacted Didi customer service. When the police contacted him, Didi customer service said that it would take about 3 to 4 hours to inquire about relevant information. The police said that the situation was more urgent. According to the police, Didi Company said that the situation could be expedited. At 5:49, Didi Company came back and said that we needed a police card and a letter of introduction, and then the police forwarded the relevant procedures to Didi Company. The relevant emails arrived. At 6:13, Didi sent us their inquiry, the license plate of Didi and the basic information of the driver. "

　　The license plate number provided by Didi does not match the registered license plate number.

　　According to the police report, the license plate number information provided by Didi was consistent with the license plate number of the vehicle seized by the police the next morning. It is worth noting that the apology statement issued by Didi said that the license plate issued by the suspect Zhong was temporarily forged offline. That is to say, when the license plate number of the crime was provided to the police on the 24th, Didi should have known that the license plate number was inconsistent with the license plate number used by Zhong when registering. This shows that Didi is fully capable of knowing the driver, and it is worth investigating what kind of management loopholes exist in the end.

　　Didi will start the national offline ride-hailing business tomorrow

　　On the 26th, Didi Chuxing announced that since 0:00 on August 27, it will offline the Hitch business nationwide, removing the general manager of Huang Jieli’s Hitch business department and the vice president of Golden Red customer service. Didi Chuxing said that after the Hitch business goes offline, the company will reassess its business model and product logic internally.

　　Featured restaurants queue too long and don’t want to wait? Eating too much supper needs stomach-strengthening and digestive tablets? Scenic restaurants are too expensive to eat? More than half of the National Day holiday, big data just released by Ele.me shows that five days before the National Day holiday, more than 529 tourists in Nanjing ordered duck takeaway; orders for takeaway medicine in hotels increased more than ten times year-on-year; takeaway orders from Nanjing libraries exceeded 2,500 orders, there are really many people who are racing against time to learn!

　　Confucius Temple, Drum Tower, and Xuanwu Lake have become the attractions with the most takeaway orders in Nanjing

　　According to data analytics, among tourists from all over the world who visit Nanjing, tourists from Shanghai, Hangzhou and Beijing most like to order takeout in Nanjing. Among the many attractions in Nanjing, Confucius Temple, Drum Tower and Xuanwu Lake have become the most ordered attractions for takeout. Five days before the National Day holiday, more than 529 tourists in Nanjing ordered duck food takeout.

　　It is worth noting that, unlike previous years, the takeaway orders of Nanjing hotels saw a remarkable increase in non-dinner orders. Among them, medical orders increased by 1431% year-on-year, and orders for flowers and green plants increased by 185%.

　　Three days before the National Day holiday, the most expensive takeaway order in Nanjing was as high as 737 yuan, and 25 curry beef brisket sets were ordered. When the warm-hearted Nanjing citizens ordered takeaway, they left 327 orders with the remarks "Happy National Day" and "Celebrate the birthday of the motherland".

　　Five days before the National Day holiday, the library in Nanjing received more than 2,500 orders for takeout. There are really many people who are racing to learn! At the same time, there are also many "strugglers" who are still working hard. In Nanjing, more than 3,300 orders were sent to the traffic police brigade, and 443 orders were sent to the sanitation station and 944 orders were sent to the fire brigade.

　　Ele.me data shows that Nanjing people like to order takeout in Shanghai, Hangzhou and Suzhou when they go out. During this year’s National Day, Nanjing people’s favorite snacks when traveling are Shanghai raw fried, Changsha stinky tofu, and Chongqing hot and sour powder.

　　Word-of-mouth data shows that during the National Day, the order volume of many consumer places increased by more than 100% month-on-month compared with the pre-holiday period. Among them, amusement parks, hot springs, and foot massage have become new choices for leisure gatherings during the National Day holiday of Nanjing citizens this year. The growth rate of orders from these places ranks among the top three in the city.

　　More and more small and medium-sized urban residents

　　The first choice for overseas travel during the festival

　　Feeling fed up with the crowds and crowds at domestic tourist attractions, more and more domestic tourists prefer to travel abroad for the National Day holiday, "I want to take you to Turkey, as well as Tokyo and Paris." According to big data recently released by JD.com, during this year’s National Day holiday, the number of foreign travel tickets and hotel reservations in third- to sixth-tier cities increased rapidly.

　　Statistics show that among the orders booked for international air tickets before the National Day this year, the proportion of first- and second-tier cities has declined compared with last year. At the same time, the proportion of international air tickets bookings in third- to sixth-tier cities has increased by 10 percentage points compared with last year. In terms of the number of international hotel reservations, the proportion of orders from third- to sixth-tier cities has increased by nearly 12 percentage points compared with last year.

　　From the consumption destination data, Japan, South Korea and South East Asia continue to be the top travel destinations for domestic consumers. Seoul, Bangkok, Kuala Lumpur, Osaka, Manila and other tourist cities are ranked at the top of the air ticket booking rankings. In addition to Japan, the popularity of British tourism has also been growing in recent years. London, Liverpool, Manchester and other cities full of British style are also the first choice for some domestic tourists. In addition, Singapore, Russia, New Zealand, Turkey and other tourist countries, due to better infrastructure and local customs, consumption popularity is also increasing year by year.

　　In terms of travel equipment, consumers are also spending a lot of money. In terms of sales, sunscreen products and swimsuits still account for the majority, which also means that islands and beaches are still the first choice for tourists’ travel destination arrangements. With the arrival of the golden autumn season, sales of mountaineering equipment, sports cameras, drones and other equipment have also increased significantly. (Yangzi Evening News/Ziniu News reporter, Xu Xiaofeng)

group photo of the main creator

Jackie Chan
　

　　　 Movie Network News(Photo/Qian Jia’s memoir/Li Chao) On December 11, the film held a "final blow" press conference in Beijing, and Jackie Chan attended with the stars Yao Xingtong, Zhang Lanxin, Bai Luna, Liao Fan and Liu Chengjun. Jackie Chan, who has won the Guinness World Record for performing the most stunts, revealed that although he was also very scared during the shooting of the volcano jumping scene, he still stood in front of the camera when he saw a big rock flying over, and he said that even if he died, he would like to be a hero. At the end of the film, Jackie Chan’s brother’s beloved wife Lin Fengjiao appeared in surprise. In this regard, Jackie Chan said that for these short shots, he begged Lin Fengjiao for a whole year.

Yao Xingtong

Zhang Lanxin

Bai Luna

Liao Fan

Liu Chengjun

58-Year-old kung fu superstar jumps over volcano, Jackie Chan: Die like a hero

　　　 Jackie Chan, who is 58 years old this year, has performed a lot of extremely dangerous and difficult moves for the audience in "Zodiac". Not long ago, he broke the Guinness World Record for "most stunts". Jackie Chan admitted that looking back on the dangerous scenes he had shot, he was also very scared at the time. "Today I broke my hand, tomorrow I broke my foot, and I can cut my head at every turn. I can get through it safely, but every morning I wake up and ask myself, will I be so lucky every time? Bruce Lee died after a few scenes, but he left a very bright image. I also want to leave a bright image, but I am not willing to die. It is better to leave a way out for myself and tell everyone that I will never make such a life-saving movie again."

　　　 "It was too dangerous. I was going to roll down from the top of the volcano with iron ore in my eyes. Before I took the picture, I asked them, when was the last volcanic eruption? They said it was ten years ago. I mean, I wouldn’t have caught up with it so coincidentally. Once I saw a big rock floating over, and they were all shouting: Big brother! Go away! I stood in front of the camera very calmly and smartly, because even if I die, I will die like a hero."

Next page: Shu Qi and Wu Yanzu made cameos, Jackie Chan begged for a year to make Lin Fengjiao play

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.

"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.

　　Today, the official Weibo of the Ministry of Foreign Affairs published a concise but intriguing statement: Foreign Minister Wang Yi’s official vehicles will use domestic Hongqi sedans from today. This is less than 20 days before the launch of the Hongqi H7.

　　In fact, the Red Flag is a model that has weathered great storms, in other words, it is also a portrayal of China’s industrial manufacturing. Before starting the article, it is worth briefly recalling the history of the Red Flag.

　　First, the history and current situation of the red flag

　　Founding and development period: 1958-1965

　　In 1958, the leaders hoped that China would have high-end cars and wanted to rewrite the history that Chinese people could not make high-end cars, so the Hongqi brand was born with honor.

　　It was not until 65 that Hongqi completed the accumulation from scratch and completed the initial accumulation of technology. Hongqi borrowed and imitated models mainly from the United States, and produced some sedans and inspection cars. The most classic model is the Hongqi CA72. Since then, the Hongqi CA770 high-end sedan has become a national-level courtesy car and a chief car above the Vice Premier of New China, becoming a veritable "national car".

　　Stagnation period:

　　During the Cultural Revolution that began in 1966, Hongqi CA72 was framed as a "belly car" due to the designer’s background and was persecuted.

　　From 1965 to 1970, Hongqi went from imitation to autonomy. However, due to the "movement", Hongqi CA72 was forced to stop production after only a few hundred were produced. Subsequently, Hongqi developed the CA770 model, whose engine was designed with reference to the Cadillac engine. This model then formed a large number of derivative models, including China’s first bulletproof car CA772. However, due to the "political movement", although Hongqi had the right model during this time, production was seriously affected.

　　From 1970 to 1981, Hongqi went to the road of technological upgrading, but the product failed. In 1972, FAW put forward the goal that it must catch up with the world’s advanced sedan level. In 1975, it produced the world-class car CA774-4E, with curved glass for the side windows of the body, high-strength thin steel plates for the body, four-speed automatic transmission for the gearbox, independent front and rear suspension, radial tires, power steering, and disc braking system. But for "some reason", the model did not pass the review.

　　During the period of severe setbacks:

　　From ’81 to’ 87, Hongqi went on the road of overseas cooperation. In ’81, German cars already had the intention to enter China, and Hongqi stopped production, but the research and development work has not stopped. During this period, there were negotiations with Nissan, Ford, Chrysler, and Audi to find the possibility of cooperation in mass production. However, due to various reasons, the cooperation with various companies came to an end. During the period, Chrysler maliciously defrauded and suffered heavy losses.

　　From ’87 to’ 96, Hongqi once again went down the road of imitation. During these years, Hongqi imitated several foreign models, but for various reasons, they were not mass-produced. Overseas cooperation failed across the board, technicians were suppressed by managers, and the spirit of Hongqi had completely disappeared.

　　From 1996 to 2008, Hongqi began to produce new models by OEM. The CA7220 was produced by imitating the Audi 100, the CA7460 was produced by imitating the Lincoln City, and the Hongqi Century Star was produced by imitating the Audi 200. At first, the engine was changed, but later the headlights were too lazy to move, so the new model was directly replaced. During this time, Hongqi never developed again.

　　In 2008, Hongqi had a plan to revitalize Hongqi through independent research and development. It plans to produce a new model every year in the future, and it is self-service research and development. Last year, Hongqi H7 and L9 cars were seen at the auto show. On May 29 this year, Hongqi H7 was launched, priced 29.98-47 9,800.

　　In fact, after seeing the development history of Hongqi, I feel that Hongqi sedan was a microcosm of China’s industry from its independent research and development in the early stage, to being hit, and then to being in a slump. And when it came to the joint venture period, FAW Group relied on Volkswagen to live, and the 55-year-old Hongqi sedan did not have the spirit of the year. This can be seen from the sales volume of the last two years: only 2 were sold in 2011 and 127 in 2012. It is estimated that these are all customized production, processed from the prototype workshop, and the cost is not cheap.

　　Second, the red flag has the best opportunity

　　In recent years, independent brands have continued to impact the high-end market, such as SAIC Roewe, FAW Pentium, etc., but the official car market is still controlled by Germany and Japan. Although they have surpassed Japanese and Korean mid-sized cars in some technologies and performance, the market response is still poor. If independent brand mid-sized cars can make a difference in the market, it will have strategic and positive significance for the growth of independent brands.

　　After talking about history, let’s talk about the current situation of the red flag. The foreign minister’s car was replaced by the red flag and published on social media, which is quite profound. Does this prove that the state supports the red flag car in full swing? In fact, since the first lady’s visit, many independent brands have entered the best era.

　　With the implementation of the "Double 18" official car purchase, automobile companies have also seen the potential of the official market. Hongqi, as the former boss, of course cannot be missed, so he started a series of plans: Zhang Xiaojun, the former executive deputy general manager of FAW-Volkswagen Audi Sales Division, who has served for 7 years, has become the general manager of FAW Car Sales Company, shouldering the heavy task of rebuilding the Hongqi brand. At the end of May this year, Hongqi’s high-end car H7 was launched. Enterprises are ready from the sales side and the product side, and the government has cleared the obstacles from the procurement side. This may be the best historical opportunity for Hongqi.

　　III. Can red flags make ideals fly?

　　Before Hongqi, there was no bright spot in technology, and the market positioning was in chaos. Hongqi is already a failed brand, which is an indisputable fact.

　　At the technical level, in recent years, Hongqi’s strategy has been entirely based on existing foreign products. Chassis, engine, on the basis of prototype cars, modified to avoid patents, which is also a common problem before all independent enterprises. H7 claims to be purely independent research and development, and I personally think it is basically a mature model.

　　Market level: Hongqi wants to copy Audi’s success in China too much, and everything is guided by Audi’s success precedent. Focusing on the high-end market, focusing on government procurement, hoping to promote this legendary brand from the top down. This can be seen from the executives transferred to Audi. There is a lack of luxury brands in the market for independent brands, and Hongqi happens to be a high-end government car. It has no choice but to take a detour a few years ago and make some four differences: technically pieced together, the market positioning is high or not, and the market positioning is not low. Home rental business government, where to use it is embarrassing. Now I finally woke up and started to focus on the high-end market. This strategy is also the only way out for Hongqi. If this strategy fails again, Hongqi can be said to never turn around.

　　FAW’s plan is that once the government’s top management adopts the Hongqi as an official car, Audi’s market position will change accordingly (I am skeptical of this), and the Hongqi car will be changed overnight due to the market downturn caused by the loss of its leading car position. Although this idea is a bit simple, the beneficiaries of this change are not only Hongqi cars, but also the market position of the entire independent brand B-class car, and even greatly benefit the public’s confidence in the independent brand.

　　But although the red flag is actively prepared, how to compete with Audi, BMW, Accord, Passat and other official cars? R & D, production, marketing, quality management, after-sales services, etc., are these red flags ready?

　　In general, the recognition of the official vehicle market will take time, and the market side is even more difficult. Not to mention the popularity of German, Japanese, and American products, in addition to mandatory documents, local support cannot be ignored. The only worry now is FAW’s system, efficiency, and marketing integration capabilities. In the next five years, if Hongqi cannot come up with independent and excellent technology and models that conform to official and business temperament, it may be time for the Hongqi brand to disappear.

　　Exchange email: yinxl2010@vip.163.com

　　Disclaimer: The author of this article is a columnist, and the views expressed in this article are personal and cannot be representative of Autohome.

　　The pictures in this article are from the Internet, thanks to the original author.

Cctv newsIt is obviously a red light, so it is a big difficulty for traffic management in China to break through it. Many people seem to suddenly become color blind as soon as they get to the traffic lights.

Everyone knows that it is illegal to run a red light, but almost everyone has run a red light. Why? Just because the illegal cost is low, few people are in charge, and even if it is broken, it is difficult to be found in time.

Capture the scene of running a red light.

However, with the development of face recognition technology, this management difficulty may be broken. Recently, some cities in Shandong and Jiangsu began to use face recognition systems at traffic intersections to capture pedestrians and non-motor vehicles running red lights and expose them on the spot. So far, the effect is not bad.

There is an electronic display screen at many intersections in Suqian, which is called the face recognition system for pedestrians running red lights. Once a pedestrian runs a red light, his image information and some personal information will be presented on the display screen in time, and the time difference between them is only about 10 seconds.

It takes only 10 seconds from running a red light to video exposure!

Just 10 seconds! This means that pedestrians just ran a red light and came across the road. As a result, they looked up and saw their own scene of running a red light.

Identifiable identity information

In addition to live playback, the traffic control department will also connect household registration information for exposure. At the intersection of century avenue and Hongzehu Road in downtown Suqian, the live pictures of citizens running red lights at this intersection in recent days are being scrolled on the big screen.

Xia Jianshe, deputy detachment leader of the traffic police detachment of Suqian Public Security Bureau: Everyone can see the display on the big screen. Some people will take the initiative to call our traffic control department after running a red light, and are willing to accept the punishment to ensure that they will not run a red light again. Let’s remove his photo. In the second way, we will take the initiative to contact him by comparing his contact information.

Xia Jianshe, deputy detachment leader of traffic police detachment of Suqian Public Security Bureau

The accuracy of face recognition at 10 intersections is over 90%

For pedestrians and non-motor vehicles who run red lights, the traffic control department will impose fines on 20 yuan and 50 yuan respectively. At present, Suqian has installed face recognition systems at 10 intersections, exposing 580 pedestrians and non-motor vehicles running red lights, and the accuracy of face recognition is over 90%.

SuqianInstall face recognition system at 10 intersections.

Not only capture evidence, but also identify identity information.

In Jinan, Shandong Province, the data in 2016 showed that road safety accidents caused by pedestrians accounted for 16% of all accidents; Road safety accidents caused by non-motor vehicles account for 33.4% of all accidents. Recently, Jinan has also started to use the face recognition system.

Not only capture evidence, but also identify identity information.

When the red light is on, if a pedestrian crosses the stop line, the system will automatically capture 4 photos, keep the video for 15 seconds, and intercept the head of the illegal person. This system can not only capture and collect evidence, but also identify the identity information of illegal personnel. Even at night, it can be clearly imaged.

In addition to a fine for running a red light, you will also be sent to the intersection for duty.

Since the face recognition system was put into use in Jinan in early May, more than 6,200 illegal acts of running a red light have been caught. In addition to fines, people who run red lights will also receive traffic safety education and be sent to intersections for duty.

Running a red light will be sent to the intersection for duty.

After nearly a month of rectification, the compliance rate of pedestrians and non-motor vehicles has been greatly improved. In the future, Jinan will install this system at about 50 major intersections in the city.