Author | Wang Yajun 　

Cover Source | Douban Entry 　

On January 26th, Beijing time, Tesla released the latest financial report: in the fourth quarter of 2022 (hereinafter referred to as Q4), the revenue increased by 37% year-on-year to US$ 24.318 billion, and the net profit increased by 59% year-on-year to US$ 3.687 billion, both hitting record highs and exceeding market expectations. 　

During the period, Tesla’s vehicle production and delivery both reached new highs: Q4 produced 439,701 vehicles and delivered 405,278 vehicles, up 44% and 31% respectively. 　

On the first trading day after the financial report was released, Tesla closed up nearly 11% and its market value returned to 500 billion US dollars. 　

DanielIves, a well-known Tesla bull and Wedbush analyst, believes that Q4 in 2022 will be "one of the most important financial reports in Tesla’s history" because its dominant position in the electric vehicle market is facing new resistance in the past few years. 　

Before the financial report was released, Tesla took the lead in the unprecedented price reduction promotion in the domestic market on January 6, and then spread the price war to the United States, Europe and other places. Musk said in the earnings conference call that he saw the strongest order in Tesla’s history in January, and the current number of orders is almost twice the production capacity. 　

In 2023, Tesla gave a delivery target of 1.8 million vehicles in the financial report, an increase of 37% compared with 2022, which was lower than the previously set long-term target (an annual increase of 50%). However, Musk is also optimistic that if there is no external interference, 2 million cars may be produced and sold in 2023. 　

The price of cars has dropped, but the growth rate of delivery has slowed down. 　

In Q4 of 2022, Tesla, the "price butcher", once again showed the cutting edge of price reduction. 　

Since October, 2022, Tesla has successively reduced prices in China and North America. Musk’s goal is to sell all the cars produced in Q4 that year and usher in an "epic year-end". 　

However, due to the small price reduction, the effect of exchanging price for quantity is not satisfactory. Tesla delivered a total of 405,300 vehicles in Q4, with a year-on-year growth rate slowing from 71% in the same period of last year to 31%, and a year-on-year revenue growth rate of 37%, a record low in the past two years. MarkDelaney, an analyst at Goldman Sachs, believes that Q4′ s delivery data is "an increasing negative factor". 　

　In Q4 last year, Tesla’s output exceeded the delivery by 34,423 vehicles, and the annual difference was 55,769 vehicles. In 2022, Tesla delivered a total of 1,313,800 vehicles, which failed to reach the annual target (1,404,100 vehicles), and the throne of the annual new energy vehicle sales crown was also taken away by BYD. 　

As the most profitable new energy vehicle company in the world, Tesla’s net profit growth rate slowed down obviously in Q4 last year, even less than Q2, which was affected by epidemic and supply chain. 　

The price reduction promotion also lowered the gross profit margin. Tesla Q4′ s gross profit margin was 23.8%, down 3.6 percentage points from the same period of last year and 1.3 percentage points from the previous month, hitting a new low in nearly seven quarters. 　

　　In the face of the decline in profitability brought about by price cuts, Musk believes that Tesla can get compensation from autonomous driving. 　

In a Twitter space discussion at the end of 2022, Musk said that the value of a car that can drive automatically is much higher than that of a non-self-driving car. Even if the profit margin is extremely low when selling a car, it can be upgraded to automatic driving. It can bring a lot of income. "Only Tesla can do this." 　

FSD(FullSelf-Drive) brought Tesla $324 million in revenue in Q4. Tesla has released a beta version of FSD to almost all customers in North America, and the number is about 400,000. 　

In addition to the slowdown in growth and the decline in gross profit margin, Musk, as the soul of Tesla, was also distracted by Twitter. 　

Musk proposed to acquire Twitter in April 2022 and entered the company in October. After the acquisition, Musk reduced his holdings of Tesla shares worth nearly $23 billion. KoGuanLeo, the third largest individual shareholder of Tesla, said that Musk gave up Tesla and Tesla had no CEO. 　

The cold winter of Q4, together with Twitter nightmare, has impacted Tesla’s market value and Musk’s net worth. As of the close of the last trading day in 2022, Tesla’s share price fell by more than 50% in the fourth quarter. Affected by this, Musk became the first rich man in history to lose $200 billion. 　

　　

Weakened first-Mover advantage 　

Behind the slowdown in delivery, revenue and net profit growth is Tesla’s insufficient demand challenge in Q4. According to the financial report, Tesla Q4′ s global inventory supply days reached 13 days, up 225% year-on-year, the highest in the whole year. 　

Bernstein, an American investment research institute, said that the price reduction of Tesla’s promotion in China and the United States in 2022 means that Tesla may have a demand problem. 　

The long gap period of models is one of the important reasons for the decline in Tesla demand. In 2022, the combined delivery of Model3 and ModelY accounted for 94.92% of Tesla’s total annual delivery, but the release time of these two models should be traced back to 2016 and 2019 respectively. 　

Merrill Lynch once predicted in a report that by 2025, Tesla’s American electric vehicle market share will drop from the current 70% to 11%, because Tesla did not expand its product portfolio quickly enough, while traditional car manufacturers and new forces making cars are improving their product lineup. Standard & Poor’s Global Mobile also believes that although Tesla is still the best-selling electric vehicle brand in the United States, its competitors are launching more and more affordable models, and Tesla’s dominant position in the electric vehicle market is being weakened. 　

During the gap period of Tesla models, the pattern of new energy vehicle market in China has also changed greatly. According to the data of the Association, the market share of BYD’s new energy passenger cars increased from 19.5% in 2021 to 31.7% in 2022. In the same period, Tesla decreased from 10.7% to 7.8%. Wei Xiaoli also broke through the annual delivery of 100,000 vehicles in 2022, and plans to launch more models. 　

　

At the same time, Tesla’s technological aura is gradually eclipsing. 　

Tesla’s brand power is centered on the exploration and landing of new technologies, especially the combination with FSD. Musk also predicted that "autopilot software will become Tesla’s most important profit point", but FSD has never achieved true full autopilot. According to the calculation of CITIC Securities, from 2019 to 2021, the revenue of FSD accounted for 3.4%, 2.8% and 1.7% respectively. 　

Will the price war last? 　

At the beginning of 2023, Tesla cut prices sharply on a global scale. 　

On January 6th, all the models on sale in Tesla China market were reduced in price, with a drop of 20,000 ~ 48,000 yuan, and the promotion was unprecedented. The following week, Tesla spread the bonfire of price war to Japan, South Korea, North America, Europe and other places. 　

Price reduction is a double-edged sword. Daniel, the aforementioned Wade Bush analyst, believes that Tesla’s price reduction may increase the global delivery this year by 12% ~ 15%. Deutsche Bank predicts that Tesla’s gross profit margin will drop by 3 percentage points in 2023 compared with 2022. 　

At the earnings conference call, Tesla did not release the expectation of continuing to exchange prices. Musk said that Tesla raised the price slightly because the demand after the price reduction far exceeded the output. On January 24, Tesla raised the price of the ModelY dual-motor all-wheel drive model sold in the United States by $500. Tesla CFOZachKirkhorn also said in the earnings conference call that the gross profit margin of automobiles will be higher than 20% this year. 　

Tesla’s price reduction action is bound to cause a rebound of competitors. Haitong Securities believes that Tesla will increase market sales by reducing prices, announcing that the electric vehicle industry will officially enter fierce competition in 2023, and global car companies will face great pressure to compete head-on. 　

On January 13, AITO asked the community to announce that the price of some of its models would be lowered by 28,800 ~ 30,000 yuan. On January 17th, Xpeng Motors, which is still at a loss, announced that it would adjust the price of its G3i/P5/P7 models, with an overall decrease of 20,000 ~ 36,000 yuan. 　

The day after the official announcement of price reduction, He Xiaopeng, chairman of Xpeng Motors, said at the annual summary meeting, "Either you are brilliant enough with everyone, or you will die with a bang". 　

BYD, which did not follow the price cut, launched a million-class luxury car the day before Tesla’s domestic price cut in an attempt to get more cakes in the high-end market. 　

In the face of rivals who are chasing after each other step by step, Tesla urgently needs to find new sales growth points. 　

FranzvonHolzhausen, chief designer of Tesla, said on January 16th that Cybertruck, a pure electric pickup truck, had finished the design and was ready to put into production. The market generally believes that if Cybertruck can be listed as scheduled, it will become a new growth point for Tesla in the North American market in 2023. 　

Cybertruck； Source: Tesla official Weibo 　

　Musk said in the earnings conference call that Cyberruck may start production in the summer of 2023, but the real mass production work will begin in 2024, and Cyberruck’s contribution to profits will not be great this year. 　

Cheap models are another sales growth point besides Cybertruck. Musk predicts that the cost of the next-generation car platform will be half that of the second-generation platforms (Model3 and ModelY), and its output may be higher than the sum of all the company’s current products. 　

Tesla said in Q4 financial report that more details of the next-generation car platform will be released on March 1, 2023, Investor Day. Analysts of venture capital firm LoupVentures believe that Tesla’s affordable model Model2 will not be launched until 2024. 　

In addition, Tesla has to consider the impact of the macro environment. 　

In a Twitter discussion at the end of 2022, Musk believed that the severity of the economic recession in 2023 was equivalent to that in 2009, which would affect the demand for automobiles and lead to an increase in the consumption cost of automobiles. However, in the earnings conference call, Musk also said that the economic recession will reduce Tesla’s costs, which in turn will bring higher profit margins. However, he stressed that this was only his guess. 　

Twitter is also a variable that Tesla will face this year. In December 2022, Musk launched a vote on whether he should step down as CEO of Twitter. 57.5% of users thought he should resign, but Musk still serves as CEO of Twitter. 　

In the earnings conference call, Musk "showed off" his Twitter account with 127 million fans, and said that Twitter created demand for Tesla. At present, Musk has renamed his Twitter account "Mr. Twitter". 　

Competition in the industry has intensified and the first-Mover advantage has diminished. In 2023, Tesla will still face severe challenges.

　　In 2008, the Economic Investigation Detachment of Harbin Public Security Bureau cracked 15 criminal cases of making and selling fake goods, involving food, medicine, tobacco and alcohol, invoices and other fields, involving more than 40 million yuan, and arrested more than 40 suspects.

　　On March 11th, the Economic Investigation Detachment of the Municipal Public Security Bureau announced eight typical cases of counterfeiting.

　　Case 1: Producing counterfeit drugs and selling them everywhere.

　　In 2008, a large team of Economic Investigation Detachment of Harbin Public Security Bureau found a criminal clue involving counterfeiting registered trademarks, producing and selling counterfeit drugs. After investigation, it found a large criminal gang consisting of 47 suspects involving 13 cities in 9 provinces across the country.

　　In August 2006, the suspect Chen Yumin went to Anyang City, Henan Province to find Shen Haijun, a counterfeit drug dealer. The two sides agreed that Chen Yumin would provide raw materials and Shen would be responsible for finding someone to make counterfeit drugs. Shen found Huang to process 400 fake three-refined Sloping at the price of 500 yuan per piece (box). After receiving this batch of counterfeit drugs, Chen Yumin sold them to Shenzhen and Taihe County of Anhui Province successively through Wu Mou, Yunnan salesman of Sanjing Heihe Pharmaceutical Company.

　　From June 2007 to January this year, Shen Haijun bought 42 pieces of amoxicillin capsules and 63 pieces of cefalexin from Wang, a native of Henan Province, and sold them to Wu Yulong at a higher price in 100 yuan. Wu Yulong sold them to Shao Huiling at a price of 1,500 yuan each, and Shao Huiling sold the fake amoxicillin to Xu Shoucai of Ankang Pharmaceutical Co., Ltd. in Heilongjiang Province. Xu Shoucai has been distributed to other pharmaceutical companies or retail pharmacies for 19 times.

　　After investigation, Wu Yulong sold 105 boxes of cefalexin tablets and amoxicillin capsules from Harbin Pharmaceutical Group Pharmaceutical Factory to Heilongjiang Ankang Pharmaceutical Company in the name of Heilongjiang Wuxing Pharmaceutical Company. Ankang pharmaceutical company distributed 85.5 boxes to 19 pharmaceutical companies or pharmacies inside and outside the province in 30 times. At present, the stocks of counterfeit drugs in pharmaceutical companies and pharmacies all over the province have been basically recovered. On January 19th, 2008, the police will destroy 8 fake dens and seize 1.97 million counterfeit drugs (sticks and bottles) and more than 400,000 counterfeit trademarks.

　　Case 2: counterfeit money is hidden in the tea parcel

　　At 17: 00 on November 2, 2008, the investigators of the Second Brigade of the Municipal Economic Investigation Detachment got a clue: Wang Jiale, Yunfu City, Guangdong Province mailed a bag of three boxes of tea to Harbin, which contained forged RMB 5,000. The recipient was Yue from Wangshengbiao Store, Yongyuan Town, Daowai District, Harbin.

　　On November 3, 2008, investigators arrested Zhou Xilong, a man who came to collect the parcel. He confessed the criminal fact of buying counterfeit money from Guangdong through SMS. After careful inspection by investigators, it was found that all the fake RMB hidden in the tea box was in 20 yuan face value, totaling 4,980 yuan. On November 3, 2008, the suspect Zhou Xilong was criminally detained on suspicion of buying counterfeit money. Now the case has been investigated and transferred for review and prosecution.

　　Case 3: More than 10,000 counterfeit coins are hidden in cigarettes.

　　At 16: 00 on October 13th, 2008, the investigators of the Second Brigade of the Municipal Economic Investigation Detachment received a report: a bag marked as two cigarettes was sent to Harbin by PG One in the Golden Wheel Parking Lot of Shatai Road, Guangzhou, containing forged more than 10,000 yuan. The investigator immediately rushed to the post office to find the email, and learned that the recipient was Huang, the Xinfa Telephone Branch of Netcom Company in Xinfa Town, Daoli District.

　　On the morning of October 14th, the investigator took control of Huang, who had just received the email, and immediately reviewed it. Huang said: This email was received on behalf of his comrade Luo Xiyu. After careful examination of the mail, it was found that the fake RMB hidden in cigarettes totaled 12,000 yuan, including 200 in 50 yuan and 100 in 20 yuan.

　　The investigators continued to fight and soon captured the suspect Luo Xiyu. Luo Xiyu confessed that 12,000 yuan of fake RMB was bought with 1,900 yuan. On October 14th, 2008, Luo Xiyu was criminally detained on suspicion of buying counterfeit money.

　　Case 4: A "green arrow" was built in the rental house.

　　On January 23, 2008, Wrigley Candy (China) Co., Ltd. entrusted Beijing Jiayifeng Business Consulting Co., Ltd. to report to Harbin Economic Investigation Detachment that Guo Lirong, a criminal suspect, organized personnel to produce and sell counterfeit company’s "Green Arrow" chewing gum at No.27, Da Crystal Street, Daowai District, Harbin, with a daily shipment of about 20 boxes, each worth RMB 1,260.

　　On January 25, the police arrested eight suspects, including Guo Lirong. After investigation, Guo Lirong, a criminal suspect, purchased the outer packaging and anti-counterfeiting labels of Green Arrow chewing gum from Fujian and Shandong provinces from February 2007 to January 2008, and purchased sugar tablets from Yiwu City, Zhejiang Province, and organized personnel to produce and sell counterfeit "Green Arrow" chewing gum in the rented house at No.27, Da Crystal Street, Daowai District, with a total sales of more than 600,000 yuan.

　　On July 24, 2008, the People’s Court of Daowai District of Harbin sentenced Guo Lirong to three years’ imprisonment and fined RMB 100,000.

　　Case 5: A large number of fake cigarettes hide houses.

　　At 15: 00 on January 25, 2008, the investigators of the Municipal Economic Investigation Detachment, with the cooperation of the staff of the Municipal Tobacco Inspection Bureau, just arrested the suspect suspected of selling fake cigarettes, and seized 268 counterfeit cigarettes on the spot, with a case value of 154,840 yuan. Later, 274 counterfeit cigarettes were seized in Room 601, Unit 6, Building 7, Orchard Community, Xiangfang District, where he lived, with a case value of 43,820 yuan.

　　It turned out that on January 6, 2008, the Municipal Economic Investigation Detachment received a case handed over by the tobacco inspection department: at 11 o’clock on January 6, 2008, the staff of the Municipal Tobacco Inspection Bureau seized various brands of counterfeit cigarettes in a white Nissan car on Haping Road, with a case value of 113,000 yuan. After the owner Li Lianchun confessed, he found a large number of accounts of selling fake cigarettes from 2006 to now in his home. Under the identification of Li, the investigators seized two dens selling fake cigarettes, each with a value of 18,000 yuan and 15,000 yuan.

　　Case 6: Soochow Company used fake invoices.

　　At the beginning of 2008, the Sixth Brigade of the Municipal Economic Investigation Detachment received an alarm from the masses that Harbin Dongwu Metal Materials Co., Ltd. used a large number of false invoices and was suspected of tax evasion. Investigators found out that Zhu Ge, the operator of the company, and Zhu Yifan, an employee of the company, took measures such as not recording the income and issuing a huge amount of fake invoices to evade taxes. At present, it has been verified that the amount involved is more than 23 million yuan, and it is suspected of stealing more than 3 million yuan.

　　Case 7: Buy fake cigarettes and spray code for sale.

　　On August 20, 2008, the First Inspection Branch of the Municipal Tobacco Monopoly Bureau and the Eighth Brigade of the Municipal Economic Investigation Detachment jointly investigated and dealt with a case of selling fake and inferior products, and seized 3,058 counterfeit cigarettes with a case value of more than 300,000 yuan. The suspects, Luo Haiyan and Wang Long, are both suburban farmers. Without a tobacco license, they were introduced by others to buy fake cigarettes from A Zheng in Yunxiao County, Fujian Province three times in June 2008. After being distributed to Harbin through logistics, the fake cigarettes are spray-coded and packaged and sold to Hegang and other places. The case has now entered the court hearing stage.

　　Case 8: Continue to sell fakes during probation.

　　On July 9, 2008, the Eighth Brigade of the Municipal Economic Investigation Detachment learned that someone illegally purchased a batch of cigarettes from the south and would unload them at a cargo terminal on Xianfeng Road. The police arrested three buyers, including Sun Binjiang, and seized 1,950 cigarettes purchased at the cargo terminal. In addition, more than 6,000 cigarettes of more than 20 kinds were seized in the warehouse rented by three people, with a value of RMB 1.01 million.

　　After in-depth work, the police arrested Chen Yuebei, the suspect of Yunxiao County, Fujian Province. It was found out according to law that Sun Binjiang was sentenced to 3 years’ imprisonment and suspended for 3 years for illegal business operations in 2006. Sun Binjiang did not repent during the probation period and returned to his old job. In 2008, he colluded with Tan Liwei and Ni Junfeng to buy fake cigarettes from Chen Yuebei four times, and continued the illegal and criminal activities of selling fake and inferior products. At present, Sun Binjiang was sentenced to 4 years in prison and fined 208,000 yuan; The other three were sentenced to 2 years and 3 years in prison, suspended for 3 years and 5 years respectively, and fined 100,000 to 200,000 yuan. (Qin Lei Fu Li Qiong Cai Hang)

Editor: Yan Bin

Recently, under the command and coordination of the Provincial Public Security Department and with the support of the environmental protection department, Zhuhai police, in conjunction with police in many places, launched a simultaneous network-closing operation, which destroyed the "1.29" criminal gang led by Zhang Mokun in one fell swoop, arrested more than 120 criminal suspects, found 9 oil storage points, and seized 39 vehicles, 62 oil drums, more than 100 boxes of used engine oil and 61 tons of used engine oil substances used for illegal transportation, storage and disposal.

　　At the beginning of this year, Zhuhai police found that a man surnamed Zhang organized illegal recycling and resale of waste engine oil in Zhuhai, Zhongshan, Jiangmen and Shenzhen. After investigation, since the end of 2015, Zhang Mokun organized relatives, fellow villagers and others to illegally purchase waste engine oil, and after centralized storage, sedimentation and filtration, they sold it again, illegally disposing of more than 30,000 tons of hazardous waste waste engine oil, involving more than 60 million yuan. There are strict laws and regulations on the recovery and disposal of waste engine oil, and only units with the qualification of hazardous waste management can recover and dispose of it. Zhang Mokun and others do not have the qualification conditions, and their behavior poses a great threat to the public safety and environmental safety of our province. On the 12th, Zhuhai, together with the police in Shenzhen, Shantou, Zhongshan, Jiangmen and other places, launched a simultaneous network-closing operation and successfully destroyed the criminal gang.

　　Shi Zifu, Harbor Business Watch

　　In the sub-field of matching in the same city, flash delivery is usually regarded as a leading participant in the industry. However, this market is highly competitive, and only the well-known SF City, JD.COM Hours and Dada Seconds are not small rivals.

　　On October 4th, Flash (FLX.US) was successfully listed on NASDAQ, with an issue price of US$ 16.5 /ADS and a total fundraising of US$ 66 million. As of 9: 38 EDT on October 8th, the stock price of Flash dropped to about US$ 15. According to Tianyancha, the domestic operation entity of Flash is Beijing Tongcheng Bing Technology Co., Ltd..

　　01

　　Achieve profitability in 2023.

　　Official website introduced that Flash Delivery is a one-to-one express delivery platform in the same city’s instant delivery industry, providing personal and corporate customers with special express delivery services on demand. The brand of Flash Delivery is FlashEx or Flash Delivery, which means instant delivery.

　　According to the data of iResearch, in terms of revenue in 2023, Flash is the largest independent on-demand express service provider in China. In 2023, the market share of Flash in China’s independent on-demand express service is about 33.9%.

　　Different from the delivery service provider that adopts the order consolidation mode, Flash initiated and always focused on the special delivery mode of on-demand delivery. For each order, Flash will assign a special Flash-Rider to pick up the order and deliver it to the recipient without merging multiple orders or changing hands on the route.

　　As of June 30, 2024, Flash has about 2.7 million registered riders, and its service coverage has been extended to 295 cities in China.

　　From 2021-2023 and January-June 2024 (hereinafter referred to as the reporting period), Flash Delivery fulfilled 158.6 million, 213.4 million, 270.7 million and 138.1 million orders respectively; In the current period, the company realized revenue of RMB 3,039.8 million, RMB 4,002.7 million, RMB 4,528.8 million and RMB 2,284.5 million respectively, and realized gross profit of RMB 189 million, RMB 259 million, RMB 395 million and RMB 257 million respectively, with gross profit margins of 6.2%, RMB 6.5%, RMB 8.7% and RMB 11.3 respectively.

　　It is not difficult to understand the reason for the increase in revenue, which is related to the increase in the company’s orders in the current period. In terms of net profit, flash delivery generated a net loss of 291 million yuan and 180.4 million yuan in 2021 and 2022 respectively, and realized a net profit of 110 million yuan (US$ 15.205 million) and 124 million yuan (1702.0) in 2023 and January-June 2024 respectively.

　　For the realization of profit in 2023, the flash payment is attributed to the increase of other income caused by the increase of government subsidies. In 2023, other income from flash delivery was 74.3 million yuan (US$ 10.2 million), compared with 9.2 million yuan in the same period in 2022.

　　In the revenue composition of Flash-Riders, the salary and incentive paid to Flash-Riders are the biggest components of the company’s revenue cost. During the reporting period, it was 2.751 billion yuan, 3.614 billion yuan, 3.975 billion yuan and 1.951 billion yuan respectively, accounting for 90.5%, 90.3%, 87.8% and 85.4% of the total income of the current period respectively.

　　In addition, the attention of the outside world is high. During the reporting period, the average income of a single order delivered by flash was 19.2 yuan, 18.8 yuan, 16.7 yuan and 16.5 yuan respectively, showing an obvious downward trend. Although the order volume is rising, the continuous decline of single income is still likely to affect the overall operating performance of the company.

　　02

　　Downgrading various fees, more than 8,000 complaints.

　　The operating expenses of flash delivery include sales and marketing expenses, general and management expenses and research and development expenses. In the total cost, sales and marketing expenses account for the vast majority.

　　According to the prospectus, the sales and marketing expenses of flash delivery mainly include: advertising and marketing expenses, staff costs related to sales and marketing functions, rent and depreciation, and advertising expenses mainly include endorsement fees and advertising fees. During the reporting period, the sales and marketing expenses of flash delivery were 272 million yuan, 240 million yuan, 188 million yuan and 89.738 million yuan respectively, accounting for 8.9%, 6.0%, 4.2% and 3.9% of the corresponding income respectively.

　　General and administrative expenses of flash delivery mainly include: salaries and related costs of employees engaged in general company functions, professional fees and other general company expenses, as well as expenses related to the use of facilities and equipment. During the reporting period, the company’s general and administrative expenses were 113 million yuan, 103 million yuan, 105 million yuan and 45.505 million yuan respectively, accounting for 3.7%, 2.6%, 2.3% and 2.0% of the corresponding income respectively.

　　In addition, R&D expenses mainly include: staff costs, rent and depreciation related to R&D functions, and other expenses related to R&D functions. During the reporting period, the R&D expenses of Flash were 105 million yuan, 119 million yuan, 90.847 million yuan and 41.306 million yuan, respectively, accounting for 3.4%, 3.0%, 2.0% and 1.8% of the revenue in the corresponding period.

　　In the first half of 2024, Flash reduced the sales and marketing expenses, general and administrative expenses, and research and development expenses, by 8.56%, 13.17% and 18.6% respectively compared with the previous year. Some market participants told Harbor Business Watch that it is not ruled out that this year is facing fierce market competition and the consumption environment is weak. In order to improve profitability and IPO, Flash delivery has carried out all-round cost control.

　　Flash accounts payable mainly refer to the remuneration payable to Flash-Riders. By the end of 2022, 2023 and the end of the first half of 2024, the accounts payable for flash were 356.1 million yuan, 339.8 million yuan and 314.6 million yuan respectively. In the same period, the company’s cash and cash equivalents were 622 million yuan, 699 million yuan and 712 million yuan respectively.

　　In 2021 and 2022, the net cash used in flash business activities was 194.9 million yuan and 86.8 million yuan respectively, and in 2023, the net cash provided by flash business activities was 45.7 million yuan.

　　In the first half of 2024, the net cash provided by Flash business activities was 20.7 million yuan (US$ 2.8 million). Flash mentioned that the company’s main source of liquidity was equity financing income. In March, April and May, 2021, the company obtained 747.8 million RMB from D2 financing. As of June 30, 2024, Flash had cash and cash equivalents of 711.7 million yuan (US$ 97.9 million).

　　Flash delivery mentioned in the prospectus that the company does not employ any lightning riders, and provides special express service for individual and corporate customers by relying on Flash-Riders. The company usually regards such lightning riders as independent contractors.

　　In this context, there are also many consumer complaints about flash delivery. As of October 8, the keyword "flash delivery" was searched on the black cat complaint platform, with a total of 8,128 complaints, and 5,744 complaints have been completed. In the last 30 days, there were 213 complaints, with an average of 7.1 complaints per day. Consumer complaints focus on time delay, overlord clauses, arbitrary deduction of service fees, unreasonable punishment of riders, and unauthorized cancellation of orders.

　　03

　　Valuation has shrunk dramatically, how to break through the competition in the Red Sea?

　　Tianyancha shows that at the beginning of its establishment in March 2014, Flash received millions of RMB angel round financing from Jingwei Venture Capital; In June of the same year, the company also received millions of dollars in Series A financing from Jingwei Venture Capital and CDH Investment. In July and August, 2015, Flash completed $50 million in Series B financing and Series B+ financing respectively, with investors including Jiuding Investment, Light Source Growth Fund and Tiantu Investment.

　　In February and June of 2017, Flash completed the C and C+ rounds of financing respectively, and the transaction amount of both rounds was USD 50 million. In August, 2017, August, 2018 and March, 2021, Flash completed the D, D+ and D++ rounds of financing respectively, among which the investors in the D+ round of financing included Haisong Capital, Wuyue Capital, Yuanxing Capital, Haina Asia Venture Capital, Shunwei Capital, Changbai Xing Capital, Shunliang Investment, Hearst Capital and Light Source Venture Capital, with a transaction amount of 60 million.

　　The investors in the flash D++ financing include Shunzhi Capital, Wuyue Capital, Haina Asia Venture Capital Fund, Tiantu Investment, Haisong Capital, AlphaSquare Group, Qiyuan Investment Axiom Asia Private Capital, Qian Shan Capital and Zhongcai Capital, and the transaction amount reached 125 million US dollars.

　　However, in the instant delivery market, flash delivery faces a lot of market competition.

　　In the field of traditional logistics and distribution, SF Express’s SF Express delivery, running errands, and helping to buy services, with an average of one hour in the whole city; JD.COM’s instant retail business is aimed at consumers’ JD.COM Hours, and in May 2024, JD.COM Hours and other brands were upgraded to "JD.COM Seconds Delivery"; Dada Group’s Dada seconds to send help, help to send, run errands, 1 hour; Hungry? Hummingbird, its real-time logistics platform, also provides consumers with comprehensive life services such as home catering service, supermarket service, help buy and help deliver.

　　In addition, after the completion of the D++ round of financing in March 2021, the valuation of flash delivery reached 2 billion US dollars (equivalent to about 14 billion yuan). According to the Hurun Global Unicorn List in 2024, the flash valuation is about 7 billion yuan, down about 40% from 2021. Up to now, the flash market value is about $1.078 billion.

　　According to the Research Report on Instant Distribution Industry in China released by iResearch, the scale of the instant distribution industry will be about 341 billion yuan in 2023, and it is estimated that the scale of the industry will exceed 810 billion yuan in 2028.

　　Mo Daiqing, director and senior analyst of the online retail department of the E-commerce Research Center of NetEconomy & Society, pointed out that the competition in the instant delivery market is becoming more and more fierce. For example, Dada Group and SF Express have been successfully listed in the same city, and the rookie also announced to upgrade its express delivery service in the same city and launched the "half-day service". Backed by giants such as JD.COM, SF Express and Ali, they have strong financial support and business resources. In addition, there are some new "showstopper". For example, last year, the cargo Lala announced the online errands business; Didi also launched Didi errands service; Gaode Map announced that it has cooperated with a number of instant delivery companies to provide errands through its platform; Tik Tok, Aauto Quicker, Oriental Selection, etc. are also accelerating the trial of instant retail.

　　Although it has been successfully listed, on the one hand, its profitability is under great pressure, and on the other hand, how to successfully break through in the Red Sea industry has also been tested.

Xiaomi once said that he would copy 100 millet in five years. According to Sun Ran, a reporter from China Business News, after two years’ operation, there are 55 Xiaomi eco-chain enterprises, and there are four unicorns with a valuation of more than one billion dollars. Lei Jun scored 99.99 points.

Xiaomi is famous for making explosions, and its recent product logic is still the same. In the case of giving birth to four small unicorns, it is a big unicorn with a valuation of 46 billion US dollars. Therefore, in the 16,000-word long article, Tiger Sniff only picked two parts: the explosion logic and the fate of unicorns to help readers quickly understand the Xiaomi ecological chain.

Liu De, head of Xiaomi Eco-chain and co-founder of Xiaomi, believes that eco-chain investment is the value, methodology and existing resources of products exported by Xiaomi, including e-commerce platform, marketing team, brand, etc., and builds an aircraft carrier fleet around itself. In finding and screening the invested team and locking in the field, Xiaomi follows a complete set of logic:

First, the market in a specific field is large enough to play the demographic dividend model of the Internet; Second, the products in this field have serious shortcomings in cost performance and quality, and there is a chance to be transformed; Third, the products can be iterated or have consumables to ensure that the company’s durability is concerned by the market; Fourth, the product users match the characteristics of Xiaomi’s 150 million user groups (concentrated in 18-35 years old, with 70% of science and technology men), and it is easy to detonate by using Xiaomi platform; Fifth, the technology is excellent, and a professional team like "Niu Dao" is used to do "killing chickens". For example, the developer in mi band is actually a mobile phone team; Sixth, we share common values with Xiaomi, do not make quick money, and have the desire to make new domestic products.

This set of screening criteria corresponds to 80% of mass consumer users in the market. "The Internet is a demographic dividend business and is not suitable for niche markets. In a mature economic system, two or three enterprises should monopolize 80% of the market. What Xiaomi wants to do is to make the middle class live a decent life and become a national enterprise with reasonable price and good quality. The remaining 20% of luxury goods and features are not considered by Xiaomi. " Liu De said.

Strictly speaking, Liu De relies on a set of military theories to control Xiaomi ecological chain enterprises-precision strikes and small-scale special forces operations. The former pursues single product explosion and mass sales, while the latter pursues small-scale surprise attack and counter-attack.

Explosion logic

Understanding the above can help us better understand the explosion logic of Xiaomi and its ecological chain. They must highly recognize this product logic of Xiaomi to become an ecological chain enterprise of Xiaomi:

In Xiaomi’s product logic, what Xiaomi wants to do is not the product with the highest technical content, but the product that can meet the basic needs of 80% of the public and achieve the best cost performance. Therefore, it is necessary to define the product accurately.

In Su Jun’s view, traditional enterprises develop products by trial and error. First, they put in dozens of models, which one sells well, and then they produce more and invest more resources. The whole management system, management system and even data are standardized and healthy, which also disperses risks, but it lacks one thing, that is, the precise definition of the product side.

Take the air purifier as an example. There are many products on the market, but there is actually only one "public version" product. It is a fan plus an Archimedes curve duct, and the front and rear air inlets and the top air outlets are basically a routine. This is true from a technical point of view, but from the product experience, it is a piece of "furniture". To be integrated into the family, the appearance must be beautiful. Moreover, domestic home appliance enterprises still use the operation logic established by Japanese home appliance enterprises. For example, Japanese people will read the instructions carefully after buying products, and the instructions are still very thick, which is the habit of Japanese people. However, this kind of operational logic is very different from the current mobile Internet era. "Should have changed, and it is easy to change. Do not change because there is no pursuit. "

Xiaomi’s "precise definition" and "aiming at a little punching" are risky, but Su Jun believes that the product manager of Xiaomi system has enough confidence in the user experience, industry situation and the definition of good products to avoid this risk. "Sometimes we are absolutely confident that this product is what consumers want."

In fact, the product managers and directors in the Xiaomi Eco-chain team have a great decision on the definition of products and whether they can finally go public. Before the product comes out, it will go through two or three rounds of trial and internal spit. "The internal spit group is very powerful, and sometimes a product will be smashed to pieces." Many products in the Xiaomi ecological chain that failed to reach 80% satisfaction in internal testing were killed before listing. In Su Jun’s view, this is actually doing hardware with the idea of doing software, running in small steps and iterating quickly.

"Without 1 million units, I failed. The single product (annual sales volume) must also be guaranteed at least between 1 million and 10 million units. " This is the standard for Liu De, the head of Xiaomi Ecological Chain, to measure the success of a member enterprise."Eco-chain companies should be the first in the world in every field, and the second is fine, but it is no problem to be the first in China."

After two years of business, the Xiaomi mobile power supply made by Zimi sold 20 million units in 2015, ranking first in the world among similar products. Another Huami, which makes bracelets, sold 13 million bracelets in 2015, and it is also approaching the number one position in the world. Liu De thinks it is not difficult to become the world’s number one. "When you are based on a dividend market, you should have the number one base in the world."

Single product, mass production and explosion are the product logic that Xiaomi eco-chain enterprises follow together: they focus on a single product line, aim at 80% of the mass consumer goods market, sell high-configuration products at a low price close to the cost, and strive to reach the first position in the sub-sector within two or three years.Xiaomi saw clearly that the opportunity of the Internet model comes from the demographic dividend. Therefore, in this logic, scale is the core of everything, whether it is for profit or for maintaining benign operation.

Xiaomi requires every eco-enterprise to agree with the values of "don’t make quick money, don’t make huge profits and pay attention to quality".At the beginning, Su Jun set the price of 899 yuan, which was based on a set of "assuming success formula", that is, the cost of millions of sets of sales that could be imagined, plus the operating cost.

For example,

Zhang Feng, CEO of Zimi Technology, takes Xiaomi mobile power supply as an example. The average cost of 50 million units is much lower than that of 500,000 units and 5 million units. Assuming that a power supply (profit) costs 1 yuan money, there may be a profit of 30 million to 50 million yuan. If the profit rate is 10% and 5 million units are sold, there will be a profit of 20 million to 30 million yuan.

The decreasing cost effect brought by scale is one reason, and it is also very important to "cooperate" with the supply chain in a benign way. Before entering the Xiaomi ecological chain, Zhang Feng was the general manager of Inventec, a Xiaomi mobile phone OEM factory, and had been in the supply chain circle for more than ten years. When Xiaomi Mobile Power Supply was first introduced, 69 yuan’s pricing plan could not be formed without the support of a bunch of suppliers. In the eyes of many people in the industry, it is the unspoken rule of the industry that hardware manufacturers cut prices by squeezing the supply chain. However, Zhang Feng believes that "every expense of long-term cooperative suppliers is the same as their own, and their efficiency is our efficiency."

In the off-season, purple rice will allow manufacturers to continue production and build a part of their own inventory to take risks. "The plan we gave them is not two or three months, but six months, and their personnel should be kept stable. When machines and people are running, the efficiency is improved, the efficiency is improved, and the processing cost is reduced. "

At the same time, the realization of the cost-effective model also depends on the design ideas of Xiaomi products. Xiaomi enterprises have cut off all unnecessary functions in their products and the expenses they bring. This is related to Xiaomi’s positioning. What it wants to do is not the product with the highest technical content, but the product that can meet the basic needs of 80% of the public and achieve the best cost performance. Corresponding to this set of design ideas, Xiaomi Eco-enterprise does not use sophisticated "black technology", but mature industrial-grade solutions and accessories, which avoids the high cost of becoming a laboratory product.

The fate of unicorns

Most of Xiaomi’s investments are intelligent hardware entrepreneurs with traditional enterprise backgrounds, and their tolerance for price is much lower than Xiaomi’s. Therefore, when they run in with Xiaomi’s investment team, the most painful and tormenting thing for them is product pricing, but the price/performance ratio is the biggest weapon of destruction for Xiaomi and its eco-chain enterprises.

How to run in between eco-chain enterprises and Xiaomi;

Several Xiaomi eco-chain entrepreneurs have used the words "torture", "force" and "pain", especially in the pricing process. The earliest market price of the cooperative model of Ninebot and Xiaomi was 14,900 yuan, and the price was set at 2,999 yuan when negotiating with Xiaomi in the early stage. Gao Lufeng thought this was a very "millet" pricing style, but he didn’t expect it to be just the beginning. "Chatting and chatting, I don’t know when I started running for 1900 yuan." He recalled.

What does it mean to cut the price of 1000 yuan again? According to Ninebot’s previous manufacturing experience, such a price is almost impossible to achieve.

Therefore, on the premise of ensuring safety and performance, the team finally carried out a lot of algorithm optimization to improve efficiency, and replaced many high-precision parts with high prices and low production with mature industrial-grade devices and solutions with high prices and low prices. Gao Lufeng said: "We are very clear that basically no one in the industry can achieve this level of price. This is a conscience production, which is basically the cost price. " Xiaomi’s support through the supply chain is also an indispensable condition for the realization of this "floor price". "For example, like LG batteries, with our original production capacity and bargaining power, it is difficult to talk about good prices. The Xiaomi ecological chain took us to talk, and soon the price was’ beaten’."

Like Ninebot, Yeelight, the bedside lamp brand in Xiaomi ecological chain, has also experienced this "bargaining" process. Jiang Zhaoning, the founder of the company, said that the original price of Yeelight in 500 yuan was cut to 299 yuan. However, according to the original sales method, channel and advertising expenses accounted for at least 50% of the selling price, and this part of the expenses was covered by Xiaomi’s existing e-commerce channels and marketing team after cooperation with Xiaomi.

Chen Xiaoping, the founder of Yunmi Technology, was born in a traditional household appliance enterprise. He revealed that taking water purifier products as an example, the cost of the traditional household appliance industry only accounts for one-third to one-sixth of the retail price. But in the face of Xiaomi’s cost pricing method, they still experienced some struggles.

Gao Lufeng later imagined that even if the price of the product was set at 2999 yuan at the beginning, it would be subversive to the balance car market. Even if the price was higher in 500 yuan, there would be a net profit for 500 yuan, but there was no assumption in business. "If the price was not hard enough for yourself, Ninebot would not be as unique as it is now."

Ninebot may be the most experienced enterprise in the whole ecological chain for the attack of Xiaomi’s cost-effective model. This understanding stems from the strong contrast between two fates: on the one hand, Ninebot quickly opened up the volume of the balance car market under the transformation of Xiaomi; On the other hand, Segway, an industry tycoon, has always taken the mid-to-high-end route, entrenched in enterprise-level and niche markets. However, due to its high cost and eclipsed performance, it was eventually taken over by Ninebot. Therefore, Wang Ye, another founder of Ninebot, shouted the slogan very early: Don’t be the second Segway, be a consumer product.

For eco-chain enterprises, the biggest difficulty is not to straighten out the price, but to pass the product manager of Xiaomi and even Lei Jun before the product goes on the market. Jiang Zhaoning didn’t adapt to it at first. "Sometimes it takes two to three months for internal testing and public testing to add up. We have developed products for American customers before, and we have never suffered such torture."

Ninebot’s most uneasy and fastest-growing period is also the eve of the listing of the No.9 balance car. That product was originally scheduled to be launched on July 21, 2015, but one day in June, after seeing the prototype, Lei Jun thought that the appearance and many details did not reach the extreme he requested. "Ray always commanded, we basically didn’t resist, and the appearance was all over again. It was officially released on October 19 th. " Gao Lufeng said.

During the three months after Lei Jun proposed the revision, more than a dozen designers of Ninebot moved their computers to work in a conference room on the first floor of Xiaomi Company every day. "That stage was particularly painful. Our industrial design team completely collapsed after getting the instructions to reinvent the appearance." Gao Lufeng said.

The effect is also obvious. Under the impetus of Xiaomi, Ninebot, a startup company established only three years ago, acquired Segway, the originator of the balance car with a history of 16 years. The success of Ninebot is Liu De’s masterpiece. "Give it a push and you will buy Segway". Zhimi Technology and Huami Technology were both valued at nearly $300 million in the last round of financing, and now they are growing exponentially. Ninebot’s latest valuation has also risen to $1.2 billion, and it will launch an overseas listing plan. It seems that they are "forced" by Xiaomi, and this one is worth it. But more importantly, can these unicorns hatched by Xiaomi become truly "billion-dollar enterprises" after gradually reducing their dependence on Xiaomi?

If you still want to know the full text, please poke it here.

"Everything has its own harmony for life and its own nourishment for success", and biodiversity is the basis of human survival and development. With the successful holding of the 15th Conference of the Parties to the Convention on Biological Diversity in Kunming and the publication of the White Paper on Biodiversity Conservation in China, the keyword "biodiversity" has attracted more and more attention. Sichuan spans five major geomorphic units, including the Qinghai-Tibet Plateau, Hengduan Mountains, Yunnan-Guizhou Plateau, Qinba Mountain Area and Sichuan Basin, including six climatic gradients, namely subtropical zone, warm temperate zone, cold temperate zone, sub-frigid zone and cold zone. It is rich in biodiversity and has great potential in related fields. On May 25th, Wang Jinghong, member of the party group and deputy director of Sichuan Forestry and Grassland Bureau, Guo Xiangxing, director of wildlife and wetland protection department, and Gu Haijun, stationmaster of provincial wildlife resources investigation and protection station, walked into the live broadcast room of online interview column on the provincial government website, and talked about "biodiversity protection   Sichuan in action "theme online communication with the majority of netizens.

Biodiversity generally refers to genetic diversity, species diversity and ecosystem diversity, which is closely related to our lives. It not only provides a variety of ecological products for material life, but also makes people feel pleasing to the eye and happy in spirit, such as beautiful mountains and rivers, giant pandas and golden monkeys. According to Wang Jinghong, there are various types of ecosystem diversity in Sichuan. Among them, forests, grasslands and wetlands are the main contributors to the ecological barrier in the upper reaches of the Yangtze River and the Yellow River, and species biodiversity is also extremely rich. There are 303 species of wildlife under national key protection, including giant pandas, Sichuan golden monkeys and snow leopards, and there are 14,470 species of higher plants, accounting for more than one third of the national total. Behind the treasures of mountains and rivers, Sichuan has done a lot of systematic work to protect biodiversity over the years-the implementation of the Yangtze River shelterbelt project, the natural forest protection project and the project of returning farmland to forests, and the promulgation of the Measures for the Management of the Balance of Grass and Livestock in Pastoral Areas in Sichuan Province and the Regulations on the Protection of Wetlands in Sichuan Province, with great efforts and complete guarantee system. By 2021, the forest coverage rate in the province is as high as 40.23%, the comprehensive vegetation coverage rate of natural grassland is 85.8%, and the wetland protection rate is 57%. "It is expected that before June, we will welcome the Wetland Department of National Forestry and Grassland Administration to visit Sichuan to evaluate Seda Nilaba’s internationally important wetlands and Guang ‘an Baiyun Lake, Baiyulalongcuo and Luhuo Xianshui River," Wang Jinghong revealed.

When it comes to species protection in Sichuan, we can’t help but mention the famous business card of giant panda. In addition to the population growth of captive giant pandas that you can see in breeding bases, Sichuan has also achieved remarkable results in the exploration of ex situ release of rescue giant pandas and wild training of artificially bred giant pandas. At present, three release bases and two wild training bases for giant pandas have been built, and by the end of 2018, 13 giant pandas have been amplified and tracked continuously. The Giant Panda National Park, established in 2021, spans Sichuan, Shaanxi and Gansu provinces, which will enhance the connectivity, coordination and integrity of giant panda habitats, help strengthen the biodiversity of giant pandas and their umbrellas and the overall protection of typical ecological fragile areas, and build an important national ecological barrier. "Over the years, we have continued to exert our efforts in the overall protection of wild animals and plants, and made overall plans to promote it. We have successively established 165 nature reserves with rare wild animals, plants and ecosystems as the main protection objects, systematically and completely protecting the typical natural ecosystems in our province and the giant panda, white-lipped deer, Sichuan partridge, black-necked crane, Panzhihua cycad, spinulosa, and talus. Wang Jinghong was delighted to say that with the help of infrared camera monitoring technology, researchers have captured images of many rare wild animals, especially the activities of top predators in the food chain, such as snow leopards, in Xinlong, Wolong, Wang Lang and other places, which has become strong evidence for the integrity of the natural ecosystems in the relevant areas.

"Forests and grasslands play a fundamental and strategic role in national ecological security. Countless predecessors have struggled for the cause of forestry and grass, leaving us with confidence, enthusiasm and passion. We must inherit it and make new contributions. " Wang Jinghong said that the primary focus is on the Giant Panda National Park and the Zoige National Park being created. On the basis of consolidating the existing protection achievements, we should promote the construction of nature reserves system with national parks as the main body, optimize and integrate various nature reserves, and realize the management capacity of nature reserves such as national parks to reach the domestic advanced level. At the same time, it is necessary to further strengthen the protection of key protected wild animals and plants, improve the monitoring and supervision system of flagship species and key species, and strive to broaden public participation channels and expand the influence of biodiversity protection.

In the interactive session, Guo Xiangxing and Gu Haijun respectively answered questions about the laws and regulations on wildlife resources protection, popular science and the arrangement of experience activities that netizens are generally concerned about. (Reporter   Liu Chang)

　　[Aika Auto’s words are powerful and original]

　　Accord! It has always been the most important model of Honda. Since the sixth generation Accord was introduced into domestic sales in 1999, the Accord has sold more than 3.2 million vehicles in China market. In terms of global sales, the Accord has sold more than 22 million vehicles in the 47 years since its launch. After nearly 50 years of development, the Accord has now come to the eleventh generation, and the most significant change of this generation is to replace the previous oil-mixing system with e:PHEV plug-in hybrid. With the blessing of plug-in hybrid, the eleventh generation model is also called "the strongest Accord in history". However, in the face of increasingly fierce competition in the China automobile market, can the "strongest in history" really impress consumers?

　　New Accord "Same Price for Oil and Electricity"

　　In the domestic new energy market, blending accounts for a considerable proportion. In 2022, the sales volume of new energy vehicles reached 6.887 million, accounting for 25.6% of the market. That is to say, for every four vehicles sold, one is a new energy product. Among them, the sales volume of plug-in hybrid vehicles was 1.518 million, a year-on-year increase of 1.5 times. However, among the top ten models in the sales list, the joint venture brand only occupies two seats, which can be said to be rubbed on the ground by the plug-in hybrid model of its own brand.

　　There is an obvious price difference between plug-in hybrid vehicles of joint venture brands and fuel vehicles. Even if there is no small discount in the later period, it is still much higher than the price of fuel vehicles. Moreover, compared with the models of independent brands, the plug-in hybrid models of joint venture brands have obvious gaps in a series of aspects, such as configuration, interior materials, power system, etc., and it is an indisputable fact that the overall lack of product competitiveness. Therefore, it is not surprising that the overall share is almost occupied by China brands.

　　In order to break this situation, Guangqi Honda launched the Accord e:PHEV model. Moreover, the price of the new Accord is 17.98-25.88 million yuan, which also responds to the trend of the times and joins the army of "the same price of oil and electricity". As a joint-venture medium-sized car market, there are few models that can be listed on the green brand. The change of the new Accord has put great pressure on joint-venture brands that have not yet set foot in this segment. At the same time, as an important strategic vehicle for Guangqi Honda to enter the new energy field, its initiative to change has also added more competitive chips for it to compete for the new energy track.

　　How strong is the "strongest accord in history"

　　Honda architecture new architecture

　　The new Accord is based on the new architecture of Honda Architecture, with obvious changes in appearance and more dynamic and elegant overall visual perception. Under this framework, the new Accord adopts the ACE-loaded body structure to strengthen the skeleton structure of the body. The use of a large number of thermoformed steel and ultra-high strength steel improves the torsional rigidity and bending rigidity of the car body, which provides a major premise for achieving a high level of ultimate performance, comfort and stability. In terms of passive safety performance, it not only adopts ACE-loaded body, but also comes standard with 10 airbags and PUH pedestrian collision protection system.

　　In addition, the new architecture adopts a brand-new car body architecture design concept. Even if the e:PHEV version is equipped with a large-capacity battery, it can achieve the same level of low center of gravity as the gasoline version without occupying the interior space. The design of low center of gravity ensures the driving quality with higher texture and the dynamic performance with more stability, flexibility and higher limit.

　　Honda Connect 4.0 Intelligent Guidance Interconnection System

　　For the first time, the new Accord is equipped with the newly upgraded Honda CONNECT 4.0 intelligent guidance interconnection system, which provides functions such as brand-new navigation system, personal assistance, life peace of mind service, smart phone/wearable terminal and entertainment service. Among them, the navigation system adopts Baidu map with high user usage rate in China, which can be based on the front camera of the driving recorder to realize the real navigation function and make the navigation picture more intuitive.

　　DMC driver’s state perception system can identify the driver’s expression according to the driver’s state camera equipped in the car, including fatigue monitoring, inattentive analysis, expression, dangerous behavior and so on. In addition, the vehicle can remotely operate and confirm the vehicle status through the smart phone, and can be linked with the smart watch. Through the voice control of the smart watch, the operation of locking/unlocking and synchronization of important notifications of the mobile phone can be realized.

　　In addition to Honda CONNECT 4.0 intelligent guidance interconnection system, the new Accord is also equipped with a 10.2-inch instrument panel, a 12.3-inch central control panel, an 11.5-inch HUD head-up display, a streaming rearview mirror and a cockpit environment control knob specially designed for China users, which minimizes physical keys and enables human-computer interaction in a more scientific and convenient way.

　　Honda sensing 360 security extrasensory

　　Like Honda CONNECT 4.0, this system not only upgrades the original functions, but also adds a number of configurations. Specifically, the original ACC active cruise acceleration has been increased by 40%, LKAS lane has been added with the function of following cars without white lines, the horizontal viewing angle range of the front sensor camera has been increased to about 100, the distance accuracy of the front radar has been improved by 2 times, the speed accuracy has been improved by 4 times, the angle accuracy has been improved by 2.5 times, and the alarm range of the rear radar has reached 90 meters.

　　The newly added configurations such as FCTW Crossing Prophet, LCCM lane-changing guard, ALCA lane-changing intelligent driving and ACC corner intelligent driving can greatly improve the safety and convenience. For example, ALCA lane-changing intelligent driving, when we lightly dial the lane-changing turn signal, as long as the system confirms that the next lane meets the requirements, it will assist the driver to operate the steering wheel to complete the lane change. Honda Parking Pilot intelligent parking assistance relies on MVC camera and radar sensor, which can carry out actions such as acceleration/braking/steering wheel/gear shifting in five situations, and realize automatic parking assistance, even if there is no crossed parking space. Parking can be completed.

　　The fourth generation i-MMD dual-motor hybrid system

　　The new 2.0L direct injection Atkinson engine adds in-cylinder direct injection technology and multi-stage fuel injection technology, integrates a 13.9 high compression ratio and high rigidity crankshaft, and greatly cools EGR and reduces friction to improve efficiency, and finally achieves the maximum thermal efficiency of 41%. E-CVT dual-motor gearbox is closely matched with PCU power density output control unit, which can output the maximum torque of 335Nm.

　　Accord E: The battery capacity used by PHEV reaches 17.7kWh, and the battery pack is reduced by 51% and the volume is reduced by 57%. Compared with previous PHEV models, the weight and volume are reduced by more than half, and the NEDC battery life can reach 106km. In addition, the power output of the new Accord is increased by 15%, and the size of the power output module is reduced by 40%. At the same time of high output power, it is lightweight and miniaturized, and the adjustment of power output is more linear and smooth.

recently

Antique appraisal live broadcast exploded on the Internet.

Ms. Qian (pseudonym) in Zhuji, Zhejiang Province

Found an ancient coin at home.

Once "appraised", the value is 2.2 million yuan.

She was overjoyed.

But when preparing to collect money, she was dumbfounded …

"global chain auction house" offered to help "

Appraisal "The ancient coins at home are worth millions of yuan.

A few days ago.

Ms. Qian brushed a treasure video.

The video says that an ancient coin is worth 1 million yuan.

Ms. Qian wants to go home.

There is also a similar ancient coin.

I just want to go online to identify it.

Guess can be valuable.

soon afterwards

Ms. Qian is online.

Random search antique appraisal platform.

Soon, a self-proclaimed global chain auction house

"wang xing Agent" took the initiative to contact Ms. Qian.

Indicates that it has been appraised by experts

The value of Ms. Qian’s ancient coins is

Between 1.4 million yuan and 2.2 million yuan

and

Their company can be responsible for the auction.

There is no charge during the period.

Part of the commission will be charged after selling.

Ms. Qian immediately agreed.

And download an app through the URL link they provided.

Hang ancient coins on the platform for auction.

Ms. Qian searched the company’s information on the Internet.

I did find it.

Global chain auction house of the same name

Consistent with the company introduction in the software.

My heart is also more bottomed out.

Ancient coins were sold for 2.2 million yuan.

But you have to pay a deposit to get the account. ……

A few days later

"Agent Wang" told Ms. Qian that her ancient coins

"It was sold for 2.2 million yuan!"

The buyer has paid a deposit of 1.1 million yuan.

The platform needs money, ma ‘am.

Pay a deposit of 22,000 yuan.

The other party said that after paying the deposit,

You can receive the buyer’s deposit.

After the whole transaction is over

The money can also be refunded

Without thinking much, Ms. Qian transferred the money.

However, when Ms. Qian transferred the money,

"Agent Wang" said

The deposit was stopped for not paying taxes.

You still need to pay back the tax of 33 thousand yuan

To receive the deposit.

Ms. Qian, who feels wrong

Immediately contacted the "agent Wang"

Ask the company if it can pay taxes in advance.

But "agent Wang" said

Ms. Qian pays personal income tax.

The company can’t help advance.

And many times

Not paying taxes is illegal and criminal.

Let Ms. Qian "pay taxes according to law"

"Agent Wang" also guided Ms. Qian.

Ask a friend to transfer money.

Said, "As long as the tax is paid, the money will arrive soon."

Just as Ms. Qian bluntly said that she had no money.

When you don’t want to continue the operation

"Agent Wang" is in a hurry.

Said that Ms. Qian only needs to pay 10 thousand yuan

He can help.

Advance the remaining 23,000 yuan.

at this time

Ms. Qian is gradually waking up.

The more you think about it, the more wrong it is.

Suspect that you may have been cheated.

So she quickly called the police.

Zhuji City Public Security Bureau Chengzhong Police Station said

This so-called auction APP

Actually, it was built by fraudsters.

Can’t download it in the normal app store.

The so-called Jianbao website

It is also a fraudulent website.

No matter what he sends, he will say that the appraisal is true.

now

The case is being further processed.

The police reminded:

Don’t trust others.

"Professional Speech" and False Promise

Don’t be held with the idea of "getting rich overnight"

If you need to pay in advance

Everyone must be extra cautious.

Call the police in time if there is any abnormality!

Comprehensive: Zhuji police, Zhuji Xishi Eye

Original title: "2.2 million yuan! A woman in Zhejiang dug up an ancient coin at home, and this happened when she clinched the deal … "

Read the original text

　　On August 29th, The Paper reporter learned that a few days ago, six express delivery companies, including Zhongtong, Yuantong, Shentong, Baishi, Yunda and Polar Rabbit, issued notices on the intranet one after another, stipulating that the distribution fee of the whole network will be increased from September 1st.

　　The salary of most couriers is linked to the distribution fee, which is the main source of income. This time, the 0.1 yuan is raised for each ticket, that is, the courier earns 10 cents more for each piece.

　　All six courier companies said that the fee adjustment was in response to the "Work Opinions on Doing a Good Job in Protecting the Legal Rights and Interests of Courier Groups" formulated by the seven central ministries and commissions, and further implemented the specific deployment of the State Post Bureau on doing a good job in protecting the rights and interests of couriers, and effectively improved the legitimate rights and interests of couriers. The above-mentioned "Opinions" pointed out that it is necessary to formulate the "Guidelines for the Accounting of Express Terminal Fees" to urge enterprises to maintain a reasonable level of terminal fees.

　　Monthly income rises by at least 500 yuan.

　　At the regular press conference of the State Post Bureau in the third quarter of 2021 in July this year, Jin Jinghua, director of the Market Supervision Department of the State Post Bureau, once said that the formulation of the "Guidelines for the Accounting of Express Terminal Payment" solved the standard problem of single-piece payment, while the formulation of labor quota was to solve the labor intensity problem of courier brother.

　　ZTO Express said that the increased payment fee will be sent directly to the delivery clerk’s palm-connected app, and the payment standard of existing payment salesmen in all Zhongtong outlets in China shall not be lowered.

　　YTO Express said that the increase in the express delivery fee is used to increase the courier’s income, and the franchise outlets are not allowed to intercept it at will.

　　Shentong Express said that outlets will be strictly required to strictly implement the policy and benefit couriers without discount. We will continue to promote the implementation of the courier incentive policy, optimize the courier guarantee mechanism, establish special skills promotion channels, improve the courier’s working environment and other measures to ensure that "the little brother is at ease and the courier is at ease" and effectively improve the sense of acquisition, happiness and security of the courier group.

　　Extreme Rabbit Express said that all the distribution fees are settled and distributed by the franchisees’ outlets, and the headquarters will set up an inspection team and provide channels for internal complaints from the recipients to ensure the implementation of the policy.

　　Yang Daqing, an expert in the logistics industry, told the The Paper that the courier directly benefited from the increase in the distribution fee. At present, the courier’s salary is based on piece-by-piece commission, and the incentive mechanism of the courier company is also "heavy collection and light delivery" (high commission and low delivery cost). In this case, the courier’s delivery performance motivation is insufficient, which also makes some lazy people deliver and "sign for it". In the third-and fourth-tier cities and the central and western regions, couriers send more pieces and less pieces. In addition, the courier’s income can’t come up, which also causes a higher turnover rate of front-line personnel.

　　A little brother from ZTO Express told reporters in The Paper that each courier delivers different areas, and the delivery quantity is different, but it can basically be stabilized at around 30000 pieces a day, and sometimes there will be individual cases of over 2000 pieces or over 500 pieces a day. It is estimated that the overall delivery order will be around 5,000 to 10,000 pieces a month. Raising the 0.1 yuan/ticket distribution fee for the whole network means that your monthly salary will be raised by about 500 to 1000 yuan in the future.

　　In recent years, with the price war of express delivery, it has become a common phenomenon to reduce the terminal payment. A person in charge of Yuantong Zhengzhou Branch told The Paper that the terminal payment fee was adjusted according to market research, and now it is declining year by year, and it has dropped to 98 cents.

　　Yang Daqing said that the increase in distribution fees indirectly benefited franchise outlets and consumers. In recent years, due to the rising cost of manpower and property, the express outlets generally do not increase their income, and some express outlets even have negative profits. The express headquarters company has increased its fees, which can alleviate the operating pressure of express outlets and stabilize the grassroots team. And that delivery fee is increase, which is beneficial to improving the enthusiasm of courier for door-to-door delivery and improving the consumption experience.

　　Is the increase in payouts expected to contain the price war?

　　A related person in charge of Zhongtong told the The Paper that this payment is an internal settlement of the enterprise, and the increase in payment will not affect consumers’ online shopping experience.

　　Will the increase in distribution fees for internal settlement of enterprises have an impact on enterprise performance? Zhao Xiaomin, an expert on express delivery, told the The Paper reporter that "for express delivery companies, the performance will be affected by the transmission mechanism. According to the current situation of joining express delivery companies, with the increase of distribution fees and cost transfer, the product structure and price of the whole network will be adjusted in the future, and the increase of distribution fees will eventually be shared to the end. Next, we need to continue to pay attention to the adjustment of the transfer fee, the most important thing is to pay attention to whether it has the function of reversing the express price. It is expected that the transfer fee may be raised in the future, and there will be a gradual increase in the final terminal price. "

　　Chen Zhaolin, an analyst of Southwest Securities Logistics Industry, told the The Paper that at present, the calculation methods of delivery fees by express delivery companies are different. Among them, Zhongtong and Baishi, the delivery fee income of express delivery is settled to the delivery outlets after the collection outlets, and is not included in the revenue system of listed companies. In Yuantong, Shentong, Yunda and other companies, the distribution income of express delivery is included in the company’s operating income, and the distribution cost is also charged accordingly. But these are only different in financial terms, and there is no substantive difference in business itself.

　　Regarding whether the increase in distribution fees will return the express delivery price to normal, Chen Zhaolin said that this is an opportunity and it depends on further policies. "According to the guidance of the policy, the price of full-caliber express delivery will not drop again, but it remains to be seen whether the price of express delivery can rise. As the express delivery company is jointly undertaken by the headquarters and franchisees, this fee increase will not continue in the future ‘ Price war ’ Under the premise, it is bound to have an impact on the company’s performance. "

　　In terms of industry development, Yang Daqing analyzed that the express delivery industry in China is currently entering a medium and high-speed growth stage, and it is in a window period from price competition to value competition. "Increasing the delivery fee will increase the operating cost. Express delivery companies can only hedge the pressure of rising costs by continuously upgrading their services and strengthening lean management, gain a foothold in the market, and increase the delivery fee to further stabilize the price of express delivery services at this stage. China express market service products need further structural optimization, that is, low-end prices buy low-end services and high-end prices buy high-end services. This price structure is conducive to the sustainable development of express delivery enterprises. "

With the rapid development of the new energy vehicle market, more and more domestic brands have emerged in this field and launched electric cars with powerful performance and full sense of technology. Facing the dazzling array of vehicles, who is the "ceiling" of domestic new energy vehicles? This paper will take you to analyze ten popular domestic electric vehicles one by one, and make a detailed comparison from the aspects of power system, body size, endurance and intelligent configuration.

Guide price: starting from 249,800 yuan

Power system: Zhiji S7 is equipped with a dual-motor system, with a total output of about 400 horsepower and an acceleration time of 100 kilometers within 4 seconds, showing excellent acceleration capability.

Cruising range: It can travel more than 500 kilometers on a single charge, meeting daily and long-distance driving needs.

Body size: The body length of Zhiji S7 is about 4980mm, and the wheelbase is 2900mm, which ensures sufficient internal space.

Intelligent configuration: The car is equipped with an advanced intelligent driver assistance system and a large-size central control panel, providing a convenient intelligent interconnection experience.

With its balanced performance, excellent battery life and intelligent configuration, Zhiji S7 occupies an important position in the mid-to-high-end market and becomes an ideal choice for users who pursue a sense of technology and driving pleasure.

Guide price: starting from 209,900 yuan

Power system: Krypton 007 is available in single-motor and dual-motor versions, with the maximum output power of 300 HP and 450 HP respectively, and the power is strong and stable.

Cruising range: Under standard test conditions, the cruising range of Krypton 007 reaches 600 kilometers, which is suitable for long-distance driving.

Body size: The body length is about 4950 mm, the wheelbase is 2950 mm, and the interior space is spacious and comfortable.

Intelligent configuration: Extreme Krypton 007 is equipped with panoramic sunroof, intelligent driving assistance system and intelligent voice assistant, which is full of science and technology.

The luxurious interior and advanced technology configuration of Krypton 007 make it a popular choice for consumers who pay attention to quality life.

Guide price: starting from 185,800 yuan

Power system: single motor configuration, output power of 350 HP, suitable for a variety of driving scenarios.

Cruising range: The Lectra 07 has a cruising range of 500 kilometers, ensuring long-term driving without frequent charging.

Body size: the length is 4930mm, and the wheelbase is 2940mm, which provides sufficient space for riding and storage.

Intelligent configuration: Intelligent driving assistance system, lane keeping assistance and automatic parking greatly improve driving safety.

As a fashionable intelligent electric car, Linke 07 has won the favor of young consumers through perfect safety configuration and intelligent driving technology.

Guide price: starting from 189,000 yuan

Power system: dual-motor system, with a total output of 400 HP, supporting all-wheel drive.

Cruising range: The cruising range of Extreme Yue 07 is about 600 kilometers, which is very suitable for long-distance driving.

Body size: The length of the car is 4,970 mm and the wheelbase is 2,955 mm, providing a spacious interior space.

Intelligent configuration: equipped with intelligent navigation, voice control and car networking functions, the user experience is excellent.

With its excellent performance and reasonable pricing, Extreme Yue 07 has become a dark horse in the mid-market and attracted a large number of consumers who are pursuing high cost performance.

5. Xiaomi Su7: A New Breakthrough of Technology Giants

Guide price: starting from 215,900 yuan

Power system: Xiaomi Su7 is equipped with a 430 HP dual-motor system, which supports all-wheel drive and provides excellent power output.

Cruising range: The cruising range of 600 kilometers makes this car perform well in long-distance driving.

Body size: 5000 mm long and 3000 mm wheelbase, providing comfortable interior space.

Intelligent configuration: Xiaomi Su7 is equipped with powerful intelligent interconnection functions, including intelligent voice assistant and remote control, which further enhances the user experience.

As a masterpiece of technology giant Xiaomi’s entry into the automobile market, Su7 not only continues the tradition of high cost performance of Xiaomi products, but also brings amazing intelligent technology experience.

Guide price: 995,800 yuan

Power system: Wangwang U7 is equipped with a 700-horsepower three-motor system, which provides superior power output, and the acceleration time of 0-100 km/h is less than 3 seconds.

Cruising range: The cruising range is over 700 kilometers, which is suitable for the long-distance travel needs of high-end users.

Body size: the length of the car is 5150 mm, the wheelbase is 3100 mm, and the interior is luxurious and spacious.

Intelligent configuration: top intelligent driving system and luxurious interior, positioning the ultra-high-end market.

Looking forward to the ultra-high performance and luxury configuration of U7, it will become the "ceiling" in the high-end electric vehicle market, and it is the ultimate choice for a few rich people and top consumers.

Guide price: starting from 159,000 yuan

Power system: equipped with 250 horsepower single motor system, suitable for daily city driving.

Cruising range: The cruising range of 450 kilometers is enough to meet the daily commuting needs.

Body size: 4850 mm long and 2900 mm wheelbase, providing a compact and practical interior space.

Intelligent configuration: basic intelligent driving assistance function and in-vehicle interconnection system are economical and practical.

As an economical and practical electric vehicle for home users, Dongfeng Eπ007 has become a best-selling model in the market with its low price and stable performance.

Guide price: starting from 188,000 yuan

Power system: Tucki P7 provides two power configurations of 360 HP and 500 HP, supporting high-speed driving and long-distance driving.

Cruising range: The cruising range is 600 kilometers, and the performance is excellent.

Body size: 4880 mm long, 2998 mm wheelbase, spacious interior, suitable for family use.

Intelligent configuration: equipped with XPilot automatic driving function, it supports expressway automatic driving and automatic parking in parking lot.

With its intelligent automatic driving system and long endurance, Tucki P7 has become the first choice for technology enthusiasts and users who pay attention to driving experience.

Guide price: starting from 189,900 yuan

Power system: Feifan F7 is equipped with a 450 HP dual-motor system, providing all-wheel drive function.

Cruising range: cruising range is 550 kilometers, which can meet the driving needs of most users.

Body size: the length of the car is 4900 mm and the wheelbase is 3000 mm. The interior design is full of modernity.

Intelligent configuration: Intelligent driver assistance system and efficient energy management system make this car find the best balance between performance and practicality.

Feifan F7 is an electric car with high cost performance, which is suitable for those consumers who value modernity and practicality.

Guide price: starting from 428,000 yuan

Power system: Weilai ET7 is equipped with 650 HP dual-motor all-wheel drive system, providing top-level power output.

Cruising range: With a cruising range of 700 kilometers, it is one of the longest electric vehicles on the market at present.

Body size: the length of the car is 5100mm, the wheelbase is 3060mm, and the interior is extremely luxurious.

Intelligent configuration: with the world’s leading autonomous driving technology and top-class luxury configuration in the car, it is a leader in the high-end market.

With its luxurious configuration and excellent performance, Weilai ET7 has become one of the flagship models in the domestic electric vehicle market, and it is the best choice for users who pursue the ultimate driving experience and luxury enjoyment.

Who is the real "ceiling" in the domestic new energy vehicle market? These models have their own advantages, from the economical Dongfeng Eπ007, to the scientific and technological Xiaomi Su7, and then to the luxurious U7 and Weilai ET7, each car occupies an important position in different market segments. For consumers, which car to choose depends on your most important needs-performance, intelligence, luxury configuration, or economy and practicality?