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Hacker examples explain the analysis method of Trojan horse!

There was a domestic model before, and it had a nice name called "Guangwai Girl". This is the work of "Guangwai Girls" network group of Guangdong University of Foreign Studies. It can run on WIN98, WIN98SE, WINME, WINNT, WIN2000 or Win95/97 with Winsock2.0 installed. Compared with the past, it has the characteristics of smaller volume and more ingenious hiding. It can be expected that in the future, it will become another popular Trojan after the "Ice River".

Address quoted in this article: https://www.eepw.com.cn/article/201706/357346.htm.

Because the method of "Guangwai Girl" is typical, I will explain the research method of general Trojan through the detailed analysis process of this new Trojan. The following test environment is the Chinese version of Windows2000.

I. Tools needed

1.RegSnap v2.80 is the best tool for monitoring changes in the registry and system files.

2.fport v1.33 tools for viewing ports opened by programs.

3.FileInfo v2.45a tool for viewing file types.

4.ProcDump v1.6.2 Shelling tool

5.IDA v4.0.4 disassembly tool

Second, the analysis steps

All the tools are ready, and we begin to analyze this Trojan horse. Once the general Trojan horse runs, it will do some tricks on the registry and system files, so we should make a backup of the registry and system files before analysis.

First open RegSnap, select new from the file menu, and then click OK. In this way, we make a record of the current registry and system files, and if the Trojan horse modifies one of them later, we can analyze it. Save it as Regsnp1.rgs after the backup is completed.

Then we will run the "Guangwai Girl" terminal on our computer. Don’t be afraid, because we have made a detailed backup, and we can change the hands and feet it made as it is. Double-click gdufs.exe, and then wait a moment. If you are running Skynet or Kingsoft Internet Security, you should find that these two programs quit automatically. Is it strange? And listen to our analysis later. Now the Trojan horse is already in our system. Let’s take a look at what it has done to us. Re-open RegSnap, select new from the file menu, and then click OK to save the snap result as Regsnp2.rgs.

Select Compare from the file menu of RegSnap, open Regsnp1.rgs in the First snapshot, open Regsnp2.rgs in the Second snapshot, and select show modified key names and key values in the radio box below. Then press the OK button, so RegSnap will start to compare the two records, and what’s the difference? When the comparison is completed, it will automatically open the analysis result file Regsnp1-Regsnp2.htm.

Look at Regsnp1-Regsnp2.htm and pay attention to it:


It means that in the two records, the registry key was not deleted, 15 registries were modified and one registry was added. Look at the back:

The meaning of this passage is that a new file, diagcfg.exe, has been added under the directory C:WINNTSystem32. This file is very suspicious, because we only ran the Trojan named "Guangwai Girl" between two system information comparisons, so we have reason to believe that diagcfg.exe is the backdoor program that the Trojan left in the system. If you don’t believe me, open the task manager and have a look, and you will find that there is a process of DIAGCFG.EXE, which is the original body of the Trojan horse. But don’t delete DIAGCFG.EXE at this time, otherwise the system will not work normally.

Trojans usually set some key values in the registry so that they can run automatically every time the system restarts. Let’s take a look at which registry keys have changed in Regsnp1-Regsnp2.htm. With experience, we should pay attention to the following:

This key value was changed from the original %1 %* to C:WINNTSystem32DIAGCFG.EXE %1 %*, which is the most suspicious because it contains the Trojan horse DIAGCFG.EXE. So what does this registry key do?

It is the format of running executable file, which was changed to C:WINNTSystem32DIAGCFG.EXE %1. % * After that, run the program C:WINNTSystem32DIAGCFG.EXE every time you run any executable file.

It turns out that this Trojan horse has been tampered with here, so that it can run automatically. Its startup method is not the same as that of ordinary Trojans, which are in

Add a key value to the key, so that you can start yourself, but this method is well known by anti-virus software, so it is easy to be killed. The trojan horse of "Guangwai Girl" is more cunning, and it sets the startup item in another position.

Now that we have mastered the location of this Trojan horse and the startup items in the registry, it is also important to find out which port it is listening to. This can be easily achieved by using fport. Run fport.exe on the command line, and you can see:

We can clearly see that the Trojan horse program is listening on TCP port 6267. So far, we can say that we have mastered all the actions of the trojan horse "Guangwai Girl" in our system, and now we can easily kill it.

Third, killing

After the previous analysis, we have understood the working mode of the trojan horse "Guangwai Girls", and now we will clear it. The following is the method to completely remove the "girl students from Guangzhou". Note: the order of this step cannot be reversed, otherwise the Trojan horse may not be completely removed.

1. Press the Start menu, select Run, enter regedit, and press OK. Open the following key values:

But don’t modify it yet, because if you modify the registry at this time, the DIAGCFG.EXE process will still change it back immediately.

2. Open Task Manager, find the process of DIAGCFG.EXE, select it, and press "End Process" to close this process. Be careful, don’t close the process before opening the Registry Manager, otherwise DIAGCFG.EXE will be started when regedit.exe is executed.

Step 3 put

The key value of is changed from the original C:WINNTSystem32DIAGCFG.EXE %1 %* to %1 %*.

4. At this time, you can delete the DIAGCFG.EXE in the directory C:WINNTSystem32. Remember never to delete this file first, otherwise you will not be able to run any executable files in the system. Since we intend to further analyze this Trojan horse, we will not delete it now, but copy it to other directories for research.

Fourth, in-depth study

We already know the basic working principle, start-up process and how to get rid of it completely, but there is still one thing that we have not completely understood, that is, how it deals with Skynet or Kingsoft Internet Security. To understand this deeply, we must look at the code of "Guangwai Girl". This Trojan has not published the source code, but we can still take a look at it by disassembling it.

The end of "Guangwai Girl" is only 96K, which is obviously encrusted with compression software. We must first determine what shell it has added. It can be detected by using the small tool FileInfo. Now we will copy the DIAGCFG.EXE analyzed in front to the directory of FileInfo, then fi.exe at the command line, and then press Enter, and it will display:

FileInfo has detected that DIAGCFG.EXE has used ASPack v1.06b to shell. Knowing its encryption method, we can use ProcDump to shell it.

Run ProcDump, click the Unpack button, because we want to take off the shell of ASPack v1.06b, so we select Aspack108 in it, and then press OK. At this time, it will let you open the file to be shelled, so we will choose DIAGCFG.EXE and open it. Then wait a few seconds and press "OK". ProcDump will shell DIAGCFG.EXE, and then a dialog box will appear asking you to save the shelled file, and we will save it as gwns.exe.

Note: At this time, the Trojan horse runs on your system again, so it must be cleaned up again according to the previous cleaning steps. Since the cleaning method has been written before, I won’t repeat it here.

Well, now we have got the original file of this Trojan horse before it was shelled. Look at the shelled gwns.exe, which is as big as 194k, which is more than twice as big as the original program. This is the credit of the shelling software. Now you can use the disassembler to disassemble it, and then look at its assembler code.

Let’s use IDA to disassemble it. By the way, this IDA is a super disassembly tool, which is a necessary tool for cracker and Windows hacker. Let’s take a look at some of the disassembled code:

Trojan first loads kernel32.dll, and then uses GetProcAddress to get the address of the API RegisterServiceProcess. Trojan first needs to register itself as a system service, so it is not easy to be found by the task manager when running under Win9x. Then it will GetCommandLineA to get the running parameters, and if the parameters are executable files, it will call Winexec to run.

Then the Trojan will find the process of snfw.exe and kav9x.exe, that is, the process of Skynet or Kingsoft Internet Security, and then kill it.

Trojan will also modify the startup items of "Skynet Firewall" or "Kingsoft Internet Security" in the registry, so that it will not run automatically when the system is restarted next time.

The following is to modify the registry startup item of Trojan horse, namely


Item, so that it can start itself every time the system restarts. Next, the Trojan will initialize Winsock dll, bind the port, and wait for the connection of the Trojan client.

V. Summary

Up to now, we have completed the whole analysis process of the Trojan horse program "Guangwai Girl" and learned about the startup and operation mechanism of the Trojan horse. Of course, the purpose of writing this article is not simply to introduce the Trojan horse of "Guangwai Girl", but to introduce the analysis method of the general Trojan horse through the detailed analysis of this typical Trojan horse. Using the analysis method in this paper, you can completely analyze any unknown Trojan horse variety. Finally, let’s summarize the methods and steps of Trojan horse analysis:

First, the system registry and system files are backed up, then the Trojan server is run, and then the registry and system files that have been run by the Trojan are recorded, and the results of the two records are compared by using registry analysis tools, so that we can know what the Trojan has done in the system. Use fport to view trojan listening port. Then, using the obtained information, the method of removing Trojan horses is made.

If you want to analyze the Trojan deeply, you should also shell and disassemble the Trojan server. In this way, you can fully grasp any action of the Trojan horse. Of course, this requires you to have a good grasp of assembly language and a certain degree of patience, because the lengthy assembly code is not completely readable by ordinary novices.

If you want to further analyze the Trojan message format, use sniffer to monitor the Trojan port, and then make a comparative analysis. This analysis method is more complicated, so this article will not give an example.

Just reading the article is not enough. If you want to fully analyze a Trojan horse, you need to practice it! Good luck!

Heilongjiang Province officially implemented the tax refund policy for overseas tourists from August 1 (photo)

　　A few days ago, it was reviewed and filed by the Ministry of Finance, the General Administration of Customs and State Taxation Administration of The People’s Republic of China.August 1, 2016Since then, Heilongjiang Province has taken the lead in implementing the tax refund policy for overseas tourists’ shopping departure at Harbin Taiping International Airport, Heihe Port and Suifenhe Port, among which Suifenhe Port has become the first land port in China to implement the tax refund policy for departure. 　　 　　　

　　

　　

　　byAugust 2 ndtwenty six past eightSuifenhe Port of Heilongjiang Province handled the first tax refund for departure, and issued the first tax refund for departure at China Land Port.　　　

　　Margarita, from Vladivostok, Russia, became the first overseas passenger to enjoy this policy in Heilongjiang Province, marking the smooth start of the tax refund policy for departure in Heilongjiang Province. At present, the first batch of 30 tax refund shops in Heilongjiang Province are located in shopping malls and commercial streets in the central areas of three pilot cities, including 20 in Harbin, 5 in Heihe and 5 in suifenhe city. Overseas tourists who shop in and leave Heilongjiang Province can realize cross-regional shopping tax refund in Heilongjiang Province, and will realize cross-regional interconnection across the country before the end of the year. Since March this year, in order to promote the implementation of this policy in Heilongjiang Province as soon as possible, according to the requirements of the provincial government, the Provincial Department of Finance has done a lot of preliminary basic work in conjunction with taxation, customs and pilot areas:

　　One is to hold a meeting and make arrangements. The Provincial Department of Finance organized a working meeting of the financial departments in the pilot areas to implement the spirit of the coordination meeting of the provincial government, requiring the pilot areas to give full play to their main responsibilities, and the financial departments to earnestly fulfill their lead obligations, and issued the Notice of the Provincial Department of Finance on Doing a Good Job in the Pilot Work of Tax Refund for Overseas Passengers Shopping in Heilongjiang Province, which put forward specific requirements for the tax refund work of the financial departments in the pilot areas.

　　　

　　The second is to draft a plan and coordinate the promotion. The Provincial Department of Finance, together with the Provincial State Taxation Bureau, Harbin Customs and other departments, has implemented the work of tax refund places, tax refund shops, tax refund software and tax refund fees, and drafted the implementation plan of tax refund policy for departure on behalf of the provincial government in accordance with national requirements. At the same time, the work promotion meeting will be held to coordinate and solve the problems existing in the work promotion of departments and pilot areas in a timely manner, speed up the pace of work, improve work efficiency, and ensure the orderly progress of all work.

　　　

　　The third is to organize acceptance and ensure implementation. The Provincial Department of Finance, together with the Provincial State Taxation Bureau and Harbin Customs, conducted a comprehensive inspection and acceptance of the airports and ports in the pilot areas, and timely rectified and communicated the problems found in the acceptance process, which provided the necessary guarantee for ensuring the timely implementation of the policies in the pilot areas.　

　　In the next step, the Provincial Department of Finance, in conjunction with relevant departments and pilot areas, will conscientiously sum up the implementation of tax refund for departure, formulate standardized standards for application for construction, and take the principle of construction first and approval later in combination with the wishes of the government in the application area and the basic conditions of the port to gradually promote the full implementation of the tax refund policy for departure in Heilongjiang Province.

Energy security and effective consumption structure continued to improve.

CCTV News:According to the data released by the National Bureau of Statistics, in the first three quarters of this year, all parts of the country accelerated the release of advanced production capacity, the capacity of energy supply and demand continued to improve, energy consumption increased steadily, and the proportion of non-fossil energy consumption continued to increase.

In the first three quarters, the production of major energy products such as kerosene, gas and electricity in industrial enterprises above designated size maintained steady growth. In terms of varieties, the production of raw coal has grown rapidly, and the incremental supply of high quality has been expanded, giving full play to the role of guarantee. In the first three quarters, the output of industrial raw coal above designated size was 3.32 billion tons, up 11.2% year-on-year, and the growth rate was 7.5 percentage points faster than that of the same period of last year.

Oil and gas production grew steadily. Oil and gas enterprises continue to consolidate the good momentum of increasing reserves and production, and ensure the independent supply base of oil and gas. In the first three quarters, the output of industrial crude oil above designated size was 153.75 million tons, a year-on-year increase of 3.0%; Natural gas output was 160.1 billion cubic meters, up 5.4% year-on-year.

Power production is stable and orderly. In the first three quarters, industrial power generation above designated size was 6.3 trillion kWh, up 2.2% year-on-year, of which clean energy power generation was 1.9 trillion kWh, up 6.5% year-on-year.

The energy consumption structure continued to improve. According to preliminary calculations, the total energy consumption in the first three quarters increased by 2.5% year-on-year, and the proportion of non-fossil energy consumption in the total energy consumption increased by 0.6 percentage points compared with the same period of last year.

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

[Autohome Ningbo Discount Promotion Channel] Recently, a significant price reduction has been ushered in in the Ningbo area, with a maximum discount of 28,000 yuan and a minimum starting price of only 188,600 yuan. If you are considering buying eπ 008, now is the perfect opportunity, click "Check the car price" in the quotation form to get a higher discount!

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

At [Autohome Suzhou Promotion Channel], we bring you a car buying opportunity not to be missed. At present, this luxury model is having a great promotion, and car buyers in Suzhou are fortunate to enjoy up to 202,000 cash profit. The minimum starting price from the original price has now been reduced to 641,800, which is a rare opportunity to buy a car. Want to know more about the specific details of the offer and strive for a higher car purchase discount? Be sure to click on the "Chatti Car Price" quote form below to let a professional car consultant provide you with personalized quotations and services.

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.