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Central Meteorological Observatory： There is strong wind in the north, and there is obvious rain and snow in Inner Mongolia, Liaoning, Jilin and Heilongjiang.

CCTV News:According to the website of the Central Meteorological Observatory, the Central Meteorological Observatory continued to issue the gale cooling forecast at 18: 00 on October 9.

1. Strong winds and cooling in the north, moderate rain or heavy rain in Liaoning, Yunnan and other places.

Affected by cold air, at 14 o’clock today, compared with yesterday’s 14 o’clock, some areas in southeastern Inner Mongolia, Shanxi, western Hebei, northeastern Shandong, Liaoning, central Jilin, southern Heilongjiang, central Sichuan, eastern Yunnan and other places experienced a temperature drop of 6 ~ 10 C, and the local drop in central Liaoning, southern Sichuan, northern Yunnan and other places reached 12 ~ 16 C. There were 7 ~ 8 gusts and gusts in these areas, western Beijing and western Henan.

During the day, moderate rain or heavy rain occurred in parts of central Jilin, central and eastern Liaoning, southeastern Sichuan, southwestern Chongqing, central and eastern Yunnan, and southwestern Guangxi, with heavy rains in Pu ‘er, Yunnan and Chongzuo, Guangxi.

Second, the key weather forecast

1. There is strong wind cooling in the northern region.

Affected by cold air, the temperature in eastern Liaoning, southeastern Jilin, southwestern Shaanxi, eastern North China, Huanghuai, Jianghuai, Jianghan, northern Jiangnan and central South China will drop by 4~8℃ from 20: 00 on October 9 to 20: 00 on October 10. There will be 5~6 northerly winds in the above areas, 7~8 gusts in some areas, and 9~10 gusts in Liaoning, Jilin and Shandong Peninsula. The Central Meteorological Observatory continued to issue the gale cooling forecast at 18: 00 on October 9.

Figure 1 National gale cooling forecast map (from 20: 00 on October 9 to 20: 00 on October 10)

There is obvious rain and snow in Inner Mongolia, Liaoning, Jilin and Heilongjiang.

In the next three days, there will be obvious rain and snow weather in eastern and northeastern Inner Mongolia, including small to medium snow or sleet in southeastern Inner Mongolia, eastern Jilin and western Liaoning, and heavy snow in southeastern Inner Mongolia. There are moderate to heavy rains and local heavy rains in parts of southeastern Inner Mongolia, Liaoning, Jilin, southern and eastern Heilongjiang.

Third, the specific forecast for the next three days

From 20: 00 on October 9 to 20: 00 on October 10, there were small to medium snow or sleet in southeastern Inner Mongolia, western and northern Liaoning, and southeastern Jilin, with some heavy snow or blizzard. There are moderate to heavy rains in parts of southeastern Inner Mongolia, eastern Heilongjiang, most of Jilin, northwestern Liaoning, southwestern and eastern Tibet, and western Yunnan. Among them, there are heavy rains (50-80 mm) in eastern Jilin and other places. There are 4 ~ 6 winds and gusts 7 ~ 8 in parts of central and eastern Inner Mongolia, southwestern Heilongjiang, western Jilin, Liaoning, northern Hebei, Tianjin, Shandong Peninsula, eastern Jiangsu and central and northern Zhejiang (see Figure 2). There will be strong winds of 8-9 grades and gusts of 10-11 grades in Bohai Sea, Bohai Strait, most of the Yellow Sea, western East China Sea, Taiwan Province Strait, east of Taiwan Province, bashi channel, northern South China Sea and Beibu Gulf.

Figure 2 National Precipitation Forecast Chart (from 20: 00 on October 9 to 20: 00 on October 10)

From 20: 00 on October 10 to 20: 00 on October 11, there were small to moderate rains in parts of the eastern part of Northeast China, Xinjiang along the Tianshan Mountains and the southern Xinjiang Basin, Tibet, the central part of Northwest China, western and southern Sichuan, and western Yunnan. Among them, there were heavy rains (25-45 mm) in parts of northeastern Heilongjiang and southeastern Tibet. There are 5 ~ 6 winds in parts of eastern Jilin, Liaodong Peninsula and Shandong Peninsula (see Figure 3). The Bohai Sea, the Bohai Strait, most of the Yellow Sea, most of the East China Sea, the Taiwan Province Strait, the east of Taiwan Province, bashi channel, the northern and central South China Sea, and the Beibu Gulf will have strong winds with gusts of 7-9 and 10-11.

Figure 3 National Precipitation Forecast Chart (20: 00 on October 10-20: 00 on October 11)

From 20: 00 on October 11 to 20: 00 on October 12, there were small to moderate rains in parts of southern Xinjiang basin, most of Tibet, most of northwest China, most of Sichuan, western Yunnan and Taiwan Province Island, among which there was heavy rain (25-45 mm) in parts of southeastern Tibet. There are 5 ~ 6 winds in the coastal areas of Zhejiang (see Figure 4). Most of the East China Sea, Taiwan Province Strait, east of Taiwan Province, bashi channel, northern and central South China Sea will have strong winds of 7-9 and gusts of 10-11.

Figure 4 National Precipitation Forecast Chart (20: 00 on October 11th-20: 00 on October 12th)

Fourth, the impact and concern

1. Pay attention to the adverse effects of strong winds in the central and eastern regions, rain and snow weather in Inner Mongolia and Northeast China on transportation, agricultural production and epidemic prevention and control;

2. Pay attention to the adverse effects of windy weather in Bohai Sea, Yellow Sea, East China Sea and Taiwan Province Strait on maritime navigation and operation platforms;

3. Pay attention to the development trend and influence of meteorological drought in Jiangnan and northern South China;

4. Autumn harvest and autumn meteorological service.

Ningbo eπ 008 is being discounted, and the discount 28,000! The discount waits for no one

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宁波eπ008正在优惠，优惠2.8万！优惠不等人

The Eπ 008 features a futuristic front face design and an integrated air intake grille, which shows a strong visual impact. The overall style is sporty and technological, and the body lines are smooth and tense, making the appearance of the vehicle more dynamic.

eπ008拥有修长的车身线条，尺寸为5002*1972*1732毫米，轴距达到3025毫米，带来宽敞的内部空间。车侧线条流畅，前轮距和后轮距均为1650毫米，确保了车辆的稳定性和操控性。搭配265/45 R21的轮胎规格，与独特设计的轮圈相得益彰，提升了整车的运动感和视觉效果。

宁波eπ008正在优惠，优惠2.8万！优惠不等人

eπ008的内饰设计融合了时尚与科技元素，展现出精致的质感。其方向盘采用皮质包裹，手感舒适，并且支持手动上下和前后调节，为驾驶员提供个性化的驾驶体验。中控台配备了一块15.6英寸的超大屏幕，集成了多媒体系统、导航、电话和空调的语音识别控制系统，极大地提升了操作便利性。在座椅方面，eπ008采用了仿皮材质，主副驾驶座椅均具备前后调节、靠背调节、高低调节（2向）及腰部支撑（4向）的功能，而驾驶位座椅还配备了加热、通风和头枕扬声器。此外，前排和后排还分别拥有2个和3个USB/Type-C接口，方便乘客充电。前排座椅还提供手机无线充电功能，为智能设备充电带来便捷。座椅记忆功能则覆盖了驾驶位、副驾驶位以及后排，确保每位乘客都能舒适地享受旅程。第二排座椅同样支持前后调节、靠背调节和腿托调节，进一步提升了乘坐舒适性。后排座椅还具备比例放倒功能，可以根据需要调整空间布局，满足不同的使用场景。

宁波eπ008正在优惠，优惠2.8万！优惠不等人

eπ008配备了强劲的电动驱动系统，最大功率达到200kW，最大扭矩为340N·m，为车辆提供了出色的加速性能和驾驶体验。

汽车之家车主表示：“外形很大气！前脸很帅！颜值高！开出去回头率很高！车标也简洁！”这样的设计让人眼前一亮，不仅满足了日常驾驶的需求，还让车主在驾驶过程中享受到更多的自信和满足。

Suzhou Mercedes-Benz GLE coupe price cuts are coming! The latest offer 641,800, act quickly

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苏州奔驰GLE轿跑降价来袭！最新报价64.18万，赶快行动

The Mercedes-Benz GLE coupe has won a lot of attention for its unique and elegant exterior design. On the front face, it uses the classic shield-shaped air intake grille of the Mercedes-Benz family, and with exquisite chrome decoration, it shows a sense of nobility and power. The body lines are smooth, and the roof lines of the coupe style extend downward, emphasizing sporty performance without losing elegance. The overall style blends luxury and dynamics, making it unforgettable at a glance.

苏州奔驰GLE轿跑降价来袭！最新报价64.18万，赶快行动

The Mercedes-Benz GLE coupe is characterized by its elegant body design and streamlined side lines. The body size reaches 4941mm*2018mm*1716mm, and the wheelbase reaches 2935mm, providing ample support for the interior space. The tire specifications are unique, and the front wheels are equipped with 275/50 R20 tires, and the rear wheels are also equipped with the same specifications, which not only guarantees the driving stability, but also further enhances its dynamic appearance. The overall design gives a perfect combination of strength and aesthetics, showing the high quality and sporty feeling of the Mercedes-Benz brand.

The interior design of the Mercedes-Benz GLE coupe is elegant and luxurious, with attention to detail and comfort. The steering wheel is made of genuine leather, which not only provides a good grip, but also supports manual and electric adjustment, ensuring that the driver can adjust to the best position according to personal needs. The 12.3-inch central control screen is clearly displayed, and various functions such as multimedia system, navigation and phone are integrated for easy operation. The seats in the car are made of imitation leather, which provides good support and comfort. The front seats not only have heating and ventilation functions, but also have electric adjustment and memory functions, which can be personalized for drivers and passengers according to personal preferences. The rear seats support proportional reclining, providing a high degree of flexibility for storage or passenger space. Overall, the interior of the Mercedes-Benz GLE coupe is designed to create a driving environment that is both functional and luxurious.

苏州奔驰GLE轿跑降价来袭！最新报价64.18万，赶快行动

The Mercedes-Benz GLE Coupe is equipped with a 2.0T turbocharged engine with a maximum power of 190 kilowatts, a torque output of 400 Nm, and a power performance of 258 horsepower. This power system, combined with a 9-speed automatic transmission, provides the driver with a smooth and efficient driving experience.

In this price reduction promotion of the Mercedes-Benz GLE Coupe, we expect every valued consumer to feel full of sincerity. This opportunity is not limited to price concessions, but also reflects our commitment to quality and driving experience. Seize this opportunity, you can have the excellent performance and elegant design of this luxury SUV at a more competitive price. Finally, we sincerely look forward to your visit to experience, witness the passion and luxury brought by the Mercedes-Benz GLE Coupe, and let us start an unforgettable driving journey together. Hurry up, the distinguished moment of the Mercedes-Benz GLE Coupe is waiting for you!

Star Road International Edition： A New High-End SUV Conquering the Global Market

　　With the rapid development of the car market, all kinds of new cars have appeared one after another, dazzling consumers. The fiercely competitive market is a good thing for consumers, because it brings more model choices, better cost performance and higher satisfaction. In this fiercely competitive environment, Xingtu Lanyue International Edition, as a medium and large SUV, has a new look in appearance and interior, offering two configurations of 6 and 7 seats, further enriching the Lanyue family’s product line and bringing more choices to domestic consumers.

　　As the flagship model of the Xingtu brand and even Chery Group, Xingtu Lanyue International Edition is based on the global market and global quality research and development, and brings together the world’s top car-making resources, leading technical strength and five-star safety standards. It is the crystallization of Chery’s more than 20 years of car-making experience and essence. The new generation of Lanyue has carried out 30 + major upgrades on the basis of the previous generation of products, fully absorbing user opinions and comprehensively improving product power. Since its launch, Xingtu Lanyue International Edition has won wide recognition in the global market and set a new value benchmark for China’s independent high-end car brands.

Peak Sunrise

　　The Xingtu brand has always been guided by global user requests. Based on the concept of "understand what users think and pet what users need" and the principle of product localization, it has carried out adaptive development for the flagship model Lanyue, and launched the Xingtu Lanyue International Edition to meet the regulations and consumer needs of overseas markets, while also providing more personalized choices for domestic consumers.

　　Xingtu Lanyue International Edition continues the positioning of "German luxury flagship SUV". It not only adheres to the concept of defining luxury with technology, but also regards safety as the base color of high-end luxury cars. Safety strength is a major highlight of the new generation of Lanyue. It successfully passed the 2023 TOP Safety’s first domestic peak roll test, proving its excellent safety performance. The body structure remains intact, creating a solid safety fortress for the occupants, while the airbags and air curtains are deployed in time before the collision, effectively protecting the occupants in the car. In addition, the new generation of Lanyue also uses advanced materials such as high-strength steel and ultra-high-strength steel reinforced plates, which perform well in safety performance.

　　"Safety is the greatest luxury". This philosophy is not only reflected in passive safety, but also includes users’ attention to healthy and safe travel. The new generation of Lanyue chooses healthy and environmentally friendly materials to create interiors, creating odor-free spaces. In addition, it is also equipped with environmentally friendly antibacterial N95 filter elements, AQS air quality management system and negative ion generator, which together build a green barrier to provide health protection for the riding space. This makes the new generation of Lanyue successfully pass the rigorous test of China Automotive Data and become one of the first models to obtain "zero formaldehyde vehicle certification".

　　Xingtu Lanyue International Edition not only performs well in terms of safety and health, but also focuses on driving comfort and the improvement of intelligent technology. It adopts independent suspension and electronic variable damping system, which effectively improves the vehicle’s handling stability and ride comfort. In terms of intelligent technology, the new generation of Lanyue is equipped with an advanced intelligent driving assistance system, including adaptive cruise control, lane keeping assistance, intelligent parking assistance and other functions, providing drivers with a more convenient and safe driving experience.

　　In terms of powertrain, the Starway Lanyue International Edition offers a variety of power options, including fuel and hybrid versions. The fuel version is equipped with a high-performance engine, providing abundant power output and excellent fuel economy; the hybrid version uses advanced plug-in hybrid technology to achieve lower fuel consumption and more environmentally friendly travel.

Wild luxury camping

　　It is worth mentioning that the Xingtu Lanyue International Edition integrates traditional Chinese cultural elements in the design, showing the confidence and innovation of Chinese brands. Its unique exterior design combines movement and stability, full of power and tension, showing the characteristics of luxury and refinement. In terms of interior, Xingtu Lanyue International Edition pays attention to details and the use of materials to create a comfortable and luxurious driving space.

　　Xingtu Lanyue International Edition stands out in the global market for its excellent quality, advanced safety performance, intelligent technology and comfort. It is not only a masterpiece of China’s own brand cars, but also an important milestone for China’s automobile industry to enter the high-end market. The success of Xingtu Lanyue International Edition highlights the great progress made by China’s automobile manufacturing industry in technological innovation and branding, and has won a broader international stage for Chinese automobile brands.

　

BYD has a new one, the Seal 06DM-i, the Sea Lion 07EV and the new concept car are about to debut at the Beijing Auto Show

Shenzhen News Network, April 23, 2024(Reporter, Ye Mei) On April 25, the 18th Beijing International Auto Show will officially open in Shunyi Hall, China International Exhibition Center, Beijing. At that time, BYD Automobile will land at booth W106 in Hall W1, where the lineup of Ocean Network will be exposed, and a variety of new models of the Seal 06DM-i, Sea Lion 07EV and concept car OCEAN-M will be unveiled together.

The new mid-size sedan, the SEAL 06DM-i, will feature the latest technology

The SEAL 06DM-i is a new mid-sized sedan under BYD Ocean Network, positioned between the Destroyer 05 and the SEAL DM-i. It is reported that the SEAL 06DM-i will be equipped with BYD’s latest technology, and has greatly improved chassis quality, safety control and other aspects, aiming at the joint venture fuel mid-sized sedan market.

The SEAL 06DM-i continues the marine aesthetic design, with a body size of 4830 * 1875 * 1495mm and a wheelbase of 2790mm, reaching the level of mainstream mid-sized cars. In terms of power, the SEAL 06DM-i will use a 1.5L engine and provide motors of both 120kW and 160kW.

Ocean Network’s first medium-sized pure electric SUV, the Sea Lion 07EV is equipped with the "Eye of the Gods" high-end intelligent driver

BYD Sea Lion 07EV is positioned as a "medium-sized urban smart electric SUV". It is built based on BYD’s latest pure electric platform technology. It is the first medium-sized pure electric SUV of Ocean Network and the first model of Ocean Network’s new Sea Lion IP. The Sea Lion 07EV integrates the latest pure electric platform technology and forward-looking aesthetic ideas, integrating appearance, safety, comfort, intelligence, performance and efficiency. At the same time, the Sea Lion 07EV is based on advanced electronic and electrical architecture, and adopts the high-end version of the intelligent cockpit – DiLink 100 and the high-end intelligent driving assistance system of the eye of the gods – DiPilot 100, bringing users a comprehensive leap-up all-scene intelligent travel experience.

BYD Sea Lion 07EV will further expand the product matrix of Ocean Network, strengthen the layout of Ocean Network in the field of high-value products, and meet the yearning and pursuit of more young consumers for high-quality driving life.

The industry’s first hatchback rear-drive pure electric steel cannon, the world’s first OCEAN-M concept car

The new concept car OCEAN-M will also make its world debut. As the first rear-drive pure electric steel cannon model in the industry, it has a new advanced aesthetic design and is equipped with a new pure electric platform. It is another masterpiece of BYD Ocean Network, which focuses on the promotion and popularization of new energy vehicles. It deserves continued attention.

BYD OceanNet brought a number of new models to the Beijing Auto Show. The SEAL 06DM-i will form a new "Gemini Star" with the Sea Lion 07EV, empowering the new experience with the latest technology, becoming the most anticipated new energy model of this Beijing Auto Show. The OCEAN-M concept car shows the future charm of OceanNet with the appearance of seeing the future now. On April 25th, BYD booth at the Beijing International Auto Show, let us pay attention together!

Rider’s tears, others are rich! China’s largest ＂rider outsourcing company＂ Boltier Hong Kong stock IPO： gross profit margin is low in single digits, 90% of revenue is suspected Meituan

　　The business model and growth are lackluster, and profitability is mediocre.

　　"Ordering takeout" is the norm in many people’s lives. The "yellow and blue army" dressed in uniform and equipped with standard takeout boxes has also become the bright scenery of the city.

　　Behind the huge group of riders is a rapidly growing instant delivery ("ready-to-match") market, with the service scene dominated by food and beverage takeout, including intra-city retail, smart pharmacies, and errand services.

　　According to Sullivan data, in 2023, China’s ready-to-match industry-wide order scale reached about 40.88 billion orders, an increase of 23% year-on-year, and an average annual compound growth rate of 21% in the past five years.

　　(Source: Sullivan’s "2023 China Instant Delivery Industry Trends White Paper")

　　The pomp is also reflected in the financial report of Meituan (03690.HK): in 2023, revenue 276.70 billion yuan, net profit 13.90 billion yuan, turning a profit from the previous year and hitting a record high. At present, Meituan’s market value exceeds 700 billion Hong Kong dollars.

　　Due to factors such as reducing labor costs and avoiding legal risks, it has become routine for Internet platforms to outsource ready-to-distribute services to third-party enterprises.

　　Meituan said in an interview in May 2021 that the platform had nearly 10 million of outsourced riders.

　　And the third-party outsourcing companies that directly undertake the task of ready-to-match, and are responsible for recruiting and managing riders, are they backed by big trees to enjoy the shade and eat and drink together?

　　Recently, BridgeHR Tech ("Boltier", "Company") submitted a prospectus to the Hong Kong Stock Exchange, revealing the truth of the industry.

　　Clients reveal secrets

　　The company’s predecessor can be traced back to Suzhou Oufu, which was established in 2013, and has been involved in the field of human resources services.

　　Hou Zhengyu, Liu Hejun, Xu Daoshan, Liu Bo, and Yuan Weijiang are the founding shareholders of the company and are acting in concert. As of the IPO, they hold a total of 80.78% through BridgeHR Holding and Offer Tech.

　　(Source: Company Prospectus)

　　The company is positioned as a "pioneer in China’s non-traditional labor market".

　　According to Caution Consulting, the company is the leading non-traditional employment platform in China in terms of total service value in 2022, with a market share of 13.2%.

　　(Source: Company Prospectus)

　　"Non-traditional employment", which is plainly understood as odd jobs and flexible employment, such as riders, ride-hailing drivers, cleaning and housekeeping.

　　Non-traditional employment platforms play a role in matching employers and workers. Overseas, representatives of non-traditional employment platforms include Upwork (UPWK. O), Fiverr (FVRR. N), etc.

　　The second largest non-traditional employment platform in China is QH. O, which will be listed on Nasdaq in 2020, with a market share of 6.1%.

　　(Source: Company Prospectus)

　　In Fengyunjun’s opinion, the characteristics of domestic non-traditional employment platforms are to focus on serving a small number of Internet Tech Giants.

　　Founded in 2012, Fun Live provides third-party human resources services for Internet platforms such as Meituan, Ele.me, and Didi, including takeaway delivery, ride-hailing driver management, cleaning and housekeeping, and shared bicycle operation and maintenance.

　　According to Fun Live, from 2021 to 2023, the top three customers, including Meituan and Ele.me, will account for more than 90% of its total revenue.

　　(Source: Fun Live 2023 Annual Report)

　　The company’s customer concentration is also extremely high.

　　From 2021 to 2023, the company’s revenue scale hovered around 1 billion yuan. During this period, the same largest customer named "Customer A" supported about 90% of the revenue.

　　(Drawing: Market Cap Wind and Cloud App)

　　The company kept the real identity of Customer A secret in its prospectus, saying only that the latter "has a leading market position in China’s instant consumer service industry".

　　Based on multiple public sources, Feng Yunjun deduced that Meituan was most likely "Customer A".

　　1. Yao Yi, executive director and vice president of the company, said in an interview in August 2021 that the company was "the first to serve Meituan… including manpower dispatch and outsourcing, scene coverage Meituan market (ie" Little Elephant Supermarket "), Meituan takeaway, Meituan Preferred" and so on.

　　(Source: iResearch)

　　2. According to the third-party recruitment platform, the "distribution webmaster" position recruited by the company is "Meituan channel manager", and the career path includes "undertaking the distribution contracting project of the baby elephant supermarket, as well as the takeaway special delivery/express delivery with a larger business scale".

　　(Source: Liepin)

　　3, China Judgment Document Network shows that for a long time, the company has a number of employment contract disputes and traffic accident liability disputes, Meituan and the company are listed as co-defendants, the court verdict shows that the two sides signed the "distribution cooperation agreement".

　　(Source: China Judgment Document Network)

　　Feng Yunjun, who flipped through the information and turned to his dim eyes, couldn’t help but say: Since it is going to be listed, the information disclosure should be open and honest.

　　For an Internet Tech Giants customer who contributed most of the revenue, was advertised by the company’s management, and almost all people had heard of the name, how did it become mysterious and unspeakable in the company’s prospectus?

　　The business model and performance are lackluster 01 The main business is Meituan rider outsourcing

　　The company’s business is divided into two main categories:

　　(1) Non-traditional labor management solutions: As a non-traditional employment platform, the company provides customers with a package of online and offline services.

　　(2) Human resources industrial park management solutions: By the end of 2023, the company had operated and managed 16 human resources industrial parks in China.

　　From 2021 to 2023, the revenue share of non-traditional workforce management solutions will remain at 95%, making it a core business.

　　Non-traditional workforce management solutions are further divided into four categories:

　　(1) Transactional SaaS solutions; (2) Composite employment management systems; (3) Customized services – standard delivery services; (4) Customized services – self-operated local services.

　　(Source: Company Prospectus)

　　At first glance, the company’s business is rather complex and confusing.

　　In fact, the revenue contribution of Meituan, the largest customer, is mainly reflected in "customized service – standard delivery service" ("standard business"), that is, the rider delivery fee paid by Meituan to the company, which is fully recognized as revenue when the order is completed.

　　In 2023, the company’s total revenue 950 million yuan, of which the standard business revenue 810 million yuan, accounting for 85%.

　　Meituan has brought a huge order volume to the company, increasing from 89.40 million in 2021 to 92.50 million in 2023.

　　(Source: Company Prospectus)

　　However, compared with the growth rate of order volume and revenue, the company failed to achieve a simultaneous increase in volume and price.

　　In 2022, the company’s order volume increased by 2.0% year-on-year, driving the standard business revenue and total revenue to increase by 3.7% and 3.5% year-on-year respectively, and it was the best year for performance.

　　The reason is that in 2022, due to strict epidemic prevention and control measures, the capacity of riders is quite tight. Meituan also said in the financial report of the year that it has increased subsidies for riders.

　　By 2023, although the order volume will continue to increase by 1.4% year-on-year, the standard business revenue and total revenue will decrease by 0.5% and 7.2% respectively.

　　(Drawing: Market Cap Wind and Cloud App)

　　According to Meituan, in 2022 and 2023, Meituan’s ready-to-place orders will increase by 14% and 24% respectively, much higher than the company’s growth rate in the same period.

　　(Source: Meituan 2023 Annual Report)

　　Is it because the company’s production capacity cannot keep up with Meituan’s demand, or Meituan doesn’t want the company to be the only one, so the card order volume? This is difficult to evaluate.

　　However, for Meituan, the company’s fungibility seems rather high.

　　According to the order volume disclosed by both parties, in 2023, the company will only account for 4.2% of Meituan’s ready-to-distribute orders (Note: 92.5/2189 3.2 * 100%).

　　02 Core business gross profit is low

　　As a contractor, the company is responsible for recruiting a large number of riders, establishing and managing rider sites at its own expense, and paying for rider commissions, distribution site property expenses, rider insurance, and compensation during the period.

　　Commissions paid to riders constitute the largest expense item for the company’s operating costs, at $640 million in 2023, accounting for 78% of operating costs over the same period.

　　(Source: Company Prospectus)

　　The huge rider commission has resulted in a narrow margin for the company’s standard business. In 2023, the standard business gross margin was 3.2%, lower than the overall gross margin of 12.7% in the same period.

　　(Source: Company Prospectus)

　　Then again, low gross margins are a common problem in the entire ready-made outsourcing industry.

　　The company’s peer competitor, Fun Live, has an overall gross margin of only single-digit percentage, 4.5% in 2023, due to the large proportion of takeaway ready-to-serve business revenue.

　　(Source: Fun Live 2023 Annual Report)

　　03 Government subsidies fell sharply

　　From 2021 to 2022, the company’s annual net profit scale is about 50 million yuan, and the net profit margin is about 5%. In 2023, the company’s net profit has dropped sharply to 32 million yuan, and the net profit margin has dropped to 3.4%.

　　(Drawing: Market Cap Wind and Cloud App)

　　The decline in profitability was mainly due to a significant decrease in government subsidies.

　　According to the disclosure, the company’s non-core business, Human Resources Industrial Park Management Solutions, can receive financial support funds "at its discretion" from local government departments every year.

　　(Source: Company Prospectus)

　　In 2021 and 2022, the government subsidy will be 15.62 million yuan and 12.41 million yuan respectively. In 2023, due to the current situation of local finance, the government subsidy received by the company will be significantly reduced to 1.94 million yuan.

　　(Source: Company Prospectus)

　　It is worth noting that the non-core business that plays a key role in polishing the company’s income statement was acquired by the company and entered the subject of the proposed listing at a rather clever time.

　　According to the disclosure, the operating entity of the non-core business is Haining Boltier, and its original controlling shareholder is Shanghai Boyu Rice, which is 100% jointly owned by the company’s five founding shareholders. Therefore, the acquisition is a merger of enterprises under the same control.

　　(Source: Company Prospectus)

　　Haining Boltier and the company to be listed were established in 2014 and 2021, respectively.

　　According to accounting standards, if the parent company is incorporated later than the subsidiary and is under the same control, the consolidated statement should be prepared from the beginning of the earliest comparison period, that is, the subsidiary has been included in the merger since the establishment date.

　　From 2021 to 2023, Haining Boltier, which was acquired before, paid a total dividend of 44.60 million yuan to the original controlling shareholder Shanghai Boyu Rice, and the acquisition happened to be completed in 2024.

　　(Source: Company Prospectus)

　　After the actual controller divides the money, he can put the business into the main body to be listed, and can also beautify the report with past performance. This silky and coherent series of operations is really wonderful!

　　Fengyun Jun summed up the company in one sentence: lackluster growth and mediocre profitability.

　　There are many companies involved in human resources outsourcing services in Hong Kong stocks, including Liepin (06100.HK), Manpower (02180.HK), and 06919.HK, all of which are small-cap stocks with a market value of no more than 1.50 billion Hong Kong dollars.

　　As for the closest thing to the company’s business model, the valuation given by the US stock market is more demanding, and the latter is currently worth less than $6 million.

　　For companies with such business models, the views of Hong Kong and US stock investors are quite consistent.

iQIYI lost the lawsuit of ＂Celebration Yuannian＂, but what didn’t lose was advanced on-demand

　　Author/Yali, Editor/Guo Ji’an

　　"I won. Thank you, Judge."

　　At 4:58 pm today, as soon as the "iQIYI" Celebration of More Than Years "case ended, the plaintiff Wu Shengwei eagerly posted this Zhihu update.?

　　It all started with the hyped-up "Qingyu Nian" advanced on-demand event last year. In December last year, "Qingyu Nian" launched an advanced payment model during the broadcast, allowing members to unlock the advanced on-demand privilege at a price of 3 yuan per episode, or pay 50 yuan to watch 6 episodes in advance.

　　The news broke and public opinion was in an uproar. Lawyer Wu Shengwei believed that the platform had violated his rights as a golden VIP member in disguise, so he sued the broadcasting platform iQIYI in court with a complaint.

　　This afternoon, the case was handed down at the Beijing Internet Court. The court ruled in court that iQIYI’s "iQIYI VIP Member Service Agreement" was partially invalid; the "paid ahead on-demand" clause updated after the defendant purchased the membership service was not effective for the defendant; iQIYI should continue to provide the defendant with the original membership rights.

　　Soon, people began to carry the results of the trial on social platforms such as Weibo. Luo Gus, a lawyer who had also sued Tencent Video for "Qingyu Nian", also summarized the verdict on Zhihu, which was also the four points that many people summarized when discussing the results of the trial:

　　However, is the "advanced on-demand" model really illegal? Entertainment Das Kapital, who watched the live broadcast of the entire trial, found that in fact the court did not find the advanced on-demand business model illegal. The plaintiff in this case was able to win the case mainly because the unilaterally changed new contract damaged the original rights and interests of members.

　　iQIYI also issued a statement at the first time, saying that "there is nothing wrong with the advanced on-demand model". The court held that iQIYI’s launch of the advanced on-demand model is justifiable, and the change of the contract is necessary and reasonable in the industry. It does not deny the entire business model.

　　The plaintiff in the "Qingyu Nian" case won, but "advanced on-demand" is not illegal

　　We shall focus on unraveling the first two points mentioned by Venlogus, which are currently the most controversial.

　　First, "advanced on-demand" is illegal and constitutes a breach of contract.

　　In fact, the judge had already emphasized in his sentencing, "Relying on Internet technology, people’s differentiated needs for work and life are gradually satisfied. The’membership-based ‘service model launched by video platforms based on consumer willingness has been accepted by the public. It is not inappropriate to explore new video broadcast methods on this basis."

　　To be precise, the judgment of "Qingyu Nian" in breach of contract was mainly because the platform did not clearly inform users before changing the membership contract, and the new "advanced on-demand" model essentially damaged the interests of users. Because the plaintiff Wu Shengwei purchased iQIYI members in June 2019, but iQIYI added the advanced on-demand clause without authorization on December 8, 2019. The violation is this act of changing the contract, not the advanced on-demand model.

　　In other words, if you purchased a member after iQIYI changed the contract on December 8, 2019, you can be considered to agree with the advanced on-demand model, and it is unlikely to win the case like this plaintiff. This legal precedent cannot benefit others and has certain particularities.

　　Second, the nesting doll clause that "stipulates that the standard clause is not the standard clause by the standard clause" is illegal and invalid.

　　The judgment concerns a common "standard clause trap" in contracts. In its December 2019 membership agreement, iQIYI mentioned that "both parties agree that the aforementioned exemption and limitation of liability clauses do not belong to the clauses stipulated in Article 40 of the Contract Law that’exempt its liability, increase the liability of the other party, and exclude the main rights of the other party ‘. That is, both you and iQIYI agree to the legality and validity of the aforementioned clauses, and you will not claim that the clauses in the agreement are illegal or invalid on the grounds that iQIYI has not fulfilled its obligation of reasonable presentation."

　　The court held that the iQIYI membership agreement was an agreement unilaterally issued by the platform without consultation with the other party, and was a standard clause stipulated by law. The above statement violates the mandatory provisions of Article 40 of the Contract Law on the validity of standard clauses. At the same time, the standard clause requires the user to promise to give up claiming that the standard clause is illegal or invalid on the grounds that "iQIYI company has not fulfilled the obligation of reasonable presentation". It is a situation where the standard clause is used to simulate that it has fulfilled its legal obligations, so it is invalid.

　　That is to say, the court held that iQIYI’s membership agreement contained multiple cases suspected of exempting itself from liability and increasing user liability, which essentially violated Article 40 of the Contract Law (the main content is: if one party provides a format clause to exempt its liability, increase the liability of the other party, and exclude the main rights of the other party, the clause is invalid), so it is not supported.

　　Similarly, the statement in the iQIYI membership agreement that "you will not claim that the terms of the agreement are illegal or invalid on the grounds that iQIYI has not fulfilled its reasonable obligation of presentation" is in the form of standard terms to relieve iQIYI of its legal obligations as the drafter of the standard terms, and it is also illegal.

　　After listening to the entire judgment, it is not difficult to find that the court can understand the motives and reasons for iQIYI’s implementation of the advanced on-demand model, and also acknowledges that its unilateral change of contract is necessary and reasonable in the industry. However, it still emphasizes that the implementation of the new model should be based on the principle of not harming the rights and interests of the original members.

　　Regarding the two points of contention between the two parties: first, whether the advance on-demand harmed the interests of the original members; second, whether iQIYI fulfilled its obligation to inform in advance before changing the terms, the court’s answer was negative.

　　Therefore, if Youku, iQiyi, and Tencent want to implement the advanced on-demand model or other’VVIP ‘models in the future, they must clearly mark the price. Before changing the contract, users should also be clearly reminded in a prominent position. The advanced on-demand model is not illegal, and it is illegal to unilaterally change the contract and damage the interests of users.

　　

　　iQIYI launches Star Diamond membership, from "advanced on-demand" to upgrade price increases

　　Obviously, after the "Qing Yu Nian" advanced on-demand turmoil, the platform also realized the risk of this model. Almost all the episodes that implement the advanced on-demand model on the market today have key information such as price and episode number written in the "drama chasing calendar" before going LIVE.

　　iQIYI also launched Star Diamond members not long ago. Star Diamond members not only have the rights of Gold VIP members, but also can watch advanced on-demand and Star Diamond Cinema content, covering kiwi Star Diamond members, FUN members, literary members, sports public members, and VR members. Multi-member rights.

　　Many rights and interests correspond to a high price: the price is 60 yuan per month, 40 yuan per consecutive month, and 398 yuan per consecutive year. Compared with the previous price of 19 yuan per consecutive month and 218 yuan per consecutive year for Gold VIP members, the price of Star Diamond VIP has almost doubled.?

　　The platform here is pushing Star Diamond members, and there are people on Weibo and various groups every now and then sending coupons to sell Youku, iQiyi, and Tencent 99 yuan membership cards. The previous members are really worthless.

　　It was to be expected that iQIYI’s focus would gradually shift to increasing Star Diamond membership. From the original dark test of advanced on-demand to the packaging of advanced on-demand content into Star Diamond members, the purpose of this upgrade was obviously to increase the average income of a single paying user.

　　However, after the launch of Star Diamond members, iQIYI will face a greater test in terms of content: is the existing content of the platform sufficient to support the price of Star Diamond members?

　　In terms of price alone, the existing Star Diamond members cost a full 180 yuan more a year than the previous Gold members. At present, users who pay extra can generally watch 8 to 10 episodes in advance for episodes that are ahead of the demand. We calculate according to 3 yuan per episode on demand, and it costs up to 30 yuan to order a single drama. A user must encounter at least 180/30 = 6 dramas that are willing to be ahead of the demand a year. Buying Star Diamond members will not lose money (excluding Star Diamond members, FUN members, literary members and other rights).

　　The question is, with the quality of the shows currently available on video websites, can a user encounter six shows that are willing to get ahead of the game in the next year?

　　The platform obviously knows that high-quality content is the core of supporting member upgrades. This can be seen from the recent iQIYI launch of Mist Theater, which focuses on 12-episode boutique skits.

　　In the long run, the advanced on-demand model is conducive to the future development of the film and television industry. If the platform can share the revenue from the advanced on-demand model or upgrade the membership price with the filmmakers, encourage the filmmakers to produce better quality content, and achieve a positive cycle, the industry may usher in a true C-end payment era in the future. According to Entertainment Capital, after launching the Star Diamond membership, iQIYI is already discussing the issue of revenue sharing with the production company.

　　The ideal situation is that the platform gradually cultivates the habit of users to watch "advanced on-demand" or buy more advanced members, and can share the revenue with the filmmakers, and the quality of the series content continues to improve; the worst situation is that users believe that the platform content is not worth the price, and some users will even return to watch pirated copies. The film and television industry continues to be trapped in the cycle of platform losses and filmmakers making no money.

　　The case of "iQIYI" Qingyu Nian "is a landmark event in the dynamic game between the platform and users.

　　The official understands the behavior of video websites to explore more business models in order to meet the differentiated needs of users, and believes that it is not inappropriate to advance the on-demand model. But at the same time, it also believes that the healthy development and operation of the business model is based on following commercial terms, respecting user feelings, and not violating relevant laws and regulations. This will be a prerequisite for the platform and users to continue to run in in the future.

　　Under the official affirmation, it is an inevitable trend for video website members to gradually move towards fine grading, and the advanced on-demand model or the "VVIP" model like Star Diamond members will become more and more common. But compared with before, the platform will pay more attention to user experience when implementing the new model. Whether it is the platform or the user, it has come to a moment when it has to change.

　　Platforms face the challenge of upgrading paid content, and users should also try to give platforms more understanding. The running-in situation between the two sides determines the future of the film and television industry.

EV Morning News ｜ Zhiji L7 with a price of 400,000 yuan was officially listed; The ＂white list＂ of the first batch of key enterprises returning to work in Shanghai was announced; Yundu Automobile resp

1. Breaking the Taycan electric drift record and officially listing at the price of 400,000 yuan.

After Zhiji Automobile announced the Zhiji L7 Pro and its price of 408,800 yuan on March 29th, tonight it announced the configuration and price of Zhiji L7 Dynamic starting from 368,800 yuan, and introduced the related rights and interests of Angel Wheel and A Wheel users and the progress of locking orders.

image.png

Zhiji L7 successfully won the Guinness World Record for the longest drift distance of electric vehicles with a continuous drift of 43.646 kilometers. The two models have SNAKE MOVE extrasensory driving control in the new era, which marks a new value benchmark. Power and control complement each other, and are equipped with IMMERSIVE MATRIX extrasensory interaction and PURE+PREMIUM pure taste.

Source: First Electric Network

2. The "white list" of the first batch of key enterprises in Shanghai announced SAIC/Shanghai.

On April 16th, the Shanghai Economic and Information Committee issued the "Guidelines for Prevention and Control of Epidemic Situation of Industrial Enterprises in Shanghai (First Edition)", aiming at effectively and orderly promoting enterprises to resume work and production, and ensuring the safety and stability of the industrial chain supply chain. According to the white list of resumption of work and production, SAIC and Tesla are on the list.

In the list, there are 249 automobile-related enterprises. The list of vehicle manufacturers includes Shanghai, SAIC-GM and Tesla. The Lingang area listed Tesla as a "discontinued enterprise that must resume work".

Source: First Electric Network

3. The car stopped production in response: the main problem.

On April 17 th, according to the science and technology innovation board Journal, the relevant person of Yundu Automobile responded, "We stopped production mainly because of the battery problem. Now the new supply has been confirmed and it is expected to resume production in two months." Earlier, some media reported that Yundu Automobile stopped production in February this year due to the break of the capital chain.

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Source: IT house

4. Xiaomi Automobile has successively announced seven patent information related to motor, power electronics technology and other fields.

On April 15th, Xiaomi Automobile Technology Co., Ltd. announced the patent of "punching structure, rotor assembly and motor", which is the seventh patent disclosed by Xiaomi Automobile.

The patent abstract shows that the disclosure provides a punching structure, a rotor assembly and a motor, and relates to the field of motors. The punching sheet structure comprises a central body part and a first magnetic pole part; A first pole groove is arranged on the circumferential outer side of the central body part, and the first pole part is located in the first pole groove, and the central body part and the first pole part are combined to form a punching structure; The shape of the first magnetic pole part corresponds to the shape of the first pole groove, the outer edge of the first magnetic pole part is aligned with the outer edge of the central body part, and the inner edge of the first magnetic pole part and the groove edge of the first pole groove are spaced to form a first installation groove for installing the first permanent magnet.

Xiaomi Automobile has successively announced seven patent information related to motor, power electronics technology and other fields.

Source: Caijing.com

5. Keep the classic appearance of pure electric MINI road test spy photos.

A few days ago, we obtained a set of road test spy photos of domestic pure electric MINI from relevant channels. The new car is produced by automobile and joint-venture beam automobile, and may be officially launched this year.

Home of the car

Source: car home.

6. Won the special prize of Guangdong Science and Technology Progress Award.

A few days ago, the 2021 Guangdong Science and Technology Award was officially awarded. BYD’s "R&D and Industrialization of Key Technologies for High-end Passenger Cars" and "R&D and Large-scale Application of Key Technologies for High-reliability and High-current IGBT Devices" won the special prize and the second prize of the Science and Technology Progress Award respectively.

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Guangdong Science and Technology Award is the highest honor for scientific and technological innovation achievements in Guangdong Province. It is sponsored by the Guangdong Provincial Department of Science and Technology, and is mainly awarded to solving key common technical problems in the industry, major technological innovation problems of enterprises and major scientific and technological achievements.　

Source: New Travel

7. AirEV, a brand-new electric vehicle, was declared by the Ministry of Industry and Information Technology.

On April 15th, the First Division of Equipment Industry of the Ministry of Industry and Information Technology announced the latest batch of vehicles applying for the Announcement of Road Motor Vehicle Manufacturers and Products. Among them, Wuling brand-new pure electric car AirEV was declared by the Ministry of Industry and Information Technology. IT House has learned that the application information of the Ministry of Industry and Information Technology shows that this pure electric car is marked with the word "AirEV" at the tail, and has two versions of standard wheelbase (1635mm) and long wheelbase (2010mm). Among them, the standard wheelbase version is rated to carry 2 passengers, and the long wheelbase version is rated to carry 4 passengers.

Source: Sina Auto

8. Using the coupe design style, Janice released the official map of X Speedium Coupe.

A few days ago, Janice officially released the official map of X Speedium Coupe. The new car was designed by Luc Donckerwolke, the chief creative officer of Janice, and it will become the new family design language for the future pure electric products of Janice brand.

It is worth mentioning that the Speedium in the concept car name originated from a track in South Korea, which also shows Jennisys’ pursuit that pure electric products can still maintain sports in the future.

Source: New Travel

9. Improve battery safety Samsung SDI develops the next generation battery management system prototype.

According to foreign media reports, sources of South Korean battery manufacturer Samsung SDI Co revealed that Samsung SDI has developed a prototype of the next generation battery management system (BMS). The system can accurately know the state of the battery and will be mass-produced in the following year.

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Samsung SDI has developed an algorithm to analyze the battery state using artificial intelligence (AI). Samsung SDI said that the next generation BMS can increase battery life by 15%, vehicle cruising range by 6% and energy output by 10%. In addition, the system can also realize wireless operation and network security functions.

Source: New Travel

10. Promote merger and listing with a valuation of $2.5 billion.

On April 16th, East Stone Acquisition Corporation (Eaststone for short) announced that it had signed a formal business merger agreement with ICONIQ Holding Limited (NWTN for short).

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After the completion of two mergers and other transactions under the business combination agreement (referred to as business combination), a newly established subsidiary NWTN Inc will plan to be listed on Nasdaq, and the issued shares of NWTN and East Stone will be converted into the right to obtain shares of the listed entity. At the time of delivery of this transaction, the combined valuation of NWTN will be $2.5 billion (subject to relevant adjustments).

Source: New Travel

Yong-ha Park Wire le neck committed suicide after another murder in Korean entertainment circle.


Yong-ha Park’s appearance in the film


Yong-ha Park


Yong-ha Park has just decided to star in the Korean version with Yoon Eun Hye.


Kelly Chen and Yong-ha Park co-produced the MV All I Want is Love and It’s My Bad.

　　According to South Korean media reports, Han Xing Yong-ha Park, who played the rival of Bae Yong-joon in the popular Korean drama "Winter Love Song", was found to have committed suicide in her room on the morning of June 30th, at the age of 33.

　　It is reported that Yong-ha Park’s mother was the first to discover that her son Yong-ha Park had died at 5: 30 that day. Yong-ha Park’s family said in an investigation by the police that Yong-ha Park said "I’m sorry" several times to his family after massaging his father with advanced gastric cancer in the early morning of the 30th, and then returned to his room, from which he never came out.

　　According to the police, Yong-ha Park wrapped himself around his neck with a mobile phone charger cord, which eventually led to suffocation and death. The police are currently investigating the scene to determine the real cause of Yong-ha Park’s death, but the person in charge of the case said that from the traces on the scene and the strangulation marks on Yong-ha Park’s neck, it can basically be judged that Yong-ha Park died of suicide.

　　Yong-ha Park made her debut as an actor in 1997, and became hallyu star through Winter Love Song, which is very popular in Japan and Southeast Asia. At the beginning of this year, after seven years, he ushered in the first starring film "Battle", which made his acting skills recognized by Ho-jae Lee, the director of the "Best Newcomer Director Award" of the Korean Bell Award. In addition, in recent years, he has appeared in Korean dramas such as On air and Men’s Tales, which has made his popularity soar, not only in South Korea, but also in Japan.

　　Not long ago, I just decided to play the role of Dawn in the Korean version of Sweet Honey, and I will join hands with Yoon Eun Hye to play the love story of the past. According to Korean media reports, the film will start shooting in August at the earliest, and Yong-ha Park’s death is undoubtedly a big blow.

Yong-ha Park’s personal data

　　Name: Yong-ha Park. 　　

　　Also translated as: Park Yong-ha 　

　　Nationality: Korea 　　

　　Birthday: August 21, 1977 　　

　　Blood type: type B. 　　

　　Height: 176CM 　　

　　Weight: 63KG 　　

　　Family: parents and sisters themselves 　　

　　Education: Bachelor of Drama and Film from Central University Seoul College major in Film. 　　

　　Chungang University major in Theatre

film works

　　1998 "If it snows on Christmas Day/A Snowy Christmas Day"
　　2001 "Even if you don’t like it, you have to do it again/don’t fall in love with life and death"
　　Battle in 2009 (cooperation: Jin Minzhen)

Television works

　　1994 MBC Theme Games　
　　1995 KBS "Classroom of Love"　
　　1996 KBS Paris Park, Starting Line and Mother’s Flag.
　　1998 MBC "Watching and Watching/Never Tired of Watching"
　　1999 KBS Discovering Lost Birds and Please Love.
　　2000 MBC Bandage Family, Not Everyone Can Love.
　　2001 MBC "Women in Rumors" and "Happy Sunday"
　　2002 KBS2 "Winter Love Song" (cooperation: BAE Yong Jun, Cui Zhiyou, Park Sol-mi)
　　　　　　　　　　　KBS2 Mermaid Princess (cooperation: Liu Zhen, Li Dongxu, Li Youli)　
　　2008 SBS 《on air (cooperation: Song Yoon A, Jin Hena, Li Fanxiu)
　　2009 KBS The Story of Men (cooperation: Hermione, Jin Qiangyu)

Omdia： Samsung’s small and medium-sized OLED business will face challenges this year and will rely more on its own mobile phone orders.

[Omdia: Samsung’s small and medium-sized OLED business will face challenges this year and will rely more on its own mobile phone orders] Omdia, a market analysis agency, said that Samsung showed that it will face difficulties in the small and medium-sized OLED business this year and rely more on the rigid OLED panel orders of Samsung Electronics Galaxy A series mobile phones.