() The operating comments of the Board of Directors in 2023 are as follows:

　　I. Discussion and analysis of business conditions

　　In 2023, faced with the complex situation of global economic recovery and the urgent need to boost domestic consumer demand, the Chinese government adopted a series of accurate and effective policies and measures, which effectively promoted the recovery of the consumer market. In 2023, the total retail sales of social consumer goods in China was 47.15 trillion yuan, a year-on-year increase of 7.2%; The contribution of final consumption to expenditure and economic growth reached 82.5%, which became the main driving force of economic growth. For leisure and snack enterprises, 2023 is a year connecting the past with the future, and market products and channel innovations emerge one after another. After experiencing the rapid expansion of channel brands, the industry will enter the stage of intensive cultivation, which also puts forward higher requirements for snack enterprises to find a correct strategic direction and seize development opportunities.

　　1. The snack food industry has great potential and broad development space.

　　Leisure food is the food that consumers eat in leisure and rest, which has the characteristics of wide coverage, rich consumption scenes, long user life cycle, low customer unit price and high consumption frequency. According to the latest data from China Commercial Industry Research Institute, the market size of leisure snacks in China was 928.6 billion yuan in 2023, and it is estimated that the market size will exceed one trillion yuan in 2024. In terms of consumption, the per capita consumption of leisure snacks in China is only 1/2 of the global average, 1/3 of Japan and 1/5 of the United States, and the market space is broad. Because the entry threshold of snack food industry is relatively low, there are many industry participants and new players appear constantly, and the brand concentration is low, showing a completely competitive market state. With the increasing market competition, enterprises with advantages in brand, channel, product and supply chain will be able to adapt to consumer demand and occupy a competitive advantage position.

　　2. Offline stores are the main circulation channel of snack food and the main position to form brand mind.

　　According to the data of Euromonitor International in 2023, offline channels account for 82.6% of the circulation share of snack foods, and modern channels such as snack specialty stores and convenience stores continue to occupy the market share of traditional couples’ stores, and the trend of channel upgrading continues; Online channels accounted for about 17.4%, the growth of traditional e-commerce platforms slowed down, and online traffic shifted to high-quality products and content-based e-commerce platforms. Because snack food has the characteristics of impulse buying and what you see is what you get, whether it can be seen and bought everywhere has become an important factor for brands to attract consumers. In recent years, convenience stores and snack discount stores, which mainly serve community users, have achieved rapid growth with richer products, better consumption experience and higher cost performance, and become an important force to promote the development of the snack industry. Close to consumers, opening stores intensively around target consumer groups, providing consumers with convenient, diverse and high-quality products and experiences, has become an important driving force for the growth of offline stores.

　　3. Generation Z has become the main consumer, and brand rejuvenation is the inevitable choice for snack food brands.

　　Generation Z is becoming the main consumer of snack food. According to the data of the seventh census, there are 223 million people born after 1980s, 210 million people born after 1990s and 163 million people born after 00 in China. Among them, the total number of generation Z is about 260 million, accounting for about 19% of the total population. Generation Z consumers have stronger spending power, more diversified and personalized consumer demand, and are more easily influenced by social media. From the perspective of consumption preference, delicious taste, safety and health, cost performance, brand, functional components and packaging value are the most important factors for young consumers to consider when purchasing snack food. To satisfy more critical and changeable young consumers, it is the basic action to maintain high quality and high value in products, and to impress young consumers and satisfy emotional value in expression and communication.

　　4. Consumers’ demand for snack foods is diversified, and high quality and health are long-term and sustainable needs.

　　On the whole, consumers’ demand for snack food with good ingredients, good taste, low burden, nutrition, freshness and face is widespread and increasing continuously. In the leisure snack industry facing the whole country and the whole customer group, the differences of consumers’ consumption preferences also exist objectively. Low sugar, low salt, low fat and no additives have become the necessary options for most family consumers, but the mixed flavor, stimulating taste and novel taste are deeply loved by young consumers, and it is the common demand of most consumers that they are convenient to buy, economical and diverse. Facing the increasing diversified demand, snack food enterprises must develop products accurately according to the diversified demand, form a diversified product matrix, and pass on the value to consumers in the most efficient way. No matter how the consumer demand changes, higher requirements for product quality and making consumers eat healthier are always the most basic guidelines for the brand management of leisure snacks.

　　During the reporting period, the company’s operating measures are as follows:

　　1. Continuously optimize the omni-channel layout around consumer demand.

　　(1) Store business focuses on single store promotion: amplifying brand value and market competitiveness.

　　In 2023, the store business actively expanded cooperation with local life platforms, such as Tik Tok and Meituan, aiming at expanding market coverage and improving business capabilities. By establishing diversified marketing models, including "city matrix live broadcast", "talent with goods" and "official number live broadcast", the store business has effectively improved the efficiency of product promotion and enhanced the ability to attract customers into the store.

　　The store business adheres to the price strategy of "good goods are not expensive". By lowering the prices of more than 300 products and setting up characteristic display areas in the store, the market competitiveness of products has been enhanced. At the same time, through the continuous promotion of WeChat private domain and local life platform, the store business has achieved significant growth in sales of various single products.

　　At the same time, the store business continues to explore new category models and pilot fresh and short-term snacks in stores to better meet the diversified needs of customers. In addition, through the seasonal introduction of ready-to-eat frozen products and freshly baked foods, such as frozen durian, frozen chestnut, frozen bayberry, etc., the customer unit price and sales of the store in the current season have been effectively improved.

　　The company’s store business has made positive progress in improving product value, improving consumers’ cognition and meeting customers’ differentiated product needs, and the number of customers has steadily increased year-on-year.

　　(2) E-commerce business restructuring business competitiveness: focusing on product innovation, new channel development and user stickiness improvement.

　　In 2023, the company actively adjusted its online business strategy, and rebuilt the new competitiveness of e-commerce business development by optimizing product structure, enhancing user experience and strengthening marketing innovation. And continue to tap the user’s scene demand, innovate all kinds of scene product portfolio sales programs, focus on the user’s consumption demand for "nature, health and nutrition", and actively market and promote products with "clean formula and rich nutritional elements". By accurately matching the needs of users, the company successfully achieved a breakthrough in the sales scale of scene combination products; At the same time, the light-weight series products with 0 addition and 0 sugar have also been favored by consumers. The company has further strengthened cooperation with emerging e-commerce, actively expanded new e-commerce channels, and achieved rapid growth in sales scale on real-time retail platforms such as Meituan, Pupu and Yonghui. On the social e-commerce platform, the company makes full use of the content creation ability of platform experts to interact and communicate with consumers through short videos, live broadcasts and other forms, effectively enhancing brand awareness and user stickiness.

　　Looking forward to the future, the company’s e-commerce business will continue to maintain the trend of innovation and development, strengthen the research on the purchase scenarios and behavior habits of users on various platforms, and provide natural and healthy snacks for users’ various consumption scenarios around the new trend of consumers pursuing natural and healthy consumption; Strengthen the integration of (), improve the marketing efficiency of customer acquisition and reduce the cost of customer acquisition through omni-channel integrated marketing; Strengthen the application of new AI technology in product content creation, innovate the content quality of product "page, video and live broadcast", and improve the user’s shopping experience.

　　(3) Broad performance prospects for group buying business: channel expansion and New Year Festival marketing promote sales profit growth.

　　In terms of distribution channels for group buying gifts, the company has established a wide network covering five strategic regions, namely Central China, South China, North China, West China and East China, providing services to agents in 42 cities across the country. The company’s group purchase products and services are widely used in various scenarios such as employee welfare, business gifts and high-end club entertainment in terminal enterprises. Aiming at different user groups, the company has formulated and implemented accurate marketing promotion strategies, and won wide recognition from customers in the industry by providing high-quality products with high cost performance and differentiation and a perfect marketing system. These efforts have significantly enhanced the company’s brand image and market reputation, and further consolidated its leading position in the group buying gift market.

　　During the New Year Festival in 2024, the company further expanded the super-customer network of distributors in Northeast China, North China and Northwest China, and actively explored and implemented diversified marketing strategies for gift box products. In close cooperation with major supermarkets, the company not only enriches the sales channels of products, but also innovates the marketing forms of gift box products, which meets consumers’ demand for high-quality gifts during festivals, effectively enhances the market penetration rate of the company’s products, and enhances brand visibility and consumers’ willingness to buy.

　　In 2024, the company will continue to deepen the expansion of group buying channels, optimize product structure and improve service quality in order to achieve more stable performance growth. In addition, the company will continue to pay attention to market dynamics and flexibly adjust its marketing strategy to cope with the ever-changing market environment and consumer demand.

　　2. Focusing on the diversified and multi-scenario product needs of users, we will continue product innovation and enhance competitiveness.

　　In 2023, the company’s gift box product line achieved good results. Sales of gift boxes for new year’s goods increased by 25% year-on-year. Among them, canned nut gift boxes have been further consolidated with their leading position in the market, achieving a year-on-year increase of 158%. In addition, the company also launched an IP gift box co-branded with Wutai Mountain and the movie "Three Wan Li in Chang ‘an", as well as a series of high-protein gift boxes, which not only met the diverse needs of consumers for holiday gifts, but also deeply explored the emotional value and blessing meaning. Once these products were launched, they received enthusiastic response from the market, and their sales increased by 160% year-on-year.

　　In the supply chain management of gift boxes, the company has effectively improved its operational efficiency through refined management and cost control. The company has deeply integrated and optimized the supplier system, reducing the operating cost of the whole chain of gift boxes. In the field of marketing, the company adopted the strategy of combining online and offline, and effectively expanded the brand influence and increased the interaction with consumers through online channels such as social media, live broadcast and offline promotion of ground media. Relying on all-round marketing strategy, it not only enhances consumers’ perception of good shop brands, but also lays a solid foundation for the continuous growth of gift box product line. Looking forward to the future, the company will continue to devote itself to product innovation and market expansion in order to maintain its dominant position in the gift box market and achieve sustained growth in sales performance.

　　3. Integrate supply chain resources, and reduce prices without degrading quality.

　　During the reporting period, the company "actively strives for change and faces the competition", first of all, from the aspect of supply resources, integrating the global high-quality supply chain resources, only to provide users with more products with the ultimate quality-price ratio.

　　In the pot-stewed category, the company fully took advantage of the high-quality supply chain system to build a research and development center with industry leaders. The two sides shared R&D resources and technical advantages, and launched a variety of explosive products covering chicken feet, air-dried beef and other varieties. In vegetarian food, the company developed bean skin with chickpeas instead of soybeans as the core raw material around the changes of users’ needs, and gave full play to the advantages of suppliers in raw materials and technology, and promoted the high-temperature puffing process to replace the traditional frying process, making the bean skin as thin as cicada’s wings and crisp in taste, thus meeting consumers’ needs for zero trans fatty acids and reducing oil and fat. In order to better meet the young customers’ demand for novelty-seeking with new tastes and emotional value of snacks, the company cooperated with international suppliers to introduce foreign high-quality goods such as well-known wafer biscuits and drinks into the company’s offline stores.

　　In addition, in order to ensure stable product quality and higher quality-price ratio, the company continuously monitors dozens of food raw materials throughout the year, gives full play to the advantages of the source of the supply chain, promotes the distribution of direct mining resources at home and abroad, and continues to deliver more delicious and better quality-price ratio snacks to consumers, truly achieving "price reduction without quality degradation".

　　

　　Ii. the industry in which the company is located during the reporting period.

　　(1) The industry in which the company is located

　　According to the Guidelines for Industry Classification of Listed Companies issued by China Securities Regulatory Commission (Announcement [2012] No.31 of China Securities Regulatory Commission), the company belongs to retail industry (classification code: F52). Judging from the main products and business model of the company, it is generally believed that the company’s business belongs to the snack food industry.

　　(B) Industry development stage and trend analysis

　　1, industry characteristics and development stage

　　Leisure snacks are foods that consumers eat in leisure and rest, which have the characteristics of wide coverage, long life cycle of users, low unit price of customers and high consumption frequency. Snacks are rich in consumption scenes, diverse in product forms, diverse in varieties and specifications, delicious in taste, safe and healthy, cost-effective, brand, functional components and packaging value are the most important factors for consumers to consider. The characteristics of consumers’ diversification, changefulness, early adopters and impulsive buying make the product change and channel change of snack industry faster, and each round of big product change and channel change corresponds to huge industrial development opportunities.

　　According to the latest data from China Commercial Industry Research Institute, the market size of leisure snacks in China was 928.6 billion yuan in 2023, and it is estimated that the market size will exceed one trillion yuan in 2024. In terms of consumption, the per capita consumption of leisure snacks in China is only 1/2 of the global average, 1/3 of Japan and 1/5 of the United States, and the market space is broad. Because the entry threshold of snack food industry is relatively low, there are many industry participants and new players appear constantly, and the brand concentration is low, showing a completely competitive market state.

　　From the perspective of product changes, the growth rate of new categories such as packaging, baking and meat snacks is more than 1.5 times that of the industry market, which is the most noteworthy market. Sugar Qiao, biscuits, puffs, packaged nuts, ice cream and other categories are growing at a slower rate than the industry market. New brands are constantly opening up new market space through new value propositions, and there is room for category innovation.

　　From the perspective of channel changes, according to the data of Euromonitor International in 2023, offline channels account for 82.6% of the circulation share of snack foods, and modern channels such as snack specialty stores and convenience stores continue to occupy the market share of traditional mom-and-pop stores, and the trend of channel upgrading continues; Online channels accounted for about 17.4%, the growth of traditional e-commerce platforms slowed down, and online traffic concentrated on high-quality products and content-based e-commerce platforms.

　　Generally speaking, the leisure and snack industry is in the stage of medium and high-speed growth, full competition in the market, and endless innovations in products and channels. Enterprises that can accurately grasp consumer demand and create consumer value will gain competitive advantages in the future.

　　2. Industry development trend

　　On the whole, the consumption classification trend of snack food industry is obvious, and the demand is diversified. Consumers’ demands for good ingredients, good taste, low burden, nutrition, freshness and face are widespread and increasing. In the leisure snack industry facing the whole country and the whole customer group, the differences of consumers’ consumption preferences also exist objectively. Low sugar, low salt, low fat and no additives have become the necessary options for most family consumers. Mix and match flavors, stimulate tastes and novel tastes are deeply loved by young consumers, and convenient purchase, economy and variety of choices are the common needs of most consumers. Because of the huge consumer base in China, there is a huge market behind any kind of consumer choice. Facing the increasing diversified demand, snack food enterprises must develop products accurately according to the diversified demand, form a diversified product matrix, and pass on the value to consumers in the most efficient way.

　　Infinitely close to consumers has become a key element, and the near-field and content-based formats have developed rapidly. Because leisure snacks have the characteristics of impulse purchase, what you see is what you get, etc., whether consumers can see and buy them everywhere has become an important factor for brands to attract consumers, and both online and offline have obvious characteristics of near-field and content. Online, convenience stores and snack shops that mainly serve community users have achieved rapid growth in recent years with richer products, better consumption experience and higher cost performance, and have become an important force to promote the development of the snack industry. Close to consumers, opening stores intensively around target consumer groups, providing consumers with convenient, diverse and high-quality products and experiences, has become an important driving force for the growth of offline stores. From the perspective of online format, the instant retail platform has developed rapidly, effectively expanding the coverage radius of stores, and providing a foundation for leisure snack brands to obtain new traffic and better serve users; Content-based and socialized platforms are attracting more young consumers and providing a broader position for casual snack platforms to interact with consumers.

　　Facing the Z generation group, which has gradually become the main consumer, is both an opportunity and a challenge for the snack food industry. Generation Z consumers have stronger spending power, more diversified and personalized needs, and are more easily influenced by social media. In order to meet the ever-changing and iterative consumption demand of the main consumer groups, leisure and snack enterprises should not only adapt to the fresh and healthy life concept pursued by young people, but also use brand expressions that young people are willing to accept, and more importantly, control the product quality and delivery quality of the whole chain, which puts forward higher requirements for the resource integration ability and operational efficiency of leisure and snack enterprises in all channels and the whole industry chain.

　　(III) Industry status of the company

　　Liangpin Shop has been deeply involved in the snack food industry for 17 years. It is a well-known brand in China and one of the snack food enterprises with omni-channel development. Its sales scale is in the forefront of the snack food industry. In 2020, as the first "cloud-listed" enterprise in Shanghai Stock Exchange, the company landed in the A-share market and became the "first share of high-end snacks" in China. According to the data of "2022 Snack Market Research Report" of China National Business Information Center, good shops led the national sales of high-end snacks for eight consecutive years from 2015 to 2022.

　　

　　Iii. Business of the Company during the reporting period

　　(a) the company’s main business

　　As a platform-based, digital and innovative retail enterprise driven by product innovation and channel development, operating all kinds of snacks, multi-brand operation, balanced omni-channel layout and coordinated industrial chain, the company is mainly engaged in the research and development, procurement, sales, logistics and distribution and operation of snack foods, and is committed to providing consumers with higher quality products and services to meet users’ needs for different healthy and nutritious ingredients, different purchase tasks and different use scenarios.

　　During the reporting period, the company’s main business has not changed.

　　(II) Main products of the company

　　1. The company has a rich product line.

　　In order to meet the needs of different users in different scenarios, the company has set up a rich product line, including meat snacks, seafood snacks, vegetarian delicacies, preserved preserved preserved plum, dried red dates, nuts, roasted seeds and nuts, drinks, candied fruit, canned jelly, scented tea, baked cakes, biscuit puffing, instant food, gift boxes, children’s snacks and other product lines.

　　2. The company provides a variety of products based on the user’s segmentation needs.

　　The company continues to adopt the product strategy of customer demand-oriented and creating value for customers, upgrade to the direction of "natural and healthy new snacks" and continuously improve the product matrix. For school-age children, fitness people, beauty lovers, white-collar office workers, enterprises and institutions, the company has launched a variety of products, such as children’s snacks, fitness snacks, collagen candy snacks, breakfast and dinner meal replacement, holiday gifts and so on.

　　(III) Main performance drivers of the company

　　During the reporting period, the company researched and developed products around the needs of users, and continued to explore product innovation in market segments. By optimizing the product operation mode, it helped new products to be new, and created a number of tens of millions of new products; Continue to deepen the supply chain and improve the efficiency of production and sales; In-depth omni-channel operation, refined operation, and promote continuous optimization and improvement of business.

　　(4) The business model of the company

　　The company carries out product innovation guided by users’ subdivided needs, and supports with leading food health and nutrition technology, formulates quality specifications and standards of raw materials, product processes and formulas, purchases products from upstream suppliers, and carries out actions such as receiving, warehousing and delivery after completing strict product quality inspection, and finally sells products to users through a perfect omni-channel network to provide users with high-quality products and services.

　　1. R&D mode

　　The company studies the different needs of segmented users in market insight, and at the same time, according to the new technologies in the market, it selects the segmented product categories to be included in the annual R&D plan to form product R&D needs, and supports and responds to the needs quickly by adopting independent in-depth R&D and outsourcing cooperative R&D according to the demand categories. Independent in-depth R&D is led by its own scientific research team, which independently or integrates domestic and foreign external scientific research forces to research and develop new raw materials, new formulas and new technologies for R&D innovation, and outputs products with better nutritional and healthy value and taste, which can meet the needs of users. Outsourcing cooperative R&D means that the company invites enterprises with rich industry experience and innovative ability to participate in the development, and sets up an evaluation expert group to evaluate the technology and products, which is mainly suitable for iterating over existing products, increasing the taste of products to meet the needs of customers with multiple tastes, improving the taste of products to bring customers a better experience, and innovating product forms to make customers feel more pleasant. At the same time, supported by food science and technology, the company has carried out work such as process improvement, environmental protection, product standards improvement, cost reduction and efficiency improvement, and quality improvement around R&D and innovation.

　　2. Product operation mode

　　The company’s product operation mode is based on the company’s strategic intention, market analysis and customer demand insight, with the operation of new products and cooked products as the core, including seven business processes: product development planning, single product planning and design, research and development, product testing and testing, listing and delivery, mature operation and product delisting, which provides strong support for meeting the different needs of different consumer groups for snack food.

　　3. Supply chain management mode

　　The company has established a supply chain management mode with supply planning as the control hub, logistics management as the supply guarantee and quality management as the safety guarantee, and controls and manages the whole process of product procurement, warehousing, logistics and delivery.

　　In the supply planning stage, according to the sales history and trend forecast of each channel, the company decomposes and forecasts the sales and supply of goods in different periods, formulates the procurement plan and improves the procurement efficiency.

　　In the procurement process, the company cooperates with excellent suppliers and takes measures such as locking in global high-quality bulk raw materials to ensure product quality and optimize procurement costs. The company also implements the mode of "purchasing by sales" to purchase customized and non-customized products accurately and in a planned way, greatly reducing the inventory turnover rate and ensuring the freshness of products reaching consumers.

　　In the warehousing and logistics link, the company manages the inventory in omni-channel sharing mode, and after receiving the order, it can deliver the order logistics from the nearest warehouse in an optimal way. The EWM system applied by the company also realizes data sharing with the systems of various logistics carriers, which enables the company to monitor the real-time status of orders and control the orders in a timely and abnormal manner.

　　In terms of product quality assurance, the company has established a comprehensive product quality control system, ensuring food safety in the whole link through regulatory measures such as supplier access management, supplier evaluation and elimination management, factory quality management, and food safety inspection management. In order to ensure the stability and high standards of product quality, the company has formulated strict product production quality standards and multi-dimensional acceptance standards, and established its own product testing center. It has passed CNAS certification, covering all the links from product warehousing to marketing, and constantly improving the whole process quality control process according to business changes, forming a whole process product quality and safety control system.

　　4. Sales model

　　The company adopts an omni-channel sales model with stores as the core, and provides products and services to users through various online and offline channels. At present, the company has laid out store channels, platform e-commerce channels, social e-commerce channels and group purchase channels, built all-round contacts to interact with users, responded to users’ needs in a timely and accurate manner, and intelligently pushed information matching users’ needs, upgrading to the omni-channel layout of "constantly approaching the terminal and providing services at any time".

　　(1) Store channels

　　The company has a mature and well-developed store channel, which is divided into direct stores and franchise stores. Direct-operated stores are chain-type snack food stores with the brand of good shops opened by the company in the offline market. The company is the sole investor in the store, and the assets, liabilities and profits and losses of the store belong to the company, which is under unified management and directly sells goods to end consumers. Franchise stores are licensed by the company to use the company’s brand resources, technical resources and operational resources to open a snack food specialty store with a good shop brand online. Franchisees are investors in the store, and the assets, liabilities and profits and losses of the store belong to franchisees. According to the Franchise Contract signed between the company and franchisees, the company provides goods and management services to franchisees, and franchisees pay the company the purchase price of goods and franchise fees. Store business activities are not limited to in-store, but actively radiate the surrounding areas, extending to single-customer-leaving operation, relying on stores and link platforms, operating online resources and tools, providing differentiated business services such as home purchase, store group purchase, community group purchase and online interaction, and expanding and operating store circle traffic in multiple dimensions.

　　(2) Platform e-commerce channels

　　Platform e-commerce channel refers to the business channels that engage in B2B (such as Tmall Supermarket, self-operated by JD.COM, etc.) and B2C (such as Tmall flagship store of Liangpin Store and JD.COM flagship store of Liangpin Store, etc.) on the third-party e-commerce platform. Based on users’ shopping needs and online shopping habits, the company builds a global marketing data center, analyzes users’ different needs with data insight, accurately matches product content and access channels, and meets consumers’ online delicious shopping needs.

　　(3) Social e-commerce channels

　　Social e-commerce channels refer to the channels (such as Tik Tok and Aauto Quicker channels) that establish the interaction between fans and brands through new media content forms such as pictures and texts, short videos and live broadcasts, and realize the e-commerce activities of commodity sales through the cooperation of MCN institutions, talents and live broadcasts. The company interacts and communicates with consumers through shopping malls, self-broadcasting, cooperation with MCN institutions/talents and other forms, which effectively enhances brand awareness and user stickiness.

　　(4) Group buying channels

　　The company takes the city as a unit, develops group buying agents according to the group buying channels of users’ mass purchase or customized purchase needs, and carries out brand and product promotion, sales channel network construction and business service management. The group buying business has been deeply rooted in the city network and established a long-term good customer relationship network. Now it has formed a core explosion product pool and customized gift service, providing product solutions for scenes such as "employee welfare" and "business gifts".

　　During the reporting period, the company’s business model has not changed significantly.

　　

　　Iv. analysis of core competitiveness during the reporting period

　　(A) the impact of high-quality snack brands on sophisticated users is very competitive.

　　Since its establishment, the brand "Liangpin Shop" has been carrying the pursuit of high standards of "conscience quality" and gradually gathered a customer group mainly pursuing high-quality products. In order to meet consumers’ demand for health and nutrition, following the strategic positioning of "high-end snacks" in 2019, in 2024, the company released a brand-new brand value proposition as "natural and healthy new snacks", and further expressed and interpreted high-quality snacks as "more natural, healthier and more new experiences". At the same time, the company promotes product upgrading with "good raw materials, good formula and good taste" as the anchor point. In 2024, more than 140 healthy snacks will be launched, covering cakes and biscuits, vegetarian food, dried fruits and preserved fruits.

　　In order to support the brand-new brand value proposition, as early as January 2023, the company participated in drafting the group standard "General Requirements for Healthy Snacks" (T/CAB0235-2023), which gave a clear definition of healthy snacks from sensory, physical and chemical dimensions. In order to further implement this standard, in 2024, the company took the lead in proposing and advocating "five reductions" of healthy snacks in the industry (namely, "reducing salt, sugar, fat, oil and food additives"), focusing on two research and development directions of natural healthy ingredients and reducing additives during production, and continuously providing consumers with delicious and healthy high-quality snacks, leading the high-quality development of the industry.

　　(2) The company already has the industry-leading in-depth R&D capability.

　　The company has a high-level R&D team and extensive external collaborative R&D resources. It cooperates with domestic food professional colleges and food research institutes to build R&D platforms, accelerate technology introduction and transformation, and support high-quality and efficient product innovation through collaborative in-depth research and development. At present, in-depth food research and development cooperation has been carried out with China Academy of Agricultural Sciences, China Food Fermentation Industry Research Institute, Hubei Academy of Agricultural Sciences, Wuhan University of Light Industry, Hunan University of Chinese Medicine and other scientific research institutes and universities, and seminars have been held regularly. These external R&D institutions will become solid support for the company’s technology R&D and product development. The company invested in the construction of six professional R&D laboratories, including meat, seafood, vegetarian food, candied fruit, beverage, packaging, sensory evaluation and pilot plant, established its own product testing center, passed the certification of National Laboratory (CNAS), and cooperated with a number of third-party testing institutions to continuously strengthen product quality and safety control.

　　(C) The company has a highly integrated omni-channel marketing network.

　　The company has a highly integrated omni-channel sales network. The company has about 3,300 stores in 23 provinces/autonomous regions/municipalities directly under the Central Government, which has achieved multi-level coverage from the core business circle to the community stores. The store business system is mature and developed steadily. Its business activities are not limited to in-store operations, but actively radiate the surrounding areas to single-customer departure operations, and expand and operate the store circle traffic in multiple dimensions; In terms of online channels, the company has platform e-commerce channels such as Tmall flagship store, Tmall supermarket, JD.COM flagship store and JD.COM self-operated, and social e-commerce channels such as Tik Tok and Aauto Quicker. At the same time, it arranges group buying channels for users to purchase in large quantities or customize their needs. Effectively meet the diversified snack food needs of different consumer groups in different scenarios.

　　(4) The company has industry-leading supply chain resources and an efficient collaborative supply chain system.

　　The company has industry-leading supply chain resources, forming an agile supply chain from raw materials to manufacturing to consumers. On the raw material side, with an extremely rigorous attitude, the company has continuously incorporated the characteristic raw materials from various regions into the supply system, selected the characteristic raw materials from dozens of producing areas around the world, and provided consumers with rich, fresh and healthy unique snack products. In terms of supplier resources, the company adheres to the concept of "win-win cooperation" and forms a good cooperative relationship with various categories of head suppliers. Through strict supplier access screening and supplier performance control, it constantly promotes product concept iteration, upgrades production facilities and process standards, and forms a high-quality and fast-response cooperation mechanism. The shortest time from product concept proposal to production delivery can reach 26 days.

　　The company’s inventory model is omni-channel inventory sharing, and the system automatically balances the inventory after identifying the relationship between inventory and demand among channels, effectively supporting the timely response of omni-channel demand. At the same time, the company continued to iteratively deepen the S&OP system, and managed the whole chain information from the annual, quarterly, monthly and Thursday levels, and established a supply collaborative management system with annual budget planning, quarterly capacity pulling, monthly plan adjustment and weekly supply and demand response. Based on new formats such as live broadcast, the company cooperates with suppliers to create a factory direct hair model. After two rounds of SRM system upgrades, the company further improved the whole life cycle management of suppliers, and realized the online data management of suppliers from demand confirmation, source matching, introduction of certification to dynamic performance and capability evaluation, performance and special improvement, replacement and withdrawal management and cost.

　　(E) The company has a solid first-Mover advantage in digital construction.

　　Adhering to the value-oriented digital investment, the company has successfully achieved efficient integration between core business systems. The foreground system has flexible coverage, the middle system has high integration efficiency, and the background system has stable support. At present, the company order system supports more than 3 million online single-day transactions and 1 million offline single-day transactions; The logistics system realizes the rapid delivery of more than 800,000 parcels per day, while the membership system operates the functions of points and stored value of tens of millions of members. This comprehensive digital support provides a solid backing for omni-channel operation. The back-office system integrates resources accurately, allocates resources efficiently, realizes the foresight analysis, real-time monitoring and careful inspection of the whole operation process, and constructs a scientific decision-making control mechanism based on data. With the support of intelligent digital logistics center, the company’s omni-channel supply realizes inventory sharing and integrated delivery sorting, providing reliable guarantee for strategic objectives. At the same time, the company is firmly committed to integrating AI technology into digital construction, and plays a huge role in business decision-making, data analysis, customer service and other fields.

　　In the future, the company will further integrate the application scenarios of AI. Further provide smarter member management and personalized services to create more valuable interactions for tens of millions of members; Further realize a more intelligent order processing and recommendation mechanism to provide users with a more personalized experience; Further optimize the distribution route and improve transportation efficiency, and improve the response speed and accuracy of the logistics system; Finally, we will consolidate the company’s digital first-Mover advantage, build a more intelligent and efficient digital ecosystem, and consolidate the company’s leading position in the industry.

　　

　　V. Main operations during the reporting period

　　

　　VI. The Company’s Discussion and Analysis on the Company’s Future Development

　　(A) the industry pattern and trends

　　From the demand side, the trend of consumption demand upgrading and consumption classification is becoming more and more obvious, and consumers’ consumption demand for snack food has changed from "full" and "safe" to "nutritious and healthy", "fun" and "emotional value". From the traffic end, the trend of traffic decentralization is obvious, new channels such as live e-commerce are booming, and an omni-channel digital retail ecology centered on consumers is initially formed.

　　(II) Company development strategy

　　Consolidate the brand positioning of high-quality snacks in good shops. Continue to strengthen investment in product research and development and build technical barriers to product research and development. Adhere to the mission of product quality first, strengthen product innovation, deepen market segmentation, provide differentiated product solutions for segmented people, and meet the needs of users for nutritious and healthy food. Take the operation and development of stores as the core to carry out omni-channel development, deeply explore the omni-channel development model supported by digital technology, face consumers and competition, and continuously improve the efficiency of the whole link. Insist on continuous investment in products, supply chain, organization and management system, and consolidate the competitiveness of good shops in all directions.

　　(3) Business plan

　　Based on the company’s strategic development vision, in 2024, the company will uphold the core concept of innovation and development, enhance brand value, further consolidate the company’s market position in the snack industry, and improve operational efficiency. The key business plans are as follows:

　　1. Improve the management efficiency and quality of store business. The company will continue its in-depth operation in brand building, product diversification and service quality to enhance customers’ willingness to go to the store and consumer satisfaction. Facing the rapid changes in the market environment, the company will constantly introduce new ideas, new elements and new values based on the characteristics and needs of different customer groups, and update and optimize the store model.

　　2. Strengthen the construction of product innovation system. The company will focus on cultivating product innovation ability, research and develop products with differentiated concepts based on the market development trend and the changing trend of user demand, and establish an integrated product management model with product innovation as the core, so as to realize the continuous output and iteration of differentiated products, optimize product structure and improve business profitability.

　　3. Actively transfer product value. All along, the company’s products have won a good brand reputation because of their quality and taste. While continuously improving the product innovation capability, the company will also pay more attention to the value transmission of products to ensure that distinctive differentiated products can be fully displayed and recognized.

　　(4) Possible risks

　　1. Seasonal risk of sales

　　The snack food industry has obvious seasonal characteristics. On the one hand, due to climatic reasons, consumers generally have higher consumption demand for snack food in the first quarter or the fourth quarter; On the other hand, traditional holidays such as New Year’s Day, Lantern Festival, Spring Festival and Mid-Autumn Festival are mainly concentrated in the first quarter or the fourth quarter, so the first and fourth quarters are usually the peak seasons for the snack food industry. In addition, in recent years, influenced by the sales model of e-commerce, the sales scale of snack food will also increase greatly during the discount promotion periods such as "618", "Double Eleven", "Double Twelve" and "New Year Festival" every year, resulting in certain fluctuations in the company’s performance during the year. Therefore, if the company can’t accurately grasp the market rhythm and arrange the procurement and distribution, inventory and stocking in advance, the company will face the operational risk of losing market share due to insufficient stocking or overstocking of some products.

　　2. Risk of raw material price fluctuation

　　The main raw materials of the company’s snack food include nuts, fruits, meat, aquatic products, grains and other agricultural and sideline products. In recent years, China’s snack food industry has generally maintained a good development momentum. However, because agricultural and sideline products are easily affected by natural conditions, market supply and demand and other factors, their prices fluctuate to some extent. Therefore, there is a risk that the company’s procurement cost will change with the market price fluctuation of agricultural and sideline products. Although the company has stabilized and improved its profitability by constantly improving the supplier introduction system, establishing a linkage mechanism between purchase price and product selling price, and conducting large-scale procurement, if the price of raw materials fluctuates greatly in the future and the company cannot eliminate the adverse effects caused by the fluctuation of raw material prices in time, it will have an adverse impact on the company’s profitability and financial situation.

　　3, industry competition risk

　　In recent years, with the continuous improvement of residents’ living standards, China’s snack food industry has continued to develop and the number of market participants has been increasing. At the same time, some regional snack food enterprises have gradually formed, and these enterprises have gradually developed and expanded with their advantages in brand, capital and regionality, and the competition in the snack food industry has become increasingly fierce. After years of development, the company has formed strong competitiveness in product research and development, omni-channel operation, supply chain integration, digital transformation, etc., and continues to consolidate its differentiated competitive advantage in terms of brand culture, product quality, omni-channel operation, big data application, etc. However, with the increase of new enterprises and brands entering the snack food industry, if the company cannot continue to maintain its leading position and differentiated competitive advantage in the industry, it may lead to a decline in product sales or lower price, thus affecting the company’s financial situation and operating performance.

　　4. Food safety and quality risks

　　The company is mainly engaged in the research and development, procurement, sales, logistics distribution and operation of snack food. In recent years, with the government and consumers paying more and more attention to food safety, food quality and safety has become the top priority for the survival and development of snack food enterprises.

　　The company continuously increased investment in product research and development, procurement, production, transportation, warehousing and sales, from system construction, hardware facilities to staffing, and constantly improved the whole process quality control process according to business changes, forming a perfect product quality and safety control system. The company has established multiple mechanisms of supplier introduction management, supplier production process control, product acceptance quality management and food safety management in storage, transportation and sales. In the introduction process, each new supplier has been strictly screened through the processes of hardware condition investigation, compliance review, sample testing, product evaluation and testing, and on-site audit; In the process of cooperation, the quality performance evaluation and risk grading dynamic management are carried out for suppliers, and annual inspection and flight audit are carried out accordingly to eliminate unqualified suppliers. In order to improve the quality management level of suppliers, the company formulated the supplier quality management manual, unified the quality and safety control requirements for suppliers, conducted training and supervised the implementation. In order to ensure the stability and high standards of product quality, the company has formulated strict product quality standards; For zero food with agricultural products as raw materials, we should adhere to strict quality control standards for raw materials, inspect the origin of raw materials with upstream suppliers, select high-quality raw materials, and always adhere to the formulation of food safety indicators stricter than national standards. The company has established its own testing center, passed CNAS certification, and continuously verified its ability, cooperated with third-party testing institutions, empowered suppliers, and established a "good product testing center as the leading factor, third-party testing institutions as the auxiliary, and laboratories of various manufacturers as the basis".The detection system. Strict inspection on arrival and monitoring of key quality and safety indicators during shelf life are implemented, and the five-link product acceptance process from arrival sampling to sample retention secondary inspection is implemented, covering all links from product warehousing to marketing and sales. At the same time, digital means are adopted in product acceptance, storage, transportation and sales environment, production and sales cycle control, disposal of unqualified products, and customer complaint reverse traceability, so as to deepen quality control with all factors, whole process and high standards.

　　Nevertheless, the quality of the company’s products is inevitably limited by the supply of raw materials for agricultural and sideline products, the production capacity of suppliers, the storage conditions during transportation and the climate and environment, and the risk of product quality problems caused by some unforeseen factors cannot be completely avoided. If the products sold by the company have food safety risks or even food safety accidents, it will adversely affect the company’s brand image and business performance.

　　5. Risk of brand counterfeiting

　　Brand is an important influencing factor for consumers to buy snack food. After years of efforts, the company has won honorary titles including "China Well-known Trademark" issued by the State Administration for Industry and Commerce, "Hubei Famous Trademark Enterprise" issued by the Hubei Provincial Administration for Industry and Commerce, and "E-commerce Demonstration Enterprise" issued by the Ministry of Commerce. The brand of "Liangpin Shop" has a high popularity and reputation in the domestic snack food market. However, with the expansion and development of snack food market, copying and forging products of well-known brands has become a means for some unscrupulous manufacturers to participate in market competition. The company has actively taken various measures to protect independent intellectual property rights, but there are also cases where all infringement information is not obtained in time. If the company’s products are copied in large quantities in the future, it may affect the company’s brand image and consumers’ willingness to consume the company’s products, which will adversely affect the company’s normal production and operation.

The 18th beijing international automotive exhibition in 2024 was held in Shunyi Pavilion and Chaoyang Pavilion of China International Exhibition Center from April 25th to May 4th, 2024. Among them, Chaoyang Pavilion mainly displays auto parts and smart driving related products at home and abroad, and Shunyi Pavilion mainly displays various models.

The theme of 2024 Beijing Auto Show is "New Era, New Automobile", with 117 first cars in the world (including 30 first cars in the world by multinational companies) and 41 concept cars. 278 new energy vehicles.

Next, I will take you through the heavy models that are full of attention.

The first launch is equipped with a vast -M architecture model, which has the space of a large car/the size of a medium car/the flexibility of a small car, and has the nickname "Baby Bus". Its length of 4688mm may not be large, but you know, its wheelbase is more than 3 meters.

A generation of classic "Ma 6" has made a strong return in the form of electrification. Unlike the previous Mazda "oil to electricity" model CX30 EV, the platform, shape and power of EZ-6 are all new. Can this new car capture the hearts of "soul-moving" fans? Wait and see.

Before its appearance, the government gave it a series of famous names, such as "new hard-core intelligent driving SUV" and "pure electric Tyrannosaurus Rex". The so-called 750km battery life, the first application of silicon carbide on the 400V platform, and the laser radar at the front of the car all reflect the importance that Ai ‘an attaches to this new car.

If you look up, it must be a "million-level" product. As the brand’s first new energy flagship car, U7 will be officially listed in the second half of the year. The car will be equipped with "revolutionary technology" Yunxiao -Z for the first time, with 1300 horsepower, 2.9s zero acceleration and 270km/h top speed. It comes standard with a high-performance carbon ceramic brake disc and a braking distance of 33m per 100km. Under the test standard of 120km/h, the drag coefficient is only 0.195, which is the lowest drag coefficient production car in the world.

Can you only look up to the millions of "looking up"? Let’s take a look at Leopard 8, which is also a large SUV! For "housekeeping skills" such as wading and cloud-chariot -P, Leopard 8 naturally won’t fall behind. Of course, it is bound to be more "intimate" than looking up at U8.

Some friends may remember that in 2009, BYD released the "debut" in the field of convertible sports cars-S8. In 15 years, whether it is design or technology, the changes and progress reflected by SUPER 9 are really amazing.

At the same time, the joint venture brand is not willing to stand still like this, and Honda’s brand-new brand "Ye" for the China market came into being, with three new cars in one breath. These new cars, all featuring "China R&D" and "China Zhizao", will be listed and mass-produced next year.

These are two medium-sized cars that are expected to be equipped with the fifth-generation DM-i hybrid technology, both of which are more than 4.8 meters in length. According to the information previously disclosed by Wang Chuanfu, the fifth-generation DM-i, which came out in May this year, reduced the fuel consumption per 100 kilometers to 2.9 liters, with a full battery life of 2,000 kilometers.

As the first model of "Enjoying the World" jointly built by BAIC and Huawei, Enjoying the World S9 is said to play "78S" at the price of "56E", and the official positioning given to it is even more unusual-Zhixing’s first executive luxury flagship car. It is said that the enjoyment of S9 will also bring "a new breakthrough".

It is estimated that the six-seat SUV, color TV, big sofa, lidar and 800V platform with a price of less than 200,000 yuan will be fully equipped. It is no wonder that Zero Run will be nicknamed "the millet in the car industry" by netizens.

Compared with the current models, the rear seats of new cars can be laid down, the rear handrails can be recharged, and two "color TVs" are also equipped, which is a perfect interpretation of the eternal "truth"-buy new ones instead of old ones.

As a concept car, its still "radical" split+spread-wing door opening method may not appear on the production car. But compared with the appearance, the new generation of Raytheon hybrid technology is more worth looking forward to. According to the official statement, the battery life of this flagship SUV can exceed 2000km, and the fuel consumption of feed will be brought into the "2-liter era".

The second "car robot" is also the brand’s first car. The addition of a series of intelligent software and hardware, such as dual lidar, pure vision high-order intelligent driving technology and outside voice, may attract some intelligent enthusiasts.

According to the official statement, this is the latest masterpiece of Hongqi sunflower brand "inheriting national culture and showing great country style", and its shape design has both inheritance and innovation. In any case, when its body is more than 5.3 meters, it has already shown an aura of "not angry and arrogant".

Tengshi’s new car, Z9GT, is oriented towards performance and luxury. It is equipped with a "subversive" three-way technology platform. The test result of Elk exceeds 85km/h, the minimum turning radius is less than 5 meters (in the state of self-developed 10 steering angle rear wheel steering), the maximum power is nearly 1000 horsepower, and the acceleration of 100 kilometers is said to be 2 seconds. According to the plan, this "Pingshan Pamei" is expected to meet with you in the middle of this year.

Well, after reading these models, which ones do you feel excited about? Welcome to communicate in the comment area.

On the sales list in August, the sales volume of China Star’s high-end series reached 34,901. Then I have to mention Zhiqing. Originally, I thought that this model was enough to attract attention with its outstanding design, but after in-depth understanding, I found that its performance in intelligent technology was even more amazing! Today, let’s unveil the mystery of the hot sale of Xingyue L Zhiqing.

Xingyue L Zhiqing is equipped with a 1.5TD turbocharged engine and matched with a three-speed intelligent DHT gearbox. The maximum power of this power combination reaches 163 HP and the maximum torque is 255N?m. With the help of the motor, the power output is smooth and strong, and it can be easily handled whether it is commuting in the city or cruising at high speed. What is even more surprising is that its NEDC comprehensive fuel consumption is only 4.3L/100km. Even if the oil price fluctuates, drivers can enjoy the journey with peace of mind without worrying about fuel consumption.

As soon as I entered the car of Xingyue L Zhiqing, it seemed that I had crossed into the future world. The Galaxy OS2.0 system powered by Qualcomm Snapdragon 8155 chip has smooth operation and response speed comparable to that of smart phones. The four-zone voice wake-up function is even more intimate. With a simple password, navigation, music, air conditioning and other functions can be easily realized, making the driving process more convenient and efficient.

The addition of NOA advanced intelligent driver assistance system has raised the driving experience to a new height. It is like an experienced old driver, always escorting the driver and making every trip full of security. In addition, AR-HUD augmented reality head-up display technology has brought the sense of technology to the extreme, projecting key data such as navigation information and vehicle speed directly in front of the driver’s line of sight, so that the driver seems to be in a science fiction movie and enjoys unprecedented driving pleasure.

Xingyue L Zhiqing has won wide recognition in the market for its outstanding face value and leading intelligent technology. It is not only a stylish and powerful SUV model, but also a future car with intelligence, safety and comfort.

Volkswagen, which enjoys a high reputation in the domestic market, has become more spacious and its driving quality has been significantly improved since it was upgraded to the advanced MQB platform, which is highly sought after by the majority of home users. Facing the increasingly fierce competition in the automobile market, sagitar adjusted its strategy in time and increased its promotion efforts to make its cost-effective advantage more prominent, which naturally became the ideal family car choice in the eyes of many car buyers. Not long ago, the 2025 Volkswagen sagitar was revived, and six different configuration versions were launched. The pricing range covered 127,900 yuan to 172,900 yuan. Let’s take a closer look at the unique charm of each model.

In the new sagitar model series, half of the configurations are equipped with an economical and efficient 1.2T turbocharged engine, while the other half is equipped with a more powerful 1.5T engine. Both of them are almost the same in appearance design, inheriting the classic appearance genes of their predecessors, and retaining the iconic features of the original models from the front to the body lines. However, the real point of this change is the improvement of internal configuration and the innovation of active safety technology. In other words, in the process of shopping, consumers should not only consider the aesthetic appearance, but also focus on the matching of dynamic performance. After all, the latter is directly related to the pleasant experience and efficiency level of daily driving.

2025 sagitar 200TSI manual flying version

Guide price: 127,900 yuan

Sagitar 200TSI manual flying version, as the basic model of the series, uses a 1.2T engine and a 5-speed manual gearbox to show the power parameters of 85 kW (116 HP) and 175 Nm. However, due to the rarity of manual gears nowadays, its market response may not be dominant. However, Volkswagen is sincerely loaded, and this entry-level is equipped with 6 airbags, tire pressure warning, rear parking radar, reversing angle and constant speed navigation. What’s more, the smart cockpit is not absent. The 8-inch instrument and the central control dual screen reflect each other, supplemented by CarPlay and CarLife, making the low allocation no longer mediocre.

2025 Sagitar 200TSI DSG Flyover Edition

Guide price: 139,900 yuan

Compared with the manual transmission model, the Sagitar 200TSI DSG Flyover Edition has been upgraded to the exquisite combination of 1.2T engine and 7-speed dual-clutch gearbox. Although the power output is the same as the former, it is superior in fuel efficiency, and the fuel consumption under WLTC condition is only 5.71L/100km, showing excellent fuel-saving ability. On the configuration level, the DSG version almost reproduces the safety and intelligence characteristics of manual transmission, from all-round protection to scientific and technological interaction, and its practicality is not diminished. It is worth noting that due to the difference of transmission system, this version additionally provides dual driving modes of ECO and energy saving, further optimizing the driving experience and energy efficiency performance.

2025 sagitar 200TSI DSG Beyond Edition

Guide price: 148,900 yuan

The 200TSI DSG Beyond Edition, which is positioned as the flagship of the 1.2T series, has made another leap in the configuration level, especially in the field of active safety protection. It has newly added road deviation warning, frontal impact warning mechanism, automatic emergency braking and front parking detection equipment, supplemented by lane stability assistance and adaptive cruise system covering the whole region, which has significantly improved the peace of mind index and driving texture of expressway driving. As for the comfort configuration, the model also introduces the inductive electric tailgate, keyless opening and closing and ignition design, and the cockpit is covered with simulated leather, and the delicate and soft padding gives the drivers and passengers comfortable enjoyment. What is even more striking is that the central control area has been renewed as a 12-inch ultra-wide touch panel, which integrates many intelligent services such as navigation and traffic information inquiry, greatly facilitating daily travel needs. On the whole, the Beyond Edition not only strengthens the safety and convenience, but also significantly improves the ride experience, making it an all-round choice.

2025 Sagitar 300TSI DSG Flyover Edition

Guide price: 149,900 yuan

In contrast, compared with the 200TSI DSG Superversion, the 300TSI DSG Flyover Edition has only a 1000 yuan difference, but the core drive system is replaced by a 1.5T turbocharged engine, and the maximum output power of the whole vehicle has soared to 118kW (about 160 horsepower), and the peak torque has reached 250 Newton meters. Fortunately, even if the displacement increases, its performance in fuel economy is still bright. According to the comprehensive fuel consumption index under WLTC’s global unified light vehicle test regulations, the fuel consumption of this model is only 5.77 liters per 100 kilometers, and the negligible growth is almost negligible.

In addition to the significant upgrade in power, the 300TSI DSG Flyover Edition maintains a high degree of consistency with the 200TSI DSG Flyover Edition in other configurations, which means that consumers can still get the same level of services and guarantees such as safety assistance, comfort and convenience, and even technology interconnection while enjoying the driving pleasure brought by stronger power.

2025 sagitar 300TSI DSG Beyond Edition

Guide price: 158,900 yuan

In contrast, compared with the 300TSI DSG Flyover Edition and the 200TSI DSG Beyond Edition, the 300TSI DSG Beyond Edition has some expansion in configuration, but there are still some unsatisfactory aspects, especially in the field of cruise assistance. Specifically, if you want to enjoy the adaptive cruise function in the full speed domain, you need to pay an extra thousand yuan to unlock it; Similarly, automatic rain-sensing wipers need to be purchased separately, rather than standard assembly. Looking at the comfort configuration, it is a pity that the air conditioning system in the car fails to provide independent regulation of dual temperature zones, and the wind adjustment is limited to manual operation. These two shortcomings undoubtedly affect the perfection of the driving experience, which makes the price/performance ratio of this model slightly discounted in detail processing. Although the overall configuration has been improved, the lack of some specific links makes people feel that there is still room for improvement between cost control and functional balance.

2025 sagitar 300TSI DSG Excellence Edition

Guide price: 172,900 yuan

As the flagship of this redesigned lineup, Sagitar 2025 300TSI DSG Premium Edition is based on the 300TSI DSG Super Edition, once again expanding the luxury configuration boundary. Externally, the body is completely new, with 18-inch exquisite wheels, which significantly enhances the visual impact of the side lines. The field of intelligent driving is advanced in an all-round way, which not only includes forward-looking technologies such as reversing video monitoring and adaptive cruise in the whole range, but also enters the ranks of L2-level automatic driving assistance, demonstrating cutting-edge scientific and technological strength. In addition, diversified driving mode settings-including sports, customization, energy saving and comfort options-meet the needs of personalized driving. In terms of interior, the 10.25-inch high-precision LCD dashboard leads the trend, combined with the wireless charging device of mobile phones, to create a more convenient and pleasant car environment.

Summary:

Looking at the six models, it is estimated that the 149,900 300TSI Flyover Edition will lead the sales, and its balanced configuration and 1.5T powerful power meet the daily needs of most users. The 300TSI DSG Beyond Edition and Excellence Edition, with luxury configuration, are aimed at higher-level market users and attract buyers with abundant financial resources. My inclination? Depending on personal needs and budget, practicality and luxury have their own unique charm.

[car home Yan ‘an Preferential Promotion Channel] At present, the preferential treatment in Yan ‘an area is very strong, with a maximum discount of 200,000 yuan and a minimum starting price of 269,900 yuan. If you are interested in this car, you may wish to click "Check the car price" in the quotation form to get a higher discount.

The exterior design of BMW i4 adopts BMW’s latest design concept, with bold and dynamic front face design and closed air intake grille, which shows its identity as an electric vehicle. The overall style is simple and full of science and technology, the body lines are smooth, the lines on the side of the body are simple and full of strength, and the design of the rear is also very unique. The sloping roof and flat taillight design are adopted, which shows the sports genes of BMW i4.

Bmw i4 adopts smooth body lines, with a size of 4785*1852*1455mm and a wheelbase of 2856mm. The front tread is 1601mm and the rear tread is 1630mm, which ensures the stability and handling of the vehicle. With the front tires of 245/45 R18 and the rear tires of 255/45 R18, and the dynamic rim design, the vehicle not only has a sporty atmosphere, but also has excellent grip and driving experience.

The interior design of BMW i4 fully embodies the perfect combination of modern technology and luxury. The center console is equipped with a 14.9-inch large central control screen, which integrates control functions such as multimedia system, navigation, telephone and air conditioning, and supports voice recognition, making it easier for drivers to operate various functions. The steering wheel is made of high-quality leather, which supports manual adjustment up and down and back and forth to meet the needs of different drivers. In terms of seats, a variety of material choices are provided, including imitation leather, genuine leather and fabric/suede mix, providing excellent comfort and support. The main and co-pilot seats support a variety of adjustment methods, including front and rear adjustment, backrest adjustment, height adjustment, leg rest adjustment and lumbar support adjustment, which further enhances the driving and riding experience. In addition, the front seats also have a heating function to ensure that they can stay warm and comfortable in cold weather. The BMW i4 is also equipped with an electric seat memory function in the driver’s seat, which is convenient for the driver to quickly adjust to the most comfortable position. The rear seats support proportional reclining, providing passengers with more luggage space.

BMW i4 is equipped with a high-performance motor with a maximum power of 250kW and a maximum torque of 430N·m, which provides the vehicle with strong power output and excellent acceleration performance.

The owner of car home spoke highly of the BMW i4, praising: "Sound insulation is good, power is sufficient, and the appearance is king. I don’t think I will lose my sister Mercedes-Benz when I make the volcanic red interior."

On May 11, the People’s Daily published a series of articles on the theme of China Brand Day, "Driving Innovation and Stimulating Brand Vitality". Among them, Zhang Xinghai, chairperson of Sailis Automobile, introduced the vivid practice of enterprises to give full play to innovation leadership and promote high-quality development with the theme of "building a high-end smart travel life with technological innovation". The content is as follows:

It’s not a good idea.Building a high-end smart travel life with technological innovation

Zhang Xinghai, Chairperson of Cyrus Automobile

Today, the "digital intelligence" of the automotive industry is reshaping people’s lifestyles. As a technology-based manufacturing enterprise that deeply cultivates technological innovation, Cyrus Automobile has always adhered to innovation-driven, committed to promoting the transformation and upgrading of traditional cars to smart cars and traditional manufacturing to intelligent manufacturing, and building a high-end smart life for users with innovative products.

Sailis Headquarters in Shapingba District, Chongqing

　　In the field of innovative Product Research & Development, Cyrus Automobile actively applies digital intelligence technology, and has successively launched intelligent new energy vehicle solutions with multi-technology paths such as pure electricity and extended range. The AITO series of models designed and launched have sold a total of 100,000 vehicles. At the same time, Cyrus Automobile strives to promote the integrated research and development of intelligent software and hardware, including "full-stack self-research + system integration" two capabilities, covering five functional areas of intelligent vehicle control, intelligent electronic control, intelligent cockpit, intelligent network connection, and intelligent driving.

　　Based on its own intelligent manufacturing capabilities, Cyrus Automobile has also developed a super electric drive intelligent technology platform, which has realized a comprehensive evolution of the third-generation range extender, drive technology, and intelligent control at the technical level, meeting the needs of users with low energy consumption, long battery life, and high performance. For a better user travel experience, Cyrus Automobile has built an effective machine vision transportation solution, which greatly improves the operation and maintenance efficiency of vehicles.

　　Cyrus Automobile also relies on its independent innovation capabilities and uses digital twin technology to build an intelligent production base, dedicated to building a "China’s leading and world-class" smart factory. The Cyrus smart factory has stamping, welding, painting, and final assembly workshops, with more than 1,000 robots working together. The key processes are 100% automated and 24-hour OurHours online inspection effectively reduces labor costs while further improving production efficiency and ensuring product quality.

　　All along, Sailis Automotive has adhered to the green and low-carbon long-term philosophy, adhering to the mission of "promoting the transformation of automotive energy and creating a smart mobile life", integrating green environmental protection concepts into the whole product life cycle, covering design, production, logistics and recycling, to promote green development and achieve low-carbon development.

　　Serving users wholeheartedly is the "anchor" for the high-quality development of Cyrus. In the 20 years of car building, Cyrus’s customer service has undergone a transformation from "after-sales maintenance" to "passive service to active service", and then to "software-defined cars" in response to the trend of the times, but what has remained unchanged is the firm practice of the concept of serving users wholeheartedly.

Graduation season is not the season of breakup, but the season of engagement and marriage. From school uniforms to wedding dresses, from dormitories to common small homes, every step must be carefully calculated during this period. Smart TVs, as common smart homes, play a crucial role in the wedding room. Many friends have been asking recently how about Xiaomi TV? Is it worth buying? So today we use the following glory smart screen X1 as a benchmark to see how Xiaomi TV is!

Like everyone here, I pay more attention to the appearance of smart TVs, which is also the first reference factor for young people when purchasing products. The overall design of the two smart TVs is similar, but in terms of details, the Honor smart screen X1 is better. The Honor smart screen X1 adopts a 3D streamer frame design, which has a strong streamer texture and an instant full sense of trend, which also better fits the positioning of the Honor technology trend brand. The design of the super large screen better highlights the visual center, and the 94% screen ratio can fully meet the needs of users. In contrast, the design of the Xiaomi TV frame is relatively rough and exudes a strong plastic feeling, which is not in line with the aesthetics of today’s young people.

After the boot, the difference between the two smart TVs immediately became apparent. The fact that the Honor Smart Screen X1 has no boot ads is really unexpected, because boot ads have become an unspoken rule in the field of smart TVs. After all, brands also need to eat. Watching Xiaomi TV, the boot ads are close to 1 minute (44 seconds). Secondly, let’s compare the image quality of Xiaomi TV and Honor Smart Screen X1. The three major parts of HDR, color and MEMC were tested respectively. Honor Smart Screen X1 is excellent in color performance, with natural no deviation in color and just the right saturation. With the blessing of MEMC technology, the texture of the picture is more high-definition, and the dynamic picture is also very clear. This technology is not supported by Xiaomi TV for the time being. At the same time, the Honor Smart Screen X1 can support 8K video playback, but Xiaomi still lacks in this regard.

After seeing the image quality, let’s look at the sound quality again. In terms of sound quality, the Honor Smart Screen X1 series is equipped with a total of 4 10W speakers, with high treble and low bass. The level is very distinct and the atmosphere is very strong, which is easy to bring users into the plot. At the same time, this Honor Smart Screen X1 series also inherits the five MegaBass of HUAWEI Histen, which enhances the texture of the sound effect and enhances the user experience.

On the other hand, the Xiaomi TV was evaluated and analyzed. As an early brand to develop smart TVs, high sound quality has always been the main promotion point of Xiaomi TV. He also made great efforts to arrange 8 units of audio, and many users paid for it. In fact, Xiaomi has flipped over many times, and the sound quality promotion is among them. Compared with the 4-unit Honor smart screen X1, the so-called "8" unit Xiaomi TV has a huge difference in sound quality. The Xiaomi TV is mostly accompanied by noise, and the user experience is very poor. So if you like to watch shocking blockbusters, then the Honor smart screen X1 is a good choice!

After reading this evaluation, I think everyone has a certain answer to how Xiaomi TV is. Although Xiaomi set foot in the field of smart TV earlier, it did not have innovative thinking in the later development, and failed to pay attention to technological development and user experience, which is a pity.

Disclaimer: The market is risky, so choose carefully! This article is for reference only and is not a basis for buying or selling.

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1905 movie network news Congratulations to Andy! The Toronto Film Festival has announced his "Special Contribution Award" and will present him with an award on September 15 during this year’s Toronto Film Festival.

Andy Lau deserves to be the first Chinese filmmaker to win the award, and he will also star in the director’s new film at this year’s Toronto Film Festival. The festival will be held from September 7 to September 17.

The movie "Mr. Red Carpet" mainly tells the absurd story of Hong Kong’s old star working with a mainland director in order to "turn red". Andy Lau has been popular for many years, and he is a national idol in the hearts of audiences. To a certain extent, this film also overlaps with his experience. I look forward to how he will play this role.

　　On August 29, Xiaomi co-founder, vice president, and head of Xiaomi TV, Wang Chuan, released an article today entitled "Why did Xiaomi TV take the lead in cutting prices?" Wang Chuan said that in the second half of this year, we found signs of a decline in upstream raw material prices. Our first reaction was to return the benefits to users and become the first TV brand to cut prices comprehensively.

　　It is reported that the categories of this price reduction include the comprehensive price adjustment of Xiaomi TV 4A from 43 inches to 65 inches, with a maximum decrease of 1,000 yuan.

　　Wang Chuan said that in the first half of this year, the entire TV industry’s overall market was declining, and the strong TV companies in the past also encountered various problems. However, Xiaomi TV has achieved frequent success and achieved rapid growth against the trend.

　　Wang Chuan said that at such a low price, Xiaomi TV is still making money, mainly for the following three reasons: first, in the upstream supply chain, we have more advantages than traditional manufacturers; second, Xiaomi’s self-built Xiaomi Mall and Xiaomi Home are very efficient channels; third, Xiaomi TV’s business model is a tipping model – internet service, Xiaomi TV is still profitable in the case of hardware not making money, forming a healthy business closed loop.

　　The following is the full text of Wang Chuan’s article "Why Did Xiaomi TV Take the Lead in Reducing Prices?":

　　Yesterday, we announced a price adjustment, becoming the first TV brand to cut prices across the board. As you may remember, the price of TV panels and other raw materials rose sharply in the second half of last year. Xiaomi persisted until the beginning of this year before it had to make a small price adjustment. It is the company that has raised prices the latest and lowest in the entire TV industry. In the second half of this year, we found that the prices of upstream raw materials showed signs of falling. Our first reaction was to return the benefits to users: Xiaomi TV 4A fully adjusted prices from 43 inches to 65 inches, with a maximum decrease of 1,000 yuan.

　　Adhere to high cost performance and grow against the trend

　　Does anyone say Xiaomi TV is crazy? No, insisting on high cost performance and saving every penny for users is the core value of Xiaomi. In May this year, we launched the world’s thinnest LCD TV, Xiaomi TV 4, with a thickness of only 4.9mm, 30% thinner than iPhone. The price of this top-of-the-line 55-inch TV is only 3,999 yuan, which is not much different from the price of an ordinary 55-inch TV. In March this year, when all the TV companies launched new spring products with sky-high prices, we launched a new cost-effective series – Xiaomi TV 4A, starting from 2,099 yuan, which is called the fighter in the TV industry.

　　Why did you set such a price? Mr. Lei has said many times that Xiaomi is a kind company, a company that follows cost pricing and pursues low gross margin. It is a company that has the ability to sell products to 9999 yuan but insists on pricing 3999 yuan. This TV is priced as much as we don’t lose money. Now that the price of raw materials has dropped, we continue to follow the cost and reduce the TV price as soon as possible.

　　Xiaomi is a company founded by a group of engineers. When other companies use technology as a selling point for them to obtain high gross profits, as engineers, our idea is very simple. The technology we have worked hard to develop is used to benefit millions of users, not a tool used by manufacturers to make huge profits. This is our dream when we created Xiaomi. "Let everyone enjoy the fun of technology."

　　We want to be friends with every user. Lei always said, if you think about how to earn 100 yuan more users every day, how can you be friends with others? You have to think about how to save 100 yuan every day.

　　In the past five years, Ray has never set a KPI for us. We have not discussed sales, sales volume, and profits. We believe that as long as we can make a good product, these things will follow, and the facts prove it.

　　In the first half of this year, the overall TV industry was in decline, and the strong TV companies in the past also encountered various problems. Xiaomi TV has achieved rapid growth against the trend. According to data from Zhongyikang, in the first half of 2017, Xiaomi TV’s online sales increased by 91.2% year-on-year; according to the "Analysis Report on Home Appliance Online Shopping in the First Half of 2017" jointly released by CCID Research Institute and China Electronics News, Xiaomi TV was the TV brand with the largest increase in online sales in the first half of this year; according to statistics from Aowei Cloud Network for the second quarter of this year, Xiaomi TV won the online sales championship of the two mainstream sizes of 49 inches and 55 inches. This year 618, we won the sales championship of 43 inches, 49 inches, 55 inches, 65 inches and other size segments on JD.com and Tmall platforms. These sales rankings are very exciting for us, but there is one ranking that makes me even more proud, that is, the repeat purchase rate of Xiaomi TV is No. 1 in the entire TV industry, including foreign brands, which fully shows that after experiencing Xiaomi TV, users know what TV is most worth buying.

　　Low prices can still make money, how did we do it?

　　So why is 2017 a cold winter for the TV industry, but spring for us? With such a low price tag, many people think we are losing money, but I want to tell you that we can still make money. Why is that?

　　As an Internet company, our huge core advantage in TV is emerging.

　　First, in the upstream supply chain, we have an advantage over traditional manufacturers. Today, the entire manufacturing industry has entered an era of overcapacity. Instead of building our own factories, we choose the best quality and most efficient manufacturers among the best foundries in the world to produce Xiaomi TVs. I can use Sony’s, Samsung’s, and Sharp’s foundries. We can use the best craftsmanship to build Xiaomi TVs.

　　Second, we have more and more advantages in sales channels. Xiaomi’s self-built Xiaomi Mall and Xiaomi Home are both very efficient channels. We are the first TV brand in the industry to achieve the same price online and offline; while traditional manufacturers hand over 40% of the cost to various offline channel providers. The same TV can only be made into two models. There is a big difference between one price online and one price offline. Bullying users who don’t know how to do it and relying on deception to obtain high gross profits. Industry insiders laugh at themselves as: "No pit, no deception, no color TV".

　　Third, our business model is the tipping model – internet service. If users like our products, we are confident that the experience will be good enough for users to be willing to tip. The average daily boot rate of Xiaomi TV is as high as 68%, far exceeding the industry level of 56%. This shows that users of Xiaomi TV prefer to turn on the TV, and Xiaomi has more than 20 million users on the TV side and more than 10 million monthly active users. It is the largest Internet TV platform in China. With a large and highly active user base, our Internet revenue such as e-commerce and membership has exploded. This has allowed Xiaomi TV to achieve profitability even though the hardware is not profitable, forming a healthy business closed loop.

　　Companies from the future

　　Xiaomi TV’s dream is to "make the best TV, so that everyone can buy it". The three advantages of supply chain, sales channels and business model make the two seemingly contradictory ideas of "best TV" and "everyone can buy it" unified, so that we can use a lot of energy to polish each product under the premise of insisting on high cost performance. In recent years, many companies have been busy grabbing the market, and we have improved our products little by little from image quality, sound quality, craftsmanship, content, intelligence and other aspects, each of which has reached the top level in the industry. For example, Chinese TV manufacturers do not pay much attention to sound quality, but we are willing to make great efforts to hire world-class acoustic experts, establish a first-class acoustic laboratory, and successively launch Soundbar speakers, independent subwoofers, surround sound home theaters, and the first Dolby Atmos cinema TV, allowing users to enjoy sound quality comparable to cinema without leaving home.

　　From the first generation to the fourth generation, each generation of Xiaomi TV has made great progress and is at the forefront of the TV industry. We are the first to create an artificial intelligence system that "understands the content and understands you better", so that users don’t have to struggle to find a large amount of TV content; the first to develop artificial intelligence voice TV, so that illiterate children and the elderly who are afraid of smart TVs can easily use smart TVs. We launched this year’s flagship product – Xiaomi TV 4, which looks like a borderless design of a piece of glass, a 4.9mm body that is 30% thinner than iPhone, and a price starting from 3499 yuan, all of which make the entire TV industry admire.

　　With the popularity of the Internet, users are becoming more and more experts and buying smarter and smarter. We firmly believe that the era of relying on fooling users to obtain high gross profits is over, and the future belongs to companies like Xiaomi that insist on "making products that move people’s hearts and are affordable." Xiaomi is a company from the future.

　　On the evening of August 2, a number of listed companies in Shanghai and Shenzhen issued announcements for investors’ reference:

　　Major Announcements > > >

　　Air China: Plans to raise no more than 15 billion yuan

　　() announcement, the proposed increase in funding does not exceed 15 billion yuan, for the introduction of 22 aircraft projects and supplementary working capital.

　　Changan Automobile: plans to add 1.169 billion yuan to the joint venture Avita Technology

　　Changan Automobile announced that in order to enhance its core competitiveness, strengthen the coordination of industrial chain resources, and accelerate the development of intelligent electric vehicle (SEV) business, Avita Technology, a joint venture of the company, introduced investors in the Chongqing United Equity Exchange by way of public listing and expansion. Six investors were finally identified. Avita Technology has signed a strategic cooperation agreement with the above-mentioned new investors, and plans to carry out strategic cooperation in the fields of sales network support, chip guarantee and visual image perception, intelligent cockpit development, etc., to further strengthen the resource advantages of the industrial chain. Avita Technology plans to increase its registered capital by 472 million yuan, from 1.172 billion yuan to 1.645 billion yuan. Changan Automobile plans to increase its capital by 1.169 billion yuan. After the capital increase is completed, Changan Automobile’s shareholding ratio will increase from 39.02% to 40.99%.

　　Longji Green Energy: Former Supervisor Receives Warning Letter from Shaanxi Securities Regulatory Bureau for Short-term Trading Company Convertible Bonds

　　() Announcement that Li Xiangju, the former supervisor of the company, received a warning letter from the Shaanxi Securities Regulatory Bureau because of the short-term trading of the company’s convertible bonds. Li Xiangju herself has conducted a profound self-review and has returned the 300 yuan proceeds from the above short-term trading to the company.

　　Jinjing Technology: The company’s perovskite cell-related product revenue accounts for a low proportion

　　() Issued the announcement of abnormal stock trading fluctuations and risk warnings. Recently, the company has noticed that some media have associated the company with the hot market concepts related to perovskite cells. However, as of now, the domestic cadmium telluride and perovskite battery market is still in its infancy. The company’s related products generate a relatively low proportion of relevant operating income in this field, which will not have a significant impact on the company’s operating results. At the same time, the impact on future operating results is also highly uncertain. The company’s current production and operation activities are all normal, the internal production and operation order is normal, the company’s fundamentals have not changed significantly, the company’s main business structure has not changed significantly, and the company’s internal and external operating environment has not changed significantly in the near future.

　　Guangxin Materials: At present, the output and sales scale of flat panel display photoresists are not large as a whole

　　() issued an announcement of abnormal fluctuations in stock trading, the company’s current flat panel display photoresist products have only received small batch sales orders from some downstream customers (the cumulative sales volume is about 900 gallons, about 3.8 tons), and it is still in the initial market development stage. The overall production and sales scale are not large. The company’s fundraising project flat panel display photoresist, integrated circuit photoresist and supporting reagent planning capacity of 2000 tons/year and 5000 tons/year, there may be flat panel display photoresist, integrated circuit photoresist and supporting reagent customer verification caused by market development risks and related production capacity digestion risks; the company’s entry into new energy automotive coatings and other application fields is still in its infancy, the future can quickly open the market is still uncertain, the short term can not fully cover the company’s coatings plate due to important customer orders significantly reduce the impact of revenue.

　　Zhenyu Technology: 2 billion yuan to build new energy vehicle power system core components and other projects

　　() Announcement, the company plans to invest in the construction of new energy vehicle power system core parts project in Taicang, Jiangsu, and the construction of new energy battery structural parts production base project in Zhaoqing, Guangdong, with a total investment of 1 billion yuan. This foreign investment is to improve the company’s capacity in the field of motor core parts and new energy power lithium battery precision structural parts manufacturing, expand effective production capacity, and better meet the needs of customers for capacity matching.

　　Skyline shares: about 3 billion yuan to build new lithium hexafluorophosphate, high-purity lithium fluoride and by-product supporting projects

　　() Announcement, the company and the Ruichang Municipal People’s Government signed the "Contract on Investment and Construction of Skyline New Energy and New Materials Project", planning to invest about 3 billion yuan to build a new annual output of 30,000 tons of lithium hexafluorophosphate, 6,000 tons of high-purity lithium fluoride and by-product supporting projects.

　　Riying Electronics: The company’s precision injection molding sales account for a relatively high proportion, and automotive wiring harnesses are mainly motorcycle wiring harnesses

　　() Issued a change announcement. The company’s current main business is automotive washing systems, automotive electronics, precision injection molding and automotive wiring harnesses. Among them, precision injection molding sales account for a relatively high proportion. Automotive wiring harnesses are mainly motorcycle wiring harnesses. Automotive electronics are mainly based on PM2.5 sensors, temperature sensors, and sunroof controllers. Among them, temperature sensors are sold on household appliances and automotive temperature sensors. 360 panoramic surround view systems are normally mass-produced. Affected by high raw material prices and repeated epidemics leading to tight supply chains, the company’s product gross profit margin has declined.

　　Dayuan Pump Industry: The company is not currently involved in other new energy industry chain businesses

　　() issued a risk warning, some of the company’s canned pump series products are used in the field of engine system cooling, but the current contribution of related series products to the company’s performance is relatively small. In 2021, the series of products will achieve operating income of about 10 million yuan, accounting for about 0.67% of the company’s current total revenue. In addition to the above, the company is not currently involved in other new energy industry chain business.

　　Hanlan Environment: Subsidiary plans to invest in Sanshui District domestic waste incineration power generation project

　　() Announcement, it is planned to take the subsidiary Hanlan (Foshan Sanshui) Biological Environmental Protection Technology Co., Ltd. (the company holds 49%) as the main investor to invest in the Sanshui District Domestic Waste Incineration Power Generation Project of Foshan Sanshui Green Environmental Protection Project. The total treatment scale of the project is 1800 tons/day, the total investment is about 1.488 billion yuan, and the company invests according to the proportion of equity. Announcement on the same day, the board of directors agreed to start the issuance of infrastructure public offering REITs, and intends to select drainage business or solid waste treatment business related assets as pool assets, the scale is expected to be 1 billion – 3 billion yuan.

　　China Life: to invest no more than 4 billion yuan to participate in the establishment of a partnership

　　() Announcement, the company, property insurance companies and other investors intend to enter into a partnership agreement with Guangzhou Jinyang and Guangzhou Xinrong to jointly establish Guangzhou Xincheng Phase II Industrial Investment Fund Partnership (Limited Partnership). The total subscribed capital of all partners of the partnership shall not exceed 7.0014 billion yuan, of which, the company’s subscribed capital shall not exceed 4 billion yuan, and Guoshou Jinshi will act as the manager of the partnership. The partnership will mainly invest in equity assets in the field of inclusive finance. On the same day, it was announced that Zhao Peng has been appointed as the president of the company, and his qualifications are yet to be approved by the China Banking and Insurance Regulatory Commission.

　　Lushan New Materials: The proposed issue of convertible bonds does not exceed 524 million yuan

　　() announcement, the company intends to publicly issue convertible bonds proceeds raised total not more than 524 million yuan, after deducting the issuance costs for solar cell encapsulation film expansion projects and supplementary working capital.

　　Performance > > >

　　Guizhou Moutai: Net profit 29.794 billion yuan in the first half of the year, an increase of 20.85%

　　() announcement, the first half of the operating income 57.617 billion yuan, an increase of 17.38%; net profit 29.794 billion yuan, an increase of 20.85%.

　　Baichuan Energy: Net profit in the first half of the year fell by 28.19% year-on-year

　　() announcement, the first half of the operating income 2.624 billion yuan, an increase of 7.28%; net profit attributable to the parent 246 million yuan, down 28.19%.

　　New National Capital: Net profit in the first half of the year increased by 108.9% year-on-year

　　() Disclosure of semi-annual report, the first half of the operating income of 2.123 billion yuan, an increase of 31.79%; net profit of 195 million yuan, an increase of 108.90%; basic earnings per share of 0.40 yuan.

　　Increase and decrease holdings > > >

　　RESCANDA: Shareholders plan to reduce their holdings by no more than 7.62% of the company’s shares

　　() announced that shareholders Gao Lei and Wang Jianming, who hold 8.91% and 7.13% respectively, will reduce their holdings by no more than 7.62% of the company’s shares. Among them, Wang Jianming is a director of the company.

　　Central Hailu: Shareholders plan to reduce their holdings by no more than 6% in total

　　() Announcement, shareholder Guofa Zhifu (holding 3%) and its affiliate Guofa Rongfu (holding 3%) plan to reduce the company’s shares by no more than 6 million shares, that is, no more than 6% of the company’s total share capital.

　　Ruida: Shareholders plan to reduce their holdings by no more than 3.46% of the company’s shares

　　Ruida announced that its 7.16% shareholder, Guoke Ruihua, plans to reduce its stake in the company by no more than 3.46%.