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Wang Jianlin does not leave the card table

Near the end of the year, Wanda’s news was frequent. First, Wanda Film was completely sold, and then there were rumors that Zhuhai Wanda Commercial Management would transfer Wanda Plaza in first- and second-tier cities.

A few years ago, Wanda, which had "sold off" Wanda Cultural Tourism and Wanda Hotels, and had a strong man break his wrist, is now going to "cut off his arm" again, but this time the situation he has to face is more dangerous than before.

However, this housing leader, who was the first to face the real estate industry’s storms, is still on the table despite years of difficult mediation and repeated broken arms to survive.

Unfortunate, but fortunate.

Because compared to several other giants that have been blown away by the rain, it is undoubtedly much more decent.

one

Wanda’s deadline is only more than 20 days away.

According to the gambling agreement, if Zhuhai Wanda Commercial Management cannot complete the listing within the year, it will pay a total of 38 billion yuan in cash and interest due at the end of the year to repurchase the shares in the hands of investors.

This year is already the third year that Zhuhai Wanda Commercial Management has impacted the Hong Kong IPO. In June this year, Zhuhai Wanda Commercial Management has also submitted a prospectus for the fourth time.

Now, with only 20 days left until the end of the year, the chances of going public are slim.

Legend has it that the plan for listing extension has also been rejected, and the rest may only be paid 38 billion this way.

In addition to the well-known listing crisis, Zhuhai Wanda Commercial Management also faces considerable performance pressure.

Previously, Zhuhai Wanda Commercial Management has made performance commitments to Tencent, Ant, CITIC Capital and other investors.Commitment to the period from 2021 to 2023, the actual net profit will not be less than 5.19 billion yuan, 7.43 billion yuan and 9.46 billion yuan respectively.

If the performance does not meet the target, Zhuhai Wanying, a shareholder of Dalian Wanda Commercial and Zhuhai Wanda Commercial Management, will transfer the relevant amount of shares at zero consideration or pay cash to investors to compensate investors.

However, Zhuhai Wanda Business Management’s net profit in 2021 was 3.512 billion yuan, which did not meet the target. The net profit in 2022 was 7.534 billion yuan, which is only just reached the target.

So in the coming 2023, can the goal of net profit of 9.46 billion yuan be achieved? It is difficult to say.

After all, Wanda can’t even take out 600 million dollars now.

At the end of November, Wanda Commercial Management announced on the Hong Kong Stock Exchange that it plans to roll over a $600 million bond due in January 2024.

Fortunately, the plan was quickly approved by bondholders in less than two weeks, and the investor support ratio reached 99.3%.

The plan can be passed so quickly,Part of the reason is that compared with other real estate companies, Wanda’s extension plan seems more "conscientious". The extension time is only one year, which is not too long, and it will be paid off in four installments within the year.If creditors agree in advance, the total consent fee of 1.24% is also higher than the 1% common to other housing companies.

Another part of the reason is that Wanda’s business operations are still good, especially Wanda Plaza. In the first half of 2023, Wanda Plaza opened 12 new ones, with a total of 484 openings. The total rental income was 26.32 billion yuan, an increase of 4.5% year-on-year, and the net rent was 13.01 billion yuan, an increase of 7.2% year-on-year. At the same time, Wanda Plaza’s rental rate was 98.2%, and the rent collection rate was 100%.

Even with the rent of Wanda Plaza, the 600 million dollars is only a matter of time. But the problem is that Wanda Plaza has now become one of the chips for Wanda to put on the table.

Recently, news has leaked that Wanda Commercial Management has revealed in the process of communicating with investors that the group is currently willing to sell Wanda Plaza in first- and second-tier cities in exchange for liquidity, and is still negotiating with insurance institutions.

Further specific rumors are that a major insurance company is about to acquire Shanghai Jinshan Wanda Plaza, which has been inspected on the spot and has passed the negotiation period. Another Shanghai Maqiao Wanda Plaza is also in the transfer of shelves, and the management is still picking.

Although the dust has not yet settled, Wanda has sold five Wanda plazas in succession this year, so the rumors are indeed quite credible.

Wanda, which held a lot of high-quality assets, was now playing cards one by one in order to pass smoothly before the end of the year, and Wanda Plaza was just one of them. After all, the day before the rumors of Wanda Plaza appeared, Wang Jianlin had just completely changed hands with Wanda Film.

In the past year, Wang Jianlin has transferred the equity of Wanda Film three times. Although the selling price has been lower each time, Wanda Film has been firmly in Wang Jianlin’s hands.

Until this time,Wang Jianlin will Beijing Wanda investment 51% equity, at the price of 2.262 billion yuan transferred to Shanghai Ruyi Investment Management Co., Ltd., Wanda Film also completely sold.

What few people know is that Shanghai Confucianism is actually inextricably linked to real estate.

Behind Shanghai Ruyi is China Ruyi, formerly known as Hengteng Network. Hengteng Network was originally invested by Tencent and Evergrande, and later Tencent withdrew its investment. But after Evergrande fell into the debt crisis, it sold its shares one after another, and Tencent became the largest shareholder of Hengteng Network, which was later renamed China Ruyi.

After Wanda encountered a crisis, Confucianism became the snake that swallowed the elephant, Wanda Film, with the support of Tencent.

In the film industry, Wanda Film is a veritable "elephant". In the first three quarters of this year, Wanda Film’s performance reversed the trend, with operating income reaching 11.35 billion yuan, an increase of 47% year-on-year. Net profit also turned into profit, and profit 1.104 billion yuan.

It can be said that Wanda Film is one of Wanda’s veritable high-quality assets. For Wang Jianlin, who has always wanted to make Wanda Film "Hollywood in China", this sale is helpless.

Once upon a time, Wang Jianlin could withstand the doubts of 99% of investors, and went into the film industry with his own will. With the goal of "China’s first" and "world’s first", he frantically acquired Hollywood production companies to seize the market, and once achieved the world’s largest cinema market share.

But now, unable to withstand the pressure of reality, Wang Jianlin decided to cut off his arm and completely cut off the film business.

Wang Jianlin finally bowed his head to reality.

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From being the richest man in China, to becoming the first "negative" in China, to raising 600 billion successfully slimming through the crisis in three years, becoming the richest man in real estate again, and now, having to run around again to raise money, Wang Jianlin has tasted the ups and downs that many people will never experience in their lifetime.

From 2015 to 2016, Wang Jianlin was the richest man in China on the Hurun Rich List for two consecutive years, with a net worth of nearly 220 billion yuan.

However, such a huge asset, built on perennial loans and debts, was like a bubble, bursting with a poke. In 2017, Wang Jianlin and Wanda’s debt ratio had reached 70%, and according to the disclosed information, Wang Jianlin had loaned more than 400 billion yuan to banks at that time.

At this time, the market has gradually cooled, coupled with the failure of overseas investment, Wanda’s vitality has been greatly damaged, and Wang Jianlin’s debt has soared to 600 billion yuan, suddenly becoming China’s first "negative".

In order to pay off the 600 billion yuan debt, Wang Jianlin began a crazy sale.

The prologue is the rumor that once talked about "breaking the cup" and the "great merger of the century" with total assets exceeding 63 billion yuan.

In 2017, Wanda sold 13 of its highly anticipated cultural tourism projects to Sunac China for 43.844 billion yuan, and 77 of its hotels to R & F for 19.906 billion.

Although the deal could be said to be a fire sale in terms of price, it successfully helped Wanda reduce its leverage, reduce its debt, obtain cash flow, and temporarily recover from the loan crisis.

Then, Wang Jianlin’s pace of selling assets never stopped. First, he sold Wanda Plaza in Jiujiang, Nanchang, Yancheng and other places in China to Pearl River Life Insurance. Later, he publicly stated that he would put his main investment in China and gradually liquidated overseas real estate projects.

Wanda first sold the Spanish mansion it bought in 2014 for 265 million euros for 272 million euros, losing nearly 200 million yuan in exchange rate changes. It later sold the much-anticipated Wanda London ONE project for about 59.35 million pounds, followed by two projects in Australia’s Gold Coast, Sydney and Chicago properties.

In 2018, Wang Jianlin resold shares in Wanda Commercial and Wanda Cinemas. Subsequently, AMC, the world’s largest cinema chain, which Wanda had invested a lot of effort in, was also reluctantly parted ways, and its shares were gradually sold by Wanda.

In May 2021, Wanda fully withdrew from the board of directors of AMC, retained only a minority stake, and accumulated $1.476 billion in funds, and Wanda gradually recovered from the "embarrassment".

However, in 2022, Wanda, which had recovered, quickly began to invest on a large scale, making great strides in the sluggish real estate market, and the shadow of high debt once again struck.

However, compared to the major private developers who either disappeared completely behind closed doors or ran away directly, Wang Jianlin has always appeared in the public eye, running around for Wanda, giving many people confidence.

Since the beginning of this year, Wang Jianlin has sold his own stocks many times, and returned 7 billion cash to Wanda to return blood, so that several maturing bond payment problems have been solved.

But in a recent public appearance, Wang Jianlin, who is so skinny, suddenly made people realize that Wanda was no longer the Wanda who was full of Wang fried, and Wang Jianlin was no longer the ambitious "white knight".

Five years ago, Wanda could still sell Wanda Hotels and Wanda Cultural Tourism. But now, after the sale of Wanda Film, Wanda, which focuses on "light assets", seems to have no more cards to play.

The Wanda Group, which was about to lose weight, was left with only a worried Wang Jianlin.

III. Conclusion

Looking back, Wanda used to diversify through crazy mergers and acquisitions and reached its peak, but it was burdened by diversification overnight, began to lose weight, and turned to an asset-light model. Now, after repeatedly breaking arms to survive, it has become more and more "light".

It was precisely in response to what he wrote in his own hand back then, "After years of business wars and wealth, everything has always been in vain."

However, as long as he didn’t leave the card table, even if he was facing a huge crisis now, even if he had to cut off his arm to survive, why not?

Living is more important than anything else.

This article is from the WeChat official account:Guru (ID: guru-lama)Author: Yuanhe

Nicholas Tse： I worked hard to prevent my son from working hard

　　　　Yanzhao Metropolis Daily special reporter Qin Jing sent from Beijing


　　　　Because of Xie Xian, people remember Nicholas Tse, who just debuted and is not well-versed in the world; because of the separation and combination with Cecilia Cheung, people understand Nicholas Tse’s true temperament; because of the more and more hard work, people are moved by this man who does not want to let his son suffer in the same way. Yesterday, the TV series adapted from Gu Long’s novel "Big Shot" held its premiere conference in Beijing, starring Nicholas Tse, Li Xinjie, Liu Tao and other appearances. Nicholas Tse broke his usual cool image and said a lot from the bottom of his heart. Many people say that he said more yesterday than in the past two years.


　　　　1. Xiao Xie plays the cologne novel again and claims to be destined


　　　　The 31-episode TV series "Big Shot" revolves around the story of Tian Sisi (played by Li Xinjie), the beloved daughter of the owner of "Splendid Villa", yearning for life in the rivers and lakes and pursuing Qin Ge (played by Yan Kuan), the idol in her heart. In order to pursue her dream, Tian Sisi marries Yang Fan (played by Nicholas Tse), who is married by her side. On the day of her marriage, she implements a marriage escape plan, swaps her clothes with Chu Chu (played by Liu Tao), the first woman in the rivers and lakes, and escapes from Splendid Villa. At this point, the story is fully unfolded. Qin Ge, a person in the rivers and lakes, and Yang Fan, an ordinary person, embark on the road to save martial arts, while Sisi


　　　　"The Big Shot" is Nicholas Tse’s second role in Gu Long’s novel. In the previous "Xiaoyuer and Hua Wuque", he was "fluttering in white clothes and has a Xiaoxiao demeanor". Here, he is as chic and suave. But Xiao Xie said: "These two characters have changed a lot, and Yang Fan and Hua Wuque in’The Big Shot ‘have a very different grasp and handling of the characters. Hua Wuque is a little stern, but Yang Fan has a lot of changes, and his body language and martial arts skills are also different." When asked if he has a soft spot for Gu Long’s novels, Xiao Xie smiled and said: "It’s fate." As for the three words "big man", Xiao Xie paused for a long time before slowly answering: "These three words are difficult to explain, and in my heart, these three words represent too many meanings."


　　　　2. Li Xinjie kicked "Master" Nicholas Tse unconscious


　　　　"Big Shots" is a big challenge for Li Xinjie, because she has never shot a costume drama or a martial arts film, not to mention that this time she appears as a comedy character. Li Xinjie said: "I don’t have a foundation in kung fu, and I haven’t learned dance, so Nicholas Tse can be my master on the spot, and he is very good at fighting." It is reported that when filming this drama, Nicholas Tse basically did not use a substitute in order to pursue the real effect, and all the martial arts and prestige movements were completed by himself. This made the two female protagonists in the play admire it, especially when Liu Tao said of Nicholas Tse, "He does not need a substitute, because the substitute is not as good as him."


　　　　Li Xinjie can also be regarded as Xiao Xie’s "true biography" in "Big Shots". There is a scene of kicking Xiao Xie’s head. Xiao Xie seriously said to Xinjie: "Come on, just kick here (pointing at your head), don’t have distractions, I won’t hide." Just after saying this, Xiao Xie fainted, he said: "I was dizzy for about two minutes at that time, I didn’t expect her feet to be so fast." Recalling these episodes, Li Xinjie apologized to Xiao Xie with some embarrassment, "I think sometimes hitting others is more nervous than being hit. I’m sorry." Xiao Xie smiled, "It’s alright, it’s filming." According to the reporter’s understanding, in order to preserve this real-life scene as much as possible, the play was basically not abridged during the review process.


　　　　3. I don’t want my son to enter the entertainment industry again


　　　　Nicholas Tse’s arrival added a lot of attention to the press conference of "Big Shot", and yesterday he also gave reporters a glimpse of his very different side. When others spoke, Xiao Xie basically lowered his head quietly and listened to others. Unless the host asked him, he had no choice but to answer. If he could summarize all his meaning in one word, he would never say anything else, but everyone could feel that it was not because of his arrogance, but because he was too bad at talking, because he always thought about each question carefully for a few seconds before giving the answer.


　　　　Of course, in the face of this celebrity who has just become a father, the reporter’s questions will not only stop at the TV series. For the reporter’s concern, Xiao Xie also accepted all the orders yesterday and answered all the questions. When talking about children, Nicholas Tse’s face has a little smile, but there is a lot of maturity and responsibility. He told the reporter, "My son just turned 3 months old the day before yesterday, and now weighs 14 pounds." Xiao Xie is now a trapeze. He came to attend the press conference yesterday and flew back to Hong Kong in the evening. He said that he would take all the time to reunite with his family.


　　　　Regarding the question of whether her son will inherit his father’s business in the future, Cecilia Cheung had previously expressed her attitude that she would not. Yesterday, Xiao Xie also expressed his mentality, "From falling in love to getting married and having children, I have always been very strict in my career. I insist on filming without a substitute, in order to create a good environment for my family. For the sake of the next generation, I don’t want to enter the entertainment industry again, because I don’t want to see my son being kicked down from upstairs by others." Xiao Xie lamented that celebrities only have a moment of light on TV, which is also a packaged success. Many people really don’t know the story behind them. But when the reporter asked him if his son would support him if he really entered the entertainment industry in the future, Xiao Xie thought for a long time and said: "That may be destined. In fact, there are many people who can sing and act, and whether he can stay in the circle depends on his endurance and willpower. When I first debuted, many people called me Xie Xian’s son. In the future, my son will not only be called Xie Xian’s grandson when he enters the entertainment industry, but also the son of Nicholas Tse and Cecilia Cheung.

Editor in charge: Wang Yuxi

Hao Lei promotes a new film to face rumors of marriage and change, and Guo Fucheng calls himself a performing artist

　　Movie Network News(Photo/Shanghai Film Festival News Team) The Chinese-language film "Silver Empire", which was shortlisted for the Golden Goblet Award and the Media Awards at the Shanghai Film Festival, held a press conference in front of the media on the 15th after the audience’s first "test". Director Yao Shuhua, starring Guo Fucheng, Zhang Tielin and the recently emotionally troubled Hao Lei were all present, and Hao Lei also faced the rumors of marriage.



Guo Fucheng


Hao Lei


Zhang Tielin


Ding Zhicheng


Director Yao Shuhua


Guo Fucheng: I am really an artist

　　At the beginning of the "Silver Empire" press conference, when the host introduced Guo Fucheng as a "performance artist", it immediately caused a burst of laughter from the audience. When a reporter questioned the title and asked Guo Fucheng what he thought about it, Guo Fucheng said non-committal "I am indeed an artist". As for what an artist is, Guo Fucheng said: "You must love your work and respect your performance career in order to become a true performance artist." And he believes that he is a person who loves his work, is passionate about his work, and treats his work wholeheartedly. And in response to rumors that Guo Fucheng has already been selected as the winner of this year’s Shanghai Film Festival, Guo Fucheng continued to laugh and said: "I don’t make movies to win awards. By the way, add: I am really an artist."

Hao Lei: The news of the marriage will not affect my mood

　　Hao Lei plays a legendary woman in the late Qing Dynasty in "Silver Empire", and her image in the film can be said to be reborn, and the characters she plays are depicted in three parts. However, before the Shanghai Film Festival, when the reporter photographed Li Guangjie "holding hands", Hao Lei and Li Guangjie’s three-year marriage was in a hurry, and Hao Lei also suffered from the marriage and change. When the Shanghai Film Festival saw Hao Lei again, she did not have a gloomy expression from the previous battle, and she attended the event with a smile. The performance of several events was also very eye-catching. Hao Lei also responded to the marriage and change at the press conference, saying: "Work is work, and life is life. I watched our movie in its entirety during the screening of "Silver Empire", and I was very touched after watching it. I am very confident in our movie, and I am in a very good mood now. "It seemed to imply that the media was not disturbed by the marriage.

Director Yao Shuhua: I don’t need everyone to understand the movies I make

　　"Silver Empire" is directed by Yao Shuhua, who has a doctorate in Asian drama. This is her first film. Yao Shuhua hopes to show "Jin Shang culture", commercial civilization and ethical civilization through this film. The director said that he never thought about whether he would win the award, because the matter of winning the award is difficult to say. When the film was screened at the Cannes Film Festival before, some foreign media people felt that such a film about China’s "Jin Shang culture" was somewhat obscure. When a reporter asked such a question, the director Yao Shuhua said: "Whether you understand the film or not is a personal problem. In fact, it doesn’t matter whether one or two people or hundreds of people can understand it." Yao Shuhua said that it is rare to have this opportunity to put "Jinshang culture" in the film. Everyone involved in this film has tried their best, and everyone hopes to do it comprehensively. Of course, everything will be missing. The director hopes that everyone can understand, and she assures everyone that "Silver Empire" is a sincere work.

More great pictures on the next page!

[Movie Network] www.1905.com exclusive manuscript, please indicate the source when reprinting!


Fan Bingbing’s ＂White-haired Witch＂ goes to extremes, and the magic is crazy about love


"The Legend of the White-haired Witch: Bright Moon Kingdom"It will be released on August 1st

　

　 　 Directed by Zhang Zhiliang, the 3D costume martial arts film starring Fan Bingbing and Huang Xiaoming will meet with audiences across the country at the "Qixi Festival" on August 1. In the film, Fan Bingbing, who plays the "white-haired witch" and practices neon clothes, "goes to extremes" for the role, and in the play, he is magical and performs love-hate madness.


Fan Bingbing’s "White-haired Witch" goes to extremes　

　 　 In the movie "The Legend of the White-haired Witch: Bright Moon Kingdom", Fan Bingbing tried many different performance methods in order to interpret "Nishang" to the extreme, and finally presented a "white-haired witch" with "extreme madness". BingFan Bing said about the portrayal of such an "extreme" character: "Because the high-tech methods are more intense now, some stunts can help you come up with a lot of methods. For example, in this play, Nishang was raised by wolves since she was a child, she can speak wolf language, her eyes are naturally blue-green, because she grew up drinking wolf milk, etc. In fact, these are all very special designs, including magical things. This kind of demonic nature, sometimes I think it is not a big change in appearance and shape, but a look that makes people look in awe psychologically. So there are some scenes in this play that will make you feel a little different. Including her (training neon clothes) is different from protecting herself when she is hurt.

　 　 In addition to being white-headed overnight in the film, Fan Bingbing also calls herself a "witch" in Weibo, and many netizens laugh that the madness is difficult to control. It is reported that the film tells the story of the northwestern female bandit who practices neon clothes and falls in love with Zhuo Yihang, the head of Wudang who was ordered to secretly investigate the northwestern region. After many hardships, the two broke through family grievances and blood feuds and other obstacles, and led the northwestern officials and people to build the Bright Moon Kingdom. The movie "Bright Moon Kingdom from the White-haired Devil" will be released nationwide on August 1.

Deng Chao showed his love to Sun Li on the spot, and Liu Yan squeezed his chest to appear in the big show business line

Deng Chao confessed to Sun Li on the spot that there was no time to fall in love at the filming scene

　　 　Sun Li, who was pregnant, had been absent from the publicity activities of "Painting on the Wall", and Deng Chao would be asked about his wife’s recent situation every time. On that day, he boldly showed his love to Sun Li at the request of everyone. September 26 was Sun Li’s 29th birthday, and Yan Ni, Xie Nan and others all expressed their blessings to her at the scene. These scenes were also photographed by Deng Chao with his mobile phone one by one. After everyone finished speaking, Deng Chao also said to the mobile phone that although he was very busy, he would always be by Sun Li’s side, and wished his wife a happy birthday. Under the encouragement of the host, he finally said the words "I love you".

　　 　"Painting on the Wall" is the first film that Deng Chao and Sun Li took on after receiving the license. Deng Chao said that in fact, there is no different feeling when filming, and the two have no time to fall in love at all. "Every morning, I go to the director’s house to see what soup to drink at noon, get some food to go, and then go to Bao Bell’s to listen to jokes, and then go to Zou Zhaolong’s room. He is the sound center of our crew, so he has a very rich life and has no time to fall in love." Although he is busy, Deng Chao also said that he feels sorry for Sun Li’s crying scene, "I really feel sorry for her, but I feel conflicted, and I think that is what a professional actor should do."

Takeaway bearish, preferred layoffs, stock price flash crash, Meituan is not beautiful？

Source: No. 1 Finance, Author: Chongshan

No. 1 said: The stock price has collapsed, can it still be eaten?

The restaurant laughed and Meituan cried. The reason is that Meituan-W (03690.HK) was "precision hit".

This is to start with the notice issued by the National Development and Reform Commission on February 18 "Several Policies for Promoting the Recovery and Development of Difficult Industries in the Service Sector". The document pointed out that the guidance of Internet platform companies such as takeout to further reduce the service fee standards of catering merchants means that the commission fees of "takeaway Internet companies" will further decline.

The largest representative of "takeaway Internet companies" is Meituan. According to the data of Prospective Research Institute, Meituan accounted for 67.3% of the total takeaway market in Q1 2021, which is 2.5 times that of the second Ele.me. According to Meituan’s Q3 2021 financial report, the revenue of takeaway business accounted for 54.24% of the total revenue, while the commission fee was 69% of the takeaway revenue.

On February 18, Meituan’s share price plunged, plunging 14.86% that day, and the market value evaporated 200 billion.

This is not the first time Meituan has been subject to policy supervision. On October 8, 2021, Meituan was fined 3.442 billion yuan by the State Administration of Municipal Supervision for implementing "two choices" measures for catering merchants over the past few years.

After the fine, the market fell to Meituan’s hanging heart, and all shouted that it was empty. Meituan’s share price has risen for two consecutive trading days since then, and hit a new high since July 26. Meituan’s 2021 Q3 financial report performance further stabilized the market’s heart, and its takeaway business revenue increased by 28% year-on-year to 26.50 billion yuan.

According to the 2021 Hurun China 500, Meituan ranks third among the top three domestic internet companies by market capitalization as the "biggest winner of the past year", while Alibaba and Tencent have plummeted in "value", fallen in the rankings, and were placed in the top two of the "biggest losers of the past year".

Meituan faces a dilemma

Meituan might have been stable without the "super bearish" on February 18. But Meituan’s long-standing "dilemma" has planted the seeds of its bearish situation.

One "difficult" situation is the thin profit margin of Meituan takeaway. In Q3 2021, the profit per order was only 0.2 yuan, and in the same period in 2020, it was 0.24 yuan.

In order to increase the profit of takeout, Meituan has continuously increased the commission rate (the proportion of commission that Meituan draws per takeout order) over the years. According to Meituan’s annual financial reports, its average commission rate for takeout has increased from 1.1% in 2015 to 12% in 2020.

Increasing the commission rate will naturally lead to conflicts with catering merchants. Meituan has always occupied about 60% of the takeaway market, and merchants have no other choice. They have to swallow it and keep reducing costs.

The epidemic in 2020 has exacerbated this contradiction. Under the epidemic, the catering industry has been hit hard and has to rely on takeout. Meituan’s high commission rate has been pointed out by the "Guangdong Catering Industry to Meituan Takeaway Joint Negotiation Letter" that "greatly exceeds the critical point that the majority of catering merchants endure". Catering associations in Sichuan, Chongqing, Shandong, Yunnan and other places have also publicly "shouted" Meituan and other platforms in the past two years to reduce the commission rate.

This puts Meituan in another "difficult" situation, that is, the pressure from the catering industry to reduce commissions.

Meituan has also expressed its position to adjust the commission system, but the profit margin of Meituan’s takeaway business is thin, so the adjustment cannot fully meet the demands of the catering industry.

For example, in May 2021, Meituan launched a rate transparency pilot, splitting the original platform service fee into two parts: technical service fee and fulfillment service fee, and "refining" the commission. But the new model did not reduce the commission rate of Meituan takeaway. In Q3 2021, the commission rate was still 11.78%, which was not much different from the average commission rate of 12% in 2020.

Epidemic has been on and off for 3 years. According to the Prospective Research Institute, 1 million catering companies closed down last year, and the hotel catering industry ranked first in the top ten shrinking industries. At this time, the National Development and Reform Commission, as a regulatory department, took action and asked the takeaway platform to reduce the commission rate. Although it hit Meituan accurately, it was also very reasonable.

(Source: Prospective Research Institute)

Which business can support Meituan?

With supervision, Meituan must really reduce the commission rate in the future. This will lead to a thinner takeaway business, and Meituan must find a new solution, that is, Meituan must have another business on top, replacing the takeaway business as Meituan’s new revenue pillar.

In this regard, Meituan’s idea has always been to use the drainage effect of takeaway business to develop new business. In terms of traffic, according to Meituan’s Q3 earnings report in 2021, as of Q3, the number of annual active users reached 668 million.

Meituan’s new businesses include Meituan Preferred, Fast Donkey, Meituan Flash Sale, Meituan Market, Meituan Preferred, etc. According to Meituan’s financial report, these new businesses have been developing slowly.

Specifically, fast donkey and Meituan flash sale has not yet developed, according to late Latepost, as early as August 2021, fast donkey, flash sale business has begun to shrink, Meituan began to focus on fresh food e-commerce business Meituan market and community group buying business Meituan preferred.

Meituan market currently uses the front warehouse model, but according to iiMedia consulting data, as of September 2021, its MAU users are only 2.58 million, less than 1/13 of the front warehouse model of Dingdong Maicai 34.71 million, and there is no influence in the market.

Meituan Preferred has become a new hope for Meituan’s new business. According to the statistics of the Financial Union, Meituan Preferred and Duoduo Shopping are located in the first echelon of the domestic community group buying platform industry, with a market share of about 30%. However, this is obtained by constantly burning money.

According to Meituan’s Q3 financial report in 2021, Meituan’s new business loss, which is mainly based on Meituan’s preference, reached 10.906 billion yuan, which is the highest single-quarter loss since Meituan entered the community group buying, an increase of 437.5% year-on-year; Moreover, in one year, Meituan has lost 36 billion yuan in this regard.

Not only is it losing money, but Meituan’s new business has always accounted for a small proportion of revenue. According to Meituan’s financial report, from Q3 2019 to Q3 2021, Meituan’s new business revenue accounted for only 7.24 percentage points in two years, reaching only 28.1%, unable to support the main beam alone. Meituan’s takeaway business has always accounted for more than 50% of revenue.

In fact, compared with the regulatory pressure on Meituan’s takeaway business, Meituan is under greater pressure.

Since 2020, Meituan and other large factories have participated in the "burning money" war of community group buying, and have been targeted by supervision. They have been criticized for "thinking about a few bundles of cabbage" and grabbing business with small merchants and hawkers. On December 22, 2020, the General Administration of Market Supervision put forward "nine no’s" for community group buying, mainly focusing on low-price dumping, big data killing, and commodity quality control.

On March 3, 2021, the General Administration of Market Supervision imposed administrative penalties on four community group buying enterprises, including Meituan Preferred. Two months later, on May 27, it separately fined Shihui Group 1.50 million yuan for low-price dumping and ordered it to suspend business for rectification. Since then, it has been reported that Shihui Group has laid off employees. According to a report in January by the Daily Economic News, Shihui Group is gradually shutting down grid warehouses and self-pickup stations across the country, or preparing to apply for bankruptcy liquidation.

Like the Ten Hui Group, on November 11, 2021, the official website of the Municipal Administration of Supervision also announced a separate punishment for Meituan Preferred, involving improper price behavior. On February 17, there was also news of Meituan Preferred’s layoffs.

Business model may be flawed

Meituan has long been known as the "king of losses" due to thin profits in the takeaway business.

In 2018, Meituan lost 115.50 billion, which caused a sensation in the catering industry at that time. In 2019, Meituan made a short-term profit, but not from the profits brought by takeout, but from investment income. In 2020, Meituan made a real profit, with a net profit of 4.71 billion yuan for the whole year, and the stock price reached a record high of 460 Hong Kong dollars in February 2021.

In 2021, Meituan began to lose money again in Q1. In the first three quarters of 2021, Meituan has accumulated losses of 18.197 billion yuan, an increase of 361.8% year-on-year, and once again became the "loss king".

In the current secondary market, the investment logic for listed Internet companies has changed. Previously, as long as the market size of Internet companies grew, even if they lost money, they were still recognized by the market. Today, the market also requires Internet companies to be profitable.

After the huge loss of community group buying business Meituan Preferred, Meituan has no new story. Recently, the story told to capital markets is only a strategic cooperation with Kuaishou. Kuaishou users can place orders through the Meituan Mini Program, which is still to expand Meituan’s takeaway business. At present, after the notice of the National Development and Reform Commission was issued, Kuaishou’s share price also fell by 4.86%.

From this perspective, Meituan’s share price is likely to decline in the future.

Meituan’s business model is actually flawed.

Looking at Meituan’s various businesses, whether it is takeaway, Meituan Preferred, Meituan Market, flash sale and other new businesses, although the service scenarios are different, they are all inseparable from Meituan delivery. Meituan delivery belongs to instant delivery in the same city.

Intra-city instant delivery, which provides logistics distribution between location A and location B within a city, is about maximizing efficiency. The market is huge, with a compound annual growth rate of 30.5% from 2020 to 2025, according to iResearch. However, companies in this industry are all losing money because instant delivery relies heavily on manpower, and labor costs continue to rise. SF Intra-city, an instant delivery company listed in 2021, will account for 96.6% of operating costs in 2020.

Meituan delivery is more efficient, but the labor cost is still high. According to Meituan’s public information, in 2020, riders’ expenses accounted for 83.1% of Meituan’s takeaway commission, compared with more than 90% before. For instant delivery companies such as Meituan, to some extent, they are working for riders.

Meituan has also tried every means to reduce the expenditure of riders. In May 2021, Wang Lin, deputy director of the Beijing Municipal Bureau of Human Resources and Social Security, bluntly stated that in order to reduce costs, the registered riders on the Meituan platform are not Meituan employees, but outsourced. This was later reported that Meituan riders were required to register as self-employed to avoid paying social security.

However, on July 26, 2021, seven departments including the General Administration of Market Supervision have clearly requested to protect the legitimate rights and interests of takeaway food delivery staff. Undoubtedly, Meituan’s rider spending will further increase.

To solve the flaw in Meituan’s business model, we can only rely on unmanned delivery.

As early as 2016, Meituan began to develop unmanned delivery technology. According to the research report of China International Capital Corporation, it is expected that by 2023, Meituan’s unmanned delivery cost will be controlled at about 2.9 yuan per order, while according to Meituan’s public information, in 2020, the rider delivery cost will be about 7.2 yuan per order.

(Meituan unmanned distribution development process, source: CICC)

At present, Meituan is increasing its research on unmanned delivery. In Q3 2021, Meituan’s R & D investment increased by about 60% to 4.70 billion yuan year-on-year. However, unmanned delivery faces not only technical problems, but also regulatory risks, such as the slow process of opening up the right of way in policy and the state’s supervision of data security.

All in all, Meituan takeaway is bearish, Meituan prefers huge losses and layoffs, Meituan’s share price has collapsed, and in the future, Wang Xing can still "eat"?

Jackie Chan’s ＂Zodiac 2＂ is officially approved, and Jaycee Chan is expected to move behind the scenes

"Zodiac" has won 880 million box office


　 　 1905 movie network news On June 17, the State Administration of Press, Publication, Radio, Film and Television announced the national film script project information for late May, and Jackie Chan’s new film "Zodiac 2" was on the list. According to what Jackie Chan said before, Jaycee is expected to participate in the script creation of the film, and the film is also very likely to become Jaycee’s first job after taking drugs. It also paved the way for Jaycee to move behind the scenes. In addition, the plot of Wang Xiaoshuai’s latest literary film "Land" was also exposed for the first time. It is worth mentioning that after encountering Waterloo, director Wang Xiaoshuai once again directed a film that still seems to have no commercial prospects.

　

"Zodiac 2" project approved, Jaycee Chan is expected to start construction after taking drugs

　

　 　 Jackie Chan’s self-written, self-directed and self-starred film has won a high box office of more than 800 million yuan. After three years, Jackie Chan’s big brother has made a comeback and re-created the sequel to "Zodiac". It is reported that the film will continue the story of the previous work, telling the story of JC (Jackie Chan) stealing secrets in the Eastern European base. Angry, General Vasily ordered that the secrets must be recovered and sent the "base 2 team" Maka and Chaba to find the story of JC.

　

　 　 Although Jackie Chan is currently the only one in the screenwriter column of the film, Jackie Chan’s early brother revealed in an interview that he hoped to train Jaycee Jaycee as a director or other behind-the-scenes work, and Jaycee Jaycee also expressed his desire to participate in the script creation of "Zodiac 2". "Zodiac 2" is expected to be Jaycee Jaycee’s first job after drug use.

　

　 　 It is unclear whether the cast will return to filming, but the new "Dragon Girl" will be the focus of attention. The only certainty is that singer Sun Nan will star in "Zodiac 2". Jackie Chan had earlier promised Sun Nan a role as a profiteer in "Zodiac 2".

Wang Xiaoshuai once criticized "Intruder" for being the focus of the industry

　

Wang Xiaoshuai directs the literary film "Land" again, and the market prospect is worrying

　

　 　 In April this year, Wang Xiaoshuai’s "Interloper" suffered a setback, and only got 1.3% of the film volume on its first day. Wang Xiaoshuai published a letter to the audience on Weibo "in a fit of rage". He said sadly that "this may be the best era for commercial films, but it may also be the worst era for serious films." At the same time, he also urged the audience to "please support me!" But unfortunately, the "Interloper" still did not improve and continued to be at the bottom.

　

　 　 Although it has gone through the dilemma of difficult to get a literary film, Wang Xiaoshuai still has to carry it to the end. His latest masterpiece "Land" has been officially approved and is still a literary film. "Land" tells the story of a village in Shaanxi Province where almost all the villagers go out to work, leaving only 60-year-old Chen Xigui and his wife to live together, farming and living a simple life. The prosperity of the big city makes the old couple helpless. They feel that their family is still good and the land is good. It seems that only when their feet are stepped on the cultivated land can they feel a solid story. From the plot summary, the movie "Land" still has no "appearance" of the film, which can’t help but sweat for Wang Xiaoshuai.

Interview with Hu Ge： Acting in ＂South Station＂ is a reset and restart, isolating yourself during filming

(Photo by Liang Xiaoliang) On May 20, French time, Hu Ge accepted an exclusive interview to talk about the new film "The Wild Goose Lake". The film was shortlisted for the main competition section of the 72nd Cannes Film Festival, with a score of 2.7 points in the field magazine. It tells the story of a car theft gang leader and an accompanying swimmer on the run, chasing freedom.

Talking about joining the film, Hu Ge said that "The Wild Goose Lake" is a movie he has always wanted to try, but did not have a good opportunity. In order to play the film well, he entered the group a month in advance to find a Wuhan dialect teacher to learn the dialect, and deliberately made his figure look thinner.

After the premiere screening, many commentators said that in Hu Ge’s character, they saw the "forbearance and morality" of the hero of the costume film. In this regard, Hu Ge also said, "Zenong is a person who is out of place in the rapidly changing era. Maybe life has no hope for him, but he also has inner persistence, which is this chivalrous."

In the film, Gui Lunmei plays the most against Hu Ge. When it comes to Xiaomei’s performance this time, Hu Ge also believes that she is very dedicated. "During that time, she had a cold and fever, and it was quite cold at night in Wuhan. After each shot, she was panting and pale. She kept gritting her teeth and insisting, and I especially admire her."

Received in 2017.South Station"Invitation, enter the group 1 month in advance to learn Wuhan dialect

How did you get involved in the movie "The Wild Goose Lake"?

Hu Ge: Three lives are lucky, just kidding. Indeed, I think it was a great honor for me. One day at the end of 2017, I suddenly received a phone call saying that Director Diao Yinan asked me to meet. I was quite excited at the time, because I had seen his "Fireworks by Day" before, including his other work "Night Train". In fact, this type of work is something I have always wanted to try, but I have been suffering from no good opportunities, so I went to see Director Diao with great anticipation that time. Then we met for the first time, and they both left a very good impression on each other.

But what I didn’t expect was that he wanted me to play such a role. Of course, my first feeling was, can I? It was this state of lack of confidence that lasted from the first time I saw him until the moment of finishing. The whole preparation process and the shooting process, to be honest, was quite torturous for me. But I also enjoyed it very much, because I also kept telling others that the whole process of this time was a process of clearing and restarting for me.

Most of my previous acting experience was in TV dramas, so this time as a lead actor, being able to be on the big screen is such a realistic subject, a character so far away from me. So from the method of creation and the way of performance, it is a new experience for me.

: This time you were speaking Wuhan dialect the whole time, right?

Hu Ge: Yes.

How long have you been studying?

Hu Ge: The Wuhan dialect is like this. Before I joined the group, the director recorded all my lines in Wuhan dialect and sent them to me. I taught myself first, and then entered the group a month in advance. After the crew found a local Wuhan dialect teacher for me, and then lived with me every day. In addition to correcting my lines, he also tried to communicate in Wuhan dialect in his daily life. It was to create a language environment for me.

Was the Wuhan dialect teacher with you throughout the production?

Hu Ge: Yes.

Is there such an exchange of Wuhan dialect every day?

Hu Ge: Yes. This process is also quite painful for me.

Why is it painful?

Hu Ge: The lines should be passable, but when I wanted to chat with my Wuhan dialect classmates and friends during this period, I was often laughed at by them.

Don’t worry about whether the image is contrasting, the character is conveying a chivalrous spirit

In the film, your style is very different from the past. You often roll in muddy water and get shot. Do you have any image worries before shooting?

Hu Ge: Not at all. In fact, I see my identity very clearly. Sometimes I may be a so-called star, and sometimes I am an actor. I feel that when I am an actor, the role is the biggest, and all my images on the screen are for the role. As long as it can help the audience build a sense of belief in this role, I am willing to try anything.

There is a scene where you wrap your topless body in gauze, and your muscle lines are looming. Did you deliberately exercise this time?

Hu Ge: I exercise every day, but I don’t exercise to build muscles, and that’s what the director communicated to me at the time. He didn’t want me to be strong. In fact, he wanted my whole body to be able to make the audience feel particularly thin on the video, and then feel tired and unhealthy. So during that time, my exercise was mainly aerobic, and then I also controlled my diet.

After the premiere, there were comments saying that you saw the forbearance and chivalry of the ancient heroes in you. What do you think of the role of Zenong?

Hu Ge: In fact, this is also what the director wants to express. You will find that in the image processing of our entire film, it is intertwined with reality and fantasy. Nazenong, he is actually a very marginal bottom-level character, he is out of tune with this rapidly changing era. Maybe life has no so-called hope for him, but he also has inner persistence, and what he insists on is the chivalry and morality you just mentioned.

Is this morality always firm during your performance?

Hu Ge: Of course, even after Liu Aiai betrayed him, he still chose to pin his last hope on her.

Why is that? What do you think of his relationship with Liu Aiai?

Hu Ge: Two reasons, the first reason, objectively speaking, there was no other person besides her. And at that time, the search area was getting smaller and smaller, and he had no time or possibility to find another person, so that was his only hope. The second reason, you betrayed me once, and I still believe in you.

I always felt a little uneasy during the shooting, and Diao Yinan let herself into the film noir

You just said that during filming, there was always a sense of uncertainty.

Hu Ge: Yes.

Is this your personal feeling or the direction the director has set for you?

Hu Ge: The director has helped me a lot. I often use an analogy. I say that the director’s guidance on the actors’ performances is like performing surgery with magnifying glass. Of course, I think this is also the difference between movie performances and TV shows, because after the screen is enlarged, all the details are required to be very accurate. Maybe I was used to performing in TV shows before, and there are some things I will ignore or ignore. This time it is equivalent to re-learning.

What are the benefits of working with Diao Yinan?

Hu Ge: I think I have gained a lot, including this visit to Cannes. I have always felt that it was Director Diao who really led me into the palace of film art. In fact, in our film, you can see all the elements of film noir. But at the same time, you will find that film noir can also be so poetic. This is what I admire the most about Director Diao.

Will he also provide a poetic guide to your performance?

Hu Ge: Director Diao Yinan’s biggest requirement for the role of Zhou Zenong is restraint and forbearance. He doesn’t want to be exaggerated on camera or in the image. All his emotions and emotions are kept in a very inadvertent state of awareness, so he has high requirements for my performance, which is a big challenge.

Infected by Guilun Magnesium’s dedicated attitude, interpreting the surreal elements in the film

: You have played the most opposite games with Gui Lunmei in the film. How does it feel to work with Xiaomei?

Hu Ge: The biggest feeling she gave me was dedication. There was a scene filmed on the court, where I chased her on a motorcycle.

I ran down the bridge on my motorcycle, and then I chased her all the way. During that time, she had a cold and fever, and it was quite cold at night in Wuhan. Every time I finished filming, because the camera finally turned under the bridge, no one could see her, only I could see her. Every time she was out of breath and pale, I felt that she was dying, so I kept persuading her. I said that if she was uncomfortable, we could stop for a while. Let’s finish work today and shoot tomorrow. But she felt that because the arrangement of the whole scene, including the cooperation of all departments, was very difficult. If she came back the next day, it would be serious to the shooting progress. She kept gritting her teeth and insisting. I especially admire her.

Besides filming, what topics do you talk about in private?

Hu Ge: In fact, throughout the filming process, I kept my distance from all the actors.

: Everyone?

Hu Ge: Yes, because I consciously want to isolate myself, this feeling will be more in line with the state of the characters. I didn’t integrate into the crew as quickly as I used to, and then become good friends with everyone.

: There are some surreal magical elements in the film. What do you think of the director’s handling?

Hu Ge: You will find that in our play, you can find a lot of relationships between the characters and the environment. Sometimes you will find that the distance between the characters and the environment is very long, and sometimes you will find that the characters are integrated into the environment, and these are often absurd, dramatic, and dreamy scenes. But in real scenes, there is often a sense of distance. I think this should be the expression of the director in the video as I understand it.

Can you explain a specific scene? For example, you have a scene where you are constantly entering various scenarios in the newspaper, and finally fantasizing about shooting at an airplane.

Hu Ge: In fact, the director did not tell me the intention he wanted to express in this scene, but my understanding at the time was that Zhou Zenong was in a very weak state at this time. At that moment, the director’s request to me was to perform a somewhat confused state of mind. As a trapped criminal, he had nowhere to go at that moment. In a small room in a dilapidated weather station, the walls were covered with various newspapers, and then you would find that every message could represent the characteristics of an era, but for Zhou Zenong, he couldn’t fit in anywhere.

After watching the premiere, how would you rate your performance?

Hu Ge: I can only say that I have completed the task, but there is still room for improvement.

This article is an exclusive manuscript. It is prohibited to reprint it in any form without authorization, otherwise legal responsibility will be pursued.

Geely Auto was accused of plagiarism behind the ＂great pressure＂

"Investor Network" Ge Fanmei

On March 9, Geely Automobile (0175.HK) announced that the company has submitted an application to the Stock Exchange for the addition of RMB counters, in order to support the new Hong Kong dollar-RMB dual-counter model plan launched by the Stock Exchange. This means that Geely Automobile is expected to become the first batch of Hong Kong-listed companies to join the dual-counter model.

The announcement said Geely believed the dual-counter arrangement could provide investors with new trading currency options and potentially more liquidity. The HKD-RMB dual-counter model also allows bookmakers to provide liquidity to their RMB counters and narrow the price differential between their HKD and RMB counters.

In the capital markets, Geely Automobile’s "RMB Hong Kong stock" is about to be realized. In terms of business, the company has made a bad start this year. In late February, the company launched a new energy sub-brand "Geely Galaxy", and soon fell into the "plagiarism door".

For Geely Automobile, an old car company with a 25-year history of car manufacturing, in addition to the plagiarism scandal, its continued decline in performance and loneliness in the new energy field may be more embarrassing. Now, Geely Automobile has high hopes for "Geely Galaxy", can it help it achieve corner overtaking in the field of new energy vehicles?

Trapped in the "plagiarism door"

On February 23, Geely Automobile launched a new mid-to-high-end new energy series – "Geely Galaxy", and released the prototype of Geely Galaxy "Galaxy Light".

According to reports, the "Geely Galaxy" series will launch seven new models within two years, of which the Galaxy intelligent electric hybrid L series will launch four products, the first electric hybrid SUV Galaxy L7 and the first electric hybrid car Galaxy L6 will be delivered in the second and third quarters of this year respectively; Galaxy intelligent pure electric E series will launch three products, of which the first pure electric product E8 will be delivered in the fourth quarter of this year.

However, less than a week later, "Geely Galaxy" ushered in plagiarism doubts. On February 28, a lawyer’s letter sent by Chongqing Baijun Law Firm, the law firm entrusted by Changan Automobile, pointed out that the prototype of Geely Galaxy’s "Galaxy Light" has a lot of similarities with Changan Automobile’s concept car and mass-produced models. It is suspected that a large number of copies of the appearance of Changan Automobile’s released models have seriously infringed the relevant intellectual property rights of Changan Automobile.

According to the comparison chart circulated on the Internet, the outside world pointed out that the original model of Geely Galaxy and Changan Automobile Deep Blue SL03, UNI-V and other models have similarities in the front face, headlights and tail shape. According to the data, the Deep Blue SL03 was launched in July 2022, priced between 17-200,000 yuan, providing pure electric version, extended range version and hydrogen electric version. As of the end of February this year, the cumulative delivery volume reached 37,328 vehicles.

(Image source: Sina Weibo)

In response to the plagiarism rumors, Geely Automobile directly denounced the above-mentioned lawyer’s letter as "seriously untrue and groundless, misleading the public, and causing serious damage to our brand and goodwill." According to a statement released by Geely Automobile on February 28, Geely Galaxy Light is an original design of Geely, and there is no plagiarism and infringement of others’ intellectual property rights.

(Image source: Geely Automobile official Weibo)

It is worth mentioning that Chen Zheng, vice president of design of Geely Automobile Group, joined Geely in March 2022 after working for Changan Automobile for 20 years and served as the global design director of Changan Automobile Group.

However, Geely Automobile has already applied for the Galaxy series trademark. Qichacha shows that Geely Automobile applied for the registration of the "Galaxy Light" trademark on March 2, which is internationally classified as a means of transportation, and the current trademark status is "under registration application". Previously, Geely has also applied for "Geely Galaxy", "Jizhi Galaxy", "Haoqing Galaxy" and other Galaxy series trademarks.

(Source: Qichacha)

New energy vehicle "underachiever"?

Lin Jie, vice president of Geely Automobile Group, once said that the sales goal of each product of the Galaxy series is to become the top three in the market segment, and the joint geometry brand will cover 65% of the future new energy vehicle market.

In fact, Geely Automobile has already made big claims about its new energy layout, but the reality is not as good as it wants. As early as November 2015, Geely Automobile announced the implementation of a five-year development strategy called "Blue Geely Action", with the goal of "reaching 90% of new energy vehicle sales by 2020."

However, by 2020, Geely Automobile’s annual sales of new energy vehicles 68,000, down 39.7% year-on-year, accounting for only 5.2%. In 2021, Geely Automobile’s new energy vehicles were delivered 61,000, down 10% year-on-year, and still failed to achieve the new energy sales target. Geely Automobile, which is brave in the fuel vehicle market competition, has frequently lost in the new energy battlefield.

In fact, from the perspective of peer companies, it is not difficult to find that Geely Automobile’s layout in new energy vehicles is relatively late. When NIO, Li Auto, and XPeng Motors were launched in the United States in September 2018, July 2020, and August 2020 after four, five, and six years of establishment respectively, Geely Automobile really began to make big moves in the field of new energy vehicles.

Geely Automobile established Geometry Automobile in April 2019, positioning it as a new brand of mid-to-high-end pure electric vehicles, but the development of Geometry Automobile was not smooth in the first two years. Data show that in 2019 and 2020, the annual sales of Geometry Automobile remained at about 10,000 vehicles. In order to occupy a place in the field of new energy vehicles, Geely Automobile and its parent company established the new energy brand of Extreme Krypton Automobile in March 2021.

Entering 2022, the new energy vehicles under Geely Automobile began to exert force. According to Geely Automobile data, the cumulative sales of pure electric vehicles under Geely Automobile in 2022 were 262,000, an increase of 328% year-on-year, and 66,000 plug-in hybrid vehicles, an increase of 219% year-on-year. Although it is far higher than the industry’s 90% year-on-year growth rate, it is still unable to compare with the giants Tesla and BYD in scale. In 2022, BYD’s cumulative sales were 1.8635 million, an increase of 208.64% year-on-year. Among them, the sales of pure electric vehicles exceeded 910,000; while Tesla’s annual sales were 1.31 million, and about 440,000 in China.

As a traditional automaker with independent core technologies, Geely Automobile has followed in the footsteps of BYD’s transformation from traditional automakers to new energy vehicles.

Data show that BYD’s annual sales in 2018 were 520,000, only one-third of Geely Automobile’s total sales, but BYD’s new energy vehicle sales accounted for 47.5% at this time. Since March 2022, BYD has stopped the production of fuel vehicles, becoming the first car company in the world to officially announce the suspension of fuel vehicles. Until February this year, Geely Automobile’s new energy vehicles accounted for 21.4%, and fuel vehicles are still the company’s main sales force.

In January 2023, BYD sold 151,341 units, an increase of 62.44% year-on-year. During the same period, while BYD’s sales were growing, Geely Automobile’s sales fell sharply, achieving sales of 103,452 units, a decrease of about 29% year-on-year. Regarding the decline in sales, Geely Automobile explained that it was "mainly affected by the early Spring Festival holiday."

The performance is "under great pressure"

In 2022, Geely Automobile’s total sales volume was 1.43 million, an increase of about 8% year-on-year. Among them, the cumulative sales volume of new energy throughout the year was 328,727, and new energy accounted for about 23%.

In fact, compared with Geely Automobile’s previous sales target of 1.53 million vehicles in 2022, the company has not met the target. This is already the fifth consecutive year that Geely Automobile has not met the sales target. However, for 2023, Geely Automobile sets the sales target at 1.65 million vehicles, of which the sales target of new energy vehicles is more than 100% higher than the total sales achieved in 2022.

The continuous improvement of sales targets may be to ensure the full implementation of the "Smart Geely 2025" strategy. The strategy was proposed by Geely Automobile in 2021 and announced that the total sales target of 2025 cars is 3.65 million, of which 650,000 are Krypton cars and 3 million are Geely cars.

Extreme Krypton, a well-known new energy vehicle brand under Geely Automobile, sold only 71,900 vehicles in 2022. Since its establishment in March 2021, Extreme Krypton’s capital movements have been frequent. When the Pre-A round of strategic financing was completed in August 2021, the post-money valuation was about 9 billion US dollars, and the recent completion of 750 million US dollars financing, the post-money valuation was 13 billion US dollars, about 89.80 billion yuan; Geely Automobile is planning to spin off Extreme Krypton. Compared with the new car-making forces NIO, Xiaopeng, Ideal, and Zero Run, which have sold more than 100,000 cars in 2022, as of March 10, the valuation of the corresponding four companies is 102.40 billion yuan, 59.80 billion yuan, 154.90 billion yuan, 27 billion yuan; It is not difficult to see that the valuation of polar krypton is higher.

For new car manufacturers, profitability is still a problem. Extreme Krypton Auto’s net losses in 2021 and the first half of 2022 reached 1.01 billion yuan and 759 million yuan respectively. In just one and a half years, Extreme Krypton has lost up to 1.769 billion yuan.

Geely Automobile’s continued losses and huge demand for capital may also put pressure on Geely Automobile. Geely Automobile disclosed that in the first half of 2022, Geely Automobile’s gross profit margin fell by 2.6 percentage points year-on-year to 14.6%, and the sharp decline in net profit was mainly due to the negative impact of the increase in raw material costs and the increase in the proportion of new energy vehicles.

In recent years, Geely Automobile’s net profit decline has become a trend. Wind data shows that from 2019 to 2021, the company’s net profit was 8.19 billion yuan, 5.534 billion yuan and 4.847 billion yuan, respectively, down 34.76%, 32.43% and 12.4% year-on-year; in the first half of 2022, Geely Automobile’s net profit further decreased by 34.81% year-on-year, to 1.552 billion yuan.

In terms of profitability, Geely Automobile’s gross profit margin in 2018 fell from 20.2% to 14.6% in the first half of 2022, but the expense ratio rose from 7.8% in 2018 to 13.7% in the first half of 2022, and the expense ratio continued to rise. In comparison, BYD’s gross profit margin in the first half of 2022 was 13.51% and the expense ratio was 8.58%. During the same period, Geely Automobile’s gross profit margin was slightly higher than BYD, but the expense ratio was much higher than BYD.

At the same time, Geely Automobile’s inventory is high. As of the end of June 2022, Geely Automobile’s inventory was 7.567 billion yuan, a significant increase from 5.522 billion yuan at the end of 2021. In the inventory, the inventory of manufactured goods increased sharply from 2.94 billion yuan at the end of 2021 to 4.063 billion yuan at the end of June 2022. How to remove inventory also tests Geely Automobile’s management ability. (Produced by Thinking Finance) ■

Dark Blue G318 debut! After ＂far ahead＂, the ＂industry ceiling＂ is here again!

ifeng.com Car News On March 18, Changan Deep Blue Automobile held a grand press conference in Chengdu. Deng Chenghao, CEO of Deep Blue Automobile, explained in detail to the outside world the latest electric drive, range extension and battery technology of Deep Blue, and released its third model – the Deep Blue G318 based on the EPA1 platform. The new car is equipped with the Force intelligent super range extension system, which can be powered by oil and electricity, and has powerful off-road escape capabilities.

In terms of appearance, in today’s square box style running all over the street, the dark blue G318 has chosen the hardcore + cyberpunk appearance style. It has a large body under the tough appearance. The length, width and height of the dark blue G318 are 4915 (4998)/1985/1885 (1960) mm (the length and height are different due to the original modification), and the wheelbase is 2880mm. The curb weight is 2360kg, and the wind resistance coefficient of the whole vehicle is 0.35CD.

In addition, the dark blue G318 also provides luggage racks, headlights, electric pedals, backpacks, and other original expansion parts, and the four-wheel drive model also has a maximum trailer quality of 1.6 tons.

In terms of interior, the dark blue G318 combines the future with hard style, and the cockpit has both a sense of technology and power. The large-size screen adopts a built-in design, which not only looks simple and elegant, but also adds a sense of reliability. Most of the daily function buttons are integrated under the screen, and the physical buttons are real to the touch, allowing users to easily and accurately complete various operations during driving. Unlike the previous dark blue models, the G318 shift lever adopts the push-pull lever of a starship, which is very controlled.

In addition, the G318 has a four-wheel drive system composed of dual motors, and has a central stepless differential lock and a magnetic mechanical differential lock, which can achieve full torque left and right locking. To be more flexible in extreme road conditions, the G318 also supports in-place turn function, with a minimum steering radius of 3.2 meters.

The Dark Blue G318 is a hardcore SUV with a load-bearing body, with a torsional stiffness of 45,000 Nm/deg, making it the quasi-first echelon in the industry. Its stiffness is comparable to that of a non-load-bearing body with girders.

In terms of battery, the dark blue G318 adopts a golden bell battery, has a built-in safety design, and has 10 layers of battery bottom protection. It can support a pure electric cruising range of 190 kilometers under CLTC conditions, and supports a maximum of 6 kW external discharge function, and enjoys lifelong quality assurance.

In terms of power, the dark blue G318 is equipped with the Force Super Integrated Electric Drive 2.0 system and the Force Intelligent Super Range Extension system, which greatly reduces the weight and volume, and greatly improves the power density and efficiency. The efficiency of the motor assembly is 92.58%, and the range extension system can convert 1L of oil into 3.63kWh of electricity, which is higher than the industry level.

The G318 is designed with permanent magnet synchronous and AC asynchronous front and rear motors. The total system power is 316 kW, the wheel end torque is 6200 Nm, and the 100-kilometer acceleration time is only 6.3s.

In the future, the Deep Blue G318 will join the plug-in/range-extended hybrid SUV hardcore SUV market where the Equation Leopard 5 is located. Let’s look forward to its market performance.