Industrial trends

　　01 360 released Zhinao 4.0, which has the ability of cross-modal generation.

　　On June 13th, 360 Company held the application conference of 360 Zhinao Big Model, the cognitive general big model "360 Zhinao 4.0" was unveiled, and the 360AI digital man was officially released.

　　In addition, Zhou Hongyi said that the key to overtaking China’s self-developed large model curve in the GPT era is to develop multi-modes. 360 Zhinao has the ability of cross-modal generation, and has the ability of text, image, voice and video processing, which can be applied to scenes such as Wensheng map, Wensheng map and Wensheng video. At the same time, 360AI Digital People Square was released, providing more than 200 roles, including digital celebrities, digital employees and other categories.

　　At the meeting, the multi-modal function of 360 Zhinao "Wensheng Video" was first launched in China, and any text script can generate video, which is not limited by professional skills and materials, showing the ability of "making something out of nothing".

　　Zhou Hongyi said that the core innovation of 360 in the big model lies in AI digital people, and digital people are the future.The most important application entrance of large model. 360 will redefine "digital people" based on the ability of 360 wisdom brain model. Different from traditional digital people who can only output content according to established scripts, 360AI digital people are characterized by having memories, people’s designs and personalities, and being able to reproduce their way of thinking and life experiences.

　　02 can generate video with one click, and Gen2 is open for free trial.

　　Recently, Runway, which is known as the video version of Midjourney and provides technical support for Stable Diffusion and Instant Universe, has developed an AI video editing tool Gen, which has been upgraded from the first generation in February to the second generation, and has been officially released from internal testing.

　　In February of this year, Runway released a model named Gen-1, which can transform an existing video into a new video by applying any style specified by text prompts or reference images.

　　Just over a month later, Runway officially released the more powerful Gen-2 on March 20th, completing the transformation from "editing existing videos" to "Wensheng videos", and providing multiple functions such as text+reference images to generate videos, still pictures to videos, and video style migration. Now, after the internal test in March, Gen2 finally opened a free trial-although the video it generated is only 4 seconds at present, and it has a total usage quota of 105 seconds.

　　In terms of pricing, the standard edition member of Gen2 is 15 dollars/month, the Pro edition member is 35 dollars/month, and the annual membership can get 20% discount.

　　According to reports, Twitter user Steve Mills has experienced its potential ability to generate MV in the Gen-2 beta. This user generated a total of about 500 seconds of video, and finally edited it into a 140-second MV.

　　The author estimates that the whole production will cost at least $30 at the price of the public version. Coupled with the previous study and exploration stage, this price will be higher.

　　Cristóbal Valenzuela, CEO and co-founder of Runway, once said when Gen-1 was released: "We have witnessed the explosion of image generation model, and I firmly believe that 2023 will be a year of video generation model."

　　Chatgpt update, which can generate visual animation with one click.

　　On June 13th, local time, OpenAI announced a major update to its large-scale language model API (including GPT-4 and GPT-3.5-turbo), including adding function calling function and reducing the use cost. After updating, the cost of embedded model is reduced by 75%, and the tokens input length of GPT-3.5-turbo is extended to 16,000.

　　Since the end of March, ChatGPT update announced the launch of plug-in function, the number of third-party plug-ins has increased from 10 to more than 70. With the support of these plug-ins, ChatGPT can not only generate web pages and help users find jobs, but also visualize data directly according to their needs. ……

　　At present, the new version of the model has gradually begun to iterate. The latest versions of gpt-4-0613, gpt-3.5-turbo-0613 and gpt-4-32k-0613 with extended context length all support function calls. Gpt-3.5-turbo-16k does not support function calls, and provides four times the context length, which means that one request can support about 20 pages of text.

　　In addition, the old model began to be gradually abandoned. Applications using the initial version of gpt-3.5-turbo and gpt-4 will be automatically upgraded to the new version on June 27th. Developers who need more time to transition can also manually specify to continue using the old version, but all requests for the old version will be completely abandoned after September 13th.

　　04 Nature refuses to post the generated pictures and videos.

　　On June 13th, local time, Nature magazine announced in an editorial that in order to ensure the integrity, transparency and morality of the research, no pictures, videos or illustrations created by using generative AI tools will be published, unless they are articles related to artificial intelligence.

　　However, Nature does not completely exclude artificial intelligence. The magazine still allows the use of text generated by generative artificial intelligence in articles, as long as it is clearly stated in the method or acknowledgment section. In addition, all sources of data, even data generated with the assistance of artificial intelligence, must be provided by the author. However, Nature firmly refuses to accept any generative artificial intelligence tool as the author of the paper.

···

Frontiers of science and technology

　　01 Meta Releases the First Humanoid Model

　　Meta announced on June 13th local time that it will open some components of a new "humanoid" artificial intelligence model to researchers, which can analyze and complete unfinished images more accurately than existing models.

　　This model is called I-JEPA, which uses the background knowledge of the world to fill in the missing parts of the image, instead of inferring only from nearby pixels like other generative artificial intelligence models. This method adopts the humanoid reasoning method advocated by Yann LeCun, the chief artificial intelligence scientist of Meta Company, which helps to avoid the common mistakes in the image generated by artificial intelligence, such as the problem of having an extra finger.

　　Zuckerberg, CEO of Meta, said that sharing the model developed by Meta with other researchers can help the company promote innovation, find security vulnerabilities and reduce costs. He told investors in April this year: "For us, if the industry standardizes the basic tools we are using, then we can benefit from the improvement of others."

　　02 DeepMind releases new AI system to discover faster algorithms.

　　Researchers at Google DeepMind, an AI research laboratory owned by Alphabet (GOOG), released a new AI system on Wednesday, which can improve the efficiency and sustainability of computing.

　　DeepMind said that this latest breakthrough, published in the scientific journal Nature, focuses on finding faster computer algorithms. The computer algorithm isThe foundation is used by enterprises for trillions of times every day.

　　This AI lab in London is famous for pioneering AI models, such as AlphaFold and mastering complex Go.AlphaGo, which named its new AI system AlphaDev. Based on AlphaZero (iteration of AlphaGo), the system uses reinforcement learning to find faster algorithms for computer science functions such as sorting and hashing. Reinforcement learning is a form of machine learning, in which computers learn and make their own strategies.

　　Colin Murdoch, chief business officer of DeepMind, said, "This means that we can use fewer resources to do the same amount of calculations."

···

Traffic driving

　　01 Huawei won the trademark "Wen Jie" and intended to build a car alone?

　　Trademark electronicsThe system shows that a total of 21 applications for trademark transfer of "Wenjie" have been approved. The transferor is Beijing Yongan Shida Trade Co., Ltd. and Beijing Kechuang Huida Trade Co., Ltd., and the transferee is Huawei Technologies Co., Ltd. The receipt time of the transfer application is March 7 and 8 this year.

　　The specific categories of trademarks involve categories 12, 9, 7, 39, 37, 42, 2, 35, 3, 4, 16, 38, 11, 1, 5, 21, 27 and 41, of which categories 12 and 9 respectively represent automobiles and vehicles, electronic products and scientific instruments.

　　According to the first financial report, Huawei responded that "Huawei does not build cars alone, but builds good cars with car companies" has not changed.

　　In addition, according to the science and technology innovation board Daily, the successful transfer of the trademark "Wen Jie" by Huawei means that Huawei will have the dominant position in the trademark, and it will become the unified brand name of Huawei’s intelligent car selection model in the future.

　　02 The price of the whole department was reduced by 30,000 yuan, and the price of ES8 fell below 500,000 yuan.

　　On June 12th, Auto (hereinafter referred to as "") announced that it would adjust the price of all new cars, and the starting price of all models of the company was reduced by 30,000 yuan.

　　After adjustment, the starting price of ET5 fell below 300,000 yuan to 298,000 yuan; The brand-new ES6 just listed in May this year also dropped to 338,000 yuan, and the price of the brand-new ES8 launched at the end of last year also fell below 500,000 yuan.

　　This adjustment is not limited to the price, and the car rights of Weilai users have also been lowered.

　　Specifically, the rights and interests of the first owner of a new car purchase user are adjusted to a 6-year or 150,000-kilometer warranty for the whole vehicle, of which the three-power system can enjoy a 10-year unlimited mileage warranty; Free power exchange will no longer be used as the basic car rights, users can choose to pay a single fee for power exchange, and then a flexible power supply package will be launched.

　　For the users who have already picked up the car, Weilai promises that the rights and interests of the first car owner will remain unchanged. At the same time, when buying a new car from Weilai, the old users can choose to transfer the car rights of the original car to the new car, or choose to give up their car rights to deduct the car purchase price of 30,000-50,000 yuan. Li Bin, CEO of the company, explained that the old users can choose to give up their rights when buying a new car, which means that they can get 60,000-80,000 yuan cheaper.

[One and one new car listed] On March 12th, the global version of the Great Wall Gun (parameter picture) passenger pickup truck was officially listed. The global version of the Great Wall gun pickup truck listed this time has a total of eight configurations. As a "Chinese high-end pickup truck" that Great Wall is committed to building, the global version of the Great Wall gun pickup truck has been fully armed with ultra-new concepts and ultra-high standards.

The global version of the pickup truck for the Great Wall Artillery is 5410*1934*1886(mm), the container size is 1520*1520*540(mm) and the wheelbase is 3230mm. Although the size is slightly smaller than other models, the container size and wheelbase are still the best in the same class. Not only does it perform well in size, but the global version of the Great Wall gun pickup truck also has 18-inch aluminum alloy wheels, and the visual effect is amazing. There are eight kinds of vehicle color matching options, and there are three kinds of shapes of rain shelter that can be customized, which can meet diversified car scenes and needs while pursuing individuality.

In terms of appearance, compared with the cash, the global version of the pickup truck for the Great Wall gun has only changed the middle net, logo and the lower trim panel of the front bumper, turning the style of the middle net into a wide horizontal bar with a more international style and strength, and at the same time, the logo has been further increased, highlighting domineering and increasing the sense of fashion. Headlights use high-brightness LED lights, and the Hawkeye Smart Headlights Group does not lack the configuration that all smart headlights should have. The only standard advanced privacy glass in the same class that can filter 98% ultraviolet rays also shows high-end. This is also an important step for the Great Wall to create a high-end pickup truck style in China.

The interior parts have changed greatly. While maintaining the same color matching of all black/black brown interiors as the current ones, the central control panel, dashboard trim panel, sub-dashboard central control panel, seat texture and door trim panel of the global version of the pickup truck for the Great Wall Gun have all been upgraded in luxury and grade.

Of course, on the one hand, this upgrade is to increase practicality and comfort, on the other hand, it is also to continuously enhance the freshness of the market and enhance the product strength to maintain the leading edge. However, the interior of the global version of the pickup truck for the Great Wall Gun is indeed more advanced than the cash.

By the way, the global version of the pickup truck for the Great Wall cannon adopts deep-sea mute, and optimizes the wind resistance, which is quieter and quieter. The 808*402(mm) Webasto high-quality skylight equipped with the global version of the pickup truck for the Great Wall Gun has an area of 0.32 square meters, which is not only unique in the same class, but also the first match of pickup truck models, and also supports one-button opening.

In terms of other configurations, the global version of the pickup truck for the Great Wall cannon provides flat-cover canopy, high-cover canopy and roof rack for consumers to choose from, and the car also adopts a brand-new UI interface, which enhances the sense of interaction. The seat also adds front and rear seat heating and front seat ventilation, which is more friendly to passengers. The rear elbow pillow, cup holder, wireless charging and electric side pedal also improve the quality from the details, which is both face-saving and more comfortable.

In terms of power, the global version of the pickup truck for the Great Wall Gun provides two engines to choose from. One is a 2.0T diesel engine with a maximum power of 120kW and a maximum torque of 400N·m, and the other is a 2.0T gasoline engine with a maximum power of 140kW and a maximum torque of 360N·m, both of which match the ZF 8AT gearbox. And there are three modes to choose from: economy, standard and sport, plus the two-speed TOD intelligent four-wheel drive system, which can easily cope with various road conditions and still have good fuel consumption performance.

In addition, the global version of the pickup truck for the Great Wall Artillery uses a non-load-bearing body and a five-link rear suspension, which is not only comfortable but also more stable. It is also blessed by the Eaton differential lock, which greatly enhances the confidence of driving in the field. Approach angle of 29.8 degrees, departure angle of 25 degrees, wading depth of 500mm, even if the off-road capability is inferior to that of professional off-road vehicles, at least you can ignore the gullies and ridges of most wild forests.

Not only the hardware, but also the global version of the pickup truck for the Great Wall Gun is equipped with L2-class automatic driving and 360-degree look around. The body adopts a high-strength cage body and is equipped with 6 airbags. The intelligent field is equipped with active and passive safety functions such as AEB, ACC, TSR, LCA, DOW, etc., and with many intelligent driving AIDS, it is definitely an advanced pickup truck from hardware to technology to teeth.

Summary:

From the perspective of global pickup trucks, the Global Edition of the Great Wall Artillery Pickup Truck is committed to building Chinese high-end pickup trucks, which are in line with the world-famous global pickup truck models such as Ford F150, Toyota Smooth Road and Dodge RAM, and incorporate the characteristics of China with high configuration and low price. Not only in terms of functional control, loading and passability, but also the driving experience has reached or even surpassed some SUV models. Such a pickup truck model that is full of personality and more inclined to ride experience will certainly be welcomed by consumers. At the same time, it is hoped that domestic pickup trucks will rank among the first-class pickup trucks in the world, so that the whole world can drive high-profile pickup trucks in the East.

The reserved interface of Han series vehicles is in the black shell at the front. The ETC reserved interface can be used for installing driving recorder or ETC equipment. Most people may not know where the reserved interface is. Please share the installation steps and effects of Kailude C1 driving recorder. Just plug in the ETC interface of the original vehicle. This is a two-in-one interface, which does not affect the installation of ETC. Attach a location map.

The installation steps are simple, and the most important thing is to find the reserved interface. Using the crowbar tool, the back shell can be well removed. First, pry the small middle cover from top to bottom and take it down by hand, and then directly take down the pried gaps on the left and right sides of the big shell, so that the reserved interface position can be directly seen.

Kailude C1 driving recorder, the mold corresponding to the vehicle model, and the original one-in-two ETC power plug, crowbar tools, etc.

The model can watch videos on the mobile APP, and the video can also be watched on the big screen of the car. The recorder comes with a wifi mold, and the mobile phone and the car are connected to view without traffic.

According to the China Fund, the pace of capitalization of the new car-making forces has obviously accelerated, and this time it is Li Shufu’s turn to be a krypton car.

On February 13th, Geely Holding (00175.HK) announced in the morning that it issued and distributed about 139 million Series A preferred shares to five investors, raising a total of 750 million US dollars (equivalent to 5.09 billion RMB). Among them, Contemporary Amperex Technology Co., Limited (300750), which has invested in the Pre-A round, has increased its price again, which shows that it is optimistic about this new force.

After completing this round of financing, the valuation of Krypton has reached 13 billion US dollars (about 88.23 billion yuan). It is understood that this valuation amount also exceeds the valuation level before landing in the IPO of the US stock "Wei Xiaoli" in the early years. As early as the end of last year, Geely publicly announced that it planned to split the IPO of Extreme Krypton in the United States, and this new force in making cars is also expected to become the first new energy vehicle company listed this year.

Contemporary Amperex Technology Co., Limited participated in the second vote.

Extreme Krypton Automobile announced the first heavyweight financing of the new energy automobile industry this year. According to the announcement of Geely Holding, Extreme Krypton entered into a share purchase agreement with five investors on February 12. Accordingly, five investors agreed to subscribe and purchase from Krypton, and Krypton agreed to issue and distribute a total of 139 million Series A preferred shares to five investors at a total consideration of 750 million US dollars.

It should be pointed out that the investors participating in this financing are Amnon Shashua, founder of Mobileye Global Inc, Contemporary Amperex Technology Co., Limited, Yuexiu Industrial Fund, Trading Fund and Xin An Zhi Fund. According to Krypton, after the completion of this A round of financing, the valuation of Krypton is about 13 billion US dollars.

This amount also exceeds the pre-IPO valuation of the three new car-making forces "Wei Xiaoli" that have been listed in the United States. The highest valuations of the above three companies were about $6.4 billion, $8.6 billion and $8.8 billion before the US stock market was issued.

Judging from the institutions participating in this round of financing, Contemporary Amperex Technology Co., Limited is not only a long-term strategic partner of Krypton, but also an additional investment in this round to further deepen cooperation. As early as August, 2021, Contemporary Amperex Technology Co., Limited participated in the Pre-A financing of Krypton cars. In addition to Contemporary Amperex Technology Co., Limited, the participating institutions in this round include Yuexiu Industrial Fund, Trade Fund and Quzhou Trust An Zhi Fund. According to Krypton, the above three companies will help Krypton integrate its rich industrial resources and help it further expand in the upstream and downstream of the industrial chain.

According to the announcement, immediately after the delivery, Geely Holding will hold approximately 54.73% (calculated on the converted basis) and approximately 51.33% (calculated on the fully diluted and converted basis). Krypton will remain an indirect non-wholly-owned subsidiary of Geely Holding, and its financial performance will continue to be incorporated into the Group’s consolidated financial statements.

According to Krypton, the funds raised this time will be mainly used for research and development of Krypton products and technologies, global business development and user experience improvement. The company said that the five investment institutions have rich industrial resources in their respective fields, especially in smart driving, power batteries, innovative materials and high-end equipment manufacturing.

Or the fastest IPO case in the cost round

In March 2021, Extreme Krypton Automobile was jointly invested and established by Geely Automobile and Geely Holding Group. Geely has also given high hopes to the extremely krypton car.

The data shows that Krypton delivered a total of 71,900 vehicles last year, and completed the sales target of 70,000 vehicles in 2022 ahead of schedule in mid-December. According to the expectation of Geely Holding Group, by 2025, the sales volume of extremely krypton vehicles will reach 650,000, ranking the top three in the world in the market share of high-end electric vehicles. Moreover, the sales performance of Krypton is completely supported by the single model Krypton 001, so the annual sales of Krypton are quite valuable.

In terms of financing, Krypton Auto completed the Pre-A round of financing with a total of US$ 500 million from Intel Capital, Contemporary Amperex Technology Co., Limited, Bili Bili, Hongshang Group and Boyu Investment in August of that year. According to the financing situation at that time, the valuation of Extreme Krypton was about $9 billion.

In December last year, Geely Holding publicly announced that on December 7, 2022, Krypton submitted a draft registration statement for possible initial public offering to the US Securities and Exchange Commission on a confidential basis. The proposed spin-off currently includes two items, namely, the sale of krypton shares in the United States and the distribution of American Depositary Shares to shareholders in kind.

Earlier, it was reported that Krypton sought to raise more than $1 billion in the United States, with a valuation of more than $10 billion, which was higher than the valuation of $9 billion when it raised funds for the first time in 2021. However, according to the valuation of this A round of financing, this amount has far exceeded previous expectations. And this new car-making force was established only less than two years ago.

It is widely speculated in the market that Krypton will be listed as soon as possible in the second quarter of this year, so it is also considered to be the most likely car company to be listed first in this round.

Years of losses to accelerate financing.

Recently, the pace of capitalization of new car-making forces is accelerating. At the beginning of this month, Hezhong Automobile behind Nezha Automobile completed the shareholding system change, which was understood by the market as accelerating the IPO. Ai’ an, a subsidiary of Guangzhou Automobile Group, also explicitly called out the IPO in 2023.

These new forces have a common feature, that is, they are in a state of loss for years. Even "Wei Xiaoli", whose sales volume has climbed and gross profit margin has turned positive, has not yet achieved profitability under the continuous R&D investment and market layout. Ceng Qinghong, chairman of Guangzhou Automobile Group, once bluntly said, "Except for Tesla, all new energy automakers are losing money and have no money to earn. This is a consensus."

In 2021 alone, the loss of Ai ‘an, which has been valued at over 100 billion yuan, reached 1.389 billion yuan, with a year-on-year increase of 101.95%. In 2019 -2021, the losses of Ai ‘an were 621 million yuan, 688 million yuan and 1.389 billion yuan respectively, with a cumulative loss of 2.698 billion yuan in three years. In 2020, the net loss of Nezha Automobile reached 1.321 billion yuan, and in 2021, its net loss expanded to 2.908 billion yuan.

Krypton cars can’t escape this fate. According to the previously published financial report data of Geely Convenience, the revenue in 2021 was 2.868 billion yuan, and the net loss in the same period reached 1.01 billion yuan; In the first half of 2022, the revenue of Krypton was 8.828 billion yuan, and the net loss during the period was 759 million yuan. Since the establishment of the brand, the accumulated net loss of Krypton is nearly 1.8 billion yuan.

The gross profit margin of this new car-making force was around 5% in the first half of last year. The gross profit margins of LI, Xpeng Motors and Weilai were 22.09%, 11.55% and 13.8% respectively.

Original title: the valuation is nearly 90 billion! Li Shufu is on fire again, Ning Wang is overweight!

Editor: Zheng Yalan

Editor: Zhang Songtao

Audit: Feng Fei

foreword

Malignant multiple myeloma(multiple myeloma ； MM) is a kind ofwithMalignant disease characterized by massive proliferation of monoclonal plasma cells in bone marrow. B cell maturation antigen (BCMA) is highly expressed on the surface of MM cells. In the past few years, great progress has been made in various BCMA targeted immunotherapy for recurrent/refractory MM patients, including anti-BCMA monoclonal antibodies, antibody-drug conjugates (ADC), bispecific T cell binders (BITE) and chimeric antigen receptor adoptive T cell therapy (CAR-T). The 63rd annual meeting of American Hematology Society updated some information about the application of BCMA in MM, and based on this annual meeting, the related contents of this paper were sorted out [1].

Immunotherapy targeting BCMA: (1)ADC; 　 (2)CAR-T; 　 (3)BiTE;　

copywriter |　NING

BCell maturation antigen (BCMA)

Also known as TNFRSF17, it is a member of TNF-receptor family, and is called tumor necrosis factor receptor superfamily 17. This receptor is expressed on the surface of B lymphocytes and plasma cells, and is a marker protein of B lymphocyte maturation. Under physiological conditions, BCMA is mainly expressed in plasma mother cells and terminally differentiated plasma cells (PC). Under pathological conditions,BCMA Almost in all MM Tumor cell line (80%–100%) are expressed.The number of BCMA on the surface of malignant PC is much higher than that of conventional PC, which explains why BCMA target has become a battleground for major biological enterprises.

Monoclonal antibody targeting BCMA

SEA-BCMAIt is a new humanized non-fucosylation. IgG1 mAb. The working mechanism of SEA-BCMA may include blocking BCMA activation and its downstream proliferation signal pathway, regulating antibody-dependent cell phagocytosis and enhancing antibody-dependent cytotoxicity.

Its clinical phase I trial (SGNBCMA-001; The preliminary results of NCT03582033) show that it has good safety and combination potential: SEA-BCMA also shows encouraging treatment duration and initial anti-tumor activity in the advanced R/R MM population who have received a lot of treatment before.

Source: blood (2021) 138 (Supplement1): 2740.doi: 10.1182/blood-2021-146047.

Bispecific T Cell cement (BITE)

BiTEs can simultaneously target BCMA on MM tumor cells and CD3ε domain of TCR on T cells. After T cells are combined with myeloma cells, cytotoxic T cells can be activated and secrete cytotoxic factors, thus producing cell killing effect.This part is still in Ⅰ at present./Phase ii.

The following table summarizes the clinical data of bispecific antibodies against BCMA, among which the BiTE bispecific type of BCMA×CD3 is the most common.

Novel trispecific antibody drugs

Researchers are no longer satisfied with treating patients with R/R MM through dual-target therapy.HPN217, an extended half-life (median serum half-life:74 Hours) three specificity. T Cell activation construct (TriTAC)It simultaneously targets BCMA and CD3ε (redirected T cells), and adds serum albumin to prolong the half-life, which can exert cytotoxic effect on myeloma cells.Currently working onR/R MM of 1 /2 Phase I clinical trial for evaluation (NCT04184050). Here are some preclinical data.

Legend: HPN217 mediates the killing effect of autologous T cells of NCG mice on BCMA-dependent/primary MM cells.

Source: blood (2021) 138 (Supplement1): 1185.doi: 10.1182/blood-2021-151880.

CDR101(CDR-lifeCompany’s products)Is simultaneous targeting.CD3、BCMAandPD-L1The trispecific antibody,T cells can be induced into tumor cells expressing BCMA, and the immunosuppressive effect caused by the interaction between PD-L1 and PD-1 can be blocked at the immune synaptic site. Compared with BCMA × CD3 bispecific drugs, CDR101 leads to at least a tenfold increase in T cell-mediated tumor cell lysis, and performs better than the combination of PD-L1 inhibitor and BCMA × CD3 bispecific drugs.CDR101 It may become a new ready-made treatment, providing a more lasting response and a higher cure rate. CDR101 Has excellent drug-like characteristics, high stability and high stability.CHOHigh yield of expression.Based on these findings, new trispecific immunotherapy drugs have high clinical potential and promising clinical application [2].

Antibody drug conjugate (ADC)

After recognizing BCMA on the cell surface, ADC internalizes it into myeloma cells. Through the degradation of lysosomes or endosomes, the payload is released, causing cytotoxicity.

Belantamab mafodotin (GSK2857916)Is targeted by humanization.BCMA IgG1 andMMAF(tubulin polymerization inhibitor). Belantamab mafodotin was approved by the US Food and Drug Administration (FDA) in 2020 to treat patients with R/R MM.This is the first target approved for listing.BCMAimmunotherapy,A multicenter phase II clinical study (NCT03525678) confirmed that the recommended regimen for patients was 2.5 mg/kg, once every three weeks, but the toxicity of the drug was mainly manifested in thrombocytopenia and pericorneal lesions, such as microcystic epithelial changes or superficial punctate keratopathy. In addition to belantamab mafodotin, several other ADCs targeting BCMA, such as AMG 224, MEDI2228 and HDP-101, have also conducted many preclinical or clinical studies at different stages.

Legend: Incidence rate of adverse events caused by Belantamab mafodotin at 2.5 mg/kg and Q3W.

Antibody drug conjugate (ADC) joint test.

In the joint experiment, there are two schemes: belantamab+DEX (dexamethasone) and belantamab+DEX+POM.

belantamab(2.5 mg/kg Q3W) and DEX(20-40 mg Q1W,threeCycle) jointAfter use, the objective remission rate (ORR) was 46%, the complete remission rate (CR) was 14%, the median progression-free survival (PFS) was 4.9 months, and the median overall survival (OS) was 7.4 months. The incidence of AEs from high to low is anemia (83%), keratopathy (82%; Gr3/4: 56%), thrombocytopenia (70%) and so on.

belantamab+DEX+POMUnion ofIn the experimental scheme, the ORR was 88.9%(48/54), and the CR and PR rates were 24.1%(13/54) and 20.4%( 11/54) respectively. However, keratopathy (96.9%) was also the most common AE, and 56.7% of such patients had reached Gr 3/4. These two studies show that POM and DEX may have a positive effect on the curative effect of belantamab. howeverKeratosis is still a challenge in the treatment process.

Legend: Detailed rules and results of belantamab+DEX (Dexamethasone) joint trial scheme.

Source: Blood 2021; 138 (Supplement 1): 1642. doi: https://doi.org/10.1182/blood-2021-149791

CAR-Ttherapy

nowTwo CAR-T therapies based on BCMA have been approved for marketing.And is used for treating patients with multiple myeloma.

Source: "CAR-T therapy targeting BCMA"

7.1

Cilta-cel (Carvykti) for Orense injection.

Sidaki Orense injection(Cilta-cel,Carvykti) yes2022year2moon28Listed in China (NMPAApproved for listing/FDAFormal approval) targeting.BCMAofCAR-TCell products, jointly developed by Janssen and Legendary Bio, Legendary Bio owns 70% interests in Carvykti Greater China and 50% interests overseas.

In CARTITUDE-1 trial, the overall remission rate was 97%, the 18-month progression-free survival rate was 66%, and the 2-year progression-free survival rate was 61%. The 18-month overall survival rate is 81%, and the 2-year overall survival rate is 74%. Compared with similar products, this data is very gratifying. According to the latest news from Kingsley, the sales of the legendary BCMA CAR-T new drug Carvykti in the first half of the year was 24 million US dollars.

7.2

Abecma（Ide-cel）

2021yearthreemoon26Day,FDAapproveBaishimei SquibbAbecma(Ide-cel)be listedAbecma is also a BCMA-oriented CAR-T cell therapy, which is customized from patients’ autologous T cells. Clinical data show that the overall remission rate of all patients is 72%, of which the complete remission rate is 28%; Even for patients who have received various regimens, the remission rate of Abecma still reaches 72%, and this remission is very lasting, and 65% of patients are over 12 months.

Legend: preparation principle of Abecma

7.3

Iqalunsei injection

In addition, June 2, 2022Reindeer biology/Xinda biologyAnnounce BCMA CAR-T therapyIqalunsei injectionThe listing application was obtained.NMPAAccepted, it is expected to become the first domestic independent research and development of the whole process.CAR-Ttherapy. The clinical research data reported at the 63rd ASH annual meeting in 2021 showed that the overall remission rate (ORR) was 94.9%, and the complete remission rate/strict complete remission rate (CR/sCR) was 58.2%, showing the excellent safety and effectiveness of Iqalunsei injection.

Source: NMPA official website

7.4

The clinical trial of CAR-T therapy targeting BCMA is as follows

summary

Judging from the listing situation,Belantamab mafodotin (GSK2857916) is composed of humanized targeting BCMA IgG1 and MMAF (tubulin polymerization inhibitor), which is the first targeted BCMA immunotherapy approved for marketing. At present, there are two CAR-T therapies that have been put on the market, developed by Bristol-Myers Squibb respectively.Abecma(Ide-cel), developed in cooperation with Janssen)/ Legendary Biology.Sidaki Orense injectionFrom the data point of view, the latter effect is better, the ORR is increased from 72% to 97%, and other indicators are relatively better. On June 2nd, 2022, Reindeer Bio/Cinda Bio announced BCMA CAR-T therapy.Application for marketing of Iqalunsei injectionIt has also been accepted by NMPA, and it is expected to become the first CAR-T therapy independently developed in the whole process in China. Let us wait and see! From the therapeutic point of view, CAR-T therapy is at the forefront in terms of clinical data and market situation, but we can’t simply judge the advantages and disadvantages of these products. For example, better anti-BCMA CAR-T cell therapy requires more complicated preparation conditions and more expensive treatment costs, which are unbearable for ordinary families. Therefore, while continuing the existing research, it is necessary to study the potential mechanism affecting the curative effect in order to optimize BCMA targeted immunotherapy.

Legend: Comparison of clinical efficacy between different immunotherapy products targeting BCMA (see [1] for specific clinical data).

reference data

[1]Targeting BCMA to Treat Multiple Myeloma: Updates From the 2021 ASH Annual Meeting. Front Immunol. 2022 Mar 7; 13:839097. doi: 10.3389/fimmu.2022.839097. PMID: 35320942; PMCID: PMC8936073.

[2] Blood 2021; 138 (Supplement 1): 1583. doi: https://doi.org/10.1182/blood-2021-152160

[3] Blood 2021; 138 (Supplement 1): 1642. doi: https://doi.org/10.1182/blood-2021-149791

* Tweets are used to transfer knowledge. If you have any questions about copyright, please contact BiG Bio-innovation Society within 30 days after the publication of this article.

　　() The Record Form of Investor Relations Activities was released on April 12, and the company was investigated by two institutions on April 11, 2023. The types of institutions are other securities companies. The main contents of investor relations activities are introduced:

　　Q: What was the sales volume of BYD and Tengshi brand in March?

　　A: BYD sold 207,080 vehicles in March 2023, including 206,089 passenger cars, up 97.5% year-on-year; There are 13,312 passenger cars exported. BYD Tengshi D9 ranked first in the "Sales List of New Energy Luxury MPVs with an average transaction price of 415,000" for three consecutive months with a score of 10,398 units (up 42% from the previous month), and continued to consolidate its position as a "new benchmark for the value of new energy luxury MPVs in China".

　　Q: What’s the feedback from BYD Seals?

　　A: Since its listing, BYD Seal has become an explosive model in the sports market with its excellent quality and leading strength. As the world’s first production car equipped with CTB battery body integration technology, Seal is not only BYD’s practical exploration of the next generation of electric vehicles, but also the realization of its innovative technology in products, and it is also BYD’s masterpiece in the advanced technology field of electric vehicles. On April 7th, CCTV’s third "China Automobile Fengyun Festival" came to a perfect conclusion, and BYD seal, a marine leopard, won the highest prize "Jury Award" and became the biggest winner of this "Festival". This award is not only a high recognition of BYD Seals, but also an authoritative hardcore endorsement comparable to the purchase guide.

　　Q: What is the overseas response of BYD models?

　　A: BYD has actively deployed its overseas business, and has successively entered the passenger car market in Australia, Colombia, Brazil, Singapore, Costa Rica, Thailand and other countries, which has been widely concerned and loved by local consumers. Recently, Thailand AutoLife official website data shows that in March, the number of BYD ATTO3 cards reached 2,434, winning the title of pure electric vehicles in Thailand for the third time in a row. In the first quarter, the number of BYD ATTO3 licenses was 5,542, accounting for 37.5% of the total number of pure electric vehicles in the first quarter, and it continued to lead the pure electric passenger car market in Thailand.

　　Q: Please introduce BYD’s design concept?

　　A: Since Wangwang brand appeared, its subversive core technology has been widely concerned, and the discussion has always been hot. At the same time, highly recognizable product design has also received great attention. Looking up at the car design inspiration comes from the universe, which is a space that contains infinite time, energy and emotion. The place leading to this space is called "dimension door", which is the most recognizable part of looking up to the brand-new family visual identity of the car, hoping to bring a brand-new visual experience to users. Looking up at the front face design of U8 is the most recognizable part of modeling. Dimension door’s family-style design language is integrated. A large area of front and rear lighting design creates a visually full sense of volume. Headlight lines outline the image of dimension door, presenting the ultimate sense of science and technology and futurity. Driving outdoors in the wilderness and in urban traffic shows its recognition. The local light-emitting unit follows the lattice air intake grille, and the diamond light particles are regularly arranged, which changes the gorgeous lighting effects in the scenes of unlocking and welcoming guests, so that every departure is full of ritual.

　　Q: Please introduce the highlights of BYD’s cloud technology?

　　A: On April 10th, BYD released a new energy-specific intelligent body control system-Yunqi. The intelligent body control system of Yunqi is developed by BYD, which also indicates that BYD has become a China automobile enterprise that can independently master the intelligent body control system. The product matrix of Yunqi includes Yunqi -C, Yunqi -A, Yunqi -P and other products, which will greatly enhance the driving experience of consumers from the dimensions of comfort, control, safety and off-road. Yunbi can effectively restrain the change of body posture, greatly reduce the risk of vehicle rollover and reduce the sitting displacement of drivers and passengers. At the same time, the cloud chariot system can effectively protect the car body under complex road conditions such as snow, mud and water, avoid the collision damage of the whole car caused by terrain, improve driving comfort and safety, and realize the double protection of people and cars; BYD Co., Ltd. is mainly engaged in automobile business, mobile phone parts and assembly business, rechargeable battery and photovoltaic business, including new energy vehicles and traditional fuel vehicles, and actively expands the business field of urban rail transit. The company’s main products are rechargeable batteries and photovoltaics, mobile phone components and assembly, automobiles and related products. BYD’s leading position in the global new energy vehicle field. In 2019, BYD’s new energy vehicle product structure was further improved, and its sales volume still ranked among the top in the world.

　　Details of participating institutions are as follows:

McDonald’s and KFC are believed to be the memories of a generation of Chinese people.

Fund Jun remembers that when he first ate it, he traveled to Shenzhen as a child. At the first meal, he clamored for McDonald’s, because he had long yearned for it in front of the overwhelming TV advertisements at that time.

There is a joke that says: the first English letter learned by kindergartens or primary school students was basically not A, but M, the M of McDonald’s.

After the reform and opening up, McDonald’s is one of the first two "foreign fast food" from the United States to enter the China market. After more than 30 years in China, I finally sold China’s business to China people.

(The first McDonald’s restaurant in mainland China at the east gate of Shenzhen)

Let’s take a look at the opening of the first McDonald’s in China.

On October 8, 1990, the first McDonald’s restaurant in mainland China — — Guanghua Restaurant was grandly opened in Dongmen Commercial Pedestrian Street, Luohu District, Shenzhen.

The queue for buying fast food went from the third floor to the first floor of the restaurant, and then turned around the whole Guanghua several times. Many people from Shenzhen went to taste McDonald’s food with their families. The customers who came to watch the grand opening of McDonald’s restaurant packed more than half of Dongmen Commercial Street.

The number of employees serving the opening of the new restaurant is nearly 1000. In addition to the first batch of more than 400 employees in China, McDonald’s temporarily transferred more than 500 employees from the Hong Kong company to help.

Guanghua restaurant at that time could be settled in Hong Kong dollars or RMB. Unexpectedly, the front of the Hong Kong dollar settlement counter was crowded with Shenzhen people who were born and raised in Shenzhen. It is said that in order to come to McDonald’s to taste the fast food chain, they all prepared a sufficient amount of Hong Kong dollars in advance.

Yes, McDonald’s in China changed its name from "foreign" to "Chinese".

On August 4th, CITIC Hong Kong Stock Exchange announced that the acquisition of the controlling interest in McDonald’s business in China Mainland and Hong Kong was completed on July 31st. This will become the largest McDonald’s franchise business outside the United States, and the partners will operate and manage about 2,700 McDonald’s restaurants in China Mainland and Hongkong market.

CITIC announced on January 9th this year that CITIC, CITIC Capital Holdings, Carlyle Investment Group and McDonald’s, a subsidiary of CITIC Group, jointly announced that they had reached a strategic cooperation and established a new company. The new company will acquire McDonald’s business in mainland China and Hong Kong for a total consideration of up to US$ 2.08 billion (about HK$ 16.14 billion).

After the transaction is completed, CITIC and CITIC Capital will hold a total of 52% of the controlling shares in the new company, while Carlyle and McDonald’s will hold 28% and 20% respectively.

CITIC Group has a total of 176 companies with total assets of 2.1 trillion yuan, and its business involves finance, resources and energy, manufacturing, engineering contracting, real estate and other fields. In recent years, CITIC Group has also begun to lay out the consumption field. Just before the acquisition of McDonald’s China, Chunxin Capital, a subsidiary of CITIC Group, acquired 100% equity of Jianlibao Trade in the hands of Uni-President Group for 950 million yuan.

Quite simply, the good times in China market are gone.

Think about it, will you go to McDonald’s and KFC every day to solve the problem of eating?

The data shows that the market share of KFC and McDonald’s in China’s fast food industry has dropped from about 57% (40% and 17% for two brands respectively) to about 37% (24% and 13% for two brands respectively).

Unable to maintain high growth, the trick McDonald’s came up with to get out of the predicament is to sell its brand management rights in the China market for the next 20 years, including the management rights of 2,200 stores that are operating.

Both companies have obtained a lot of funds for this round of transactions, which will be an important source of their next investment from me. Both companies have a large number of restaurants waiting to be renovated — — No matter what kind of restaurant, young people want a more comfortable and fashionable dining environment. In order to find consumers in the fragmented market, they have to catch up with the trend of digitalization. These all need money, a lot of money.

Fund Jun did a search in Weibo. This kind of problem actually appeared.

Many netizens are asking:

Are there any cups, toilet paper, free wifi, ketchup and straws available for free?

You can’t get ketchup after that.

I just want to ask, when boycotting American goods in the future, should McDonald’s boycott [allow sorrow]

Can I go to McDonald’s to go to the bathroom in the future?

These strange questions can only be observed later.

Today, Fund Jun continued to talk about the development of overseas brands after Chinese capital acquired them.

On May 21st, 2012, Wanda announced the acquisition of AMC, the second largest cinema in the world, for US$ 2.6 billion. This is the first international merger of China’s cultural industry and Wanda’s total transaction amount is 2.6 billion US dollars, including buying 100% equity and taking on debt. According to the M&A agreement, after the completion of the merger, Wanda Group will take over 338 cinemas under AMC and operate AMC as its wholly-owned subsidiary, and at the same time inject no more than 500 million US dollars into it every year.

A masterpiece of Wanda’s overseas mergers and acquisitions is now caught in the dilemma of loss-making and layoffs. On August 2nd, AMC Entertainment Holding Company (hereinafter referred to as "AMC"), a subsidiary of Wanda Group, released its second-quarter performance forecast, with estimated revenue ranging from $1.2 billion to $1.204 billion, net loss ranging from $174.5 million to $178.5 million, and loss per share ranging from $134 to $1.36, compared with earnings per share of 24 cents in the same period last year. In the face of performance losses, AMC also indicated that it will cut costs through measures such as layoffs. However, under the situation that the global film market is relatively depressed, AMC faces greater challenges. For Wanda Group, the frequent performance difficulties of overseas assets are not conducive to the layout of Wanda Group’s global film and television industry.

In 2004, under the auspices of Yang Yuanqing, Lenovo acquired IBM’s PC business for a total price of 1.25 billion US dollars. This acquisition, which Lenovo called "snake swallowing elephant", made Lenovo become the third largest computer manufacturer in the world.

After the acquisition, Lenovo experienced a long run-in because of cultural conflicts and changes in management. Until 2008, Lenovo lost $226 million, and Lenovo CEO was changed from Amelio, who was originally from IBM, to Yang Yuanqing.

In the 12 months to the end of March 2017, Lenovo’s total revenue was $43 billion, a year-on-year decrease of 4%. It made a net profit of $535 million, but nearly 85% of it came from the income from selling houses in the past year. Other products, including personal computers, mobile phones and servers, contributed less than $100 million in profits.

In the past fiscal year, Lenovo’s PC business was not very good, facing the global environment of the fifth consecutive year of decline in shipments. And, although Lenovo’s market share as of the end of 2016 is still the first in the world, reaching 21.7%, the second-ranked HP has narrowed the gap from 1.8% to 1.3%. An important reason for the overall market search is that people don’t change computers as frequently as before: once in the past 3-4 years, now 5-6 years.

In October 2014, Lenovo Group acquired Motorola Mobility, with a total acquisition of about 2.91 billion US dollars, and Lenovo immediately became the third largest smartphone manufacturer in the world.

After the acquisition, nearly 3,500 employees from all over the world will join Lenovo, including about 2,800 employees in the United States.

Lenovo will adopt a dual-brand strategy, that is, the parallel strategy of MOTO and Lenovo. Moto will be a supplement to Lenovo’s high-end product line in China, and its product design, R&D and operation are completely independent.

Looking back at Lenovo Mobile’s strategy, it is widely believed that Lenovo failed to grasp the transformation of Internet mobile phones or the offline channel changes initiated by OPPO and vivo.

In terms of mobile business, the revenue of Lenovo’s mobile business group since 2014 decreased by 10% year-on-year to US$ 7.707 billion. Revenue outside the China market fell by 5.4%, and profit margin before tax fell by 1.9%. At the beginning of 2014, Lenovo still had the status of the second smartphone manufacturer in China, but in the past three years, its ranking dropped to ten, and it was overtaken by Huawei, Xiaomi, OPPO, vivo and other mobile phones.

On the morning of January 12th, 2016, the signing ceremony of Wanda Culture Group’s acquisition of American Legendary Pictures Company was officially held in Beijing. Wanda Group will acquire 100% of Legendary Pictures, a well-known Hollywood film and television production company in the United States, with a cash of no more than US$ 3.5 billion (about RMB 23 billion), which is also the largest cultural acquisition of China enterprises overseas. Thomas Tull, Chairman and CEO of Legendary Pictures, will remain in office and continue to be responsible for the day-to-day operation of the company.

One year after Wanda acquired Legendary Pictures, ThomasTull, founder, chairman and CEO of Legendary Pictures, announced his resignation.

On January 17, 2017, the American media "Hollywood Reporter" reported that Thomas Tour’s resignation was not voluntary, but was under pressure from Wanda. Wanda is dissatisfied with his management level and ability to operate the Great Wall, Pacific Rim 2 and other projects.

On January 19th, Dalian Wanda Group Co., Ltd. issued a statement saying that online media reported recently that Thomas, the legendary American CEO, resigned because of the failure of Great Wall. The report is unverified and seriously inaccurate.

On August 2, 2010, Geely Holding Group officially completed the acquisition of all the shares of Volvo Car Company, a subsidiary of Ford Motor Company.

When negotiating the acquisition of Volvo, Li Shufu met with Volvo engineers. The other party made a somewhat harsh request, asking him to explain in three words why Geely’s acquisition of Volvo is the best. The scene was a little tense, and the host tried to beat the circle. Li Shufu stopped him: no problem, I can answer, three words, very good, because, "IloveYou!" "

Seven years after Geely acquired Volvo’s passenger car business, the two sides plan to jointly enter the mid-to-high-end automobile market in the form of a joint venture.

On August 4th, Link Investment Co., Ltd. was established in Ningbo, Zhejiang. This is a three-party joint venture, with Geely Automobile Holdings Limited, Zhejiang Geely Holding Group and Volvo Car Group holding 50%, 20% and 30% respectively.

Many market participants are optimistic about the cooperation between Geely Automobile and Volvo. Ni Wei, an analyst at Everbright Securities, said in the research report that they are optimistic about the long-term cooperation between Geely and Volvo based on Lectra. "The company or its own brand will switch up one of the most certain targets." The research report predicts that the sales volume of the Lectra brand will reach 15,000, 150,000 and 300,000 respectively from 2017 to 2019.

In 2016, Haier Group announced on January 15th that it would acquire the home appliance business of General Electric (GE). The acquisition amount is $5.4 billion, which will take over the personnel of GE’s home appliance department and its business base in the United States. At the same time, it will also obtain intellectual property rights and "GE" brand, which will be used as a foothold for officially opening up developed countries such as Europe and America. GE and Haier also announced that they will establish a long-term strategic partnership and explore cooperation in industrial internet, medical care and advanced manufacturing.

On the evening of March 30, 2016, Midea Group announced that Midea intends to acquire 80.1% equity of Toshiba’s white goods business with its own funds of about US$ 473 million after negotiation between the two parties. With this transaction, Midea will receive 40 years of global authorization from Toshiba brand, more than 5,000 patents related to household appliances, and the markets, channels and manufacturing bases of Toshiba household appliances in Japan, China and Southeast Asia. However, Midea’s acquisition needs to undertake about $220 million in debt from Toshiba’s home appliances.

TCL Group, one of the pioneers in the field of household appliances in China, and Thomson Company, the fourth largest consumer electronics supplier in the world, formally signed an agreement in Guangzhou to reorganize their color TV and DVD businesses and form the largest color TV supplier in the world — — — TCL— Thomson electronics company. This is also the first time that China’s home appliance enterprises have merged the mainstream business of the world’s top 500 companies.

The total assets of the merger and reorganization of the two parties will exceed 450 million euros. TCL International Holdings will become the major shareholder of the joint venture company, accounting for 67% of the shares, while Thomson will hold the remaining 33%. The newly established joint venture company has more than a dozen production bases in Europe, America and Asia, with an annual sales of 18 million color TV sets, making it the largest color TV supplier in the world.

On June 21, 2016, Tencent announced that it had acquired 84.3% equity of Supercell after consulting with Finnish mobile game developer Supercell84.3% The transaction amount is expected to be 8.6 billion US dollars (about 56.6 billion yuan). Supercell is a game giant from Finland. As of March 2016, the number of daily active users (DAU) of its games has exceeded 100 million.

According to sources, any buyer of Supercell must agree to the condition that six founders control the company. The new owner can’t force an IPO or fire the existing management team. At present, Supercell has launched games such as Clash of Tribes, Cartoon Farm and Raiders of the Island for the global market. In contrast, Zynga, which has more mobile game products, has about 21 million daily active users, while Gameloft and Glu have about 19 million and 5 million respectively. King, the developer of Candy Legend, has more than 130 million daily active users. Among them, the "local tyrant game" and "clash royale", which are well known by netizens, were also developed by them.

Source: China Fund News (ID: China Fund News)

Reporter: Taylor

Self-owned brand SUV models have already laid their own world. However, it is still difficult for domestic independent brands to compete with joint venture models in the family car market, but with the strength of independent brands, this situation has gradually changed. High-quality models such as BYD Qin PLUS DM-i and Geely Xingrui also have the ability to compete with joint venture models at the same level. What are the emphases of these two excellent cars? The following analysis one by one:

Byd Qin PLUS DM-i and Geely xingrui,The price is in the range of 100,000-150,000, but their positioning is not the same.. BYD Qin PLUS DM-i aims at the hybrid field of Shuangtian in Japan, and its opponents include the dual engines of Ralink and Corolla, as well as the sharp mix of Lingpai and Xiangyu. And Geely Xingrui will have a wider scope of attack, directly targeting the compact family car market, and using its superb car-making technology and luxury configuration to compete for market share.

Since both of them are located in compact family cars, space is definitely a hard indicator. In terms of measurements, the length, width and height of BYD Qin PLUS DM-i are respectively4765/1837/1495mm, with a wheelbase of 2718 mm., and Geely Xingrui’s length, width and height are respectively4785/1869/1469mm, with a wheelbase of 2800 mm., is a large family car.

From the perspective of design, the advantages of independent brands in recent years are also very obvious. BYD Qin PLUS DM-i inherits the family-style design style. Although it is the lowest model of the dynasty series, its design concept is very avant-garde. The family design language of Dragon Face embodies the charm of the dragon to the fullest. The design of Geely Xingrui’s straight waterfall net also inherits the design language of Geely family, and its wider body shape and stable lines show its atmosphere and fashion.Although the appearance is radish and cabbage, each has his own love, but in terms of their design style and skill, they definitely don’t lose the joint venture model.

In terms of interiors,Both of them adopt the design of LCD instrument+floating screen.,It’s just the rotating central control screen of BYD Qin PLUS DM-i, which is more cool and practical.. However, in terms of workmanship and materials, Geely Xingrui is more luxurious and kind. Soft plastic-lined materials and leather packages can be seen everywhere, and great efforts have been made to create a luxurious atmosphere in the interior. Therefore, the interior of Geely Xingrui is also a big killer for it to challenge the joint venture car at the same level.

At the configuration level, independent brands also have great advantages.BYD Qin PLUS DM-i and Geely Xingrui are equipped with the popular L2 driver assistance system.. At the same time, compared with the two top models, Geely Xingrui has more abundant configurations, such as automatic parking, panoramic sunroof, inductive tailgate, HUD head-up display system, ventilated and heated memory seat, boss key, 10 BOSE speakers, rainfall sensor and air conditioner, all of which are more luxurious configurations than Qin Plus DM-I. It can be fully seen that Geely Xingrui has reflected the higher cost in comfortable configuration and air purification device.

In terms of power, it is also the biggest difference between the two. They all come up with powerful power units of this level in their respective fields of expertise.BYD Qin PLUS DM-i adopts a set of hybrid power system mainly driven by motor.Moreover, it is a plug-in hybrid mode. Under the battery capacity of 8.32 kWh and 18.32 kWh, it can achieve pure battery life of 55km and 120 km. It is worth mentioning that even in the case of complete power loss, driving it as a HEV-like model, its fuel consumption is very close to that of Shuangtian’s hybrid model.

Not only that,It has two versions, big battery and small battery, which can reach the ultra-long cruising range of nearly 900 km and 1200 km under the condition of full oil and full charge., is definitely the most at the same level. It is a "sweet and salty" powertrain. At the same time, in terms of power output, the large and small battery versions of BYD Qin PLUS DM-i have output power of 132kW and 145 kW respectively, and the maximum torque is 316 Nm and 325 Nm respectively. With such strong power, its 100-kilometer acceleration is only 7.9s and 7.3s s. It can be imagined that BYD’s DM-i hybrid system is by no means a hollow reputation.

Geely Xingrui’s power system is also excellent. In the price range of 100,000 to 150,000, if you want to buy a 2.0T car, it is simply rare.Moreover, this 2.0T engine is the power unit of Volvo T4, which has a maximum power of 140 kW and a maximum torque of 300 Nm.Such a high-standard power output is also the leader of this level.

But on the other hand, fuel consumption,Geely xingrui 2.0T gasoline engine is obviously not more economical than BYD Qin PLUS DM-i with hybrid system.It can also be seen that Qin PLUS DM-i spent the cost on a complex and high-tech hybrid system. The cost of Geely Xingrui is spent on high-grade working materials and luxurious and comfortable configuration.

In terms of chassis, there is also a big difference between the two.BYD Qin PLUS DM-i adopts front McPherson and rear trailing arm torsion beam suspension system, and the rear axle adopts semi-independent suspension layout.Obviously, in order to save costs, we pay more attention to the creation of space in the car and the trunk, but this setting has also made some sacrifices for maneuverability. butGeely Xingrui adopts front McPherson and rear multi-link four-wheel independent suspension.This kind of structure is the layout that a high-end car should have, and its natural excellent structure makes its training very balanced. However, in terms of vehicle positioning, Geely Xingrui prefers home use, so the suspension setting is relatively soft and comfortable, which is also in line with its comfortable home style.

In terms of vehicle warranty,BYD Qin PLUS DM-i has a 6-year and 150,000-vehicle warranty.And it uses a blade battery,It also provides the battery with a lifetime warranty of unlimited mileage and unlimited years for the first owner.There is basically no worries in use. And Geely xingruiUpgrade to a four-year 100,000-kilometer vehicle warranty under the mandatory three-year 100,000-kilometer warranty.It also highlights the principle of domestic brand service first.

In the end, by comparison, the price of BYD Qin PLUS DM-i 14.98 and Geely Xingrui 149,700 are only different from 100 yuan.In the case of similar guide prices, BYD Qin PLUS DM-i has a greater advantage.As a plug-in hybrid model, it can be exempted from purchase tax at present, so the landing price of BYD Qin PLUS DM-i can save nearly 13,000 yuan in purchase tax compared with Geely Xingrui. At the same time, its ultra-low power consumption and ultra-long warranty also reduce the burden on consumers’ subsequent car maintenance costs.

In the case that both cars can compete with the joint venture models, should we choose BYD Qin PLUS DM-i, which is energy-saving, environmental-friendly, lower in use cost and closer to pure electric vehicles, or choose Geely Xingyue, which is more calm and solemn, more luxurious and more spacious and comfortable? Then it’s up to you to make a decision.

Recently, a head media launched a winter test in Mohe. In the extremely cold weather of -40℃, more than 50 new energy vehicles competed on the same stage, and the actual measurement was carried out around the core dimensions that users paid attention to, such as battery life, charging power, control and intelligence. Looking at the major lists, the million-level new energy hardcore cross-country looked up to U8 with excellent results and won six first places in one fell swoop. Among them, in the field of plug-in/extended-range vehicle segmentation, Wangwang U8 Deluxe Edition successfully won the pure electric endurance achievement rate, the maximum charging power and the average charging power TOP1, and it was ranked in the first echelon in the elk test on the open road and the static fake car test by ACC in the snow at night, and also got TOP1 in the voice interaction test of winter scenes.

Leading the three power systems, looking up to U8 has more hard-core cloud-P.

This winter test was carried out in the environment of -40℃, which put forward an extreme test for the test vehicle. Before all the tests, the participating vehicles should implement the uniform maintenance standard and strictly implement the same test conditions, so as to ensure the fairness of the test and truly simulate the user’s car use situation in winter. Under the harsh test conditions, Wangwang U8 first demonstrated the leading technical level of Sandian, and stood out from the crowd to obtain excellent measured results.

From a technical point of view, looking up to U8 depends on the blade battery first. Looking up to U8, it is equipped with the easy Sifang technology platform. Four motors form the core drive source, and each wheel is controlled by one motor. On this basis, it is equipped with a blade battery whose battery core is further upgraded to meet the ultra-high charge-discharge rate requirements of the Sifang system. Compared with the previous generation blade battery, it is expected that the blade battery can reach the original specific power of 220%, and the energy density of the battery is increased by 8%. Under the condition of not increasing the volume of the central battery pack, the existing battery pack can store more energy. At the same time, the blade battery equipped with U8 also supports up to 110kW DC fast charging, and it takes only 18 minutes to charge from 30% to 80% at the earliest, so that users can effectively avoid charging anxiety, and can quickly replenish power in a short time and improve the convenience of car use.

In the end, according to the measured results, the achievement rate of pure electric endurance of U8 in ultra-low temperature extreme environment still reached 58.6%, ranking first among all plug-in/extended-range models, which performed quite well. Moreover, in the test of 180W charging pile, its maximum charging power reaches 82.33kW, and its average charging power can also reach 57.41kW, which also ranks first among plug-in/extended-range vehicles.

In addition to the hard-core three-electric system, Wangwang U8 is also equipped with Yunqi -P intelligent hydraulic body control system. The system uses five dimensions of intelligent exploration, deep collaborative intelligent calculation of software and hardware, and intelligent control of three directions and six degrees of freedom to get through the whole link of perception, decision-making and execution, which can realize all-round intelligent control of the car body and comprehensively improve the maneuverability and comfort of looking up at U8. Coming to the ice and snow trial site in Mohe, Yunqi -P showed its ultimate strength. In the off-road elk test at 50km/h, the posture of U8 body is stable and controllable, and the safety and handling are fully guaranteed, and finally the G excellent rating is obtained.

Outstanding intelligent strength, looking up to U8 voice intelligent driving double first.

Another highlight of this media winter test is to test the reliability of vehicle intelligent system in low temperature environment. In the aspect of intelligent interaction, the media specially measured the voice interaction ability of winter scenes, and issued 30 voice commands in Mandarin, including 15 common commands, 5 fuzzy commands, 4 complex commands, 3 visible-to-talk commands and 3 wakeup-free commands. After testing, Wangwang Link intelligent human-computer interaction on U8 is outstanding, and the number of successful voice commands ranks first in the audience. Functionally, U8 supports continuous dialogue in the whole scene, and users can set the duration of continuous dialogue for 20s/60s/90s, and a wake-up call can continuously issue multiple instructions such as setting navigation, turning on air conditioner and turning on music. At the same time, the system also supports four-tone independent interaction, and each passenger can control the train independently with voice, with excellent recognition accuracy and command response speed.

In the field of intelligent driving, the media focused on AEB’s emergency braking ability and intelligent driving assistance ability, and conducted a rigorous test of "ACC battle in the snow at night". Finally, Wangwang U8 successfully passed the static fake car test in the snow ACC 60km/h at night, the static fake car test in the backlight ACC 60km/h at night, and the static fake car test in the backlight ACC 40km/h at night, and became the first echelon, which fully confirmed the technical level of its AEB system and intelligent driving system. It is worth mentioning that not long ago, BYD conducted an AEB test by looking up at the U8 test vehicle, and the top speed of successful braking and braking came to 130 km/h. Although the test video showed that this function has not been mass-produced on the car, it has fully demonstrated the leading position of BYD AEB technology.

Judging from the harsh winter test of the media, the strength of U8′ s hard-core products with real endurance, strong control and high safety has been fully verified, and the final test results are quite excellent. Just in the past December, Wangwang U8 Deluxe Edition ranked first in the sales of millions of new energy SUVs in the first complete delivery month with the monthly sales of 1,593 vehicles, which made Wangwang successfully become the first echelon of millions of high-end brands and created history. As a high-end brand built with the ultimate technology, I hope that I have completed the first step of "rushing" and the future can be expected.

Business News (Reporter Wang Zhuyu) It has been established for less than three years, and it is expected to become the "fastest IPO in history" brand of high-end pure trams. Recently, Krypton publicly submitted a prospectus to land on the New York Stock Exchange, with the stock code "ZK". At present, Geely Holding Group has 9 listed or planned listed companies, including Krypton, and Li Shufu, the helm of Geely, has ushered in a bumper IPO.

According to public information, Extreme Krypton was established in March 2021 and is a high-end intelligent pure electric vehicle brand hatched by Geely Holding Group. If it is successfully listed before March 2024, it will become the "fastest IPO in history" new energy automobile enterprise. For reference, it took Weilai, Tucki and Ideality, who are also new car-making forces, about 4 years, 6 years and 5 years to go public in the United States respectively. Tesla also spent seven years.

According to the prospectus, apart from producing high-end pure electric vehicles, Extreme Krypton also provides technology-driven solutions and is committed to leading the electrification, intelligence and innovation of the automobile industry. At present, Krypton has released four models, including Krypton 001, Krypton 001FR, Krypton 009 and Krypton X.

The data shows that in 2022, 72,000 vehicles were delivered throughout the year. In the first half of 2023, 43,000 vehicles were delivered, a year-on-year increase of 124.3%. By the end of October 2023, Krypton had delivered more than 170,000 vehicles.

The rapid increase in car sales has led to a significant increase in revenue. In 2022, Krypton achieved revenue of 31.899 billion yuan. In the first half of 2023, the revenue was nearly 21.3 billion yuan, a year-on-year increase of 136%, of which the vehicle sales revenue was 13.175 billion yuan, a year-on-year increase of 148.75%.

In terms of gross profit margin, the gross profit margin of Krypton vehicles reached 12.3% in the first half of this year, up 7.6 percentage points year-on-year. Earlier, An Conghui, CEO of Extreme Smart Technology, revealed that Extreme Smart is already the pure electric brand with the best gross profit level except Tesla. This year, the company’s gross profit margin target is in double digits. Judging from its growth momentum, Krypton is expected to become the first and fastest electric vehicle company to make money except Tesla.

According to the plan, Krypton plans to enter the pure electric vehicle market in Europe and the Robotaxi market in the United States in the future. And this will bring about a corresponding increase in R&D, marketing and other expenses. The data shows that in the first half of 2023, the R&D expenses of Krypton reached 3.19 billion yuan, and the sales, general and administrative expenses were 2.90 billion yuan.

As an important bet of Geely in the field of new energy, it is urgent to improve its "hematopoietic" ability, and listing is bound to be one of the paths of capital blessing. On August 25 this year, the CSRC confirmed the information on overseas listing. According to the filing notice of overseas issuance and listing, Krypton plans to issue no more than 926 million ordinary shares and list them on the New York Stock Exchange.

According to the prospectus, the funds raised by this IPO are mainly used for three purposes: about 45% is used for "developing more advanced pure electric vehicle technology and expanding product portfolio"; About 45% is used for "sales and marketing, expanding service and charging network"; 10% is used for "general purpose of the enterprise, including the working capital requirements to support the company’s business operation and growth".

In recent years, many brands under Geely have rushed to the capital market. At present, there are 9 listed or planned listed companies, including Geely Automobile, Volvo Automobile, Lotus Technology, Polar Star, Yikatong, Extreme Krypton Automobile, Qianjiang Motorcycle, Hanma Technology and Lifan Technology. While Li Shufu, the helm of Geely, ushered in a bumper IPO, it also made Geely Holding Group’s "team battle" ability expand.

Some market analysts believe that the independent listing of Geely’s brands will enable Geely to achieve large-scale operations. As Li Shufu said in his internal speech: "In the end, the number of global automobile industry enterprises will not be too much, and only large-scale enterprises can survive."