Fan Bingbing shows a naughty side and learns to look like the battery is dead


What are you whispering, everyone wants to hear it

The sometimes cheerful and sometimes quiet "Fan Ye"

Chen Bolin, Fan Bingbing


Director Li Yu


Fan Bingbing’s neutral look is fashionable

Starring Fat Dragon

Guan Yue and Tong Dawei came to watch the movie

Xu Zheng and Tao Hong


Ma Tianyu

Fan Bingbing: Come on, you’re older than me

Fan Bingbing was unhappy and choked. He was older than Chen Bolin. "Guanyin Mountain" was cut for 5 minutes

　　When the media asked Fan Bingbing how he fell in love with an actor so much younger than her, Fan Bingbing instantly collapsed, "Chen Bolin is not much younger than me, just 1 year old, usually called’similar age ‘." Fan Bingbing looked a little helpless, hurriedly ended the answer to this question, and turned to his evaluation of the movie, "As Chen Bolin said," Guanyin Mountain "is not an art film, but a work of art!"

　　"We removed a nailihu scene," Mr. Li explained hastily. "There’s nothing wrong with it, mainly to make the story more compact and direct."

Next page More wonderful pictures

1905 movie network news On May 10, the TV drama "Celebration of the Year 2" was officially launched, and a group of character posters were released, with all the original cast members returning, full of antique and charming charm.

The handsome and dashing Lord Xiao Fan, the beautiful and gentle chicken leg girl, the domineering and majestic Emperor Qing, the unangry and self-righteous Chen Pingping, the lovely unicorn rich Fan Sizhe, and Wang Qinian who laughs at the sight of him… Familiar characters and familiar formulas, the return of the original cast has made countless fans look forward to it.

The state attaches great importance to the development of the digital economy and accelerates the pace of digital development

In March 2021, the "14th Five-Year Plan for National Economic and Social Development of the People’s Republic of China and the Outline of Vision Goals for 2035" were released, which made an all-round layout for the development of the Internet in our country. After that, the "14th Five-Year Plan" special project plans in the field of informatization were introduced one after another, and important arrangements were made to promote digital development and build a digital China. In October 2021, the General Secretary of the Supreme Leader further emphasized during the 34th collective study of the Political Bureau of the CPC Central Committee that it is necessary to stand at the height of coordinating the overall situation of the great rejuvenation strategy of the Chinese nation and the world’s unparalleled changes in a century, coordinating the two major domestic and international situations, and the two major events of development and security, giving full play to the advantages of massive data and rich application scenarios, promoting the deep integration of digital technology and the real economy, empowering the transformation and upgrading of traditional industries, giving birth to new industries and new business models, and constantly strengthening, improving and expanding our country’s digital economy.

Second, a number of laws have been issued to ensure cyberspace security in an all-round way

Since September 2021, the "Data Security Law of the People’s Republic of China", "Regulations on the Security Protection of Critical Information Infrastructure" and "Personal Information Protection Law of the People’s Republic of China" have been implemented one after another, providing the industry with a more detailed and operable legal basis and behavioral rules, and further solidifying the institutional foundation of the Internet legal system, marking our country’s cyber security protection has entered a new stage.

Third, the introduction of anti-monopoly guidelines and other policies, Internet enterprises compliance development process accelerated

In February 2021, the Anti-Monopoly Guidelines of the Anti-Monopoly Commission of the State Council on the Platform Economy were officially issued, systematically responding to the challenge of Internet platform monopoly for the first time, releasing a clear signal that Internet platforms are not a place outside the law of anti-monopoly. In October, the Antimonopoly Act of the People’s Republic of China (Draft Amendment) was announced. This is the first amendment to our country’s Antimonopoly Act since its release, which has increased penalties for monopolistic behavior and effectively prevented disorderly capital expansion. At the same time, the Ministry of Industry and Information Technology continued to promote the governance of APP infringement of user rights and interests in depth, and launched a special project rectification action in the Internet industry in July 2021. The implementation of the above series of regulations and special projects has played a significant role in compacting the main responsibility of enterprises and creating a fair competition, safe and orderly Internet market environment.

IV. The Central Office and the State Office issued the "Opinions on Strengthening the Construction of Network Civilization" to create a clear cyberspace

At present, the state attaches great importance to the construction of network civilization. Since June 2021, the Central Cyberspace Administration of China has deployed a series of special projects such as "Qinglang’rice circle ‘chaos rectification". In September, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Strengthening the Construction of Network Civilization" to further promote the healthy development of network culture.

The overall scale of Internet users in our country exceeds 1 billion, opening a new chapter in the development of digital infrastructure

In 2021, the development environment of "5G + Industrial Internet" will continue to improve. First, the infrastructure support capacity will continue to upgrade. There are more than 32,000 5G base stations applied to the industrial Internet; there are 15 cross-industry and cross-field industrial Internet platforms, more than 100 platforms with certain regional and industry influence, and the total number of access equipment exceeds 76 million sets (sets). Second, the level of industry application continues to improve. "5G + Industrial Internet" has more than 1,800 projects under construction across the country, covering more than 20 key industries and fields of the national economy, and creating tens of thousands of 5G application innovation cases. Third, the technical standards have been accelerated. Industrial 5G modules are the core components of the industrial end point. The general 5G module standard has been initially formed. The types of modules continue to increase and the market price continues to decline, paving the way for large-scale applications. The integrated development of "5G + Industrial Internet" will further deepen and expand the application of industrial 5G, and empower the digital, networked and intelligent transformation and upgrading of the real economy.

"5G + Industrial Internet" enters the fast lane of development, deepening the vertical and horizontal exploration of integrated applications

The development environment of "5G + Industrial Internet" continues to improve. Infrastructure support capabilities continue to upgrade, with more than 32,000 5G base stations applied to the Industrial Internet; there are 15 cross-industry and cross-field industrial Internet platforms, more than 100 platforms with certain regional and industry influence, and the total number of access equipment exceeds 76 million (sets). The level of industry application continues to improve, and "5G + Industrial Internet" has more than 1,800 projects under construction across the country, covering more than 20 key industries and fields of the national economy. Technical standards are accelerating.

Enterprises in our country actively build an open-source ecosystem of open innovation and promote the development of in-depth information technology innovation

In 2021, our country’s enterprises actively built open-source platforms, and Baidu’s comprehensive share in China’s deep learning platform market continued to grow, ranking first. Huawei officially released HarmonyOS 2 Hongmeng mobile operating system and Euler digital infrastructure operating system, realizing a unified operating system to support multiple devices, and one application development covers the whole scene.

VIII, our country formally applied to join the Digital Economy Partnership Agreement, driving the rapid development of digital trade

At present, in the context of the rapid development of the digital economy, all countries generally recognize the huge potential and importance of digital trade, and our country actively participates in the formulation of global digital economic and trade rules with an open attitude. In October 2021, the Ministry of Commerce and other 24 departments issued the "14th Five-Year" Service Trade Development Plan, which included "digital trade" in the service trade development plan for the first time, clarified the focus of our country’s digital trade development in the future, and pointed out a clear path for the construction of the digital trade demonstration zone. In November, our country officially applied to join the Digital Economy Partnership Agreement (DEPA), and is willing to work with all parties to promote international cooperation in the digital economy and jointly promote the innovation and healthy and orderly development of the digital economy.

Digital technology empowers the low-carbon transformation of the industry, helping to achieve peak carbon dioxide emissions and carbon neutrality

In March 2021, the General Secretary of the Supreme Leader presided over the ninth meeting of the Central Financial and Economic Committee and delivered an important speech, emphasizing the drive to grasp iron marks and achieve the goals of peak carbon dioxide emissions before 2030 and carbon neutrality before 2060 as scheduled. In September, MIIT, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, and the Securities Supervision Commission jointly issued the "Guiding Opinions on Strengthening Industrial and Financial Cooperation to Promote Industrial Green Development". In December, MIIT issued the "14th Five-Year Plan" for Industrial Green Development.

X. SENIOR-FRIENDLY SERVICES AND RURAL REVELOPMENT CONSTRUCTION TO BRIDGE THE "DIGITAL DISTRICT"

In January 2021, the Internet application senior-friendly and barrier-free transformation special project action was officially launched; in April, MIIT deployed to further grasp the implementation of the Internet application senior-friendly and barrier-free transformation special project action work, and released the "Internet website senior-friendly universal design specification" and "mobile Internet application (APP) senior-friendly universal design specification". The state continues to support the transformation of rural digital intelligence, and the "Digital Village Construction Guide 1.0" was officially released in September.

Drawing: Wang Zheping, Data source: Ministry of Commerce, etc

　　Although summer has entered, Wang Wenjun still has lingering fears when he recalls the Spring Festival that has just passed.

　　The sudden arrival of the epidemic caught him off guard, who was already preparing for the hot business of the Spring Festival. On January 25, Chengdu issued a notice banning the holding of group catering business activities, including rural self-organized banquets and dam banquets.

　　Wang Wenjun is the founder of a well-known hot pot restaurant in Chengdu. In Sichuan, where there are more than 30,000 hot pot restaurants. Affected by the COVID-19 epidemic, the peak season of the catering industry has dimmed without warning. A series of difficulties have weighed on Wang Wenjun’s head due to market closures, inventory backlogs, labor and rental costs.

　　Every day when I open my eyes, more than 100,000 yuan is gone

　　Selling vegetables to reduce wages, stop losses and reduce costs, and save yourself to protect your vitality

　　"We walked all the way from a small hot pot restaurant with only 17 tables, and we have never encountered such a situation. The store is closed, and the income is gone; the salary needs to be paid, and the rent needs to be paid… As soon as we open our eyes every day, more than 100,000 yuan is gone. Coupled with the excess inventory of ingredients prepared in advance, the electricity bill of the freezer alone can’t stand it." Under multiple pressures, Wang Wenjun "almost lost half of his head".

　　Survival is the first priority. Wang Wenjun and other company managers together, as soon as possible to save themselves from the siege, is the top priority.

　　On the one hand, they would sell the excess food stock to nearby residents at a fair price or even at a discount. On the other hand, they would inform employees in the city to take turns to work, and non-local employees would work from home. The management would take the lead in adjusting salaries, and only keep the basic salary and social security, further reducing labor costs.

　　"The rent is a big part of the cost of the hot pot store. We have to thank the competent authorities for helping us coordinate the property. We reduced the rent by 1.20 million yuan before and after, and also won tax incentives." Wang Wenjun sighed.

　　To reduce inventory, reduce costs, and reduce rents, although the hot pot restaurant suffered heavy losses during the closing period of more than a month, "fortunately, it saved itself in time and didn’t hurt its vitality". What he didn’t expect was that the originally inconspicuous takeaway service and the live broadcast that he had never set foot in had become the "savior" of his next reorganization.

　　Dine-in and takeout, who is the protagonist?

　　Meet demand, expand takeout, and promote franchise stores

　　"You have a new takeaway order! Please pay attention to check it!" As soon as he walked into the lobby of the Chengdu Huabaifang store, he heard the pleasant bell of the online platform. The store manager said that the takeaway received more than 1,500 orders a day at most, and the turnover exceeded 500,000 yuan.

　　In 2016, the company launched a takeaway service. "But hot pot still has a taste for dine-in, and takeout has always been a’supporting role ‘." Wang Wenjun said that after the resumption of work and production, the demand for takeout has increased greatly. There were only two stores to deliver takeout, but soon it increased to nine. "We make takeaway posters every day, and mobilize employees to forward them together with the official Weibo and WeChat, so that relatives, friends and more residents know that we can deliver takeout. In a week, the number of takeaway orders has skyrocketed from more than 300 orders per day to more than 1,000 orders."

　　In order to attract a franchise partner, the company urgently formulated a support strategy, actively arranged takeaway operation equipment, sorted out operation manuals and videos, and launched "fully sealed hot pot takeaway service" in Shanghai, Guangzhou, Xi’an and other places. In addition to the takeaway platform, the company’s WeChat official account also opened the online ordering entrance.

　　The delivery staff delivered goods without contact, carrying health certificates and peace of mind cards with them. When there were many orders, Wang Wenjun himself also rode an electric car and became a "delivery brother".

　　The takeaway area is limited, what should I do if I can’t deliver it?

　　Live streaming, cross-border cooperation, new retail

　　"I want to eat hot pot, but I live too far away to deliver food, and I can’t make it myself. What should I do?" A few days after the delivery service was resumed, this message in the background of Weibo attracted Wang Wenjun’s attention and thought.

　　"Although it can’t be delivered, we can teach them how to make hot pot through online live broadcast." His idea was immediately in line with a live broadcast platform, and the live broadcast room was quickly set up.

　　"Our main feature is’spicy ‘, so the hot pot base will use three kinds of chili peppers: sea pepper, millet spicy, and devil spicy. Soak it in warm water before serving in the pot and then smash it. Combining the flavors will produce a unique fragrance." During the live broadcast, the chef carefully reminded that when frying the hot pot base, the onion, ginger, and garlic should be fried in the pot until golden in turn and then quickly removed, so as to avoid the mushy taste, spicy but not dry. The "take home "-like explanation, the feedback is gratifying.

　　"Although the preparation was rushed and we went LIVE at the meal point, there were still more than 87,000 netizens guarding the live stream in the first live stream, indicating that our live stream was too’dinner ‘." Wang Wenjun said that while the chef was live "teaching", he also launched his own various base material bags, which were sold with "significant hot pot other" such as chicken in bowls and self-heating rice. Consumers can place orders online.

　　"I’m really about to cry, I’m going to buy the materials" "The base material is not easy to fry, but it is convenient and affordable to place an order online"… The enthusiastic interaction of the audience brought great confidence to Wang Wenjun. Strike while the iron is hot, he immediately planned and launched activities such as "Contactless Takeaway Delivery with confidence" with local media in Chengdu, and completed more than ten live broadcast activities of eating hot pot at home. "I didn’t expect the effect of cross-border cooperation to be so good, and the live broadcast can’t stop once it starts. Barber shops, gyms, milk, beer and other brands and stores have come to us to cooperate and provide our diners with products and vouchers through takeaway."

　　"Boss! Another hairy belly!" As night fell, Wang Wenjun’s hot pot restaurant rang out the familiar call for food. On March 26, Chengdu fully resumed the normal business activities of catering and other service industries.

　　After many months, looking at the diners queuing outside the door, although Wang Wenjun was no longer anxious and confused, his nervous tension still did not relax. "Whether it is takeout or live broadcast, it is all’wartime blood transfusion ‘. The epidemic has survived really hard, and it is also a rare stress testing. It forces us to re-examine and think about how to make efforts in the new retail and intelligent fields in the next step, and improve the ability of’postwar blood making’."

　　Reporter’s notes

　　Improve your ability and stay calm

　　Affected by the COVID-19 epidemic, our country’s catering consumption has been hit hard before and after the Spring Festival. Some catering companies have responded to market changes to face difficulties. The current difficulties have passed, and the long-term development path still needs to be considered. Traditional eating habits such as shared meals and joint meals are changing, and consumers’ consideration of safety and health is increasing, which may have a more far-reaching impact.

　　In this context, many catering companies have turned their attention to the new retail sector, grabbing share through online sales and processing special dishes into standardized goods. Some companies have tasted the sweetness for the first time, but for most small and medium-sized catering enterprises, this is still a new topic. Not only test the financial strength, talent accumulation level, but also test the ability to integrate market resources.

　　On the one hand, keep up with the changes in consumer psychology, advocate the meal sharing system, cultivate eating habits such as "public chopsticks and spoons", and promote the healthy development of catering culture; on the other hand, innovate the way of catering consumption, do refined management, find a development path in line with their own brand positioning, and transform and upgrade in a timely manner. Only by truly improving the "immunity" of the enterprise can we not be surprised and turn threats into opportunities.

NIO released the 2023 Quarter 1 financial report Long Bridge US stocks premarket on June 9, Beijing time. Another large area of "spicy eye" performance, if the fourth quarter of last year is poor, the first quarter of this year is still a "strengthened version":

1. Poor sales and poor income:$NIO – SW.HK revenue 10.70 billion, and less than the market expectations, the 1 billion +, the sales difference is known, the key is because of the volume price, the old car, 75kwh entry models accounted for more, resulting in a unit price of only 297,000, significantly lower than market expectations.

2. Gross margin collapse: As the unit price fell below 300,000 for the first time, much lower than the previous guidance implied unit price of about 320,000,The gross profit margin of the car fell directly to 5% without impairment and other operations, far lower than the market expectation of about 10%. Obviously, the damage caused by the price reduction of the old model and the low gross profit margin of ET5, the capacity utilization rate in the process of platform replacement has particularly serious damage to NIO.

3. Guidance mediocre: second quarterGuidance sales 2.3 – 25,000 units, due to the known sales in April and May, implied sales in June after the release of the new ES6, finally began to stand on the 10,000, guidance implied sales in June should be about 11,000. And the company’s goal is that ET5 + ES6 double top stream can bring 20,000 monthly sales, this guidance is still significantly different from this goal.

However,$NIO. SG The price of implied bicycles behind the revenue guidance 87-9.40 billion may recover to about 320,000, the proportion of implied inventory vehicles may decrease, and the gross margin should recover.

4. NIO who is still "voting":Although the gross profit has dropped to less than 20,000 yuan, NIO wants to do a lot of things in R & D and needs to "warm up users". The investment in R & D and sales expenses has not seen obvious restraint. The operating loss rate hit a three-year high, reaching 48%, significantly higher than market expectations.

Dolphin Jun’s overall perspective:

For new forces with a very short period of new car explosions and repeatedly falling into the green and yellow of changing cars, Dolphin Jun naturally has a red label of "suspicious execution". Obviously, the current NIO is such a company.

Therefore, the previous share price of 9 yuan has fallen to the PS valuation level between life and death in 2019. Dolphin Jun proposed that companies with too big dreams and too weak execution cannot talk about bottom fishing lightly. By this financial report, the company’s share price was hovering at 7-8 yuan, and bottom fishing did not generate profits.

Of course, from the perspective of marginal changes, this performance is basically the bottom of NIO’s performance: because NIO’s double-top streaming car ES6 went on sale at the end of May and the ET5 hunting version went on sale in June, two promising cars began to contribute to full sales in the second half of the year, and all other models will basically transition to the NT2.0 platform. Sales and gross profit margins are unlikely to be worse, and will only go in the direction of improvement.

In the corresponding stock price, along with the improvement of sales volume and gross profit margin, there is also hope to slowly climb out of the bottom. But how much can be pulled up from the bottom, or can it return to the previous height? It depends on how much the original new power brother reflects on this wave of mistakes, and how much the execution improves. Dolphin Jun has doubts. At least to see the change of attitude first, you might as well listen to what NIO has to say in the phone call.

First, stronger than painting cakes, weaker than landing: NIO, it’s time to reflect

Let me remind you of the two core goals of NIO’s delivery this year:

1)NIO aims to deliver 250,000 vehicles this year.

2) By the fourth quarter, the monthly sales should stand firm 30,000 vehicles: the two pillar cars ET5 + ES6 have a total monthly sales of 20,000, ET7 + ES7 + ES8 have a total contribution of 8k-10k vehicles, and the two coupe EC6 and EC7 have a total monthly sales of about 2k vehicles.

Goals vs reality, let’s compare:

1) By the end of the first half of this year, the delivery was probably on 55,000 vehicles, barely completing a little more than 20% of the annual target. In the case of just climbing 10,000 in June, it is equivalent to 32,500 monthly delivery in the second half of the year, which means that the hope of achieving the 250,000 goal for the whole year is very slim.

2) Monthly sales 30,000 target vs May 6k reality: In May, due to NIO’s two top-class models – ES6 replacement and ET5 hunting car to be released, the new ES8 was launched in June and EC6 was launched in July; the new EC7 was relatively niche, and it was just launched and basically did not contribute to sales;, in addition, the market demand for ET7 and ES7 models that are not being replaced is weak, and the final result is that NIO sold a mere 6,155 units in May, even lower than in April.

On the list of new car makers in May, the original first brother has almost slipped to the bottom.

Fortunately, looking ahead, it should be the worst time for NIO nowFrom the perspective of the release rhythm of the model, NIO’s two promising contributions to large sales ET5 and ES6:

ES6: As the best-selling SUV in the NIO model matrix, on May 24 this year, NIO released an updated version of ES 6 (competitors mainly include Model Y, L7, etc.), and deliveries began that night.

According to market survey information, within 72 hours of ES6 release, the average intention of a single store was 90 orders, 20 prepaid orders, and ES6 contributed 60-70% of the incoming traffic. Preliminary data seems to be good.

2.) ET5 prey version: released on June 15 and delivered in the same month ET5 prey version, prey version will optimize the current ET5 rear space, it is estimated that part of the original wait-and-see ET5 lead.

After the two NIO top-class models are all launched in June, the monthly sales of tens of thousands is a reasonable expectation for the market. So from this quarter, the second quarter sales guidance given by NIO 2.3-2 5,000 vehicles are only within expectations.

Due to the sales volume of 6.7k in April and 6.2k in May, this guide implies that the sales volume in June is 11,000, which is basically the same as the market expectation of 10,000 vehicles in June. There is no further shock, but it is obviously not a surprise.

Overall, NIO has not really exploded in this cycle of car replacement, from new cars such as ET5 to the present. Compared with the ideal replacement cycle, the replacement time of NT2.0 models has been delayed for too long, and the problem is still obvious.

When the automotive market had long since entered the era where demand was king, NIO wanted too much, and its execution was still stuck in the era of "supply is king", completely unable to keep up with its peers who were crazy about rolling in.

Finally, from the perspective of the actual delivery volume in the first quarter, only 31,000 vehicles were achieved, barely reaching the lower limit of the original target 3.1-3 3,000 vehicles.

Fatal Expectation Spread: Gross Margin Revisited

Behind the poor sales volume, the gross profit margin was pulled again, and the severity exceeded the one-time impairment 1 billion due to "inventory impairment provisions, accelerated depreciation of production equipment, and loss of old 866 purchase agreement" in the first quarter.

In the first quarter of this year, NIO’s gross profit margin of automobile sales was only 5.1%, while the gross profit margin of automobiles 1 billion one-time factors was 13.5% in the last quarter, while the market’s expectations for the gross profit margin of automobiles in the first quarter were basically in double digits, basically between 10% and 12%.

Specifically, consider the bicycle economy.

1) In the first quarter, bicycle revenue hit a record low, falling below 300,000 for the first time, only 297,000, and the cost of bicycles directly fell 70,000.

Of course, the reason is also obvious. During the new car replacement period, the old 866 model has exhibition car clearance, national subsidies, and financial discounts, etc.; while the unit price of the new ET5 itself is lower than that of the previous models, the gross profit margin is also low, and the average price decline is normal.

2) Now that NT1.0 is converted to NT2.0, the intermediate capacity utilization rate is very low, which will also drag down the gross profit margin; the cost of a bicycle cannot go down synchronously with the price of a single car, and the gross profit of a bicycle is further reduced by 3,000 yuan compared with the fourth quarter, and the gross profit margin is directly pulled from 6.8% to 5.1%. The standard gross profit margin for car manufacturing should be around 20%, which is too large.

Fortunately, looking ahead, NIO couldn’t be any worse.

The company’s guidance for the second quarter revenue is between 87.4 and 9.37 billion. Dolphin Jun’s estimated bicycle revenue should be about 32.5-33 million, and by the end of the second quarter, basically all NIO models have been transferred to the NT2.0 platform.

In addition, although the overall price of lithium carbonate has reached about 300,000 from the beginning of the 190,000, compared with the previous 500,000, there is still a trend to fall, and the decline in battery costs will also help NIO to ease the cost pressure.

Of course, under the brand tone of NIO’s "no price reduction", the real increase in gross profit margin still depends on whether NIO really reaches the target of 30,000 monthly sales and pulls up the capacity utilization rate. And on this point, Dolphin Jun is still skeptical:

1) In terms of the current trend, the Chinese luxury car market above 30w seems to have a relatively tenacious vitality of fuel vehicles, and the penetration rate is relatively slow. At present, it is less than 20%, which is not as good as the overall pure electric penetration rate.

2) In the absence of insufficient facilities such as fast charging/power exchange, when pure electric luxury cars further go out of first-tier cities such as Shanghai and further penetrate into the lower-tier market, it seems that there is no ideal range extension model that can better target user pain points.

Third, the income pulls the hips, the natural result of poor sales

NIO’s revenue 10.70 billion in the first quarter, growing by only 8% year-on-year, significantly lower than the market consensus expectations 11.60 billion, clearing inventory and other low unit prices are the core issues.

The only thing that came up a little bit this quarter was auto revenue other than auto sales, which hit 1.45 billion this quarter, a lot more than the market expected 11-1.20 billion.

NIO’sOther business revenue sources primarily include revenue from the sale of energy and service packages, as well as revenue generated from embedded products and services that go hand in hand with vehicle sales, such as charging stations, in-vehicle internet connectivity services, and more.

The company has always maintained a high-end strategic positioning, hoping to provide better service and experience to car owners in terms of brand management and user community through better gross margins.

Data source: company earnings, Long Bridge Dolphin Investment Research

Data source: the company’s official website, Long Bridge Dolphin Investment Research

In addition, at the Berlin conference of NIO last October, the overseas models were mainly charged by fixed lease and floating subscription. For example, the rental time provided by the fixed rental fee is generally 1-5 years, and the fixed monthly rent is adopted. For short-term flexible cars, monthly subscriptions can be used. Short-term subscriptions can be cancelled at any time two weeks in advance. Vehicles can be replaced at will, and as the age of the car increases, the monthly fee will be reduced accordingly.

The additional growth in other revenue this quarter is expected to be related to NIO’s overseas sales growth: from January to April, NIO sold more than 150 vehicles in Germany, more than 184 in Norway, and more than 450 worldwide, which should contribute to this part of the revenue.

But the problem here is that, because these markets are in the early stages of development, when they contribute revenue, they basically lose money early on. So the rest of the business saw revenue increase this quarter, but the losses were also severe: less than 1.50 billion revenue in the first quarter, costs were almost 1.80 billion, and the gross loss ratio was 21%.

IV. Gross profit is almost "zero"

If the fourth quarter NIO gross profit was miserable, the first quarter was even more miserable, because other income business directly gross loss, and the car sales business sold cars 9.20 billion, only earned less than 500 million gross profit. The overall group level gross profit is only 160 million, no better.

Invest "a lot of money"

Although after subtracting external costs, only gross profit 100 million, but expenses are not less: R & D expenses 3.10 billion, basically within the normal range between 30 and 3.50 billion of the company’s original quarterly guidance; sales and administrative expenses 2.45 billion, just a little less than the market expected 2.70 billion.

Overall, due to the fact that NIO wants to do too many things and has too many dreams in R & D, the possibility of cost reduction in R & D is very small. So far, I have not seen it openly reflect on cost reduction and efficiency like Xiaopeng.

In the sales system, NIO has always been a "warm user" approach, and sales have not seen very clear signs of control.

Six, NIO has passed the life and death tribulation again

The same painting style as the fourth quarter, but it came more tragically: delivery pulling hips, income pulling hips, gross profit margin pulling hips, cost and investment rigidity, and operating profits are hotWhat is it?

The single-quarter operating loss 5.10 billion; the operating loss rate was 48%, a new high in the past three years.

Summary:

In the eyes of Dolphin Lord, internal reflection and rapid adjustment in the current state of NIO may be more important than boasting and describing the grand blueprint of 5-10 years.

Special Topics: Earthquake Relief, Donations with Love

　　Chengdu Business Daily, May 16A sudden disaster has made people lament the fragility of life, and the mutual support after the disaster has made people deeply appreciate the kindness and strength of human nature. The entertainment industry is in action. Yesterday, Shao Yifu donated 100 million Hong Kong dollars for disaster relief, and many celebrities have further increased their donations. What is even more touching is that after the disaster, celebrities have donated money one after another, and some celebrities have also come to the front line of the disaster area regardless of their own safety. In addition to Jackie Chan coming to Hong Kong today to comfort the victims, Jet Li will also arrive in Hong Kong tomorrow with disaster relief supplies, and Beichuan may be his first stop.

　　Jackie Chan will go to Mianyang

　　In addition to donating tens of millions of yuan, Jackie Chan is also personally coming to Chengdu today to offer condolences to the victims. It is reported that Jackie Chan is absent from Cannes due to work, but he will put down his work today and fly to Rongcheng. The first stop of condolences may be Mianyang.

　　Jackie Chan recorded the disaster relief song "Life and Death" with great enthusiasm last night. After that, the eldest brother will stand on the same stage with Jet Li again. After the Sichuan earthquake, people in the entertainment industry moved quickly to contribute their own strength to the earthquake relief. Yesterday, reporters learned that Jackie Chan and Jet Li will come to Chengdu today and tomorrow respectively, bringing precious materials and boosting the morale of the earthquake relief.

　　In addition to donating tens of millions, Jackie Chan is actually coming to Chengdu today to offer condolences to the victims. Yesterday, Jackie Chan has sent two assistants to Sichuan to learn about the situation in the earthquake-stricken areas. The reporter learned from informed sources that after the earthquake, Jackie Chan was very worried about the situation of the people in the disaster area. On the afternoon of the 14th, his assistant called Deng Changcheng, a contestant of "Descendants of the Dragon", to learn about the situation on the front line. Deng Changcheng responded to the call of the Communist Party Committee of the Communist Party of China to join the volunteer team and went to Dujiangyan after the earthquake. He reported what he knew to Jackie Chan. After understanding the situation, Jackie Chan immediately decided to go to Sichuan as soon as possible to go to the first-line disaster area!

　　Yesterday afternoon, two of Jackie Chan’s assistants went to Dujiangyan with Deng Changcheng to understand the disaster situation, and did not return to Chengdu until 7 pm. They came to a collapsed building in Dujiangyan City, and the situation in front of them was unbearable to witness. "I heard that there are three people inside, and I hope they can survive." The reporter learned that the company has been hoping that Jackie Chan will delay the date of coming to Chengdu for safety reasons, and come back after the situation is further stabilized. At noon yesterday, Jackie Chan talked to the assistant who had already arrived in Rong. After listening to the assistant’s opinions, he still insisted on going deep into the disaster area as soon as possible.

　　Jet Li personally delivered supplies to the disaster area

　　In addition to Jackie Chan’s eldest brother will go to the disaster area, the reporter learned that Li Lianjie will also fly to Rongcheng tomorrow, and Beichuan may be one of his stops. Li Lianjie experienced a tsunami a few years ago and witnessed countless lives being swallowed up in an instant. This also made a major change in the course of his life. In addition to movies, his other career is managing the One Foundation. The earthquake in Sichuan made Li Lianjie feel the pain of the victims. As the founder of the One Foundation, he will come to Chengdu tomorrow to bring a large number of disaster victims in urgent need of supplies.

　　Yesterday, the "China International Committee of the Red Cross Li Lianjie One Foundation Program" held a briefing on the 5.12 Sichuan earthquake relief situation. Li Lianjie attended the briefing and expressed his concern for the disaster area. Tomorrow, he will come to the earthquake-stricken area to distribute relief supplies to the victims.

　　Since the earthquake occurred on May 12, One Foundation has been closely monitoring the development of the disaster situation, and has been in daily contact with the rescue teams of the International Committee of the Red Cross in the disaster area ahead to learn about the latest situation. So far, One Foundation has raised a total of 28.05 million yuan for disaster relief. After the Wenchuan earthquake occurred on May 12, One Foundation allocated 1 million yuan to support the disaster area as soon as possible.

　　After learning that the people in the disaster area lack tents, bedding, food, drinking water, medicine and other basic living and medical security materials, One Foundation launched a new round of fundraising call, calling on enterprises all over the country to donate materials. One Foundation assists enterprises to donate to the local International Committee of the Red Cross for distribution and supervises the distribution process. Tomorrow, One Foundation founder Jet Li will fly to Chengdu with the first batch of materials to directly deliver the materials to the local International Committee of the Red Cross for distribution to the people in the disaster area. (Text/Xu Yunxiao)

Editor in charge: Li Dan

China Consumer News Fuzhou News(ReporterZhang articleIn order to deeply understand the relevant situation of e-commerce enterprises, grasp the real situation of the quality of goods and services they provide, safeguard the legitimate rights and interests of consumers, and enhance the sense of service and social responsibility of the e-commerce industry. The Fujian Provincial Consumer Committee actively builds a "zero-distance" communication bridge between enterprises and consumers, carries out "safeguard safe and unimpeded consumption" fresh food e-commerce, large-scale supermarket consumption observation activities, and strengthens social supervision.

On March 9, the Fujian Provincial Consumer Committee, together with the Fuzhou Municipal Consumer Committee, the Gulou District Consumer Committee, and the Cangshan District Consumer Committee, organized consumer rights protection volunteers, consumer representatives, and news media to enter the Yonghui Supermarket Binjiang Jinrong Store, Yonghui Life APP Binjiang Jinrong Warehouse, Walmart Sam’s Club Store, and Sam’s Club APP online delivery and picking warehouses to carry out "zero-distance" consumption observation activities around fresh food e-commerce and large-scale supermarket food safety, personal information security, convenient consumption, care for elderly consumers, and consumption upgrades.

On March 12, the Fujian Provincial Consumer Committee and the Putian Municipal Consumer Committee organized a group of more than 30 consumer representatives, consumer rights protection volunteer representatives, media representatives, and government department staff to walk into the Xingsheng Preferred fresh food e-commerce Fujian Station. Consumers were concerned about "how to deliver fresh dishes quickly" and "how to ensure the quality of goods and food safety". Representatives of the observation team communicated with enterprises one by one on issues such as logistics distribution, quality control, fruit and vegetable pesticide residues, and handling of returned goods that consumers are concerned about. Combined with the experience, they put forward opinions and suggestions for enterprises.

Community fresh food e-commerce, as an emerging sales model, has been accepted by more and more consumers, but consumers are still relatively unfamiliar with how enterprises operate, whether the quality of goods is controlled, whether logistics distribution is timely, and whether after-sales services can be guaranteed. Through the fresh food e-commerce and large-scale supermarket series of consumer observation activities, the Fujian Provincial Consumer Committee has opened the door for consumers to observe and supervise, and consumers have directly communicated their problems and needs to enterprises, which has enhanced the mutual trust between consumers and enterprises. Consumers have exercised their right to know and supervise through "zero-distance" observation and supervision, not only understanding the relevant knowledge of fresh food e-commerce, but also boosting their confidence in consumption with confidence. At the same time, it also further urges operating enterprises to build a solid safety bottom line, abide by the law and operate with integrity, promote the formation of a consumer safety consensus in the whole society, and promote the sustainable and healthy development of the consumer market.

In order to further supervise e-commerce enterprises to operate in accordance with the law, strengthen the sense of corporate responsibility, and improve the effectiveness of early warning and resolution of consumer contradictions. On March 14, the Fujian Provincial Consumer Committee and Meituan Company signed a strategic cooperation agreement. The two sides reached a cooperation consensus on jointly carrying out anti-food waste publicity and advocacy work, building and maintaining a green channel for the handling of consumer disputes, conducting research and early warning on hot issues of online consumption, conducting research on consumption big data in the field of life services, and enhancing the influence of consumer rights protection work in Fujian. Meituan (including Meituan takeaway, Meituan Preferred, Meituan Wine Brigade, Meituan to the store catering) made a solemn commitment to the majority of consumers on the same day: to further enhance the merchant’s food safety awareness, optimize distribution safety, and promote high-tech contactless distribution methods such as smart dining cabinets; to formulate the "Meituan Preferred Platform User Service Agreement", "Return and Exchange Policy", "Meituan Preferred Genuine Guarantee Specification" and other systems, promising to provide consumers with platform services such as "bad fruit return" and "lightning refund", establish a professional customer service team, and timely intervene to deal with various complaints between consumers and merchants; jointly guide platform merchants to enhance consumer rights protection awareness, and improve the quality of Meituan platform enterprise after-sales services Efficiently handle issues reported by consumers.

The "2024 China Beverage Industry Trends and Outlook" report released by Nielsen IQ shows that with the development of social economy, the beverage industry as a whole continues to lead the fast-moving consumer goods market. Entering 2024, the consumption scene, consumer demand, and sales channels of China’s beverage market are becoming increasingly diverse, and the future beverage market will also have the potential to "cycle through". At the same time, "quality-price ratio" replacing "cost performance" is becoming a new consumption concept recognized and pursued by a considerable number of consumers. Faced with such an obvious consumption trend, how can brands seize the opportunity and seize the market?

Under the trend of quality-to-price consumption, Big Kiln Beverages continues to gain the favor of the market and consumers by relying on an efficient and high-quality process that guides product design with demand insights.

The representative "big soda" product line of Dayao Drinks has three flavors: classic guest flavor, lychee flavor, and orange flavor. Recently, 520mL of pineapple flavor and PET series of lime flavor, pineapple flavor, and frozen pear flavor have been added, which are widely welcomed with outstanding taste. For example, Dayao frozen pear, the taste not only retains the freshness and sweetness of the frozen pear itself, but also combines the carbonated bubbles to make the taste more refreshing and rich. Return to Erbin’s Frozen, and continue to harvest a good mood.

In addition, in 2024, the big kiln beverage soda product will be upgraded to the juice version, integrating the original classic taste with the juice demand, and continuously upping the ante juice soda category on the basis of retaining the core characteristics of "refreshing atmosphere" to meet the diversified needs of consumers.

Product performance is outstanding, and quality requires strength to escort. Dayao Beverage has always attached great importance to product quality, and strictly checked from raw material procurement to production process. In terms of production, Dayao Beverage has opened up a full-link digital journey from channels, commodities, marketing, orders, payment to delivery with the help of digital technology, driving cost reduction and efficiency through digitalization. In March this year, Dayao Beverage organized various factories to hold a production mobilization meeting, and conducted a full range of process, operation, quality and other training for production front-line employees to improve the quality control awareness of operators, and ensure product quality while increasing production. Each factory carried out process standard implementation investigation and error prevention landing investigation, improved 41 control measures, strictly grasped the implementation of standards, and carefully guarded product quality.

While ensuring product quality, Dayao Beverage also reduces costs and increases efficiency, improving the competitiveness of enterprises. Since 2014, Dayao Beverage has continued to build production bases in Hohhot, Shenyang, Liaoning, Siping, Jilin, Shizuishan, Ningxia, Baoji, Shaanxi, Tai’an, Anhui, and Fuyang, covering North China, Northeast China, Northwest China, Central China, East China, and South China, narrowing the distance between the production end and the consumption end. Under the condition of ensuring product quality, it reduces transportation costs and channel distribution costs, and provides consumers with higher quality and cost-effective products, such as 520mL of large glass soda, which is comparable in price to about 330mL of conventional soda on the market. Many consumers say that Dayao soda is very enjoyable to drink when serving meals, and the price is also very reasonable.

In this way, Dayao Beverage adheres to market-oriented, consumer demand-oriented, steady innovation, and is committed to bringing consumers higher-quality products, leading the national soda into a new era of quality.

(Member contributions)

Andy Lau "kissed" with Big S in public, claiming to yearn for "polygamy"

　　　　　　　 Andy Lau was Big S’s idol for many years. When he learned that he was going to cooperate with Andy Lau, Big S was very nervous, and it happened that the first scene between the two was a kiss scene. Looking back on the scene at that time, Big S still remembered it vividly, "My sister and my mother knew that I was going to shoot a kiss scene with Andy Lau, and they all excitedly asked to watch it.

　　　　　　　 In the interactive game at the scene, Andy Lau had to satisfy the fan’s request to "offer a kiss". When Xu Jiao and Shi Yunpeng, two young actors, kissed him instead of the fan, Andy Lau took the initiative to ask Big S to kiss him, "Don’t Big S come up? I want to kiss her." Facing the invitation of the idol, Big S was a little shy, but he didn’t expect Lau Dehua to "anxiously" go forward and kiss Big S, but, cunning, he used his hat to block both of their faces and offered a fake kiss by borrowing. In the film, Andy Lau from the future and Big S have only been in a relationship for 30 days, and he has never forgotten his dead "wife" Fan Bingbing. The affectionate Liu Tianwang wants to have two "lovers" at the same time, "I can’t choose between them. The future world I envision has resumed’polygamy ‘."

　　　　　　　 On the same day, Andy Lau brought the ambiguous part of the film with Big S to the scene, not only acting very gentleman, but also often humorously showing "love" to Big S. When asked about the type of girl he likes the most, Andy Lau confessed that it is a girl with long hair, "Big S now has long hair, but it used to be short hair, like a boy. It’s just that we met too late. This is all fate." When Big S revealed his penchant for eating peanuts, Andy Lau said, "Because of my high cholesterol, I have quit for a year." Then he did not forget to add a sentence, "Alas, I quit after I separated from Big S. It’s pointless to do anything without her." A humorous "confession" amused the audience with laughter and screams.
　

This article is edited by Food Partner Network Food Information Center, without authorization, it is prohibited to reprint, if you need to reprint, please contact to obtain authorization to reprint, please contact news@foodmate.net.