标签： 上海娱乐地图

Officially signed, Evergrande wants to extend its life for three years

(Text/Zhang Zhifeng, Editor/Ma Yuanyuan) The official signing of the contract began, and Xu Jiayin successfully extended Evergrande’s life for three years in one move.

Less than two weeks after the disclosure of the overseas workout agreement, China Evergrande officially signed the agreement with creditors on April 3.

According to the core terms of the restructuring, Evergrande will issue new bonds to replace the original bonds; the new bonds will last for 4 to 12 years, with an annual interest rate of 2% to 7.5%; no interest will be paid for the first 3 years, and interest will be paid at the beginning of the fourth year, paying 0.5% of the principal.

It is worth noting that this does not mean that all foreign creditors support the restructuring plan.

According to the announcement, the members of the special group of creditors who currently signed a restructuring support agreement with Evergrande hold only about 20% and 35% of the total outstanding principal of the existing Evergrande and existing Jingcheng Notes, respectively. The signed agreements are the Group A restructuring support agreement, the Jingcheng restructuring support agreement, and the space-based restructuring support agreement. According to this, the parties agree to cooperate to facilitate the implementation of the proposed restructuring.

Evergrande did not disclose the proportion of creditors who signed the Group C restructuring support agreement. At the same time, the company continued to invite all creditors to join in the announcement.


Evergrande said that it will fully invest in the protection of the building, stabilize the recovery momentum of sales, and gradually return to the right track.

However, this does not mean that Xu Jiayin can rest easy from now on.

According to the observer network previously reported that by the end of 2021, Hengda’s total assets 1.699 trillion yuan, but the total liabilities have reached 1.898 trillion yuan, that is, net assets are – 199 billion yuan.

In addition to the overseas debt that has been restructured this time, the domestic debt issue cannot be ignored.

The announcement shows that the overdue amount of Hengda’s domestic interest-bearing liabilities reached 208.40 billion yuan, the overdue amount of domestic commercial acceptance bills reached 326.30 billion yuan, and the overdue amount of domestic contingent debts reached about 157.30 billion yuan.

As of the end of 2021, the company’s domestic overdue debt totaled 692 billion yuan, and more than half of the domestic creditors have taken legal action.

Evergrande said that its core task for the next three years is to "protect the building" and will strive to maintain the "resumption of work and production" to maintain orderly operations. It is expected that an additional 250 billion yuan to 300 billion yuan of financing will be required.

From the fourth year onward, assuming that the company can resume normal operations and that the old reform projects that have not yet been confirmed as the main implementation entities can continue to be developed, the unleveraged free cash flow is expected to increase gradually.

Evergrande expects to achieve unleveraged free cash flow of about 110 billion yuan to 150 billion yuan annually from 2026 to 2036.

This article is an exclusive manuscript of Observer Network and may not be reproduced without authorization.

Geely Automobile’s mobile phone rocket dream： net profit has plummeted for three consecutive years, with multiple vehicle recalls a year

"Harbor Business Watch" Wang Xinyi

Left-handed car, right-handed mobile phone, and a rocket on the back. Geely Group’s current business can be described as getting busier and busier.

Looking closely at the automotive sector, the latest monthly car sales have declined year-on-year. On the new energy vehicle track, how can veteran Geely widen the gap with new forces?

01

Acquiring Meizu, Geely’s Rocket Dream "Ambition"

Zhejiang Geely Holding Group Co., Ltd. (hereinafter referred to as Geely Group or Geely Automobile, 00175.HK) was founded in 1986. It started from the production of refrigerator parts and developed to the production of refrigerators, freezers, building and decoration materials and motorcycles. Until 1997, Geely Group officially entered the automotive industry. Five years later, in 2002, Geely Automobile had reached the top ten achievements of Chinese automobile enterprises.

According to public information, Geely Group currently owns Volvo Cars, Geely Automobile, Lynk & Co Automobile, Polestar, Proton Automobile, Lotus Automobile, London Electric Vehicle, Long-range New Energy Commercial Vehicle and other automobile brands. But unlike other private auto companies, Geely Group’s "ambitions" do not stop at automobiles.

On the afternoon of June 13, 2022, the State Administration for Market Regulation announced the case of Hubei Xingji Times Technology Co., Ltd. acquiring the equity of Zhuhai Meizu Technology Co., Ltd. According to the public information, Xingji Times has signed an agreement with Meizu Technology and the shareholders involved in the transaction, and Xingji Times intends to acquire 79.09% of the equity of Zhuhai Meizu and become the actual controlling person.

Hubei Xingji Times Technology Co., Ltd. is a mobile phone company under Geely. It was established in September 2021. According to relevant public information, Geely Mobile has established four new companies in May this year. But currently choosing to enter the mobile phone industry does not seem to be the best option.

The Prospective Industry Research Institute’s "China Mobile Phone Industry Market Prospect and Investment Forecast Analysis Report" shows that from 2018 to 2021, the proportion of domestic brand mobile phone shipments in total mobile phone shipments showed a downward trend, and the proportion of domestic mobile phone shipments in 2021 was 86.6%, the lowest point in the past four years.

The reason why Geely chose mobile phones, Li Shufu, chairperson of Geely Group, explained: "Mobile phones can connect vehicles to everything, satellite Internet, create rich consumption scenarios, and strengthen the ecosystem, which is conducive to building a user ecological chain, building a corporate moat, and better coordination with the automotive business."

If mobile phones are about better synergy with the car business, then Geely’s dream of "going to heaven" seems to be explained by this.

On April 17, 2020, Yang Xueliang, vice president of Geely Automobile Group, posted on Weibo: "Recruitment of rocket chief engineer, welcome to sign up, resume @Geely Recruitment." On June 2, 2022, Geely Automobile launched a rocket carrying a total of nine satellites.

In order to build a better intelligence system, Geely Group’s "buy buy buy" has involved many fields. Some people think that if you do too much, you forget to start a car, and the car is not good.

"This statement is in line with the fact that companies need to focus on their main business and avoid the dispersion of resources." Bai Wenxi, chief China economist at IPG, told Harbor Business Watch:"Geely’s acquisition model, whether it is the acquisition of a number of car companies before or the recent acquisition of Meizu in the mobile phone sector, can only be sustainable and enhance and strengthen the industrial chain and ecosystem of the enterprise if it realizes the specialization of the operation while diversifying the investment.

02

Sales volume is under pressure, net profit and net asset return continue to decline

Looking at the main business of Geely Group, the latest sales data of Geely Automobile does not seem to be satisfactory. According to Geely Automobile’s monthly report,The cumulative sales volume in the first five months of 2022 was 487,000, down 8% year-on-year. Among them, the sales volume in May was 89,100, down 7% year-on-year.

The difference is that Geely Automobile has achieved new breakthroughs in the field of new energy vehicles in the sub-sector. In May 2022, Geely Automobile sold 19,619 new energy vehicles, an increase of 304% year-on-year, an increase of 39% month-on-month, and a penetration rate of 22%.

Not only Geely Automobile’s new energy brand, the entire new energy vehicle industry has achieved good results in May. According to the latest data released by the China Association of Automobile Manufacturers, China’s new energy vehicle sales in May were 447,000, an increase of 49.6% month-on-month and 105.2% year-on-year. The cumulative sales volume from January to May was 2.003 million, an increase of 111.2% year-on-year.

For new energy vehicles, the outside world has always held a high degree of popularity, and there is no shortage of optimism about new energy vehicles. Yu Fenghui, a famous economist and new finance expert, told Harbor Business Watch: "The replacement of fuel vehicles by new energy vehicles is definitely a direction. In the current situation where the oil price is about to exceed ten yuan per liter, it is an opportunity for new energy vehicles. Although the price of new energy vehicles is also rising, the price increase is a rigid cost and must be raised. If it does not rise, it will lose money. But new energy vehicles must be a development opportunity. It can be seen that although new energy vehicles are temporarily difficult, the pace of development of new energy vehicles deserves to be firmly optimistic."

For the capital markets, this year’s new car-making forces are on the rise. On March 10, 2022, NIO landed on the Hong Kong Stock Exchange, which is NIO’s second return to Hong Kong listing after the listing of US stocks. On March 17, Zero Run Auto submitted a prospectus to the Hong Kong Stock Exchange. On June 1, Weimar Motor also chose to submit to the Hong Kong Stock Exchange. In the face of the new energy vehicle cake that the market is competing for, how can Geely Automobile join the list?

According to public information, Geely Automobile has Geely New Energy, Lynk & Co, Geometry, Proton, Lotus, Volvo New Energy and Extreme Krypton in the new energy sector. This year, Geely will add two new energy vehicle brands. On June 17, Geely’s new new energy brand RADAR held a brand launch. On June 21, Geely Ruilan brand will also be officially released. The official description of the brand is that it focuses on the positioning of "changing electricity and light travel".

Compared with the "back waves" of new energy vehicles, Bai Wenxi believes: "Geely Automobile is growing faster than itself in the field of new energy vehicles, but compared with other new energy and new power car companies, both in terms of core technology innovation ability and marketing seem to be slightly inferior, but Geely’s enterprise scale, industrial supporting and manufacturing capabilities will be stronger."

Look at Geely Automobile as a whole in recent years. In 2021, Geely Automobile achieved operating income of 101.611 billion yuan, which is the second time after 2018 that its revenue exceeded 100 billion yuan. In 2019 and 2020, Geely Automobile’s revenue was 97.401 billion and 92.114 billion respectively, showing a downward trend. Correspondingly, Geely Automobile has continued to decline in net profit attributable to its parent in the past three years.From 2019 to 2021, 8.19 billion, 5.534 billion and 4.847 billion.

Bai Wenxi said: "The reason why the revenue will exceed 100 billion again, while the profit of the parent company continues to decline, on the one hand, it may be related to the decline in the average gross profit margin caused by industry competition, and on the other hand, it may also be caused by the increase in the proportion of sales of low-margin products in the product structure caused by the adjustment of the company’s market strategy."

At the same time,Geely Automobile’s average return on net assets in the past three years has shown a significant downward trend, reaching 16.48%, 9.37% and 7.33% respectively.

Some market voices believe that the company’s net profit has continued to decline, as has the average return on net assets, which may reflect to some extent that the company’s profitability is weakening. How does the company plan to boost it? Harbor Business Watch contacted Geely Group to inquire about relevant issues, but did not receive a corresponding reply.

In addition to the decline in performance, in the capital markets, Geely Automobile has not been able to escape the decline shared by automakers this year. "Harbor Business Watch" found that from December 17, 2021 to June 17, 2022, six months, Geely Automobile fell by 35.13%.

(Geely Automobile’s share price trend in the past half year, picture source: Flush (300033))

Yu Fenghui said: "The decline is relatively normal. In the new energy vehicle sector, it is affected by raw materials, and traditional cars cannot escape the epidemic. One of Geely Automobile’s R & D centers is located in Shanghai, and under the influence of the epidemic, Shanghai has been under control for a period of time, which has a great impact on car companies. Including NIO, XPeng Motors, and Li Auto, the three major new energy vehicle brands listed on Wall Street have all experienced sharp declines."

03

Quality "hidden danger", vehicle recall four times a year

Looking at the complaints against new energy vehicle companies this year, the failure to deliver cars is definitely an important issue. In the current market environment, the global price of lithium and nickel has risen sharply, and the cost of building cars has increased, so that many car companies have delayed delivery.

The difference is that most car companies complained about the delay in delivery, which aroused consumer dissatisfaction, while Geely Automobile may have directly chosen to stop production and hoped that consumers would return the car. On the Black Cat complaint platform, there are consumer complaints: "I ordered a Geely Kung Fu Niu ordinary new energy passenger car in early February, and agreed to deliver the car in April. In June, the dealer told me that there was no car and asked me to return the car. However, since March, the price of new energy vehicles has increased by nearly 10,000 yuan, the waiting time and the cost of buying a car have increased significantly, and the manufacturer has forced the car to return, causing serious losses to consumers."

After searching by "Harbor Business Watch", it was found that there was not only one such complaint. Is the company’s production still greatly affected by macro factors? Is the company’s vehicle production normal? "Harbor Business Watch" contacted Geely Group and did not receive any response.

(Source: FM1031 Jinan Traffic Radio)

On the Black Cat complaint platform, Harbor Business Watch searched Geely Automobile and found that as of June 17, 2022, the company had 393 complaints on Black Cat complaints, 9 had been replied, 7 had been completed, and the completion rate was less than 2%. Including complaints about the quality of the transmission and engine.

"The gearbox was damaged after driving 29,000 kilometers, which caused the gear to change to neutral. The product had serious quality problems. It broke down during use. It caused road hazards. Serious quality problems threatened personal safety. The manufacturer refused to solve the quality problem on the grounds that the product was out of warranty."

"My car is about 48,000 kilometers long. During heavy rain, the windows automatically fell (twice in a row), causing water to accumulate in the car. The next day, the gearbox failure light came on, causing the engine to fail to start normally."

(Image source: Black Cat Complaint)

Quality problems do seem to be a long-standing "hidden danger". According to Qichacha, Zhejiang Haoqing Automotive Manufacturing Co., Ltd. (100% owned by Geely Group) has had four vehicle recalls due to quality problems in 2021. There have been 14 recalls since 2019.

The most recent recall of vehicles occurred on April 7, 2022. A total of 18,031 vehicles were recalled for some 2016 Geely Vision GC7 vehicles produced from January 27, 2016 to November 26, 2016. The reason is: During the driving of the vehicle under specific working conditions (long uphill and rapid acceleration), the transmission oil pot may leak oil, and the spilled oil may cause fire in the case of fire source, which poses a safety hazard.

Whether Geely Group’s "buy buy buy" model can really construct a more comprehensive system of self-occupied vehicles to everything is unknown, but the current product after-sales complaints have not been replied, and the product has been recalled frequently, which urgently needs to be rectified. (Produced by Harbor Finance)

This article was first published on WeChat official account: Harbor Business Watch. The content of the article is the author’s personal opinion and does not represent the position of Hexun.com. Investors operate accordingly, and please bear the risk.

(Editor in charge: Zhou Wenkai)

Ministry of Communications： Continue to remove Didi Hitch from the shelves before completing the rectification of hidden dangers

　　On November 28th, according to the WeChat official account of the Ministry of Transport, on the morning of the 28th, the Ministry of Transport held a news conference on the inspection of the special project of the online car ride-hailing type safety, in conjunction with the Central Network Information Office, the Ministry of Public Security and other departments, reported the inspection work. According to the report, Didi has 7 main problems, and continues to remove the Didi ride-hailing business before completing the rectification of potential safety hazards.

　　Check the basics

　　Since the beginning of this year, there have been cases of passengers being killed in Didi Hitch in Zhengzhou, Wenzhou and other places. The central leadership has attached great importance to it, and the social impact has been very bad.

　　After the inter-ministerial joint meeting on the coordinated supervision of new business models of transportation, the Ministry of Transport, the Central Political and Legal Committee, the Central Network Information Office, the Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Justice, the Ministry of Emergency Management, the People’s Bank of China, the General Administration of Market Supervision and other 10 departments formed a special project inspection working group for safety. From September 5th to 15th, Didi, Shouqi, Shenzhou, Cao Cao, Yidao, Meituan, TikTok, Autonavi and other 8 major online car-hailing and ride-hailing platform companies carried out joint security project inspections and went to Zhengzhou and Wenzhou to learn about the case.

　　At the same time, all localities have also carried out safety inspections on other online car-hailing and ride-hailing platform companies in the region with reference to the form and content of ministerial-level inspections.

　　In accordance with the decision-making and deployment of the State Council, the Ministry of Transport, together with relevant departments, has always adhered to the basic principles of people-centered and "encouraging innovation and standardized development" for new forms of transportation services such as online car-hailing, and implemented inclusive and prudent supervision. The special project inspection work adheres to the problem-oriented and goal-oriented, and in accordance with the principle of "comprehensive coverage and key points", "check the pulse of the physical examination and prescribe the right medicine" for the platform company, focusing on the platform company’s existing problems affecting public safety, passenger personal safety, information and other issues. At the same time, adhere to the rectification while inspection, urge and guide the platform company to check the problem, analyze the cause, make immediate changes, block security bugs, and effectively protect the safety of people’s lives and property.

　　The main issues identified

　　From the inspection, Didi mainly has the following seven problems:

　　First, there are major security risks in Hitch products. There are risks of user personal information leakage and security risks, product "social" positioning induces major security risks, Hitch rules violate relevant national and local regulations, are suspected of illegally operating road passenger transportation, and the business fund settlement model is not compliant.

　　The second is that the main responsibility for safety production is not in place. The safety management organization is not perfect, the safety management system has major deficiencies, the safety production responsibility system and the accident hidden danger investigation and management system have not been implemented, and the safety production costs have not been fully guaranteed. Safety management personnel have not passed the assessment and have not carried out driver training and education as required.

　　Third, the problem of illegal operation of online car-hailing is prominent. There are a large number of unqualified illegal operations of platform companies, vehicles and drivers.

　　Fourth, the foundation of emergency management is weak and inefficient. The formulation of emergency plans is unscientific, the system is not perfect, the emergency drills are not in place, the emergency management personnel are seriously insufficient, the customer service personnel are seriously insufficient, the emergency response efficiency is low, and the linkage mechanism with relevant departments is not perfect.

　　Fifth, the risk of social stability is prominent. To promote the "rent-based purchasing" business, the operating rules such as order dispatch and distribution mechanism are opaque, and orders are changed day by day, which poses hidden dangers of instability.

　　Sixth, the problem of public safety hazards is relatively large. The driver’s qualification and background review are not in place, the company’s offline management of people and vehicles is out of control, criminal security cases occur from time to time, the main responsibility of comprehensive social security management is missing, the early warning and cleaning of high-risk drivers are not in place, the abnormal itinerary and abnormal order cancellation are not effectively monitored and managed, and the APP safety function settings are not perfect.

　　Seventh, there are hidden dangers in Internet information security. There are loopholes in information systems, hidden dangers and risks of being attacked by external hackers and unauthorized access by internal employees; data grading and classification management requirements are not strictly implemented, and user personal information is stored in plain text; information security responsibilities of employees in important departments and positions are not implemented effectively, and specific measures are not enough; Insufficient management and training of employees in information security.

　　For the other seven platform companies, the main issues identified during the inspection included:

　　First, the compliance rate of online car-hailing is still insufficient. Some "asset-heavy" platform companies have high compliance rates for their own vehicles, but some "asset-light" companies have low compliance rates. Second, safety production management needs to be strengthened urgently. There are problems to varying degrees in implementing the main responsibility of safety production, signing safety production responsibility letters at every level, and strengthening safety production education and training.

　　Third, there are deficiencies in public security prevention. There is a general lack of dynamic management of the background situation of vehicles and drivers, and security protection technology needs to be improved. Fourth, there are hidden risks in Internet information security. Some companies have not implemented the relevant work of grade protection as required, the data grading classification management regulations are not clear, and the management and training of internal information security of enterprises are insufficient. Fifth, some product capital settlement models are not compliant, and there are capital security risks.

　　Handling opinions on relevant responsible units and responsible personnel

　　In response to the problems discovered by the inspection team, the inspection team formed opinions on the handling of relevant responsible units and responsible persons according to law, mainly including the following aspects:

　　The first is to continue to remove Didi Hitch from the shelves before completing the rectification of potential safety hazards. For Didi, there are serious illegal acts of wantonly engaging in illegal business activities in the name of Hitch, endangering social and public interests, and major liability accidents and multiple safety production accidents have occurred, resulting in serious consequences. The company is ordered not to continue to carry out Hitch business until the rectification of potential safety hazards is completed.

　　The second is to deal with illegal operations in accordance with the law. The relevant territorial management departments shall, in accordance with the "Interim Measures for the Administration of Online Booking Taxi Business Services" and the relevant requirements of the local implementation rules, severely crack down on online car-hailing platforms and private passenger car sharing information service platforms for illegally engaging in taxi business activities, and increase penalties for platform companies and other enterprises.

　　The third is to impose administrative penalties on the relevant responsible persons in accordance with the law. The relevant territorial management departments shall impose administrative penalties such as fines on the main responsible persons and legal representatives of Didi Chuxing Technology Co., Ltd. in accordance with the relevant provisions of the "Safety Production Law". At the same time, the company is required to handle the internal responsible persons according to the list of problems.

　　The fourth is to deal with suspected acts of excluding and restricting competition and publishing illegal advertisements. For Didi’s suspected use of market dominance to obtain improper benefits, in accordance with the Antimonopoly Act and other laws and regulations, the market supervision department will take the lead in organizing interviews and issuing reminders. For Didi Hitch’s previous propaganda advertisements suspected to contain content that obstructs social public order and violates good social customs, interviews will be conducted and disposed of according to law.

　　Requirements for rectification of platform companies

　　According to the problems found in the inspection, the Joint Inspection Unit put forward rectification requirements for Didi Company. The specific requirements are as follows:

　　The first is to strengthen the safety management of hitchhiking. Offline rectification of hitchhiking hidden dangers, comprehensive self-inspection and rectification of hidden dangers, before the rectification of hidden dangers is completed, the hitchhiking business will be stopped indefinitely, and the privacy protection of users’ personal information will be strengthened. Strengthen new product security evaluation.

　　The second is to implement the main responsibility of safety production. Strictly implement the "Safety Production Law" and other laws and regulations, establish and improve the company’s safety production management rules and regulations, strengthen the construction of offline safety forces, improve the cooperation mechanism between government and enterprises, implement the safety production responsibility system, strengthen the investigation and management of hidden dangers, and strengthen Security Training education.

　　The third is to operate in full compliance with the law. In accordance with relevant regulations, comprehensively promote the compliance of online car-hailing, remove non-compliant vehicles and drivers on the platform as soon as possible, and connect the online car-hailing operation information data to the national online car-hailing supervision information exchange platform according to regulations, and ensure data quality.

　　The fourth is to improve emergency response capabilities. Improve and perfect the company’s emergency plan system, enhance the pertinence, practicality and operability of emergency plans, improve the emergency response mechanism for emergencies, and effectively achieve responsive and efficient handling. Increase customer service force allocation and handling capabilities. Strengthen customer service personnel training, strengthen complaint handling capabilities, and improve customer service personnel response capabilities. Improve the linkage mechanism with relevant management departments to ensure rapid response and handling of emergency incidents.

　　The fifth is to implement the main responsibility for social stability. Take the initiative to implement the main responsibility for social stability of enterprises, respond to drivers’ demands for enterprises in a timely manner, resolve conflicts in a timely manner, strengthen the education and management of connected drivers, and cooperate with relevant departments to maintain industry stability.

　　The sixth is to strengthen the governance of public safety issues. Take good care of the access of vehicles and drivers, strengthen the dynamic verification of vehicle and driver qualifications, strengthen the dynamic risk management and control of vehicle operation, strengthen the consistency review of online and offline people and vehicles, resolutely block "impostor" security bugs, and implement the main responsibility of comprehensive social security management.

　　The seventh is to improve the level of Internet information security management. Conduct an overall investigation of the internal information system,. Further improve the data grading classification management measures and strictly implement them to strictly prevent information leakage. Improve the company’s information security management system, clarify the information security post responsibilities of key departments and key personnel, formulate a systematic Internet Information Security Training plan, and urge employees to further enhance their awareness of information security responsibility.

　　For the other 7 platform companies, the rectification requirements put forward by the inspection team mainly include: First, comprehensive compliance with the law. Accelerate the progress of vehicle and driver license applications in accordance with relevant regulations, and realize all legal compliance of vehicles and drivers under the platform as soon as possible. Remove non-compliant vehicles and drivers, and standardize the product fund settlement model. The second is to improve the level of safety production management. Implement the main responsibility of safety production in accordance with relevant laws and regulations, strengthen customer service team building, improve customer service team awareness and handling capabilities, and conduct regular training to continuously improve the platform company and driver emergency response capabilities. The third is to improve offline management and service capabilities. Improve vehicle and driver management mechanisms, improve offline service quality, and ensure that various safety and security measures are in place. The fourth is to strengthen the governance of public safety issues. Do a good job in security risk investigation, improve the platform APP function settings and strengthen vehicle risk management and control, and deal with vehicle dynamic risk hazards in a timely manner. Fifth, improve the level of Internet information security management. Do a good job in level protection related work, and regularly carry out information security threat and risk assessment and hidden danger investigation work. Perfect data grading classification management methods, key data should be encrypted and stored to prevent the leakage of user personal information.

　　Regarding the above existing problems, handling measures and rectification requirements, the Joint Inspection Unit has sorted out the relevant list and formally provided face-to-face feedback to the relevant platform companies.

　　In the next step, the Joint Inspection Team will guide the relevant departments of the territory to follow the requirements of relevant laws and regulations and the list of issues reported by the inspection team, and urge the platform company to seriously implement the rectification and put it in place to better ensure the safety of people’s travel.

Dialogue with Tamia Liu, co-CEO of Zhiji Automobile： The negative impact of the crazy price war of car companies is greater than the positive.

At the same time that SAIC announced that it would fully sprint vehicle sales of 6 million vehicles in 2023, brands of Zhiji, Feifan and other groups began to launch new models with full horsepower. On February 10th, the intelligent "pure electric medium and large luxury SUV" Zhiji LS7 announced the vehicle configuration and price, which was officially listed nationwide.
Tamia Liu, co-CEO of Zhiji Automobile, said in an interview with Shell Finance on February 16th that the sales target of Zhiji Automobile in 2023 is 45,000 vehicles. In order to achieve the goal, Zhiji will speed up the spread of channels, and it is estimated that there will be 240 experience and delivery centers this year.
The reporter noted that according to the sales volume of Zhiji Automobile in 2022, the sales volume of Zhiji Automobile in 2023 needs to increase more than 8 times year-on-year to achieve the goal.
Regarding vehicle pricing, Tamia Liu said that with the endorsement of SAIC, Zhiji can get better quality parts at a lower cost, thus reducing the cost and selling price. However, Tamia Liu also said that the current crazy price war in the industry is more negative than positive. "If we do simple electrification at a low price and low level, in addition to our limited development, it will also make the market very unhealthy."
Frankly speaking, the channel is slow to spread, taking advantage of SAIC endorsement to flush sales.
Shell Finance: What is Zhiji’s future sales target?
Tamia Liu:We mainly rely on L7 and LS7 to support this year’s sales target, and another model will be launched in the second half of this year. With these three models, we hope to sell 45,000 cars this year.
Shell Finance: At present, domestic brands are very "involuted". Some people even say that many brands will die in the next 3-5 years. How can Zhizhi occupy the mainstream position?
Tamia Liu:Zhiji was jointly built by SAIC, Zhangjiang Hi-Tech and Alibaba Group, and the initial round of financing reached 10 billion yuan. Zhiji has the endorsement of SAIC’s supply chain and manufacturing industry, and the endorsement of Ali and Zhangjiang. At present, these empowerment and potential have not been fully realized.
For example, some people ask whether Zhiji is under pressure in the supply chain and whether the chip will still be the bottleneck in the next impact on sales. But I feel confident. As long as SAIC can buy chips, it will never lack Zhiji’s chips. Moreover, SAIC allows us to get better quality products at the most appropriate cost.
Shell Finance: What kind of planning does Zhizhi have in terms of channels in the future?
Tamia Liu:At present, there are about 120 experience centers and delivery centers in Zhiji. Because of the great inertia of channels, the annual operating expenses of channels are hundreds of millions. Once the market fluctuates, the sales volume is too small and there are too many channels, there will be cash flow pressure and channel management will be difficult. As a brand-new brand with a level of 400,000, Zhiji also had its own forecast of sales volume at that time, so it was conservative in channel spreading. Now it seems that it is true that the speed of spreading our channels is somewhat slow.
Our goal at the end of the year is to open 240 channels, of which we are confident that 180 to 190 will be opened before June 30, and a large number of second-tier cities will be covered.
After studying the high-end luxury market, choosing ladder pricing means that the negative side of price war is greater than the positive side.
Shell Finance: What are the considerations and processes for the pricing of a car?
Tamia Liu:It is a long process for car companies to price and configure products. The iteration cycle of the mobile phone can be changed instantly; The automobile development cycle is long, and there are many restrictions on price adjustment. For example, the whole supply chain adopts very strict approval and centralized procurement. The cycle of a model from the beginning of planning to listing is about two and a half years. Basically, in the initial period of time, 99% of the configuration of this car has been decided. According to these configurations, the price of the car has been basically set at that time.
Shell Finance: Why did Zhiji choose the current pricing range? What do you think is the most suitable price range for the luxury car market in China?
Tamia Liu:At present, the mainstream price range of high-end luxury electric SUVs and cars in China is 350,000 to 390,000 yuan. Among the medium and large SUVs with more than 250,000 yuan, the sales volume of five products is much larger than that of seven and six; Most of the intensive sales segments are 300,000 yuan to 350,000 yuan. If the price exceeds 400,000 yuan, users’ requirements for models will increase, and it will be difficult to achieve the sales target.
Therefore, the pricing range of Zhiji LS7 this time has been designed, and the core pricing is 329,800 yuan, 349,800 yuan, 379,800 yuan and 459,800 yuan. Which is the key and which is the auxiliary has been scrutinized. For example, Zhiji relies on L7 to help Zhiji automobile stand firm in the queue of high-end brands, and LS7 strives for more market share through the lower price and higher value ratio of 329,800 yuan.
The price of 459,800 yuan is really high. We consider that Zhiji, as a new brand, has a low popularity, and it is a great challenge for users to accept the pricing of 400,000 yuan. Last year, due to comprehensive reasons, the sales of Zhiji L7 also failed to meet expectations. However, we think that the overall design and handling of our models are good, so we continue to move towards the price range of 360,000 yuan to 400,000 yuan.
Shell Finance: What does Zhiji think about product planning in the next step?
Tamia Liu:If the popularity is 0 to 100 points, brands such as Tesla and Volkswagen have 99 points, and brands that you have heard of have 80 points, then the popularity of Zhiji is only 40 points now. Next, we plan to raise the brand awareness to 80 points in three months.
In fact, from 2021 to now, we are observing which version the sales of mainstream brands like Tesla are mainly focused on. In the future, we will launch a version suitable for daily commuting in cities, that is, the 77kWh standard battery life Pure exclusive rear drive version.
Shell Finance: The listing of Zhiji LS7 coincides with the fierce price war of new energy. What do you think of this situation?
Tamia Liu:From an industry perspective, I personally think that the negative side of crazy price war is greater than the positive side. Crazy price reduction, crazy involution, and all kinds of mixed products madly grab the market, which is unhealthy competition. Moreover, products with insufficient quality are particularly irresponsible to users.
Compared with oil vehicles, the cognitive threshold of smart electric vehicles is relatively high. After all, the fuel vehicle has a history of 137 years, and it is well known by the industry, users and market. Intelligent electric vehicle is a clear track, but the cognitive threshold is relatively high, and a large number of brands and products flock in, which is not conducive to the development of the industry.
In particular, electric vehicles have high requirements for intelligence and motor quality. If they are simply electrified at a low price and level, in addition to their limited development, they will also make the market unhealthy. Maybe users don’t have a complete product understanding at first, and they will pay the bill in a short time, but there will never be a second time. The core is product strength. You must have lasting product strength before users will pay for your brand and products.
Definitely do not change the power to ensure the iterative speed of the battery
Shell Finance: Previously, Zhiji L7 had wireless charging function. What do you think of the fact that car companies built their own energy replenishment system?
Tamia Liu:For the time being, Zhiji LS7 has no open unlimited charging function. We mainly consider that the situation in each city is quite different. Because of the ground, residential environment and other reasons, many users’ parking spaces are not suitable for installing unlimited charging equipment. We are also optimizing this function, which has not been opened yet.
Regarding the energy-supplementing system, if the starting point of car companies is "I will do it if others do it", it will come to a dead end. Because charging is essentially an infrastructure operation, it is difficult for car companies to do heavy asset operation, so we still think that everyone should do their own professional things. Zhiji currently has charging piles available in the delivery center, but we will not blindly expand charging piles. I don’t think this is the field that Zhiji is good at.
Shell Finance: SAIC has joined hands with PetroChina and Sinopec to change electricity. Will Zhiji launch a model that can change electricity in the future?
Tamia Liu:Zhiji is very clear not to change electricity. There are many benefits, but there are also many challenges and limitations, which are mainly reflected in the basic aspects at present. Zhiji’s L7 and LS7 models are the thinnest in the current market segment. If the battery is changed, it needs to be standardized, and the battery should be 20mm to 30mm thick.
On the one hand, such a thickness will have a great impact on the shape, and it will also reduce the internal space of the vehicle. On the other hand, the iterative speed of the battery will be greatly limited. We believe that the technical reserve of battery cruising range has supported the cruising range of 1000 kilometers, and the mileage anxiety of users has been greatly reduced. There is no need for us to change electricity.
Beijing News Shell Financial Reporter Lin Zi
Editor Yue Caizhou
Proofread Liu Baoqing

Welfare+guarantee, ask the new M7 new gameplay to promote the big decision. In 45 days, 70,000 sets have been broken!

There are still two months to the end of the year, and the automobile market is surging. In order to occupy the automobile market, major automobile brands have come up with unique tricks. Among them, the unique marketing strategy of the new M7 in Wenjie has gained widespread attention in the market. It is understood that Huawei not only provided 30,000 yuan worth of rights and interests for the new M7, but also promised to delay the delivery of subsidies for 200 yuan/day, providing consumers with a car purchase experience of "having benefits on the top and being guaranteed on the bottom", creating a record ceiling of 70,000 units in 45 days.

Different from the strategy of focusing on "promotion" when new cars of other automobile brands go on the market, Huawei has taken a different approach to stand on the side of consumers, dig deep into consumers’ needs, and introduce rights and protection at the same time. Specifically, the big rights and interests of this new car include:

(Time: 10.8-10.31)

(1) enjoy 5,000 yuan to deduct 8,000 yuan, and reduce the final payment;

(2) a gift of 12,000 yuan worth of interior and exterior decoration matching gold;

③ Enjoy the matching rights worth 15,000 yuan (as described below);

Max smart driving edition users can deduct the optional ADS2.0 urban navigation NCA function by equal amount;

Plus rear-drive users can choose and install a technology enjoyment package worth 15,000 yuan in equal amount;

Users of all models can also choose a combination of rights and interests with a value of 15,000 yuan (21-inch wheels with a value of 10,000 yuan and one of the original aftermarket products).

In order to make consumers worry-free about buying a car, Huawei has also made a care plan for the new M7. According to this plan, new M7 users who have completed the big payment before November 30, 2023, the order status on AITO App starts from the date of "delivery plan confirmed" to the date of "vehicle has arrived at the store". If the waiting period in the table below is exceeded, they will receive the cash subsidy for car pick-up care according to the number of days (vehicle arrival date-delivery plan confirmed date-waiting period). The standard of overdue subsidy is 200 yuan/day, up to 10,000 yuan.

On the basis of marketing strategy innovation, Yu Chengdong, managing director of Huawei, CEO of BG, and chairman of BU, a smart car solution, personally promised that Celeste Smart Factory is working overtime to ensure market supply demand. At the same time, the investment in the supply chain has exceeded 1 billion yuan, and new production shifts are running around the clock 22 hours a day, making every effort to ensure delivery. This wave of operations makes consumers satisfied with Huawei’s strength and commitment.

The new M7 in Wenjie broke through the large quota of 50,000 orders in 25 days, reaching 60,000 orders a month, and the quota has exceeded 70,000 units in 45 days! Such achievements are remarkable. Of course, the new M7 has achieved such good results, not only relying on welfare and rights, but also relying on Huawei’s strong product strength and user orientation.

Empowered by Huawei, the new M7 intelligent driving field in the world is far ahead. At present, the new M7 intelligent driving version of Wenjie has completed the OTA upgrade, and supports the functions of high-speed NCA and urban LCC. On high-speed and elevated roads, vehicles can follow the navigation to their destinations, and consciously identify the signal lights to assist in controlling normal driving, intelligent lane change, intelligent speed limit, etc., which greatly liberates drivers from manipulating characters. It can also show its talents in urban roads, cruise at a fixed speed, follow the car, cross corners, etc. in the traffic flow, and it can also realize automatic avoidance in and out of the lane, greatly improving driving safety and happiness. It is worth mentioning that Huawei also uses technology to make parking more self-free. Because of the launch of the custom parking function, users can drag and drop vehicle icons on the ground where parking is allowed but not marked. A temporary parking space is supported with the narrowest width of +0.4m, and there is no need to ask an old driver for parking.

Not only that, but the new M7 in space and interior also shows amazing strength. In terms of interior space design, the new M7 in Wenjie has gained more effective interior space with a smaller "pool" through excellent design and layout optimization, with a "room occupancy rate" of 66.3%, leading the same class, and both front and rear rows can get a very spacious and comfortable experience. Moreover, in order to further improve the experience of drivers and passengers, the seats of the new car are designed with 10 layers of comfort lamination, with a total foam thickness of 100mm, and four seats are equipped with ventilation, heating and massage functions as standard, which can bring drivers and passengers a comfortable experience like first class. In addition, thanks to Huawei’s strong technical strength, the car’s Xiaoyi intelligent assistant can greatly liberate the user’s hands, and the double-row nap function of the main and auxiliary drivers can be turned on through voice, bringing more comfort, intelligence and fun to the user’s travel experience. In addition, the new M7 also provides a six-seat layout, giving consumers more car choices.

From the perspective of users, Huawei not only provides high-quality products and services, but also cares about the needs and rights of consumers. The new M7 in the world has won the favor of consumers through Huawei’s unique marketing strategy and caring plan, and soon became a hot model in the market after listing. If you have a car purchase plan recently, you may wish to take a look at the new M7 in the world. Now you can enjoy the rights and protection of buying a car, so act quickly!

The Bangkok International Auto Show officially opened ｜ Changan Automobile unveiled heavy products such as Deep Blue Gemini, CD701 and Aouita 11.

　　On March 25th, the 45th Bangkok International Auto Show officially opened. At this auto show, () launched a brand-new product Lumin (waxy corn) and new endurance versions of Deep Blue S07 and L07, further enriching the travel choices of Thai consumers. At the same time, two heavy products, CD701 and Aouita 11, were exhibited.

　　Shen Xinghua, general manager of Changan Automobile Southeast Asia Division and Changan Automobile Sales (Thailand) Co., Ltd., briefed the guests and the media on the development of Changan Automobile’s Luo Yong factory in Thailand, local supply chain cooperation, marketing service network layout, and future product planning. At the same time, the new products on the market combined with the actual car demand of Thai users made a scene interpretation. As the second model launched by Changan Automobile in Thailand, Lumin has attracted extensive discussion and attention from Thai consumers because of its small size, large space and just right intelligent functions. Netizens affectionately call it "sleepy eye". At the same time, the new endurance version of DEEPAL Gemini, which is listed, meets the needs of Thai users for more scenes and more diversified travel.

　　In the future, Changan Automobile will continue to promote product innovation and service optimization, and provide intelligent, low-carbon and high-tech travel products for Thai users.

　　On the evening of 25th, Mr. Pirapan Salirathavibhaga, Deputy Prime Minister and Minister of Energy of Thailand, visited Chang ‘an Automobile booth, where he experienced CD701, Aouita 11, Deep Blue Gemini and Lumin, and praised the exquisite design and multifunctional experience scene of CD701 and the luxurious exterior interior of Aouita 11.

　　On the morning of 26th, Han Zhiqiang, Ambassador of China to Thailand, and his party visited the booth of Changan Automobile, concerned about and inquired about the operation of Changan Automobile in Thailand and the progress of base construction, and encouraged China new energy automobile enterprises to take more and better new energy products out of China and around the world, so that more users around the world can experience green, intelligent and low-carbon new energy technology products. At the same time, Ambassador Han hopes that Chinese-funded enterprises from all sides will participate in the construction of local new energy replenishment facilities to further strengthen and improve the use environment of new energy products.

On when contemporary college students like running best …

# Fujian University Surprises Little Colorful People # On when contemporary college students love running, it is of course the time when the school holds a rainbow run ~ [call][ call] Every year, everyone will be dyed with beautiful hair color. Let’s recall the annual rainbow run! # Rainbow Dog Running Out of the Campus of Fujian University # (via. Jinshan College of Fujian Agriculture and Forestry University) # Fuzhou Campus [Chaohua] #

One ticket is hard to find! The search volume has soared by a hundredfold! Waist flag football has become the new favorite of young people! Where’s the fun？

After camping, frisbee and other outdoor sports lead the trend, a sport called waist flag rugby has recently become popular in many cities across the country. Not only is it hard to find a venue ticket, but some schools have also included it in the physical education curriculum.
The flag football has caught fire in some schools and included it in the physical education curriculum.

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△ CCTV Finance "Economic Information Network" column video
Different from the traditional rugby rules, waist flag rugby is not allowed to hug and push people. The defender needs to pull out the waist flag of the attacker who holds the ball, while the attacker needs to take the ball to the touchdown for a limited number of times. A coach told reporters that compared with the intense physical contact of traditional football, waist flag football is more gentle and more interesting.
The person in charge of the club said that the sport quickly became popular among young people aged 20 -40 this year because of its relatively simple entry.
Easy entry and high interactivity may be the reasons for the popularity of this sport. The reporter observed that in addition to the coaches and team members, the scene was also equipped with special photographers, who were responsible for capturing everyone’s sports moments and sharing them for the first time. On a social platform, searching for flag football shows that there are more than 10,000 shared notes.
Wang Zhuma, head of trend sports in a social platform sports group:In March this year, the data ushered in an explosive growth, and by May this year, the release volume increased by 2.7 times compared with that in March, and the search volume about flag football reached a very exaggerated growth of several hundred times.
It is hard to get a ticket at night, and rugby is gradually industrialized.

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△ CCTV Finance "Economic Information Network" column video
In just a few months, flag football has attracted the attention of many young people. What is the cost of participating in this sport and what are the requirements for the venue?
The person in charge of the operation of a stadium in Baoan District of Shenzhen told the reporter that every weekend is the most full time here. This year, in addition to daily training, their football field has many more players playing flag football and Frisbee, and the venue reservation will be robbed as soon as it goes online.
Wang Chao, general manager of a sports culture development company in Shenzhen:On the platform, a new day’s venue is launched three days in advance. Basically, the new day’s venue is released. Within 5 minutes at 0: 00 in the morning, the venue will be robbed by everyone. From Monday to Sunday, prime-time performances are basically fully booked.
Wang Chao’s prime time refers to two performances at 6:30-8:30 and 8:30-10:30 in the evening. At present, even the night show, which doesn’t end until 10: 30 in the evening, is still hard to get a ticket.
From the perspective of organization and operation, participating in flag football includes venue fees and coach fees, most of which are within 100 yuan per person.
In addition to attracting office workers, the flag football is also entering the campus. In April this year, the Beijing Primary and Secondary School Sports Association issued the Notice of the 2022 Beijing Primary and Secondary School Flag Football Competition to promote the comprehensive promotion and development of this sport. According to industry insiders, there will be more and more professional teams and professional events around the flag football in the future.
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(Editor Sun Yonghui)
Reporting/feedback

Financial support for science and technology, the real economy, just give money？ It’s not that simple.

On September 22nd, at the 5th Bund Financial Summit in 2023, discussions on how finance can support science and technology innovation and support the real economy kept coming.

Experts pointed out that the biggest problem for scientific and technological innovation is how to deal with the risks and uncertainties faced by innovation and how to cross the "valley of death"; Risk pricing and risk allocation are the most basic and important functions for the financial system. It is these that make finance and technological innovation have a natural connection, and also provide a perfect reason for finance to support technological innovation.

However, "the lack of risk identification ability, the dysfunction of risk pricing and risk allocation are precisely the Achilles heel of China’s financial system, which has also become the fundamental reason for the lack of financial support for scientific and technological innovation." Zhang Xiaojing, director of the Institute of Finance of China Academy of Social Sciences and director of the National Finance and Development Laboratory, said that the "structural advantages" of state-owned enterprises, the development responsibility and soft budget constraints of local governments, the institutional preference of financial institutions and the central government’s last resort have led to the irrationality of risk pricing and allocation of financial resources. However, he also stressed that the government should not play a role in supporting innovation and economic and social development, but "on the premise that the market plays a decisive role".

In addition to the weakness of the financial market, "ideological enlightenment" is also a key word. "Financial support for science and technology innovation needs an’ ideological enlightenment’." Traditional thinking is that "present" is the cumulative result of all "past"; What financial thinking values is the capitalization of "present" and "future". The value of capital depends on the expectation of the future, not the past, which is a real revolution and ideological enlightenment in epistemology. It is for this reason that the theoretical basis of financial support for science and technology innovation is that the current financial support for science and technology innovation should depend on the expectation of future scientific and technological innovation achievements.

This requires better tolerance. "Subversive innovation will have its own peers? Will there be a historical reference? None. " Zhang Xiaojing believes that it is necessary to enhance the inclusiveness of science and technology evaluation standards. At the same time, at the micro level, investment failure should be allowed, and state-owned enterprises should establish a fault-tolerant mechanism; To tolerate fluctuations and bubbles at the macro level, keeping the bottom line of risk does not mean zero tolerance for financial risks. The function of finance is realized in fluctuation, just as the function of price mechanism is that price is realized around value fluctuation, which means that supervision should be inclusive.

According to Xu Ming, a professor at the School of International Finance and Law, East China University of Political Science and Law, technology and capital are two wings of the real economy, while technological innovation and capital market innovation are two engines. He believes that capital market innovation can further stimulate the basic functions of the capital market, thus better serving the real economy.

How to innovate capital market? Xu Ming believes that from the perspective of financiers, it is necessary to further expand the proportion of direct financing. At the same time, the registration system should take the road of marketization. The marketization construction of capital market needs to handle "four relations" well.　

The first is the relationship between the government and the market. "This market should be: clear expectations and trust-based. Capital market is expected market, information market and capital market. Among them, expectations and information are prerequisites. Without information and expectations, capital cannot enter the capital market. " In Xu Ming’s view, the marketization of the registration system should first be expected clearly. On the one hand, it is necessary to maintain the scientific, reasonable and normal IPO issuance, on the other hand, it is fair and transparent in information disclosure.

The second is the relationship between the government and enterprises. To give the option to the market, the listing and pricing should be decided by the market.

The third is the relationship between the government and investors. In the process of IPO, information disclosure should be oriented to the needs of investors.

In addition, the relationship between the government and the intermediary agencies is to clarify the responsibilities and return to their duties. "The government can’t make decisions instead of intermediaries. The responsibility of the intermediary itself is fidelity. "

Editor-in-Chief: Zaifei

Author: Liu Huiyu

Source of the title map: upper view of the title map

Photo editor: Shao Jing