Recently, when I came home from work, I often saw several boys in the corridor of the community in a circle, kneeling on the ground and patting cards made of discarded cigarette cases with great interest. My nephew, who is attending primary school, told me that many children in the school are obsessed with playing with this kind of cigarette card.
　　The "cigarette card" game is now popular among primary and secondary school students in many places. The children put the cigarette cards on the ground and take turns patting them. Whoever can flip each other’s cigarette cards will win the cigarette cards. They also classify cigarette cards into different grades according to the price of cigarettes. Some children already know the "grade" and price of cigarettes. In order to collect different brands of cigarette cases, they will ask smokers, ask parents to buy them or buy them themselves, and even rummage through the trash can.
　　Tobacco harm is one of the most serious public health problems in the world today, and the popularity of "cigarette card" games has attracted the attention of many educational departments and society. On April 7th, the Education Bureau of Sanya City, Hainan Province issued "Important Tips for Preventing Students from Addicting to" Cigarette Card "Games", clarifying that cigarette cards come from discarded cigarette cases, and collecting them around and carrying them with you may endanger students’ physical and mental health. Students addicted to games may enlighten their gambling consciousness and have curiosity and interest in smoking. Pingliang Railway Middle School in Gansu Province also issued a warning that the game led students to bring cigarettes into campus, try to smoke cigarettes and buy and sell cigarette boxes, calling on students to stay away from tobacco poisoning.
　　Card games themselves can promote children’s social interaction and reduce the time spent playing electronic products. Simply banning them is not the best policy. Schools and parents should guide children to establish a correct concept of games and replace cigarette cards with other paper cards in time, so that children can enjoy the fun of games and stay away from the temptation of tobacco.

Written by Wu Shuaili

　　　　　　　 With the upcoming release of the movie "Ocean Paradise", Jet Li and Wen, the actors who cooperated for the first time, have attracted much attention and expectation because they play father and son in the play. One is the Kung Fu Emperor who gallops in the film industry, and the other is a handsome young actor. Whether it is Jet Li who abandoned Wu Congwen or performing articles for autistic people, it is a big challenge for both of them from the film industry. In the filming process of this film about the deep affection between father and son, it is logical for them to cultivate a deep affection between father and son in and out of the play. Recently, the movie "Ocean Paradise" started a public welfare activity, and the images of Jet Li and the article together before and after the scene showed the deep affection between father and son.

Jet Li and the article are commensurate with their father and son.

　　　　　　　 Jet Li and Wen played a touching father and son in Ocean Paradise. The story is unfolded by the article’s "Dafu" who suffers from autism. Jet Li’s father "Wang Xincheng" spent the rest of his short life to give his father love in the face of terminal illness, in order to leave his son a future. The two people who live together in the play are also deeply attached to each other outside the play. Jet Li and Wen not only often whisper to each other in front of the stage, but also chat and laugh behind the stage, just like a pair of father and son soldiers. Although the film has been finished, the article habitually calls Jet Li "Jie Dad". At the same time, he joined the One Foundation and became a volunteer, caring for autistic children and many people in need, and wearing a One Foundation T-shirt in public.

Jet Li doesn’t want to restrict the play of articles.

　　　　　　　 After Letters to Dad and Hong Xiguan, Jet Li played his father for the third time and had a 22-year-old "eldest son" on the screen for the first time. Compared with previous works, Jet Li thinks that the characters in martial arts dramas are relatively simple, with little inner drama, and the terminally ill father played in this Ocean Paradise has no action at all, just an ordinary father. It is precisely because of this seemingly ordinary but full of delicate emotions that an actor’s acting skills are even more tested. This is also a brand-new attempt by Jet Li in the past 30 years. Jet Li, as a father, was also cautious in casting the role of the autistic son in the play. He said that he was actually a little dissatisfied with the performance of the article at the beginning of the audition. Later, he tried eight actors and finally found that the article was the most suitable.

　　　　　　　 In an interview, many media asked whether Jet Li would accept the article as an apprentice. Jet Li replied like a tolerant father: "The article only needs to follow the path he likes."

　　Qianlong Net Beijing News (Reporter Chen Li) On September 9, "Refuse drunk driving and go home happily" — — In 2016, the "9.9 No Drunk Driving Day" charity event was officially opened in Beijing. Huang Xiaoming, who has always been keen on public welfare, was not only awarded the "Public Ambassador for Refusing Drunk Driving" on the spot, but also personally drove for fans.

　　This year is the second "9.9 No Drunk Driving Day", which has been comprehensively upgraded in the action of refusing drunk driving. Among them, the most important measure is to hire Huang Xiaoming as the "ambassador for refusing drunk driving" to mobilize more forces to join the anti-drunk driving action through the appeal of stars.

　　Regarding the identity of "Public Ambassador for Refusing Drunk Driving", Huang Xiaoming said: "I am very grateful to the organizers for awarding me this honor. For me, it is a great encouragement. I hope that in the future, with all of you here, we will gather all forces and jointly practice the refusal of drunk driving public welfare activities. "

　　In addition, in addition to helping out on the spot as a charity ambassador to refuse drunk driving, Huang Xiaoming will also personally drive for fans as an e-driver on the day of "9.9 Refuse to Drink Driving Day", advocating that everyone use driving to refuse drunk driving. Huang Xiaoming not only repeatedly appealed to the public not to drink and drive, but also expressed his understanding and gratitude to the traffic police. He said that he liked uniforms since he was a child. If he is not an actor, he should be a policeman or a traffic policeman. He also said that he once played a traffic policeman in the public welfare film Looking for Dust, and learned about the hard work of this job. "It is not easy to stand in the sun and rain for a long time every day, and it is also very difficult to earnestly educate pedestrians. I hope everyone can abide by traffic laws and understand their work."

　　It is reported that, as a representative of the star’s positive energy, Huang Xiaoming fully supported the first "National Day of Refusing Drunk Driving" public welfare action last year, and recorded a public welfare video with Song Dandan, another image spokesperson of E-driver, advocating that everyone jointly refuse drunk driving, thus contributing to the "National Day of Refusing Drunk Driving".

　　After the press conference, Huang Xiaoming also expressed his hope to shout to more people through the media: "As an ordinary member of hundreds of millions of families, as a driver, as a public figure, as a spokesperson for e-driving, as a national ambassador for refusing drunk driving, here, I send an initiative to every citizen: refuse drunk driving, start from me, develop civilized travel habits, reduce or even eliminate the occurrence of drunk driving tragedies, and care for our common happy home."

On the 5th, after the latest issue of "Ace to Ace" was broadcast, netizens saw many changes. The previous flowers were cute, cute and slow-witted. He felt natural. Netizens couldn’t see Shen Teng Ling Chia bullying him. Every time the audience supported Hua Chenyu and protected him with shouts, just like their hometown.

After the latest broadcast, Hua Chenyu’s temperament has changed a lot, and so has his profile. Now Hua Chenyu is a single father, and he and Diamond have a daughter. This news has changed Hua Chenyu, and the attitude of netizens has changed somewhat.

Whether it is a good influence or a bad influence, Hua Chenyu can’t restore his lonely genius. According to Zhang Yimou, the second sister, Diamond’s departure from that time was a great blow to Hua Chenyu. He suffered from depression and did something that hurt himself. In addition, I made a song about loving the world. The name sounds positive, but the lyrics are full of sadness. Some of them want to leave, which scares fans of family and friends.

This song proves from the front that Hua Chenyu really suffered from depression. In that dark time, no one knew what he had done to hurt himself. Hua Chenyu made a variety show of ace to ace, and everything can be seen from the state of his face.

In the past, Hua Chenyu was very handsome. After losing weight, the whole person was an animated teenager. His face was small and pointed, and his eyes were clean and clear. His five senses were like the cartoonist’s own paintings, and he was the protagonist from the animation. Seeing him now, the photographer deliberately put the camera close to Hua Chenyu’s face.

Under the same filter, chubby Jia Ling looks cute and young. Her skin condition is as delicate as that of 22-year-old Guan Xiaotong. Her face is rich in collagen, and her skin is as rosy as a peeled egg. Jia Ling, 30, and Guan Xiaotong are not compared when they stand together.

When the camera moved to Hua Chenyu, his skin condition was particularly poor, and his eyes were single and swollen. This was not his previous eye shape. With a smile, the collagen on his face was obviously lost, and the decree lines on both sides of his nose were deeper than the ditch. Standing on 42-year-old Zhang Ziyi, he was nothing like a young man.

Netizens saw that Hua Chenyu’s skin condition was very poor these days. Every time he smiled, his face was heavily textured and his eyes were swollen. I don’t know what he went through, and he didn’t look like a 30-year-old.

I hope Hua Chenyu can adjust his state well. Now he is not a person, but a famous father. I hope he can continue to sing good songs and become a talented singer.

Editor in charge:

A few days ago, we learned from Equation Leopard that Leopard 8 will be unveiled at the 2024 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show, which opened on June 1st. It is reported that Leopard 8 is positioned higher than Leopard 5 and priced at 500,000 yuan, which will be officially listed in the third quarter of this year.

During the 2024 Beijing Auto Show, Equus Leopard 8 has been unveiled.

During the Beijing Auto Show in April this year, Leopard 8 was unveiled. At the same time, the car declaration map was also exposed not long ago. Specifically, Leopard 8 still adopts hard-core modeling, continuing the design style of Leopard 5.

Equation Leopard Car Leopard 8 Declaration Map

According to the previous declaration of Leopard 8, the roof is equipped with a laser radar, the front fender is equipped with a side-facing camera, and it is equipped with a high-level intelligent driving assistance system of the Eye of God, which will support urban and high-speed NOA functions in the future.

Leopard 8

Leopard 8 is equipped with a hidden door handle and black wheel eyebrows on the side of the car body, a wrap-around spare tire cover and a full-size spare tire on the rear, and the tailgate is designed with a side opening.

According to the application data, when the external spare tire is included, the length, width and height of Leopard 8 are 5195/1994/1875 mm, and the wheelbase is 2920 mm. When the roof rack is selected, the height of the car is 1905 mm, and six-seat and seven-seat models are available. In contrast, the length, width and height of the tank 700Hi4-T are 5090 (5110)/2061 (2122)/1952 (1986) mm, respectively, and the wheelbase is 3000 mm..

In terms of configuration, Leopard 8 provides fixed side pedals/electric side pedals, 20-inch /21-inch rims, brake calipers of different colors, streaming media rearview mirrors, trailer hooks and electric connectors.

Based on BYD DMO super hybrid off-road platform, Leopard 8 will be equipped with a plug-in hybrid system consisting of a 2.0T high-power engine and front and rear dual motors, in which the maximum power of the 2.0T engine is 200 kW, and the maximum power of the front and rear motors is 200 kW and 300 kW respectively. In addition, the car will also be equipped with Yunqi -P active hydraulic body control system, which supports four-wheel height independent adjustment, soft and hard adjustment and other functions.

Tank 700Hi4-T

Leopard 8 is positioned in a medium and large SUV. According to the official statement of Equation Leopard Auto, the price of Leopard 8 is at the level of 500,000 yuan, which shows that the competitor of Leopard 8 will point to the tank 700Hi4-T. For reference, the sales volume of tank 700Hi4-T in April this year was 2006. Then the question is coming. How would you choose the above two cars? Welcome to leave a message after the article.

Do you want to buy two people for a double trip? There are still many players who don’t know. As an important issue in the game, let’s bring you a double trip to buy two people. I hope you like it.

Do I have to buy both for a double trip?

The main theme of this game is the double experience, so if players want to play with their friends, do they have to buy it? Can I buy one for two people to play with? After all, the price of the game is not low, and sometimes I find friends who are willing to play together, but it is not cost-effective because I have to pay double the price. Xiaobian, let me introduce it to you.

Do I need two people to buy it?

You don’t need this. You just need a player to buy it, and then you can invite your friends to experience it together.

Specific double play method:

Players need to download it on STEAM, then let your friends download the origin platform, then register this account, and then let your friends download a demo version for two people. Then you enter the game, then choose the second online, and then invite your friends to pull it in, and you can connect smoothly. Because it is an EA game, even if you download it on steam, you need to download this origin platform additionally before you can download the game.

In addition, if you want to connect online, you need an EA member. The first one seems to be 6 yuan, which is quite cheap. In addition, the game is sometimes unstable and needs to use an accelerator.

Generally speaking, the game of steam for two is very suitable for many people to experience together. You can find a friend to play with.

That’s all for two people. I hope it will help everyone.

On July 11th, FAW Group officially announced that Bin Chen, former assistant to the president of Dongfeng Motor Group Co., Ltd., general manager of Shenlong Automobile Co., Ltd. and secretary of the Party Committee, officially became the standing committee member and deputy general manager of the Party Committee of China FAW Group Co., Ltd..

Bin Chen, born in October 1976, became the youngest deputy general manager of FAW Group.Previously, Lei Ping, member of the Standing Committee of the Party Committee and deputy general manager who was also transferred from Dongfeng Group to FAW Group, retired because he was over 60 years old.

Recently, we learned that FAW-Volkswagen, the most important joint venture under FAW Group, has undergone major adjustments.Bin Chen took over the post of general manager of FAW-Volkswagen as the vice president of the group, while Pan Zhanfu, the current general manager of FAW-Volkswagen, will retire early.

This is a high-standard appointment to directly manage a joint venture company as the vice president of the group.

At the moment when the joint venture brand share is compressed, FAW-Volkswagen has also been challenged by the market, and the sales pressure is huge. Faced with such a situation, taking over FAW-Volkswagen as the deputy general manager of the group shows that FAW Group attaches great importance to FAW-Volkswagen.

Bin Chen, who once played a role in turning the tide in Shenlong Automobile, led Shenlong Automobile to sell 50,000 vehicles a year to 100,000 vehicles a year in a year, which doubled its sales.This also gives Bin Chen a label that he is good at playing against the wind. This time, Gao Gao became the general manager of FAW-Volkswagen. Presumably, the group also hopes that he can lead FAW-Volkswagen to achieve contrarian growth as soon as possible and stabilize the situation.

In addition,Wu Yingkai will succeed Nie Qiang and be promoted to deputy general manager of FAW-Volkswagen Automobile Co., Ltd. (business) and general manager of sales company.

Wu Yingkai was born in September, 1977. He used to be the director of the content marketing department of the user operation center of FAW-Volkswagen Sales Co., Ltd., and became the deputy general manager of FAW-Volkswagen Sales Co., Ltd. in early 2024, in charge of the mass brand market and user operation.

At present, FAW-Volkswagen has three main sections, namely FAW-Volkswagen Volkswagen brand, FAW Audi and Jetta.

In contrast, FAW-Audi suffers from higher market pressure and attention.Since the beginning of the year, FAW Audi dealers have repeatedly exposed the news of "quitting the network", which has repeatedly shaken the morale of Audi dealer network.

Recently, it was once again revealed that two Audi dealers switched to Huawei and became brand dealers in the world. The two dealers are Beijing Huayang Aotong, the largest FAW Audi dealer in Beijing, and Zhengzhou Zhongsheng Huidi, the largest FAW Audi dealer in Zhengzhou.

In addition to the defection of dealers, FAW Audi is also facing the same door squeeze of SAIC Audi.At this year’s Guangzhou Auto Show, SAIC-Audi launched a new Audi brand with letters-"Audi", and simultaneously launched a concept car. The car is jointly developed by Audi and SAIC, and SAIC is responsible for the three electricity, intelligence and product production. Audi is responsible for leading the design and chassis.

Moreover, SAIC Audi is also preparing its own dealer network, and is ready to part ways with FAW Audi’s dealer network. This will undoubtedly further squeeze the living space of FAW Audi, and it is also a thorny problem for the brand-new FAW-Volkswagen management.

We confirmed the details of FAW-Volkswagen’s top management adjustment with insiders of FAW Group. The other party said that the relevant adjustments are still in the publicity period, and will be formally appointed after the publicity.

On December 26th, the flagship SUV AITO, a panoramic wisdom cooperation between Cyrus and Huawei, was officially released. This car is not only the epitome of the most advanced technology and the latest manufacturing technology in the automobile industry, but also enhances the perception of the "Made in Chongqing" car.

A few days ago, the National Bureau of Statistics also released the latest data. From January to November this year, Chongqing’s automobile production reached 2,074,200, up 10% year-on-year, ranking second in the country.

Over the past decade or so, the ranking of Chongqing’s automobile production in the country has fluctuated. Now Chongqing ranks among the top in the country again. The industry is more concerned about the specific path to promote the development of local industries. After all, it is difficult to sustain the current automobile industry structure through the "impulse" of low-end products.

Chongqing’s auto industry has performed brilliantly this year. Is there really a "new power" blessing behind it? From the emergence of AITO M9 and the performance of major auto companies in Chongqing this year, we can see that Chongqing’s auto industry is changing from "quantitative change" to "qualitative change".

On December 26th, AITO authorized the user center, and many consumers came to consult and learn about AITO’s M9. Reporter Zhang Jinhui photo/visual Chongqing

The price of high-end cars rushed to five or six hundred thousand yuan.

Since the second half of this year, the AITO series products jointly designed by Cyrus Auto and Huawei have continued to sell well. In November, the sales volume of Sailisi new energy vehicles reached 23,834, up 104.39% year-on-year; Among them, the sales volume of Sailis brand was 20,318 vehicles, up by 145.92% year-on-year, both hitting new highs.

Changan Automobile is still strong. In November, the sales volume of its own brand new energy vehicles exceeded 50,000, a year-on-year increase of 52.73%.

The reporter learned from the Municipal Economic and Information Committee that the output of new energy vehicles in Chongqing in November increased by more than 100% year-on-year, which also far exceeded the year-on-year growth rate of total local automobile production in the same period.

The relevant person in charge of the Municipal Economic and Information Committee said that since 2023, the contribution rate of new energy vehicles in Chongqing to the growth of the city’s automobile industry has reached 85%.

"Behind the recent bright performance of Chongqing Automobile, it is obviously driven by high-end models, especially high-end intelligent networked new energy vehicles." A related person from Chongqing Automobile Business Association said that a large number of "Made in Chongqing" vehicles with high value and high product strength have emerged in this year, with intensity and frequency exceeding any previous period.

The reporter combed the "Made in Chongqing" new energy hot-selling models launched this year, and found that most of them are mid-to-high-end vehicles, such as the dark blue S7 model of Changan, whose price is between 150,000 and 220,000 yuan, while the price of Aouita 11 HarmonyOS Edition and Aouita 12 is between 300,000 and 400,000 yuan. The price of Sailis AITO’s M5 Smart Driving Edition and AITO’s new M7 covers 250,000 to 400,000 yuan. AITO asked M9 to push the price above 500,000 to 600,000 yuan.

The new path makes "Made in Chongqing" cars sought after.

In the eyes of the industry, the above changes in Chongqing’s automobile industry follow a profound value logic.

On December 16th, in the special activity of Chongqing International Talent Exchange Conference, Li Keqiang, an academician of China Academy of Engineering and chief scientist of Chongqing Western Science City Intelligent Networked Automobile Innovation Center, pointed out that the automobile industry will usher in the 4.0 era, and the new generation of automobiles will reflect the characteristics of low-carbon energy, electrification of power, intelligent body and networking of transportation networks, and the original automobile development mode, production mode and ecology will change.

Dong Yang, vice chairman of China Electric Vehicle committee of 100, believes that people’s "quality view" of automobiles has changed, from focusing on quality to focusing on experience. "In the past, when a new car was released and 20 new technologies were listed, it was amazing that users could use one or two items. Each car also brought a thick manual, and no one read it. This is no good. Car companies must directly face users, find out what needs users have, and let users make full use of new technologies. "

"First, we must’ change’ and strive to develop new technologies in the direction of intelligent networking and new energy; The second is to be’ close’, close to the needs of users, shorten the distance with users and reduce communication costs. " The relevant person in charge of Changan Automobile said.

A closer look at the many products newly launched by Chongqing car companies such as Chang ‘an and Sailis this year shows that they all follow the above ideas.

Taking the M9 as an example, by adopting the innovative owl-enhanced steering technology, the turning radius of a 5.2-meter-long "big guy" is smaller than that of a medium-sized car. In addition, the model also has 2.6 million pixels of fine lighting with dual lights. When the high beam illuminates the opposite vehicle, it will automatically leave a dark area, which will not affect the opposite vehicle, but also keep the high beam.

Qu Yunchao, a market observer, believes that some of the above technologies and functions have solved the pain points of users, while others have opened up interesting or comfortable new experiences for users. Since the beginning of this year, the popularity of "Made in Chongqing" cars has proved the success of this path.

It takes "one step at a time" to become a world-class company.

In the new year, how can Chongqing’s automobile industry anchor new development coordinates? "The global automobile industry pattern is undergoing subversive changes." Zhu Huarong, Chairman of Changan Automobile, said that from Europe, America, Japan, Germany and South Korea, where China was divided into six parts, to China, where the brand occupies half of the country today, the advantages of China brand in modeling, new energy and intelligence lead the world, and its scale advantage is further highlighted, and its competitive advantage in changing lanes is even more obvious.

But it also brings a series of new problems-

For example, the future development of China’s automobile industry will no longer be promoted by learning from the outside world. Another example is that the boundary of the division of labor between the whole vehicle and parts is reconstructed, and the battery of new energy vehicles is rapidly transformed from shortage to overcapacity.

To solve these problems well, we can move towards the first-class in the world, and the road is only "one step at a time". Zhu Huarong believes that it is necessary to take five steps to meet the challenges in the critical period of track switching in the industry by accelerating the layout of products and production capacity, strengthening the layout of brand building, strengthening the layout of marketing services, accelerating the improvement of market layout and strengthening the layout of organizational talents.

Zhang Xinghai, the chairman (founder) of Sailis Automobile, said that the local area is currently in the best opportunity to develop new energy intelligent networked vehicles. A strong supply chain can support a strong vehicle enterprise, and the industry should further expand open cooperation and let professionals do professional things to create high-quality products that meet the needs of users.

Relevant persons of the Municipal Economic and Information Committee said that Chongqing will strive to basically form a new ecology of intelligent networked new energy automobile industry by 2025, and build a world-class intelligent networked new energy automobile industry cluster by 2030, with the industrial scale reaching the world-class level.

To this end, Chongqing will continue to expand its industrial scale, accelerate the completion and commissioning of new projects, put new products on the market, and develop new brands, and strive to build a trillion-level intelligent networked new energy automobile industrial cluster; Adhere to the whole zero coordination, implement major projects to attract investment, cultivate and upgrade key enterprises, transform and upgrade traditional enterprises, and promote intelligent networked new energy vehicles to supplement the chain and strengthen the chain extension; Strengthen the integrated layout of charging, storage and parking, vehicle and Lu Yun infrastructure, promote the integration of energy network, transportation network and information network, and strive to form a moderately advanced, rational, intelligent and efficient charging and replacing service system; Accelerate the network transformation of existing roads and create the most distinctive and rich vehicle-road collaborative experience scene in China.

The first "Made in Chongqing" panoramic wisdom flagship SUV

AITO asks M9 to go public.

(Reporter Bai Lin) On December 26th, at the press conference of the asking world M9 and Huawei’s whole winter scene, the first "Made in Chongqing" panoramic wisdom flagship SUV AITO asking world M9 was officially launched, and four models were launched with two power versions, namely extended range and pure electric, with the price of 469,800-569,800 yuan.

AITO Jiejie M9 was jointly launched by Chongqing car companies Cyrus and Huawei, and adopted a brand-new family design "Kunpeng Wings Spreading". The new car applied a number of cutting-edge innovative technologies, such as "Super Xuanwu Body", which was the world’s largest one-piece die-casting, and the lightweight coefficient was significantly higher than that of the same class. The 12 parts of the whole car also adopted 2000 MPa nuclear submarine-class hot car steel.

Huawei Turing Intelligent Chassis, equipped with AITO Wenjie M9, comes standard with intelligent closed air spring and CDC variable damping shock absorber, supports 5-speed body height adjustment, and also has a full-scene smart road preview system with adaptive active suspension, which can smoothly cope with different road conditions.

In terms of power, AITO’s M9 extended range version is equipped with a drive system consisting of a 1.5T engine and front and rear motors, with an acceleration of 4.9 seconds at zero and 4.3 seconds at zero for the pure electric version. The fuel consumption of the extended range version is as low as 6.9 liters per 100 kilometers, the comprehensive battery life is as high as 1402 kilometers, and the pure battery life is as high as 275 kilometers. The pure electric version is equipped with Huawei’s "Whale" 800-volt high-voltage battery platform, which can achieve a battery life of 150 kilometers in 5 minutes and an overall battery life of 630 kilometers.

In terms of automatic driving, M9 adopts Huawei ADS2.0 advanced intelligent driving, equipped with industry-leading 192-line laser radar, and cooperates with high-definition camera and millimeter-wave radar to support intelligent driving of national highways, urban expressways and urban areas.

AITO M9 is expected to be delivered in batches on February 26th next year. The relevant person in charge of Cyrus said that the company has built a world-leading super smart factory in Chongqing, with intelligent manufacturing equipment that integrates advanced technologies such as AR vision and big data. The key processes are 100% automated, and a new car can be rolled off the assembly line every 30 seconds, with the highest production efficiency in the world.

Text | Investor Network Xie Yingjie

With the aura of "the first share of high-end snacks", Liangpin Shop Co., Ltd. (hereinafter referred to as "Liangpin Shop", 603719.SH) has steadily increased its revenue in recent years and its stores have continued to expand. But at the same time, the company is also facing the dilemma of shareholders taking turns to reduce their holdings and the market value evaporating.

The core competitiveness of a good shop lies in its perfect product supply chain and rich industry experience, but there are still some problems such as quality control and low R&D expenses caused by OEM mode. Under the influence of high competition in the industry, the company has fallen into a vicious circle of stagflation in recent years, and its gross profit margin has also dropped from over 30% to around 27%.

Today, good shops have announced their return to the image of their neighbors. More than 300 sharp goods and explosive products have reduced their prices by an average of 22%, with the highest drop of 45%. After the news landed, the capital market gave an eager response, and the company’s share price went up and down twice.

However, there are still many practical problems before the company. On December 30, 2023, the second largest shareholder once again threw out the reduction plan.

Both revenue and net profit declined.

In the past two years, the performance of snack food companies has been generally under pressure. In addition to the pressure of high performance in previous years, the most important factor is the influence from the channel side. Snack shops have blossomed everywhere, and new brands such as "Zhao Yiming Snacks" and "Snacks Busy" have won the favor of capital, which has accelerated the pace of "staking the land".

As the industry enters the Red Sea period of competition, good shops continue to expand through the whole category layout SKU, driving revenue, and personally participate in the snack discount track competition.

In the second half of 2022, Liangpin Store launched its sub-brand "Snacks Hard Home" to expand the sinking market by joining mode, and the store mainly sold third-party brand products. In April 2023, Guangyuan Juyi, a wholly-owned subsidiary of Liangpin Store, invested 45 million yuan to participate in Zhao Yiming Food, and held 3% of the shares at that time.

A few months later, Liangpin Store sold all its shares, and at that time, the valuation of Zhao Yiming was only 3.5 billion yuan. Only 22 days after the equity transfer, Zhao Yiming announced the merger with Snacks, with an overall valuation of 10.5 billion yuan.

Liangpin Store is suing Zhao Yiming recently because it didn’t know the integration news in advance and sold its equity at a high valuation.

All of the above have intensified the operating pressure, and the performance has stagnated.

From 2020 to 2022, the operating income of good shops was 7.894 billion yuan, 9.324 billion yuan and 9.440 billion yuan, with growth rates of 232%, 18.11% and 124% respectively, and the net profit returned to the mother was 344 million yuan, 282 million yuan and 335 million yuan, with growth rates of 0.95% and-18.000% respectively.

In the first three quarters of 2023, the revenue of good shops was 5.999 billion, down 14.33% year-on-year; The net profit was 1.91 billion yuan, down 33.43% year-on-year; Among them, the net profit in the third quarter was only 1,998,400, a further sharp drop of 97.88% year-on-year.

The third quarterly report showed that the decline in net profit was mainly affected by changes in the market and platform, the operating income of online channels declined, and the proportion of fixed expenses attributable to shareholders of listed companies increased.

The turnover rate of total assets also showed a downward trend, with 1.49 times, 1.38 times and 1.18 times from the first three quarters of 2021 to the first three quarters of 2023 respectively. This means that the overall operating costs have increased and the growth momentum has shown signs of decline.

As a result, some research institutions have lowered their profit forecasts. Considering that the company’s online business is in the adjustment stage and the layout process of offline stores remains to be seen, Everbright Securities lowered its net profit from 2023 to 2025 to 2.72/3.85/431 billion yuan (down 35.3%/27.54%/31.55% compared with the previous one).

Homogeneous competition depresses gross profit margin

Liangpin Shop is the representative of the last round of snack chain operation. It cut into the market with high-end snacks, opened up offline channels and actively embraced e-commerce and landed in the capital market.

In order to get deus ex from low-end snacks, in 2018, good shops began to market "high-end personal products". The company upgraded its Logo, replaced its brand image with a simple "good" mark, and offline stores began to take the "apple style" with a generous atmosphere. In marketing, the company highlighted internationalization, youthfulness and high-end.

Among the domestic leisure and snack listed companies, only the online and offline channels of good shops account for an even proportion of revenue, and the two channels basically account for half of the revenue. By the end of the third quarter of 2023, there were 3,344 stores in the company, of which direct sales accounted for about 40%.

Among peer companies, Three Squirrels (300783.SZ) and Miss You (002582.SZ) mainly earn online income, and online sales revenue accounts for about 80%; Laiyifen (603777.SH) and qiaqia Food (002557.SZ) mainly rely on offline store revenue, accounting for about 90% of offline revenue.

Online or offline performance growth problems will put pressure on the company’s overall profitability, and the high sales expenses are also dragging down the gross profit margin. The data shows that the sales expense in the third quarter of 2023 was 1.15 billion yuan, accounting for 19.17% of the total revenue.

From the results, the high-end not only failed to improve the profitability of enterprises, but left the impression of "snack assassin" to the market.

The financial report shows that the gross profit margin of good shops has dropped from over 30% in previous years to about 27%, and it was 28.54% in the first three quarters of 2023, which is at a low level among similar enterprises. In terms of peer-to-peer companies, the gross profit margins of Yanjinpu and Laiyi are around 38% and 42% respectively.

In the pre-sale list of double 11 Tmall leisure snacks in 2023, good shops also fell out of the top 10, while in 2022 and 2021, they ranked eighth and second respectively.

In the secondary market, in 2023, the share price of good shops kept falling. From February to September, 2023, the share price dropped from 40 yuan to below 20 yuan.

The stock price downturn is the result of multiple factors: limited product competitiveness, wrong management decisions and overall stock market decline, while the far-reaching background is that the snack industry is changing rapidly-from consumption upgrading to discounts.

Shareholders issue a reduction plan.

According to the data of China Commercial Industry Research Institute, offline channels still account for more than 85% of the circulation share of snack foods. Modern channels such as snack specialty stores and convenience stores continue to occupy the market share of traditional small stores, while the growth of e-commerce platforms is gradually slowing down.

As an old brand, the concern of a good shop is obvious. The most worrying thing is that it will lose its right to speak in the process of playing games with new channels and eventually become a foundry role.

Yang Yinfen, the new chairman of Liangpin Store, recently announced a large-scale product price reduction. According to the open letter issued by the chairman of the board of directors on November 29th, the price of 300 products from all channels of the company was reduced simultaneously, with an average price reduction of 22% and the highest drop of 45%, which was the largest price reduction for the first time in the 17 years since the establishment of the company.

After the news of price reduction was released, the share price of good shops rose sharply. On December 1, it closed at 21.32 yuan/share, recording a daily limit. At this time, it has fallen by 46.18% from the high point of the year in February. In the last month, its share price is still hovering around 20 yuan/share.

In the view of some organizations, good shops are still actively transforming and have achieved some results. Some investors are also worried that under the mode of OEM, the cost and difficulty of quality control in good shops will increase, which will bring product quality problems.

The root cause lies in the brand’s high dependence on the foundry, lack of product research and development capabilities, and price reduction "treats the symptoms rather than the root cause". In the first three quarters of 2023, the research and development expenses of good shops were 36.2 million yuan, accounting for 0.6% of the revenue; In the same period, the research and development expenses of Yanjin Puzi and Chacha Food were 63.19 million yuan and 43.09 million yuan, accounting for 2.1% and 1% of the revenue.

It is worth noting that some shareholders are voting with their feet.

On December 30th, Liangpin Store announced the reduction of shares. Dayong Co., Ltd., the second largest shareholder holding 26.05%, plans to reduce the company’s shares by no more than 12.03 million shares, and the reduction ratio does not exceed 3% of the company’s total share capital.

During the period from May 25th to November 29th, 2023, Dayong Limited reduced its holdings by 17 million shares, accounting for 4.25% of the company’s total share capital, and cashed in 404 million yuan.

Good shops also suffered a clearance of high-quality goods. During the IPO of Liangpin Store, Gaochun Capital held a total of 46,800,300 shares, accounting for 11.67% of the total share capital. As of September 30, 2023, the number of shares held by Gaochun Capital was 16,040,600, and the shareholding ratio dropped to 4%.

To sum up, the transformation of good shops is still in its infancy, and there is still a long way to realize large-scale benefits. The recent shareholder reduction and the lawsuit against Zhao Yiming have cast a layer of uncertainty on the company’s future. Research institutions are cautious about the company’s secondary market forecast, and remind investors to be alert to trading risks.

　 　 Thank you for waiting! Taking advantage of this Tokyo Auto Show, Aika Automobile visited the Fufang factory and the Meini test site in Yamaguchi Prefecture, Japan at the invitation of Mazda. Mazda RX-VISION gained a lot of popularity in Tokyo Auto Show, but its Skyactive-R has never been unveiled. However, this mystery has further increased our enthusiasm for rotary engines. After all, in addition to the rare Mazda RX-8 in China, there are only "parallel imports" RX-7 that are scattered in the south, and their appearance rate on the streets of Beijing is not even as high as that of a group of Italian supercars.

　　　　During this visit, we not only saw many models of rotary engines, but even had the privilege of driving them personally and experienced the unique charm of rotary engines. After the baptism of time, do these rotary engine models still have charm? In this article, we will take the lead in showing their posture in a static way.

　　　　Le Mans — — Mazda 787B

　　　　Speaking of the strongest rotary engine model, the first car presented in the minds of many fans must be the RX-7(FD). Indeed, as a civil rotary engine, FD is worthy of the word "strongest", but if we only consider the field of civil vehicles and ignore the performance of the stadium, it is obviously impossible to say all the charm of rotary engines. When it comes to the most legendary Mazda rotor model on the field, I believe you have already heard the story of Mazda 787 family in Le Mans.

　　　　In fact, as early as 1983, Mazda had begun to participate in the newly established Le Mans Group C Junior race with the prototype racing car code 717C (Group C Junior, with a minimum vehicle weight of 700 kg, a maximum fuel tank capacity of 55 liters, and the specified replenishment times within 25 times). Mazda, who first entered Le Mans, showed strong strength. With more and more racing experience, Mazda also launched a series of prototype cars of Le Mans, such as 727C, 737C, 757 and 767/B, but missed the title of Le Mans several times.

　　　　Until June 23, 1991, the champion of C2 group in Le Mans 24 Hours was taken away by a Japanese racing car for the first time, and this racing car was officially the 787B model of Mazda 787 family. It not only became the first Japanese racing car to win the championship in Le Mans, but also the only one that used rotor engines.

　　　　Its code name is R26B four-rotor engine, which is based on the 13J-MM model of 767. Structurally, two twin-rotor engines are connected in series, and each rotor is attached with three spark plugs. The displacement of a single rotor is 654ml, and the total displacement is 2616ml, which can output the maximum power of 700ps at 9000rpm (it is said that the maximum power of this model can reach 800ps at 10000rpm, but considering that the engine needs to run under continuous high working conditions for 24 hours in the competition, a conservative setting of 700ps/9000rpm is adopted).

　　　　In this year’s 24 Hours of Le Mans, a total of 44 world-class cars competed in the same race. Facing the harsh competition environment, only 12 cars finally finished the race. The three racing cars of Mazda Team are all among the top ten (ranked first, sixth and eighth respectively) under the siege of European powers (Mercedes-Benz, Porsche, Jaguar and other established manufacturers), and the No.55 racing car painted with orange and green is the champion of the 24 Hours of Le Mans in one fell swoop.

　　　　However, with the arrival of the 1992 season, the FIA cancelled the C2 group of the 24 Hours of Le Mans, and Mazda’s rotor legend in Le Mans became a swan song with the end of the 1991 season.

　　　　It’s a little pity that the 787B No.55 car that won the Le Mans Endurance Championship was not the one that appeared in this visit, but the JSPC-style 787B No.3 car in 1991. Speaking of the naming of the 787 car series, there is also an interesting story. As the successor of the 767B car series, Nigel Stroud, the designer of 787, intended to use 777 as the code name of the new car, but because the pronunciation of "777" in Japanese is very awkward (in Japanese, 7 is pronounced as "ななな" when used as a quantifier, and its pronunciation is similar to "NaNa", so 777 will be pronounced as "nana". Therefore, the number will be postponed to 787.