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In spring, the number of patients with pollen allergy increases. Besides flowers, there are trees as allergens.

Cherry blossoms in spring Zhejiang online reporter Li Xinyi photo

　　Zhejiang Online April 3 rd (Reporter Li Xinyi)Fresh and elegant cherry blossoms, slim tulips and delicate peach blossoms … These days, spring flowers in many places in Zhejiang are in full bloom, and tourists have also started the flower viewing mode. However, some people enjoy flowers and get a snot and tears, not sentimental, but pollen allergy!

　　According to the "Pollen Index" of China Weather Network, the pollen concentration in Hangzhou recently reached an average of 10,765 grains/1,000m2, which is directly in off the charts, and it is predicted that the pollen concentration in the air will remain extremely high in the next few days. It is reported that the pollen index of 400 grains /1000 square millimeters on weekdays has reached a high level and needs attention.

　　No, these days, the number of patients suffering from allergic rhinitis due to pollen allergy in hospitals has also started to increase significantly. In the eye, ear, nose and throat clinic of Zhejiang People’s Hospital, there areMore than one-third of the patients came to see a doctor because of pollen allergy.

　　Zhejiang Online Reporter Li Xinyi in the Ophthalmology, Otolaryngology Clinic of Zhejiang Provincial People’s Hospital

　　In the consulting room, the patientMs. Zhang (pseudonym) can’t stop sneezing and crying. "I went for a walk in the scenic park yesterday, enjoyed the cherry blossoms for a while, and came back like this." Ms. Zhang reluctantly told the doctor. After examination, she was diagnosed as seasonal allergic rhinitis. The doctor reminded her to avoid contact with allergens and prescribed some anti-allergic drugs for her.

　　"Spring is the season of high incidence of allergic diseases. The number of people suffering from allergic rhinitis due to plant pollen allergy has greatly increased, and the usual symptoms are as followsSneezing, watery nose, nasal congestion, etc., some patients will also have tears and redness in their eyes, and in severe cases, they will also cause asthma.Allergens exist not only in flowers, but also in tree pollen of many plants such as buttonwood and willow. Hu Weiming, deputy director of the Department of Ophthalmology, Otolaryngology, said.

　　The reporter observed that there are also many patients with pollen allergy in the dermatology department next to the Department of Ophthalmology, Otolaryngology. "There will be about 20% more patients with allergic diseases in this season than in other seasons. There will be some small red rashes on the face with mild symptoms. The more serious patients even have swollen eyes and swollen mouths, mainly in the exposed parts." Tao Xiaohua, director of dermatology, told reporters.

Zhejiang Provincial People’s Hospital Dermatology Clinic Zhejiang Online Reporter Li Xinyi photo

　　From March to May every year, with the flowers in full bloom, people’s outdoor activities begin to increase. In a few days, they will enter the catkin season. How to prevent pollen allergy?

　　Doctors in Zhejiang Provincial People’s Hospital reminded that the most important thing to prevent allergies is to reduce outdoor time and avoid contact with pollen that causes allergies. If you have to go out, it is recommended to wear long sleeves, masks, glasses or sunglasses to reduce the chance of contact with allergens. People who know that they are prone to pollen allergy can also take some anti-allergic drugs orally before going out. If you find allergic symptoms, you should seek medical advice in time.

FAW R&D Institute celebrates the 19th National Congress.

　　Expectation article

　　The report of the 19th National Congress of the Communist Party of China pointed out that Socialism with Chinese characteristics has entered a new era, and the main contradiction in our society has been transformed into the contradiction between the people’s growing need for a better life and the unbalanced development. This major judgment takes the people’s yearning for a better life as the goal and points out the direction for planning and promoting development in the new era.

　　As a pillar industry of the national economy, the automobile industry plays an important role in meeting people’s living needs, improving the quality of life and stimulating consumption aspirations. Under the background of the increasing production and sales volume in the automobile market and the share of independent brands, the employees of FAW R&D Institute face the challenges directly, continue to innovate in their independent journey, and are full of expectations and confidence in the future.

　　Video: [Let’s see what they say]

　　In view of the new changes that have taken place in the R&D Institute after the reform, Jiang Wenhu, director of the Trial Institute of the R&D Institute, Cao Zhenglin, director of the CAE Institute, and Wang Lijun, director of the project management office, briefly explained the positioning of the core value chain, challenges and development direction in the future.

　　"What I wanted to do before can now be done, especially the liberalization of institutional mechanisms has given us a lot of room for growth."

　　—— Jiang Wenhu, director of the trial production institute

　　Jiang Wenhu, director of the trial-production institute of the R&D Institute, said that the biggest feeling after the reform is that what I wanted to do before can now be done, and a market-oriented operation mode under the state-owned enterprises has basically been realized, especially the liberalization of institutional mechanisms has given us a lot of room for growth, which is of great help to stimulate the vitality of internal employees. After the reform, the pilot plant will play a greater role in connecting the preceding with the following. While undertaking the project tasks, it will complete the loading with good quality and quantity, which will provide good support for the next work of the experimental department. As the core department, the trial production institute will also focus on confidentiality related work according to the requirements of the chairman. In the future, the trial-production institute will help employees change their minds as soon as possible, stimulate their innovative and market-oriented thinking, further improve and optimize human resources, enhance the overall technological level and the influence of technical leaders, and act quickly to actively respond to the challenges brought about by increasingly fierce market competition.

　　"Employee value must be reflected in the product development value chain. The remarkable feature after the reform is the equivalence of responsibility, right and benefit."

　　—— CAE Zhenglin, Director of CAE Research Institute

　　Cao Zhenglin, director of CAE Research Institute, said that the key point of this reform is to require employee value to be reflected in the product development value chain, and employee value is defined by President Xu Shili of R&D Institute as the value created by employees. On the other hand, the remarkable feature after the reform is the equivalence of responsibility, power and benefit.

　　The core positioning of CAE research institute in the product development chain is the guarantee of two important properties, one is the safety performance of the whole vehicle, and the other is the stiffness and strength, fatigue and durability of the body, chassis and powertrain. According to the spirit of the chairman’s speech, CAE research institute should strive to realize the digital simulation of the whole process of product development and test, improve the ability of successful one-time design of products, and greatly reduce the product cycle. In order to meet the challenge of 24-month product development cycle, CAE research institute will focus on improving the CAE research and development capability of body durability and collision safety. On the one hand, by improving personnel ability and software and hardware equipment support ability, CAE automation development is accelerated, CAE simulation accuracy and digital simulation verification ability are improved; On the other hand, by going out and inviting in, we can benchmark the advanced technologies inside and outside the industry, transplant the best practice cases at home and abroad to our product development quickly, and further shorten our development cycle.

　　After the reform, the work efficiency has been improved, the enthusiasm of employees has been obviously improved, and the feelings for independent career have been effectively stimulated.

　　—— Wang Lijun, Director of Project Management Department

　　Wang Lijun, director of the project management office, said that after the reform, he felt three changes: first, the work efficiency was improved; second, the enthusiasm of employees was obviously improved; third, the feelings for independent career were effectively stimulated. We always insist that the project management office should realize the whole process, the whole business field and the whole value chain project management. In this process, we should coordinate the internal and external resources to ensure the effective achievement of the project indicators. The focus of the development of the project management office is to further enhance the project management office’s deep understanding of the whole vehicle, its ability to identify customer needs and create the charm of the whole vehicle through two measures: professional knowledge learning and project management system, process, tools and methods in the fields of technology research and development, vehicle physical evaluation and commodity awareness, so as to meet future challenges.

　　Reform article

　　"Only reformers advance, only innovators are strong, and only those who reform and innovate win" is the main point that General Secretary of the Supreme Leader has emphasized on many formal occasions, and it has also become the strong voice of the times of the central reform and innovation achievements in recent years. Judging from the report of the 19th National Congress of the Communist Party of China, it is the only way to solve the major contradictions in the new era. In order to adapt to the national situation, adjust the development direction of enterprises and carry out the reform to the end, FAW Group launched this top-down deepening personnel system reform on September 18th.

　　The Technology Center is the first unit to deepen the reform of the Group Company, and it is also the most difficult and involves the widest number of personnel. Therefore, the leaders at all levels of the Group Company attach great importance to it, and at the same time, it has won the understanding and support of all employees.

　　The R&D Institute established after the reform is mainly responsible for the development of Hongqi series vehicle products. At the same time, it is also responsible for the development of powertrain, basic platform, basic module, CAE, NVH, vehicle trial-production test and other fields of passenger car business of the group company.

　　The leading idea of the future work of the R&D Institute is to develop competitive products as the main line, and all the resources of the Institute should also be inclined to this main line. To this end, we should pay close attention to project management, professional ability improvement and team work style construction.

　　A total of 336 people were promoted in technical posts through post competition reform, and 7 chief engineers and 6 young post-85 directors were produced.

　　The seven chief executives have outstanding professional abilities, achieved excellent results in various fields of the technical center and accumulated rich experience, which will definitely play a greater role in the research and development of Hongqi products in the future.

　　And all the six post-80s employees were promoted directly to directors by ordinary employees, which indicates that the reform idea of younger cadres and preferred posts has achieved initial results and brought more development stages and opportunities to young people.

　　In the process of reform, the leaders of the group company paid special attention to the technical personnel of the R&D Institute, and instructed the relevant leaders of the Group Reform Office to take the lead in interpreting the relevant incentive policies for the core technical backbone of the center, which enhanced everyone’s understanding of the reform policies and strengthened their confidence in future development.

　　At present, the research and development institute presents a new atmosphere; The work attitude of "day-to-day settlement and day-to-day settlement" has been gradually developed in the work log of each employee; The working method of "quickly implementing and improving efficiency" has become a common practice in the "fast walking pace" of every employee. Now, all employees devote themselves to their own jobs with all their strength, breaking waves on the road of Red Flag revival with a brand-new work style, and facing difficulties.

Comments on the Management of Wentou Holding’s 2023 Annual Board of Directors

() The operating comments of the Board of Directors in 2023 are as follows:

　　I. Discussion and analysis of business conditions

In 2023, the company closely followed the development trend of the industry, closely combined with the company’s business practice, further consolidated the stock business, optimized the asset-liability structure, promoted the disposal of inefficient assets in an orderly manner, and sought the company’s stable, healthy and sustainable development.

(1) Operation and management of cinemas and cinemas.

In 2023, the company’s cinema and cinema business actively grasped the favorable trend of industry recovery and promoted cost reduction and efficiency improvement. Strengthen the operation and deployment in key schedules, increase box office revenue, optimize and adjust the categories of cinemas, expand diversified cinema business models, and increase non-ticket income. Among them, Beijing Yaolai Jackie Chan Studios Wukesong Store resumed business on the eve of the National Day in 2023. On the opening day, the box office ranked first in Beijing, and the National Day box office ranked first in the country. The company further promoted the standardization of cinema operation, strengthened refined management, continuously reduced operating expenses by reducing rents, personnel costs and comprehensive energy consumption, shut down the inefficient cinemas and optimized the overall financial situation of the surviving cinemas. By the end of 2023, the company continued to operate 36 cinemas and 283 screens. During the reporting period, the company’s cinema sector achieved a total box office of 318 million yuan (excluding service charges), accounting for 0.63% of the total box office in the country, achieving a decrease in the number of cinemas but an increase in revenue compared with last year; Ranked 17th by box office revenue, with an annual movie attendance of 8.1581 million.

(2) Film and television investment production and distribution business

During the reporting period, the company’s film and television related business closely combined with the development trend of the industry, further adjusted its business strategy, reduced the total investment scale, and further emphasized the choice of themes and partners. Focusing on the strategic positioning of Beijing National Cultural Center, the company participated in the release of many film and television works that promoted the main theme and spread positive energy, and achieved good social and economic benefits.

In terms of film distribution, the company participated in the production and distribution of the official film Beijing 2022 for the Winter Olympics, the film Procuratorial Storm produced in cooperation with the Supreme People’s Procuratorate Film and Television Center, the work about animal protection, Dog Romance, and the inspirational film for rural children, Dream in the Mountains, and other films were successfully released. Among them, "Beijing 2022" was selected as the opening film of Beijing International Film Festival, selected as the key project of Beijing Cultural Boutique Project, and became the world’s first official Olympic film released by commercial cinema; He was reported by Xinhua News Agency, People’s Daily, CCTV News and other media, and won the mainland box office champion in 2023, the documentary attendance champion in 2023, the Dragon Boat Festival, the 61st documentary and the box office champion of sports films in the mainland. He was selected as the opening film of the 12th Beijing International Film Festival, nominated for the best documentary in the 36th () Golden Rooster Award, and won the golden wreath award and the "Olympic and Paralympic Spirit" unit of the 2023 Milan International Sports Film and Television Festival. In addition, during the reporting period, the film Our Winter Olympics, which was produced and distributed by the company, won the Golden Garland Award in the Film Unit of Milan International Sports Film and Television Festival 2023, the film My People，My Country The Wandering Earth, which was produced and distributed, won the Excellent Feature Film Award of the 18th China Film China Watch Award, and the film Miracle-Stupid Child, which was produced and distributed, won the Excellent Feature Film Award of the 19th China Film China Watch Award.

The TV drama and online drama business focuses on the main theme and positive energy projects. During the reporting period, China’s first big-screen film "Prosecutions" and China’s first TV series "Prosecutions" with the theme of procuratorial organs cracking down on new cyber crimes were broadcast in April and May, 2023, respectively. The theme came from the vigorous development of people’s procuratorial work in the new era, which has attracted the attention of the whole people and social familiarity, embodied people-centered creative thinking, and presented a distinct realistic view and positive social influence. The TV series "Days of Iron Horse’s Passion" with strong Beijing characteristics deeply digs into the great historical value of Changxindian, a thousand-year-old ancient town in southwest Beijing, as an important town of manufacturing development in China, the source of revolutionary history and the starting point of the workers’ movement, shows the century-long struggle of China’s national industry represented by railways, shapes a group of characters with distinctive personalities, and carries forward the "artisan spirit" of China’s national industry.

(3) Game R&D and operation business

During the reporting period, the company adhered to the business strategy of creating high-quality games, and started from the aspects of improving product quality and exploring new product categories to continuously improve the efficiency of research and development, distribution and operation of the company.

In terms of market expansion, the company actively explores new modes of cooperation, builds an ecosystem of research, development and transportation oriented by products, markets and users, and forms a benign synergy within the ecosystem; Through strategic cooperation and deep customization, we will gradually form a content-side product matrix to expand and enrich the revenue sources of game R&D and operation business. In 2023, the company’s flagship product "Siege the World" has maintained a stable total flow since it was launched in 2021 through continuous innovation in gameplay and continuous improvement in planning level. In 2023, the global flow reached 941 million yuan; The previous product, Siege Three Kingdoms, continuously improved the entertainment and user experience of the game by calling players to test and verify the core gameplay and listening to players’ suggestions, and launched a series of marketing methods such as the return of old users, which continued to slow down the decline of the original mature products. After years of operation, it continued to exert its strength. In 2023, the global water flow still reached 135 million yuan.

In terms of new game reserves, during the reporting period, the company added two new game products and reserves, which are expected to be launched online in 2024. Among them, Strange Tales of Immortal Fairy (tentative name) is a 3D multiplayer online role-playing product, which is a strategic product for the company to explore high-quality content. It is expected to be launched in June 2024. This product has made diversified innovations in product types, themes, artistic expression and gameplay, and is expected to become the main product of the company. The Three Kingdoms War 2 (tentative name) is a customized game on the H5 platform, which is expected to be launched in October 2024. The product is technically committed to improving the performance of the product engine, improving the quality of art and sound effects of the product, so as to meet the user’s experience demand for high-quality games; In planning, we will devote ourselves to gameplay innovation, design innovation and process optimization to meet the needs of users in interesting and fluent experience.

The company’s own distribution channel "Huluxia" APP channel has further exerted its strength. By the end of 2023, the registered users of "Huluxia" APP reached 37.1529 million, and the cumulative installation amount reached 375 million times. Compared with last year, the monthly active users of the platform increased steadily, showing a strong user base and market potential. In addition, Huluxia platform has completed the development of H5 operation port. In the future, it will do a good job in daily product cooperation with major game manufacturers, create stable game intermodal revenue, and continuously expand the H5 small game intermodal business to increase the game intermodal revenue. At the same time, the team made a major version update on the basis of the original Huluxia platform. Through the newly developed Android virtual machine APP system, the user experience of the game was better enhanced, the user activity and market competitiveness of the platform were enhanced, and the comprehensive income level was further improved.

(D) Promote the withdrawal of inefficient assets and optimize the asset structure.

During the reporting period, the Company concentrated its efforts on promoting the disposal of inefficient assets and the withdrawal of equity investment projects, designed different asset disposal schemes according to the characteristics of different assets and projects, and actively took judicial measures such as litigation and arbitration to speed up the implementation of payment collection. Actively use various means to optimize the company’s asset-liability structure, increase the recovery of film and television project funds, further revitalize assets, increase cash inflows, and lay the foundation for the company’s stable, healthy and sustainable development.

Ii. the industry in which the company is located during the reporting period.

(A) the film and television industry

1. Industry development

(1) Film industry

In 2023, China’s film industry showed a positive development trend, not only in the box office and movie attendance, but also in the diversification of content and the rise of domestic films, showing the vitality of the industry and showing a positive growth momentum.

The recovery of movie-watching demand has driven the market to rise, and domestic films have become the absolute protagonists. According to the data of the National Film Bureau, the total box office of China movies reached 54.915 billion yuan (including service fees) in 2023, returning to the level of 2017, and the number of people watching movies in city cinemas reached 1.299 billion, a record high in the past four years, and the audience’s willingness to watch movies rebounded obviously. With the continuous improvement of the quality and diversification of the content of domestic films, domestic films occupy an increasingly important position in the market, and the box office of domestic films is 46.005 billion yuan, accounting for the proportion.

83.77%, surpassing the record high in 2019. A total of 11 films broke 1 billion at the box office in the whole year, all of which were domestic films; 29 films with a box office of more than 500 million, including 24 domestic films; There are 73 films with box office exceeding 100 million, including 50 domestic films.

Industry production and supply have picked up, and creative enthusiasm has improved. According to the data of the National Film Bureau, 792 feature films were produced in 2023, with a total output of 971 films. In 2023, a total of 510 films were released, including 432 domestic films and 78 imported films. According to the 2023 national film script (synopsis) filing and project publicity data released by the State Film Bureau, in 2023, there were 3,008 films filed and approved nationwide, up 60.34% year-on-year, achieving the first substantial increase in the past five years.

The output value structure of cinemas has recovered well. According to the Annual Inventory Report of China Film Market in 2023 released by Lighthouse Research Institute (), in 2023, there were 12,723 box-office cinemas in China city cinemas, and the number of screens rose to 86,000. The construction of cinemas slowed down, and new cinemas were mainly distributed in third-and fourth-tier cities. The number of medium and high output value cinemas has rebounded, and the number of cinemas with annual box office less than 5 million has dropped. The output value structure of cinemas is healthier than that in 2020-2022. However, due to the obvious effect of box office schedule, 40% to 60% of cinemas are still more dependent on the popular schedule of Spring Festival and summer vacation than the industry average.

(2) TV series industry

The number of TV series on-line continues to decrease, and the creation and production have entered a rational and standardized stage. According to the data in the 2023 China Drama Development Report of the State Administration of Radio and Television and the Development Research Center of the State Administration of Radio, Film and Television, in 2023, 156 dramas with 4,632 episodes were produced nationwide and obtained the Domestic TV Drama Distribution License, which was slightly lower than that of 160 dramas with 5,283 episodes in 2022. The number of TV dramas decreased for eleven consecutive years, and the total number of episodes decreased for eight consecutive years. In 2023, there were 538 national TV drama production records and publicity plays, 67 more than in 2022. This is the first time that the number of TV drama production records has rebounded since the "seven consecutive declines" in 2016. In 2023, a total of 561 online dramas passed the planning and filing, which continued to decline compared with 660 in 2022 and 1,172 in 2021.

The distribution and broadcasting pattern of drama series has undergone profound changes, and the cooperation between Taiwan and the Internet has developed in depth. In the drama market, the proportion of copyrighted dramas is decreasing, while the proportion of customized dramas and sub-account dramas is increasing. The production system of platform-made dramas is becoming more and more mature, and the quality of works is constantly improving, showing a trend that platform-made dramas and self-made dramas replace copyrighted dramas and become the mainstream of the market. Major video platforms are becoming important drama suppliers for TV stations. Compared with the main video platform and the Central Radio and Television Headquarters, the competitiveness of provincial satellite TV stations has dropped significantly, and the advertising revenue has dropped significantly, which has restricted the TV stations’ ability to purchase excellent dramas. The solo broadcast of the five David TV theaters is scarce, and the spell broadcast has become the norm. It has become the norm for the second and third satellite TV stations to broadcast two rounds of dramas, multiple rounds of dramas and simulcasts in prime time at night.

2. Changes in industry policies

On May 21, 2023, the Announcement on the Policy of Exempting Special Funds for the Development of National Film Industry in Phases (Announcement No.9 of the State Film Bureau of the Ministry of Finance in 2023) was exempted from the special funds for the development of national film industry from May 1, 2023 to October 31, 2023. On September 22, 2023, Announcement on Continuing to Implement the Value-added Tax Policy to Support the Development of Cultural Enterprises.

(Announcement No.61 of the State Administration of Taxation, Ministry of Finance, 2023), the income from selling movie copies (including digital copies), transferring movie copyrights (including transfer and licensing), movie distribution income and movie screening income obtained by film group companies (including member enterprises), film studios and other film enterprises that are engaged in film production, distribution and screening according to their functions and powers. The city film screening service provided by ordinary taxpayers can choose to calculate and pay the value-added tax according to the simple tax calculation method according to the current policy. This announcement will be implemented until December 31, 2027.

On August 9, 2023, the Notice of the State Administration of Radio and Television on Further Standardizing the Planning, Filing and Content Review of TV Drama, Online Drama and Online Movie (Guangdian Fa [2023] No.26) was issued, which made clear and emphasized matters such as filing and publicity, filing before broadcasting, governance of water-flooded drama and sky-high film remuneration. Under the policy guidance and the ever-changing market environment, the TV drama industry continues to reduce and improve the quality and deepen the content to create high-quality excellent dramas.

(2) The situation of the game industry

1. The game industry

The domestic game market has obviously picked up. According to the Game Industry Report of China in 2023 and the Game Research Report of China in 2023 jointly compiled by the Game Working Committee of China Music and Digital Association, China Game Industry Research Institute and Gamma Data (CNG), in 2023, the global game market scale was 1,177.379 billion yuan, up 6.00% year-on-year, and the actual sales revenue of the domestic game market was 302.964 billion yuan, up 13.95% year-on-year. Among them, the actual sales revenue of China’s self-developed games in the domestic market was 256.375 billion yuan, up 15.29% year-on-year, among which the actual sales revenue of mobile games increased significantly, accounting for 74.88% of the revenue. The global mobile game market is about RMB 606.267 billion, up by 1.98% year-on-year. The actual sales revenue of China’s mobile game market was 226.86 billion yuan, a year-on-year increase of 17.51%, setting a new record.

The actual overseas sales revenue of self-developed game products decreased year-on-year. According to the Research Report on Games Going to Sea in China in 2023, in 2023, the actual overseas sales revenue of self-developed products in China was USD 16.366 billion, down 5.65% year-on-year. After 2022, it declined again, and the decline rate expanded, so the game going to sea was under great growth pressure. The United States and Japan are still the main overseas markets of China’s mobile games, accounting for 32.51% and 18.87% respectively; South Korea ranks third with 8.18%. In addition, Germany, Britain and Canada together accounted for 9.45%. Overseas emerging markets such as the Middle East and Latin America have not seen significant improvement.

2. Policy changes in the game industry

In 2023, the distribution frequency of game version numbers is relatively fixed, and the number of distribution has also increased significantly. According to official website of the State Press and Publication Administration, in 2023, 1,075 versions of games were issued, far exceeding the 512 versions in 2022. The distribution of the version number in 2023 shows that the competent authorities have begun to show greater transparency and stability in the approval of the version number, which provides more clear market expectations for game companies. At the same time, the support attitude towards high-quality content and innovative games has brought new development opportunities to the industry.

On November 17, 2023, the State Press and Publication Administration issued the Notice of the State Press and Publication Administration on Implementing the Publishing Project of Online Games (Guoxin Departure Letter [2023] No.230), and decided to select a number of online games with correct value orientation, rich cultural connotation and entertaining, so that positive energy will become the main tone for the development of online games. The circular pointed out five key directions: spreading socialist core values, inheriting Chinese excellent traditional culture, showing the development achievements and features of the new era, promoting scientific and technological innovation and application of new technologies, and having international market potential.

On December 22, 2023, the State Press and Publication Administration publicly solicited opinions on the Measures for the Administration of Online Games (Draft for Comment), covering online game approval, content management, distribution and trading of game coins and virtual props, publicity and promotion, and protection of minors. Articles 17, 18 and some other contents of the exposure draft have great influence on the current game industry and are concerned by all parties.

Iii. Business of the Company during the reporting period

(a) the main business.

The company is mainly engaged in the business of film and television and games and its derivative "culture+"business. The main business sectors include cinema and cinema operation management, film and television investment production and distribution, game research and development and operation, and "culture+"business, involving cultural and entertainment-related industries.

(2) Business model

1. The main business model of cinema and cinema operation management business.

The cinema operation business mainly provides film screening services to movie audiences, and also engages in value-added services such as cinema sales and derivative sales, as well as film patch advertisements and cinema venue advertisements. The cinema operation business is mainly for the unified film arrangement and film supply management of subordinate cinemas. Studios and cinemas mainly earn income by collecting non-box office income such as box office accounts, sales and advertisements.

2. The main business model of film and television business

The film investment and production business is mainly for the company to select high-quality themes through careful evaluation and market analysis, develop scripts independently or jointly with other partners, build a crew, and shoot and produce, and finally share benefits and risks according to their respective investment ratios or contractual agreements.

The film distribution business is mainly to promote films to cinemas and cinemas, negotiate with cinemas, arrange film screenings and other services, and obtain income by collecting distribution commissions and fixed returns.

The TV drama investment and production business is mainly for the company to jointly invest in TV drama projects with other investors, or for the company to provide IP and scripts and entrust a third party to produce and shoot TV dramas for the company, and to obtain income or share by transferring the right of communication to TV stations and online video platforms.

3. The main business model of the game business

The company’s main business includes research and development, distribution and operation of mobile games and web games. The company’s online game operation business is divided into three modes according to different operation modes: independent operation, authorized operation and joint operation.

The R&D and operation business of online games is mainly to create high-quality mobile games, web games and other product contents under the established R&D, distribution and channel industrial chain pattern, and to distribute and promote them through cooperation with major game platforms at home and abroad, as well as their own game platforms, so as to obtain income or share through game download income and props sales.

4. The main business model of "Culture+"business

"Culture+"business is based on the company’s strategic development plan, around the company’s existing main business, based on the company’s own brand advantages, diversified layout in the cultural field, expanding the company’s income channels and enhancing the company’s competitiveness.

Iv. analysis of core competitiveness during the reporting period

1. Have a competitive cinema.

During the reporting period, the company’s studio sector achieved a total box office of 318 million yuan (excluding service fees), accounting for 0.63% of the total box office in the country, ranking 17th in terms of box office revenue. The company’s Yaolai Studios Beijing Wukesong Store re-led the country after resuming business on the eve of the National Day. On the opening day of September 28, it won the first box office in Beijing Studios with a box office of 137,000 yuan. In the National Day period, the box office with service reached 2,451,200 yuan, ranking first in the national cinema single store; In the Spring Festival of 2024, it won the national cinema single-store box office champion for 8 consecutive days. The company’s studio has established a stable self-owned membership system, and the membership box office accounts for more than 20%.

2. It has a relatively complete film and television industry chain.

The company’s film and television business covers many links such as production, distribution, cinemas and cinemas, and completely covers the industrial chain system of the film and television industry, providing a powerful and perfect platform for the production, distribution and projection of the company’s film and television works, enabling the company’s various business sectors to coordinate resources, maintain control over film and television products in all links, improve overall operating efficiency, strengthen the sustainability of high-quality content output, and maximize value.

3. Have more efficient game research and development capabilities.

After several years of rapid development and technical accumulation, the company’s game business has continuously strengthened its research and development strength and greatly improved its product quality. The company actively promotes the strategy of "integration of research and transportation", adheres to the strategy of "quality, diversification and globalization", attaches importance to R&D investment and personnel training, and has excellent and efficient R&D capabilities. The self-developed products have the characteristics of high success rate and long cycle. The company has successively launched a variety of self-developed boutique games with a monthly flow of over 100 million yuan. At the same time, the company vigorously upgraded and optimized the R&D project establishment mechanism, established diversified indicators, and set up an incentive ladder system for different categories of products through diversified incentives to better stimulate the enthusiasm and creativity of employees.

4. Have refined long-term game operation ability.

The company combines market characteristics with rich experience in game research and development and operation, and has the ability of refined long-term operation, effectively extending the product life cycle. Through systematic, differentiated and customized traffic operation mode and perfect operation service, the company actively extends the life cycle of high-quality games from the aspects of product game activity planning, gameplay innovation and user’s game experience. The company adheres to the design and operation concept of game player-oriented, attaches importance to all aspects of product quality and customer service, deeply listens to the opinions of the majority of players on the products, responds to market changes in time, adjusts the delivery strategy, and satisfies the player’s game experience through rapid version update and breakthrough in gameplay, which makes the company’s various games have a good reputation and popularity, and has accumulated a certain loyal user group.

5. Strong resource integration ability.

As a state-owned cultural listed company in Beijing, the company operates in a market-oriented way, relying on the resource advantages of the capital cultural industry and the background of shareholders, and has established good cooperative relations with outstanding enterprises, teams, core personnel, special examination and approval institutions and special content resource institutions in the domestic cultural content industry, forming a strong ability to integrate industry resources, and maintaining the sustainable development of relations with outstanding enterprises and talents in the industry based on project cooperation; Based on the exploration and practice of new business and new fields, expand new formats in the cultural field and tap the potential of IP re-creation; Open up () channels, realize the horizontal diversification and vertical integration of the cultural industry chain, strengthen the resource gathering of key schedules and key projects, and reserve high-quality projects at the same time to ensure the depth of business.

V. Main operations during the reporting period

In 2023, the company further shut down the inefficient studios; Due to market contraction and uncertain industry prospects, its cultural and entertainment brokerage business was shut down; Some of the company’s film and television projects were affected by factors such as the market and actors, and the distribution effect was not up to expectations or could not be promoted, and the film and television business continued to decline. In addition, in 2023, due to the decline of siege series games, the development progress of reserve games was lower than expected, so the goodwill of the game sector showed signs of impairment. Considering the above factors comprehensively, in 2023, the company accrued 887 million yuan of goodwill impairment loss to Yaolai Studios and the game sector, which had a great impact on the company’s net profit. The company’s film and television projects are affected by immoral artists, and the distribution is facing greater risks. Although post-editing and re-shooting work are carried out, there are still major uncertainties, so the provision for inventory depreciation is 164 million yuan. In recent years, due to the large operating losses and tight funds, some projects are overdue or unable to be paid on time, resulting in liquidated damages, late fees, etc. According to the latest progress of pending litigation and the expected compensation for breach of contract, the estimated liabilities are about 91 million yuan. Due to the slow development progress, Jinniuhu Project was not completed as scheduled as agreed in the agreement, and the risk of the company’s actual obligation to pay fines, liquidated damages and other expenses related to land development was significantly increased. According to the possibility of payment, the estimated debt was accrued to 200 million yuan. Affected by the superposition of the above factors, the company lost 1.647 billion yuan during the reporting period.

By the end of 2023, the net assets attributable to shareholders of listed companies were-1.037 billion yuan and the total assets were 3.005 billion yuan, a decrease of 40.47% compared with the end of 2022.

By the end of 2023, the company’s total share capital was 1,854,853,500 shares, unchanged from the previous period.

VI. The Company’s Discussion and Analysis on the Company’s Future Development

(A) the industry pattern and trends

1. Film and television industry

The box office tends to concentrate on the head. The box office of Chinese movies is increasingly affected by the explosion. In 2023, the box office of the top five movies accounted for 33.83% of the total box office of the country, and the box office of the top ten movies accounted for 48.51%, both of which were further higher than in 2019. At the same time, the box office is further concentrated in key periods. In 2023, the box office of summer, Spring Festival, National Day and other holidays accounted for 37.5%, 12.3%, 5.0% and 7.5% of the total box office in the whole year, accounting for 62.4% of the national box office.

The box office continues to sink to third-and fourth-tier cities. The proportion of box office in first-tier cities dropped from 19.1% in 2019 to 16.6% in 2023, while that in second-tier cities dropped slightly from 40.9% in 2019 to 39.3% in 2023, and that in third-tier cities rose from 16.2% in 2019 to.

17% in 2023, and fourth-tier cities rose from 23.7% in 2019 to 27.1% in 2023. Newly-built studios have mainly sunk to second-,third-and fourth-tier cities, and the number of screens and single-screen box office have reached new highs.

The right to speak TV series is gradually transferred from the production organization to the broadcasting platform. With the rise of video platforms and the increasing proportion of customized dramas, on the one hand, production organizations are highly bound to creators, and actively realize highly stylized creative attempts; on the other hand, they establish a stable production and broadcasting relationship with platforms to realize efficient product output, which impacts the traditional pattern. The head production company market shows obvious differences, and the new generation creative companies hold up half of the market with a brand-new attitude.

2. Game industry

The game market has entered a mature stage. From the perspective of market size, the actual sales revenue growth in the domestic game market has slowed down significantly since 2018, and the actual sales revenue of self-developed games overseas has also declined for two consecutive years. From the scale of active households, in 2023, the number of game users in China was 668 million, up 0.61% year-on-year, and the number of mobile game users was about 657 million, up 0.38% year-on-year. Compared with the data of 526 million game users and 605 million mobile game users in 2018, the growth of users slowed down significantly. Judging from the game duration and willingness to pay, according to the statistics of the game industry report in 2023, the game duration of some users has decreased, and it is expected that the payment amount will also decrease accordingly; According to the "Analysis Report on the Trend and Potential of Game Industry in China in 2024" released by Gamma Data, in the latest user questionnaire, the proportion of users whose game duration has decreased has exceeded that of users who have increased, and the proportion of users who are expected to spend less on games in the future has also exceeded that of users who spend more.

The cost of game distribution continues to increase. According to DataEye data, in 2023, the number of games in mobile games reached 22,000, up over 10% year-on-year, and the amount of materials was 26.86 million, up 94% year-on-year. With the increase of exposure demand, the soaring number of products in investment and the decline of players’ consumption level, the buying end is more involuted, the competition is fierce and the buying cost is rising.

The small game market is growing rapidly. According to the Game Industry Report of China in 2023, due to the rapid increase of the realization mode of in-app purchase and payment, the market scale grew rapidly, and the annual revenue in 2023 reached 20 billion yuan, up 300% year-on-year. With the advantages of lightweight gameplay, a large number of enterprises began to choose to lay out small games through small game authentication and running mode, reaching more users through the characteristics of click-and-play and easy sharing fission, and realizing the transformation of mobile games.

(II) Company development strategy

As a state-owned listed cultural enterprise in Beijing, Wentou Holdings will closely focus on the positioning of Beijing National Cultural Center, strengthen the responsibility and responsibility of state-owned enterprises, take the mission of building a leading cultural content and channel enterprise, constantly strengthen the awareness of high-quality development, constantly consolidate the stock business through optimizing layout, deepening management and standardizing operation, fully promote risk resolution, explore innovative development models in line with industry laws and market trends, and enhance the company’s profitability and core competitiveness.

The cinema sector will focus on the existing cinema space resources, customer base resources, film and television distribution, the whole industrial chain resources of cinema, technology and channel resources, optimize the regional layout and management of cinemas, actively innovate, link up and expand new ecology, enhance internal management and risk control capabilities and support, and achieve the goal of orderly operation, efficiency improvement and performance competition of cinemas.

On the premise of controlling investment and risk, the film and television business will adhere to the realistic creative path around important time nodes and major themes, explore the creative direction of major revolutionary themes, major historical themes and major realistic themes, and create a "Beijing model" for the new era of Acura.

The game business will continue to deepen the core advantages of "quality products", enrich the game categories, explore excellent channels and operating companies, explore new modes of cooperation, build an ecosystem of research, development and transportation oriented to products, markets and users, gradually form a product matrix at the content end, and expand and enrich the income sources of the game operation business.

The company will continue to strictly implement the requirements of securities supervision, industry-related rules, regulations and policies, adhere to the correct orientation, bravely assume social responsibilities, and strive to achieve a stable, healthy and sustainable development pattern.

(3) Business plan

In 2024, the cinema sector will fully guarantee box office output and increase non-ticket income. Do a good job in arranging films in key slots, and at the same time strengthen the new media platform to attract customers, enhance the brand image and passenger flow transformation of studios, and increase the box office income of key slots. By optimizing the category and display of products sold, strengthening the standardized training of promotion and other measures, the customer’s willingness to consume will be increased and the sales income will be increased. Carry out cinema venue activities through cross-border cooperation, innovate the cross-border business model, and on the basis of the existing diversified position scene of "position income +VR+ technology", focus on exploring and trying more new modes and new scene opportunities such as "VR+ cinema+position", "VR+AI" and "AI+cinema+film and television" to expand the income of business cooperation. Strengthen the new media platform’s customer outreach function, increase customer base drainage and enhance brand awareness and reputation, continue to promote standardized and refined management of operations, and scientifically control various operating expenses.

(2) Film and television investment production and distribution business

The company’s film and television business will further focus on improving quality and reducing quantity, speed up the production and distribution of stock film and television projects, and successfully complete the announcement of "Beijing 2022". On the basis of ensuring the smooth operation of the business, we will focus on the content production of major themes and realistic themes, give full play to the advantages of platform resources of state-owned enterprises, strengthen cooperation and alliance with high-quality enterprises and industries inside and outside the industry, and strive to establish differentiated brands and enhance the influence value in the film and television industry.

(3) Game R&D and operation business

1. Effectively enhance the strength of self-research and develop multiple product matrices.

Implement the "high-quality and diversified" measures to achieve a double breakthrough in the quality and quantity of self-developed products. In 2024, we will continue to operate the game products of Siege Three Kingdoms and Siege the World, maintain and maintain the good cooperative relationship of existing channels, and actively expand new cooperative channels and overseas distribution channels. In terms of new product reserve, we will strive to complete the research and development of products such as "Strange Tales of Immortal Immortals" and "The War of the Three Kingdoms 2" (tentative name) on schedule. At the same time, according to the overall product strategy and market situation, formulate corresponding research and development plans and online promotion plans. In the future, we will continue to make diversified innovations in product types, themes, artistic expressions and gameplay, and strive to launch diversified boutique games with high quality and long life cycle to meet the needs of different types of players.

2. Expand the advantages of going to sea to help spread Chinese culture.

The company will further give full play to the first-Mover advantage in overseas markets, continuously expand the scale of overseas business by relying on the company’s game research and development capabilities and localized marketing capabilities, and at the same time integrate the excellent traditional culture of China in terms of game themes, content and gameplay, and promotional materials, and launch more excellent works with China characteristics, China spirit and China wisdom.

(D) Actively promote restructuring and improve the structure of assets and liabilities.

On February 19, 2024, the company received the Notice from Beijing No.1 Intermediate People’s Court (hereinafter referred to as "Beijing No.1 Intermediate People’s Court" or "the Court"). The creditors of the company applied to Beijing No.1 Intermediate People’s Court for reorganization of the company on the grounds that the company could not pay off the debts due to the applicant and obviously lacked solvency, but it still had reorganization value and reorganization possibility, and applied to start pre-reorganization of the company. On February 26th, 2024, the company received the Decision from Beijing No.1 Intermediate People’s Court on starting the pre-reorganization and appointing the temporary manager during the pre-reorganization period, and agreed to start the pre-reorganization and appoint the temporary manager at the same time. On March 1, 2024, in order to smoothly advance the company’s pre-reorganization and reorganization procedures, and restore and enhance the company’s sustainable operation and profitability, the temporary manager launched an open recruitment and reorganization of investors. On March 29th, 2024, the deadline for submitting the restructuring investment plan to the intended investors expired. A total of 22 intended investors (if two or more enterprises form a consortium to register, they will be regarded as one intended investor) submitted a binding restructuring investment plan, among which one intended investor has explicitly participated in the investment as an industrial investor. In order to strive for more favorable commercial conditions for the reorganization of the company, the company and the temporary manager are further conducting commercial negotiations with the intended investors. The company will actively promote the smooth implementation of this reorganization, substantially improve the company’s asset-liability structure, and protect the interests of the company and all creditors and shareholders to the maximum extent.

(E) divest inefficient assets and improve asset quality.

In order to improve the operating efficiency and market competitiveness of the company’s main business, the company will continue to promote the disposal and divestiture of inefficient assets and improve the overall quality of existing assets. In the cinema business segment, the company will further sort out and shut down loss-making stores while retaining high-quality cinema stores, and concentrate resources on high-quality stores to expand the market competitiveness of high-quality stores. The film and television sector will strengthen negotiations with project partners and collect film and television accounts receivable as soon as possible. The game sector will continue to give full play to the advantages of the company’s R&D and innovation capabilities, increase the exploration of new products and new business models, and create new business growth points. Foreign equity investment will accelerate the full withdrawal of existing projects, realize the depreciation of assets and complete the cash return through withdrawal.

(4) Possible risks

1. Risk of improper behavior of participants

The film and television project has a long cycle and involves a wide range of people. Once the main participants have negative events, the film and television project will be put on hold, unable to be released or increase the production cost, which will damage the project income and even make the company face default. The company will reduce the losses caused by the problems of the participants by strengthening the background investigation of the partners and strengthening the effectiveness of the binding clauses in the agreement.

2. Risk of changes in market demand

As a subjective nonstandard product, film and television products have unstable supply-demand relationship and high emotional value, so it is difficult to quantify the evaluation and judgment. But content quality is always the main criterion that can stand the market test. The company will combine its core competitiveness in subject matter and resources, and insist on creating high-quality content output with main theme.

The development projects of Jinniuhu Theme Park and E-sports Entertainment Industrial Park are tested by multiple factors in the market. For example, major changes in the future market are not conducive to the project operation, or major changes in market demand are caused by other uncontrollable factors, or the financing is not timely. The project may face the risk of failing to build according to the agreed schedule or even terminating the project, and the company may be required to bear the risk of related fines, liquidated damages and other expenses.

3. Industry regulatory policy risks

At present, the relevant government regulatory authorities attach great importance to the healthy development of the online game industry, and the supervision of the online game industry continues to increase, and the threshold for online game-related business qualifications and licenses has also increased. On December 22, 2023, the State Press and Publication Administration publicly solicited opinions on the Measures for the Administration of Online Games (Draft for Comment), and put forward specific requirements on the publishing and operation of online games and the protection of minors. In view of the uncertainty whether all kinds of new game products that the company will continue to develop in the future can pass the pre-approval of the competent authorities, such as the deviation between the company’s understanding of regulatory laws and regulations when reviewing the content of game products in the research and development process, or the fact that the content of game products in the future does not meet the requirements of current regulatory laws and regulations, or violates relevant regulations during the operation of game products, there may be compliance risks such as being ordered to rectify, punished or even terminated, which will have an adverse impact on the company’s daily operations.

4. Market competition risk

With the online game industry gradually entering a mature stage, the industry competition is becoming increasingly fierce, and the external competition is intensifying. At the same time, users of online games are becoming more and more mature, and the quality requirements of products are increasing day by day. The online game industry has formed a fierce competition pattern in terms of gameplay innovation, game operation and channel promotion. The head company has obvious advantages and the industry iteration speed is accelerated. Although the company has rich experience in game R&D and operation, it has a strong competitive advantage. However, with the upgrading of game products and the constant change of user habits, facing many competitors in the industry, the increasingly fierce market competition may make the company unable to adapt to the changes in market demand, strengthen its core advantages and expand market share. At the same time, the industry form and hot spots are rapidly changing, and the oligopoly pattern of resources such as users and channels is increasingly intensified. If the company can’t continuously develop new high-quality games and make use of various channels and technological research and development advantages to become bigger and stronger quickly, fierce market competition may have an adverse impact on the company’s performance.

5. Risks related to reorganization and pre-reorganization

(1) Whether the court accepts the company reorganization is uncertain.

Pre-reorganization is the pre-procedure for the court to formally accept the reorganization, and the court’s initiation of the company’s pre-reorganization does not mean that the company’s reorganization is officially accepted. As of the disclosure date of this announcement, the company has not received the legal documents of the court on accepting the reorganization of the company, and there is still great uncertainty whether the court accepts the reorganization of the company.

(2) There is uncertainty in publicly recruiting and reorganizing investors.

Although the intended investors have submitted a binding restructuring investment plan, the company still needs to negotiate the restructuring investment plan and sign a formal restructuring investment agreement. There is still great uncertainty whether the company can sign a formal restructuring investment agreement with the intended investors.

(3) Being warned of delisting risk and terminating listing risk.

The company is currently in the pre-reorganization stage. According to the Listing Rules of Shanghai Stock Exchange, if the court formally accepts the reorganization of the company, the company’s shares will be warned of delisting risk. If the company enters the reorganization procedure but fails, it will face the risk of being declared bankrupt by the court. According to the Listing Rules of Shanghai Stock Exchange, if the company is declared bankrupt by the court, the company’s shares will face the risk of being terminated from listing.

6. Warning of production and operation risks and possible delisting risks.

The audited net assets attributable to the owner of the parent company in 2023 are negative. According to Article 9.3.2 of the Listing Rules of Shanghai Stock Exchange, the company’s shares will be warned of delisting risk. If the financial indicators in the audited financial accounting report of the company in 2024 touch the financial mandatory delisting stipulated in the Listing Rules of Shanghai Stock Exchange, the company’s shares will face the risk of being terminated from listing.

7. The actual controller changes the uncertain risk of progress.

On March 1, 2024, the company issued the Prompt Announcement on the Free Transfer of the Equity of Indirect Controlling Shareholders and the Proposed Change of the Actual Controller. Up to now, this equity transfer is going through the formalities in accordance with the relevant requirements of state-owned assets management, and there is still uncertainty about the completion time of this equity transfer and the change of the actual controller of the company.

8. Litigation and debt risk

At present, the company is involved in many lawsuits, and there is a risk of asset loss caused by losing the case; At the same time, the company’s current outstanding debts are large. If the company’s reorganization fails, or the subsequent operation fails to be effectively improved, the company will have the risk of litigation, asset freezing and asset loss caused by the failure to pay off debts.

It costs 6000 yuan to turn on the air conditioner for 5 hours, and the sky-high air conditioner fee？

　　In the hot summer, dozens of children are preparing to carry out summer camp activities. However, it was only at the sultry activity site that I realized that the building didn’t have air conditioning on weekends, and it would cost 1,200 yuan per hour to open it alone, which was not included in the venue fee.

　　The activity lasted for 5 hours, and Ms. Hu, the organizer, had no choice but to pay 6,000 yuan, which was collected by the building property. After the event, her company complained to the property owner and the lessor of the venue to various departments: "The cost is too scary, it is simply sky-high, and the venue has not fulfilled its obligation to inform in advance."

　　Is it "sky-high price" to charge 6000 yuan for 5 hours? The person in charge of the payee said that its central air conditioner can’t be variable frequency, and it will start once the whole building is used.

　　Complainant/5 hours charge 6000 yuan. This is a lion’s mouth.

　　Ms. Hu works for an English training company named "Caiyue Fish". On July 28th, her company signed an agreement with Chengdu Wokejia Information Technology Co., Ltd. to rent the company’s site, namely the 17th floor of Building 10 of Tianfu New Valley in High-tech Zone, for activities.

　　On the morning of July 28th, Ms. Hu came to the activity site with dozens of children and dozens of foreign college students, and found that there was no air conditioner in the venue, so she asked Walker to turn on the air conditioner, but she was rejected. Ms. Hu introduced that she was told that the air conditioning fee should be calculated separately, 1,200 yuan an hour. "The staff of our company and its theory indicate that (air conditioning fee) is not included in the venue fee, and blame our company for not asking."

　　Considering the safety of the children and the fact that the activity can’t be dissolved temporarily, Ms. Hu had to compromise. She signed her name on an "application form", which said, "It’s five hours in all, and the total cost is 6,000 yuan". The payee is the building property owner, Tianfu New Valley Property Management Co., Ltd..

　　After the event, Ms. Hu’s company complained to several departments about Tianfu Xingu Property Management Co., Ltd. and Chengdu Wokejia Information Technology Co., Ltd. Ms. Hu believes that the former charges are too high, "it is simply a sky-high price, and the lion has to compromise"; The latter did not fulfill the obligation to inform and clarify the air conditioning fee in advance.

　　The venue/air conditioning is usually closed on weekends, and neither party mentioned this issue when signing the contract.

　　On the afternoon of July 30, the reporter contacted Ms. Chen, the relevant person in charge of Chengdu Wokejia Information Technology Co., Ltd.. "1,200 yuan an hour, we also feel expensive, and we can’t choose to open it on weekends. The property said that once the central air conditioning is turned on, the whole building will start." According to Ms. Chen, according to the regulations of the park, the central air-conditioning of Building 10 in Tianfu New Valley is normally turned on only from Monday to Friday, and it is usually closed on weekends. If it is to be turned on separately, it is necessary to pay the air-conditioning fee separately.

　　Ms. Chen introduced that her company often rents out the venue to other companies to engage in activities. "Some bosses have money and feel that thousands of dollars doesn’t matter. Some people think it is too expensive and simply don’t open it. We will provide several electric fans to cool down." Ms. Chen said that when "Cai Yue Yu" came to hold activities, her company also provided several electric fans, which have been considered for the children as much as possible.

　　Regarding Ms. Hu’s complaint, her company did not fulfill the obligation to inform and clarify the air-conditioning fee in advance. Ms. Chen said that because Ms. Hu is an old customer of her company, she did not ask about the air-conditioning, and Ms. Hu did not raise it. It was not mentioned in the contract between the two parties. "We didn’t say it on either side."

　　In this regard, Ms. Hu said that the cooperation between the two parties was in October last year. At that time, there was no problem of turning on the air conditioner. Because of the experience of cooperation, the two parties did not clearly specify in the contract that the participants were a group of children.

　　Once the property owner/central air conditioner is turned on, the whole building will start.

　　On the afternoon of July 31, the reporter contacted the relevant person in charge of Tianfu Xingu Property Management Co., Ltd. "First of all, it’s not hard to buy and sell. She (Ms. Hu) was also willing when she applied, and later she went to complain and asked for a refund. Secondly, there are no arbitrary charges, and we have detailed energy consumption calculations. " The person in charge said that she could not understand Ms. Hu’s move, because the activities organized by Ms. Hu actually used air conditioning, "energy consumption has gone out", so she did not return the money to Ms. Hu.

　　The person in charge said that in the property service contract signed between the property and the enterprises in the park, the original text stated that "the central air conditioning is not open on national statutory holidays and rest days (Saturdays and Sundays)". If there is a need, it needs to be communicated in advance and can be used after handling relevant procedures. "In this incident, after the customer went through the relevant procedures, we provided services as required."

　　Why do you charge 6000 yuan for five hours? The person in charge said that its central air conditioner is not a variable frequency air conditioner, and it will start once the whole building is opened, so the energy consumption is high.

　　Expert opinion

　　Both parties should have made an agreement in advance.

　　Is it reasonable to charge 6000 yuan for running central air conditioning for 5 hours? A senior industry insider told reporters that it is normal for a large office building that usually uses central air conditioners of "screw machine" and "centrifuge" types to spend thousands of yuan an hour. "Usually it is three-stage frequency conversion. If a company turns on, at least one third of the total power of the central air conditioner should be turned on. If several companies open together and reach or exceed one-third of the total power, it will consume two-thirds of the power. "

　　Yang Yifan, deputy secretary-general of China Refrigeration Society, said that there are different types of central air conditioners, and some of them have to be turned on all the time, so the power consumption is very high, while the power consumption with frequency conversion function is relatively small. It is necessary to check the area of the building and the power of the central air conditioner on the spot. "You can’t make a judgment until you arrive at the scene." However, Yang Yifan believes that the two sides should have reached an agreement in advance.

　　Lawyer’s perspective

　　The site has the obligation to inform the lessee of the air conditioning problem in advance.

　　Regarding the legal issues involved in this case, lawyers Zhang Shouyao of Sichuan Youtong Law Firm and Wang Dongju of Sichuan Xihang Law Firm all believe that the site has the obligation to inform the lessee of the air-conditioning problem in advance.

　　Lawyer Zhang Shouyao believes that there is a legal relationship between English companies and the venue. Although the two parties have not agreed on the sharing of the air-conditioning cost of the leased site in the contract, if the contract signed by both parties makes it clear that the leased site is engaged in group activities, and the participants of the activities are mainly minors, in view of the hot summer season, the lack of air-conditioning will inevitably lead to the failure of the lessee’s purpose of leasing.

　　Therefore, in addition to providing venues, we should ensure that the rented venues are air-conditioned and suitable for many minors to carry out indoor activities. If there is no explicit agreement in the contract, it shall be deemed as the contractual incidental obligation of the lessor. Including the lessor, did not inform the lessee of the air-conditioning problem in advance, which shows that the lessor itself is at fault. In this case, as a collateral obligation, the lessor should be the responsible party.

　　Lawyer Wang Dongju believes that if the venue is used for a long time, it should be clear about the situation and have the obligation to truthfully inform the organizer when providing the venue. Lawyer Wang Dongju, the property owner, believes that when the lessee’s request to turn on the air conditioner was rejected, the property owner clearly told him that if he wanted to turn on the air conditioner separately, he would continue to ask for the air conditioner. Under this premise, there is no big problem for the property management to charge the fee.

　　(Chengdu Business Daily-Red Star journalist Wang Tuo)

Mercedes-Benz female car owners’ rights protection incident： the case can be reconciled, and the root cause still needs to be dug deep.

　　CCTV News:New progress has been made in safeguarding the rights of Mercedes-Benz owners in Xi ‘an. In view of the financial service fees reflected by the owners, the Taxation Bureau of Xi ‘an High-tech Industrial Development Zone in State Taxation Administration of The People’s Republic of China went to the 4S shop of Lizhixing in Xi ‘an to conduct relevant investigation and evidence collection. On the 16th, the tax authorities responded that the financial service fee paid by Ms. Wang, the owner of Mercedes-Benz, was actually paid to a third-party company, which was actually a "guarantee" fee.

　　In addition, Beijing Mercedes-Benz Sales & Service Company issued a statement, apologizing again, and said that it would immediately suspend the sales operation of the authorized store. If the investigation results show that the dealer has illegal and non-compliant behaviors, its authorization will be terminated.

　　On the evening of 16th, Ms. Wang, the owner of Mercedes-Benz who defended her rights, and Xi ‘an Lizhixing Automobile Co., Ltd. reached a settlement agreement on car replacement and compensation (including an apology from Mercedes-Benz, replacement of a new car, refund of financial service fees, interior decoration upgrade, etc.), and the quality problems related to the vehicles involved have also entered the appraisal procedure.

　　With the in-depth media coverage and public attention, the rights protection of female Mercedes-Benz owners in Xi ‘an, Shaanxi Province is progressing in the direction that people expect. But at the same time, we should also see that there are many manifestations of irregular operation in 4S stores, and various pits for buying cars are not uncommon. In the past, the media also exposed the violations of 4S stores many times, and Ms. Wang’s experience is not a case. When consumption has become the main driving force of economic growth, how to make consumers more assured of consumption? In the end, the reconciliation between the two sides came to an end, but we are more concerned about how to avoid similar incidents from happening to others.

　　Cctv news micro-comment

　　4S stores frequently infringe on consumers’ rights and interests.

　　Once upon a time, the model of authorized franchise store (4S shop) was synonymous with excellent quality and excellent service. Brand car manufacturers review the qualifications of sellers and allow franchises, so that the products sold by 4S stores are free from counterfeiting and the after-sales service is more professional. However, in reality, 4S stores often lack the right to speak on the price of suppliers and manufacturers, so they can only find profit space for consumers, such as vehicle decoration, raising the price of cars, detaining vehicle certificates, etc., which makes consumers miserable. More importantly, due to the consideration of market share, there is often only one single brand 4S store in a certain area, and it is not possible to sell across regions among specialty stores. Lack of effective competition has led to frequent violations of consumers’ rights and interests, such as opaque fees and exorbitant prices.

　　In this case, consumers often become "self-seeking" when buying a car. Consumers are naturally happy when they meet qualified products. When it comes to a "problem car" with defective quality, consumers will spend a lot of time and struggle to open the "rights protection mode". At the same time, for the various charges and the so-called "one-stop service" and "car purchase package", consumers often look at the flowers in the fog and become sacrificial lambs.

　　Promote the listing of car purchases and services into reality.

　　From this point of view, the essence behind the phenomenon of cheating customers in 4S stores is the car sales model itself. Is there no way to solve this problem? In this regard, on the one hand, it depends on the strength of the regulatory authorities. I wonder if you still remember the various packages of mobile tariffs? Previously, there were many problems in this field, and there were many traps behind many package terms. However, after years of continuous efforts by the government, the results of transparency and standardization of package settings are obvious to all. This year’s government work report also clearly requires that the package settings be standardized so that the fee reduction is real and clear to consumers. Facts have also proved that the standardization of package setting is not a bad thing for enterprises, on the contrary, it also promotes the standardized development of operators.

　　If the field of mobile tariffs can be transparent, there is no reason why the field of automobile consumption cannot be done. All expenses are clearly marked, so that services can be listed and consumption can be listed, and they can be directly supervised online. The regulatory authorities also supervise the implementation at any time. If there are violations, heavy penalties will be imposed, which will inevitably help consumers to understand their car purchases clearly.

　　On the other hand, from the market point of view, some 4S stores can bully customers partly because a brand’s 4S stores are exclusive in a certain geographical area, so 4S stores have the bargaining power. With the development of internet plus’s automobile business, some brand automobile manufacturers have begun to implement the direct mode, such as Tesla, a typical electric vehicle manufacturer, which orders directly through the website, then delivers and picks up the car, and clearly marks the price. This model has been adopted by some emerging automobile manufacturers and may challenge the traditional 4S shop sales model in the future. If 4S stores don’t change and don’t improve the quality and level of service, it will inevitably push consumers to direct stores of manufacturers. If you harm consumers, you will be abandoned by consumers.

　　This incident can’t end with the solution of the case.

　　Generally speaking, the case of consumer rights protection is relatively easy to solve, and this incident has come to an end with reconciliation between the two sides. However, what consumers expect is that this incident can’t end with the solution of a case, and the whole industry must be promoted to carry out substantive changes through this incident. The difficulty is indeed not small, but in today’s context of promoting consumption and promoting high-quality development, this is an inevitable way to go. Consumption has become the first driving force for China’s economic growth, but from the current situation, there is still room for further development of the potential of consumption to promote economic growth. In China, not only in the field of automobile consumption, but also in other areas of consumption, there are problems of deceiving and slaughtering customers. Cleaning up these problems, so that consumers can spend with confidence, is itself cleaning up the roadblocks of high-quality economic growth in China. At the same time, making consumption transparent is also promoting fairness and indirectly improving consumers’ purchasing power. No matter from historical experience or international experience, consumers’ rights and interests are well protected, and even consumers are a little picky within the scope of law, which is conducive to promoting enterprises to improve product quality and service level.

　　Defending rights by "making trouble" is not a phenomenon that a society ruled by law should have, nor is it a phenomenon that a consumer economy should have. From this perspective, Xi ‘an Mercedes-Benz women car owners’ rights protection event should be an opportunity to really push China’s consumer market to a more legal and fair track, which is our original intention of paying attention to this event today.

　　Wen Yi, a special contributor to CCTV commentary, wrote for Mi.

Didi learns Huawei, and Tucki looks for an export.

The combination of Didi and Tucki is essentially that two technology companies have a clearer understanding of their self-positioning and goals in the face of the era of smart travel.

Author | Zhou Yiwei

Edit | peace of mind

What sparks can be sparked by the joint efforts of shared travel giants and new forces to build cars?

Didi Chuxing and Xpeng Motors gave the answer.

On August 28th, Didi and Tucki jointly announced that they have reached a strategic cooperation, and will make use of their respective superior resources to jointly promote the global application and popularization of smart electric vehicles and related technologies, so as to accelerate the landing of "universal access to technology and smart equality".

For this cooperation, Cheng Wei, chairman and CEO of Didi, and He Xiaopeng, founder of Xpeng Motors, personally participated in the negotiation and discussion on the details of the cooperation.

The founders of both sides not only paid enough attention to this cooperation, but also had high expectations and great dreams. As Cheng Wei said, "The two sides will continue to deepen cooperation in various fields and jointly promote the transformation of the transportation and automobile industries."

Didi is the largest shared travel platform in China, and Xpeng Motors is one of the first new forces to explore smart electric vehicles in China.

On the whole, the two sides can complement each other and get what they need. In essence, two technology companies have a clearer understanding of their role positioning and goals in the face of the era of intelligent travel.

Complement each other’s advantages and take what they need.

Specifically, the cooperation between Didi and Tucki mainly includes the following information:

On the capital level, Tucki will acquire Didi’s smart car development business, including research and development, design and engineering development of new smart electric vehicles.

Neither party involved in the transaction involves cash, and it will be completed in the form of additional shares issued by Xpeng Motors. Tucki’s upfront consideration is 3.25% of Tucki Class A common stock. After the gambling target is achieved, Didi’s shareholding in Tucki will be expanded to 5% at most. The highest total consideration of this acquisition is about 5.835 billion Hong Kong dollars (about 744 million US dollars).

In terms of business cooperation, Xpeng Motors will launch an A-class intelligent electric vehicle, the project code is "MONA", and there will be multiple SKUs, which are respectively for the B-end shared travel market and the C-end personal consumption market. The goal of "MONA" is to build a pure electric vehicle with high-level assisted driving capability in the price range of 150,000, and the XNGP capability based on the Boom 2.0 architecture in Tucki is standard.

"MONA" will be made and produced in Xpeng Motors and owned by Tucki, and mass production is expected to start in 2024. Didi will open up the ecology to Xiaopeng Automobile, provide business support for MONA, including intelligent cockpit, intelligent driving and shared travel market, and help Tucki to create explosions in the "150,000-level" price range.

According to the gambling terms set by both parties, the issuance of additional shares includes four stages in total: 58.16 million shares will be issued on the acquisition delivery date; Mass production vehicles began to deliver and issue 4.63 million shares; In the first phase, the delivery of new cars reached 180,000 units and 14.05 million shares were issued; In the second stage, 180,000 new cars were delivered and 14.27 million shares were issued.

That is to say, if the annual sales volume of "MONA" reaches 180,000 vehicles, and this goal is achieved for two consecutive years, Didi will get up to 5% of Xpeng Motors’s Class A common stock after the transaction is completed.

Why did Didi take the road of Huawei?

A few years ago, Cheng Wei, the founder of Didi, shared his prediction of future travel. He mentioned that there are three irreversible trends in the next 10 years: car sharing, new energy vehicles replacing fuel vehicles, driverless and intelligent times.

Cheng Wei believes that Didi is essentially a big data company and an artificial intelligence company. What Didi will do in the future is to resolve the contradiction between supply and demand among people, cars and roads in a specific period of time by creating super traffic AI, so as to make travel smarter and more efficient.

To make travel smarter and more efficient, we must not only have smart roads, but also smart and shared cars.

As early as 2017, smart transportation has become one of Didi’s strategic directions. They hope to reduce urban congestion by 20% through a series of smart transportation products and services.

How to make cars smart and shared? This road is not easy to walk.

In April 2018, Didi and 31 automobile industry chain enterprises jointly established the "Torrent Alliance". The members of the alliance include OEMs, spare parts manufacturers, new energy fields, digital map companies, and car networking.

With openness and empowerment as the core, Torrent Alliance hopes that all enterprises in the alliance can open and empower each other, discuss the design and standard formulation of shared new energy vehicles, jointly develop a new generation of vehicles designed for sharing, and promote large-scale operation.

Based on the idea of Torrent Alliance, in May 2018, Didi and LI established a joint venture company, and the two sides planned to customize and produce smart electric vehicles for shared travel scenes. However, the cooperation finally ran aground for various reasons.

In 2020, Didi and BYD jointly established a joint venture company-Wonderful Travel (Hangzhou) Automobile Technology Co., Ltd., which is dedicated to the design and research and development of online car. BYD holds 65% of the shares, and Didi accounts for 35%.

In November of that year, the world’s first customized network car D1 jointly built by Didi and BYD was officially unveiled. D1 Didi is responsible for product definition, styling design, car networking research and development, and BYD is responsible for OEM.

In 2021, D1 sold 10,176 vehicles; In 2022, the sales volume was less than 1,000 vehicles. In November 2022, this car officially began to be sold to individual consumers. It has only one model and the price is 157,800 yuan. Only 367 vehicles were sold in November last year.

A very important reason why D1 is difficult to get a car is that the price of similar car models on the market has dropped to 70,000-110,000. Although D1 has better service, the price of 150,000 is not competitive for drivers.

Since D1 is a customized model, BYD needs to open a separate production line for it. Low sales volume cannot reduce production costs. Reality has proved that the OEM mode is uneconomical and unsatisfactory.

Joint development and OEM models are not feasible. Is it feasible for Didi to build a car by himself?

Earlier, it was also reported that Didi secretly launched a car-making project in 2021, with the internal code name "Da Vinci". This year, Xiaomi and Baidu also announced the next car.

Today, Xiaomi and Baidu’s car-making projects are still struggling, and the smart car market has fallen into a bloody price war. The sluggish consumption has forced head brands Tesla and BYD to cut prices to seek sales, while other brands have to cut prices to survive.

In this environment, it is better for Didi to take a more efficient road than to build a car himself. After all, building a car requires a lot of money, which is a heavy burden for Didi, which is still losing money at this stage.

This time, Didi changed her mind. In essence, its cooperation with Tucki is to export its capabilities and ecology in a modular way, exchange resources for sales, make a big cake together, and achieve a win-win situation for both sides.

This is a bit like Huawei’s path. Huawei has always emphasized not to build cars, but to be an eco-brand, empowering other car companies with its technology and capabilities accumulated in the ICT field for more than 30 years and helping them build cars.

Tucki found sales export.

With this cooperation, Xpeng Motors founder He Xiaopeng made no secret of his desire for sales. He said that he is very optimistic about the sales competitiveness of MONA, with an annual sales volume of at least 100,000, and his expectation is much higher than this figure.

As early as August 18th, at the conference call of Xpeng Motors Q2 financial report, He Xiaopeng mentioned that he was confident that he had the ability to launch fully-automatic driving cars at the most mainstream level of 150,000, which would greatly promote the comprehensive popularization of intelligence. Because he has clearly seen the clear and achievable path and timetable.

From MONA, where Tucki cooperates with Didi, we can see the path and timetable that He Xiaopeng refers to.

MONA plans to start mass production in 2024. The reason why it is so fast is that before the cooperation between the two parties, Didi has already had a class A smart electric car with a very high degree of completion, and has invested billions of yuan in development in the early stage.

Tucki believes that this is a very attractive asset and the core of cooperation between Tucki and Didi.

In addition to the car-making business, Xpeng Motors became the first vehicle enterprise to receive full support from Didi’s ecosystem. The two sides will explore mutually beneficial and win-win long-term cooperation opportunities in various fields, including the operation of Tucki vehicles on Didi platform, brand marketing, financial and insurance services, construction of charging facilities, Robotaxi and international market cooperation.

In recent years, some cities have begun to promote the use of new energy vehicles in the network car, and the network car market is becoming the main sales market for new energy vehicle brands.

According to the data of the Ministry of Transport, by the end of last year, a total of 5.09 million people in the country had obtained the driving license of the network car, and a total of 2.118 million vehicles had obtained the transportation license of the network car.

The Interim Measures for the Management of Online Booking Taxi Management Services stipulates that the online car will be scrapped when the mileage reaches 600,000 kilometers. Some cities have also made requirements for the newly applied network car, which must be brand-new new energy vehicles, and the old and worn-out vehicles are blocked from the door.

This means that every 3-5 years, there is a demand for changing cars for millions of network cars. Previously, Ai ‘an, BYD, etc. all took a large share in the online car market, and became the mainstream brands in the online car market at a price of less than 200,000.

As the head network car platform, Didi has accumulated a huge number of C-end users and network car drivers. In the 12 months to March 31st, 2023, Didi’s travel business in China had 411 million annual active users and 19 million annual active drivers. All these will guarantee MONA’s sales.

And boosting sales is what Xpeng Motors needs most at the moment. From January to June this year, Xpeng Motors delivered a total of 41,400 vehicles, down 40% year-on-year. In the same period last year, Tucki delivered 34,600 vehicles, up 160% year-on-year. In the first half of last year, the delivery volume of Tucki ranked first among Wei Xiaoli’s three companies, and it was at the bottom in the first half of this year.

For Tucki, it is the last word to promote sales in an eclectic way. Judging from Tucki’s actions in the first half of the year, it did.

Starting from MONA, Xpeng Motors not only started the multi-brand strategy, but also started the ToB sales. Previously, Xpeng Motors reached a cooperation with Volkswagen, and Tucki sold technologies related to smart cars to Volkswagen.

In other words, Tucki can sell Tucki brand cars, or MONA or other brands of cars; Tucki not only sells cars, but also sells technology.

This is not inconsistent with Tucki’s positioning. From the beginning, it was positioned as "a technology company focusing on future travel, committed to exploring technology and leading future travel changes."

Socrates said, "Know yourself". He believes that the deeper and more comprehensive a person knows about himself, the less detours he will take; Therefore, knowing yourself is the most important topic in everyone’s life.

For an enterprise, why not?

ARCFOX polar fox is completely mad, suitable for young people

Although cars can improve the convenience of people’s travel, safety is still an unavoidable topic. Therefore, many car companies have begun to upgrade the safety of their models. Of course, for consumers, a car with complete active and passive safety configurations will be more popular. Many netizens left messages and wanted to see it. Today it came. So whether this car is a mule or a horse, let’s take a look at its actual performance.

Let’s take a look at the appearance of the polar fox koala S. The head style of the polar fox koala S looks calm and unforgettable. At the same time, the headlights present a rounded design style and look very young as a whole. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4500 mm * 1870 mm * 1655 mm. The car adopts simple lines, and the car body presents a fashionable and simple design style. With large-sized thick-walled tires, the shape is quite deep. Looking back, the rear of the car looks very sharp, and the taillights give people a very streamlined feeling, which is very atmospheric.

Sitting in the car, the interior design of the polar fox koala S is very avant-garde, which is consistent with the positioning of the car. The steering wheel design of the car is very fashionable and simple, and it is made of leather, which makes the grip full and delicate. Take a look at the central control. The car is equipped with a cool touch-sensitive LCD central control screen, which makes the interior design quite layered and conforms to the mainstream aesthetics. The interior feels good. Let’s take a look at the dashboard and seats. The dashboard of this car presents a fashionable design style and looks very delicate. The car adopts leather seats, equipped with functions such as electric seat adjustment and seat proportion tilting, which further improves the comfort of drivers and passengers.

The polar fox koala s is 120KW, the total torque is 240N.m, and the maximum speed is 160 km/h.

The space in the back row of the polar fox koala S is quite spacious, and there is a certain margin in the head and legs, which can be said to be more than enough for daily use. In addition, the car is equipped with anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), braking force distribution (EBD), traction control (ASR/TCS, etc.), main driver airbag, co-pilot airbag, front side airbag and other safety configurations.

This car performs well in terms of space and configuration. As for the design, everyone has everyone’s aesthetics. You might as well go offline to feel it more on weekends.

Haval’s second-generation big dog has been upgraded to OTA again, adding handcar interconnection

　　In December last year, after the first OTA upgrade of Haval’s second-generation big dog, it actively absorbed user feedback and suggestions. Users are very vocal about increasing the interconnection of handcars and expanding the ecology of cars and machines. In response to user expectations, Haval’s second-generation big dog recently launched the second OTA upgrade push, focusing on the interconnection of cars and machines, the application ecology, and the interactive interface of cars and machines. It also optimized the functions of car-machine navigation and voice interaction. Further enhance the intelligence level of vehicles and bring users a richer and more convenient driving experience.

　　New car-machine interconnection, application ecological expansion, Live smarter with a car

　　This upgrade has added handcar interconnection functions such as Hicar, ICCOA, and mobile screen projection. Via HUAWEI HiCar
4.0, car owners using Huawei mobile phones can achieve seamless connection of the handcar. After the first connection is completed, you can automatically connect the phone close to the screen later, which is easy and fast to operate. HiCar
The 4.0 system can display the first and second-level interfaces of the mobile APP on the same screen, processing information more efficiently. When you open Meituan and Dianping to find delicious food, you can quickly start the navigation with a simple shake of the mobile phone, which greatly enhances the experience of using the car.

　　In addition, ICCOA
The Carlink function supports the interconnection of handcars with Xiaomi, OPPO, vivo and other brand mobile phones, making connection delivery more flexible. The newly added mobile screen projection function allows wonderful video content to be delivered to the screen with one click, adding more fun to the driving journey. In terms of car and machine application ecology, the new application ecological expansion function allows users to download a variety of third-party apps officially listed on the shelves, covering multiple fields of video, music, and parent-child stories, and the in-car entertainment experience is upgraded simultaneously.

　　Silky interaction, Intimate navigation, Experience full evolution

　　The main interface of the car has been fully optimized, bringing a silkier operation feel. Users can change the wallpaper desktop according to their personal preferences, and quickly access common functions through the convenient card-style entrance. Click function has been added to the status bar, and custom function has been added to the shortcut function bar on the left, allowing mobile phone interconnection and car control interface to realize one-click switching. The APP icon supports long press and drag sorting, while the optimization of the lower ramen panel makes the car control operation more direct. The newly added return gesture function, just swipe in from the left and right edges of the screen to easily return to the previous menu, which greatly improves the intuitiveness and convenience of operation.

　　In terms of navigation, this upgrade brings more convenient improvements. Added functions such as last-mile walking navigation, WeChat interconnection, low-battery intelligent pile search, and voice historical destination navigation. WeChat interconnection function allows friends to share the location with one click and send it to the car, simplifying the navigation setting process. Low-battery intelligent pile search function, in pure electric mode, the remaining battery mileage value of pure electric can be set in the navigation, and the low-power reminder can be sent to the nearest charging station in time to ensure worry-free travel. Voice fast navigation historical address function, users can quickly navigate to the historical places they have visited through simple voice commands, such as saying "Navigate to XXX where I have been before" to quickly set the destination, making travel easier.

　　voice wake up Wider coverage , the start page can be set at will

　　The voice function is further expanded and the coverage is wider. It supports direct control of applications such as "Himalayan, Kuwo Music, USB Video/Music" through voice. After the user Keyword Spotting, he can say the visual elements in the dynamic serial number control interface, and uniformly support the "x-th" statement, making the command input more intuitive and fast. Support for playing local multimedia, such as saying "Play XXX on the U disk", which can respond quickly. Users can also check the status information of the vehicle by voice, including the fuel level of the meter, the driving range, the fuel consumption, etc., and even for PHEV models, they can also check the power and power consumption, providing an in-depth voice interaction experience. In addition, a "boot animation music" switch has been added, which can be selected whether to turn off the boot animation music, so that the driving can be started more freely.

　　The new OTA has now been launched, covering the fuel version and PHEV version of Haval’s second-generation big dog. This update will significantly enhance the intelligent driving level of the vehicle, aiming to bring users a more efficient and comfortable travel experience.

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H9 Max Family Karaoke Cinema： A Complete Family Entertainment Center

In recent years, driven by concepts such as "large-screen economy", "home economy" and "camping economy", projection is accelerating to replace TV in traditional households – according to the report "Monthly Tracker of China’s Smart Projection Retail Market" by Lotus Technology, in 2022, China’s smart projection market (excluding laser TVs) sales reached 617.80,000 units, an increase of 28.6% year-on-year, and sales reached 125.300 million yuan, an increase of 7.9% year-on-year.

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However, the projection market is growing rapidly, and there are many entrants in the industry. How to make uniqueness and differentiation is a problem that every brand needs to think about. Domestic cutting-edge intelligent projection brands continue to deepen the scene and look to the location of home entertainment centers.

On the basis of the popular new XIYING H9 Max, XIYING launched an upgraded version – XIYING H9 Max Home Karaoke Cinema, further targeting the two potential needs of home theater and home KTV, and upgraded the unique dual projection system, bringing users a new all-round intelligent projection for positioning home entertainment centers.

Anytime Karaoke, seconds to change the family KTV

A few years ago, KTV was the best choice for people’s leisure and entertainment, but now, young people are accelerating their abandonment of KTV. Busy lives make it difficult for people to gather, and short videos make people’s entertainment more fragmented, and it is difficult to spend a lot of time in KTV.

If you don’t go to KTV, where can you sing? Xi Ying tried to give an answer: the most relaxing and comfortable place – home.

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Xiying H9 Max Family Karaoke Cinema, with built-in genuine WeSing, integrates massive Karaoke resources. No installation and debugging is required, and you can enjoy the Family Karaoke Cinema immediately when you turn it on. Whether it’s a temporary KTV while camping, a family concert during a dinner party, or a duet with friends, with this device, the family KTV is instantly created and at ease.

In order to optimize the Karaoke experience, Xiying also launched a low-latency wireless microphone with an effective distance of more than 10 meters, a built-in professional-grade DSP chip, and intelligent noise reduction to process the human voice, making the singing cleaner and more ethereal, like the sounds of nature.

In addition, the H9 Max family Karaoke cinema also continues its unique floating screen design, relying on the NFC touch projection function brought by Hongmeng Zhilian, which can quickly project lyrics to this screen. Karaoke is not afraid to forget words and will not be interrupted.

With the H9 Max Family Karaoke Cinema, getting together at home in Karaoke is no longer a luxury, but a beautiful daily life that is readily available.

Immerse yourself in the movie, roam the ocean of light and shadow

When it comes to home theaters, people may still think that it takes tens of thousands of yuan of professional audio equipment to achieve it, but in fact, a H9 Max home Karaoke theater can also achieve it.

H9 Max family Karaoke cinema supports AI image quality enhancement and 4K ultra-clear video decoding, whether watching old movies or new dramas, the picture clarity, sharpness, color saturation and other aspects can be fully improved; the maximum support for 2.7 meters projection distance, can present 100 hours of giant screen effect, whether it is a large living room or a small bedroom, can present a cinema-level visual feast.

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In order to enhance the "sense of hearing", the H9 Max home Karaoke cinema also has a built-in cinema-grade subwoofer, equipped with two 8W treble units and 98mm heavy bass diaphragm, plus a 2 * 15W digital power amplifier, which brings the sound strength comparable to 10,000-level home theaters, making the drum sound elastic, the voice warm and transparent, and the details rich and durable. It realizes an immersive audio-visual experience that not only helps users sing aloud, but also clearly presents the dialogue and shocking sound effects in the film, allowing you to have an immersive audio-visual feeling.

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In addition, Xiying also joined hands with more high-quality content suppliers to introduce massive high definition film sources, built-in simple home theater system software, covering massive resources of mainstream video platforms such as Mango TV and Tencent Video, and supports third-party program installation to meet the content preferences of children, the elderly and other age groups – one machine in hand, enjoy the video resources present on all major platforms, no longer have to worry about finding high definition film sources, and arrange the content that everyone loves to watch.

Connect at will, become an all-round assistant

Xiying H9 Max Home Karaoke Cinema supports Huawei’s mobile phone NFC touch projection function, which can easily realize the screen projection interaction between the mobile phone and the projector, watch live broadcast, swipe short video, watch news, listen to music… These can all be enjoyed on Xiying H9 Max Home Karaoke Cinema; built-in system-level screen projection software, and further supports one-click screen projection of mobile phones, tablets, game consoles, etc., allowing a large number of devices to become a hundred-inch large screen in seconds and enjoy an enjoyable entertainment experience.

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In addition to being a family entertainment center, Xiying H9 Max Family Karaoke Cinema is also a generalist in creating smart family life for users – Dad’s remote video conferencing, which can be directly projected on the screen, easy to speak without stage fright; Children’s home online class, which directly projects a 100-inch large screen, can protect eyesight; the leisure and fitness of the elderly, with the support of ultra-clear image quality and ultra-high brightness, it is easier to see and practice movements. It can be said that whether it is a single rental, a sweet and significant other, a family of three, or four generations, Xiying H9 Max Family Karaoke Cinema can meet the needs of different users to the greatest extent.

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Overall, the H9 Max Home Karaoke Cinema, on the basis of doing a good job of projector, has further explored and advanced towards the status of home entertainment center – compared with traditional TV, its screen is larger, easier to move, richer functions, and diverse gameplay, perfect ecology, and strong expansion capabilities have made it an entertainment benchmark in the intelligent projection industry. The H9 Max Home Karaoke Cinema represents a new smart home lifestyle, opening up a revolutionary upgrade of the intelligent projection experience.

A-share pre-market broadcast ｜ The property market welcomes good news! The down payment ratio and the first interest rate should be lowered. In 2023, the ＂construction drawing＂ of state-owned enterpri

1. The property market is heavy! The down payment ratio and the first set of interest rates should be lowered, and the central bank and other departments will jointly make good profits.

Importance: ★★★★★★★

On the evening of January 5th, the People’s Bank of China and China Banking and Insurance Regulatory Commission established the first dynamic adjustment mechanism of housing loan interest rate policy. In cities where the sales price of newly-built commercial housing has decreased month-on-month and year-on-year for three consecutive months, the lower limit of the local first home loan interest rate policy can be maintained, lowered or cancelled in stages.

At the same time, Ni Hong, Minister of Housing and Urban-Rural Development, pointed out that those who buy the first house should be strongly supported. The down payment ratio and the first set of interest rates should be lowered. For the purchase of a second house, we should give reasonable support. Trade-in the old for the new, trade-in the small for the big, and give policy support to families with many children. For the purchase of more than three sets of housing, it is not supported in principle, that is, it does not leave room for speculative real estate speculators to re-enter the market.

Six departments, including Shenzhen Housing and Construction Bureau, issued the Work Plan for Promoting the "Transfer with Mortgage" Mode of Second-hand Housing in Shenzhen to promote the "Transfer with Mortgage" mode of second-hand housing and reduce the transaction cost of second-hand housing.

Tencent’s stock selection statistics show that the main funds have flowed into the top real estate stocks in the past week for readers’ reference only. The data shows that in the past week, China Merchants Shekou ranked first with a net inflow of 200 million yuan, followed by Vanke A, Digital Source Technology and Binjiang Group with a net inflow of more than 100 million yuan.

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2. In 2023, the "construction drawing" of state-owned enterprise reform was released, and eight key points of reform and development were clarified.

Importance: ★★★★★

On January 5th, the State-owned Assets Supervision and Administration Commission held a meeting of heads of central enterprises in Beijing. The meeting pointed out that in 2023, it is necessary to take advantage of the situation and organize a new round of deepening and upgrading of state-owned enterprise reform. Actively and steadily classify and deepen the reform of mixed ownership; Promote medium and long-term incentives to expand and improve quality. It is necessary to further promote the layout optimization and structural adjustment of state-owned capital, and formulate guidelines for the adjustment of layout structure in key industries such as energy conservation and environmental protection and construction. At the same time, it is necessary to increase investment in new infrastructure construction such as 5G, artificial intelligence, data center, satellite Internet, industrial Internet platform and Internet of Things platform.

3. What is the signal that foreign capital has bought more than 12.7 billion yuan and invested heavily in leading stocks such as Maotai?

Importance: ★★★★

Northbound funds bought 12.753 billion yuan yesterday. Wuliangye and Maotai, liquor "Shuangxiong", topped the list with net purchases of 1.532 billion yuan and 1.402 billion yuan respectively, while China Ping An, Contemporary Amperex Technology Co., Limited and Oriental Fortune were among the top net purchases.

It is worth noting that the data shows that since November last year, northbound funds have accumulated a net purchase of A shares of 109.06 billion yuan. In the near future, stocks including China Testing, qiaqia Food and Midea Group have been "snapped up" by foreign investors.

According to China, a brokerage firm, some analysts said that the inflow of northbound capital is often the forerunner of other capital inflows, and it does not rule out the expectation of incremental capital brought by the "spring agitation" in the market.

4. BYD "looks up" and "Easy Sifang" technology is concerned. These companies have a layout.

Importance: ★★★★

On January 5th, BYD held a brand-new high-end brand launch conference, and the first flagship off-road SUV and electric sports car were officially unveiled at U8 and U9. According to reports, looking up at the two models equipped with four-wheel independent wheel-side motors, BYD calls it "easy quartet" technology, which can output through four-wheel four-motor and steer without relying on steering mechanism, and can truly realize 360-degree steering in situ.

Wolong electric drive has technical reserves in related fields of wheel-side motors, and the company is developing a wheel-side motor for ZF. Hekang Xinneng has technical reserves in the field of wheel-side motors.

5. The electrolytic nickel project of Chuanqingshan Group has been officially put into operation, and the price of nickel has gone down sharply.

Importance: ★★★★

As of the afternoon closing of the domestic futures market on January 5, the main contract of Shanghai Nickel fell by more than 5.19% to 220,300 yuan/ton. In the past December, 2022, the monthly increase of the main contract of Shanghai Nickel was close to 17%. The price of nickel in the outer disk also dropped sharply overnight. As of the close of January 5, local time, the three-month nickel on the London Metal Exchange (LME) fell by more than 6%.

On the evening of January 4th, Beijing time, news came from the market: At present, the nickel electrowinning project of "Nickel King" Qingshan Group has been officially put into production, with a preliminary design capacity of 1,500 tons per month, which is produced by a new energy enterprise in Hubei, and some of its volume will be released in January.

6, 2499 yuan/bottle! Maotai Year of the Rabbit Zodiac Wine was officially launched, and digital collections were introduced for the first time.

7. Joint prevention and control mechanism in the State Council: On January 8th, mainland residents will resume to apply for travel and business endorsements to Hong Kong.

8. Does the IPO declaration of the main board set the industry "red and yellow lights"? Investment bankers: There are indeed new restrictions on some epidemic prevention enterprises.

9. The quotation of silicon materials dropped by nearly 40% in two months, and the organization judged that silicon wafers are expected to take the lead in stabilizing.

10. Passenger Association: It is estimated that the wholesale sales volume of new energy passenger car manufacturers in December will be 730,000.

Brother Optional reminds me that today, the new share Tianhong Lithium Battery of Beijing Stock Exchange is subscribed, and the new share Baili Tianheng of science and technology innovation board is listed.

1. At 10:00, the State Council held a press conference on doing a good job in Spring Festival travel rush’s service guarantee.

2. Monthly CPI rate of December in Eurozone at 18:00.

3, 21:30 US unemployment rate in December

4. At 21:30, the non-agricultural employed population in the United States after the seasonal adjustment in December.

After sorting out the investment opportunities concerned by the market, AutoBrother found that real estate, high-end innovative medical devices, and science and technology innovation board Company, a regional company in Shanghai, were highly concerned.

1. The Food and Drug Administration promotes the development and listing of high-end innovative medical devices. Many institutions are optimistic about Mindray and other stocks.

On January 5th, the National Conference on Drug Supervision and Administration was held in Beijing. The meeting pointed out that promoting the research and development of high-end innovative medical devices.

At present, China’s high-end medical devices are mainly divided into four categories: imaging equipment, therapeutic equipment, in-vitro diagnosis and implanted interventional products.

Tencent’s self-selected stocks have counted the list of medical device stocks favored by institutions in the past three months for readers’ reference only. According to the data, Mindray Medical ranked first among 29 institutions in the past three months, followed by Antu Bio, Kaijian Medical and Lepu Medical, which all received more than 12 institutional buy ratings.

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2. Shanghai bancassurance industry supports Science and Technology Innovation Center institutions to favor Shanghai local science and technology innovation board companies.

After the close of trading on January 5th, Kechuang Company welcomed a positive boost: The Action Plan for Shanghai Banking and Insurance Industry to Support the Construction of Shanghai Kechuang Center (2022-2025) was issued.

According to iFinD data, among A-share bank insurance companies, Shanghai is the province of Bank of Communications, Shanghai Pudong Development Bank, Shanghai Bank, Shanghai Rural Commercial Bank and China Pacific Insurance.

In addition, Tencent’s self-selected stocks have counted the list of companies that are favored by institutions in the past three months and belong to the Shanghai regional plate and are science and technology innovation board, for readers’ reference only. The data shows that in the past three months, Lanqi Technology ranked first among 22 institutions, followed by Paineng Technology, Zhongwei Company, Aohua Endoscope, Jingchen Co., Ltd. and Haoyuan Medicine, which all received more than 10 institutional buy ratings.

3. Automobile Association: It is estimated that the national sales volume of new energy passenger cars will be 730,000 in December, which is expected to hit a record high for passenger car manufacturers.

4. State-owned enterprise reform | State-owned Assets Supervision and Administration Commission: Organize a new round of deepening and upgrading of state-owned enterprise reform.

5. Network Security | National Network Information Office: Strengthen the construction of digital China and maintain network security and data security.

6. Meta Universe | Baidu will release the world’s first heavy product on the 10th, and the meta universe will be as popular as the website of PC era in the future.

7. The upstream price of photovoltaic | photovoltaic industry chain has dropped significantly, and the demand or volume of related consumables has dropped.

8. Ophthalmology | The Science and Technology Daily published a document saying that there is probably an eye tendency in Covid-19.

Guohai Securities believes that the degree of recovery of economic fundamentals is more about the height of the stock market’s rise, but the overall recovery of the market is a foregone conclusion; Essence Securities believes that the strategic allocation of military white horses focuses on aviation, aerospace and informatization.

1. Guohai Securities: The overall recovery of the market is a foregone conclusion.

Guohai Securities said that the A-share market is currently in an upward trend from the current market volume and long-short pattern. This process may be repeated, but the short-term inertia still exists, and the strong favorable expectations in the medium term are gradually being fulfilled. In the medium and long term, the degree of recovery of economic fundamentals is more likely to affect the stock market’s rise, but the overall recovery of the market is a foregone conclusion.

2. Founder Securities: The current valuation of the banking sector is at a low level in the past decade.

Founder Securities believes that the Central Economic Work Conference in 2022 clarified the tone of "keeping the word steady and striving for progress" in 2023, and it is expected that the policy effect of subsequent steady growth will gradually emerge. At present, the valuation of the banking sector is at a low level in the past decade, and the improvement of macroeconomic expectations will further promote the repair of the valuation. In terms of individual stocks, it is suggested to grasp two main lines. The first main line is the city rural commercial banks in high-quality areas; The second main line suggests paying attention to some high-quality joint-stock banks whose valuations have dropped significantly due to the impact of real estate risks since 2022.

3. Essence Securities: strategically deploy the white horse of military industry, focusing on aviation, aerospace and informatization.

Essence Securities Research Report said that in 2022, the CSI Military Industry Index fell by 25.74%, ranking 28th. The demand for the 14th Five-Year Plan was released rapidly, and the industry changed from high-speed growth to high-quality development: from focusing on R&D to light production, R&D and production went hand in hand. During the 13th Five-Year Plan period, national defense science and technology made breakthroughs in major scientific and technological projects, core key technologies and other fields, and the intergenerational differences in weapons and equipment have been filled, and the development of the industry has entered the stage of supplementing quantity from supplementing quality. The overall growth rate of the military industry is relatively fast, and the index performance does not match the growth rate. Strategic deployment of military white horse, focusing on aviation, aerospace, informationization, unmanned, new materials and so on.

On the positive side, the self-selected brother prompted to pay attention to the positive data of Kangxinuo mRNA vaccine; In terms of negative announcements, we are concerned that Zixin Pharmaceutical was filed by the CSRC.

Positive announcement

1. Kangxinuo: novel coronavirus mRNA vaccine CS-2034 has obtained positive data in a clinical study to evaluate the safety and immunogenicity of sequential strengthening.

2. Abison: It is estimated that the net profit in 2022 will be 180-230 million yuan, with a year-on-year increase of 501.16%–668.15%.

3. Zhenhua New Materials: It is estimated that the net profit will reach 1.22 billion-1.3 billion yuan in 2022, up by 195.70%-215.09% year-on-year.

4. Chemical Engineering of Ganhua: It is estimated that the net profit will reach 90 million yuan to 125 million yuan in 2022, up by 183% to 292% year-on-year.

5. Yuntianhua: It is estimated that the net profit will reach 5.8 billion yuan to 6.1 billion yuan in 2022, with a year-on-year increase of 59.26% to 67.49%.

6. Xinhua Pharmaceutical: The subsidiary company obtained the registration certificate of ibuprofen suspension.

Negative announcement

1. Zixin Pharmaceutical Co., Ltd.: The company and the original actual controller Guo Chunsheng received the notice of filing a case from the China Securities Regulatory Commission because of the alleged violation of information disclosure.

2. An Naier: The company and relevant personnel received a warning letter from Shenzhen Securities Regulatory Bureau.

3. Tom Cat: Wang Jian’s insider trading company shares received an advance notice of administrative punishment.

4. Infineon replied to the letter of concern of Shenzhen Stock Exchange: the rumors of company restructuring are untrue, and there is no inter-temporal adjustment of profits in the impairment of goodwill.

5. Energy-saving Guozhen: Changjiang Environmental Protection Group and its concerted action plan to reduce the company’s shares by no more than 5%.

6. Tengjing Technology: Shareholders intend to reduce their shares by no more than 3.8%.

Judging from the proportion of lifting the ban, the proportion of lifting the ban will reach 79.52% in the next five days, followed by Chuangyao Technology and Heyuan Gas. Judging from the market value of lifting the ban, shares such as Power Production Finance, Tianyue Advanced and Miaokelanduo are among the top in the market value of lifting the ban.

The optional brother suggested that "small non-agricultural" strengthens interest rate hike expectations! The three major stock indexes of U.S. stocks all fell by more than 1%, while China almost rose by more than 14% in three days, while Shanghai Multiplier Branch rose by more than 206%. New york gold futures prices closed down, while US WTI crude oil futures closed higher.

1. US stock market: US stocks closed down on Thursday. Economic data showed that the US labor market remained strong, which strengthened investors’ expectation that the Fed would continue to raise interest rates to curb inflation.

2. Chinese stocks: Most of the popular Chinese stocks rose on Thursday, and the Nasdaq Golden Dragon Index closed up about 1.6%. Shang Multiplier Branch rose over 206%, Zhifu Financing rose over 75%, Yingxi Group rose over 52%, Jianzhi Education rose over 50%, and Dada Group rose over 28%.

3. Precious metal market: new york gold futures prices closed down on Thursday, ending the previous four consecutive trading days of rising prices.
Gold futures for February delivery in the New York Mercantile Exchange closed down $18.40, or 1%, at $1,840.60 an ounce.

4. Crude oil market: US WTI crude oil futures closed higher on Thursday, partially recovering the losses caused by the previous two consecutive trading days. On Thursday, the us energy information administration (EIA) reported that the decline of crude oil, gasoline and distillate stocks in the United States last week was less than market expectations.

5. European stock market: Germany’s DAX30 index closed down 0.36% on Thursday, Britain’s FTSE 100 index rose 0.63%, France’s CAC40 index fell 0.22%, Europe’s Stoxx 50 index fell 0.37%, Spain’s IBEX35 index rose 0.54%, and Italy’s FTSE MIB index fell 0.14%.

This article is edited from "Tencent’s stock selection"; Zhitong Finance Editor: Wang Jie.