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Knowing that the car emperor has been on the line for 7 years, the valuation is 3 billion US dollars, which is close to the market value of car home

Author Pan Lei

Editor hai Yao

Tuyuan Midjourney

To be honest, you have to understand the car emperor.

This is the Slogan of ByteDance’s car information platform "Know the Car Emperor", which became popular in the early days by guiding car owners to publish their car experience. Now it is the top stream of car vertical content platforms, with two trump cards: short video and live broadcast.

According to some data, Knowing Car Emperor has been the largest car live broadcast platform in China as early as almost four years ago.

Investors are also concerned about the money-making opportunities brought about by the subversion of the old vertical websites of cars by Know Car Emperor-such as car home and Easy Car, all of which have been listed in the US stock market.

The latest news shows that investment institutions, including Sequoia China, KKR and General Atlantic, are ready to provide up to $800 million for Chedi to support its IPO.

General China of Sequoia invested in this round of financing, and contributed $400-500 million.

This makes the valuation of the car emperor as high as $3 billion.

Considering that the car emperor App has been online for less than 7 years, this is an amazing valuation explosion.

In contrast, the market value of car home currently listed on NYSE is about $3.5 billion.

This is also in line with the iterative law of automobile information websites-every time a new automobile information giant appears, it basically means a cruel reshuffle.

According to Byte insiders, the number of daily users who know Chedi began in October 2021, and has already surpassed car home and Easy Car.

This also makes it logical for investors to throw a lot of money in pursuit of understanding the car emperor.

From "auto channel" to the number one in the industry

Understand the prototype of the car emperor is ByteDance’s "today’s headlines" auto channel, which is actually closer to auto channel in the early portal era.

It is said that in August 2017, after being hatched by the commercialization department of ByteDance, it was officially launched to understand Chedi App.

Backed by the huge "flow pool" of today’s headlines, the number of users who know the car emperor is growing rapidly.

According to the "Autumn Report 2017" released by the mobile Internet data organization "QuestMobile" in October of that year, only two months after the launch of Chedi App, active user data has already ranked among the TOP5 in the industry.

At that time, car home ranked first, with 17.37 million active users, while Car Master ranked fifth with 1.28 million users.

From then on, it took only four years, and car home, who has been the industry leader for many years, was trampled under his feet.

This kind of overspeed development obviously makes Byte interested in splitting up the car emperor.

At the beginning of 2023, it was reported that Byte moved the employees who knew the car emperor to a newly established wholly-owned subsidiary.

In addition, it is said that employees who know Chedi have independent office space.

This makes the outside world believe that Byte may be preparing for the introduction of external shareholders until the spin-off and listing.

According to the information provided by the third-party enterprise inquiry agency, on December 21, 2023, the corporate legal person who knows the car emperor changed from today’s headline to "Xiamen Know Car Technology Co., Ltd.".

This shows that Master Che officially became independent from ByteDance.

According to the data, the major shareholder of Xiamen Zhiche is He Jian (holding 60% of the shares), who also serves as the president of Zhiche Di.

Until now, it has exploded to seek financing with a valuation of $3 billion, indicating that knowing the car emperor is one step closer to the final IPO.

Seize the short video outlet

"We really want to vote for you. After all, newspapers have been very supportive of our work in communication for so many years, but unfortunately, customers have not given any budget to the print media at all."

This is the feedback from a senior official of a newspaper in Beijing who personally led a team to visit 4A Company more than ten years ago.

4A company said that the customers of car companies gave most of the budget to the online portal, leaving no budget for the print media including newspapers, which also made it impossible to complete the delivery.

This 4A company’s attitude towards seeking advertising cooperation with newspapers is a microcosm of several major portals, such as Sohu, Sina, Tencent, Netease and Phoenix, which became the mainstream automotive information platform at that time.

The "auto channel" of these websites, with large traffic, fast communication speed and various forms (there have been some test drive videos), completely subverts the information dissemination mode in the era of print media, and also makes it difficult for traditional print media to obtain business cooperation opportunities.

In the era when the portal website auto channel is booming, employees are busy.

A person who once worked as a "car editor" in a portal website said that he had been on a business trip for several weeks and participated in various test drives and release activities organized by car companies. "I had to ask my wife to send my change of clothes to the airport, and I changed my clothes and flew to the next destination."

However, almost at the same time as the popularity of the portal website auto channel, automobile vertical websites are sought after by more and more users because they can provide more focused and professional content.

In 2000, Easy Car was founded, and car home was founded five years later.

The establishment of these two representative websites indicates the arrival of the era of traffic segmentation.

In other words, these two websites can provide more professional content, and users are more accurate and more valuable to car companies.

So the balance of traffic began to gradually shift to such vertical websites as Easy Car and car home.

Auto channel, a web portal, was subverted by car home and Easy Car.

From the establishment of car home in 2005 to the launch of Know Car Emperor APP in 2017, it can basically be regarded as the golden age of car home and Easy Car.

In 2017, car home’s net revenue was 6.2102 billion yuan, up 4.2% year-on-year, and its net profit reached 2.0016 billion yuan, up 63.0% year-on-year.

Another vertical website giant, Easy Car, earned RMB 8.751 billion in the same year, up 51.6% year-on-year, and its gross profit for the whole year was RMB 5.517 billion, up 49.3% year-on-year.

Car home’s forum is an epoch-making product form, which provides a platform for car owners to communicate and interact.

This also shows that the content produced by users is becoming the value core of the automobile information platform.

When the mobile Internet emerged, after the car-savvy emperor exploded in the form of short video of UGC (User Generated Content), he was caught off guard by car home and Easy Car-the latter two are basically products of the PC era.

In fact, almost no forum products in the automotive field have been successfully copied to the mobile platform.

Understand that the car emperor has done this through short video outlets.

This makes it the latest subversive of automobile information platform.

At present, auto channel, the portal website, has basically lost its influence, and even car home has experienced a slowdown in business growth-the annual revenue in 2023 was 7.18 billion yuan, up 3.5% year-on-year, and the adjusted net profit was 2.159 billion yuan, down slightly year-on-year.

Knowing that Chedi has not announced specific revenue, it continues to make great strides in user growth.

In October, 2023, according to QuestMobile’s data, the daily growth rate of Knowing Car Emperor reached 57% in the past two years.

This may be related to the "empowerment" of today’s headlines-the automotive content published by users on today’s headlines will be automatically synchronized to the car-savvy emperor.

"online celebrity" is shaking the financial resources of knowing the car emperor

Corresponding to the iteration of automobile information platform, the relationship between it and automobile enterprises (dealers) has also experienced the change from cooperation to game.

In the early days of the portal, the cooperation between car companies and "auto channel" was mostly advertising and activity cooperation (various car forums or summits).

However, with the growing influence of the portal, its commercial value in new car sales leads began to stand out.

In other words, if you bring the address or contact information of the 4S store at the bottom of auto channel’s article, you can "drain" the relevant stores.

This may be the earliest way of selling "sales leads" about the automobile information platform.

However, it is Easy Car and car home that really carry forward this business model.

The reason is that they have more accurate traffic than portals.

Based on this, these vertical websites began to build professional products around sales leads.

More than a decade ago, the sales lead products promoted by automobile vertical websites to 4S stores were as high as hundreds of pages, detailing all the details such as clue acquisition and transformation.

This is also the biggest financial resource for car home and other vertical websites.

According to car home’s 2023 annual report, the number of cooperative dealers in that year exceeded 26,000.

In Q1 this year, car home’s clue service revenue was 726 million yuan, accounting for 45.1% of the total revenue of 1.609 billion yuan, exceeding media revenue (327 million yuan) and online marketing and other income (555 million yuan).

Now I understand that after Che Di became the traffic king of the automobile information platform, he also "inherited" the clue business model.

The bridge section of "the boy who kills the dragon will eventually become a dragon" is staged in this cycle, and the car emperor has become the latest "boy who kills the dragon".

However, the effectiveness of this business model is increasingly questioned by car companies.

At the beginning of this year, brands such as Wenjie and Zhijie under Huawei HarmonyOS Zhixing stopped "cooperating with members who know Car Emperor, car home and Easy Car".

This kind of recharge "member" is actually a sales lead product.

According to statistics, the annual membership fees of Easy Car and car home sold to dealers in 2024 both exceeded 200,000 yuan.

In 2019, due to the 20% increase in the membership fee of car home, many automobile dealer groups including Express Group and Zhongsheng Group suspended their cooperation, and the market value of car home once evaporated by 1.8 billion US dollars.

At that time, Li Hong, the president of Express Group, said through social media that "when a vertical website started from a car dealer was growing, it actually wanted to rely on monopoly to encroach on food", aiming at car home.

In 2023, Knowing Car Emperor upgraded the cooperation mode of members to CPS mode (Cost Per Sales), which triggered the anxiety of dealers.

Some dealers believe that this settlement mode leads to uncontrollable budget and refuses to cooperate.

After learning about Che Di, he released a letter to the dealers’ partners, saying that it was necessary to provide subsidies for dealers and reduce the burden on the industry, and this matter gradually subsided.

The suspension of cooperation between HarmonyOS Zhixing and the automobile vertical platform highlights the expensive nature of clue fees.

Some car companies or brands that implement the direct sales model even spend huge sums of money to build a clue acquisition and transformation system.

A few years ago, a brand of new power hatched by a car company in the north once spent tens of millions of yuan to build a clue system directly facing users according to the characteristics of the company.

The original intention of this system is not to "understand the car emperor", but to provide differentiated experience by directly serving users.

But in the objective effect, this model is equivalent to getting rid of the clues of the automobile information platform.

Moreover, as the cost of clues becomes more and more expensive, it also makes related car companies overwhelmed.

Recently, at the Guangdong-Hong Kong-Macao Auto Show, Yu Chengdong, managing director of Huawei, said that it was related to saving marketing expenses when talking about the creation of personal IP by car CEO.

Other car companies have also confirmed that this model can indeed bring about transformation.

According to Zhang Yong, CEO of Nezha, since the listing of Nezha L, the demand for orders has been in short supply, and "half of the credit is attributed to Lao Zhou"-Lao Zhou is Zhou Hongyi, which recently triggered the internet craze by criticizing Zhang Yong, promoting Nezha Automobile to learn from Lei Jun, and promoting Nezha Automobile to change its name, which also proved that the "online celebrity" effect can indeed be transformed into sales leads.

This makes the "clue" value of the automobile information platform represented by knowing the car emperor decline.

In addition, even "I really have to understand the car emperor" is being questioned.

At the end of 2023, the "2023 Winter Test of Knowing Car Emperor" released by Knowing Car Emperor showed that the endurance achievement rate of the extended range version of the M7 was only 31.6% in severe cold conditions, ranking first from the bottom among all test models.

Yu Chengdong said that this is "cheat people’s test, misleading people!"

Geely and Great Wall also questioned the test results of Che Di.

Relevant car companies said that the test of knowing the car emperor was warmed up for a long time before departure, which consumed a lot of electricity and did not conform to the real use scenario of users.

According to some data, the relevant evaluation of knowing the car emperor has been questioned for many times.

This erodes the content advantage of knowing the car emperor.

However, the status of the first traffic platform in the automobile circle, the valuation of up to $3 billion, and the financing of up to $800 million show that at least before the official listing of the capital market, knowing the car is attractive enough for investors.

OPPO Find X2 Pro Hands-on Experience： A Journey of Sight and Feel

[DONEWS original evaluation]

Write in front

In 2020, if you are asked what kind of mobile phone can be called a high-end flagship mobile phone? You may say, beautiful appearance, excellent feel, top screen, powerful performance, and professional imaging ability, in addition to excellent battery life and fast charging performance. Of course, it is also very important that the price matches the brand.

If there is a mobile phone that can meet all the above aspects, and it comes from our own domestic brand OPPO, what will you think at this time? For Xiaobian, the first is curiosity, and the second is questioning. So today, let’s talk about OPPO’s latest flagship mobile phone product-Find X2Pro.

OPPO Find X2 Pro was officially released on March 6th, and a week later, Xiaobian got this new flagship mobile phone that represents OPPO’s impact on the high-end market. Today, Xiaobian has been used as the main mobile phone for half a month. Next, I will share with you the actual daily experience of OPPO Find X2 Pro to see if it can be called a high-end flagship mobile phone.

Design: beautiful, simple and pure, with excellent grip.

The OPPO Find X2 Pro obtained by this small series is a plain leather version, and the color scheme is tea orange. The plain version of Find X2 Pro is made of top-grade PU environmentally-friendly leather, which is soft and delicate to the touch. The surface has been specially treated with waterproof and oil-proof, and it is wear-resistant and scratch-resistant. The plain skin material of tea orange, combined with the golden middle frame design, has a natural color transition, revealing a simple and elegant pure beauty. Of course, this design is not only "beautiful", but also excellent in grip. What needs to be praised is that the plain version of Find X2 Pro will be held for a long time, and there will be no obvious oil stains, and there will be no annoying fingerprints like other mobile phones. In addition, the mobile phone also supports IP68 waterproof and dustproof, so it can easily cope with daily rain and splash, outdoor sports or whitewater adventure.

On the back of OPPO Find X2 Pro mobile phone, it is the proud rear three-camera combination (48MP main camera +48MP super wide angle +13MP telephoto), and it is also the most powerful three-camera system of OPPO so far. In the image part, we will talk about it later, and here we mainly talk about the appearance.

The three-camera system is surrounded by a golden frame, and then it transitions to the whole plain leather back cover. The care in the details reflects OPPO’s emphasis on quality. Below the back, there is an OPPO nameplate embedded on the surface of plain leather. The golden design echoes the color of the middle frame, reflecting the sense of unity and coordination of the overall design.

The front of the mobile phone is a hyperboloid AMOLED screen with 6.7-inch QHD+(3168*1440) resolution, with a refresh rate of 120Hz, 513ppi and a contrast ratio of 5000000:1. The screen is made of E3 luminescent material. By default, the maximum brightness of the screen is 800nit, and the local peak brightness can reach 1200nit. In addition, this screen also supports 100% P3 wide color gamut coverage and has 1 billion color displays.

According to the official statement, each Find X2 Pro has undergone professional color calibration before leaving the factory, and the color accuracy is JNCD≈0.4 in cinema mode, JNCD≈0.4 in soft mode and JNCD≈0.8 in bright mode by default. This screen has been given an A+ rating by DisplayMate, a professional display evaluation agency. It can be said that OPPO Find X2 Pro is one of the smart phones with the best screen display effect at present.

There is much more about the screen and display. Let’s first pay attention to the design of the middle frame and buttons of the fuselage. On the left frame of the fuselage, there are two independent volume condition buttons, and the area where the buttons are located has a special groove detail design, which makes the buttons feel crisp and powerful, belonging to a very comfortable type; The right frame of the fuselage is a power button, and the center of the button is OPPO’s iconic green mosaic element. This small detail has also become a detailed element of brand recognition of OPPO smartphones.

On the bottom frame of the fuselage, you can see the SIM card slot, microphone, Type-C charging data interface and speaker. This loudspeaker is a 0.65mm ultra-large amplitude full-band stereo loudspeaker with deep bass and clear treble. With HDR high-quality video and Dolby panoramic sound, it can bring you immersive audio-visual effects.

In the center of the top frame of the fuselage, you can see the strip-shaped receiver, and of course another stereo speaker is located. Together with the speaker on the bottom frame, it constitutes the dual stereo speaker of OPPO Find X2 Pro. If you look carefully, you can see the antenna strip design on the left, right and top borders of the fuselage. This kind of surround antenna design can intelligently match the best antenna group according to your different mobile phone holding posture to ensure that the mobile phone signal always keeps the best state.

About the screen: 120Hz refresh rate, AI adaptive eye protection, Motion Clear video dynamic frame insertion.

OPPO Find X2 Pro screen adopts the leading COP packaging technology, and the bottom frame is as narrow as 2.98mm, which is the narrowest mobile phone of OPPO so far. The left and right borders are only 1.4mm, and the upper border is 2.2 mm. With the curved surface design, the left and right vision are borderless, and the horizontal screen can bring more immersive experience when watching movies or playing games. In order to minimize the screen border, OPPO finally set the curvature of the screen at 67.8 degrees after dozens of simulation experiments, which not only brought a comfortable grip, but also solved the problems of easy touch, distortion and green light on the curved screen.

Find X2 Pro is OPPO’s first flagship mobile phone with a refresh rate of 120Hz, which is another breakthrough after the refresh rate of 90Hz. At present, in addition to e-sports game phones, 120Hz is also the highest screen frame rate of smart phones. The 120Hz screen can present 120 frames per second. Whether it’s browsing the information stream, playing racing games or enjoying high-frame videos, the visual experience of clear flow can be said to be "once used, it’s hard to get it back".

In terms of practical use, the visual enjoyment from the screen can be said to be wonderful, but the power consumption is also touching. In addition, Find X2 Pro also provides the choice of "Smart /60Hz/120Hz" three custom refresh rate modes, which can be adjusted at any time in the settings. In normal use, it is recommended to use the "smart" mode. OPPO Find X2 Pro can intelligently adjust the screen refresh rate and automatically select 60Hz or 120Hz according to the display content of the screen, which can provide a smooth experience and balance power consumption.

Find X2 Pro adopts OPPO’s brand-new AI adaptive eye protection system. This mobile phone has an independent color temperature sensor, which can automatically adjust the color temperature of the screen according to the ambient light, so that the screen display can seamlessly transition with the ambient color, and it can provide a clear and comfortable screen look and feel in strong sunlight or dark night. In addition, the E3 luminescent material used in the screen can greatly reduce the blue light, and at the same time, the OPPO DC dimming scheme is adopted to eliminate the stroboscopic phenomenon when the AMOLED screen is low-lit. Find X2 Pro has obtained the global eye protection certification of German TV Rheinland for its outstanding eye protection performance.

Find X2 Pro adopts MEMC dynamic frame insertion technology, which is common in professional display devices. By turning on the O1 extrasensory image quality engine, video content such as film and television works and sports live broadcasts with less than 30 frames can be increased to 60 or even 120 frames, which greatly enhances the clarity and fluency of the video. The promotion in sports competitions, action movies and other scenes is particularly obvious. At present, this function has been adapted to seven platforms, such as Tencent Sports (60fps/120fps), iQiyi (60fps), Youku (60fps), Tencent (60fps), Youtube (60/120fps), Amazon(60fps) and Netflix (60fps), and other support platforms are still increasing.

In the name of speed: performance, network and charging are all accelerated.

OPPO Find X2 Pro adopts the top configuration of Qualcomm Snapdragon 865+LPDDR5 memory +UFS3.0. Snapdragon 865 adopts Kryo 585 CPU, which improves performance by 25% and energy efficiency by 25% compared with the previous generation. Adreno 650 GPU, the image rendering speed is increased by 25%; The fifth-generation AI Engine, up to 15TOPS, is more than 2 times higher than Snapdragon 855; The bandwidth of LPDDR5 is 30% higher than that of the previous generation, and the top-level luxury hardware configuration fundamentally guarantees the smooth experience.

Xiaobian actually doesn’t want to use the running score software to test. After all, the configuration combination of Snapdragon 865+LPDDR5 memory +UFS3.0, plus the system optimization ability of OPPO, the running score level will definitely not be bad. However, in order to let everyone have a data-level cognition, Ann Bunny was used to run the score. As a result, the comprehensive score was 572,390, the CPU score was 168,660, and the GPU score was 213,867. Geekbench scored 4233 points for single-core running and 13026 points for multi-core; The sequential reading speed will reach 1655MB/s, the sequential writing speed will reach 729MB/s, the random reading speed will reach 202MB/s, and the random writing speed will reach 222MB/s, which shows that OPPO Find X2 Pro can easily cope with all kinds of daily operations, including downloading, copying, installing and switching large-scale applications.

In terms of games, when Xiaobian is free, he will use OPPO Find X2 Pro to play the game "Peace Elite". Under the setting of turning on the extreme frame rate and high image quality mode, OPPO Find X2 Pro can run the game smoothly and "coldly", and there is no picture jam during the operation. With the vibration feedback optimization of the X-axis linear motor and the ultra-high touch sampling rate of the machine of 240Hz, the whole game experience process can be said to be very cool.

OPPO Find X2 Pro supports SA/NSA dual-mode 5G, 8-mode 37-band, and 5G+4G dual-receiving dual-card dual standby. Combined with the multi-antenna surround design, it can realize independent antenna reception of the main and secondary cards without affecting each other, ensuring smooth network at all times. The mobile phone also supports dual-antenna dual-frequency WiFi and Wi-Fi 6, which can give priority to connecting to the network and avoid network congestion in the scenes of multiple users surfing the Internet at the same time, such as airports, shopping malls and office areas (the router needs to support WiFi 6).

OPPO Find X2 Pro is equipped with a 4260mAh battery, designed with two batteries in series, supports SuperVOOC 2.0 super flash charging technology, and can fully charge the mobile phone within 38 minutes. SuperVOOC 2.0 sets up five security protections from the power adapter, wire and mobile phone. On the mobile phone side, OPPO Find X2 Pro has a built-in customized battery safety monitoring chip, which can not only monitor the battery status during charging in real time, but also monitor whether the battery in the mobile phone is damaged by external force in real time to ensure the safe use of the battery.

From the actual experience, although the battery capacity of OPPO Find X2 Pro is not particularly large, the extremely fast SuperVOOC 2.0 flash charging completely makes up for this small regret. When you get up in the morning, plug in your mobile phone and charge it. When the time for washing is over, your mobile phone will be fully charged. Once this habit is formed, it’s really hard to reuse those mobile phones that used to charge slowly.

In addition, because OPPO Find X2 Pro has very powerful performance and SuperVOOC 2.0 flash charging, both of these features inevitably generate a certain amount of heat. In order to keep the mobile phone in a "cool" and high-speed state at all times, Find X2 Pro is covered with VC vapor chamber and three layers of graphite, which greatly improves the heat dissipation efficiency. In daily use, in long-term game scenes and photo scenes, other mobile phones are often accompanied by high temperature in the later stage of playing games and taking photos, but this "high temperature" phenomenon has never appeared in OPPO Find X2 Pro.

On the system level, OPPO Find X2 Pro is equipped with ColorOS 7.1, which continues the lightweight design concept. Icons, page blanks and animation interactions are lighter and more beautiful. The color mode with lower saturation, the continuously updated Art+ artist cooperative wallpaper and the brand-new global dark mode make the design of ColorOS 7.1 more aesthetic and intuitive.

Image: All-pixel omnidirectional focusing+12-bit ultra-fine image acquisition, with profound extrasensory three-camera skills.

The image part of OPPO Find X2 Pro this time can be said to be one of the important highlights of this flagship mobile phone. The mobile phone adopts a three-camera combination (48MP main camera +48MP super wide angle +13MP telephoto). Under the current trend that many flagship mobile phones are "working hard" in the direction of more lens combinations, Find X2 Pro can still maintain its awe of images, instead of blindly piling up more lenses, it pays more attention to improving the quality of images, which is particularly precious.

According to the official statement, Find X2 Pro has the most powerful and comprehensive extrasensory full-focus imaging system of OPPO so far. Find X2 Pro’s 48-megapixel main camera uses a customized Sony IMX689 sensor with a sensor size of 1/1.43 inch and a single pixel size of 1.12μm. This sensor also supports Quad Bayer pixel four-in-one technology, which has 12 million pixels and a single pixel size of 2.24μm after merging. With the support of outsole and large pixels, the photosensitive area of IMX 689 increased by 96% and the photosensitive sensitivity increased by 130%.

It is worth mentioning that this main lens supports hardware-level dual native ISO technology: it can switch sensitivity for dark scenes and high-light ambient intelligence. Adopt high ISO mode in dark light to capture more dark details while suppressing noise as much as possible; The low ISO mode is adopted in the highlight environment, and the backlight has details and improves the dynamic range and color performance.

OPPO Find X2 Pro also supports the industry’s first All Pixel Omni-directional PDAF technology, which significantly improves the sensitivity and focusing of the sensor by improving the structure and layout of the image sensor microlens. Thanks to this, OPPO Find X2 Pro has the advantages of "100% pixel focusing" and "not limited by the shape and texture of the subject", which can greatly improve the focusing speed and success rate at night, and the focusing accuracy in various scenes will be greatly improved.

OPPO Find X2 Pro is also the first mobile phone in the industry to support 12-bit ultra-fine image acquisition, which can directly produce 12-bit original images. 12-bit has four times more gray information than 10-bit, so as to obtain higher dynamic range and finer colors, which not only enriches the details of highlights and dark parts of photos, but also makes the color transition more natural. The mobile phone supports the direct output of 12-bit original Raw data pictures, so that professional enthusiasts have more room for post-image processing.

OPPO Find X2 Pro’s 48-megapixel ultra-wide-angle camera uses Sony IMX586 sensor, with a sensor size of 1/2 inch and an aperture of f/2.2, which supports a maximum wide angle of 120 degrees and can take high-definition wide-angle photos. This lens is also the "standard" main lens of flagship mobile phones last year, but it is a super wide-angle lens that OPPO used on Find X2 Pro at no cost. It is really rich and willful. In addition, OPPO Find X2 Pro uses a 13-megapixel periscope telephoto camera with a sensor size of 1/3.44 inch and an aperture of f/3.0, which supports OIS/EIS image stabilization.

In terms of real shot proofs, the color reproduction ability of IMX689 main camera is very real and the color saturation is also very high, which shows the professional skill of customizing the lens for capturing and displaying the details of the picture.

In macro, OPPO Find X2 Pro can capture imperceptible details in our life in macro mode. Whether it is the texture of green leaves or the petals and stamens, we can see the vibrant nature in spring through the magnification of the lens. Sometimes, we are too addicted to the small lattice in reinforced concrete, and when we go outdoors, maybe you can find a lot of beauty. In fact, life is not just an immediate life.

In the aspect of night shooting, the purity of the pictures shot by OPPO Find X2 Pro is very high, the noise control is also in place, and the suppression of high-light areas is also within a reasonable range, but this place may also be a place that needs further improvement in the future software upgrade.

As for zoom, we can see from the proofs that under the different focal length modes of 1X, 2X, 5X and 10X, the drying sheets on a specific floor of a specific building in the residential area become clearer bit by bit, and the loss of image quality is also at a very low level. Because the main camera, the super wide-angle lens and the telephoto are unified when zooming, coupled with the multi-focal segment Fusion technology and super-segmentation algorithm, the photo white balance of each focal segment has also maintained excellent unity, which is commendable.

Summary: the product strength is enough, and the road to high-end is officially set off.

Through this period of experience, Xiao Bian believes that Find X2 Pro can be said to be the latest sincere work and excellent work of OPPO Find series, and it can be called the peak level of domestic mobile phones in terms of appearance workmanship, performance, screen display and image ability. Take the plain leather version (12GB+256GB) in Xiaobian’s hand, the official price is 6999 yuan, which is enough to represent the high-end market positioning of OPPO Find X2 Pro. But behind this high-end positioning, is there enough brand premium as a support? I think in addition to strong product strength, it is still necessary to rely on OPPO itself to gradually lay a solid foundation. However, Xiao Bian believes that as long as OPPO continues to adhere to the boutique route and further accumulates and expands in the technical level, the label "high-end" will naturally be printed on the body.

Biography of james brown started this autumn, and two actresses joined in ＂Helping each other＂.

　　 In 2011, "Help" earned people’s tears. The film focused on racial discrimination in Mississippi. A large number of new actors stood out because of their touching performances, including Emma Stone and Jessica Chastain, who are now half the sky. tate taylor’s skill in cultivating actors can be seen. In "Help", octavia spencer’s black maid is humiliated, while viola davis’s friend comes forward. Viola davis was nominated for the Best Actress Oscar, and octavia spencer took home the Best Supporting Actress Oscar.

How many levels are there in a double line？ Introduction to the double line level.

There are 37 levels in a double trip. Please follow me to continue reading the detailed levels.

Chapter I There are five small passes in the shack.

Chapter 2 There are five small passes in the tree.

Third, the third level Ross’s room has ten small levels.

Chapter IV The cuckoo clock has three small passes.

Chapter V Snow Ball has four levels.

Chapter VI There are five small passes in the garden.

Chapter VII There are five small levels in the attic, and the last one is the grand finale of the whole article.

Cow! High-precision milling machine is pure ＂original＂

Qizhong CNC Equipment Co., Ltd. is a large-scale key enterprise in the domestic machine tool industry with a history of 70 years. The CNC double-column vertical turning and milling machine independently developed by them has dual functions of turning and milling. After the workpiece is once loaded, it can continuously finish turning, milling, drilling, boring, tapping and other processes with high efficiency and high precision. The maximum machining diameter is 3500 mm, the maximum machining height is 3150 mm, and the maximum bearing capacity is 40 tons.

Our reporter Shao Guoliang photo

Lexus RX price reduction news in Huai’an, the latest offer 375,000! Discounts wait for no one

On Autohome Huai’an Promotion Channel, we bring you the latest model price reduction information. At present, this luxury SUV is attracting consumers with 30,000 high discounts, and the minimum starting price has been reduced to 375,000 yuan. This is a rare opportunity, if you are interested in the Lexus RX, don’t miss it. Click "Check the car price" in the quotation form now to seize this car purchase opportunity and get a higher discount margin.

淮安地区雷克萨斯RX降价消息，最新报价37.5万！优惠不等人

The exterior design of the Lexus RX is like a delicate work of art, showing the perfect fusion of luxury and dynamism. The front part of its face adopts the family’s signature spindle design, and the air intake grille is as delicate as diamond cutting, showing the unique brand charm of Lexus. The overall style is smooth and powerful, showing both the elegance of a luxury car and the fortitude of a sporty SUV. Every detail highlights Lexus’s dedication to quality and design.

淮安地区雷克萨斯RX降价消息，最新报价37.5万！优惠不等人

The Lexus RX combines elegance and power with its refined side design. The body size is 4890mm*1920mm*1695mm and the wheelbase reaches 2850mm, ensuring a spacious interior space and good driving stability. The side lines are smooth and dynamic, and the tire specifications of the 235/60 R19 not only improve the handling performance, but also add visual tension. The unique style of the rims further enhances the luxurious temperament of the RX model.

淮安地区雷克萨斯RX降价消息，最新报价37.5万！优惠不等人

The interior of the Lexus RX is refined and comfortable, with a classic luxury design style. The steering wheel is made of genuine leather, providing an excellent grip, supporting electric up and down + front and rear adjustment, ensuring that the driver can adjust to the most comfortable position according to personal needs. Equipped with a large 9.8-inch screen on the center console, the display is clear and easy to operate. It integrates various functions such as multimedia system, navigation, phone and air conditioning, making it easy for drivers and passengers to control information at any time.

In terms of seats, the RX is equipped with imitation leather seats, and the seat cushions and backrests have been carefully designed to provide good support and comfort. Both the main and passenger seats support front and rear adjustment, backrest adjustment, high and low adjustment, and waist support to ensure the comfort of long-distance driving. The second row of seats also has backrest adjustment function, providing enough space and flexibility. At the same time, the rear seats support proportional reclining, providing convenience for loading needs. The overall interior layout not only shows the sense of luxury, but also focuses on practicality and humanization.

淮安地区雷克萨斯RX降价消息，最新报价37.5万！优惠不等人

The Lexus RX is powered by a 2.5L four-cylinder engine with a maximum power of 139 kilowatts and a maximum torque of 241 Nm. The engine produces 189 horsepower and is paired with an advanced E-CVT continuously variable transmission to provide a smooth and efficient driving experience.

Overall, the Autohome owner is full of praise for the exterior design of the Lexus RX. He particularly appreciates its sideways sports and noble design, as well as the unique large-size wheels and tough lines, which together shape the strong personality of the RX. The visual impact brought by the front spindle net that the owner emphasizes undoubtedly reinforces his satisfaction with its appearance. For consumers seeking unique style and quality, the Lexus RX is undoubtedly an option worth considering.

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.