CITICS

Edible oil can be divided into vegetable oil and animal oil according to the category. Edible vegetable oil is the main domestic consumption, and the consumption of animal oil is decreasing year by year. According to the statistics of the National Bureau of Statistics, the proportion of edible vegetable oil in the per capita edible oil consumption of rural households in China has increased from 56% in 1980 to 90% in 2018. Edible vegetable oil is mainly produced from upstream soybeans, rapeseed,

Planting oil seeds such as peanuts and sunflower seeds, squeezing, refining and packaging to obtain packaged edible oil products; In addition, the by-product oil meal can be used as an important feed raw material, while the primary processed products such as crude oil can be used to manufacture daily chemical products, high-quality basic chemicals, nutritional products, etc., which are widely used in food, chemical industry, medicine and other industries.

In recent years, the consumption of edible vegetable oil has increased steadily.

With the increase of per capita edible oil consumption and the substitution of edible vegetable oil for edible animal oil, the consumption of edible vegetable oil in China has continued to increase, and the growth rate of industry consumption has gradually slowed down after 2005, stabilizing at single-digit growth.

According to the statistics of National Cereals and Oils Information Center, in 2017/18 (from October 2017 to September 2018, the same below), the consumption of edible vegetable oil in China reached 34.4 million tons, and the CAGR reached 4.5% in the past five years. Among them, the production of edible vegetable oil reached 29.63 million tons, and the CAGR reached 4.5% in the past five years. Some edible vegetable oils were supplemented by imports.

Soybean oil-rapeseed oil is dominant, and oilseed soybeans are mainly imported.

In terms of scaleAccording to USDA data, the consumption of soybean oil and rapeseed oil in China in 2018/19 reached 15.89 million tons and 8.39 million tons respectively. The consumption of peanut oil, sunflower oil and corn oil ranks second. According to USDA data, the consumption of peanut oil and sunflower oil in China in 2018/19 was 3.09 million tons and 1.5 million tons respectively.

From the perspective of growth rateIn recent years, sunflower oil and olive oil have increased rapidly, with CAGR reaching 10.1% and 6.7% respectively in the past five years.

From the perspective of supplySoybean oil, rapeseed oil and peanut oil are mainly made in China, while sunflower oil and olive oil are mainly imported, accounting for 69% and 93% of consumption; From the perspective of oil materials (raw materials for oil extraction), soybeans are mainly imported, and imports in 2018/19 accounted for 97% of the crush.

Packaging edible oil: soybean oil dominates the market, and consumption is gradually escalating.

According to the packaging methods, edible vegetable oil can be divided into bulk oil, medium packaging edible oil and small packaging edible oil.

In recent years, with the continuous promulgation of national laws and regulations on restricting the sale of bulk oil, the improvement of residents’ living standards and consumers’ increasing awareness of food safety, the consumption of bulk oil has gradually decreased, and the consumption of small and medium-sized packaged edible oil has gradually increased, occupying the main position in the edible oil market.

According to Euromonitor statistics, the consumption of packaged edible oil in China reached 14.67 million tons in 2019 (excluding industry), and the CAGR was 4.8% in 2014-2019. It is expected that the industry will continue to grow steadily in the future, and the expected sales volume CAGR in 2019-2024 is 3.7%.

Looking at retail channels alone, the sales volume, sales volume and retail price of packaged edible oil in 2019 were 103.1 billion yuan, 8.39 million tons and 12,292 yuan/ton respectively, corresponding to CAGR of 2.2%, 3.8% and -1.5% in 2014-2019 respectively.

Soybean oil dominated, and the proportion of high-priced edible oil increased.

In terms of categories, soybean oil is still dominant in packaged edible oil.

According to Euromonitor statistics, in 2019, China’s soybean oil sales accounted for 44%, and rapeseed oil, peanut oil and sunflower oil accounted for 10%, 9% and 7% respectively.

From the retail price, olive oil is much higher than other categories, reaching 97,000 yuan/ton in 2019; Peanut oil and sunflower oil are relatively higher than the average level, with 14,300 yuan and 13,600 yuan/ton respectively in 2019; Soybean oil and rapeseed oil are the most common edible oils, and the price per ton is relatively low. In 2019, they were 11,200 yuan and 10,100 yuan/ton respectively.

With the improvement of people’s consumption level, the sales growth rate of relatively high-priced edible oil is ahead. From 2014 to 2019, the sales of olive oil, peanut oil and sunflower oil reached 9.9%, 5.9% and 8.3% respectively, which was higher than the industry average.

Modern channels are dominant, especially high-priced oil.

Small-package edible vegetable oil has both the attributes of hoarding goods and giving gifts, so modern channels such as supermarkets and supermarkets are the main sales channels.

According to Nielsen statistics (quoted from the company’s prospectus), in 2019, the sales volume of small package edible vegetable oil in supermarkets and supermarkets accounted for 32.4% and 30.9% respectively.

Especially for sunflower seed oil, rice oil, peanut oil, olive oil, etc., the total proportion of hypermarkets and supermarkets is over 70%.

Judging from the trend in the past three years, the proportion of overall hypermarkets has declined, the proportion of supermarkets has increased, and other channels have changed relatively little.

In the future, the industry will grow steadily and the upgrading trend will continue.

In the future, the domestic packaged edible oil industry is expected to maintain a steady growth trend. According to Euromonitor’s forecast, the domestic packaged edible oil sales CAGR will reach 3.7% from 2019 to 2024.

With the increase of people’s income level and the demand for health and quality, the demand for high-end edible oils (such as sunflower oil and olive oil) with more balanced and rich nutrients will continue to increase in the future.

According to Euromonitor’s forecast, from 2019 to 2024, the traditional sales of soybean oil and rapeseed oil will be only 1.5% and 2.7%, while the consumption of sunflower oil and olive oil will reach 4.1% and 5.4% respectively, and the proportion of high-end edible oil sales is expected to continue to increase.

Source: CITIC Securities, "The leading grain and oil company is Hengqiang, and its listing efforts have reached a new high"

() The business review of the Board of Directors in the first half of 2023 is as follows:

　　I. Description of the industry and main business of the company during the reporting period.

　　The company is mainly engaged in the mining of salt mines, the production and sales of salt and salt chemical products. The main products include salt, industrial salt, small industrial salt and soda ash. According to the Guidelines for Industry Classification of Listed Companies (revised in 2012), salt belongs to the food manufacturing industry in manufacturing industry (C14); Two alkali industrial salts and small industrial salts are "chemical raw materials and chemical products manufacturing" in "manufacturing" (C26); Soda soda is "inorganic alkali manufacturing" (C2612) in "chemical raw materials and chemical products manufacturing".

　　1. Salt industry:

　　According to the classification of uses, salt products can be divided into salt, alkali industrial salt and small industrial salt. Salt is a necessity of people’s life, and its sodium element is an indispensable element in human growth and development; The industrial salt of caustic soda is the main raw material of caustic soda industry, which is mainly used for the production and manufacture of caustic soda and soda ash. Small-scale industrial salt is an industrial salt other than alkali industrial salt, which is mainly used in printing and dyeing industries. The production and sales of industrial salt and small industrial salt mainly depend on the downstream operation of the two alkali industries, and the price cycle is obvious. The production and sales of edible salt are relatively stable, and there is basically no periodicity. From the point of view of product price, after the reform of salt industry system, the wholesale price of salt dropped obviously, but the price of salt in Shangchao terminal remained basically stable, and the profit shifted from wholesale enterprises to retail enterprises. Generally speaking, the existing domestic salt production capacity is greater than the consumption demand, and there is a certain degree of oversupply. Therefore, enterprises with integrated production and marketing and strong channel control ability are more capable of coping with challenges.

　　2, soda ash industry:

　　Soda industry belongs to the middle reaches, and the relationship between supply and demand determines the price of soda, while the price of raw salt and energy determines the cost, and the price and cost jointly determine the gross profit margin of soda industry. From the perspective of market players, China’s soda ash industry is an industry dominated by medium and large enterprises, with a relatively high concentration. The research and development of technologies, equipment and materials related to the treatment of "three wastes" and energy saving and consumption reduction have promoted the continuous strengthening of technological innovation, equipment upgrading and clean and efficient energy utilization in China’s soda industry, and accelerated the transformation and upgrading from low-end manufacturing to high-end manufacturing. Under the influence of domestic macro-economic environment, soda ash industry has a certain periodicity, which mainly depends on the development needs of downstream photovoltaic glass, flat glass, daily glass, synthetic detergent, alumina and other industries.

　　3, salt cave oil and gas storage industry:

　　China is the second largest consumer of oil and natural gas in the world, and its dependence on foreign countries is high. In the face of the continuous turbulent international situation, the problem of energy security is becoming more and more serious. The country has successively issued a number of energy security or reserve policies, energy security is gradually rising to a national strategy, and oil and gas reserves have ushered in a period of development opportunities. The National Development and Reform Commission and the National Energy Administration pointed out in their guidance on energy security that "the construction of gas storage facilities should be accelerated. Do a good job in the overall planning and layout of underground gas storage and LNG storage tanks, and promote the intensive and scale construction of gas storage facilities. " Provinces (autonomous regions and municipalities) have compiled and issued special plans for the construction of provincial gas storage facilities, and encouraged local governments and relevant enterprises to share the investment and construction costs and benefits of gas storage facilities through cooperation in different places and joint ventures.

Second, the discussion and analysis of the business situation

　　In the first half of 2023, the company produced a total of 4,445,800 tons of salt and salinized products, an increase of 551,800 tons year-on-year, an increase of 14.16%; The production enterprises achieved a cumulative sales of 3,635,700 tons, an increase of 490,800 tons or 15.61% year-on-year, and a cumulative sales of 2,238,600 cubic meters of brine, an increase of 138,200 cubic meters or 6.58% year-on-year. The operating income was 2.901 billion yuan, a decrease of 4.23% compared with the same period last year. The basic earnings per share is 0.51 yuan. The main reason is that the same period of last year was a historical extreme, and the price of salt products fluctuated and fell during the reporting period, but compared with the average of the same period in 2020, 2021 and the same period in 2020 -2022, it still maintained a high growth level.

　　(a) steady investment, construction projects, the development potential continues to increase.

　　Guided by the new development pattern of "salt+energy storage" industry in the Tenth Five-Year Plan, the company made every effort to promote the construction of key projects under construction. The company and PetroChina Gas Storage Company jointly established Guoneng Company to promote the construction of the first phase of Zhangxing Gas Storage Project, and completed the main projects such as comprehensive building and auxiliary production houses, the main construction of the opening and closing station and the installation of major equipment such as power supply system. Well ZXK4-B and Well ZXK4-A were respectively connected with the target area, and well SY3 completed the plugging operation. At present, the construction period is reversed, the project is accelerated, and gas injection trial production is achieved during the year. Promote the comprehensive utilization project (Phase I) of brine salt production in gas storage, in which the preliminary administrative licensing work such as filing, energy assessment, safety assessment, environmental assessment and stability assessment has been completed for the refined liquid salt project, and the filing and energy assessment for the main salt production project has been completed. Set up a special class of sodium battery-grade soda ash product research and development project, speed up the research and development of production technology, and the product indicators meet the needs of target customers, which has now been transferred to the pilot stage.

　　(2) Stabilize production and expand channels, and continuously consolidate competitive advantages.

　　Give full play to the decision-making role of the marketing committee and the advantages of integration of production and marketing, strengthen the overall scheduling of production resource elements, scientifically organize parallel production, collaborative operation and linkage maintenance, pay close attention to the management of material consumption and energy consumption cost, accelerate the promotion of "intelligent change to digital transformation" and promote the long-term safe and stable operation of production. Solidly promote the construction of market channels inside and outside the province, and thoroughly implement the "spring ploughing action" in the provincial market. The sales of various salt products maintained a good momentum, and the proportion of Huai salt reached 84.34%. Continue to promote the "Spark Plan" in the market outside the province, make a new breakthrough in the sales of small packaged salt in the market outside the province, and further expand the influence of the market outside the province. The export business grew rapidly, and the salt products were exported to more than 30 countries and regions, such as Japan, South Korea, Southeast Asia, the Middle East, Europe and America, and were selected as "Sample Enterprises of China’s Foreign Trade Export Leading Index" in 2022. Declared China Time-honored Brand and China Quality Award, and was selected as one of the 100 typical cases of brand building of state-owned enterprises in the State Council SASAC for two consecutive years. Successfully held the "China Quality Miles-Huaiyan Bank and Huaiyan Quality Brand Conference", and released a series of new salt products, which won wide attention and praise from the market.

　　(3) Steady reform and innovation, and continuous improvement of endogenous motivation.

　　Deepen the new round of state-owned enterprise reform and deepen the promotion action. Focus on accelerating the construction of modern enterprise system, establish and improve the market-oriented operation mechanism system, and comprehensively establish the corporate governance model with the characteristics of Su Yanjing. Deepen the reform of "three systems" and stimulate the endogenous motivation and vitality of enterprises. Increase investment in scientific and technological research and development, focus on new product development, technical research, comprehensive utilization of salt cavities and other key tasks, and include 49 research and development projects such as intelligent storage of national reserve salt in the 2023 R&D project plan. In the first half of the year, 4 achievements at the municipal level and above were achieved, and 3 production problems and technical research problems were solved. Complete 4 key research achievements (items) of gas storage, energy storage and other cavity utilization technologies, and complete 2 pilot projects of new products; 9 patents (including 6 inventions) were accepted, and 6 patents (including 4 inventions) were authorized. Scientific and technological innovation was rated as a typical experience of national promotion of state-owned enterprise reform for three years by the State Council State-owned enterprise reform leading group office.

　　(4) Maintain safety and prevent risks, and continuously improve the governance system.

　　Deepen the promotion of benchmarking world-class management, strengthen supervision and assessment, and promote efficiency, effectiveness and effectiveness. Strengthen the construction of safety production system, do a good job in safety inspection and hidden danger management, formulate and issue the "double prevention management measures for safety risk classification management and hidden danger investigation and management", conduct a comprehensive physical examination of the double prevention system of each production unit, further consolidate the basic management of safety production, and continue to maintain a stable situation in safety production. Pay close attention to the quality management of salt and further improve the quality management system. We will promote the construction of enterprises governed by law and compliance management system, and determine the negative list behavior units of partners around key areas of compliance management. Actively carry out internal control audits and conduct special inspections on the implementation of internal control systems of six municipal salt companies. Organize research on contract risk prevention and control, strengthen the management of monetary funds and bills, and continuously improve the compliance management level and risk prevention ability.

Third, risk factors

　　(A) Macroeconomic cyclical risks

　　The main products of companies such as industrial salt and soda ash belong to basic chemical raw materials, which are closely related to the macroeconomic prosperity and the development of downstream industries. If the uncertain macroeconomic factors in the future lead to unsatisfactory economic recovery and weak downstream demand, and the release of production capacity in some regions affects market prices, it will put some pressure on the sustained and rapid growth of the company’s performance. The company will closely follow the market changes, adjust its business strategy and product structure in a timely manner, and make a good combination of technology, technology, equipment and management advantages, and strive to resolve the adverse effects brought about by changes in the economic environment.

　　(B) the challenges brought by market-oriented competition

　　The competition in the domestic salt market is becoming more and more fierce, and the gross profit space is squeezed. The company will actively seize the policy opportunity to stimulate the economy and promote consumption, give full play to the advantages of production and marketing, further strengthen the coordination of production and marketing, channel construction and sales resource integration, cultivate the market demand for high-quality and high value-added products, consolidate the domestic and foreign market share through multiple channels, and ensure the leading position in the industry.

　　(C) the risk of energy price fluctuations

　　Coal is the main energy needed by the company to produce salt and salt chemical products, and its price fluctuation has a great influence on the gross profit margin of the company’s products. The company mainly adopts the mode of linking factories and mines and direct procurement to reduce trade links, strive to reduce coal procurement costs, and actively respond to the risk challenges brought about by coal price fluctuations.

　　(D) Safety and environmental risks

　　As a large salt chemical production enterprise, there is a certain pressure of safety and environmental protection. With the continuous strengthening of energy consumption constraints and environmental protection requirements, it has a certain impact on the daily production organization of enterprises. As a green mining enterprise and a national-level green demonstration factory, the company has always adhered to the concept of green ecological development, continuously increased the investment in safety and environmental protection equipment, strengthened the safety training and daily management of employees, prevented illegal operations and emissions, and put an end to safety and environmental accidents.

Iv. analysis of core competitiveness during the reporting period

　　The company’s salt production capacity ranks among the best in China’s salt industry, with six core competitive advantages: "circular economy, mineral resources, regional transportation, technological innovation, integration of production and marketing, and well-known brands".

　　(A) advantages of circular economy. The company’s industrial system centered on "comprehensive utilization of rock salt resources and technological innovation of circular economy" has obvious advantages of circular economy. The self-developed "Downhole Circulating Soda Making Process" was included in the implementation guide of energy-saving technical transformation and upgrading in 2025 by the Ministry of Industry and Information Technology and other four ministries and commissions of the National Development and Reform Commission. It has been authorized to be used by other enterprises in the industry and has been popularized and applied in the industry. Guided by the "14th Five-Year Plan", the two chains of "circular economy industrial chain of saline-alkali calcium" and "industrial chain of salt cavity energy storage" have been built in depth, which have accumulated the advantages of salt cavity resources, brine consumption and technological innovation, and constructed a new development pattern of "salt+energy storage" industry.

　　(2) Advantages of mineral resources. The company has mineral resources with abundant reserves, excellent quality, thick deposits, high salt content and high salt grade. The mining rights of eight mining areas, including Zhangxing Salt Mine, Xiaguan Salt Mine, Jiangnan Salt Mine and Shitang Salt Mine, have a total reserve of 12.14 billion tons of ore, 7.094 billion tons of NaCI, 1.105 billion tons of associated Na2SO4 and a permitted production scale of 11.94 million tons/year. The company selects high-grade mining areas for salt production, which ensures the excellent quality of salt products. Abundant salt mine resources ensure the continuous supply of brine for salt and salt chemical products and the expansion of salt cavity economy, which has obvious advantages in the industry.

　　(3) Location traffic advantages. The company is located in Huai ‘an City, Jiangsu Province, and the economy in East China is active. It is an important production area of soda ash, chlor-alkali and other chemical industries. The market demand for salt and salt chemical products is large and it has a good location advantage. Small-scale industrial salt, alkali salt and sodium sulfate have a certain sales radius. Compared with other modes of transportation, the company adopts water transportation and has built its own wharf in the Beijing-Hangzhou Grand Canal, which has a longer sales radius and lower cost. Beijing-Shanghai, Tongsan, Ninglian and other expressways meet in China, and the Xinchang Railway runs through the territory, which is very convenient for land and water transport, creating unique conditions for the company to participate in market competition.

　　(4) Advantages of technological innovation. The company won the first "Jiangsu Science and Technology Innovation and Development Award Excellent Enterprise" and "Jiangsu Manufacturing Outstanding Contribution Award Excellent Enterprise" and other honors. Focusing on building a new pattern of "salt+energy storage" industry, increasing investment in scientific and technological research and development, focusing on key tasks such as new product development, technical research, and comprehensive utilization of salt cavities, 49 research and development projects such as intelligent storage of national reserve salt were included in the 2023 R&D project plan. In the first half of the year, 4 achievements at the municipal level and above were achieved, and 3 production problems and technical research were solved. Complete 4 key research achievements (items) of gas storage, energy storage and other cavity utilization technologies, and complete 2 pilot projects of new products; 9 patents were accepted (including 6 inventions) and 6 patents were authorized (including 4 inventions).

　　(5) Advantages of integrated production and marketing. The company is one of the few salt enterprises with integrated salt production and marketing in China. It pays attention to and strengthens the construction of marketing system, sets foot in the fields of channel construction, new product development and e-commerce more quickly, and promotes the reasonable growth of marketing work and the effective improvement of quality. It is in the leading position in salt sales radiation range, sales network service response, sales ratio inside and outside the province, and its business innovation ability and market competitiveness continue to increase, and its corporate reputation and social influence continue to increase.

　　(6) Advantages of well-known brands. The company vigorously implements the "three products" strategy, aims at high-end internationalization of the brand, creates "Millennium Huaiyan", shapes the first-class brand, and enhances the corporate brand and product image. "Jingshen" trademark is a famous trademark in Jiangsu Province, and "Huai" brand is a well-known trademark in China. The company has successively won the Top Ten Enterprises in China Light Industry Salt Making Industry, the Top 100 Enterprises in China Light Industry and the Top 50 Enterprises in China Light Industry Food Industry, and has successively won many awards such as Jiangsu Provincial Governor’s Quality Award, the 18th National Quality Award, the Asian Quality Excellence Award and the First Jiangsu Boutique. Natural edible salt, seaweed iodine edible salt, natural calcium edible salt and other products have been recommended as upgraded and innovative consumer goods by the Ministry of Industry and Information Technology.

　　Business news on November 12

　　On November 12, the price of soda ash in Central China remained stable, and the mainstream market price of light soda ash was about 1370-1600 yuan/ton. On October 25, the price was raised by 20 yuan/ton. The mainstream market price of heavy soda ash is about 1,500-1,600 yuan/ton, and the price is lowered by 50 yuan/ton on October 21st. The utilization rate of soda ash production capacity is high, the market supply is sufficient, enterprises actively ship, the downstream demand is poor, the purchase of soda ash is limited, and the soda ash market in Central China is mainly on the sidelines in the short term.

Recently, all kinds of information about Chery are quite active. One week, iCAR brand night and Star Road Star Age Night were held continuously. In addition, Yin Tongyue personally stood on the platform, gave a live test run, and so on. We can find one thing in common, that is, these activities are all related to new energy.

Intensive new car release/listing also directly shows that Chery really wants to be rude to new energy. On the just-held night of Chery Fengyun, the science and engineering man was still obsessed with the brand of technology. Li Xueyong said: Chery’s 16000T super die-casting island will be adopted at the end of the year.

It is better than the 9100T large die casting machine announced by Xiaomi not long ago. Of course, apart from technology, everyone is more interested in new cars. The T9, the first SUV of Chery Fengyun, has been pre-sold, and the price range is 159,900-199,900 yuan. Let’s see what are the highlights of the new car.

In terms of appearance, friends who know Chery may be familiar with it. The overall outline of the new car is basically the same, but new energy elements are added to the details, such as: the front face is changed to a closed design, and the interior is decorated with vertical bars, which seems to have some musical rhythm effects; LOGO adopts a luminous design; The shape of the taillight group should also be more scientific and sporty.

What is more interesting is the vehicle positioning. Fengyun T9 has a length, width and height of 4795*1930*1738mm and a wheelbase of 2770mm, which basically meets the standard of medium-sized SUV, but its internal positioning is compact SUV. For reference, the Song DM-i has a length, width and height of 4775*1890*1670mm and a wheelbase of 2765mm, and its large body size may be a big selling point of Fengyun T9 in the future, and the new car also offers 7-seat models to choose from.

The interior part is more pleasantly surprised than the exterior. Fengyun T9 adopts a brand-new central control design, which belongs to the simple style that is popular in new energy vehicles nowadays. It combines the functions of LCD instrument, suspended large screen, electronic lever, wireless charging and so on, and with the color matching of deep top and light bottom, it creates a good fresh style of technology.

In terms of specific configuration, Fengyun T9 has arranged inductive tailgate, remote control, Qualcomm Snapdragon 8155 chip, 540-degree panoramic image, front seat ventilation/heating/massage and queen’s co-driver, and has L2+ intelligent driving assistance capability. Rich configuration is also the strength of domestic brands of head.

The power part is the focus of Fengyun T9. The new car is equipped with Kunpeng Super C-DM plug-in technology, consisting of a 1.5T engine and an electric motor, matched with a 3-speed DHT hybrid special gearbox, with 360 horsepower and a peak torque of 530 Nm. Under CLTC working conditions, it has a pure battery life of 120km, a full battery life of 1400km, and a fuel consumption of 5.2L/100km, with a book value.

Summary: In terms of sales distribution, Chery has the highest overseas sales of its own brand, accounting for nearly 22%, indicating that the sales channels should be broader. We have also analyzed before that at present, Chery’s sales volume is still dominated by traditional fuel. If new energy vehicles can be recognized, there is still a chance to by going up one flight of stairs.

Judging from the current pace of new car launch, Chery’s new energy strategy is full of firepower this year, and four brands, Chery Fengyun, Jietu Shanhai, Xingtu Xingyu and iCAR, are making efforts one after another. For Fengyun T9, larger body size and solid power technology should be the core highlights. In addition, the new car has also been ordered by 9.9 yuan, which can enjoy a crowdfunding activity with a price reduction of 20,000 yuan. After the official listing in the future, the price may be even more surprising.

[Autohome Jinhua Discount Promotion Channel] Recently, we learned that promotions are underway in Jinhua, with a maximum discount of 28,000 yuan and a minimum starting price of 188,600 yuan. In order to get higher discounts, consumers are advised to click "Check Car Price" in the quotation form to get more discounts.

eπ008采用了时尚动感的设计语言，前脸设计独具特色，搭配犀利的LED大灯，整体风格显得非常运动。进气格栅采用了独特的设计，增强了车辆的辨识度。车身线条流畅，展现出优雅而不失力量感的外观。

eπ008拥有5002*1972*1732mm的长宽高尺寸，轴距为3025mm，前轮距和后轮距均为1650mm，车身线条流畅动感，搭配265/45 R21的轮胎规格和独特的轮圈设计，使得整车更具运动感。

eπ008的内饰设计简洁大气，采用时尚的中控布局，配备了一块15.6英寸的中控屏幕，支持多媒体系统、导航、电话、空调等语音识别控制，带来便捷的操作体验。方向盘采用皮质包裹，提供良好的握感和手动上下+前后调节功能，满足不同驾驶者的个性化需求。前排座椅采用仿皮材质，配备座椅加热、通风功能，并带有头枕扬声器（仅驾驶位），提升舒适性。主副驾驶座椅支持前后调节、靠背调节、高低调节（2向）和腰部支撑（4向），确保长途驾驶的舒适度。此外，前排座椅还具备电动记忆功能，方便用户存储和调用座椅位置。第二排座椅同样支持前后调节、靠背调节和腿托调节，提供灵活的乘坐空间。前排和后排均设有USB和Type-C接口，方便乘客为电子设备充电，前排还配备了手机无线充电功能。整体内饰配置丰富，旨在为用户提供舒适、便捷的驾驶体验。

eπ008搭载了一台1.5T涡轮增压发动机，最大功率为108kW，相当于147马力，峰值扭矩可达210N·m，为车辆提供了强劲的动力输出。匹配的电动车单速变速箱，确保了动力的高效传输。

汽车之家车主对eπ008给予了高度评价，他提到：“车内空间大，驾驶感高，动力可以，外观大气。”这些特点使得eπ008在众多车型中脱颖而出，为驾驶者提供了舒适且愉悦的驾乘体验。

A fan backstage wanted me to chat and ask if this model was worth buying, and he himself has a 300,000-400,000 car purchase budget.

In fact, I like to talk about the Cadillac model, because the biggest advantage of the Cadillac model is its high price range, which gives us the feeling that it is really a conscientious price. But we can’t just look at the price of the car, we need to take a deeper look at whether this model is worth buying.

First of all, let’s take a look at the manufacturer’s guide price of this XT5 model, 329,700 yuan to 469,700 yuan. The discount range of this model is up to 70,000, but in fact only the preferential price of top or stock cars can reach so much. Generally speaking, the price of naked cars for entry-level dealers is about 270,000 yuan, of course, each city is different. According to this calculation, its discount range is about 60,000 yuan.

In terms of exterior design, the exterior design is our common Cadillac family shape, and the front of the car is particularly recognizable. The forward air net uses the design of Cadillac shield shape, and the interior is filled with honeycomb blackened material. The edge of the LED headlights is decorated by a vertical LED light strip from top to bottom, which is integrated with the fog lamp Led light source. From the exaggerated design in front, the sports fan and business fan are the characteristics of this XT5.

The side of the model creates an outstanding sense of muscle vision for us, and the waist line that gradually rises from front to back allows us to know what is called a sense of strength. A feeling of diving, ready to go, arises spontaneously, which is one of the most commonly used techniques in American muscle construction.

On the rear side of the model, the diamond-cut taillights can tell from a distance that this is a Cadillac. In addition, the XT5 also uses two-sided chrome exhaust pipes, which shows that the power is relatively strong.

As far as the overall design is concerned, the appearance is quite high, and of course the lines of the entire body are also designed to be relatively tough, which is very appealing to young consumers, but it is not very attractive to consumers who like mediocre designs.

Looking at the specific body data, the length, width and height are 4813/1903/1682mm respectively, and the wheelbase is 2857mm. This is a medium-sized SUV, and the body data performance is actually quite good, especially the excellent width of this model, which makes the ride comfort in this XT5 very high.

The interior atmosphere of the car is an all-black interior, and the entire interior is still the familiar Cadillac model. The materials used in the whole car are relatively willing, and a large area of soft materials is used to cover the car, which feels particularly good. However, this XT5 still has a more troublesome problem, that is, there are many electronic devices used in the car, which makes the central control and gear handles easy to get fingerprints, which is particularly troublesome.

Overall, I personally think the interior of this XT5 model is quite well designed, with a sense of luxury in place. And the essence of the design of the American sofa is also reflected in this model. The seats are fully filled and comfortable to ride.

The rear row space is also relatively spacious, and is equipped with a separate air conditioner out of trend, which is more comfortable. In addition, attentive friends may have found that its floor bulge is very low, almost flat. Why is this? Many friends may have guessed that, yes, this is a front-wheel drive car.

Let’s take a look at the power part. This XT5 uses a 2.0T engine with a maximum power of 237 horsepower and a peak torque of 350N · m. There is no distinction between high and low power versions, which is one of the biggest differences from the German SUV.

As for the gearbox part, it uses a nine-speed automatic gearbox, which is very reliable. I personally think it is more reassuring than a seven-speed dual-clutch gearbox.

The chassis structure uses a front McPherson independent suspension, a rear five-bar independent suspension, and a timely four-wheel drive system is used on the medium and high configuration.

What do you think of this design? In fact, the price you want to talk about is really very affordable, but the price is affordable. In addition to the second-tier brand factors, it is also more related to the body design, such as its chassis structure. We all know that the front and rear five-bar independent suspension is used, but on the top, it uses the McPherson-style independent suspension commonly used in joint-venture medium-sized SUVs, which is really not up to the first-tier luxury cars.

If you want to say that this one has its own characteristics, it does have American muscle feel, strong power, and cheap price. But if you want to say that its shortcomings are actually particularly obvious, that is, it uses a lower-cost former McPherson-style independent suspension, so cheap is also reasonable. So what do you think of this Kai’s cost performance? Welcome to the comment area to discuss and leave a message.

[Autohome Taizhou Discount Promotion Channel] brings you the latest car purchase discount information. Currently in Taizhou, Xingtu Lanyue is conducting an unprecedented price reduction promotion, with the highest discount reaching an astonishing 18,000 yuan. The starting price is already as low as 175,900 yuan, which undoubtedly provides consumers with an excellent car purchase opportunity. If you are interested in Xingtu Lanyue, be sure to seize this moment and click "Check the car price" in the quotation form to get more favorable car purchase conditions.

The exterior design of Xingtu Lanyue is full of power and modernity, and the front face adopts a bold polygonal grille with tough lines, highlighting its extraordinary aura. The air intake grille is exquisitely chrome-plated, which complements the matrix LED headlights, showing the fusion of technology and luxury. The overall style is majestic, and the body lines are smooth, giving a sense of stability and dynamics of a luxury SUV. Whether it is the carving of details or the overall proportion, Xingtu Lanyue shows the craftsmanship aesthetic of a high-end car.

Starway Lanyue creates an impressive profile with superb craftsmanship and dynamic design. The body size is 4970mm x 1940mm x 1792mm, and the wheelbase is 2900mm, ensuring spacious interior space and driving stability. The front and rear wheel tracks are 1644mm, and the coordinated body proportions highlight the sense of balance and power. The tire size is 245/50 R20, and the delicate wheel rim design not only enhances the visual impact of the vehicle, but also ensures the stability and handling performance during driving.

The interior design of Xingtu Lanyue highlights the perfect fusion of luxury and technology. Using exquisite leather material, the steering wheel provides a comfortable grip, wrapped in leather and supports manual up, down and back adjustment, ensuring that the driver can easily find the most suitable driving position. The 15.6-inch large central control screen stands on the dashboard, which not only displays clear information, but also supports automatic speech recognition control system, which is convenient for operating various functions such as multimedia, navigation, telephone, air conditioning and sunroof. The USB and Type-C interfaces are equipped to meet the various device connection needs of passengers. The front row also has the function of wireless charging of mobile phones, which enhances the convenience. In terms of seats, whether it is the driver’s seat or the passenger’s seat, it supports front and rear adjustment, backrest adjustment and height adjustment, and is equipped with heating and ventilation functions to provide passengers with extremely high comfort. The driver’s seat also has a power seat memory function, which is convenient for the driver to adjust quickly. In addition, the second row of seats can also be adjusted back and forth and backrest adjustment, providing flexible space. The rear seats support proportional reclining, further increasing the flexibility of storage and loading.

Xingtu Lanyue is equipped with a 2.0T turbocharged engine, which has a maximum power of 192 kilowatts and a strong power output. Its maximum torque reaches 400 Nm, providing the driver with sufficient power support. With the 8-speed manual transmission, the vehicle changes gears more smoothly, further improving the driving experience and fuel economy.

Summarizing the insights of Autohome owners, Xingtu Lanyue has won his admiration for its unique exterior design, especially the elegant profile of the side lines, which seems to surpass the same level of models such as Yaoguang. This undoubtedly strengthens the status of Lanyue in the hearts of consumers, becoming a competitive and attractive model. For consumers who pursue individuality and aesthetics, Xingtu Lanyue is undoubtedly the ideal choice to meet their needs.

"I Have a Car" Original New Car Report:Recently, 2025 EM-P officially listed, the official guide price of 6 new cars 19.58-25 8,800 yuan, but before August 31, 2024 to complete the lock single payment and pick up the car users can enjoy the whole series of limited-time price 17.98-24 2,800 yuan.

At the same time, the official also released the car purchase benefits of the 2025 Lynk & Co 08 EM-P, which includes a limited-time expansion gift for all series to enjoy the purchase rights of 4,000 yuan to 20,000 yuan, a free upgrade of the Harman Card 23 speaker audio worth 10,000 yuan, and replacement/additional purchase subsidies, the first owner Sandian lifetime quality assurance and other related rights and interests.

What are the upgrades for the 2025 Lynk & Co 08 EM-P?

The new Lynk & Co 08 EM-P has not changed much in appearance, and still adopts the design language. The front face part uses a closed air intake grille, and the lower bumper area retains the air intake; the tail design uses the popular cross-type tail light group. The light cavity uses a dot matrix light source. At the same time, the rear door of the vehicle also has a relatively good three-dimensional sense, creating a sporty look as a whole. In addition, the new car also adds a morning blue paint color on the basis of the original appearance color scheme.

On the side of the car, the new Lynk & Co 08 EM-P continues to provide hidden door handles, frameless doors, low wind resistance rims and bezel-less exterior mirrors. In addition, the new car, including ABC columns, window trims and roof parts, are treated with blackened elements to create a visual effect of the suspended roof. Regarding the body size, the new model has 4820x1915x1685mm measurements and a wheelbase of 2848mm, which is unchanged from the measurements and wheelbase of the old model.

The car is still the same, with a minimalist design style. The center console is equipped with a 15.4-inch floating large screen, a 12.3-inch full LCD instrument, and a 92-inch AR-HUD. With the LYNK Flyme Auto system, the intelligent interaction experience is still relatively good.

With the arrival of the 2025 Lynk & Co 08 EM-P, the new model also upgrades the LYNK Flyme Auto system to 1.6.0 software version, which adds a number of functions and experience optimizations, such as Sentinel mode, car wash mode, WANOS panorama, Co Pad multi-screen interconnection, etc.

The old owners of Lynk & Co 08 EM-P should know better. Since LYNK Flyme Auto is a car-machine system jointly developed with Meizu, it is relatively well-suited to Meizu mobile phones or other Android system mobile phones in terms of interoperability. However, only users with Apple mobile phones cannot get a good Internet experience.

So the new model also adds iPhone UWB/NFC digital key, and can also be connected to Apple Watch, realizing various functions such as driving, locking the car, and remote starting with Apple Watch. In addition, although the CarPlay function of the new Lynk 08 EM-P has not been opened yet, it has been arranged on the road. In the future, users of Lynk 08 can unlock the ecological experience of the Apple system.

In the seat configuration part, the 2025 Lynk & Co 08 EM-P continues to provide seat ventilation/heating/massage functions in the front row, and the new model also provides ventilation/heating functions on the basis of continuing to support massage functions in the rear seats. The passenger experience in the rear row is better than that of the old model.

As for power, the new Lynk & Co 08 EM-P continues to be equipped with a plug-in hybrid system composed of a 1.5T engine + click. The front P3 motor of the front-drive model has a maximum power of 160kW, a comprehensive maximum power of 280kW, and a comprehensive maximum torque of 615 Nm. The maximum power of the front and rear motors of the four-wheel drive version is 160kW and 156kW, respectively. The system has a comprehensive maximum power of 436kW and a comprehensive maximum torque of 905 Nm, and is matched with a 3-speed DHT Evo electric drive gearbox.

In addition, in the battery life part, the new model has three capacities of 21.2kWh, 39.8kWh and 39.6kWh (four-wheel drive version), and the pure electric cruising range under CLTC conditions is 120 kilometers, 245 kilometers and 220 kilometers respectively. With the support of fast charging function, the car completes 30% -80% of the replenishment in 28 minutes.

Is the Lynk & Co 08 EM-P worth buying?

Recently, Geely Automobile announced the sales results in July. The cumulative sales volume in a single month in July was 150,700, an increase of 13% year-on-year; the cumulative sales volume in January-July was 1.1065 million, an increase of more than 36% year-on-year.

From the perspective of splitting the brand, Lynk & Co sold 21,200 cars in July, while the cumulative sales volume from January to July was 147,200 cars, an increase of more than 48% year-on-year. In addition, Lynk & Co’s new energy family sold 15094 cars in July, accounting for 71% of the total family sales.

This level of family new energy vehicle sales is mainly due to the driving role of Lynk & Co 08 EM-P and Lynk & Co 07 EM-P, the former of which has basically stabilized monthly sales at around 5,000 to 6,000 units since March to July this year, while Lynk & Co 07 EM-P has also shown a continued year-on-year growth trend in sales since its delivery this year.

In addition, in June this year, Lynk & Co’s first pure electric flagship sedan – the new world premiere in Gothenburg, the new car on the smart cockpit, RGB light strip, panoramic sky, AMD’s Makaru chip, and equipped with AI digital chassis, new chassis dynamic adjustment and SEA architecture, etc., the comprehensive product strength is very interesting, it is expected that the new car will be launched in September this year, the global market, worth looking forward to!

"I have a car" concludes:With the continuous launch of Lynk & Co’s product matrix, the continuous improvement of product reputation, and the relatively good intelligent ecosystem, Lynk & Co 08 EM-P and Lynk & Co 07 EM-P may receive more attention in the future.

　　China News Service, Chengdu, September 7 (Zou Liyang, Liu Zhongjun) On the 7th, the Chengdu factory of Shenlong Automobile Co., Ltd. was completed and put into operation after 23 months, and its first product – Dongfeng Peugeot 4008 was successfully rolled off the assembly line.

　　Since the foundation was laid in 2014, the Chengdu factory of Shenlong Company has followed the construction principle of "one planning, phased construction, priority investment in models, and rolling development". The first phase of the Chengdu factory covers an area of 2,484 mu, with a total investment estimate of 7.90 billion yuan and an annual production capacity of 240,000 vehicles. The factory mainly includes the four major processes of stamping, welding, painting, and assembly and their sub-assembly and integrated workshops, parts suppliers supporting industrial parks, test tracks, and auxiliary building facilities such as warehousing and logistics, public power stations, and canteens.

　　It is understood that the Chengdu factory’s stamping workshop uses fully enclosed, automatic high-speed stamping process technology and advanced equipment, and for the first time uses aluminum profile stamping; the welding workshop uses an industrial system of production informatization and lean management to achieve 100% welding automation, with 442 robots of various types; the application of silane technology in the painting workshop, a new generation of water-free paint compact painting process, dry spray booth technology, waste heat recovery technology, and other process technologies has greatly reduced pollutant emissions and energy consumption; the final assembly line is leading the industry in the application of new technologies such as process integration innovation, especially intelligent whole-process quality inspection, and world-class multi-spectral runway testing.

　　The reporter saw that there were very few workers in the large production workshop, and different types of robots were operating in an orderly manner. Intelligent manufacturing technology was integrated into the entire process of modern large-scale production in the factory.

　　As the first product of the Chengdu factory, Dongfeng Peugeot 4008 is developed based on the EMP2 platform, using the "E-dynamic strategy" THP turbocharged engine and the enhanced GripControl multi-road condition adaptation system, and is fully equipped with the ADAS intelligent driving assistance system. The birth of Dongfeng Peugeot 4008 fills the gap of Shenlong’s mid-to-high-end SUV and improves Shenlong’s product structure.

　　Shenlong Chengdu factory has introduced PSA Group’s new EMP2 production platform, which can be flexibly adjusted according to different needs in terms of model level, body size, equipment configuration, powertrain, etc. The wheelbase of the production model can reach up to 2900mm. In the future, it will mainly produce high-end SUV and MPV models of Dongfeng Peugeot, Dongfeng Citroen, and Dongfeng brands, and new energy products will also be planned simultaneously. (End)

On June 28, the Zero Run C16 was officially launched, the price range of the new car 15.58-18 5,800 yuan, and a total of 6 models were launched.

In terms of rights and interests, Zero Run C16 has a total of 8 interests:

• Double lifetime free quality assurance: free vehicle lifetime quality assurance, free three electricity lifetime quality assurance (the above is limited to the first owner and non-operation)
• 7000 yuan optional voucher: 5000 yuan optional package voucher, 2000 yuan car color optional voucher
• 5,000 yuan financial subsidy: up to 5,000 yuan/Taiwan financial discount
• The whole system can enjoy 7kW charging piles and basic installation within 30m
• Car and machine traffic gift: free basic traffic for life, free entertainment traffic for 2 years
• Delivery comfort package: original head and neck soft pillow * 4
• Referral benefits: 5000 energy introduction incentives (5000 for old users, 2000 for new users)
• Feedback from regular customers: regular customers can enjoy a cash subsidy of 5,000 yuan/unit by purchasing C16.

In terms of optional packages, the Zero Run C16 series supports a full optional package worth 10,000 yuan, including 21-inch wheels, Youke Homa brand silent comfortable tires, 15.6-inch high definition ceiling screen, 7.1.4 layout 21 speakers luxury audio, support Dolby Atmos, music rhythm ambient light.

In terms of appearance color scheme, Zero Run C16 has launched six appearance color schemes: Star Silver, Star Purple, Glazed Green, Metal Black, Pearl White and Sky Curtain Grey.

In terms of appearance, the Zero Run C16 model continues the latest design language of the Zero Run car. The front face is still equipped with a through headlamp, and the headlamp position is also relatively lower.

Then we came to the side, and through the side, we could see that the Zero Run C16 was a medium and large SUV. The length, width and height of the new car were 4915/1905/1770mm, and the wheelbase was 2825mm. The wheelbase was even the same as the Zero Run C10, after all, it was a model on the same platform.

Then came the tail, the tail of the Zero Run C16 also uses the design of a through taillight, and the overall shape of the tail looks relatively tall and straight.

In terms of interior color scheme, Zero Run C16 launched three interior color schemes: Crimson Xia Orange, Xingheng Purple and Malt Rice.

The interior styling of the Zero Run C16 is almost the same as that on the Zero Run C10, including workmanship materials. At the hardware level, the interior uses a 10.25-inch instrument panel + 14.6-inch central control screen, and all models will be equipped with Qualcomm Snapdragon 8295 chips.?

Based on the four-leaf clover architecture to create a zero-running C16, the new car has two power types: extended range and pure electric. The total power of the extended range version motor is 170kW, the total torque of the motor is 320N · m, and the total power of the pure electric version motor is 215kW and the total torque is 360N · m.

In terms of pure electric cruising range, the extended-range model is equipped with a 28.4kWh battery pack, the CLTC pure electric cruising range is 200km, the pure electric version is equipped with a 67.7kWh group, and the CLTC pure electric cruising range is 520km.