BYD (002594.SZ) handed over its best report card since its listing.

On the evening of January 29th, BYD released its performance forecast for 2023. During this period, the company realized a net profit attributable to shareholders of listed companies of 29 billion-31 billion yuan, up by about 86% year-on-year. The non-net profit attributable to shareholders of listed companies was RMB 27.4 billion-RMB 29.7 billion, up by about 90% year-on-year.

This performance is basically in line with market expectations. IChoice data shows that the average forecast of BYD’s net profit in 2023 is 28.332 billion yuan, which is almost the same as the median forecast of the company’s performance.

On the whole, the new energy vehicle industry continued to maintain a high-speed growth trend, and BYD’s new energy vehicle sales reached a record high, further consolidating the leading position of new energy vehicle sales in the world. The competition in the industry is more intense. With the rapid growth of the company’s overseas sales, the scale advantage of continuous expansion, and the ability to control the cost of the industrial chain, the profit has been greatly improved.

Judging from the production and sales data, BYD produced a total of 3,045,200 new energy vehicles in 2023, a year-on-year increase of 62.24%; Accumulated sales of 3,024,400 new energy vehicles, up 62.30% year-on-year.

BYD’s sales in 2023 clearly outperformed the industry. Minsheng Securities Research Report pointed out that the national sales of new energy passenger cars are expected to reach 8.62 million in 2023, up 31.7% year-on-year; Benefiting from the further improvement of the quantity of new models and the product pedigree of each price segment, BYD achieved the target sales of 3 million vehicles, significantly outperforming the industry.

In addition, BYD has continued to lay out in the sea. In 2023, BYD sold 243,000 new energy passenger cars overseas, a year-on-year increase of 334.2%.

Since the second half of 2023, BYD has continuously strengthened its overseas layout. In July, BYD announced the establishment of a factory in Brazil, with an annual production capacity of 150,000 vehicles. In September, Uzbekistan’s state-controlled automobile group announced that it would establish a joint venture company with BYD. The first/second phase of the factory plans to produce 500,000 units per year, and the output will reach 300,000 units after the completion of the third phase. In December, BYD announced that it would build a new energy vehicle production base in Segde, Hungary.

Minsheng Securities Research Report believes that BYD’s going out to sea is expected to usher in rapid development in Europe, Southeast Asia, Australia and New Zealand, helping sales to rise again in 2024.

Soochow securities gave a more optimistic judgment about the future. According to its research report, BYD actively promotes the layout of overseas markets, and the volume of overseas markets helps sales growth. 2024-2025 is the year of products, and the estimated sales volume is about 4 million and 5 million respectively, up by 33% and 25% respectively.

As for BYD’s other major business-mobile phone parts and assembly business, its profitability has also increased with the recovery of the consumer electronics industry.

BYD said that thanks to the increase in the business share of large overseas customers and the recovery of Android customers’ demand, the rapid growth of new energy vehicles and new smart products, the capacity utilization rate has been significantly improved, the business structure has been further optimized, the profitability has been significantly improved, and the profit has increased substantially.

From 2020 to 2022, the gross profit margin of BYD’s mobile phone parts and assembly business was 11.20%, 7.57% and 6.06% respectively, showing a downward trend year by year. The semi-annual report in 2023 showed that the gross profit margin of this business was 8.77%, up 2.70 percentage points year-on-year.

Although the performance is very gratifying, BYD’s share price has not kept up. On January 29th, the company’s share price fell by 3.99%, hitting a new low since May 2021. BYD’s latest market value is 519.5 billion yuan.

China, with its vast territory and abundant resources, always has some places, which are not short of beautiful scenery, but also infiltrated by history. However, it is just a little bit of luck, unknown to outsiders, or only briefly loved by the world.

For example, the five destinations introduced to you today.

01

Hefeng

Enshi, located at the mysterious 30 north latitude, is a famous summer resort and the ultimate feast of China landscape.

Hefeng is located in Enshi.

Tired of playing crowded public attractions? Why don’t you go to Hefeng?

Starting from the cliff-hanging highway comparable to the South Taihang, we can appreciate the secluded scenery of Hefeng.

Cliff-carving and wall-hanging highway,This magical road stands between the cliffs and the abyss. When the clouds are filled in summer, driving by car is like shuttling on the clouds, and you can have a panoramic view of the canyon cliffs, which makes you feel breathtaking and beautiful at the same time.

18 kilometers longPingshan gorgeIn the valley, there is a blue-to-green Jasper River, on which boats are suspended in the air, which is incredible in beauty, so Pingshan has the reputation of "China Semporna".

Not far from Pingshan Grand CanyonDongjiahe slope valley, is the largest slope valley in the world, known as "Hubei Xiaojiuzhai".

Muershan tea garden,This is the largest contiguous tea garden in Hubei Province. With the ups and downs of the mountain, a long green tea tree has spread all the way to the horizon.

Laishui gallery,Laishui, which originates from Yunmeng Village, Xiaping Township, Hefeng, is the mother river of Hefeng people. It runs through the whole territory of Hefeng, nurtures Hefeng’s children and also shapes a beautiful landscape picture.

Rongmei Tusi City Site,According to legend, Rong Mei’s toast has thrived here for more than 400 years, and Yong Zhengdi in Qing Dynasty once commented on it: "Of all the toasts in Chu and Shu, Rong Mei is the most prosperous". Up to now, there are more than 50 sites such as Juefu, Laojie and Wanquandong, and thousands of historical relics have been unearthed.

Daluping, Tujia village,Tujia village on the line of 30 north latitude is located in an ancient and mysterious place in the hinterland of China.

Coordinates: Southeast of Enshi Tujia and Miao Autonomous Prefecture

02

Mangya

Mangya, surrounded by four famous no-man’s land, is the most lonely city in China.

But just like the city with the least sense of existence, Mangya has also gained a small number of fans in the most inaccessible place where everyone wants to go.

Because:

There is the largest and most fantastic Yadan in the world-

Oberliang;

Here is a rare eye in the world-

Aiken spring;

There is a beautiful imaginary lake here-

Emerald lake;

There is a road that seems to go to the end of the day-

315；

There are Buddha and Bodhisattva shapes shaped by nature-

Thousand Buddha Cliff;

It’s like being on Mars 55 million kilometers away-

Cold Lake Mars Town.

Coordinates: Haixi Mongolian and Tibetan Autonomous Prefecture, Qinghai Province

03

Delingha

Delingha, located in the northeast edge of Qaidam Basin, is endowed with Gobi and desert by nature, but at the same time, it also allows her to have both wetlands and grasslands.

Bayin River, which runs through the city, is known as the "mother river" of Delingha. Where the source of life flows, bushes, Achnatherum splendens and Haloxylon ammodendron trees grow.HaiZi ShiGe ChenLieGuan, grow a.Baishushan.

Standing on the cypress hill overlooking, Delingha city is in the forest and water is in the forest.

Delingha is a small town that can surprise people, with sand dunes stretching for 20,000 square kilometers, which makes the world amazed.Yadan landform.

In Delingha, you can also see the universe that the secular people are striving for. Here is a place.Alien site.

At first glance, it’s just an ordinary triangular cave, but explorers found a rusty iron pipe in the cave, which is more than 2 meters above the ground and about 6 meters deep without any trace of manual excavation.

The mysterious site attracts people’s attention, but the charming "Lover Lake" next to it also attracts thousands of people.

Lake Keruk, Lake Tosu,One big and one small, one full of vitality, and one inch of grass is barren.

Legend has it that these two lakes were transformed by a loving couple. Tuosu Lake is the husband who died with salt on his back, and Keruk Lake is the wife who shed tears because of sadness. They are connected and closely dependent by a small river, which has become the "lover lake" in people’s mouth and the beautiful myth of Qaidam Basin.

In the territory of Gahai Township, Delingha, there is also a saltwater lake calledGahai Lake. It is lush with aquatic plants and rich in wildlife resources. Gahai Grassland is one of the best grasslands in Asia and an ideal place for people to spend the summer.

Coordinates: Haixi Mongolian and Tibetan Autonomous Prefecture, Qinghai Province

04

Jingxi

It is said that Guilin’s landscape is the best in the world, the mountain light in Jingxi is not inferior to Guilin’s, and the water color is not too rich. Therefore, it is also known as "Small Guilin with mountains and rivers and a small climate in Kunming".

There is a highway that is burning all over the world-Hena highwayAlong the way, two peaks are densely forested and picturesque, and the beautiful peaks are looming in the mist, which is as beautiful as walking through a fairyland, and is called "the most beautiful highway in the world".

There are many Jingxi canyons dominated by karst plateau landforms. Known as "a beautiful scar on the earth"Tongling Grand CanyonRight here, it is the waterfall with the highest single-stage drop in Asia. The moment when the giant waterfall with a drop of nearly 188.6 meters rushed down from the top of the mountain, it was magnificent and quite spectacular.

In addition, there is "the largest original ecological cave canyon group in China"-Gulongshan Canyon Group.Gulao Gorge, Xinling Gorge and Xinqiao Gorge are connected with three underground caves, which constitute a rare natural wonder connecting the three caves and the Three Gorges, and also make Gulong Gorge famous.

There is a spring about 5 kilometers away from Jingxi County, named after Goose Mountain lying on the water like a goose.Goose springIt, together with butterfly spring in Dali and Xishan Ruquan in Guiping, is called "the three famous springs in southwest China", and the source of Detian Waterfall, the first transnational waterfall in Asia, is located here.

More than 40 kilometers away from goose spring, there is aQuyang LakeIt is called "Guilin on the Water".

This is a large-scale karst plateau lake and reservoir, with more than a dozen single mountain scattered in the water. At dawn and dusk, the water surface is like paper and the glow is like a pen, leaving a soft and poetic picture, which exhausted all foreigners’ imagination of China’s landscape.

Coordinates: Southwest Guangxi Zhuang Autonomous Region

05

Yongzhou

Yongzhou, an ancient city that has been baptized for more than 2,000 years, is bordered by Guangdong and Guangxi in the south and Hengyue in the north. The number of historical remains is complicated and the natural scenery is beautiful. Celebrities and poets write countless poems here.

The landscape here is picturesque:

In 2019, more than 30 domestic experts and scholars gathered at the Xiaoshui River in the ancient city of Lingling. From then on, "111 degrees 36 minutes 10.20 seconds east longitude and 26 degrees 15 minutes 37.10 seconds north latitude" became the first scene of "Eight Scenes of Xiaoxiang"."Xiaoxiang Night Rain"The landscape point.

Jiuyi Mountain,Also known as Cangwu Mountain, the Water Classics Note says: "The wilderness of Cangwu, between the peaks and the counties, and the nine peaks of Luoyan, each leads a stream and a gully, and the different mountains are in the same situation. The traveler was suspicious, so he said: Jiuyi Mountain. "

It is like a picturesque natural scenery, with numerous peaks rising from the ground, mountains and streams flowing freely, exotic flowers and plants everywhere, and many strange caves, which are fantastic and beautiful.ZixiayanIt was once listed as the first of the "Twelve Famous Caves in South Chu" by Xu Xiake.

Jiucailing,China, the top of the top ten non-famous peaks, is called "K2 of Hunan", which soars into the sky and is a paradise for hikers.

It is antique here:

Lingling ancient city,This is the soul of Yongzhou, so it is also known as the "ancient city of Yongzhou". It has gone through more than 2,200 years and is an old dream left by the years in Yongzhou.

At the beginning of the Hua Deng, the lanterns in the ancient city of Lingling are hung high, and the bustling scenery of the "famous county of Han and Tang Dynasties" is swaying. The splendid melody on the thoroughfare of Chu and Yue seems to come across time and space.

Liuzi street,Liuzi Street, which is connected with Lingling Ancient City, was originally a part of the "Xianggui Ancient Road". It was built in the Tang Dynasty, and now the style of the ancient street is well preserved. Most of the two ancient buildings were built in the Ming and Qing Dynasties.

Liuzi Street is named after the center of the street.Liuzi TempleLiuzi Temple was built by the people of Yongzhou in memory of Liu Zongyuan. In addition to Liu Zongyuan’s life story, poems and paintings, there are many inscriptions related to celebrities in the temple, such as "Lychee Monument" related to Han Yu and Su Shi.

Upper Gan Tang village,Even in Yongzhou, one of the most out-of-the-box places, ShangGan Tang Village remains unchanged. It hides in the depths of time and turns life into a poem.

This is one of the oldest Millennium villages in Hunan. Its history began in the Tang Dynasty, and the Millennium years passed leisurely. Due to the love of time, there are many places of interest and monuments, and the pavilions and pavilions are intact.

Goulan Yao nationality,This well-preserved ancestral home of the Yao nationality has been meaningful here. Whether it is the warm and simple "mud washing festival" or the long-standing "Goulan match", it is a wonderful work of Yao culture and precious.

Coordinates: the confluence of two rivers in southern Hunan and Xiaoxiang.

·End·

Incense and static gas, live boiled sweet spring, proud as a peacock and Ye Jia rewarded guests, Meng Chen Mulin and Oolong entered the palace … Yin Chao still remembers that when he went to tea with his friends for the first time, he watched the elegant processes and realized an unspeakable beauty.

Text/Lu Xiaoming

In ancient myths and legends of China, many sacred trees were mentioned: building wood, searching for wood, and if wood … Among them, the representative Fusang is composed of two big mulberry trees that support each other. In myths and legends, Fusang is the sacred tree where the sun lives. "Shan Hai Jing Overseas East longitude" mentioned that "there is a hibiscus on the Tang Valley, which was bathed on the 10th and lived in the water. Nine days in the lower branch, one day in the upper branch. "

Such a "god" is not uncommon in Shan Hai Jing. The Classic of Mountains and Seas was written from the Warring States Period to the early Han Dynasty. Together with The Book of Changes and Huangdi Neijing, it is called the three wonderful books in ancient times, and it is an important treasure in China culture and even eastern culture.

After thousands of years, The Classic of Mountains and Seas still affects people’s lives, from which well-known fairy tales such as The goddess patching the sky and Kuafu’s pursuit of the sun and Jingwei’s reclamation evolved. When The Classic of Mountains and Seas is combined with modern fashion, generate can also shine with unique brilliance.

In the chaotic scene, abstract lines with endless changes are selected to show the fractal shape of ancient trees, and the virtual scene uses the visual characteristics of Shenmu, which is more dependent on each other, to create a sense of movement in the still picture. This is a scene in China famous fashion photographer Yin Chao, the founder of SUPER STUDIO’s recent work "Looking at Mountains and Seas"-winding with knots, in which elements such as hibiscus trees are added.

Through five scenes of chaos, knot, Kunlun, fog and magic flowers, Yin Chao shows a prosperous scene from the chaotic state of the beginning of heaven and earth to the wanton growth of everything. In the works, Zhao Liang, a contemporary dance artist in China, joined hands with Tang Shiyi to improvise with the music, taking mountains and seas as inspiration, and expressing with the body, showing the rhythm of ancient oriental myths and conveying the artistic expression of "flowing mountains and seas" between ink and wash textures.

"I think ink painting is the most representative art form in China culture. The natural smudging of ink and pen in the works has become mountains and seas." Yin Chao mentioned that this work has attracted a lot of people’s attention, and also opened up an artistic expression form-expressing China traditional culture in a modern way.

In these years, Yin Chao traveled around China, experienced national culture, and tried to add more elements of oriental aesthetics to his shooting. He hopes to truly tell the fashion that belongs to China people, rather than "fashion-like without rhyme" imitated by technology.

Looking back on his career, Yin Chao mentioned that about 20 years ago, he accidentally opened a fashion magazine and was deeply attracted. "The expression of such beauty is so special that I have never seen such characters, scenes and creations. It is an unprecedented feeling." It is precisely because of this idea that Yin Chao resolutely went to Beijing and tried to gradually enter fashion photography.

Yin Chao spent many years from getting started to getting started. In order to embrace the "beauty of fashion", he worked as an employee in a photo studio for two years and an assistant to a photographer for four years. He once saved money to buy foreign magazines when his monthly salary was several hundred yuan, and studied photography and art history after work.

It takes less than a second to press the shutter, and the camera can generate a photo. This "per second" work seems easy and simple. But in fact, "pressing the shutter" is only a very small link in fashion photography. Pre-planning is often carried out one or two months ago, and the whole "universe" in the photo is constructed with the idea of fashion photographers, which reflects the unique style of fashion photographers everywhere.

For his own lens "universe", Yin Chao used the word "soul" to define it-let the photo have a soul and a story. He hopes that the photos are "flowing", seeing the movement in the stillness, and realizing the stillness in the movement. "Motion and static are relative, depending on metaphysical expression, and they are an internal state." Just like the movement characteristics of "Tai Chi"-absolute movement and relative quietness.

Once upon a time, Yin Chao felt that "fashion" was a kind of aesthetics that people looked up to. Now, this view has long changed. "The so-called fashion is just an expression of beauty that keeps pace with the times and records what is happening now."

In many people’s cognition, "earth" is the opposite of "fashion", which seems to be a derogatory term and is used as an analogy to "not beautiful" Yin Chao thinks this is a misunderstanding. Over the years, he has walked through many places in China and felt the local customs rooted everywhere. "What our ancestors left us is too precious." People often think that the "earth" used to be difficult to connect with modern society, but when Yin Chao integrates it into fashion as a design element, there is a comfortable and decent new experience.

It is Yin Chao’s pursuit for many years to let the world see China fashion about nationality, culture and life.

What is the fashion in China and how to express the story of China people? Yin Chao integrated Beijing Opera, Zen and Guqin into his photography to find those timeless fashions. The idea originally came from a cup of tea.

"When the spring breeze comes in February and March, Shijie knocks on the fire to try new tea." "On a cold night, guests come to tea as wine, and the bamboo stove soup is boiling." In the life of ancient literati, there is no lack of tea. Nowadays, drinking tea is a daily habit of many people in China, but drinking tea is relatively rare.

Incense and static gas, live boiled sweet spring, proud as a peacock and Ye Jia rewarded guests, Meng Chen Mulin and Oolong entered the palace … Yin Chao still remembers that when he went to tea with his friends for the first time, he watched the elegant processes and realized an unspeakable beauty.

At that time, he just received a photo invitation from a foreign magazine, and he thought of moving the tea ceremony into the camera "universe", hoping to share this beauty with you-maybe it will let more people know about tea culture and make tea a way of life for more people. Nowadays, tea tasting has also become a part of Yin Chao’s life. "It is almost a necessary sense of ritual every day."

"China culture has given me a lot of creative inspiration." These explorations and perceptions have continuously enriched his heart. "Besides technology, photography also hides the photographer’s cognition of things", which also affects the expression of his works invisibly. Yin Chao combined fashion photography with China culture and opened a new door. When he entered the field of China culture, he also came to the peak of his creation. "There are too many things to express, and that is a constant source of inspiration."

In Yin Chao’s understanding, western aesthetics is more straightforward and concrete, while eastern aesthetics is metaphysical and more implicit. "I think it is particularly accurate and wonderful to express it with’ rhyme’. It is a temperament and a state."

In daily shooting, Yin Chao often comes into contact with some western art forms, which is really beautiful, but he feels that this is someone else’s way of life, and it seems that there is still some distance from his daily life. "When understanding and expressing oriental culture, it will be more like a duck to water."

Yin Chao feels that fashion photography and cultural heritage are mutually fulfilling. Oriental culture adds luster to Yin Chao’s photographic works, and Yin Chao also hopes to let more people know about it through his own works. His works not only record the current ideology, but also serve as a symbol of cultural heritage, allowing modern people to understand the inside story of oriental culture and the lifestyle and unique symbols belonging to China. "I think this is the significance of fashion photography."

Over the past century, western culture has exerted a wide and profound influence all over the world, and also influenced the lifestyle and life pursuit of many young people in China.

At the same time, with the country’s strength, cultural self-confidence and other factors, the fashion of oriental culture has become more and more popular in these years, and it has gradually returned to public life in a simpler and more acceptable form for contemporary people. The "national tide wind" shows the charm of oriental culture.

"The traditional oriental culture has evolved into a very modern way and has come into our lives." Yin Chao mentioned that many young people are now wearing traditional China costumes, and some products in supermarkets are packaged with inspiration from the past. "Tradition and modernity have been connected, mainly thanks to people’s creativity, especially young people."

Yin Chao mentioned that such a combination is still constantly innovating and is ubiquitous in people’s daily life. Recently, he tried to ride the red flag HQ9 Oriental luxury flagship MPV and felt the oriental charm of "waiting for everything to be harmonious".

"Our generation has known Hongqi Automobile since childhood, and it has appeared in many classic historical photos. Hongqi Automobile is a very representative brand in the modernization process of China." For the recently listed Hongqi HQ9 Oriental luxury flagship MPV, Yin Chao’s first impression is that it is atmospheric and luxurious. "Both the front grille and the body lines can be recognized at a glance-this is the red flag."

In addition to its graceful and graceful appearance, the interior design of Hongqi HQ9 Oriental luxury flagship MPV is also very promising. The beautiful, fashionable and exquisite interior, as well as the super-large car and super-enjoyed space that surpass all products of the same class, bring the ultimate comfort experience. Among them, the exquisite and self-sliding welcome auxiliary board exudes the fragrance of "fragrant rhyme", which makes the sense of privilege and beauty come with pleasure.

"The space inside the car is spacious, the panoramic sunroof is open, the whole light in the car is particularly bright, and the functions carried on the car are also very intelligent and ceremonial, giving people a calm and elegant experience." Yin Chao also noticed that the design of Hongqi HQ9 Oriental luxury flagship MPV used many elements related to traditional oriental culture, such as the flying crane wing lines and landscape painting patterns, which combined tradition with modernity, which was in line with the aesthetics of China people.

The appearance of the atmosphere is luxurious, and the intelligence in the car is luxurious. He feels that this is a manifestation of fashion. "There are both contemporary aesthetics and oriental charm."

Under the background of "subversive" changes in the automobile industry, New Hongqi has always adhered to oriental aesthetics and China culture, and created luxury automobile products with unique China essence, independent research skills and all things’ strengths. With the arrival of the new Red Flag HQ9, the Red Flag brand is telling the story of China and striving for the dream of China with the charm of harmonious, harmonious and beautiful national cars.

If you want to take a group of photos for the Red Flag HQ9 Oriental luxury flagship MPV, Yin Chao said that such a lens "universe" would be an atmosphere full of China Zen, which is both atmospheric and simple.

(special topic)