Zhang Jun, Sina Technology

　　"When I left Meizu for a while, I saw some products, especially when I saw other people holding these products, and I was deeply hesitant. I vowed to change," Huang Zhang, who returned to Meizu, told Yang Zhe, Meizu’s senior vice president. "If a product does not have Buddha nature, I will never allow it to appear."

　　"Change" is the key word for Huang Zhang’s return in 2014 and 2017. The difference is that Meizu in 2014 faced a change from small and beautiful to popular, while Meizu now encounters a change from too popular to return to its original intention.

　　After Meizu announced the strategy of introducing capital and expanding its product line in 2014, it quickly increased the sales volume from 4.40 million units to 20 million units in 2015, but the crazy expansion also brought the side effect of huge losses of over 1 billion yuan. In 2016, Meizu launched 14 consecutive products, but the annual sales increased by only 2 million units year-on-year.

　　In February 2017, Huang Zhang, who was regarded as the soul of Meizu, came out again, and his prescription was to create a dream machine: Meizu 15/15 Plus.

　　The "only one" brand concept put forward by Meizu recently is similar to the original beauty of wabi-****, and it is still the usual Buddha-like yellow seal style. However, the yellow chapter who came out of the mountain for the second time is no longer the pure paranoid product maniac. The dual-brand strategy of Meizu and Meizu not only gives itself the opportunity to try high-end and return to its original intention, but also leaves a basic sales trump card as a way back.

　　Meizu ushered in the 15th anniversary of its establishment this year, and Huang Zhang’s dream machine will also be officially unveiled in the spring. Can Meizu usher in a new life under the leadership of Huang Zhang in 2018?

　　Crisis resurfaces

　　Similar to 2014, when Huang Zhang announced his return in 2017, Meizu was facing an existential crisis.

　　In 2014, Xiaomi, which was established only 4 years ago, topped the Chinese smartphone market with 61.12 million sales in the Internet mobile phone model. Also in this year, Xiaomi completed a new round of financing of 1.10 billion US dollars, with a valuation of 45 billion US dollars.

　　At that time, Meizu, which had been established for more than 10 years, was still a family-owned enterprise, and the sales of smartphones remained at the level of millions for many years. At the same time, under the fierce external competition, Meizu also experienced crises such as the exodus of executives and the turnover of employees.

　　In February 2014, after Bai Yongxiang, Li Nan, Yang Yan and other executives showdown the crisis facing Meizu, Huang Zhang, who had always believed that he could solve everything by doing a good job in products, finally "realized it". In his internal speech on the day of return, he declared that he would lead Meizu to create an era of more rapid development. "We will make appropriate financing, the main purpose is to implement the employee stock option system, followed by allowing the marketing department to have more resources to increase marketing activities, and to introduce more talents."

　　However, shortly after his return, Huang Zhang once again faded out of day-to-day management, and the change plan he set out empowered executives to implement it.

　　In the following July 2014, February 2015 and October 2016, Meizu conducted multiple rounds of financing, including Alibaba, Tianyin Holdings, etc. In terms of product rhythm, Meizu also changed the style of a mobile phone in the previous year. In 2014, it released 7 products and established a new Meizu sub-brand. The overall sales volume reached 4.40 million units that year; in 2015, it released 6 products and launched a PRO series targeting high-end people. Sales jumped to more than 20 million units that year, an increase of 350% year-on-year.

　　However, in 2014 and 2015 consecutive aggressive expansion strategy also brought the sequelae, 2015 Meizu net loss of more than 1 billion yuan, the company’s total debt of nearly 8.90 billion yuan, total net assets – 1.60 billion yuan; 2016 Meizu released 14 consecutive products, but the annual sales only increased 2 million to 22 million units, did not complete the target of 25 million units, while the first half of the net loss of 300 million yuan, the company’s total debt nearly 2.70 billion.

　　In early 2016, Huang Zhang made a rare appearance at Meizu’s annual meeting and put forward the goal of "stabilizing growth, generating profits, and advancing to the IPO". Meizu then launched a 5% layoff plan. These measures also began to bear fruit, and Meizu achieved a turnaround in 2016.

　　In February 2017, in the context of the Meizu crisis still not fully reversed and the 15th anniversary of its establishment in 2018, Huang Zhang announced on Weibo that he would re-emerge from the mountain to create the dream machine in his heart – Meizu 15/15 Plus.

　　Reinventing Meizu

　　Unlike the return in 2014, Huang Zhang no longer became a hands-off shopkeeper after setting a grand strategy, but personally reformed Meizu in terms of organizational structure, products, and channels.

　　One month after the handover, Meizu increased the number of layoffs from 5% to 10%.

　　Three months after the return, Meizu underwent a major organizational restructuring. Huang Zhang served as the chairperson and CEO of Meizu and established three new business divisions – Meizu Business Division, Meizu Business Division, and Flyme Business Division. The intention of this adjustment is obvious. Huang Zhang personally manages the Meizu business division, and soon poached Yang Zhe, who has successfully built Huawei’s high-end brand perception, as senior vice president and general staff, responsible for the marketing of the Meizu brand, intending to make the Meizu brand in the high-end product line. The Meizu brand is in charge of Li Nan. Li Nan quoted Huang Zhang in an interview with the media as saying that Meizu is his own dream, but Meizu also has to bear a quantity requirement.

　　In December 2017, Huang Zhang adjusted Meizu’s structure again, establishing a new overseas business department, an e-commerce business department, and an accessories business department. He promoted CFO Qi Weimin to senior vice president of the company, on an equal footing with President Bai Yongxiang, with the intention of increasing revenue and reducing expenditure to ensure profits. At the same time, he further expanded overseas markets and expanded sales.

　　In terms of channels, Bai Yongxiang previously revealed in an interview with Sina Technology that one of Huang Zhang’s big decisions after returning to the company’s daily work in 2017 was that Meizu would gradually establish a national provincial model. "For the Meizu brand, in order to better display our products, better serve users, and better provide various environments, we will create a relatively closed offline sales system under the framework of provincial generation."

　　Li Nan also told Sina Technology that although the two brands Meizu and Meizu need to be cut in the long run, they still need to cooperate with each other in products and channels in the short term. He revealed that in terms of products, Huang Zhang will personally control the product definition and design of Meizu and Meizu, and the products of the two brands will have a certain distinction. In terms of channels, Meizu will upgrade the existing channels of more than 2,000 specialty stores together with Meizu and accessories departments.

　　At the same time, not only is the Meizu brand going high-end, but the Meizu brand will also increase its price.

　　At the Meizu brand communication meeting on January 15, Huang Zhang’s personal belief rose to corporate belief. Yang Zhe officially announced the Meizu brand concept after Huang Zhang’s decision: the only one is to return to the original intention and let Meizu return to Meizu. Yang Zhe said that the Meizu brand is more focused on the high-end market, facing business, government and enterprise, high-end and elite people, to create a different brand perception. He also revealed that Huang Zhang’s dream machine will be officially released this spring.

　　As for the Meilan brand, Li Nan told Sina Technology that under Huang Zhang’s personal control, Meilan’s products will be more aggressive next year. Meilan’s highest matching hopes to hit 2,499 yuan in the future, "but how high it should be has not yet been determined, and it is currently being discussed with Huang Zhang."

　　Can it be reborn?

　　Nearly a year after Huang Zhang’s return, the adjustment to Meizu has begun to bear fruit. However, Meizu’s 2017 under Huang Zhang’s leadership was not entirely smooth, such as the annual flagship Pro7 suffered a sales storm and the trend that Meizu Meizu missed the full screen.

　　The Meizu PRO7 was released five months after Huang Zhang’s return. Its main feature was the use of a dual-screen design. In terms of processors, although Meizu had reached a settlement with Qualcomm as early as the end of 2016, the product was equipped with MediaTek’s Xili P25 and Xili X30 processors, priced at 2880 yuan and 3580 yuan at the same time.

　　In the craze of full-screen popularity in 2017, Meizu was one of the few mainstream manufacturers that did not follow up. Although the design of the picture screen is also very innovative, the market space of PRO7 is extremely limited in the context of Apple, Samsung, Xiaomi, OPPO, vivo, Huawei and other mainstream manufacturers launching full-screen flagships. At the same time, MediaTek processors have also attracted doubts, and Li Nan has to admit that in flagship products or high-priced products, MediaTek’s reputation has indeed encountered huge challenges. As of now, the official price of the Meizu PRO7 standard version has dropped to 1999 yuan, a decrease of nearly 1,000 yuan.

　　For Huang Zhang’s dream machine Meizu 15/15 Plus this year, Yang Zhe revealed at the recent Meizu brand communication meeting that every detail of this product is controlled by Huang Zhang from start to finish, and 90% of the parts are customized. For example, in order to look comfortable, the screen size is customized. "In today’s situation where the screen is in short supply, customization is required, and there is no semicolon. In the age of industrialization, customizing a product, if it sells well, it will sell well. If it doesn’t sell well, it will be smashed in the hand."

　　Although Yang Zhe and Li Nan both expressed confidence in Huang Zhang’s personal products, in the current environment of such rapid changes and intense competition in the smartphone industry, it is undoubtedly risky to place all your hopes on a certain person or product.

　　In addition, Meizu in 2018 will also usher in a key node for its IPO.

　　In August 2014, Bai Yongxiang revealed in an interview with Sina Technology that Meizu has developed a plan to list within 5 years. In August 2017, Meizu entered the list of listed reserve enterprises in Zhuhai High-tech Zone, and planned to be listed on the growth enterprises market.

　　The growth enterprises market sets two quantitative performance indicators for the issuer to choose: the first indicator requires the issuer to make continuous profits in the last two years, and the net profit accumulated in the last two years is not less than 10 million yuan, and continues to grow; the second indicator requires the last year of profit, and the net profit is not less than 5 million yuan, the last year of operating income is not less than 50 million yuan, and the growth rate of operating income in the last two years is not less than 30%.

　　Meizu achieved a turnaround in 2016, but did not announce the specific profit scale; in 2017, sales exceeded 20 billion, an increase from last year, and the official said it maintained a stable profit, but did not announce specific profits.

　　Meizu also said that it will achieve double-digit growth rate in 2018, which is still under certain pressure in the context of the overall decline of China’s smartphone market and more intense competition. The effect of the two structural adjustments led by Huang Zhang in 2017 in terms of increasing revenue and cutting costs, entering the high-end and expanding overseas markets remains to be seen.

　　Sina Technology official account

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　　Zhejiang Online, April 20 (Zhejiang Online reporter, Zhu Geqian, intern, Sui Xue, correspondent, Zhang Ye)Recently, the Junior High School of Hangzhou Wahaha Bilingual School opened an integration course to parents. Sixth graders from each school experienced an experience class on cross-cultural integration of Chinese, English, science, and society and history.

　　Poetic Chinese Classroom – The Cultural Core of Chinese and Western Use

　　How does a Chinese fusion class that cannot see the traces of Western culture achieve cross-cultural integration? The teacher chose four West Lake poems by two writers with deep roots in Hangzhou, Bai Juyi and Su Dongpo, to start group classroom teaching.

　　After getting the materials, the teacher guided each group to complete the corresponding tasks according to the teaching goals – reading through the poems, understanding the poems with pictures, and recommending poems. After deepening their understanding of poems in the first two links, the students went on stage to report the results of the group’s study.

　　Giving the classroom to students and using the more autonomous group collaboration and team display classroom model in the West to learn Chinese classic poetry can be regarded as an innovation in Chinese teaching methods. "In terms of teaching content, we still adhere to the core position of Chinese culture, but in terms of Chinese teaching methods, we continue to try to adopt more student-centered Western teaching strategies," said the teaching teacher.

　　In the future, there will also be comparative reading of Chinese and Western literature and translation and appreciation of Chinese and English classics in the school’s language classes, strengthening comprehensive learning practices, so that students can experience the beauty of language learning in an independent, cooperative and open classroom.

　　Pure English classroom – an all-English immersion environment

　　What is a "story"? Foreign teacher Ciaran led the children to re-understand the "story" from the perspectives of characters, settings and plots in an hour and a half. The all-English class mode made many children a little restrained at first. But the humorous Ciaran teacher soon got to know the students well.

　　Starting from a simple discussion of Who, When and Where, What Happened, these easier-to-understand concepts, students understand the basic concept of "story" and the different forms of "story". By combining life scenes with previous reading experiences, students grasp the three basic elements of story: Character (character), Setting (setting), Plot (plot).

　　Afterwards, Teacher Ciaran prepared the Minions’ story fragment "Competition", using the short film as a material to analyze the different elements that make up the story in a more targeted manner and strengthen the study of theory. Finally, the group’s task list "AT THE MOVIES" was completed in a group collaboration. The students learned and analyzed the structure of the text through four aspects of listening, speaking, reading and writing, and returned to the study of English knowledge.

　　Rigorous Chemistry Classroom: A Comparative Study of Chinese and Western Teaching Concepts and Methods

　　The chemistry classroom fully reflects the rigorous spirit of the subject. The chemistry teacher compared the "Compulsory Education Textbook" (Zhejiang Education Press) and "Science Fusion" (a set of top science courses published by Houghton Mifflin Harcourt Group in the United States, which are used as science textbooks in many public schools in the United States). Combining the advantages of the two sets of textbooks, students are guided step by step to complete the teaching objectives of this class: to understand the physical and chemical properties of acids or bases, and to be able to judge the acid and alkali properties of substances according to the physical and chemical properties of acids or bases.

　　The rigorous classroom was also very interesting, and the students were very interested in the introduction of the teacher in the life situation, and the classroom atmosphere quickly became active. After a class, the students learned not only the chemistry knowledge required by the curriculum standard and the core English vocabulary involved in these knowledge.

　　"What’s even more exciting is that after the science class, some students came over and asked me for pH test strips because they wanted to go back and continue to study the acidity and alkalinity of more substances. This is what we want to train children to better understand the world through their own curiosity and their own perception through science class," said Liu Zhaoyun, a chemistry teacher.

　　Dialectical Society and History Classroom – Seeing the World from Multiple Perspectives

　　Around the two questions of "what is history" and "what are we studying in history", the society and history teacher also replaced the "Yiyan Hall" with the form of "discussion group", and asked each group of students to design a story according to the historical characters assigned. Students work in groups and choose a representative to speak. Other group members judge which plots are real and which are made up.

　　The teacher guides the students to express their opinions with questions and materials, and finds the key to the exit in the collision of viewpoints, which not only gives the students the opportunity to fully express themselves, but also leaves a vast space for thinking. At the same time, the teacher also tries to cooperate with the students to learn. When thinking about the ultimate question that human beings must face, "Where do I come from?", the students are pleasantly surprised to provide many philosophical answers.

　　Learning history is not only about learning about the development and changes of China and the world, but also about cultivating students to understand history philosophically and balance the relationship between themselves and the world. Specific to the junior high school stage, it is the cultivation of historical understanding and critical thinking.

　　In the end, each group was given three passages about Hitler’s teenage, adolescent and middle-aged experiences without his name, and asked to read them and summarize the character’s characteristics. Faced with these historical materials alone, the students felt the character’s loneliness, literature, pity and horror. "To understand and analyze the character from multiple angles rather than to make a coffin with a fixed concept is what we want to pass on to the student through the course. This is true for understanding a person, but even more so for understanding a culture and a concept," the instructor said.

　　If you accidentally miss this integration course experience, parents can also pay attention to participating in this Sunday’s integration course experience, so that your child can experience another cross-cultural journey brought by our school’s math, physics, English and physical education teachers.

1905 movie network feature The sixth day of Cannes is still a busy day for the Chinese-language media. At 10:30 am French time on May 19, the Chinese-language film that premiered in Cannes yesterday held a press conference at the Film Palace. When talking about his role, Hu Ge said emotionally that the role needs a desperate point. Regarding Hu Ge’s decision to play a gangster, director Diao Yinan even used Zhang Guorong as an analogy, saying that he is an idol, but it does not hinder the cooperation with the author and director.

In the main competition, two more films premiered in turn. The French film "Portrait of a Burning Woman" andTerrence MalickThe new film premiered successively in the Lumiere Hall of the Film Palace.

Hu Ge lamented the shooting experience: firmly established that this road must go on

"The Wild Goose Lake," which finished its premiere, scored a 2.8 on Screen, one of the Cannes film festival’s editions. Mr. Diao also appeared alongside his stars, Hu Ge, Gui Lunmei, Liao Fan and Wan Qian, and two producers, Li Li and Shen Qian, at this morning’s press conference, which has also become a gathering of Chinese media at Cannes. Speaking about his casting choices, Mr. Diao said he was not acting from a realistic perspective, but from a temperament perspective, so by casting Hu Ge as a gangster, he entered the role.

For the choice of Hu Ge, Diao Yinan even used the analogy of Leslie Cheung, Alan Delong, and others, indicating that he is both an idol and a serious author of a movie.

Hu Ge, Diao Yinan and Gui Lunmei

Hu Ge also expressed his gratitude for the opportunity to star in a film. At the press conference, he once again emphasized that this was his first film, and because of his cooperation with the director Diao Yinan, he also firmly determined that this path must be followed. Starring in a film for the first time, he admitted that he had always been anxious and uneasy in the crew. In the end, he realized that this anxiety had become the link between himself and the character.

Gui Lunmei, who has played a lot of opposite scenes with Hu Ge, also shared her feelings. She mentioned that she also didn’t know how to deal with the character, so she also felt uneasy and uncertain to experience the character’s complex mood twists.

"Burning Woman" burst into loud applause after the screening, and Malik’s monotonous and straightforward theme

In the two main competition films that premiered today, "Portrait of a Burning Woman" is set in the 18th century and tells the story of two women on an island. Although the story is simple, the director’s presentation skills are varied, and multiple shots are delivered to a shocking effect. But the film’s slightly slow pace, coupled with the setting of the era, also made many Chinese journalists feel monotonous.

"Portrait of a Burning Woman"Poster

Terrence Malik went on to make "The Hidden Life," a World War II-themed film, but the two are only similar in theme and completely different in story and production. The film does not focus directly on the war, but instead tells the life and death of a civilian couple. The hero, the Austrian soldier Franz Jagstedt, is sentenced to death for refusing to fight for Germany because of his opposition to the Nazis, and the wife is left to raise her children alone in the countryside.

The pastoral scenery in the film is picturesque, as if reproducing the scenes in Malik’s classic works, and the unique visual images created by the shooting methods of large and wide-angle, looking up, and close-up characters are also his consistent image style in recent years.

"The Hidden Life" recreates the rural work landscape

In contrast to other films that have been criticized for having only exquisite images and broken and messy narratives, this time the story is clearer and more plot-oriented. The main story is narrated through cross-cutting, focusing on the humiliation and humiliation suffered by the husband and wife. On the one hand, Franz was tortured by Nazi officers in prison, and on the other hand, his wife and children were rejected by the villagers in the village, but they still lived tenaciously.

The narration of the husband and wife’s letters and the scenes of their lives together create this undercurrent of tragedy. Although the appeal is not as grand, it is permeated with a sincere humanitarian spirit, and it also conveys love and faith, kindness and justice. However, there is still the old problem of Malik’s creation in recent years: monotonous emotions are constantly repeated, and the main theme is too straightforward.

On June 1, NIO quietly announced its May sales, and the share price fell by 0.60%. This was another decline after the share price of the second-generation ES6 fell by 9% on the day of listing. By June 5, the total market value had been less than 100 billion Hong Kong dollars.

From the head of sales/market value to the tail of new car makers, NIO only took 2-3 years.

The market value is less than half of Li Auto, which makes NIO, which lost 14.40 billion yuan last year and 44.60 billion in 5 years, on the verge of difficulties, and the cumulative loss is more than Tesla’s 15 years of establishment.

In 2022, NIO’s cash will decrease by 10 billion yuan, and as of the beginning of 2023, there will still be 40 billion yuan in cash in the company’s account. At such a "burning money" rate, I wonder how long NIO can support?

Li Bin, chairperson of NIO, actually knows very well. He said in an interview in April this year that,If this year’s work is not good, 24 years will become another 19 years, which means that NIO may be "back" in the ICU again.

After NIO went public on the Nasdaq, it once became the most valuable car company in China, and Li Bin (left) was no exception for a while.

Back in November 2020, NIO’s market value reached 72.84 billion US dollars (about 479.70 billion yuan), making it the highest car company in China in one fell swoop.

This can’t blame NIO’s current stock price, because sales are not awesome! In May this year, NIO only delivered 6,155 vehicles, a decrease of 7.6% month-on-month, ranking second to last among new car-making forces. This is the fourth consecutive month of decline, and it is getting farther and farther from the goal of "Wei 10,000".

The monthly sales of 3 models are about 10,000, and the 7 models are still around the 10,000, so NIO is dubbed "Wei 10,000".

"If NIO still 10,000 sales every month, Qin Lihong (president) and I will have to look for jobs." In early May this year, Li Bin also joked.

Li Bin and Qin Lihong are also very hard, but the high-end pure electric vehicle (above 300,000 especially above 400,000, such as ES6 plus optional super 400,000 yuan) market targeted by NIO is too small.

Regarding the problem of NIO, as the reader’s comment after the DearAuto article hit the nail on the head "Fishing where there are fish, otherwise it will be a dead end. Where there are fish? One is plug-in hybrid including range extension to solve the problem of mileage anxiety. One is to take a trolley within 150,000 to solve the problem of urban traffic, and the family has a second car. Where there are no fish, there are no fish in the more than 300,000 pure electric markets. Whether you are Wei Xiaoli, BYD Great Wall Geely, or Huawei, there are no fish. Wang Chuanfu said well, strategy is the most important, strategy is wrong, wasting money is small, wasted time is priceless."

I seriously suspect that this reader may be a Weilai owner who hates that iron cannot make steel, otherwise he will not be able to see the problem so clearly.

There is no universal standard for high-end pure electricity, which is generally considered to be more than 300,000 yuan, which is equivalent to luxury fuel vehicles.

NIO’s standard is higher – more than 400,000 yuan, and it often posted such forms last year to prove that it is a monopoly in this market.

In August last year, for example, NIO was still relatively popular, occupying the top and second place in the rankings, but the top 10 were imposed on less than 7,000 vehicles, all of which were given to NIO, and NIO could not support such a large company with more than 30,000 people.

Correspondingly, there are only 10,000 people in Ideal and Xiaopeng.

NIO also has an ET5 sedan that is more capable of playing, in the 300,000-400,000 range, the car claims to outsell BMW 3 Series, and the amount of insurance once exceeded 3 Series, but then sales fell rapidly.

In April, BMW sold nearly 12,000 3 Series, but only 4,293 ET5s, proving that the 30-400,000 pure electric market is not so optimistic.

Due to the unresolved issues of charging and battery life, pure electric vehicles are more suitable for small cars as the second scooter in the family, rather than pure electric vehicles such as NIO.

Of course, the popularity of big cars such as the Ideal L8 and D9 also shows that consumers can also pay for high-end big cars, but they are PHEVs.

The high-end is largely reflected in performance. For electric vehicles, improving performance becomes very simple, basically adding batteries and enhancing motors; while the interior is replaced by a large screen, just to see who has a larger screen and higher pixels.

The threshold has suddenly been lowered, which means that it is not as high-end valuable.

The demand for high-end pure electric cars, if there is one, is small. NIO worked hard, but to no avail. After the launch of ES6, ES8 sales plummeted; when ES7 came out, ES6 sales fell again; when ET5 came out, ET7 dropped sharply.

This is not a problem with the NIO family. Even the most powerful pure electric brand, Tesla, saw its million-dollar Model SX sales plunge after Model 3/Y came out.

Mercedes-Benz, BMW, and Audi all performed poorly in the EV market. This is definitely not an accident. It is not that these products themselves are flawed, but that the market positioning is incorrect.

"We also know that high-end pure electric is a point of no return, but we can’t change it, it’s the decision of the global headquarters," a luxury brand head told DearAuto on condition of anonymity.

In addition, after three years of epidemic attacks, consumers are not as rich as manufacturers imagine, this year, no matter how the government at all levels to stimulate, car sales are always tepid.

According to the National Bureau of Statistics, the per capita disposable income of residents in 2022 was 36,883 yuan; this year, consumers seem to be even more short of money, and even if they have it, they will not dare to spend. The fire in Zibo during the May Day holiday also proved that ordinary people are "short of money", because the cost of going to Zibo is much cheaper than that of Sanya or Lijiang.

One of the reasons why NIO stood out in the early days was that it started early and had a first-mover advantage, which won the favor of the capital markets. The second relied on the ultimate service to create a unique city and build its high-end image. The power exchange model is the core of NIO’s service system, but this core may bring down NIO.

According to industry data, the cost of NIO’s first-generation replacement stations is about 2.50 million-3 million yuan, and the cost of second-generation replacement stations is about 1.50 million yuan (excluding batteries). NIO has established 205 first-generation replacement stations, and the number of second-generation replacement stations is 1,100. In this way, NIO has invested 21.625 billion in replacement stations. Including land rent and operating costs, NIO’s investment in replacement mode has exceeded 10 billion yuan.

In 2023, NIO plans to increase the number of new power stations from 400 to 1,000, with a new investment of 2 billion yuan.

"Kneeling and licking service" has no bottom line, it is difficult to get off the service, and the car owner is also spoiled.

NIO began to do some "tricks" on the service this year, including that the beta version of NOP + Enhanced Pilot Assistance will be switched from free use to paid subscription; the power exchange benefit will be changed from the original 6 times a month to 4 times a month free and no longer send home chargers.

The "backlash" came soon, and NIO’s sales in April and May did not exceed 7,000 units.

After the second-generation ES6 went on sale, ES7 owners quit (thinking that the ES6 was too cheap, affecting the residual value of ES7 used cars) and asked NIO for compensation. The owner replied to Li Bin and said: "My relationship with you is not that close. I am here to negotiate, not to talk."

Li Bin said publicly that this is impossible because he needs to invest in real money.

High-end is the tone of NIO electric vehicles. Li Bin has repeatedly emphasized that "NIO will not offer low-end vehicles, nor will it reduce prices."

But the auto industry is an industry that pays attention to scale. Li Bin is very clear in his heart, "In the long run, the sales of 2 million cars a year by car companies are the line of life and death. If you can’t see the hope of sales to this line, I think it will be difficult."

For NIO, the top priority is to sell more cars and cut costs to survive.

Due to NIO’s high-end attributes limiting its sales scale, its second brand, Alpine, and even its third brand, Firefly, are expected to be used primarily for impulse.

Let’s not say that multi-brand operation is a huge pit, and there are few successful precedents for Chinese and foreign automakers.

For NIO, going down is more difficult because it faces stronger competitors. In addition, mid- to low-end brands have higher cost requirements, which is not good at NIO.

According to NIO’s plan, the Alps brand will mainly target the price range of 20-300,000 yuan. And it is expected that products will be launched in 2024.

But competitors in this price range include BYD, Tesla, Extreme Krypton, Wei Brand, Deep Blue, and a large number of joint-venture electric vehicles.

Firefly is NIO’s car brand, which will be launched in Europe at that time, and is expected to be in the price range of 10-200,000 yuan.

The competition in this market is even more intense in China. Not only are there a bunch of pure electric vehicles including Aian and BYD, but also a large number of plug-in hybrid models. Wuling is also a mythical existence. (Text | DA Bin)

On November 21, the "2020 Screenwriting Night" was held in Beijing under the guidance of the China Broadcasting Federation Television Drama Screenwriting Committee and sponsored by iQIYI. Yang Shuo, Party Secretary and Director of the Beijing Municipal Radio and Television Bureau, Kong Jianhua, Party Member and Deputy Director of the Beijing Municipal Radio and Television Bureau, Li Jingsheng, Vice President of the China Federation of Radio and Television Social Organizations, Liu Heping, Chairperson of the China Broadcasting Federation Television Drama Screenwriting Committee, Li Shaohong, President of the China Film Directors Association and the fifth generation director of China, Liao Xiangzhong, Party Secretary and President of the Communication University of China, Hu Zhifeng, Deputy Secretary of the Party Committee and Vice President of the Beijing Film Academy, Gong Yu, founder and CEO of iQIYI, and many other industry experts attended the scene. That night, a total of 13 films, animations, dramas and other outstanding works, and 23 outstanding screenwriters were honored by the Screenwriters’ Night.

Screenwriter Night is the first screenwriter honor event launched by iQIYI for screenwriters. It aims to encourage and recognize outstanding screenwriters and creative talents, work with industry partners to build a healthy content creation environment, and help the birth of more excellent film and television works. At the scene, Gong Yu, founder and CEO of iQIYI, delivered a speech. He said: iQIYI always respects the screenwriter industry and creative talents. Screenwriters, as the source of film and television content creation, have a broad space for development. iQIYI hopes to work with more screenwriters to deliver high-quality content to the industry.

Liu Heping, Zheng Xiaolong and other 30 authoritative personnel served as judges for "Clouds Made of Rain in the Wind" and "Twelve Hours in Changan"

In recent years, with the development of the film and television industry gradually moving towards a mature stage, and the healthy guidance of leading video platforms, more excellent screenwriters have been discovered, and well-known screenwriters such as Wang Tie, Mo Baofei Bao, Chen Yuxin, and their works have successively gone to the public. This has made the importance of screenwriters and content creation better recognized by the market and users, and has also put the career path of screenwriters and the optimization of the industrial environment on the agenda.

This selection includes nearly 30 authoritative personnel in the field of drama, film, and animation as judges. According to the content quality, broadcast performance, market feedback and other factors of the work, the shining points of film and television works are explored from the market and professional perspective. After multiple rounds of screening and collegiality, the results are obtained. Positive incentives are given to screenwriters in different fields to ensure the justice and fairness of the selection.

In the drama unit, Liu Heping, president of the China Broadcasting Television Drama Screenwriting Committee, Zheng Xiaolong, president of the China Broadcasting Television Drama Director Committee, and Zhang Guoli, a national first-class actor, were invited; in the film unit, film director Xie Fei, Chinese film and television director Li Shaohong, and honorary president of the China Film Critics Society Zhang Baiqing were invited; in the animation unit, Yu Peixia, president of the China Animation Society, Huang Xinyuan, dean of the School of Animation and Digital Arts of the Communication University of China, and Li Jianping, dean of the School of Animation of Beijing Film Academy.

There are dozens of shortlisted works in this screenwriting night, including multiple platforms such as TV, Internet, and theaters in 2019, as well as multiple genres such as movies, dramas, and animations. The film shortlisted works include high-reputation films such as "Clouds Made of Rain in the Wind" and "Send Me to Qingyun". The series shortlisted works include "Celebrating More Years" and "Dear, Love" and other episodes with both traffic and word-of-mouth, and the competition is fierce.

Mo Bao Feibao won the "Best Young Screenplay" Wang Tie won the "Best Adaptation" honor for "Celebration of More Than Years"

Focusing on the three major units of drama, film and animation, as well as the special recognition of the organizing committee, the Screenwriters’ Night announced the list of outstanding works, with a total of 13 works and 23 outstanding screenwriters receiving recognition.

Among them, in the drama unit, Paw Studio won the "Hot Discussion of the Year" honor for "Twelve Hours in Chang’an"; Mo Baofeibao won "Best Young Screenplay" for "Dear, Love"; Wang Tie won "Best Adaptation" for "Celebration of More Than Years"; Chen Yuxin, Qin Yue, and Li Li won "Best Original" for "Ice Breaking Action".

In the film unit, Mei Feng, Qiu Yujie, and Ma Yingli won the "Best Original Cinema Film" based on "Clouds Made of Rain in the Wind"; Lin Yongchen, Li Yuan, and Xu Yimeng won the "Best Adaptation of Cinema Film" based on "Young You"; Guo Yude, Liu Bowen, and Sang Mutian won the "Best Screenplay of Online Movie" based on "Women’s Heavenly Group of Sorrowful Music".

In the animation unit, Dong Xiangbo’s original script "Spirit Cage" won the "Best Original of National Manga"; Chen Tong, Lv Linjin and Liu Yang won the "Best Adaptation of National Manga" for "Whale Ride of the Four Seas Season 2"; Li Zibo won the "Best Original of Children" for "Du Dangman".

In addition, the organizing committee also awarded special commendations. "Diplomacy" and screenwriters Ma Jihong, "Nezha’s Devil Child" and screenwriters Dumpling, "Donkey on the Tree" and screenwriter Chang Wenjiang were honored by the conference.

"2020 Writers’ Night" Honorary Works List:

Drama Unit Honorary Works

Hot Talk of the Year

"Twelve Hours in Chang’an": Paws Studio

Best Young Screenplay

"Dear, Love": Mo Bao Fei Bao

Best Adaptation

"Celebration of the Year": Wang Tie

Best Original

"Operation Ice Breaking": Chen Yuxin, Qin Yue, Li Li

Film Unit Honorary Works

Best Original Cinema Movie

"Clouds Made of Rain in the Wind": Mei Feng, Qiu Yujie, Ma Yingli

Best Cinema Movie Adaptation

"Young You": Lin Yongchen, Li Yuan, Xu Yimeng

Best Screenplay for an Online Movie

"Mourning Women’s Heavenly Group": Guo Yude, Liu Bowen, Sang Mutian

Animation Unit Honorary Works

National Manga Best Original

"Spirit Cage": Dong Xiangbo

Best Adaptation of National Manga

"Whale Ride of the Four Seas Season 2": Chen Tong, Lv Linjin, Liu Yang

Children’s Best Original

Dudang Man: Li Zibo

The organizing committee specifically commends

Diplomacy: Ma Jihong

The Devil’s Child of Nezha: Dumplings

"The Donkey Climbs the Tree": Chen Wenjiang

1905 movie network news On the evening of December 22, Jiaxing Media, the brokerage company to which Yang Mi and Liu Kaiwei belong, issued a statement announcing that Yang Mi and Liu Kaiwei had signed an agreement in 2018 to peacefully break up and end their marriage.

In the statement, it also specifically stated that "although they will no longer live together as husband and wife, the two will also take care of and raise the children together as relatives in the future." To put an end to the small glutinous rice issue that the majority of netizens are concerned about.

In 2011, Yang Mi and Liu Kaiwei fell in love for the filming of the TV series "Ruyi". In 2012, the two admitted to their relationship on Weibo. On January 8, 2014, Yang Mi and Liu Kaiwei held a wedding ceremony in Bali; on January 19 of the same year, Liu Kaiwei confirmed that Yang Mi was more than three months pregnant. On June 1, 2014, Yang Mi gave birth to her daughter "Xiao Nuomi" in Hong Kong.

In the two years after their marriage, Yang Mi and Liu Kaiwei interacted frequently, and the two often forwarded and interacted sweetly with each other on Weibo. But since 2016, the interaction between the two sides on Weibo has become less and less. In the past two or three years, both of them have produced a lot of new works, but the two sides have almost never promoted each other. On December 3, 2015, Liu Kaiwei forwarded Yang Mi’s new works for the last time. And at the end of 2015, it was when Liu Kaiwei and Yang Mi reported that their marriage was changing.

Until 2018, the two’s Weibo almost stopped interacting. The last time Liu Kaiwei interacted with Yang Mi on Weibo was on April 12, 2018. Yang Mi was caught in a public welfare scam, and Liu Kaiwei forwarded the rumor-refuting article and supported Yang Mi.

And according to an online friend, "It has been rumored for so long, why did Liu Kaiwei and Yang Mi choose to announce the divorce statement today? Because schools in Hong Kong will give students a Christmas holiday from December 22, and the holiday time is not short. In order to protect Xiao Nuomi from being chased by the media, the two of them advised everyone not to disturb Xiao Nuomi."

　　Lost "life saving money".

　　A few days ago, the Hong Kong Stock Exchange announced that the strategic investment agreement signed with Newton Group was terminated. original transaction and relatedThe amendments failed to achieve further development.

　　Said that, as at the date of this announcement, no further progress has been made on the proposed transaction and the amendment of its terms. The Company confirms that the proposed transaction and will no longer proceed. As the Share Subscription is no longer taking place, the Subscriber is under no obligation under Rule 26 of the Takeovers Code to make an unconditional mandatory general offer in respect of all issued Shares which it and persons acting in concert with it have not yet owned or agreed to acquire.

　　ShanghaiNewspaper reporters recently interviewed and learned that Hengda, which once built high-profile cross-border cars, has been mired in crisis.

　　Hengchi Automobile Tianjin Factory Production Line

500 million dollar "lifesaving money" is gone

　　On August 14, 2023, Hengda Automobile announced that it received the first US $500 million strategic investment from NWTN.US, a listed company held by the UAE sovereign fund, and another RMB 600 million transition funds will arrive in the account five working days after the announcement. The proposed transaction between the two parties is expected to be completed in the fourth quarter of 2023. After the completion of the transaction, the shareholding ratio of Newton Group to Hengda Automobile will account for 27.5% of the total number of issued ordinary shares after the expansion.

　　At that time, the market believed that the Newton investment would be a "life-saving money" for Evergrande. Evergrande had announced that the company planned to use all the war investment funds for Evergrande’s Tianjin plant to ensure the normal production of Hengchi 5 and the successive mass production of Hengchi 6 and Hengchi 7. Newton Group will also assist Evergrande in exploring overseas markets and achieve the annual export of 30,000 – 50,000 Hengchi cars to the Middle East market. However, the deal comes with 19 prerequisites, includingWorkout takes effect, no major adverse impact events, etc.

　　On January 1, 2024, Hengda Automobile announced that the Newton Group’s share purchase agreement and the company’s debt-for-equity subscription agreement for Hengda Automobile had expired on December 31, 2023. The deadline for these two agreements is December 31, 2023, and the parties to the agreement have not agreed to extend them.

　　Evergrande Motor said that the parties to the Newtown Group share purchase agreement and the debt-for-equity swap subscription agreement, as well as certain stakeholders, have been and will continue to negotiate on amending certain key terms of the proposed transaction and the debt-for-equity swap. The company will make monthly announcements until the exact intention to proceed with the proposed transaction and the debt-for-equity swap is announced or the decision not to proceed with the proposed transaction and the debt-for-equity swap is made.

　　Hengchi Automobile Tianjin Factory Production Line

Evergrande Automobile’s performance has exploded, and its business has stagnated

　　The latest financial report shows that Hengda Automobile listed on the Hong Kong Stock Exchange in 2023 annual revenue of RMB 1.34 billion yuan, net loss of RMB 11.995 billion yuan, a year-on-year reduction of 56.64%. As of December 31, 2023, Hengda Automobile has delivered more than 1389 vehicles.

　　In 2019, Hengda’s Hengchi Automobile brand was born, and it also participated in the 2021 Shanghai Auto Show with a high profile. It launched 9 pure electric models in one go, and its booth area exceeded that of the same international first-tier car companies. At that time, Liu Yongzhuo, president of Hengchi Automobile, said that in the fourth quarter of 2021, Hengchi Automobile will start full trial production, and large-scale delivery will be carried out in 2022. However, it was not until April 2022 that three Hengchi 5 cars were actually unveiled. Six months later, Hengchi 5 was finally delivered. However, Hengchi Automobile soon fell into quality doubts. Since then, due to insufficient funds, Hengchi Automobile’s Tianjin factory has suspended production of Hengchi 5.

　　However, the betThe car track is still trying to help its Hengda car, which is also listed on the Hong Kong Stock Exchange, out of trouble after falling into a liquidity crisis. At the end of May 2023, TianjinLeaders led a team to carry out research services at Hengchi Automobile’s Tianjin factory. Hengchi Automobile introduced that Hengchi’s Tianjin factory has now fully resumed production. Liu Yongzhuo said that the company will make every effort to speed up the production and delivery of Hengchi 5, and continue to promote the development and production of subsequent models to make the company bigger and stronger.

　　A Hengchi Automobile employee told reporters that in mid-2023, the company also made some efforts, such as imitating other automobile companies to hold Hengchi Chongqing Chengdu car owners’ mountaintop camping activities, which were mainly targeted atOTA online upgrade with optimized management system and charging logic.

　　But the good times did not last long. Hengda Automobile announced on January 8 that Liu Yongzhuo, the executive director of the company, has been detained according to law for suspected illegal crimes. In addition, Hengda Hengchi Automobile (Shanghai) Co., Ltd. recently added three pieces of information about the person being executed, with a total target of 98 million yuan.

　　The reporter learned that since March 1, employees of Hengchi Automobile Tianjin have been unable to enter the office building with facial recognition, and the facial recognition machine shows that "the person is not registered". The person in charge of media relations of Hengchi Automobile also told reporters that he usually does not go to the company, does not connect with the media, and no one hands over the job. "Now there are no people in the brand department of Hengchi."

　　"Evergrande’s car manufacturing industry is currently in deep crisis." Zhang Junyi, a managing partner of Oliver Wyman Consulting, told reporters that on the one hand, assets such as Hengchi Automobile’s Tianjin factory have been mortgaged many times, making it difficult to find a successor. On the other hand, with a fierce price war, the domestic new energy automobile industry has entered a stage of overcapacity. The assets of Wenzhou and Huanggang, the two production bases of Weimar Automobile, which had gone bankrupt and reorganized, have not been taken care of.

On November 29, Meituan announced that since December 1, it plans to buy back the company’s shares with a total amount of no more than 1 billion US dollars.

Meituan believes that the share repurchase demonstrates the company’s confidence in its business outlook and prospects. The board believes that the company’s existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position.

According to Meituan’s latest third quarter results announcement for 2023, the company’s quarterly revenue was 76.50 billion yuan, an increase of 22.1% year-on-year; adjusted profit was 5.73 billion yuan, an increase of 62.4% year-on-year.

Editor, Li Yan

Proofreading, Liu Baoqing

Click to watch more video highlights of Star Jump > >

Killer took off handstand.

Xing Aowei takes off.

Gao Hu’s Flying Swallow Action

　　Zhejiang Satellite TV’s large-scale charity star diving reality show "China Star Jump", since last week’s transfer to the semi-finals of the master’s tricks, the overall difficulty of the players’ jumping has improved, and the difficulty of the movements has erupted collectively. Especially in Gao Hu and Killer, two "high-platform kings" jumped out of the amazing professional-level movements. Killer took out the difficult movement of 611A handstand and somersaulted forward for half a week in the first jump, and then challenged the highest difficulty 202A of the 10-meter platform since the launch of the diving program, while Gao Hu 302C’s perfect jump of reflexively somersaulted and hugged her knees for one week, which was praised by Olympic champion Li Na, a substitute judge, as "the height that professional athletes can only reach after practicing for one year". This week’s second semi-final is still full of experts, especially Xing Aowei, the Olympic gymnastics champion of cross-border diving, who created a dazzling 720-degree somersault and a 180-degree twist against the sky in the preliminary round. The semi-final will continue to carry forward the spirit of innovation and threatened to "jump the diving action of the next Olympic Games" if he advanced to the final.

　　Killer, Xing Aowei and Gao Hu, who are also non-professional divers, have turned from inexperienced diving novices to almost professional ones. Their respective advantages of "being in harmony with the right time and the right people" are prominent, which is an important weight for their successful breakthrough and the secret behind their successful counterattack.

　　Location: Gao Hu grew up facing the sea, and his childhood "plunge" warmed up and dived.

　　Gao Hu is the "king of the platform" among the contestants. He not only won the 10m platform at the fastest speed in training, but also was the first person in the competition. In addition to the courage and boldness of "being too high to be happy", Gao Hu showed an amazing and perfect swallow in the preliminary round, and the difficulty of the action was also upgraded all the way. Especially in the last semi-final, Gao Hu 302C made a perfect jump by doing a reverse somersault and holding her knees for a week. Even Olympic champion judge Li Na praised this as "the height that professional players can only reach after practicing for one year". He also relied on this difficult and perfect jump to sit firmly on the spot and advance directly to the final without any suspense.

　　The reason why Gao Hu achieved such amazing diving attainments in a short time can be said to be due to the "geographical advantage" occupied since childhood. He is a native of Qingdao, and the urban environment surrounded by the sea on three sides gives Gao Hu a unique advantage before diving. According to Gao Hu himself, "I grew up facing the sea, and I have a deep plot about water. My whole family likes swimming very much, so I have been moving freely in the water since I was three or four years old". According to Gao Hu’s recollection, there are many hills and rocks in his hometown near Qingdao. When he was a child, he was bold. He often avoided his parents’ attention with his friends and jumped from the rocks to the water for excitement. Although the equipment was rudimentary and there was no technical content, his childhood experience was similar to that of today’s diving, especially because he learned Gao Hu’s boldness. It is no wonder that he was able to walk calmly on the 10-meter platform on the first day of training. He once said that "I am not afraid of heights at all and like to challenge the limits." Gao Hu, who has excellent water quality, also revealed that he had passed the diving certificate when he traveled to Palau.

　　In addition, Gao Hu is also a sportsman. He likes to play volleyball since he was a child. He is the leader of the school volleyball team. He has participated in many municipal competitions with the team, and volleyball has also trained Gao Hu’s good arm strength.

　　Timing: Killer was born with good gene dance skills and was born with boldness.

　　Killer has been called "Zhang Dadan" since she entered the competition. In the preliminary competition, she was the first woman on the 10m platform, which was as famous as Gao Hu. In the semi-finals, she was even more powerful, with two consecutive jumps. The first jump of 611A turned upside down for half a week, becoming the first woman to use platform handstand, while the second jump of 202A turned backwards for a week, which was the highest difficulty since the diving program was launched.

　　The reason why Killer dives so well can be said that she won at the starting line because of her favorable weather and natural genes. Killer’s mother is a dance teacher, and her innate motor genes, coupled with the super-high physical flexibility of practicing dance since childhood, give her obvious advantages in diving. In addition, Killer, who is bold by nature, also said that he was particularly love the water and liked swimming since childhood. This boldness surprised everyone when Killer walked into the diving hall for the first time, and immediately won the 10m platform, giving the competitors a modest "duel". In a daily training, the diving hall was suddenly cut off due to an accident, and it was suddenly plunged into darkness. At that time, the staff and players present, especially the girls, screamed with fear and scrambled to climb ashore from the water. At that time, Killer, who was on the shore, jumped into the water and swam in the dark diving hall, exclaiming that "such an opportunity is too rare, swimming in the dark is very exciting", which attracted Gao Hu present to be outdone and jumped into the water.

　　People and Peace: Coach Xing Aowei and the judges all found that small gymnastics and diving are connected.

　　As the Olympic champion of gymnastics, Xing Aowei still can’t hide the champion’s potential in cross-border diving. In addition to his amazing jump in the preliminary round, he let the audience see the high platform handstand for the first time, and even created a dazzling "anti-heaven" action in the second jump: 720-degree somersault and 180-degree turn, which caused a full house of applause. This action is even more created by Xing Aowei. In the semi-finals, he said that he would continue to carry forward the spirit of innovation, and he confidently threatened to "jump the diving action of the next Olympic Games" if he could advance to the final.

　　Xing Aowei has the highest starting line among all the players. As a gymnast of the national gymnastics team and an Olympic gold medal champion, he stood out among all the players from the first day of training. The national diving team and the gymnastics team are veritable neighbors. They used to practice in the same training hall. Therefore, many national diving team members and Xing Aowei have been good friends since childhood, including Li Na, the world diving champion who is the coach in this competition. Therefore, Xing Aowei has no pressure and a sense of formality in the training process. Although gymnastics and diving are two completely different sports, they have a lot in common, especially turning and tumbling, which is why Li Xiaopeng of Prince of gymnastics was specially invited to the jury, and Li Xiaopeng’s position was to comment on diving from a semi-professional perspective. Xing Aowei and Li Xiaopeng are both Olympic champions. Since Li Xiaopeng can be a judge, it can be seen that Xing Aowei’s starting line is high, and their teammates, especially good brothers, let him score in the judges’ scoring.

　　Pay more attention to "China Star Jump" official website: http://www.zjstv.com/splash

　

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