On August 24, Meituan (stock code: 3690.HK) released the second quarter and half-year results of 2023. The company’s revenue in the first half of the year was 126.582 billion yuan, an increase of 30.2% year-on-year; the adjusted profit was 13.151 billion yuan, and the adjusted net loss was 1.528 billion yuan in the same period last year. Meituan benefited from the recovery of consumption in the first half of the year, and the growth of various businesses was stable.

Among them, Meituan achieved revenue of 68 billion yuan in the second quarter of this year, an increase of 33.4% year-on-year, and the growth rate exceeded Quarter 1. Among them, the core local business in the second quarter increased by 39.2% year-on-year, also exceeding Quarter 1. However, restricted by cold chain and logistics expenses, Meituan’s new business revenue in the second quarter increased by 18.4% year-on-year, lower than the growth rate of the business in the first quarter.

"Thanks to the arrival of the traditional peak consumption season, the company’s various businesses achieved healthy growth in this quarter," said Wang Xing, CEO of Meituan. "With the local lifestyle market showing a good trend of steady recovery, we will continue to focus on the’retail + technology ‘strategy to meet the increasingly diverse consumer needs of users, and use technology to promote the efficiency of local commodity retail and service retail."

The recovery of core local businesses accelerated in the second quarter, growing faster than in the first quarter

In 2022, Meituan adjusted and updated the statistical caliber, and adjusted the original catering takeaway, to stores, hotels and tourism, new business and other sectors to core local business and new business.

After the adjustment, the core local business segments mainly include the original catering takeaway and delivery, hotel and tourism segments, as well as Meituan flash sale, homestay and transportation ticketing.

Meituan continued to focus on meeting local consumer demand. Driven by this, Meituan’s core local business achieved steady growth in the first half of the year, with revenue of 94.085 billion yuan, an increase of 32.6% year-on-year.

Among them, Meituan’s core local business revenue reached 51.20 billion yuan in the second quarter, an increase of 39.2% year-on-year. Operating profit increased by 34.8% year-on-year to 11.10 billion yuan, and operating profit margin was 21.8%.

Meituan Quarter 1’s core local business revenue reached 42.90 billion yuan, an increase of 25.5% year-on-year. Operating profit was 9.40 billion yuan, an increase of 100.7% year-on-year; while operating profit margin increased to 22.0% from 13.8% in the same period in 2022. Second quarter revenue growth was significantly faster than Quarter 1.

Meituan’s instant retail scene and richness continue to expand. In the second quarter, the number of instant delivery orders increased by 31.6% year-on-year to 5.40 billion orders. By strengthening supply and optimizing subsidy strategies, the stickiness between users and platforms has further increased. In this context, Meituan’s monthly takeaway orders reached a record high in August.

Stimulated by numerous holiday consumption and marketing activities in the second quarter, the online penetration rate of electronic products and home appliances in second- and third-tier cities accelerated significantly, and categories such as daily necessities, beauty and personal care, and maternal and infant products all showed strong quarterly growth.

Meituan’s "Little Yellow Light Health Guardian Alliance" plans to launch digital pharmacies that can see a doctor 24 hours a day to buy medicine in 1,000 counties this year, and is expected to meet the needs of county residents 100 million times this year.

The peak order volume of Meituan flash sale exceeded 11 million orders again in the second quarter, and the demand side in turn promoted the richness of the supply side on the platform. The number of active merchants in Meituan flash sale increased by 30% year-on-year.

Meituan helps serve the digital transformation of the retail industry. The number of new merchants entering Meituan takeaway in the quarter more than doubled year-on-year, of which the growth rate of brand merchants was particularly strong; the transaction volume of the wine and hotel business increased by more than 120% compared with the same period last year, and the number of annual active merchants and annual transaction users also reached a new high.

Meituan’s hotel and tourism business saw strong growth in the second quarter as the domestic tourism industry continued to pick up. "Hotel + X" package products were enriched for leisure travel and vacation scenarios. Deepen cooperation with more hotel brands to improve pricing power. Increase the supply of overseas hotels and expand the outbound travel customer base. In terms of homestays, enhance the experience of consumers and landlords, and better match demand and supply.

New Business Second Quarter Revenue Growth Slower Than Quarter 1

The new businesses mainly include Meituan Preferred, Meituan market, catering supply chain (fast donkey), online car-hailing, shared bicycles, shared motorcycles, power banks, restaurant management systems and other new businesses.

Meituan’s new business revenue in the first half of the year was 32.497 billion yuan, an increase of 23.8% year-on-year. The operating loss was 10.222 billion yuan, and the operating loss in the same period last year was 15.243 billion yuan.

Among them, the second quarter revenue of new business 16.80 billion yuan, an increase of 18.4%. Operating loss narrowed 23.5% year-on-year to 5.20 billion yuan, and the operating loss rate improved to 31.0%.

New business Quarter 1 revenue rose 30.1% year-on-year to 15.70 billion yuan. Operating loss narrowed 40.5% year-on-year to 5 billion yuan, while operating loss ratio continued to improve to 32.0%. From this point of view, the second quarter recovery of new business is not as good as Quarter 1.

In the second quarter, Meituan Preferred transaction volume and revenue continued to grow year-on-year, but the growth rate declined due to the lower-than-expected growth rate of the overall market. Operational efficiency improved significantly compared to the same period last year. Meituan Preferred revenue, recognized on a net basis, declined quarter-on-quarter, mainly due to higher subsidies, which led to lower average price of pieces.

Meituan’s quarterly operating loss widened quarter-on-quarter, mainly due to business expansion, increased subsidies to drive growth, spending on cold chain and logistics to cope with the upcoming hot weather, and seasonal product portfolio changes.

Meituan said that although it faces difficulties in optimizing its business model in the short term, it believes that the online process of groceries will continue, and remains confident in the long-term potential of Meituan Preferred. As of the end of June, Meituan Preferred has reached 470 million cumulative trading users.

Despite a high base in the same period last year, Meituan market recorded a solid year-on-year growth in the second quarter and achieved a higher market share. The proportion of transactions of standard products and private brands continued to increase, effectively increasing the frequency of users.

In June, Wang Huiwen resigned as a non-executive director of Meituan due to personal health reasons. Subsequently, Meituan announced the completion of the acquisition of 100% of the shares of domestic and foreign entities outside the light year, and the purchase price was about 2.065 billion.

In July, Meituan drone fourth-generation new models were released. Meituan drone has been operating in multiple cities such as Shenzhen and Shanghai, and has delivered nearly 170,000 orders in two years. The financial report shows that Meituan’s R & D expenditure in the second quarter increased to 5.40 billion yuan year-on-year.

Meituan’s sales and marketing expenses increased from 9 billion yuan in the second quarter of 2022 to 14.60 billion yuan in the same period in 2023. This was mainly due to the recovery in consumption and changes in the business environment, resulting in higher transaction user incentive, promotion and advertising expenses, and higher employee benefits expenses.

The company’s general and administrative expenses decreased from $2.50 billion in the second quarter of 2022 to $2.10 billion in the same period in 2023, mainly due to lower employee benefit expenses and improved operating leverage.

Meituan CFO Chen Shaohui said that in the first half of this year, the local life sector benefited from the vigorous growth momentum of commodity retail and service retail, meeting more new demand and creating more new supply. In the future, Meituan will further promote the digital upgrade of the commodity retail and service retail industry.

Chen Weicheng, Shell Financial Reporter, Beijing News

Editor, Chao Xu

Proofreading, Liu Baoqing

　　Mobile phone navigation, WeChat sharing location, finding maps of street food, etc., GPS in the United States has almost monopolized everything.

　　Nowadays, Beidou’s domestic layout is getting stronger and stronger, and GPS is about to step aside!

　　According to media reports, the Beidou satellite navigation system has entered the intensive launch stage of global networking, and the first phase of "National One Network" has been officially accepted, which can provide real-time dynamic centimeter-level precision positioning services in 21 provinces in China.

　　At that time, under the empowerment of Beidou, smart cities, autonomous driving, smart logistics, etc. will achieve large-scale commercial use.

　　Beidou Map APP, accurate to within 1 meter, accurate to specific lanes

　　According to the reporter from Shapingba District, Chongqing, the Beidou Map APP is expected to be launched on May 1, and its navigation function can be accurate to within 1 meter, allowing it to clearly locate specific lanes.

　　Beidou Map APP is a basic location-based service tool based on Beidou satellite precision navigation service, which can provide mobile, real-time positioning and navigation, as well as location-based clothing, food, housing, transportation and business information services for the majority of users.

　　According to the relevant person in charge of Beidou Internet of Things Company, "Beidou Map has intuitive and convenient road guidance, clear and clear voice prompts, and new road signs and actual road prompts for main and auxiliary roads, roundabout islands, and expressways, so that users can understand the route situation at a glance, and can calmly deal with complex road conditions." Beidou Map can also give intelligent route optimization suggestions according to actual road conditions to improve travel efficiency.

　　GPS is American.

　　There is a prestigious club in the world that has only four members, but it has attracted the attention of heads of state and the research of many top scientists and engineers. This club is GNSS (Global Navigation Satellite System). The four members are GPS from the United States, Galileo Galilei from Europe, GLONASS from Russia, and Compass from China.

　　Once upon a time, in the minds of ordinary users, GPS was a positioning and navigation system, and a positioning and navigation system was GPS.

　　But many people don’t realize that although users around the world can access it, the control and data of the GPS system still belong to the United States.

　　GPS, powerful as this

　　The older generation, such as my father who has been driving for more than 20 years, can be called an old driver. I remember riding in the car in elementary school and junior high school, and I always love to sleep. At this time, my father will wake me up and say:

　　"Stop sleeping, watch the road, what if you don’t recognize the road in the future?"

　　Unfortunately, more than a decade has passed, and I rarely get lost, even though my phone has a powerful navigation system.

　　And my father, who was very dissatisfied with me sleeping in the car, has completely given up the idea of persuading me in recent years and has happily used GPS.

　　GPS is mainly used for two purposes, military and civilian.

　　Military: Almost all aircraft, tanks, precision-guided missiles, and ships in the United States use GPS.

　　Civilian aspects: Without GPS, the navigation of mobile phones, WeChat, and APP will be paralyzed; the national power grid will enter an unstable state; autonomous driving technology, high-precision takeoff and landing autonomous navigation of civil aviation aircraft, and precision agriculture are all dreams.

　　The GPS system belongs to the United States, and over-reliance on GPS will inevitably lay hidden dangers. Such as GPS interference and deception.

　　GPS belongs to the United States, Beidou belongs to us.

　　In order to break the monopoly of the United States in this field, Russia and Europe have respectively built GLONASS and Galileo satellite navigation systems.

　　China Beidou is a new member, but also the most dynamic member, and Beidou has a huge impact on our lives!

　　One is the complex constellation system.

　　It is reported that Beidou has two unique featuresOffice:

　　Beidou is the only satellite navigation system that uses geostationary orbit, geosynchronous orbit and medium orbit. GPS, GLONASS, and Galileo all use medium orbit only.

　　The second is the short message system: Beidou’s receiver can communicate with the satellite and issue a 140-word short message, just like the "text message" that people usually use now, which can not only locate, but also display the location of the publisher.

　　In military terms, all the places where the US GPS can be used are in the direction of Beidou.

　　The performance of Beidou is no less than that of the US GPS.

　　What is "Beidou"? The beautiful woman scientist of the Chinese Academy of Sciences after 80 will analyze it for you

　　Hello, Big Dipper.

　　According to the surging coverage, at 01:56 on March 30, our country used the Long March 3B carrier rocket (and the upper stage of Expedition 1) at the Xichang Satellite Launch Center to successfully launch the 30th and 31st Beidou navigation satellites in the way of "one arrow and two stars". These two satellites are the seventh and eighth networking satellites of our country’s Beidou-3. China’s Beidou satellite navigation system has entered the intensive launch stage of global networking. So far, a total of 31 satellites have been launched, and it can provide services for global users in 2020.

　　The first phase of the construction of the Beidou ground-based enhancement system "National One Network" in our country has officially passed the acceptance, which can provide sub-meter-level precision positioning services nationwide and real-time dynamic centimeter-level precision positioning services in 21 provinces in China.

　　We can finally say goodbye to GPS.

　　Industry insiders said that it is expected that in the next three years, more end points such as mobile phones, bicycles, and wearable devices will use Beidou high-precision positioning services to empower urban management and bring convenience to people’s lives.

　　Unmanned courier

　　"Drone delivery is a typical Internet of Things application, and the core technology is location-based service." The relevant person in charge of Beidou Internet of Things Company introduced that the company has developed the world’s first Internet of Things module based on Beidou communication technology, which can make location-based services accurate to the centimeter level.

　　Network map, independent of graphics and text

　　You may not see the courier brother in the future~

　　Positioning vehicles with sub-meter accuracy

　　All vehicles engaged in road passenger transportation, travel bags, and dangerous goods transportation must be equipped with electronic positioning devices, so that the traffic management department can monitor the movement status of the vehicle, and the illegal driving behavior such as speeding and breaking the ban will be automatically alerted.

　　The previous GPS positioning accuracy was 10 meters, and it was impossible to distinguish lanes. Since September 2014, China has started the development and construction of the Beidou ground-based enhancement system, installing Beidou equipment in street light poles, signal towers and other places to form the Beidou ground-based enhancement system.

　　The Beidou ground-based augmentation system and space-based satellites cooperate to achieve real-time positioning accuracy below the meter level, and large trucks will no longer dare to occupy the overtaking lane for a long time.

　　The elderly and children were lost and found quickly

　　With the Beidou navigation system, the positioning watches worn by the elderly and children will be more accurate and sensitive. The positioning information is no longer "near a certain place", but may be accurate to which floor tile you stand on.

　　In case the bear child is naughty and runs away from home, this time he knows where to look.

　　No examiner driving test is coming

　　With the cooperation of ground facilities, Beidou’s real-time positioning accuracy has been much higher than GPS, which provides another business with technical means, that is, the examiner-free driving test based on the Beidou system.

　　The current driving test items such as reverse parking already have electronic monitoring, and the alarm will be called when the line is pressed, but the road test still needs an examiner. In the future, all driving exams may be completely replaced by the Beidou system, and the Beidou receiver will be installed on the test car. Whether it is reverse parking or road test, the system will accurately record the vehicle trajectory in real time and automatically score it, which will be more strict and fair than the examiner.

　　Deformation monitoring of huge buildings

　　Fixing Beidou equipment on huge buildings such as dams, bridges, and highways can more conveniently and accurately measure their settlement and deformation. The equipment automatically receives positioning information, accumulates a month of massive positioning data, and then performs differential calculations. The positioning data with accuracy below millimeters is counted, which is much more convenient and accurate than manual measurement.

　　Using Beidou for deformation monitoring can also send data from remote monitoring points directly back to the base through the Beidou SMS function, reducing manual collection, and automating positioning, differential decomposition, and data return.

　　Applications in fisheries

　　In order to make it easier to call for help in case of distress, fishermen will be equipped with GPS and maritime satellite phones when they go out to sea, but it is very expensive to maintain a maritime satellite phone.

　　After the Beidou network in the Asia-Pacific region, fishermen installed the Beidou satellite ship end point, a key for help after encountering danger, the end point will automatically send the rescue text message with positioning information to the shore rescue team through the satellite, realizing the function of GPS + maritime satellite phone.

　　Is this end point expensive? The government has taken out 100 million free Beidou end points installed for 10,000 fishing boats in Liaoning, Shandong, Zhejiang and Hainan, and the direct subsidy for subsequent installation is 90%. Fishermen only need to pay 10% of the money to install it.

　　Beidou satellite text messages cost 30 cents, which is much cheaper than maritime satellite phones!

　　Application in rescue

　　The short message service of the Beidou system can perform emergency communication in the event of disasters such as earthquakes and damage to base stations, and can also send its location to the outside world in the absence of a signal.

　　The Beidou-1 system played an important role in the Wenchuan earthquake.

　　During the 2008 Wenchuan earthquake, Beidou played an important role.

　　At that time, the Beidou first-generation system had the advantage of not being affected by the ground during the earthquake, and its positioning and SMS capabilities had fully played a role. It had become the most effective communication assistant for the rescue command force and frontline rescuers, maximizing the effective use of the "72-hour golden rescue time".

　　Let’s use a picture to understand

　　Beidou satellite navigation system

　　Are you shocked after reading it?

　　The applications of Beidou listed above

　　Just a small aspect.

　　In the future, it will affect our lives in every way.

　　Amazing, my country!

　　Make a call for Beidou~

On December 7th, Geely Automobile Holdings Co., Ltd. (0175.HK) released the latest sales data: the sales volume of passenger cars in November was 145,070, up about 7% year-on-year.

In November, the monthly delivery of krypton reached a new high, and the geometric pure electricity accelerated the destruction. The sales volume of the high-end series of Geely brand "China Star" exceeded 500,000, and the sales volume of Linke exceeded 800,000. Ruilan brand started the journey of globalization … High-value products continued to detonate the market, new energy products accelerated to the sea, and innovation drove the high-quality development of the group to a new level.

New energy sales continued to climb, and the monthly delivery reached a new high for five consecutive months.

In November, the sales volume of new energy sources (including Geely, Geometry, Lectra, Krypton and Ruilan) was 34,642, an increase of over 11% from the previous month. From January to November, the Group’s cumulative sales of new energy reached 284,177 vehicles.

Among them, the geometric sales volume of fashion Volkswagen pure electric series was 13,839, an increase of over 10% from the previous month. From January to November, the cumulative sales volume of Geometry reached 130,661 vehicles, a year-on-year increase of 186%. On November 7th, two new products, G6/M6, were officially launched, all of which came standard with the super-electric intelligent cockpit based on Harmony OS, and the price was 144.8-181,800 yuan in the limited time. Geometry is hand in hand with Huawei, and the top students of the two industries collaborate across disciplines, allowing mainstream users to touch the "smart ceiling" and create the best solution at the same level in the pure electricity market.

The brand-new trend technology brand is extremely strong in the high-end intelligent pure electric track, helping Geely to explore the high-end new energy vehicle market. In November, 11,011 vehicles were delivered, up nearly 9% from the previous month and over 447% year-on-year. Since the delivery was started in October last year, the cumulative delivery of Krypton 001 has reached 66,611 vehicles. Up to now, Krypton has reached a new high in a single month for five consecutive months, and the average order amount has exceeded 336,000 yuan. The world’s first original pure electric luxury MPV Extreme Krypton 009, as the second product of Extreme Krypton, has been officially released. Extreme Krypton 009 combines the luxury space of MPV, the strong safety of SUV and the excellent control of sports car, leading the field of six large luxury cars into the era of intelligent electric, and it is expected to be officially opened for delivery in January 2023.

In addition, the customized model developed for Waymo, a world-renowned driverless technology company, has been officially unveiled in the United States. The car is based on the ZEEKR M-Vision concept car and will be put into commercial operation in the United States. ZEEKR M-Vision concept car is built based on the vast -M(SEA-M) architecture, and will have mass production conditions in 2024. Vast -M architecture is the exclusive architecture for future intelligent travel, and it is also the first pure electric architecture specially developed for unmanned mobile travel in the world. It can be connected to intelligent driving systems at L4 level and above, and is compatible with a variety of unmanned technical solutions.

In the field of power exchange, Ruilan Automobile, a "power exchange light traveler", sold 7,355 vehicles, an increase of over 26% from the previous month. On November 4th, Ruilan 9, the leader of rechargeable and replaceable SUV, officially opened the global pre-sale, and the pre-sale price of the founding version was 199,800 yuan. Ruilan 9 is based on GBRC crystal architecture, equipped with rechargeable and replaceable capsule batteries. The cruising range of capsule batteries can cover 300-700 kilometers, and it has passed more than 100 performance and reliability tests, with three characteristics: long cycle life, high energy density and high safety. On the same day, 100 X3PRO of Ruilan Automobile were officially shipped to Azerbaijan, which also marked the official entry of Ruilan Automobile into overseas markets. In the future, Ruilan will continue to enter the automobile market in Russia, Chile, Uzbekistan, Mexico, Saudi Arabia and other countries.

China’s star sales exceeded 500,000, and the L Hi·P Raytheon extended-range electric SUV went on the market.

In November, Geely brand (including geometry) sold 108,544 vehicles; From January to November, the cumulative sales exceeded one million. Among them, China Star sold 25,899 high-end series vehicles, and the cumulative sales volume officially exceeded 500,000. Among them, Xingrui 2023 only this turquoise version won the 2022 International CMF Design Award, creating a new realm of perfect integration of pioneer technology and China classical culture.

On November 25th, Xingyue L Hi·P Raytheon extended-range electric SUV was officially launched. As a brand-new masterpiece of electrification development of Geely brand, Xingyue L extended-range electric version has achieved three electric modes of "pure electric, hybrid electric and extended-range electric", bringing users a subversive intelligent electric travel experience with a pure electric battery life of 205kmWLTC, a pure electric drive extended-range battery life of 1250kmWLTC and a speed of over 220 km/h..

In addition, Bo Yue L, the brand-new strategic flagship model of Geely brand, achieved a sales volume of over 10,000 in November. Since its listing on October 26, the cumulative sales volume has exceeded 18,000 units, which is a hot sale when it is listed. Bo Yue L and Xing Yue L form a double swordsman competing for the A-class SUV market, accelerating the comprehensive popularization of high-value products in Geely 4.0 era, and allowing users around the world to share the dividend of scientific and technological progress.

With the "tail-riding effect" gradually appearing at the end of the year and the enthusiasm of consumers for car purchase continuing to rise, the New Geely Good Car Festival will last for the whole of December, and will continue to offer profits on official platforms such as Tik Tok, JD.COM, Tmall and WeChat applet, thousands of authorized dealers in China, as well as several major automobile media. All models can enjoy the double-twelve-tax-paying activities, such as free purchase tax, plus 1 billion subsidies, to create a lasting "car honeymoon" for consumers.

Linke’s sales exceeded 800,000 new energy products and accelerated to go to sea.

Lexus sold 18,160 vehicles in November, an increase of over 10% from the previous month. This year, it has achieved a month-on-month increase for seven consecutive months. At the same time, since the establishment of the brand, the cumulative sales volume has officially exceeded 800,000 units.

On November 19th, the 800,000th complete vehicle of LECK brand-LECK 09 EM-P voyage edition off-line and LECK 09 collective delivery ceremony was held in Ningbo Meishan Factory. From 0 to 800,000 vehicles, it took less than five years for Link to become the fastest high-end automobile brand in China to break through 800,000 vehicles, which provided a new model for the high-end and global development of China automobiles.

Under the "Leadership Speed", Leadership accelerates the pace of globalization and continues to deepen the "European Strategy" and "Asia-Pacific Strategy". Milan Store, the 10th offline experience store in Europe, opened recently, and Linke continues to build an "experiential car retail community" to create a trend of "not just cars" with 150,000+European subscription members. On the first anniversary of the "Asia-Pacific Strategy", Lectra signed a distribution agency cooperation agreement with Ajabul Group to jointly explore the Saudi market. Lingke New Energy accelerated to go to sea, and in early November, Lingke 01 PHEV went to sea in Israel, achieving a zero breakthrough in the Asia-Pacific market for Lingke New Energy vehicles. Early next year, the Link Center in the center of Tel Aviv, Israel will officially open. In the future, Lectra will continue to lay out markets in Asia-Pacific countries such as Oman and United Arab Emirates, and its flagship product Lectra 09 will also sail out to sea, constantly creating new heights of brand value.

In November, Geely Automobile Group’s export sales continued to climb, reaching 18,633 vehicles, up about 43% year-on-year, and new energy products accelerated to the sea.

The sales volume in many markets increased significantly. Terminal sales in the Middle East market increased by 40% year-on-year; Terminal sales in Asia-Pacific market increased by 31% year-on-year; Terminal sales in the Latin American regional market increased by 64% year-on-year; Terminal sales in the African regional market increased by 44% year-on-year. In addition, from January to November, the market share of pure electric vehicle Geometry C in Israel EV market reached 24.3%, ranking first locally.

Overseas business continued to expand. In November, Geely Automobile strategically cooperated with Grand Automotive Group to enter the markets of Hungary, Czech Republic and Slovakia. Signed a contract with VCAG Group to expand the market of seven Adriatic countries and deepen the European market; Signed a distribution agreement with GBH Group to jointly develop markets in important African port distribution centers such as Morocco, C? te d ‘Ivoire and French Reunion.

In November, Geely Automobile Xi ‘an Factory became the first zero-carbon factory of domestic automobile enterprises; On December 2nd, Bo Yue L and Ji Ke 009 under Geely Automobile Group both won the "China Eco-car White Gold Medal Model" certification. Up to now, nine models of Geely Automobile Group have won this award, which is the car enterprise with the largest number of award-winning models. In the future, Geely Automobile Group will continue to promote the ecological layout of new energy, continue to explore ways to reduce carbon in the whole life cycle of supply, manufacturing and use, and create a Geely model for green and low-carbon sustainable development of the automobile industry.

  From November 10 to November 13, 2023, the 2023 Digital Technology Ecology Conference organized by China Telecom and many well-known enterprises at home and abroad was held in Pazhou, Guangzhou as scheduled.

  Digital Technology Ecology Conference is an important event for China Telecom Group to show the ecological development of digital technology. Over the years, Digital Technology Ecology Conference has not only become an important business card of China Telecom, but also set up a stage for the global intelligent ecological development achievements. The theme of this conference is "Revitalizing Digital Technology and Setting sail", which comprehensively shows the latest achievements of digital intelligence in all walks of life, and the prospect of cooperation between China Telecom and other enterprises to promote digital reality.

  As a long-term strategic partner of China Telecom, Huawei Terminal presented its latest terminal products, new M7 and full-scenario solutions in the exhibition area of this conference, so that the participants can deeply experience all the products of Huawei Terminal.

  In order to fully display its achievements in intelligent ecological development, Huawei terminal has brought three advantages of "no one has me": ultra-high-end terminal products such as HUAWEI Mate60 Pro satellite communication, intelligent driving in the new M7, and extraordinary master HUAWEI Mate60 RS; And the three scenarios of "people are superior to me": sports health, terminal government and enterprise and whole house intelligence.

Satellite call: connecting you with the world time.

  As the annual flagship of the return of Huawei’s king, the Pro version of HUAWEI Mate60 series has added many black technologies, and the experience has been comprehensively improved. Among them, the satellite call function not only brings huge sound volume to the product itself, but also forms the "intergenerational" advantage of leading the industry, which opens the prelude to the great development of terminal satellite communication.

  From Tianshan to Mobei, from virgin forests to snow-capped mountains and glaciers, from remote isolated islands to towering peaks, people can always reach places where signals cannot reach. In order to ensure the connection in these extreme scenarios, Huawei went deep into the "no man’s land" of the communication industry. After three years of long exploration, it formed a full-dimensional innovation matrix from hardware, radio frequency, antenna, software, testing to operation, and established the world’s first mass intelligent terminal satellite communication solution from scratch, which made the two-way Beidou satellite news shine into reality.

  HUAWEI Mate 60 Pro is the world’s first smart phone that supports Tiantong satellite phone and two-way Beidou satellite message. Through the satellite communication baseband and RF chip, it can provide two-way satellite voice call function. It is matched with Tiantong satellite system developed by China, and HUAWEI Mate 60 Pro+ also supports Beidou satellite short messages, which can be used to make and receive satellite calls and send short messages by satellite, which is equivalent to providing dual-satellite communication function. This means that users can keep in touch with the outside world and get search information without ground network signals.

  This remote satellite communication technology will bring real changes to people in emergency relief, scientific research and mountaineering exploration, so that you can be connected with the world at all times. In addition to mobile phones, HUAWEI WATCH Ultimate has also become the world’s first smart watch to support two-way Beidou satellite messages.

 　

Intelligent driving; At present, the first choice of intelligent driving model-the new M7 in the world

  With the continuous expansion of the smart electric vehicle market and the increasing demand of consumers for high-quality car experience, the development of the smart driving industry has attracted more and more attention. In order to let users feel the intelligent performance brought by intelligent driving, Huawei has set up a new M7 test drive exhibition area.

  In September this year, the new AITO M7 model jointly developed by Huawei and Celestial was officially launched. In the past Mid-Autumn National Day holiday, the popularity of the new M7 model continued to rise. The reason why the new M7 in Wenjie can detonate the current medium and large SUV market is also attributed to its super-strong and all-round product strength and super-high intelligent price ratio.

  Wenjie new M7 has outstanding performance in design, internal space, intelligent technology, performance and safety performance, which can meet various needs of users. In terms of appearance, the design is simple and elegant, and the lines are smooth, showing a strong sense of science and technology. The interior space is very spacious, and the seats are arranged in a 2+2+2 "six seats" or 2+3 "big five seats", which can meet the needs of different families.

  In addition, the innovative strength of the new M7 in the world has also brought a strong psychological impact to the experiencer. The far-ahead HarmonyOS cockpit system perfectly integrates our mobile phone and car, and can be continuously upgraded to bring more new functions and experiences; L2-level automatic driver assistance system provides drivers with a safer and more convenient driving experience; Super active and passive safety provides more comprehensive protection for passengers.

 　

Ultra-high-end terminal: smart and distinguished new experience

  As we all know, Huawei’s product system has been very rich, covering a wide range of categories and price ranges, and it is widely welcomed and praised for its super-high performance experience and product performance that directly hits user needs or pain points.

  At this exhibition, Huawei also opened up an ultra-high-end terminal exhibition area separately. The extraordinary masters of HUAWEI Mate 60 RS and HUAWE Watch Ultimate appeared in unison, attracting many media and crowds to watch.

  In this fast-paced modern society, business elites not only pursue Excellence, but also pursue products that can meet their high-quality life needs. The extraordinary master of HUAWEI Mate60 RS and HUAWEI Watch Ultimate Design are perfect partners to create extraordinary life. They can not only satisfy the high-end elite’s pursuit of quality life, but also bring unprecedented distinguished enjoyment and intelligent experience. Whether in business meetings or social occasions, it is the best choice to show your identity and taste.

  From the appearance, the extraordinary master HUAWEI Mate60 RS adopts the legendary star diamond design and applies the concentric design concept to embed the octagonal image module of the star diamond on the back cover, which gives a luxurious and clear visual impression. The nylon and plain leather materials on the ordinary version are replaced by ceramic materials, and two color matching versions are provided: red and black. Ruihong ceramics are precious and rare; Dark ceramic, deep and remote. On the basis of the second generation of Kunlun glass, the extraordinary master HUAWEI Mate 60 RS adopted basalt tempered glass technology to create basalt tempered Kunlun glass, which is super scratch-resistant and super tough.

  Like HUAWEI Mate 60 Pro+, the extraordinary master HUAWEI Mate 60 RS also supports Tiantong satellite calls. In terms of battery life, a 5000mAh battery is built in, which supports 88W wired super fast charging and 50W wireless super fast charging. In other aspects, the highlights such as the super spotlight main camera and the ark engine all highlight the high-end level of the extraordinary master of HUAWEI Mate60 RS.

  With the blessing of technology and demand, the smart watch industry is also moving towards high-end. The extraordinary master of HUAWEI WATCH ULTIMATE DESIGN integrates excellent design and luxurious materials, which not only leads the market once again, but also expands the new development of the smart watch industry.

  As Huawei’s first gold watch, it manually inlaid six sections of 18K gold on the nano-microcrystalline ceramic bezel, forming a gold-inlaid jade bezel. The butterfly clasp pioneered by Huawei is adopted, which fits precisely and can be easily adjusted up to 12 levels without disassembly. It also supports two-way Beidou satellite news, equipped with 100-meter deep diving technology, and supports 100-meter diving and various diving modes.

  Ingenious design technology, intelligent guardian without me, the extraordinary master of HUAWEI ULTIMATE DESIGN pays tribute to the "extraordinary master" of this era with the ultimate pursuit of products.

 　

  In addition to the above three advantages of "no one has me", Huawei has also brought three scenarios of "people have me": including bicycle/treadmill family sports interactive experience scenarios, operator customized health management packages and personal health (micro-physical examination). Sports health solutions and smart wearable products; Solutions such as quantum password customization terminal, occupational health big data management, paperless office, and trusted call focusing on government and enterprise services; And the whole house intelligent solution that focuses on the combination of four family core interactive scenes: family watching, family network, family care and smart security.

  As an important exhibitor of this conference, Huawei Terminal presented its flagship new products, sports health, government-enterprise solutions, smart home and the latest M7 products, which not only provided a great opportunity for consumers to experience many flagship new products at close range, but also once again highlighted Huawei’s advantages and strength in technology and products. It is believed that in the future development of digital technology ecology, Huawei will further exert its strength in the field of scientific and technological innovation, and join hands with relevant ecological partners to the next level.

　

 　

 　

 　

Every reporter Li Xing, Dong Tianyi, every editor Cheng Peng.　　　　

At 7: 00 pm on March 28th (this Thursday), Beijing Yichuang International Convention and Exhibition Center, Rongchang East Street, Yizhuang, Daxing District, Beijing officially launched Xiaomi Automobile, which attracted great attention from the whole network, with a total of 9 colors.Lei Jun also shouted out Yu Chengdong’s famous sentence "Far ahead" at the press conference-saying that Xiaomi’s car life is "far ahead".

"national business daily" Every headline reporter (referred to as every headline reporter or reporter) saw it at the press conference.LI Li Xiang, Xpeng Motors He Xiaopeng, Weilai Automobile Li Bin, Great Wall Motor Wei Jianjun, BAIC Group Zhang Jianyong and many other automobile industry leaders came to join us. siteAbout 1200 people witnessed the official listing of Xiaomi SU7, the first car of Xiaomi.

▲ Li Bin, Chairman of Weilai, He Xiaopeng, CEO of Tucki, Li Xiang, CEO of LI, Wei Jianjun, Chairman of Great Wall Motor, Zhang Jianyong, Chairman of BAIC, and other business leaders at the Xiaomi Auto Conference. Photo source: Photo courtesy of the company.

After all kinds of market quizzes, the price of Xiaomi automobile is yet we called and urged a thousand times before she started toward us! At the press conference, the price was finally officially announced. Lei Jun announced:

Xiaomi SU7 Standard Edition, priced at 215,900 yuan;

Xiaomi SU7 Pro version is priced the same as the new version of Tesla Model 3 Huan, 245,900 yuan;

SU7 Max, 299,900 yuan. The original price was 350,000 yuan, but the automobile market was too big, so the final price was 299,900 yuan.

Xiaomi SU7 has a long battery life, and the standard starting battery life is 700 kilometers under CLTC working conditions. Xiaomi SU7 Max version realizes 2s-class zero acceleration and 800km+ battery life at the same time.

▲ Image source: Live screenshot

Since then, Xiaomi Auto has officially entered the "Red Sea" of China auto market. Known as "Bao Shi Mi" (meaning that it looks like a Porsche), can Xiaomi’s car be as big as Xiaomi’s mobile phone? Can the price announced at present sell well? In the face of BYD, LI, Xpeng Motors and other "celestial groups", how does "Bao Shimi" rank among the first camp?

"Marketing strategy is worth learning from all new and old players"

Before the opening of the conference, Lei Jun recalled himself three years ago. "Building a car by Xiaomi will be my last venture, and I am willing to put my life’s reputation on the line and fight for Xiaomi Automobile." Lei Jun said frankly that this sentence not only brought him courage, but also put great pressure on him. "In the past more than 1,000 days, I have been afraid every day. Today it is finally time to hand in my homework. It is impossible not to be nervous." Lei Jun said.

And this top-down tension reached its peak before the press conference began. The hour hand was set back for 24 hours. On the evening of March 27th, the Beijing Yizhuang Xiaomi Automobile Production Base was still brightly lit at night, and the atmosphere of "preparing for war" was strong.

▲ On the eve of the conference, the office area of Xiaomi Automobile Production Base was brightly lit. Photo source: Dong Tianyi

Every eight hours after the headline reporter stayed here, the security personnel in the Ximen sentry box kept scanning everything outside the door, and any person and car who intended to approach might be "questioned". An olive-green millet SU7 was parked at the door. When the staff in the car saw the reporter take out his mobile phone, they quickly closed the door-24 hours later, the interior details of SU7 could not be decrypted.

"Don’t ask, don’t ask, we can’t say if we ask." On a row of trailers parked at the door, five millet SU7s are ready to go, and three of them are still covered with camouflage clothes. The trailer drivers told reporters that these cars "seem to be pulled for activities", but the specific location "can’t be said".

▲ Press conference site?pictureSource: Every reporter Li Xing photo

In fact, since the official announcement of the listing date of Xiaomi SU7 on March 12, since the evening of March 28, Lei Jun’s personal Weibo activity has increased rapidly, and he has intensively created momentum for the listing of Xiaomi SU7. As of March 27, Lei Jun has released nearly 50 related contents and videos about Xiaomi SU7, factories, manufacturing processes, etc., including the video of "Lei Jun answers questions from netizens" in five episodes, and the mystery of Xiaomi SU7 has also been separated with Lei Jun’s explanation.

▲ Guest at the press conference Source: Live video screenshot

"This is worth learning from all new and old players. That is, a well-planned and rhythmic marketing strategy. Use the appeal of Xiaomi brand and Lei Jun to guide consumers to look down and go down step by step along the purchase funnel. At the same time, the rhythm of marketing is also very strong, which pushes up the attention of the market step by step, never stays cold, keeps freshness and heat, and finally pushes it to the climax of listing. " On March 27th, Mei Songlin, a senior analyst in the automobile industry, said in an interview that the marketing process of Xiaomi Automobile, from technology to production, to products and finally to price, from inside to outside, from connotative technology to denotative products and prices, guides consumers to accept their products and prices more naturally.

"Just like we cook and eat, if we put the dishes on the table directly, it will feel like a common meal. If people who eat pay attention to the careful preparation of dishes, the cooking process and the addition of various seasonings, this meal will be particularly different and cherished. " Mei Songlin told reporters.

For Xiaomi SU7, Lei Jun emphasized that it was Xiaomi’s painstaking efforts more than once. On the eve of the launch of the new car, Lei Jun wrote in the Weibo, "If everyone feels good, please encourage more; If you feel bad, please point out that we will definitely listen carefully and work hard to improve, but please spray lightly. "

The standard version has a comprehensive cruising range of 700 kilometers.

Different versions are equipped with Contemporary Amperex Technology Co., Limited and BYD batteries respectively.

▲ XiaomiSU7Four kinds of hub tire combinations pictureSource: Xiaomi Auto Official Weibo

According to Lei Jun, the standard version of Xiaomi SU7 has a comprehensive battery life of 700 kilometers under CLTC working conditions. With the same 19-inch wheels, the battery life of Xiaomi SU7 standard version directly exceeds the long battery life version of Model 3. Xiaomi SU7 Max has a battery life of 810 kilometers, which is the only pure electric vehicle in China that can achieve 2-second zero-speed acceleration and over 800 kilometers battery life.

At the beginning of research and development, Xiaomi set a goal: to be the fastest production car within 500 thousand yuan, and to have the best driving experience within 500 thousand yuan. "Xiaomi Automobile wants to build’ Dream Car’ comparable to Porsche and Tesla’." Lei Jun stressed.

On March 28th, before Xiaomi SU7 went on the market, the reporter visited a 2S store in Beijing and learned that Xiaomi SU7 will be equipped with Contemporary Amperex Technology Co., Limited’s ternary lithium battery and BYD’s Ferrous lithium phosphate blade battery on different models.

▲ Beijing Daxing Xiaomi 2S Store Image source: Every reporter Li Xing photo

In Lei Jun’s view, intelligence is the soul of a car, and intelligence is Xiaomi’s strength. "Intelligent driving is an emerging track that Xiaomi Automobile focuses on. The company will continue to invest in the direction of self-developed intelligent driving technology in the whole stack, with the goal of entering the first camp in the industry in 2024." Lei Jun said.

At the press conference on the evening of March 28, Lei Jun was rightXiaomi automobileOur goal is to become the top five automobile manufacturers in the world through 15 to 20 years’ efforts.

Is it an explosion when it goes public?

Expert: There is a tough battle to be fought.

After the price is announced, the competitive environment of Xiaomi Automobile is instantly clear, and the challenges it will face are more certain.

On the one hand, it is the space pressure brought by the overall market trend. According to the latest data released by the Association, in February this year, the output, wholesale volume, export volume and retail volume of pure electric vehicles in the domestic new energy vehicle market.compare to the same period of the previous yearBoth showed a double-digit percentage decline. Looking back on the past year, the market share of pure electric vehicles in the domestic new energy vehicle market has dropped from 70.7% (March 2023) to 56.5% (February 2024).

▲ Image source: official website

It is worth noting that the sales volume of the pure electric car market where Xiaomi SU7 is located is the most obvious decline. According to the data of the Federation, in February this year, the sales volume of domestic pure electric cars was about 129,400, down 26.1% year-on-year and 43.3% quarter-on-quarter. Even based on the data of the whole year of 2023, the data of the Association show that the total domestic C-class pure electric car market last year was only about 254,000, and the penetration rate was only 1.2% of the overall market, with a year-on-year growth rate of 15 percentage points lower than the broader market.

On the other hand,Some people think that the overall growth rate of the market slows down and overlaps the narrow subdivision track, or firmly locks the development upper limit of Xiaomi SU7. The car market "Red Sea", which has gathered many powerful players such as Tesla Model 3, BYD Han EV, Kyk 007 and Tucki P7, has a high market concentration, which makes it more difficult for Xiaomi to break through.

According to official data, the direct benchmarking model Tesla Model 3 of Xiaomi SU7 sold about 147,000 vehicles in 2023, which is equivalent to the existing planned production capacity of Xiaomi automobile production base. The monthly sales volume of BYD Han EV is stable at around 10,000 vehicles; The "Geely" Galaxy E8, brand-new Krypton 001 and Krypton 007 cover the price range of 170,000 ~ 330,000 yuan. According to Jason Lin, vice president of Krypton Intelligent Technology, the monthly sales of Krypton 001 and 007 will hit 10,000 vehicles in April this year.?

▲ Lei Jun presented Wei Jianjun (right), Chairman of Great Wall Motor, with a Xiaomi su7 enterprise for the picture.

▲ Wei Jianjun, Chairman of Great Wall Motor, presented Lei Jun with a tank 700Hi4-T.?Photo courtesy of enterprises

More crucially, the above-mentioned models not only have the first-Mover advantage, but also have the scale effect and cost reduction potential. For example, the gross profit margin of Tesla bicycles was the lowest in recent years in the fourth quarter of 2023, but it was still 16.6%; After the baptism of last year’s price war, BYD’s gross profit margin of its automobile business increased, reaching 23.02%, up 2.63 percentage points year-on-year; Although Krypton has not successfully turned losses, its gross profit margin of the whole vehicle has reached 15%. With the continuous increase in the number of models with vast structures, the cost advantage brought by the high universal rate of parts will be further released.

The gross profit level and scale advantage are undoubtedly the decisive ability in the current price war competition. Statistics show that since late February, about 10 car companies have successively lowered the prices of their models. The price adjustment models are mainly pure electric and hybrid models, and the prices are concentrated in the range of 100,000 ~ 200,000 yuan, with the highest drop of nearly 15%, reaching 30,000 yuan.

In this context, many netizens ridiculed that the pressure was given to Xiaomi Automobile. "Recently, many friends have asked, the current industry competition is very fierce. Is Xiaomi Auto confident to open the market? Of course, we have confidence, because we are Xiaomi Automobile and we are fully prepared. " Lei Jun publicly responded that.

According to the goal set by Lei Jun, the sales target of Xiaomi automobile production car in the first year of delivery is 100,000, and it has entered the first camp of the industry; Through 15 to 20 years’ efforts, Xiaomi Automobile will become the top five automobile manufacturers in the world. "I am particularly worried that when it comes to fire, everyone will not buy it. What is even more worrying is that if everyone comes to buy it, it will take a year or two, and it will definitely be miserable. " Earlier, Lei Jun said in an interview with CCTV News.

Not only Lei Jun, but also Xiaomi automobile terminal sales are full of confidence in Xiaomi SU7 sales. A few days ago, when the reporter visited the offline store of Xiaomi Automobile, some sales said that he was not worried about the sales of Xiaomi SU7, but worried that if the pricing of the new car was particularly cost-effective, it would be difficult for the store to undertake. "If this car sells too well, I am afraid that the production capacity will not keep up, which will make consumers wait too long." The above salesperson explained.

However, for Xiaomi SU7, Mei Songlin, a senior analyst in the automotive industry, gave a different answer. "Xiaomi is a user-oriented enterprise, and the success of its products must be based on an accurate and thorough understanding of target users and target markets. But for Xiaomi, the automobile market is a brand-new market. Xiaomi also has a process of trial and error, learning and iteration, which is unlikely to be achieved overnight. " Mei Songlin said.

In fact, Xiaomi has entered the smart phone market since 2010. At present, it is the top three mobile phone companies in the world and the largest consumer-grade AIoT platform in the world. Whether it is OS, AI or robots, it has accumulated very comprehensive technical capabilities. These capabilities will be gradually applied to automobiles, and "smart driving+smart cabin+ecology" will become the technical commanding heights for Xiaomi automobile to participate in the competition.

Mei Songlin also admitted that in addition to the natural advantages of the new Internet forces, Xiaomi is good at both software and hardware, and has a strong ecological advantage. Relying on its growing ecosystem, it is possible to establish a vertically integrated industrial chain similar to BYD. But all success must be based on a thorough and accurate understanding of the target users and target markets.

Professor Ji Xuehong of north china university of technology also said in an interview that the current industry is in the second half of the intelligent development of automobiles. Although Xiaomi Automobile has certain advantages in intelligent hardware, and has formed certain user reputation and brand reputation, it is very difficult for Lei Jun to lead Xiaomi Automobile to break through in the increasingly competitive intelligent electric vehicle market. At least a few years after Xiaomi entered the market, there was a tough battle to fight.

Establish a "1+N" new retail model

Expert: It will reduce the cost input.

Like all car companies, Xiaomi Automobile practiced the strategy of "channel first", and when Xiaomi SU7 appeared at the end of last year, it simultaneously opened the channel layout.

On December 28, 2023, Xiaomi Group officially signed a letter of intent for cooperation with the first batch of 14 sales and service partners in Beijing headquarters, and issued the "Open City Recruitment Plan". The first batch of open cities included 17 cities including Suzhou, Chongqing, Ningbo and Nanjing. The recruitment type is Xiaomi Automobile Sales and Service Integrated Store (2S), and its functions include new car agency sales and authorized after-sales service, but it does not include the functions of vehicle resale and vehicle delivery. "Xiaomi’s automobile sales model fully integrates the experience of Xiaomi Group’s new retail system and creates an industry-leading new retail model for automobiles." Xiaomi Automobile said that Xiaomi Automobile’s sales, delivery and service channels give priority to the head market in the "1+N" mode and are distributed nationwide in batches.

▲ Image source: Xiaomi Auto official Weibo

It is reported that "1" stands for Xiaomi Auto’s self-built and self-operated delivery center, which focuses on delivery and covers the business of "sales and after-sales service". "N" stands for agent sales and user service contact. "The construction of sales stores and the construction of after-sales service network belong to heavy asset investment. Xiaomi Automobile will divest these two parts and put them on the traditional dealer side, which can not only use the advantages of traditional dealer channels to quickly increase sales, but also decompose capital investment and reduce input costs." Yan Jinghui, a member of china automobile dealers association Expert Committee, said in an interview.

According to Zhou Jingxia, assistant president of Shandong Yuantong Automobile Trading Group, this marketing model of Xiaomi Group can give full play to the resource advantages and network layout advantages of traditional dealers. Reducing the 4S mode to 2S mode can loosen the traditional enterprises, reduce the pressure of heavy asset management, mobilize the enthusiasm of enterprises, stimulate the vitality of enterprises and reduce their own operating costs.

Thanks to the first layout of the channel, Xiaomi Automobile can synchronize the first batch of tasting activities when setting the time for listing Xiaomi SU7. On March 25th, 59 stores and 17 limited-time exhibition halls in 29 cities across the country, a total of 76 stores started the static tasting of new cars at the same time, but it was limited to watching the appearance of Xiaomi SU7, and it was forbidden to open doors for internal experience and appreciation.

On March 26th, the reporter visited a 2S shop of Xiaomi Automobile in Beijing and learned that the Xiaomi SU7 exhibition car will be unlocked after 7 pm on March 28th, and the final decision and test drive will be started simultaneously. At that time, Xiaomi SU7 could not accept the user’s intention money.

On the occasion of the official operation of the first batch of stores of Xiaomi Automobile, Lei Jun has begun to openly solicit opinions from netizens for the site selection of the second batch of cities. "We collected everyone’s opinions, sorted out the candidate list (the list of 20 candidate cities), and asked everyone to help us choose 10 cities. We immediately chose the site for construction." On March 22nd, Lei Jun wrote in Weibo that.

From the outside world’s point of view, Xiaomi Automobile quickly laid out its channels throughout the country, which is conducive to expanding the user contact area of its products and preparing for its rapid increase in volume in the later period.

Everbright Securities believes in its research report that although Xiaomi entered the automobile market late, it is still possible to enjoy the advantage of backwardness. In addition, Xiaomi’s brand, user base, offline store channels, ecosystem and sufficient cash flow will all reflect its competitiveness.

He Xiaopeng, chairman and CEO of Xpeng Motors, once said that Lei Jun has a great chance to make good use of Xiaomi’s advantages. "Xiaomi Auto seems to be the last new force to build a car." He Xiaopeng publicly stated at the committee of 100 Forum on Electric Vehicles in China (2024) held on March 16th.

Lei Jun’s "Last Battle"

Three years ago (on the evening of March 30th, 2021), when Lei Jun shouted "Fight for Xiaomi Automobile", he showed his determination in last stand. At that time, Lei Jun said, "This is the last major entrepreneurial project in my life. I am willing to put all my reputation in life and personally lead the team to fight for Xiaomi Automobile!"

▲ On March 27, at the entrance of Xiaomi Automobile Production Base, Xiaomi SU7 was ready to be shipped. Image source: Photo by reporter Dong Tianyi.

Since the official announcement of the listing date of Xiaomi SU7 on March 12, and the evening of March 28, Lei Jun’s personal Weibo activity has increased rapidly, and he has intensively promoted the listing of Xiaomi SU7. As of March 27, Lei Jun has released nearly 50 related contents and videos about Xiaomi SU7, factories, manufacturing processes, etc., and also released a video of "Lei Jun answers questions from netizens" in five episodes.

From the video of "Lei Jun answers questions from netizens", Lei Jun sat in Xiaomi Automobile Factory, and publicly responded to Xiaomi SU7 pricing, vehicle positioning, how to treat Apple’s termination of car-making, the advantages of Xiaomi’s car-making, and the comparison of Xiaomi’s car-making with Tesla and Porsche.

On March 25th, Lei Jun said frankly in his personal Weibo, "In the past three years, I have been trembling every day, experiencing various difficulties and challenges. But there has always been a voice in my heart: forward! "

In fact, many people outside said they did not understand Lei Jun’s announcement that Xiaomi would build a car across the border and make it the last battle of his life. "Extending from smart phones to smart cars is the dream of all mainstream mobile phone manufacturers in China, and Xiaomi is no exception." On March 27th, Mei Songlin, a senior analyst in the automobile industry, said in an exclusive interview with every headline reporter that Xiaomi’s original ecology only lacked cars. Once people, cars and smart products are all available, its ecological advantages and comprehensive competitive advantages in the value chain will be further highlighted. Not only that, Xiaomi’s main competitor Huawei made cars across the border, which also promoted Lei Jun’s determination to lead Xiaomi to make cars to some extent.

Lei Jun had previously admitted in CCTV’s "Genting Dialogue" program that it was a forced decision for Xiaomi to build a car. "If you want to be a great company, you must follow the wind. At that time, the slogan was to develop smart electric vehicles." Lei Jun said that smart electric vehicles have become the integration of the automobile industry and consumer electronics, so it is a forced decision to build a car with Xiaomi. "If you don’t do it, you will fall behind."

After deciding to build a car, Lei Jun has been studying, researching and learning the advanced experience of various car factories, and has personally been to many car factories for investigation and study. It is reported that Xiaomi Automobile Factory set the engineer’s office in the middle of the workshop with reference to Mercedes-Benz Automobile Factory. In this way, the problem can be seen at a glance and the speed of dealing with the problem will be faster.

In November 2021, Xiaomi Automobile officially settled in Beijing Economic and Technological Development Zone, and planned to build a vehicle factory in two phases, with an estimated production capacity of 300,000 vehicles. The first phase covers an area of about 720,000 square meters with an annual production capacity of 150,000 vehicles, which was completed in June 2023. The second phase is scheduled to start in 2024 and be completed in 2025.

It is reported that Xiaomi took out $10 billion at the beginning of the decision to build a car as a cash reserve for building a car in the next decade, of which 10 billion yuan was invested in the first phase. The 2023 financial report released by Xiaomi Group (HK01810, share price of HK$ 14.94, market value of HK$ 372.7 billion) shows that the R&D expenditure of Xiaomi increased from 16 billion yuan in 2022 to 19.1 billion yuan in 2023, a year-on-year increase of 19.2%, mainly due to the increase in R&D expenditure related to smart electric vehicle business and other innovative businesses.

On December 18 last year, Lei Jun revealed that the first car of Xiaomi Automobile invested 3,400 engineers as a whole, and the entire R&D investment has exceeded 10 billion yuan.

Lei Jun said that the average car company has invested 300-400 people in building a car, and the R&D expenditure is 1-2 billion yuan, but Xiaomi is "more than ten times the investment". "There is no shortcut to the century-old track. I knew from the first day when I announced the car. We only have one way, that is, starting from the underlying core technology, investing 10 times, seriously building a good car, and being patient." Lei Jun said.

Planning |He Qiang Cong Gang Fan Wenqing

Reporter |Li Xing Dong Tianyi

Edit |Du Hengfeng, Yiqijiang, Cheng Peng

Vision |Liu qingyan

Typesetting |Yiqijiang

| national business daily ?nbdnews??Original article |

Reprinting, editing, copying and mirroring are prohibited without permission.

　　Recently, the General Manager’s Office of the Central Radio and Television General Station officially authorized Yangguang Media Group Co., Ltd. (hereinafter referred to as "Yangguang Media Group") to exclusively operate the broadcast frequency live stream of the General Station in the car networking system. This means that the existing radio frequencies owned, controlled and managed by the main station and the new radio frequencies in the future must be connected to the car-playing service (including live broadcast and delayed listening) through the "cloud listening" car system or through cooperation with Yangguang Media Group.

　　"Cloud Listening" is a new national 5G sound media platform launched by the Central Radio and Television General Station (hereinafter referred to as "the General Station") in March 2020. It is the only audio client under the General Station and bears the important mission of the strategic transformation and integration of the General Station’s broadcasting.

　　"Cloud Listening" began to lay out intelligent networked automobile business from the beginning of its launch, and jointly developed car networking products with mainstream automobile manufacturers and solution providers to meet the different listening needs of users in travel scenarios.

　　"Cloud Listening" leads the industry standard with high-quality content, and promotes the standardization of the mobile audio market. It continues to lay out multi-terminal and full-application scenarios such as mobile phones, cars, tablets and smart wearable devices, and provides users with high-quality sound products and services such as radio stations, audio books and audio programs.

　　This exclusive operation authorization will have a far-reaching impact on the standardized development of the intelligent networked automobile industry. In the future, only through the cooperation of "Yunting" or Yangguang Media Group can the live broadcast stream of the main station broadcast frequency be connected to the car networking system of the car brand and the after-loading car networking system developed by the after-loading product company, which is expected to end the situation that the radio station of the car networking system was used indiscriminately in the past and ensure the car owners to enjoy the rights and interests of safe and standardized content services.

　　In recent years, the main station has continuously increased its efforts in the protection and management of copyright assets, standardized the copyright market and communication order of the Internet audio-visual industry, and made full use of its own content copyright advantages to support the independent platform to become stronger and bigger. As early as 2019, the General Station issued the "Statement of the Central Radio and Television General Station on Strengthening the Protection of Copyright Assets", which clarified the copyright scope of the General Station, and said that it would strengthen the monitoring and maintenance of its copyright assets, take all effective measures according to law, and resolutely crack down on any infringement of the legitimate rights and interests of the copyright assets of the General Station.

　　The person in charge of "Yunting" said that the next step will be to continuously strengthen the platform construction, make full use of, develop and operate the audio content resources of the main station, organically combine copyright protection and operation, extend the audio content value of the main station, and enhance its influence, communication and market value. At the same time, it will give full play to the advantages of the new media platform of the main station with an open and integrated attitude, accelerate the cooperation process with car manufacturers and solution providers, promote the signing cooperation with radio stations all over the country, and provide high-quality broadcast live streaming and audio products and services for car companies and car owners.

　　Recently, the real estate market has received more attention. On the one hand, the growth rate of real estate loans continues to decline, on the other hand, mortgage interest rates in various places have increased to varying degrees. How will the regulatory policy be promoted? Will mortgage interest rates continue to rise? In response to the above hot topics, the reporter interviewed a number of industry experts.

　　Supervision and intensive inspection of real estate financing

　　Since the beginning of this year, under the main tone of the policy of "housing and not speculating", real estate financing has continued to tighten. The report on the implementation of monetary policy in China in the second quarter recently released by the People’s Bank of China shows that by the end of June, the balance of real estate loans of major financial institutions (including foreign capital) in China was 41.9 trillion yuan, up 17.1% year-on-year, and the growth rate was 1.6 percentage points lower than that at the end of March. Among them, the balance of individual housing loans was 28.06 trillion yuan, up 17.2% year-on-year, and the growth rate was 0.3 percentage points lower than that at the end of March.

　　These changes in the field of mortgage are closely related to regulatory policies. In May, the Ministry of Housing and Urban-Rural Development issued an early warning to Foshan, Suzhou, Dalian and Nanning, where the price index of newly-built commercial housing and second-hand housing has increased significantly in the past three months, and some cities with overheated property markets have stepped up regulation. Affected by this, mortgage interest rates in a few popular cities rebounded.

　　According to the latest monitoring data released by Rong 360 Big Data Research Institute, the average interest rate of the first home loan in July was 5.44%, equivalent to 1.11 times the benchmark interest rate, up 2 basis points from the previous month; The average interest rate of second-home loans was 5.76%, up 1 basis point from the previous month. From the data point of view, the national mortgage interest rate level rebounded in the second half of the year.

　　In the second half of the year, the trend of stricter supervision became more obvious. At the end of July, the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting to plan the economic work in the second half of the year, and made it clear that the house should be used for living, not for speculation, and the long-term management mechanism of real estate should be implemented, and real estate should not be used as a short-term means to stimulate the economy.

　　Subsequently, the regulatory authorities acted intensively, tightening real estate financing from banks, trusts, open market bonds and other aspects. Recently, China Banking and Insurance Regulatory Commission launched a special inspection of bank real estate financing, focusing on the management of real estate development loans and land reserve loans in 32 cities, and severely investigated and dealt with all kinds of illegal acts of diverting funds into the real estate industry.

　　While the financing of real estate enterprises has been significantly tightened, the supervision of personal housing credit business has also been further strengthened. The recent symposium on the adjustment and optimization of credit structure of banking financial institutions held by the central bank proposed to maintain a reasonable and moderate growth of personal housing loans, and it is strictly forbidden to use consumer loans for buying houses illegally. China Banking and Insurance Regulatory Commission began to check the implementation of differentiated credit policies of banks, implemented the minimum down payment ratio and loan restriction policy requirements, performed the assessment and inspection of the authenticity of down payment funds and the solvency of loan applicants, and focused on investigating the misappropriation of personal comprehensive consumer loans, business loans, "down payment loans", credit card overdrafts and other bank credit funds in the real estate sector.

　　Interest rates in many places have risen to varying degrees.

　　It is worth noting that the monitoring data of Rong 360 Big Data Research Institute shows that the trend of mortgage interest rates in first-tier cities and second-tier cities in July is quite different.

　　Among the first-tier cities, the mortgage interest rates in Beijing and Guangzhou were the same as last month, while the average level in Shanghai and Shenzhen declined. Among them, many banks in Shanghai lowered the mortgage interest rate, which led to a decrease of 7 basis points in the first home loan interest rate in Shanghai, second only to Haikou, making it the second largest city in China. In second-tier cities, mortgage interest rates in several popular areas have risen. Among them, Suzhou, Hangzhou, Ningbo, Dalian and Changsha have accelerated the frequency of adjustment, and have recently raised the mortgage interest rate more than once, and some banks have tight quotas and even suspended accepting mortgage business.

　　In this regard, Ceng Gang, deputy director of the National Finance and Development Laboratory, thinks that we should look at it differently. First of all, not all urban mortgage interest rates are rising, which shows that policy regulation is accurate, because normal credit should exist. Secondly, it is not necessary to increase the mortgage interest rate. The key is to block the illegal entry of funds into the real estate sector.

　　"In the environment of tightening policies, commercial banks tend to be cautious about personal housing loan business." Dong Ximiao, deputy dean of Chongyang Financial Research Institute of Renmin University of China, said that after the large-scale credit supply in the first half of the year, the credit line was relatively small in the second half of the year, and an appropriate increase in interest rates would help banks improve their income level. At the same time, in recent years, the leverage ratio of China’s residential sector has risen rapidly, and real estate financial risks are accumulating. Raising the loan interest rate will help commercial banks to better guard against housing loan risks.

　　Dong Ximiao said that in the case that the market liquidity is still reasonable and abundant, although the interest rate of individual housing loans may be further raised, the increase will not be too large. "However, different banks have different positioning for personal housing loan business, and the credit resources invested for this purpose are quite different, so there will be obvious differentiation in the loan interest rate. It is expected that the personal housing loan interest rate of large commercial banks will maintain a moderate upward trend." He said.

　　Implement differentiated housing credit policies

　　"In combination with recent policies, banks will adjust their credit structure in the future to reduce the credit resources occupied by the real estate industry and invest more credit funds in manufacturing, small and medium-sized enterprises and other fields encouraged by the state." Li Wanfu, an analyst at Rong 360 Big Data Research Institute, said.

　　At the same time, industry experts believe that commercial banks should continue to implement differentiated housing credit policies. Dong Ximiao said that we can start from four aspects. First, adjust the total amount of loans and reasonably determine the total amount of personal housing loans of banks; The second is to adjust the loan price and raise or lower the interest rate of individual housing loans; Third, adjust the loan conditions, tighten or relax the loan qualification conditions (including loan qualification and loan term) of the main body of the house purchase; The fourth is to adjust the down payment of loans and control the leverage ratio of buyers.

　　"In the next step, we should comprehensively use the above four means according to the different purchase areas and subjects, combining quantity and price, adjusting the total amount and price, meeting the rigid demand and restraining investment speculation, focusing on the present and guiding expectations, and implementing the differentiated housing credit policy." Dong Ximiao said.

　　Regarding the strict investigation of "down payment loan" by the regulatory authorities, Ceng Gang said: "Down payment is one of the means of bank risk control, because self-owned funds are an important standard to measure repayment ability. If the customer’s down payment is borrowed, then the bank’s risk exposure will be great. "

　　In addition, some experts have warned that paying attention to the entry of credit funds into the property market should not only focus on commercial banks and consumer finance companies. Various Internet lending platforms monitor the flow of funds less, and the proportion of entering the property market may be higher.

　　"We should continue to intensify the clean-up and rectification of various Internet platforms, and strengthen the monitoring of their lending business in terms of lending purposes and capital flow." Dong Ximiao said that monitoring the flow and use of credit funds is a long-standing problem for both financial institutions and Internet platforms. Relevant institutional measures should be revised to incorporate fictitious loan purposes and misappropriation of credit funds into the credit information system, increase the illegal cost of borrowers, and curb the illegal flow of personal credit funds into the property market from the source.

　　(Reporter Qian Wei Intern Zhang Ziyue)

Emotion is a part of the whole attitude, which is in harmony with the introverted feelings and intentions in attitude. It is a complex and stable physiological evaluation and experience of attitude. Emotion includes moral sense and value sense, which are embodied in love, happiness, hatred, disgust and beauty.

Emotion is a feeling for others.

A dependence on the soul.

It is also a law of nature.

But all living creatures have feelings more or less.

Generally speaking, you can’t live without worldly desires. Emotion has always been elusive, and it is really puzzling where love and hate come from and what is the meaning.

I’m afraid I’ll fall into the endless trap of "the meaning of life" if I don’t always struggle, so let’s talk simply and don’t involve ourselves.

Let’s talk about how emotions are generated first. From the biological point of view, it is probably that some chemicals produced in our bodies stimulate the cerebral cortex, so we show corresponding emotions. But why do we say "happy" and "sad", as if we should say "brain opening" and "brain injury"? That’s beside the point. Then, why do we produce these chemicals for certain things is also a big problem. Metaphysics, absolute metaphysics.

But there is a saying that existence is reasonable. In fact, many things are like this. We insist on a reason, but we can’t get a conclusion. Then let him be the reason, and let’s talk about the meaning.

My answer is that emotion is the pillar of our survival. Like a person, hate a person, miss a person, chase a person … or simply, it doesn’t have to be "a person". In a word, many sections of life are born of emotions and finally return to them.

Emotion: the feeling produced by the interaction between life phenomenon and human heart.

The objective aspect of emotion: Life phenomenon contains emotion, which can be felt by human brain.

Subjective aspects of emotion: first, even if they live the same life, beautiful people and ugly people feel different about life; Second, when being stimulated by negative emotions and in a bad mood, the ability to feel emotions drops.

Therefore, emotion is determined jointly by life phenomena and people’s hearts, and cannot be determined by one party alone.

Emotion is a relatively fixed attitude towards reality, which is manifested in various experiences related to people’s personality and moral experience.

We often say the word "feeling", for example, a pair of lovers broke up on the grounds that they had no feelings for each other; Another example is: I am numb, and I have no feeling about life. Feeling is the emotion felt from the phenomenon of life, which is determined by both the phenomenon of life and the human heart.