标签： 上海4197龙凤

How to charge if the mobile phone traffic exceeds？

In the digital age, mobile phone traffic has become an indispensable part of our daily life. However, for many users, the charging method after the traffic exceeds the package limit is a relatively vague concept. This paper will analyze the charging mechanism of mobile phone traffic in detail to help you better understand and control your traffic consumption.

First of all, we need to be clear that different mobile phone operators may have different charging methods after the traffic exceeds. Generally speaking, there are mainly the following charging modes:

* * 1. Charge according to the standard tariff outside the package * *

This is the most common billing method. Once the user’s traffic exceeds the package limit, the operator will charge at a fixed price per MB or GB. For example, an operator may stipulate that the excess traffic is charged at 0.29 yuan /MB. Therefore, after users exceed the traffic, the amount they need to pay will be directly proportional to the amount of excess traffic they use.

* * II. Step-by-step billing * *

Different from charging according to the standard tariff outside the package, under the step-by-step charging method, the cost beyond the flow will change according to the different usage. For example, the first 100MB of excess traffic may be charged at a higher price, while the part beyond 100MB may be charged at a lower price. This billing method aims to encourage users to use traffic reasonably and avoid unnecessary waste.

* * Third, there is no charge for speed limit * *

When the user’s traffic exceeds the package limit, some operators will adopt the strategy of speed limit and no charge. That is, users’ internet access speed will be limited, but no extra fees will be charged. Although this method will not affect users’ normal call and SMS functions, it will reduce the online experience, especially in application scenarios that need high-speed network support.

* * IV. Flow refueling package * *

In order to meet the needs of users to temporarily increase traffic, some operators also provide traffic refueling package services. Users can order fuel packs when the traffic is insufficient to obtain additional traffic resources. The advantage of this method is that users can flexibly choose the traffic quota according to their own needs and avoid unnecessary waste.

After understanding these charging methods, we need to pay attention to some usage details. First of all, we should always pay attention to our own traffic usage and avoid unnecessary traffic waste. Secondly, when the traffic is about to run out, we can consider shutting down some unnecessary network applications or functions to save traffic. Finally, when it is necessary to temporarily increase the flow, priority can be given to ordering the flow refueling package to avoid the high cost caused by exceeding the package limit.

Generally speaking, there are various charging methods after mobile phone traffic is exceeded. Users should fully understand the characteristics and applicable scenarios of various charging methods when choosing a package, so as to better control their traffic consumption.

Foreign media： Musk Brain-Computer Interface Company was investigated or involved in animal experiments.

　　BEIJING, Dec. 6 (Xinhua) According to a source quoted by Reuters on the 5th, Neuralink, Musk’s "brain-computer interface" company, is facing a federal investigation in the United States. The reason may be that it violated the provisions of the animal welfare law during animal experiments.

　　According to reports, two people familiar with the matter revealed that at the request of the federal prosecutor, the inspector general of the US Department of Agriculture launched this investigation in recent months, focusing on whether the company violated the relevant provisions of the animal welfare law during the animal experiment.

　　According to dozens of Neuralink company documents and more than 20 current and former employees, CEO Musk asked to speed up the development process, which led the employees to repeat failed experiments, which increased the number of animals tested and killed.

　　As of now, Musk and other Neuralink executives have not responded to this.

　　According to records reviewed by Reuters and sources who have direct knowledge of the company’s animal experiment business, since 2018, Neuralink has killed about 1,500 animals, including more than 280 sheep, pigs and monkeys. Sources said the figure was only a rough estimate because the company did not accurately record the number of animals tested and killed.

　　Of course, the number of animal deaths does not necessarily indicate that Neuralink violated relevant laws and regulations. However, employees of Neuralink said that due to Musk’s request to speed up the research, the number of animal deaths was higher than needed.

　　Among them, four experiments involving 86 pigs and 2 monkeys can be confirmed that there are obvious human errors. Three anonymous staff members said that these mistakes weakened the research value of the experiment and led to a large number of repeated experiments, which killed more animals. People familiar with the matter blamed the mistake on the lack of preparation of testers working in high-pressure environment.

　　It is reported that Musk has been working hard to promote Neuralink’s chip access to the brain technology, which is expected to enable paralyzed patients to resume walking or treat other nervous system diseases. But recently, Musk has become more and more impatient. He has told employees many times, "Imagine a bomb tied to your head" so that you can act faster.

　　Musk hopes to start human clinical trials as soon as possible, but the company has not obtained a regulatory license after many attempts.

Chopsticks Brothers’ new work ＂We Are the Sun＂ shows different brotherhood.

Following the divine comedy "Little Apple" which swept across the north and south of the river, the Chopsticks Brothers recently launched a new single "We Are the Sun" at the end of the year and the beginning of the year, sending blessings and hopes for the new year with the help of singing. This inspirational theme single with exciting lyrics and catchy melody is expected to follow old boys, Father and Little Apple.

Since their debut in 2007, Chopsticks Brothers have experienced many ups and downs on the road of musical dreams. No matter how difficult the situation is, they encourage each other and never give up. Just as Shawn, a chopsticks brother, once said in Weibo, "No matter how much pain you experience, a good friend will always be with you." Men say thank you directly and never affectedly, and all their words of thanks are integrated into this song and sung to each other. This is also the reason why this theme song is launched for a game with team interaction as the core gameplay, just for those two words: "brother". This time, it is different from the sad route of old boys and Father and the retro feelings of Little Apple. The Chopsticks Brothers chose the theme of inspiration and dreams as their creative theme, and Wang Terry personally wrote lyrics. The lively and powerful electronic rock style is full of excitement and writes inspirational positive energy in life, just as the lyrics sang, "We are the sun, without anyone’s light, life is a battlefield everywhere, and anyone can." "We are the Sun" has also officially become the theme song of the flight group of "National Aircraft War", and the "Chopsticks Brothers" made a special trip to shoot a theme poster for this purpose, leading the whole people to fight for the "dream" together. The singing of "Chopsticks Brothers" is full of the burning of youth and the full bloom of life, which brings a new hope and encouragement when the new year comes. Such a lively and exciting "We Are the Sun" with catchy melody, with the full interpretation of the creator of the Divine Comedy "Chopsticks Brothers", is also expected to capture the square dance again and set off a new wave of Divine Comedy.

On the road of dreams, they have also experienced silent cultivation and persistence, and experienced ups and downs and doubts. However, no matter what difficulties they experienced, "Chopsticks Brothers" always retained their initial intention to fight for their dreams, and responded to disputes with music and works. These experiences are also the emotional core of their creation "We Are the Sun". It is only because of empathy that the songs have more touching power. Today’s "Chopsticks Brothers" not only focus on the music field, but also successfully cross the border in the fields of director and performance. At present, the movie "Love Saint" starring Shawn partner NI YAN is about to be released, perhaps just like what is sung in this song, "Chopsticks Brothers" also carries their own dreams, constantly tries and challenges themselves, and brings new surprises again and again in more capacities such as director, actor and singer, so that the outside world can see a more multifaceted one.

A-shares rushed to 3500 points. How much foreign capital will flow in 2021？

　　A-shares got off to a good start in 2021. On January 4th, the market went up unilaterally all day, and the Shanghai Composite Index stood at 3,500 points. The turnover of the two cities once again exceeded one trillion yuan after nearly two months. However, the net outflow of northbound funds on that day was 542 million yuan.

　　Looking back on 2020, the total inflow of northbound funds was 208.932 billion yuan. According to Morgan Stanley’s latest calculation, if the inflow of foreign capital through QFII/RQFII channels is added, the annual net inflow of foreign capital into A shares will be as high as 52 billion US dollars (about 338 billion yuan at the exchange rate of 65). It is worth mentioning that in 2020, the passive capital inflow is only $3.4 billion, and the active capital inflow is $48 billion, which is becoming more and more important. Therefore, many institutions predict that in the context of the improvement of global risk sentiment in 2021, even if MSCI suspends the expansion and inclusion of A shares (passive capital reduction), the annual capital inflow will still exceed 2020. Essence Securities predicts that the inflow of northbound funds alone is expected to reach 200 billion to 280 billion yuan in 2021; Guosheng Securities predicts that the net inflow of northbound funds will exceed 300 billion yuan in 2021, exceeding 2020.

　　Gao Ting, head of China research at Nomura Oriental International, told China Business News that 2021 is expected to be a big year for foreign capital to flow into A-shares. Although the overall valuation of A-shares is above the average of three or five years, foreign capital will bring additional valuation premium. As far as the theme is concerned, Morgan Stanley believes that international funds are particularly optimistic about the opportunities of the following themes in 2021 — — Consumption upgrading, high-end manufacturing (robotics, automation, etc.), new infrastructure (5G, Internet of Things, electric vehicle supply chain, etc.), national defense and aerospace, medical care/medicine/biotechnology, technology localization (semiconductor and hardware, software and application development).

　　QFII/RQFII channels catch up with Shanghai-Shenzhen-Hong Kong Stock Connect.

　　In 2020, a total of 208.932 billion yuan of northbound capital flowed into A-shares, which was significantly less than 352.889 billion yuan in 2019 and even less than 291.5 billion yuan in 2018, which was also related to the decline of global risk sentiment under the epidemic. However, the positive trend is that the proportion of active capital inflows is increasing.

　　Wang Ying, equity strategist at Morgan Stanley in China, told reporters that 2019 was a big year for passive capital inflows. Of the total foreign capital inflow of $66 billion in 2019, $19 billion (accounting for 29%) was contributed by the rebalancing events of five major indexes (two from FTSE Russell and three from MSCI), while the active capital inflow was $47 billion. In contrast, the passive capital inflow in 2020 is only $3.4 billion, which was triggered by FTSE Russell’s inclusion in the final stage of A-shares, while the active capital inflow is $48 billion. It can be seen that the importance of active funds is prominent.

Proportion of active funds (blue) and passive funds (yellow)

Incorporation stage of FTSE Russell (left) and MSCI (right)

　　At the same time, 2020 is also a year in which the importance of QFII/RQFII channels rises rapidly. Wang Ying said that the capital inflow through this channel is narrowing the gap with the northbound capital inflow through Shanghai-Shenzhen-Hong Kong Stock Connect. The reform measures of QFII/RQFII implemented in 2020 have significantly improved the accessibility of this channel, the accessibility of derivative tools and the convenience of capital return. Therefore, Morgan Stanley also predicts that the capital flowing into A shares through QFII/RQFII will account for 38% of the total foreign capital inflow in 2020, higher than 11% in 2018 and 24% in 2019.

　　"We expect QFII/RQFII channels to contribute more A-share capital inflows in the future. Investors should pay more attention to understanding the dynamics of foreign investment. " Wang Ying said. In the early years, due to the convenience of opening an account with Shanghai-Shenzhen-Hong Kong Stock Connect, many foreign investors began to use this channel to lay out A shares. However, with the continuous reform of QFII mechanism, especially the convenience of fund redemption, most foreign investors have indicated that they will use these two channels simultaneously as needed. Compared with Shanghai-Shenzhen-Hong Kong Stock Connect, foreign capital can participate in innovation through QFII/RQFII, and the range of A shares can be wider (Shanghai-Shenzhen-Hong Kong Stock Connect only covers about 1,500 A shares).

　　2021 is expected to become a year of foreign capital inflow.

　　It is precisely because of the strong momentum of active funds that international institutions judge that even in 2021, when passive funds may be weak, the momentum of foreign capital flowing into A shares will remain strong.

　　However, according to what MSCI said in an interview with the First Financial Reporter, if the reform is accelerated, the process of MSCI’s inclusion may also be accelerated, and passive funds may be increased again in 2021. These related reform measures include: the CSRC approved the listing of MSCI A-share index futures on the Hong Kong Stock Exchange, improved the trading holiday arrangement of Land Stock Connect, and solved the problem of short fund settlement cycle of A-shares. But for now, the probability is low.

　　The reason why institutions are still optimistic about the momentum of active capital inflow in 2021 is because of the improvement of global risk sentiment, the bright performance of A shares and unique theme opportunities.

　　"In 2020, A shares will become the best performing stock market in the world for the second year in a row — — The Shanghai and Shenzhen 300 Index achieved a price return rate of 35.5% (denominated in US dollars) in 2020, ahead of other major stock indexes in the world, and the performance of the Shanghai and Shenzhen 300 Index also surpassed other stock indexes in 2019. " Wang Ying said. Morgan Stanley maintains the view of over-allocation of A shares in 2021, and the target of the Shanghai and Shenzhen 300 Index at the end of 2021 is 5570 points, which means 6.9% upside.

　　Global risk appetite is particularly critical, which can be seen from the northward capital change in 2020. Gao Ting told reporters that 2020 is a small year of foreign capital inflow, and the net inflow is only about half that of last year. The premise of foreign capital flowing to emerging markets is generally the improvement of risk appetite, so it is necessary to find markets with higher investment returns. However, in 2020, the epidemic continued to disturb market sentiment, and the overall global risk appetite was low. "For example, in the second quarter of 2020, due to the release of water by global central banks, northbound funds suddenly poured into A shares, but before the third quarter, they flowed out due to uncertainties such as the US election. By November, the election results were basically clear and the vaccines were favorable, and northbound funds returned to A shares again."

　　At present, the basic judgment that global liquidity is heavy and vaccines promote economic recovery remains unchanged. Gao Ting believes that in the first quarter of 2021, the recovery will still be the macro background of the global capital market. It is suggested that investors tactically increase the allocation of optional consumption and cyclical stocks in the first quarter, especially considering the opportunities of automobiles, household appliances, home and media in optional consumption, and the promotion of some cyclical sectors brought about by the global recovery and rising inflation expectations. It is recommended to pay attention to the performance of oil and gas, copper and aluminum and small chemical industry leaders; As far as the whole year is concerned, the growth blue chip will still outperform, which is also related to the preference of foreign capital for the market leader. However, with the increasing familiarity of foreign capital with A shares, it will no longer focus on the traditional leader in the past.

　　Foreign capital favors these investment themes.

　　What themes do foreign investors favor? In fact, since 2020, foreign capital has bought A-share assets through QFII channel, and the list of industries and awkward stocks in its layout is often sought after by the market.

　　Of course, the disclosure data of QFII funds is lagging behind. According to the data, by the third quarter of 2020, Bank of Ningbo, China Pacific Insurance, Changjiang Electric Power and Bank of Beijing were the stocks whose market value exceeded 10 billion yuan. Midea Group, Hengrui Pharma, Gree Electric, CONCH and other core assets called "Super White Horse" by the market have also become one of QFII’s heavyweight targets. In 2020, there are also many leading stocks such as Gree Electric, Midea Group, Oriental Fortune, CONCH and Changjiang Electric Power in the list of buying and selling stocks with active capital in the north.

　　The new theme of 2021 is also receiving high attention. Miao Zimei, director of Asia stock investment of Fidelity International, told the First Financial Reporter that the Central Economic Conference set the policy of "no sharp turn" in 2021, kept the macro leverage ratio basically stable, and clarified eight key tasks in 2021, highlighting science and technology, industrial autonomy, expanding domestic demand, reform and opening up, seed farmland, housing, carbon neutrality and other major areas, strengthening anti-monopoly and preventing disorderly expansion of capital. "Therefore, we believe that funds will flow out of real estate and large Internet companies and flow into other key development areas."

　　"For 2021, we are particularly optimistic about the following five themes," Miao Zimei said, including the new energy industry (new energy vehicle industry chain, renewable energy, ESG-conscious enterprises), and the valuation of the whole vehicle sector is at a fairly high level, so we are more optimistic about the equipment in the middle reaches and related companies such as raw materials in the upper reaches; Commodities (precious metals, industrial products, agriculture), under the background of COVID-19 vaccine landing, with the deepening of people’s economic activities, the growth rate of consumer demand will continue to improve, and the supply end may tighten, which will make some commodities get a risk premium, optimistic about non-ferrous metals, agricultural products, ferrous metals, etc. Optional consumption (young consumers, green consumption, etc.), before 2017, consumption was mainly contributed by the post-1970 s, but its growth has slowed down marginally, and the growth rate of the post-1990 s is very strong; Health care (vaccine-related companies, innovative drugs, etc.) is more optimistic about the innovative industrial chain after the disturbance of quantity procurement, and the core investment direction is mainly in CXO, innovative drugs, innovative equipment and vaccine track; Network security, although the revenue growth rate of listed companies in this sector in the third quarter of 2020 was lower than the previous market expectation, and the overall industry demand recovered or slowed down under the epidemic, in the long run, the increase in the penetration rate of information security construction will still promote the industry to maintain a high prosperity.

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.

　

Blue Power E5 PLUS official picture broadcast, new choice for family travel not to be missed

The brand recently launched its new model, the Blue Electric E5 PLUS, in a quiet manner. Despite the lack of fanfare, the new car has quickly attracted widespread attention and buzz in the market due to its unique design and practicality.

The exterior design of the blue electric E5 PLUS is simple and elegant, and the aurora green paint of the body shines brightly in the sun, which not only highlights the sense of fashion, but also does not lose stability and atmosphere.

In terms of interior, the new car offers two seat layouts of five seats and seven seats to meet the diverse needs of different consumers. The interior is spacious and comfortable, ensuring that passengers can enjoy a pleasant ride whether it is a short trip or a long trip.

In terms of power, the Blue Electric E5 PLUS has been carefully tuned to bring consumers excellent power performance and smooth driving experience. Although the specific parameters have not been announced in detail, we can be confident in its power performance from the overall design of the vehicle and the technical strength of the brand. In addition, the new car also shows excellent design capabilities in space utilization. The seven-seat model has a flexible space layout, providing passengers with a more convenient travel experience.

Intelligent configuration is another highlight of the Blue Electric E5 PLUS. The new car is equipped with an advanced intelligent interconnection system that supports voice control, remote control and other intelligent functions, making driving easier and more convenient. At the same time, the new car also incorporates a number of active safety technologies to provide drivers with a full range of safety guarantees, ensuring that every trip is safe and secure.

The quiet debut of the Blue Electric E5 PLUS has aroused widespread attention and heated discussion in the market. Consumers’ expectations for this new car continue to rise, and they have expressed their appreciation for its unique design, practical space layout, excellent power performance and intelligent configuration. It is foreseeable that in the future market competition, the Blue Electric E5 PLUS will win more consumers’ favor and love with its excellent performance.

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.

On July 19, don’t miss these consumer news

◆ consumption

IKEA responded that children’s furniture was unqualified: it has been discontinued due to the risk of light quality

On July 17, the Beijing Municipal Market Supervision and Administration issued the "Publicity of Quality Sampling Inspection Results of Furniture Commodities in the Circulation Field", and two children’s furniture products with the trademark "IKEA" failed the inspection. In this regard, Yang Fan, public relations manager of IKEA China, said that the relevant products have been discontinued nationwide on March 8 this year; the improved version is currently in the process of final testing. Once it passes the inspection of relevant departments, the improved version will start selling again.

According to the public announcement, two pieces of children’s furniture with storage combinations labeled as "IKEA (China) Investment Co., Ltd., the authorized agency in the territory of IKEA Sweden Co., Ltd." and the trademark "IKEA" failed the inspection. The two products are children’s cabinets and children’s wardrobes, and the models are "Sdovar Grande" and "Sdovar Mara" respectively.

Ginza mall membership upgrade, scan the code to register and get points

　

Ginza mall members have upgraded, and a series of member welfare activities have flocked to them. It is understood that from July 22 to September 22, you can scan the code to successfully register as a Ginza mall member to receive a new member membership gift and get an additional 100 points! In addition, in order for consumers to better enjoy member benefits, Ginza mall will implement whole museum points from now on, and can realize self-service points on the mobile phone; from July 22 to August 29, members will double points, that is, 100 points will become 200, and 200 points will become 400, which can not only be exchanged for member gifts in the points mall faster, but also can be used to exchange for more parking coupons.

In addition to the upgrade of member benefits, Ginza Mall has also prepared a wave of exciting activities, including fashionable and exquisite theme construction, value-added cash vouchers, and rich member points to exchange for gifts.

Latu Rancho 13 batches of suspected plasticizer walnut oil recalled

Latu Rancho walnut oil "plasticizer" controversy has made new progress. On July 18, Qianmai Industrial announced the recall list of 13 batches of Latu Rancho walnut oil, and stated that the company is the exclusive agent authorized by French Green Cross Oil Company in China, "valid so far and in legal compliance". In addition, the Beijing News reporter noticed that these 13 batches were produced between January and March 2019, with two specifications of 250ml and 500ml, and some of them were black cans.

Ma Yinglong cross-border push lipstick, will you buy it?

On July 19, a reporter from the Beijing News learned from the staff of Ma Yinglong’s board secretary office that the company had recently launched three lipsticks, which have now been launched in the Tmall flagship store.

This is not the first time that Ma Yinglong has launched cosmetics. In 2009, the company has launched the first Babao eye cream. In 2018, the company plans to establish an investment in Wuhan Ma Yinglong Great Health Co., Ltd. The main business of Big Health Company includes industrial investment and equity investment in big health businesses such as functional cosmetics, functional foods, baby and anorectal care products.

Image source/Screenshot of Ma Yinglong Babao Flagship Store

◆ Technology

Xiaomi MIX2/Redmi K20/7A adds support for bright screen to wake up Xiao Ai

Xiao Ai Classmate official said today that after upgrading to Xiao Ai Classmate App 4.8 and above, Xiaomi MIX2, Redmi K20, and Redmi 7A have added support for bright screens to wake up Xiao Ai Classmate.

How to operate: Xiao Ai Classmate App → Settings → Xiao Ai Lab → Turn on Keyword Spotting to experience. It is understood that there are currently 5 ways to wake up Xiao Ai Classmate on the mobile phone, namely Keyword Spotting, long press the AI button to wake up, long press the power button for 0.5 seconds to wake up, long press the Home button to wake up, and click the Xiao Ai Classmate icon to wake up.

◆ car

Due to Takata airbag problems, GAC Honda recalls more than 90,000 cars

On July 19, GAC Honda Automobile Co., Ltd. filed with the State Administration for Market Regulation, and since July 22, 2019, it has recalled some domestic Gestu, Fit, Fenfan, Accord, Odyssey, Sidi, Idea S1 series cars and imported FIT HYBRID cars, totaling 94,680 vehicles.

　

The official website of the General Administration for Market Regulation shows that the driver’s seat or passenger seat airbags of vehicles within the scope of this recall have been replaced with ammonium nitrate gas generators produced by Takata Company without desiccant during production assembly or after-sales maintenance. When the airbag is deployed, the gas generator of the airbag may be abnormally damaged, causing debris to fly out, injuring the occupants of the vehicle, and posing a safety hazard.

◆ fashion

Rihanna beauty brand Fenty Beauty will launch in China’s Hong Kong and Macao markets in September

According to the official news of beauty brand Fenty Beauty, it will officially open the Hong Kong and Macau markets in China on September 3, and enter the local T Galleria by DFS (T Square under DFS), Harvey Nichols general merchandise company and its beauty concept stores Beauty Avenue and Beauty Bazaar, Sephora stores. In addition, Fenty Beauty will also enter Seoul Lotte Duty Free, Korean New World Duty Free and Jeju Shilla Duty Free.

Burberry Launches New Union Sneakers

Recently, Burberry launched a new Union sneaker, which is currently on sale on Burberry’s official website at a price of $750 (approx. 5,158 yuan).

Unlike the previous emphasis on traditional British style, the new version of Union sneakers uses a lively orange and brown design. The hollow orange wraps around the upper to create a unique visual experience, and the red and black stripes that run through it also enrich the overall beauty of the silhouette. The sole is made of thick rubber, which is very soft and lightweight to wear. In addition, the "TB" logo is embroidered on the back side of the shoe with a knitting-like technique as a decoration. Although the area is not large, it is very conspicuous.

Beijing News reporter, Zhang Jie, proofreader, Liu Baoqing

The great wall gun became popular! Known as the benchmark in pickup trucks, it sold 160,000 sets with ZF 8AT.

The Great Wall has developed rapidly in recent years. Haval focuses on the home SUV market, WEY focuses on high-end SUVs, while the first love, big dog, mocha (parameter picture) and other models complement the SUV segmentation field. I’m afraid there is no manufacturer in China who is more obsessed with building SUVs than Great Wall. No wonder the brand has the confidence to claim to be the leader of domestic SUVs. In 2020, the Great Wall sold a total of 1,111,598 cars, an increase of 4.84% over the same period. Faced with the impact of the COVID-19 epidemic, enterprises grew against the trend, with operating income reaching 103.283 billion yuan and net profit reaching 5.392 billion yuan, both of which achieved year-on-year growth, especially in 2020, when automobile manufacturers were generally sad.

The three technology brands of Lemon, Tank and Coffee Intelligence were also officially released last year. It can be seen that the Great Wall hopes to cover consumers’ needs in SUV and commercial vehicles more comprehensively. The 2020 Great Wall Cannon is the great wall’s ambitious work in the field of pickup trucks. Although there are already Fengjun series of pearls and jade in the front, the market segment has been tepid due to the policy that pickup trucks are forbidden to enter the city. The launch of this Great Wall Cannon shows the determination of Great Wall to start the pickup truck brand. From January to September in 2020, the sales volume of the Great Wall Gun reached 160,351 units, ranking first in the market segment.

In terms of appearance, the front face of the Great Wall Gun looks round and full, which is in line with the momentum that a pickup truck should have. The quadrilateral air intake grille is magnificent and powerful, and there are large pieces of silver chrome-plated strips wrapped inside and on the edge, which is consistent with the temperament of the whole vehicle. In the configuration of far and near lights and daytime running lights, all the Great Wall guns are made of LED materials, and all the Changan Kaicheng F70 at the same level are halogen lamps. It should be obvious who is more kind. The length, width and height of the new car are (mm)5437/1958/1893, and the wheelbase is 3230mm. The car side lines are relatively smooth, and the surface is more natural. Keyless entry and keyless start in the front row are standard, which is commendable.

The wheel hub specification is 265/65 R18, and the tire comfort performance is good, which is suitable for road driving. The tailgate style is more conventional, but the straight lines are slightly boring. The taillights are also LED light sources, and the effect after lighting at night is quite outstanding. The floor of the container is equipped with container treasure, which can prevent wear and corrosion. The combination of the container frame and the tailgate pneumatic lever allows users to easily put down the tailgate, which is rare in the same class and greatly improves the convenience.

Entering the interior of the Great Wall Gun, it is difficult for you to associate it with a pickup truck, because the interior is no different from a general passenger car, more like an SUV, with a symmetrical layout and a large four-spoke steering wheel. At first glance, it is for male drivers, and both sides are integrated with functional buttons such as multimedia control and cruising. The 9-inch central control LCD screen is embedded, and the addition of 360 panoramic images can significantly improve the convenience of parking. The center console is covered with a large area of soft materials and leather, which feels quite good. The real shot model is red, but personally, it feels more advanced with black and brown.

In the power part, the gun adopts a 2.0T gasoline engine independently developed by Great Wall and code-named GW4C20B, with a maximum power of 190 HP and a peak torque of 360 Nm. Automatic transmission models are matched with 8AT gearbox from ZF, and the stability and ride comfort have passed the test of the market. The front suspension is a double wishbone single suspension, which focuses on comfort. The four-wheel drive system comes from Borgwarner and is also produced by a big factory. It can switch between three driving modes and is equipped with front and rear differential locks. Configuration parts, such as tire pressure display, front seat belt unfastened reminder, body stability system, cruise control, steep slope descent and other functions are standard equipment.

Conclusion: There is no doubt about the hard power of the Great Wall Gun in the pickup truck field, which is why it can become the benchmark product in the domestic pickup truck field. ZF 8AT, Borgwarner four-wheel drive and Great Wall engine are all genuine configurations, and the fully-used interior is also a bright spot, which can not help but make people feel the illusion of family cars. With the adjustment and relaxation of pickup policies in various places, I believe that the sales performance of this car can reach a new high.

Dahe International Auto Show ＂puts on the shelves＂ with more new surprises and experiences.

　　□ Dahe Daily Yu Video Reporter Yi Shi Ge Jie Yuan Li Geng Ziteng

　　The 39th Dahe International Auto Show in the spring of 2024 will be held grandly on April 11th, which is the 20th consecutive year of Dahe International Auto Show. As the first exhibition this year, nearly 70 automobile brands participated, covering almost 95% of the existing brands in the market. By then, thousands of models will be discounted and millions of subsidies will benefit the public, which will not only be a unique opportunity to buy a car in the first half of this year, but also bring many unexpected surprises.

　　Car companies gather, who is the biggest surprise?

　　The 20-year-old Dahe International Auto Show will continue to take "spend less money and drive better cars" as its commitment, and serve Henan consumers with high-standard lineup, cutting-edge intelligent technology and down-to-earth prices.

　　From April 11th to 15th, nearly 70 automobile brands, including independent, joint venture, new force and imported cars, made an all-out effort. The complete brands of fuel, hybrid, extended range and pure electric … and the diversified vehicle selection made you feel the brand-new vitality of Henan automobile market in 2024.

　　Led by BYD and Dongfeng Honda, the high-standard booth of more than 1,000 square meters brings the latest models and technology experience; Luxurious booths of FAW Toyota, Dongfeng Nissan, SAIC Volkswagen and FAW-Volkswagen make you glad you came; Guangzhou Automobile Toyota, yueda Kia, Haval, Beijing Hyundai, Tengshi, Roewe, Geely, Guangqi Honda, Guangzhou Automobile Chuanqi, Beiqi Polar Fox, WEY, Changan Automobile, FAW Pentium, Dongfeng Yipai and Cadillac brought brand-new 600-square-meter immersive booths; Equation Leopard, BAIC, MG, Chevrolet, JAC, Nezha, Ai ‘an, Haobo, Weilai, Volvo, Mercedes-Benz, Lincoln and Audi all came with their brand-new products. Changan Ford, Peugeot Citroen, Star Road, Qiyuan, Deep Blue, Euler, Tesla, Krypton, Aouita, Zhiji, Zero Run, Tucki, Ideal and Lantu will also show the latest models.

　　In 2024, electrification and intelligence have become the core track of the auto industry involution. During the Dahe International Auto Show, more new brand lineups will appear, and more mysterious brands will arrive that have never officially landed in Henan before.

　　This year’s auto show will continue to focus on the "track" of green, low-carbon and artificial intelligence, and all new energy automobile brands will bring new products for the new year to bring consumers richer car purchase choices and experiences. The "new force of building a car" will compete with the new energy brands under the traditional car companies to show off their styles.

　　What new cars do you expect to see at the auto show? Look up to U8, iCAR 03, Aouita 12, Chery Fengyun A8, Geely Yinhe E8, Audi Q4 e-tron, Dongfeng Yipai 007, Haobo HT, Guangzhou Automobile Aian Y PLUS Xingyao Edition, Guangzhou Automobile Chuanqi E8/GS3 Shadow Speed, Kia EV5, Geely Xingyue L, Zero Run C10, Beijing Automobile brand-new BJ40, Guangzhou Automobile Honda brand-new Accord … More new cars are being assembled.

　　The price of the car is included, whose price is lower?

　　Dahe International Auto Show has been held for 20 years in a row, with the aim of making Henan people "spend less money and drive better cars", with the aim of letting more consumers enjoy the benefits and benefits brought by the auto show.

　　In the context of the current white-hot price war, the competition between car companies will also be amplified at the auto show. In order to attract customers, many brands will come up with various forms of preferential profit-making policies on the basis of huge price cuts in March. At present, the heads of several participating brands have said that they will adjust the landing price of new cars sold in Zhengzhou again in early April; The organizing committee will also jointly launch a series of activities such as car purchase subsidy, direct cash drop, replacement subsidy, priority car delivery, spike group purchase, zero interest rate, zero down payment and car purchase gift package during the auto show, so as to further lower the transaction price of new cars and help everyone spend less money and buy better cars.

　　Policy support, double the benefits of buying a car

　　The year of 2024 is a crucial year for comprehensively revitalizing the new breakthrough in three years. From the country to the provinces and cities, various policies to stimulate consumption have been launched one after another, including subsidizing the renewal consumption of automobiles, promoting sales and making profits, etc., to further release the vitality of consumption.

　　The 2024 government work report proposes to stabilize and expand traditional consumption, encourage and promote the trade-in of consumer goods, and boost the mass consumption of intelligent networked new energy vehicles and electronic products. On March 1st, the the State Council executive meeting deliberated and adopted the Action Plan for Promoting Large-scale Equipment Renewal and Trade-in of Consumer Goods, which aims to carry out trade-in of automobiles, increase policy support, unblock circulation and congestion points, and promote echelon consumption and renewal consumption of automobiles. It is expected that the policy will be implemented in the second quarter. Major car companies have begun to introduce the replacement subsidy policy of "trade-in", such as Dongfeng pushing 10 billion replacement subsidies, with a maximum subsidy of 50,000 yuan; Chery Group pushes 10 billion subsidies, with a maximum subsidy of 40,000 yuan; Geely has a limited time discount of 2 billion yuan and a maximum replacement subsidy of 10,000 yuan. During the Dahe International Auto Show in April, automobile production and circulation enterprises will give concessions on the basis of government subsidies to amplify the effect of government subsidies. Blessed are consumers who buy cars, especially those who change them.

　　Always young, the auto show has a new experience.

　　This year’s Dahe International Auto Show will continue to visit for free, without tickets, so that Henan people can feel the beauty of car life together. At the same time, we will give you a big gift. From 8: 00 on April 11th to 15: 00 on April 15th, we paid attention to WeChat official account, the WeChat of Dahe Automobile. While learning about the brands, models, booth maps and preferential policies, we can also participate in the lucky draw on the special page. Red envelopes from 300 yuan, 100 yuan and 50 yuan are waiting for everyone. The organizing committee will issue red envelopes with a total amount of 80,000 yuan this time.

　　The auto show will set up a delicious coffee and tea area, which is a cross-border cooperation and an in-depth exploration of the "auto show lifestyle". Through integration, creativity and practice, Dahe International Auto Show will redefine the existing form of "coffee & car".

　　The organizing committee of the auto show also invited college students’ bands and rappers from the province to make friends with music to ignite the atmosphere. Through the "Central Plains College Band Spring Show", young people can enjoy the passion and fun brought by music while watching cars. The versatile reporters of Dahe Daily will also show their "unique skills" on the spot.

　　The 20-year-old Dahe International Auto Show will remain young and enterprising, bringing more surprises to Henan car lovers. From April 11th to 15th, Zhengzhou International Convention and Exhibition Center is waiting for you!

　　All the pictures in this edition are data maps, which were photographed by reporters Bai Zhou Feng and Geng Ziteng.