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."

Deng Chao claims to have been "expelled from the house" by Sun Li, and the interesting story of husband and wife has aroused heated discussions

On May 4, Deng Chao posted a striking message on social media saying that he had been kicked out of his home by Sun Li. The brief post, although short in words, immediately attracted widespread attention and heated discussions on the Internet. Users expressed great curiosity about the sudden appearance of this seemingly loving couple.

Deng Chao and Sun Li, as model couples in the entertainment industry, have always shown themselves as loving and happy. However, this time Deng Chao’s post made people feel an unusual side of their lives. Although the specific situation is not yet clear, such an episode obviously provides a rich imagination for netizens.

The reaction to Deng Chao’s experience was unexpectedly relaxed and joyous. The comment area was filled with "hahaha" laughter, as if everyone had become accustomed to the interesting interaction between the couple. Some netizens joked: "Hahaha, what bad things have you done again?" Others speculated that Deng Chao may have done something that made Sun Li dissatisfied, such as "embarrassing to Empress Abi" or "probably eating canned herring". These humorous comments undoubtedly added a lot of interest to the matter.

In addition to the jokes, netizens also offered some practical advice. Some suggested that Deng Chao "wear the clothes of the King of Fruit" to make Sun Li happy, while others suggested that he "live in the crew" or "go to Luhan’s house." Although these suggestions were somewhat joking, they also reflected the concern of netizens for Deng Chao and the recognition of his relationship with Sun Li.

It is worth noting that after being kicked out of the house, Deng Chao did not rush to coax his wife, but chose to launch Weibo first. This move was quite surprising, and it also showed his calmness and optimism in the face of this situation. Perhaps it is because of his open-minded attitude that netizens are full of love and attention to him.

Looking back at the experiences of Deng Chao and Sun Li, the two became attached to each other through drama, knew each other and fell in love, and finally entered the palace of marriage. Their relationship has always attracted the attention of the outside world, and it has also become a story in the entertainment industry. Today, despite such an episode, I believe their relationship is still as solid as a rock.

As bystanders, we may be able to see another side of the life of the celebrity couple from this incident. Although they are glamorous, they also have the same trivial life and emotional twists and turns as ordinary people. However, it is these real details that make us like and pay more attention to them. I hope Deng Chao and Sun Li can resolve this small conflict as soon as possible and continue to bring us more joy and positive energy.

Responsible editor:

Beijing Jietu Shanhai T2 is being discounted! 8,000, not to be missed

At [Autohome Beijing Discount Promotion Channel], we bring you the latest discounts on the model. At present, consumers in the Beijing area are enjoying a very strong car purchase promotion. The maximum discount has reached an astonishing 8,000 yuan, which makes the Jietu Shanhai T2 model with a starting price of 171,900 yuan even more attractive. To seize this rare car purchase opportunity, be sure to click "Chatty Car Price" in the quotation form to get a more favorable car purchase price. Take action now and don’t miss this once-in-a-lifetime car purchase opportunity!

北京捷途山海T2正在优惠!优惠0.8万,不容错过

北京捷途山海T2正在优惠!优惠0.8万,不容错过

The Jietu Shanhai T2 shows a unique side charm with its exquisite body proportions. The length, width and height of this model are 4785mm x 2006mm x 1875mm respectively, and the wheelbase reaches 2800mm, providing a solid foundation for the interior space. The front and rear wheelbases are 1685mm and 1695mm respectively, ensuring good driving stability and comfort. The tire specification adopts 255/60 R19, which reflects a high-quality driving experience both visually and performance. The wheel rim design incorporates a sense of modernity and power, adding a sense of movement and dynamic beauty to the vehicle.

北京捷途山海T2正在优惠!优惠0.8万,不容错过

The interior design of Jietu Shanhai T2 fully demonstrates the perfect fusion of fashion and practicality. Its spacious interior space is wrapped in warm leather, and the steering wheel is made of leather material to provide a comfortable feel. A large 15.6-inch central control screen stands in the center of the cockpit, equipped with advanced automatic speech recognition control system, supports multimedia, navigation, telephone and other functions, making it easy to operate. The seats are made of imitation leather and leather/fabric mix and match materials, and the main and passenger seats support multi-directional adjustment, such as front and rear, high and low, and backrest to ensure passenger comfort. USB and Type-C interfaces are distributed in the front and rear rows to provide convenient charging and connection support for passengers’ electronic devices. The rear seats support proportional reclining, providing flexible loading space to meet diverse needs. The overall interior design emphasizes both practicality and refinement in detail, creating a pleasant interior atmosphere.

北京捷途山海T2正在优惠!优惠0.8万,不容错过

The Jietu Shanhai T2 is equipped with a 1.5T turbocharged engine with a maximum power of 115 kilowatts and a strong output. The torque performance of this engine is also quite good, providing 220 Nm of torque support for the vehicle. With the 3-speed DHT transmission, power transmission and fuel economy are further optimized, ensuring a smooth driving experience in all road conditions.

Overall, the Jietu Shanhai T2, with its hardcore off-road characteristics and atmospheric exterior design, has Autohome owners saying that this car even surpasses the appeal of the Tank 300. For consumers seeking a unique off-road experience and visual impact, the Shanhai T2 is undoubtedly a powerful choice, which not only meets functional needs, but also perfectly blends emotion and practicality.

Under the cold wave, how to protect the common people’s "vegetable baskets" and "rice bags"?

  The server operating system market share reached 36.8%, and the cumulative installed capacity exceeded 6.10 million sets. It is used in the core business of leading enterprises such as JD.com, Meituan, the three major operators, and the six major banks. Four years of open source, Euler’s leap-forward development has become a vivid footnote to the rise of domestic software. Facing the surging era of intelligence, our country’s innovative breakthroughs in basic software have built a solid foundation for digital infrastructure.

  Euler’s rise to the top in the server market

  "OpenEuler [open source Euler] has reached a share of 36.8%, far exceeding the second place’s share of about 20%," Zhou Zhengang, vice president of IDC China, revealed at the operating system conference 2023 on December 15.

  According to IDC’s forecast released at the meeting, openEuler will have a 36.8% market share in China’s server operating system market in 2023, CentOS/Red Hat will have a 20.7% share, Windows will have a 19.3% share, Ubuntu/Debian will have a 10.1% share, and other Linux operating systems will have a 13.1% share.

  At the conference with the theme of "Rising up the digital age, leading the future of digital intelligence", industry players told reporters that this data marks that Euler has become the first basic software in China to achieve the first market share, which is an important milestone in the development of China’s basic software industry and has created a solid and reliable software base for Digital China.

  According to reports, openEuler originated from Huawei’s self-developed server operating system, EulerOS, and was open-sourced in September 2019. In September 2021, Huawei announced the upgrade of openEuler, which was upgraded from a server operating system to an operating system for digital infrastructure, supporting IT, CT, OT and other digital infrastructure scenarios. In November 2021, Huawei and all community partners donated openEuler to the Open Atom Open Source Foundation. Since then, Euler has realized the transformation from business owners to industry sharing and co-construction. In the past year, Euler has accelerated its development and established a complete development system in technological innovation, ecological development, community cooperation, and commercial implementation, forming a positive industrial cycle.

  "This shows that the roots of the Chinese operating system have been established," said Liu Wenqing, vice chairperson of the openEuler committee.

  According to Jiang Dayong, chairperson of the openEuler committee and assistant to the chairperson of the Open Atomic Open Source Foundation, there is an "ecological rift" in the open source community. When the market share exceeds 19%, a self-cycle can be formed. For Euler, a share of more than 20% is the key point, and a share of more than 35% forms a self-acceleration. "In the past, the development of ecological partners was all community initiative, but now users and partners are actively looking for communities, and the significance of crossing the ecological inflection point may be even greater."

  Taking the financial industry as an example, up to now, openEuler has covered six large state-owned banks and 12 joint-stock banks such as China Merchants, Everbright, Huaxia, and Minsheng, as well as 134 city commercial banks such as Bank of Beijing and Bank of Tianjin. "From the original general business to the current core business, and began to develop from a small number of applications to large-scale applications," Jiang Dayong revealed.

  Zhou Zhengang also said that in the financial sector, many banks and other Financial Institution Groups have a soft spot for openEuler because of their demand for data reliability and large-scale computing parallelism. In 2023, openEuler will account for more than 50% of the server operating system market in China’s financial industry. In the government sector, such as government cloud, smart cities, including government-built intelligent computing centers, openEuler has been widely used, accounting for more than 70%. In addition, openEuler’s share in the telecommunications sector has also exceeded 70% this year, and its share in the energy and power industries has exceeded 40%.

  "Euler has grown from a seed into a towering tree, shouldering the important task of building the root technology and digital economy technology base in our country’s information field." Ni Guangnan, an academician of the Chinese Academy of Engineering, said that currently, Euler has been commercialized on a large scale in the fields of communications, finance, electricity, transportation, informatization and other fields, creating significant economic and social benefits. "Looking to the future, we are full of confidence in Euler’s prospects."

  Breaking Boundaries and Continuously Leading Intelligent Innovation

  A multi-robot collaborative solution composed of a robotic arm that precisely controls the brush, an intelligent inspection robot applied to the power system, a drone, and a robot dog… In the more than 2,000 square meters exhibition area set up at the Operating System Conference 2023, reporters saw hundreds of exhibition points. A number of developers wearing openEuler white work clothes enthusiastically introduced innovative solutions based on Euler, in sharp contrast to the severe cold in the early days after the snow in the outdoor capital.

  According to the introduction, adhering to the principle of "co-construction, sharing and co-governance", the openEuler community has attracted more than 1,300 leading enterprises, research institutions and universities to join since it was open-sourced, gathered more than 16,800 open-source contributors, and established more than 100 Special Interest Groups (SIGs). In the eyes of the industry, the openEuler open-source community has become the most dynamic and innovative open-source community in China.

  In fact, continuous innovation rooted in technology and breaking boundaries have become important labels for Euler. According to Jiang Dayong, in the server field, the phenomenon of "soft chimneys" was more prominent in the past. A chip architecture corresponded to a set of operating systems, and application developers had to adapt to each "soft chimney", which did not add value to end users. However, Euler creatively proposed a set of code and architecture to support diverse computing power and full scenarios. "openEuler is an operating system that meets technological trends and customer needs, and its positioning is an open-source operating system for digital infrastructure."

  "The application boundary of openEuler is the server industry, but today we see more scenarios such as cloud computing, edge computing, IOT, embedded, etc., breaking the barriers of the operating system and laying the foundation for the intelligent interconnection of all things." Lu Shouqun, chairperson of the China Open Source Software Promotion Alliance, believes so.

  At present, Euler has supported all mainstream general computing architectures such as ARM, x86, and RISC-V. In the era of intelligence, Euler has also taken the lead in supporting mainstream AI processors such as NVIDIA and RISC, becoming the first choice for enabling diverse computing power. In addition to continuously enhancing the layout in key scenarios such as server, cloud, edge, and embedded, Euler is also promoting native development based on openEuler to realize that it can support multi-architecture, multi-version, and visual orchestration and construction on the infrastructure. Through FangTian, high-performance Windows, and other projects, it can achieve interoperability with the Hongmeng ecosystem in more scenarios, further expand the boundaries of collaboration between Euler and Hongmeng, and gradually build a computing power base in the intelligent era.

  Since the beginning of this year, technological innovation represented by large models and large computing power has continued to promote the development of artificial intelligence, and AI has accelerated its entry into industrial production systems, changing the industrial landscape of thousands of industries. At present, Euler has been deeply integrated with AI. On the one hand, it uses the ChatGLM basic model to train Euler Copilot based on a large number of Euler operating system codes and data, and initially realizes functions such as code-assisted generation, problem intelligence analysis, and system-assisted operation and maintenance, making Euler more intelligent. On the other hand, Euler unifies the management and scheduling of heterogeneous resources, coordinates memory and computing power, realizes the deep integration of CPU and NPU, fully exploits idle resources, improves effective utilization, and then improves AI training and reasoning performance, making AI more efficient.

  "The basic software represented by the operating system is the key to connecting the underlying computing power and upper-level applications, and is the soul of digital infrastructure." Peng Song, senior vice president and president of ICT strategy and marketing of Huawei, said in his speech at the conference that Huawei will continue to focus on root technology investment, enhance the innovation and competitiveness of basic software, support the construction of digital infrastructure and the prosperity of application software ecology; embrace intelligence, promote the integration of operating systems and AI, and stimulate basic software innovation; promote the combination of production, education and research, cultivate basic software and ICT industry talents, and provide a steady stream of impetus for technological innovation.

  Facing the future, contributing Chinese wisdom to open source for the world

  "The rapid development of openEuler proves that making full use of open source, participating in open source, supporting open source, and giving back to open source is an effective path to achieve operating system technology innovation and industrial prosperity," said Sun Wenlong, chairperson of the Open Atomic Open Source Foundation.

  "I think there is one and only one definition of the success of openEuler, and that is the success of internationalization." Xiong Wei, vice chairperson of the Open Atomic Open Source Foundation TOC (Technical Review Committee) and executive director of the openEuler Committee, believes. He also said that some opportunities for internationalization can be seen at present. In the past year or two, CentOS has been shut down and other events, which not only affect domestic but also overseas. Overseas markets are also looking for new optional platforms. Some overseas customers are already consulting, and even some customers are verifying.

  In fact, Euler has been committed to building an international open-source assistance platform. In terms of technology ecology, it has cooperated deeply with international mainstream foundations and has supported 98% of the world’s mainstream open-source software. In cloud native, big data, storage, database, HPC and dozens of other open-source communities, Euler has achieved upstream native support, ready to use out of the box. Euler is also deeply involved in the formulation and promotion of global mainstream software supply chain security standards and specifications such as OpenChain and OpenSSF. It took the lead in passing the OpenChain ISO 5230 open-source software protocol certification, and the community infrastructure has reached the OpenSSF SLSA L3 standard. In addition, Euler also cooperates with mainstream communities and organizations around the world to meet the localization requirements of various regions around the world and standardize the international governance of Euler’s open-source community. At present, the openEuler community has conducted in-depth cooperation with nine leading overseas open-source foundations, providing services to more than 150 countries and regions, building a new global open-source ecosystem, and pioneering a new open-source model in China.

  As early as 2021, Intel joined the openEuler community, actively contributing to the ecological adaptation and technical optimization of the x86 platform, introducing the multi-generation platform Ice Lake, SPR, Emerald Rapids of x86 to openEuler, and integrating the AI computing acceleration framework into openEuler. At the openEuler Summit 2023 held on December 16, Intel announced that it has officially become a gold donor of the openEuler community, working with the industry to build an operating system ecosystem base to provide better resources and support for developers around the world. "In the future, Intel will continue to integrate upstream open source projects into openEuler, and work with openEuler to continue to make efforts in AI, enabling AI computing power from soft and hard collaboration to meet the needs of various industries for AI intelligent computing technology." Yang Jiguo, director of Intel’s Open Source Technology Center, said.

  Not only Intel, but since the Open Atomic Open Source Foundation announced the upgrade of openEuler to a project group in December 2022, leading companies and developer projects in various fields have begun to join. In the first half of this year, 9 projects completed the signing of donation intentions. At this conference, 13 projects from 8 companies including China Mobile Cloud Competence Center, Unicom Digital Technology Co., Ltd., WeBank, Beijing Dongtong Technology joint stock company, Shenxin Technology joint stock company, JD.com Technology Information Technology Co., Ltd. signed donation intentions with the openEuler project group. Industry insiders believe that donation projects from different industries and fields have injected new innovative power into Euler, which will further enhance the community’s technological innovation capabilities and promote community ecological prosperity.

  "Euler’s experience fully proves that as long as Chinese developers work together, they have the ability to create a world-class open-source community," said Academician Ni Guangnan, calling on the industry to work together to promote open-source Euler to become the first open-source community with world influence led by the Chinese industry.

The user trust delayed NIO’s listing in Hong Kong, so why did it succeed by changing the "introduction listing"?

Source: Manager Media’s "Business News. Family Office" magazine

Last year, due to the "user trust" stalled Hong Kong IPO, yesterday NIO successfully listed on the Hong Kong Stock Exchange with "introduction listing".

On March 10, it was an exciting day for "NIO" automobile company. Under the pressure of delisting the US stock market, after two difficult IPO applications in Hong Kong, it finally officially listed on the Hong Kong Stock Exchange, with the stock code "9866" and the opening price on the first day was 160 Hong Kong dollars. As of press time, the market value exceeded 270 billion Hong Kong dollars.

Compare with the 8 major automakers

This time, NIO listed on the Hong Kong Stock Exchange in the form of "introduction", without raising funds. The company’s share price rose to 169.5 Hong Kong dollars on the first day of listing, and then fell sharply.

If we compare the stock price and market value of NIO’s listing with those of the top 8 domestic automakers that will be listed:

1, NIO, share price 163 yuan, market value 272.20 billion
2, XPeng Motors, stock price 111 yuan, market value 190.80 billion
3. Li Auto, share price 109 yuan, market value 225.20 billion
4, Geely Automobile, share price 11.8 yuan, market value 118.80 billion
5, GAC Group, share price of 6.6 yuan, market value 69.30 billion
6, Great Wall Motor, share price 12.5 yuan, market value 115.30 billion
7, BYD, share price 201 yuan, market value 586.30 billion
8, millet group, share price of 13.6 yuan, market value 341.60 billion, (including the Great Wall Motor, BYD, GAC Group, are Hong Kong shares)

We can find that the opening price of NIO’s listing is a few streets away from many domestic car companies that have already listed. NIO’s market value is 2.36 times that of Great Wall Motor, 4 times that of GAC Group, and 2.33 times that of Geely Automobile. NIO’s share price is close to BYD. Why are Hong Kong capital markets optimistic about NIO?

In 2019, NIO was still on the verge of bankruptcy because it could not get financing. Fortunately, it finally obtained the Hefei Municipal Government’s 7 billion investment fund to gradually get out of the predicament. In 2021, NIO delivered 91,429 new cars throughout the year, an increase of 109.1% year-on-year. In February 2022, 6,131 smart electric vehicles were delivered, an increase of 9.9% year-on-year. In 2022, NIO plans to deliver three new models, and the number of models on sale will increase from three to six. In just three years, NIO has become a leader in the field of domestic high-end smart electric vehicles in mainland China, gaining recognition from the market and investors.

Since this year, NIO’s performance in US stocks has been falling to the bottom. Experts believe that the overall valuation of new energy vehicles in the Hong Kong stock market is relatively high, so NIO’s performance in Hong Kong stocks is expected to be better than that of US stocks. But experts point out that whether NIO, which continues to lose money, can continue to gain market favor in the future depends on when it can turn losses into profits.

It is worth noting that NIO’s listing in Hong Kong coincides with the Russian-Ukrainian war, which has led to the rise in oil prices, which has brought unlimited potential to new energy vehicles, which also heralds a window for the surge in new energy vehicles.

Why "introduce listing"?

Morgan Stanley, Credit Suisse and CICC are joint sponsors of NIO’s IPO, which uses an "introductory listing" approach.

The special thing about the listing is that there is no public offering process, only shareholders apply for listing of old shares. According to the prospectus, Li Bin, founder and chairperson of NIO, holds 10.6% of the shares and has 39% of the voting rights; Tencent holds 9.8% of the shares and has 17.4% of the voting rights; Baillie Gifford & Co shareholding ratio is 6.5% and the voting rights are 3.5%.

NIO is the first Chinese concept stock to return to Hong Kong from the US in the form of an introduction in recent years. Since the introduction listing does not issue new shares to shareholders in the new market, there is no issue price set in advance. The price at the beginning of the listing of the company is determined by the market, and the opening price will be used as a benchmark for calculating the rise and fall of the stock price after that.

Why use the "introductory form" for listing? In fact, according to previous media reports, NIO submitted a listing application in Hong Kong in March 2021, but failed to obtain approval from the Hong Kong Stock Exchange, mainly due to its involvement in user trust shareholdings.

According to the announcement issued by NIO in 2019, Li Bin, founder, chairperson and CEO of NIO, established 50 million shares in his name as NIO User Trust. In the public document introducing the listing in Hong Kong, NIO stated that the main company of its user trust is NIO Users Limited, which owns 1.1% of the issued Class A ordinary shares and voting rights, and will own 22.2% of the Class C ordinary shares and voting rights. Li Bin is the founder, regulator, investment advisor and sole actual beneficiary of the company. However, the establishment of user trust has attracted attention and inquiries from the Hong Kong Stock Exchange, which has stalled NIO’s listing on the Hong Kong Stock Exchange in 2021. As a last resort, NIO had to use the "introduction listing" method to list on the Hong Kong Stock Exchange for the second time, without raising funds, to be able to list successfully.

The successful listing in Hong Kong not only reduces the impact of geopolitical factors for NIO, but also provides investors with a clearer perspective on the Chinese company. Two people close to capital markets told Caixin that NIO’s introduction to Hong Kong stocks has stimulated the "nerves" of the market, and more Chinese stocks are expected to land in Hong Kong in this way in the short term. It is reported that the second echelon of new car-making forces, such as Zero Sports Car, Nezha Automobile and WM Automobile, will also go public in Hong Kong in 2022.

It is worth mentioning that in addition to Hong Kong capital markets, NIO is also exploring the possibility of listing in Singapore. It mentioned in its prospectus recently that NIO has applied for a secondary listing by introduction on the main board of the Singapore Exchange, and the Singapore Exchange is currently reviewing NIO’s application. NIO expects that the Class A common shares will be listed on the Singapore Exchange after listing on the Hong Kong Stock Exchange, subject to obtaining all necessary regulatory approvals and complying with all applicable listing requirements.

The price of Xingyue L Zhiqing in Changchun area has been greatly reduced, with a discount of 0.7 million! Act quickly.

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The design of [Xingyue L Zhiqing] is like a carved work of art, showing a unique modern aesthetic. The front face part adopts an atmospheric family-style design, and the air intake grille adopts an exquisite matrix layout, each of which exudes elegance and strength. The overall style is steady and full of science and technology, and the streamlined body lines are elegant and smooth, demonstrating the perfect integration of luxury and sports. The details all reflect the persistence of the Zhiqing series in quality and design, which makes people unforgettable.

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The car system Xingyue L Zhiqing shows the perfect combination of elegance and strength with its unique profile. Its body size is 4795 mm long, 1895 mm wide and 1689 mm high, and its wheelbase reaches 2845 mm, providing passengers with spacious and comfortable interior space. The front and rear wheel tracks are 1610mm, which ensures the stability and driving flexibility of the vehicle. Tyre size is 235/50 R19. This specification is used for both front and rear wheels, which provides excellent grip and handling performance. With exquisite rim design, it further enhances the sense of movement of the overall appearance.

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The interior design of Xingyue L Zhiqing highlights the perfect integration of luxury and technology. The car uses an exquisite leather steering wheel, which supports manual up and down+front and rear adjustment, providing a comfortable grip. The 12.3-inch central control screen stands in the center, which is clear and easy to use, integrates intelligent control functions such as multimedia, navigation, telephone and air conditioning, and supports voice recognition, making driving more convenient. The seat is made of imitation leather, and the front and rear, backrest, height and lumbar support of the main and passenger seats are adjusted. The driver’s seat also provides additional heating and ventilation functions, which improves the riding comfort. The co-pilot seat also supports backrest adjustment and has electric seat memory function. The rear seats of Xingyue L support proportional reclining, providing passengers with flexible and diverse space utilization.

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The car is equipped with a 1.5T turbocharged engine with a maximum power of 120kW, which provides surging power output for drivers. This engine has 163 horsepower and excellent torque performance, which can reach 255 Nm. With the 3-speed DHT transmission, it not only ensures the smooth running of the vehicle, but also improves the fuel economy and brings excellent driving experience to the driver.

Summarizing the evaluation of the owner, Xingyue L Zhiqing undoubtedly won his favor in design, especially the front face of the atmosphere impressed him deeply. This shows that for consumers who pursue aesthetic appearance, Xingyue L Zhiqing is undoubtedly a quality choice worthy of consideration.

The movie channel will broadcast Zhou Xingchi’s classic works for five consecutive days from November 20


1905 movie network feature His movie is worth revisiting.In his nearly 60 films, we are always laughed out loud by his "nonsense" at the beginning, but the ending makes us cry silently and fall into contemplation.


Every action, every line of dialogue, always allows us to see the microcosm of real life playfully.This week, the movie channel will be launchedStephen ChowMovie special, one a day for everyoneZhou XingChi’s comedy classic!


Before 1988, the young and energetic teenager Stephen Chow had been making circles in TV dramas and moviesThe Wind Catcher.Let him step into the big screen for the first time.In this movie, although Stephen Chow is a walk-on character, his acting skills are stunning enough for only five scenes.



Because of his outstanding performance in "Wind Catcher", a noble person – Li ******* quietly appeared.After being appreciated by Li *******, Stephen Chow won the movie"Pioneer Thunderbolt."Playing a slutty role inJianghuThe opportunity for a younger brother role.


There is no doubt that the role of car thief Wei Zai is also a small supporting role, but Chow Xingchi still plays very vigorously as always.


As a result, the second film played by Stephen Chow was nominated for the Best Supporting Actor Award at the 8th Hong Kong Film Awards, and began to shine in the Hong Kong film industry.But these early films did not fully reflect his unique personal style.


The appearance of the movie "A Comic to the End of the World" has given us a different look at Stephen Chow.The film not only removed Stephen Chow from his earlier role as a gangster, but also took his acting career to a new level.


A Xing, this simple and passionate character, allows us to see a brand-new Zhou Xingchi, whose nonsensical style begins to show in this movie.



Since then, Stephen Chow has been exploring on the "Nonsense" movie.In 1990, Stephen Chow’s brilliant career began, and he truly became the protagonist of a movie.


In the year when the gambling theme was all the rage, "Gambling Saint" inadvertently became the first Hong Kong movie to exceed 40 million Hong Kong dollars at the box office, and won the top ten best-selling films in Hong Kong in 1990, propelling Stephen Chow to the position of a superstar in one fell swoop.



In the same year, "Gambler" continued to write the legend of "Gambler", and the Hong Kong film industry has since added a "star".



In Stephen Chow’s "Nonsensical Head" films, the most prominent thing is the portrayal of small characters.Many of the characters he plays have the growth trajectories of being smashed to pieces and unable to form a human form, but they can be reborn in nirvana.


In the sad comedy movie "Wuzhuangyuan Su Qier" that Zhou Xingchi first starred in, which aired on November 23, the protagonist Su Can (Zhou Xingchi, played) was framed by villains when he was about to take the Wuzhuangyuan exam, and his meridians were interrupted, causing him to become a beggar.



Having enjoyed the monstrous wealth and tried the pains of the floating world, under such a life situation of ups and downs, Su Can did not give up and blame others, but accepted the challenge of fate calmly.


In the movie "Jiupin Sesame Official" broadcast on the 22nd, Bao Longxing, the small Jiupin county official played by Zhou Xingchi, is willing to do anything in order to be a clean official.


After being involved in the case of the Qi family, after several hesitations, Bao Longxing finally made a different choice from his father: adhere to integrity. Even if he was embarrassed and could not escape the execution, he did not give up his lifelong obsession with upholding justice.



In these movies, in addition to the hilarious nonsensical plot, there is more of a tragic color. Although these characters are in a mixed and muddy situation, they never stop struggling in life.


In 1994, Zhou Xingchi established Color Star Film Company. After having his own company, Zhou Xingchi began to try to transform and break through himself.


"There was a true love in front of me, but I didn’t cherish it. I don’t regret it until I lose it. The most painful thing in the world is this. If God could give me a chance to do it again, I would say three words to you – I love you. If I have to put a deadline on this love, I hope it is 10,000 years!"



This classic has touched the hearts of many people who are unable to love, those who never forget the white moonlight, those who forget each other in the rivers and lakes, those who have not cherished and treated well, and those who love and hate intertwined green years.



However, when the movie series "Journey to the West" was released, although it won many awards, the box office was dismal, until the popularity of "Journey to the West" in major universities and forums gradually reversed its reputation.


In the movies "Journey to the West: Moonlight Treasure Box" and "Journey to the West: Marrying the Great Sage" that aired on November 20 and 21, whether it is Sun Wukong, the stunning Zixia Fairy of Chow Xingchi who shuttles for love, Zhu Yin, or Wu Mengda’s unconventional Pigsy, Cai Shaofen’s majestic Iron Fan Princess, Mo Wenwei’s infatuated and single-minded Bai Jingjing…



Looking at the film again, these screen images can still evoke indelible memories in our hearts."Back then, I punched and kicked Nanshan Nursing HomeNorth SeaIn the kindergarten, everything under one meter fell down. I stomped my feet in the morgue and all stood up in disapproval. No one dared to breathe. "


Compared to other films, the movie "Kung Fu" is not as funny or tear-jerking, but this movie seems to be back to square one, fusing all the unfulfilled heroic dreams of the first half of his life.


Until today, I believe that many people will still think of "Kung Fu" when they see the colorful round wave board candy.



The movie "Yangtze River No. 7" is full of the figure of Stephen Chow’s childhood.In "Yangtze River No. 7," which aired on Movie Channel this Friday, Stephen Chow played the role of his father for the first time, which he had never played before.



"Although we are poor, we will neither steal nor rob. We will not take things that do not belong to us."



"Yangtze River No. 7" incorporates Zhou Xingchi’s own true childhood experiences and makes up for the lack of fatherly love.Although the movie is less funny, the inspirational light projected and the idealism he implied in the film are still moving.


Life is like a play, and play is like life.In Stephen Chow’s movies, we can always see hope in our sadness and give us comfort in life.



This week, the movie channel will bring you 5 classic works of Stephen Chow one day, and you will definitely be satisfied if you brush it again.


The first Geely Galaxy L7 rolled off the assembly line in Baoji, marking the Geely brand as "fully new".

On the first day of the 20th Shanghai International Automobile Industry Exhibition in 2023, the L7 on Geely’s booth was particularly eye-catching, and people who wanted to experience the Geely Galaxy L7 smart cockpit lined up.

On April 24th, in Baoji, Shaanxi, Geely Automobile Baoji Smart Factory participated in the official launch of the first Geely Galaxy L7 production car, and it was not lost at the Shanghai Auto Show.

On this day, which coincides with the eighth China Aerospace Day, "knowing what’s going on, asking the sky" is not only the mission of Chinese astronauts, but also the beautiful pursuit of "car builder" Geely. On this day, the world’s first Geely Galaxy L7 was officially rolled off the production line at Geely Automobile’s Baoji factory. Baoji City Mayor Wang Yong, Baoji City Vice Mayor Ding Shengren, Geely Holding Group Senior Vice President Mao Yong and other government and enterprise representatives, as well as media and user guests, witnessed this historic moment together. The official launch of Geely Galaxy L7 marks a new step for Geely’s brand to "fully new", and also opens a new chapter in Baoji’s new energy automobile industry.

Geely Galaxy L7 not only has the advantage of "energy-saving battery life" of mainstream hybrid products, but also achieves a generational leap in intelligent performance. Equipped with "8155 flagship cockpit chip + Geely Galaxy’s exclusive native intelligent cockpit system Galaxy N OS", Zhiai cockpit is a super intelligent end point that integrates "high value, dual computing power, easy operation, full sense, and global FOTA", dedicated to satisfying the whole family’s good yearning for intelligent travel life.

As the only four-screen linkage cockpit in the same class, the Zhiai cockpit is not only highly technological, but also interprets the "beauty of the galaxy" into details on the UI interface, achieving a perfect balance of "visual enjoyment, emotional touch, and operation fun". Subtle rounded corners, minimalist icons, clear layers, the UI interface is an affinity, warm visual and emotional experience; in application, the card grille system, accurate color scheme and efficient component library give the interface a sense of mathematical logic, bringing a clear and comfortable reading and browsing experience; in operation, the air conditioning interface, vehicle condition settings, seats… The ubiquitous visual micro-motion graphics run through almost all the subtleties that can present changes in the state of vehicle functions, making the operation full of fun.

In 2013, Geely Automobile Baoji Intelligent Factory officially landed in Baoji National High-tech Development Zone, with a total construction area of 400,000 square meters. It has four main process rooms including stamping, welding, painting and final assembly of vehicles. It has a production scale of 200,000 vehicles per year in double shifts. Since it was put into mass production in 2016, Geely Automobile Baoji Factory has delivered 840,000 vehicles to users. With highly automated equipment technology, strict technical Quality Standards, advanced AI intelligent testing methods and the whole process competitiveness quality management system, it has become the benchmark for product quality management of Geely Automobile Group.

Entering the dual-carbon era, Shaanxi Province has deeply implemented the new development concept and paid close attention to the cultivation of green and low-carbon industries. The relevant departments of the Baoji Municipal Party Committee and Municipal Government seized the opportunity and cooperated sincerely with Geely Automobile to jointly promote the automotive industry to green, low-carbon and intelligent manufacturing. Especially since 2022, with the strong support of the Municipal Party Committee and Municipal Government, Baoji Intelligent Factory has carried out innovation and upgrading, and built a 4.0 factory with "science and technology intelligent manufacturing, process leading" full-cycle AI intelligent control, to fully escort the excellent quality of Geely Galaxy L7 for ingenuity. Next, Geely Automobile and Baoji will continue to cooperate in depth on the new energy and intelligent track, and work together to promote the "Silk Road Car City" to continue to lead the new era of dual carbon.

The production of "Geely Galaxy L7" in Baoji Smart Factory will further open a new era of Baoji’s new energy automobile industry, and will also help Geely Galaxy accelerate its entry into the mainstream new energy market, opening up a new situation for the Geely brand.

Geely Galaxy L7 is equipped with a new generation of Raytheon electric hybrid technology, a new operating system Galaxy N OS and Aegis battery safety system and a series of Geely Automobile self-developed blockbuster technologies. It has five core advantages of "inductance modeling, power saving hybrid, second understanding car machine, pet co-pilot, and native safety". It has the fastest 6.9s 100-kilometer acceleration at the same level, and the lowest 5.23L/100km power loss fuel consumption at the same level of WLTC (NEDC4.4L/100km). CLTC has a comprehensive battery life of 1370km, surpassing all hybrids at the same level. With the ultimate product experience and more affordable price, it is committed to becoming the best choice for "family smart electric hybrid SUV" within 200,000. It has already triggered a booking boom. Some guests invited to the offline ceremony this time are from the first batch of users who pay the deposit.

Mao Yong, senior vice president of Geely Holding Group, said that over the past ten years, Geely Automobile and Baoji have weathered trials and tribulations, weathered each other in the same boat, and written a turbulent chapter in the development of the national automobile industry with one high-quality product. Embracing the new era of the automobile industry, Geely will continue to continue and inherit the spiritual root and dream of "Chinese craftsman", continuously lay the foundation, practice internal skills, adhere to positive research and development, enhance technological innovation capabilities, and join hands with the government to create a better future with scientific and technological intelligence, and continue to promote the continuous upward and new development of national automobiles.

Ding Shengren, member of the Standing Committee of Baoji Municipal Party Committee and Vice Mayor of Baoji City, said that the launch of Geely Galaxy L7 fully reflects Geely Automobile Group’s emphasis on Baoji Smart Factory and confidence in Baoji’s automobile industry. It will drive the development of Baoji’s automobile industry to a new height. I believe that with the blessing of Baoji’s "Silk Road Car City" business card, Geely Galaxy L7 will live up to expectations and lead the future. The two sides will also take this as a starting point to further deepen cooperation and contribute to the development of the automobile industry in the province and even the whole country.

The 5th Jackie Chan International Action Film Week, director Tsui Hark served as the chairperson of the jury

1905 movie network news The fifth Jackie Chan International Action Film Week, co-sponsored by the Movie Channel Program Center, the Datong Municipal People’s Government, and Jackie Chan International Group, will be held in Datong City, Shanxi Province from July 21 to 27. Recently, the fifth Jackie Chan International Action Film Week officially announced the list of jurors.


Among them, the Chinese director Tsui Hark will serve as the chairperson of the jury, and the Russian director Sergei Podlov, the New Zealand director Martin Campbell, the Canadian director Paul Haggis, the Japanese actor Katsuaki Kurata, the Thai director Prakia Pingkeyao, and the Chinese actor Xu Fan will serve as the jury members.



This year’s jury is full of stars and weight, which highlights the "international" and "action" characteristics of Jackie Chan International Action Film Week, but also does not lose the literary and artistic quality. The seven jury members come from four continents and six countries, fully demonstrating the multicultural vision, and will surely reflect the international tolerance and connection under the evaluation system that is more in line with the international mainstream film festival. Led by the unique action film master Tsui Hark, four action film directors and action actors, Sergei Podelov, Martin Campbell, Paul Haggis and Prakia Pinkeyao, will professionally review each action film shortlisted for the competition and every action filmmaker involved. Our country’s famous actor Xu Fan has participated in action movies starring Jackie Chan, and she will also introduce a more emotional and artistic perspective of the performance itself for the selection.



It is reported that the "Iron Man" honor selection, which is an important main activity of the 5th Jackie Chan International Action Film Week, will determine various honors after the selection and discussion of the jury. A total of 8 "Main Honor Unit" honors, including Best Action Film Honors, Best Action Film Director Honors, Best Action Actor Honors, Best Action Actress Honors, Best Action Direction Honors, Best Cinematography Honors, Best Editing Honors, and Best Art Design Honors, will be announced at the closing ceremony and honor ceremony of the 5th Jackie Chan International Action Film Week on July 27.


Judge style



Famous Chinese director and producer. In his early years, he stood out from the film industry with his unique style and skilful skills. After directing many film classics such as series, he also supervised many well-known film works such as series and series. In 2009, his directing works were shortlisted for the competition section of the 67th Venice Film Festival, and later swept a number of Chinese film awards including the Best Director Award at the 30th Hong Kong Film Awards. Since then, his works have frequently created brilliance in terms of technology and achievement: in 2011, it became China’s first IMAX 3D film; in 2013, it innovatively introduced underwater 3D technology; in 2014, it won the New Year’s box office championship with good reputation, and won many awards including the Best Director Award at the 35th Hong Kong Film Awards; in 2017 and 2018, "Di Renjie’s Four Heavenly Kings" won praise such as "Wonders of Chinese Film" for their excellent visual effects.



A famous Russian film director, writer, and producer, widely regarded as the most prestigious filmmaker in Russia. His films have won many awards around the world. Among them, his most famous films have been nominated for the Academy Award for Best Foreign Language Film and have been successfully distributed in 61 countries. His masterpieces also include "Captive of the Caucasus", which was also nominated for an Academy Award, and was nominated for a Golden Globe Award.



New Zealand’s renowned director and producer, who specializes in giving action movies a new form. His directorial masterpiece not only won Oscar and Golden Globe nominations for Best Picture, but also helped Antonio Banderas and Catherine Zeta Jones become true international superstars. He directed "007: Golden Eye", which is widely regarded as the rebirth of the James Bond series, and first chose Pierce Brosnan to star in 007. In addition, another 007 series of action-adventure films directed by him is also the first film in the series to be introduced to Chinese mainland theaters. In 2017, his action film based on the novel was released globally, starring Jackie Chan and Pierce Brosnan.



Canadian writer, director, producer, two-time Oscar winner, two-time Emmy winner, and seven-time Gemini winner. He was nominated for an Academy Award for screenplay for three consecutive years for his film "Letters from Iwo Jima" and won the Academy Award for Best Original Screenplay for "Crash". In addition, "Crash" also won him the current Academy Award for Best Picture. In addition, he has also participated in the screenwriting of many action movies such as "007: Casino Royale", and has written and directed many other films.



Japanese action movie actor, karate seventh dan, judo third dan, aikido second dan, is a true kung fu master. He officially joined the film industry in 1968. Since he starred in Chinese movies in 1971, he has starred in many Hong Kong action movies, worked with director Zhang Che and martial arts stars Chen Guantai, Liang Xiaolong, etc., and knows Mandarin and Cantonese. In the 1990s, he starred in the classic action movie "The Chinese Man". Since 2000, his performance has been representative. In 2007, he won the Best Action Actor of the Chinese Kung Fu Global Festival, and won the Best Actor of the 24th Hong Kong Film Critics Society Award for the role of Vice-General Xiong Ze in the movie "Dango", becoming the first Japanese best actor and the oldest winner of the award.



One of the most famous action film directors in Thailand and Asia, the director’s masterpieces include many others. In his works, all the action scenes are real people, without using any digital special effects, to show the power of Muay Thai to the fullest. Tony Jia became known to global audiences for his work and became a world-renowned action film superstar. In 2003, he directed "Boxer", which became the highest-grossing Thai film of the year and caused a worldwide sensation.



A famous Chinese actor who has developed in many fields such as film, drama, and television. Her film representative works include, among others, the Outstanding Actress Award at the 5th and 14th China Film Huabiao Awards, the Best Actress Award at the 5th Asian Film Awards, the Best Actress Award at the 24th Cairo International Film Festival, and the Best Actress Award at the 6th British Wanxiang International Chinese Film Festival; her representative drama works include "Wotou Guild Hall", etc., which has won the 13th "Plum Blossom Award" and the 6th "Wenhua Award" of the Ministry of Culture; her TV drama representative works include "Sunrise" and "Tsing Yi", etc., and Zeng won the Outstanding Actress Award at the 23rd China TV Drama Feitian Award.


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"?