() 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.

Nowadays, consumers pay more and more attention to space when buying a car, which is worth mentioning in terms of space performance. Come and see it quickly.

Let’s take a look at the appearance of Changan Auchan A600. The design of the front face of Changan Auchan A600 is quite atmospheric and unforgettable. Combined with the headlights with flamboyant personality, it has been upgraded to a certain level. The car is equipped with front fog lights, delayed closing and so on. Come to the side of the car, the car body size is 4475MM*1725MM*1685MM, the car uses soft lines, giving people a very full feeling, with large-sized thick-walled tires, giving people a very round and lovely feeling. In the design of the rear end, the rear end looks very simple, the taillight style is softer, and with the unique exhaust pipe, the overall look is very simple and generous.

In terms of interior, the interior of Changan Auchan A600 enhances the visual sense of youth, and the overall design atmosphere is still in place. The steering wheel design of the car is very stable, made of plastic material, giving people a good grip experience. Let’s take a look at the central control. The center console is made of plastic, which makes the interior design quite layered and looks very fashionable and simple. The dashboard and seats give people a good feeling, too. Let’s take a look. The car is equipped with a simple dashboard and the shape takes the sports route. The car uses fabric seats, which are wide and thick, and are basically enough for daily use.

Changan Auchan A600 is matched with a manual (MT) gearbox, with a maximum power of 79KW and a maximum torque of 145N.m, and its power performance is good.

Changan Auchan A600 trunk has a high space availability and excellent loading capacity, and the rear seats support the proportion down, so the space can be further expanded. At the same time, the car is equipped with anti-lock braking system (ABS), braking force distribution (EBD), front fog lamp main driver airbag and other safety configurations.

The car introduced today is remarkable in terms of space, configuration and power, and home travel is also a good helper. Xiao Bian suggests that your heart is not as good as action, so go to the 4S shop to talk about the discount.

At the Guangzhou Auto Show just past, Tengshi Z9, a "D-class technology luxury flagship sedan" owned by Tengshi Automobile, was officially launched. It launched five models, namely the easy three-way plug-in version and the easy three-way pure electric version. The official price is the same as that of Z9GT, ranging from 334,800 yuan to 414,800 yuan. Today, let’s take you offline and have a look. What’s the "Full Scene Rigid 56E" model like? # Tengshi Z9, the strong rival of traditional luxury car, is coming # # Technology reshapes Tengshi Z9 of luxury car #

On August 8, 2025 Lexus 08 EM-P was officially launched. Six new models were released and the body color of Chenxi blue was added, which brought more choices to users. The official guide price of the new car was 195,800 yuan-258,800 yuan, and the limited-time price for large users was 179,800 yuan before August 31. At the same time, Lectra also released version OTA1.6.0 of OTA, which brings a brand-new experience to users in terms of smart car experience.

As an annual redesigned model, the exterior design of the 2025 Lectra 08 EM-P continues the cash style, and the main change is the addition of the morning light blue body color to further interpret the independent aesthetics of the city with new colors.

In terms of interior, the 2025 Lectra 08 EM-P adopts a minimalist cockpit layout, and is equipped with Co pad equipment for the first time. The LYNK Flyme Auto 1.6.0 car system is newly upgraded, and the "sentry mode" and car washing mode are added to create an immersive first-class cockpit. In addition, the new car also added a mobile phone NFC key to unlock the new experience of "getting on the bus without feeling".

This OTA also upgraded the intelligent driving assistance capability of LEICK 08 EM-P. LEICK 08 is equipped with the intelligent driving computing platform of Yikatong Tianqiong Pro. The upgraded NOA function has been optimized for special weather perception such as rain and fog, identification of abnormal vehicles and obstacles, and tunnels and ramps. The intelligent driving experience is more accurate, reliable and efficient. At present, NOA function has been opened in 13 provinces and cities, and it is planned to achieve national coverage before the end of the year.

In terms of configuration, the 2025 Lectra 08 EM-P is equipped with a 12V power supply in the trunk to provide convenient power for small appliances such as vacuum cleaners, air pumps and notebook computers.

In terms of ride comfort, the 120-long-life Pro version adds the auxiliary driver’s leg rest and seat memory function, and the three Halo versions are upgraded to four seats with three-speed adjustable heating/ventilation/massage, which is the only SUV in the same class with four seats in the whole car.

In terms of power, the power configuration of the 2025 Lectra 08 EM-P is the same as that of the current model, and it is available in two-wheel drive and four-wheel drive versions. Among them, the predecessor version of the system has a comprehensive power of 280kW and a peak torque of 615 Nm. CLTC has two versions of pure battery life of 120km and 245km, with a fuel consumption of 6L/100km and a maximum battery life of 1400km；. The four-wheel drive version of the system has a comprehensive maximum power of 436kW, a peak torque of 905 Nm, a zero-speed acceleration of only 4.6 seconds, a CLTC battery life of 220km and a fuel consumption of 6L/100km.

The 2025 LECK 08 EM-P adds a Pro version with 245 long battery life, which makes the entire lineup of cars reach six models. While the new models provide long battery life, the rear row comfort configuration is streamlined compared with the original 245 long battery life Halo version, which provides more suitable products for personal car consumers who mainly use the front row.

It’s only one year since the launch of LECK 08 EM-P, and there are quite obvious OTA version iterative upgrades in the fields of intelligent driving and intelligent cockpit, bringing users a better and newer experience. The 2025 model has increased the number of sub-models, and the comfort and convenience configuration have also increased, which has brought more personalized choices to consumers. As a new energy SUV model full of personality, the configuration and functions of the 2025 LECK 08 EM-P have been improved, and the limited-time price is also more cost-effective.

The richness of a car configuration is related to the user’s car experience, so many people are concerned about its configuration today. Let’s take a look at it together.

Let’s take a look at the appearance of Tang New Energy. The front face of Tang New Energy presents a young design style, and with the air intake grille, it looks very sporty. Then the domineering headlight design is adopted, and the visual effect coincides with the positioning of the whole vehicle. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing, rain and fog mode and so on. Coming to the side of the car, the size of the car body is 4870MM*1950MM*1725MM, and the car adopts stable and atmospheric lines. The side wall looks very fashionable and sporty, and the overall visual effect is very dynamic with large-sized thick-walled tires. Looking back, the tail line of Tang New Energy is full, the taillights are very streamlined, and the overall shape is still very attractive.

Sitting in the car, the interior adopts a dynamic and lively design, which looks very sharp. The steering wheel shape of the car is eye-catching, and it is made of leather, which has a good feel. Let’s take a look at the central control. The design of the center console is reasonable, which makes the interior design quite layered and looks quite fashionable. The dashboard and seats give people a good feeling, too. Let’s take a look. The dashboard of this car presents a dynamic and lively design style, which is very eye-catching. The car uses leather/suede mixed seats, equipped with functions such as electric adjustment of auxiliary seats, electric adjustment of seats with memory, and seat proportion tilting, with exquisite materials and comfortable ride.

The car is equipped with car networking, driving mode selection, remote control key, Bluetooth key, NFC/RFID key, UWB digital key, rear wiper, interior atmosphere light and other configurations, and the configuration performance is relatively good, which improves the convenience of drivers to some extent.

Do you have the urge to buy a car after reading the whole article? Let me make a summary. This new Tang energy introduced today is not only eye-catching in space, but also has reached the mainstream level in various configurations, and there is nothing to be picky about driving experience and space experience.

Author | Wu Ruixin

With the rumor of "the most expensive electric car in China before", Changan Automobile lost 9 billion yuan in one day.

On February 28th, Netcom Changan Automobile negotiated to purchase 51% shares of Gaohe Automobile and will take over Gaohe Automobile. Subsequently, Chairman Zhu Changrong of Changan Automobile responded to CBN by saying:Talking about it, it’s far from "proper", get to know it..

The word "far" makes people feel that the possibility of acquisition is not great. At the same time, the market is also skeptical about this transaction. As soon as the news came out, Changan Automobile’s share price plummeted by 6%.The market value evaporated by 9.2 billion in one day.. On the 29th, when the auto sector rose sharply, and the stocks such as Celeste all went up, Changan Automobile only rose by 3.54%.

Even weirder,Changan Automobile suddenly denied the acquisition of Gaohe today, calling it a false report..

What are the concerns of Changan Automobile?

one

Its three new energy brands have poor performance.

First of all, we must be clear about one thing: Changan Automobile has the strength to acquire Gaohe.

But why is the market not optimistic about Changan Automobile’s acquisition of Gaohe Automobile?

Let’s look at a set of data. Gaohe Automobile is currently on sale, with three models: HiPhiX, HiPhiY and HiPhiZ3, but Gaohe sold 8681 vehicles in 2023. In the new energy vehicle market where the environment is more involved at present, This sales volume is completely uncompetitive. .

Let’s look at Changan Automobile, a high-quality player in domestic cars, which has performed well in the past two years. In the third quarter of 2021 ~2023, Changan Automobile’s revenue was 105.1 billion, 121.3 billion and 108.2 billion respectively, and its net profit returned to its mother was 3.552 billion, 7.798 billion and 9.882 billion respectively.

In 2023, the annual sales volume of Changan Automobile exceeded 2.55 million, an increase from 2.346 million in 2022. However, among them, the sales volume of independent brand new energy is only over 470,000 vehicles, accounting for only 18.43% of the total sales volume.

You know, in the first 11 months of 2023, the penetration rate of new energy vehicles in China was 36%. Obviously, Changan Automobile is still in a backward state in the field of new energy.

At present, Changan Automobile’s independent new energy brands are only Changan Qiyuan, Deep Blue Automobile and Aouita, which are positioned in the mid-to-high-end market of less than 100,000 yuan, more than 200,000 yuan and more than 300,000 yuan respectively. However, the performance of these three major brands in 2023 is only mediocre.

Among them, Changan Qiyuan, which was officially released in August 2023, had a cumulative sales volume of only 40,000 vehicles by the end of January 2024; The sales of dark blue cars for young people were also flat last year. According to the official data released by Deep Blue, 136,912 vehicles were delivered in 2023, only 68.45% of the annual sales target was completed.

It is worth noting that the original sales target of Deep Blue Automobile in 2023 is 400,000 vehicles, which is 100,000 vehicles higher than the sales target of LI. But in a few months, Deng Chenghao, CEO of Deep Blue Auto, changed his mind at the Shanghai Auto Show and lowered his target to 200,000 vehicles.

In terms of quality, deep blue cars also have frequent problems. In mid-2023, China Automobile Quality Network issued several warnings in succession, saying that the platform received complaints from the owner of Deep Blue SL03 that there were abnormal noise and brake failure in the vehicle braking system, which was sudden, dangerous and uncontrollable, and the consequences were serious. Its safety risk level was high, and consumers were advised to buy it carefully before the related problems were solved. In the list of "China Automobile Brand Quality Ranking in the First Half of 2023" published by China Automobile Quality Network, Deep Blue Automobile ranks first from the bottom.

Aouita, which faces the high-end market, is even worse. In 2023, the sales volume was only 27,589 vehicles, which was only 27.59% of the previous annual sales target of 100,000 vehicles, which was bleak.

In general, Changan Automobile has performed well in the past two years, but Mainly relying on fuel vehicles, the performance of new energy vehicles is flat. . Zhu Huarong, the chairman of the board of directors, once admitted frankly: Changan New Energy is losing money in the whole industrial chain, and the loss is very serious.

Now let’s look at the acquisition of Gaohe. If the price is not high, Changan Automobile can take this opportunity to harvest the technical precipitation of Gaohe Automobile for many years and a high-end brand of new energy.

But judging from the large liabilities and income, A careless acquisition of Gaohe may bring down Changan Automobile, which had developed steadily. .

It is no wonder that the director of Changan Automobile will deny the acquisition of Gaohe Automobile on the interactive platform today.

2

Battle 2024

BYD gave Changan a "duel" at the beginning of the year.

There is a high probability that the acquisition of Gaohe will be ruined. What is certain, however, is that Changan Automobile decided to do a big job in the field of new energy this year.

As mentioned earlier, the sales of three new energy brands under Changan Automobile were bleak last year. In December last year, the senior management of two new energy brands under Changan Automobile suddenly ushered in a big reshuffle.

First of all, at the beginning of December last year, the chairman of Changan’s "son" Aouita was replaced. Zhu Huarong, the chairman of Changan Automobile, also served as the chairman of Aouita, and Tan Benhong, the former chairman of Aouita, was transferred to be the deputy secretary of the Party Committee of Changan Automobile. Subsequently, at the end of December, Chen Zhuo, Vice President of Aouita, was promoted to President, who was fully responsible for the operation and management of Aouita.

In addition, Wang Xiaofei, vice president of Changan Automobile and chairman of Deep Blue Automobile, also joined the Aouita system to assist Zhu Huarong in Aouita operation, major project promotion and key business operation. Wang Jun, president of Changan Automobile, is the new chairman of Deep Blue Automobile.

First, the second-in-command personally took charge of Aouita and Deep Blue Auto, and released a strong signal to the outside world: this year, Changan Automobile will enlarge its recruitment in the new energy field.

One of the evidences is the annual sales target of Changan Automobile this year.

At the 2024 Changan Automobile Global Partner Conference in January this year, Changan Automobile announced this year’s goal:

The total number of scalar vehicles is 2.8 million!

Catch up with BYD, which ranked first in new energy sales last year-3.02 million vehicles.

Among them, new energy:

Changan Qiyuan has 250,000 vehicles, Deep Blue has 280,000 vehicles and Aouita has 90,000 vehicles.

Compared with the sales volume in 2023, Changan Qiyuan will increase by 525%, Deep Blue will increase by 104% and Aouita will increase by 233%. Is not a simple goal.

And deep blue car internal set goals for yourself, even higher: 450,000 vehicles!

It is more than three times the sales in 2023.

△ Deng Chenghao, CEO of Deep Blue Auto, published the 2023 New Year’s essay in Weibo, setting an annual sales target of 450,000 vehicles.

However, this year’s rims are not easy to mix, even bigger than in 2023!

At the beginning of the year, BYD shouted " Oil is lower than electricity. "Slogan, the price of the tram down to 70000 yuan. Among them, Chang ‘an Qiyuan followed closely, reducing the price of Qiyuan A05 by 11,000 yuan. The words "Sword refers to the dynasty" on the poster suspected that BYD Qin PLUS was regarded as an opponent.

But BYD’s big move is not only that.

On February 28th, BYD zoomed in and officially launched the glory version of Song PLUS. Compared with the previous champion version, the new car was further upgraded in terms of configuration, and the price was fully lowered, starting from 129,800 yuan. At the same time, the glory version of seal DM-i was also launched, and the price was as low as 149,800 yuan.

It has attracted countless netizens to call "BYD is crazy" and "too curly"! # BYD Song # also boarded the hot search in Weibo.

Just started the year, BYD gave its friends two "threats". . It can be seen that in the face of such a crazy attack on BYD, it is more difficult for Changan Automobile to achieve its annual sales target.

The Beijing News According to the Beijing Zoo, there are two Siberian roe deer "bags" and "sisters" living in Luyuan on the west side of Beijing Zoo. "Bag" is the "Siberian roe deer with hairy horns" that attracts many tourists to take pictures, and the meek and timid one next to it is "sister". Now that they are chasing and running, who would have thought that "sister" was given a "critical notice" last year?

　

One day at the beginning of December last year, the breeder prepared feed for them as usual. During the observation, it was found that "Sister" had a poor appetite and walked unsteadily, so she immediately contacted the veterinarian, and under the guidance of the veterinarian, she was transferred to a cage suitable for treatment and nursing at the first time, and the grass was added to keep warm, and palatable food was added while feeding in a single circle and focusing on observation.

　

The next morning, the breeder found that the "sister" was lying down in the cage and could not stand, so he immediately contacted the veterinarian. The attending veterinarian rushed to the scene to treat him. When he saw that the animal was prostrate, listless, lost appetite, and basically unresponsive to touch, his condition was in a critical state. This kind of animal was in this state, and it was generally difficult to treat it. According to the preliminary diagnosis, because the "sister" has been raising cubs before, her physical strength is high, and when the temperature drops suddenly, there may be cold stress leading to illness. Veterinarians immediately carried out "infusion" treatment according to the requirements of health management, supplemented nutrition, and took blood samples for testing. The attending doctor said: "Unlike people who are sick, this state of animals may be a precursor to critical illness. It is very important to supplement nutrition and symptomatic treatment immediately."

　

In the next few days, breeders and veterinarians continued to observe the animal’s state and took targeted treatment and nursing measures to make the "sister" from losing her appetite to slowly recovering her appetite, from lying down and unable to stand to standing and stumbling on her own.

　

Under the professional treatment of veterinarians and careful maintenance of breeders, "Sister" has basically recovered at the end of February this year, which also makes its attending veterinarians and breeders breathe a sigh of relief.

　

According to the breeder, in order to supplement the nutrition of "Sister" after her illness, the breeder grinds jujube and peanuts into fine particles every day and adds rehydration salt and glucose to the drinking water, and feeds mulberry leaves and elm leaves to increase crude fiber components to promote gastrointestinal peristalsis.

　

The breeder in charge said: "My sister was greedy when she regained her appetite. She likes to eat dates and peanuts. Just like a sick child, she will give her more every time, but she should try to let her eat more coarse fiber feed according to the veterinarian’s advice." Because the "sister" has not recovered, the breeder needs to increase the frequency of feeding every day to make it eat less and eat more meals. In order to promote it to resume rumination, the veterinarian specially prepared "Simo Soup", which was fed by the breeder.

　

With the joint efforts of veterinarians and breeders, "Sister" finally returned to "Bao Bao" in March, running and chasing heartily in the animal house, and being a happy "silly" roe deer.

　

■ Tips

　

Under normal circumstances, the male Siberian roe deer loses its horns from November to December every year, and begins to grow new horns from January to February of the following year, and grows into velvet horns from March to April, and becomes unglued and ossified in May. Therefore, visitors who want to visit the "Siberian roe deer with hairy horns" should pay attention to the time and don’t miss it!

Editor Fan Yijing

　

　　Express luggage after security inspection is sent to a special luggage transfer car, and enters the D2256 train station of Chengdu East Railway Station through the luggage lane.

　　
　　After all kinds of "chop hands" records of "double 11" were refreshed in the morning, four high-speed express trains carrying e-commerce goods such as SF Express and JD.COM were dispatched from Chengdu East Station that morning, and the goods will be transported to Hangzhou, Nanjing, Hankou and other places in the afternoon or evening to be handed over to e-commerce. This is the first time that Chengdu has issued a high-speed express train.

　　At 8 o’clock in the morning on the 11th, in the warehouse of the sales department of Chengdu East Railway Station of China Railway Express, 69 pieces of express luggage after security check were sent to the special baggage transfer vehicle, and entered the D2256 train station of Chengdu East Railway Station through the luggage lane. These goods were picked up by the staff at the e-commerce office before 4 am that day and received at Chengdu East Station. The train has a total of 8 carriages, and the section near the tail is dedicated to placing express luggage.

　　At 8: 30, the D2256 bullet train departs from Chengdu East Station and will arrive in Nanjing at 21 o’clock that day. "The local China Railway Express outlets organize vehicles to transfer express mail to e-commerce." Kang Feng, secretary of the chengdu railway station Business Department of China Railway Express, said that this year, the high-speed rail express implemented the "station-to-station" cargo transportation service, that is, door-to-door pick-up and delivery. Compared with the previous "warehouse-to-warehouse", the freight transportation was organized and deployed by the railway department in a unified way, which not only provided more intimate service, but also ensured that the goods could be delivered on the same day.

　　From November 11th to 20th, there will be 8 high-speed train emus running between Chengdu and Hangzhou, Nanjing and Hankou in the Yangtze River Delta every day, and each train has a carriage for placing express mail, so that express goods can be received and delivered on the same day. On November 11th, 230 online shopping goods of about 3.5 tons in Chengdu took the EMU to the Yangtze River Delta region, and more than 200 e-commerce goods arrived in Chengdu from the Yangtze River Delta and other places with nearly 4 tons.

　　In 2016, the railway department launched the "double 11" e-commerce Golden Week service for the first time, using the surplus capacity of high-speed rail to transport express mail. (Reporter Wang Meiling)

As its flagship product, Accord has attracted the attention of many consumers since it entered the domestic market. However, since the 11th generation Honda Accord came to us, its sales volume has collapsed to varying degrees, partly because of Honda Accord itself and partly because of its rise and influence. In September of this year, Honda Accord also ushered in its own 2025 models. At present, the car has four models on sale, and the price range is 179,800 yuan-238,800 yuan. In addition, in Taiyuan, the car has a preferential policy of 50,000 yuan, and the price after the discount is 129,800 yuan-188,800 yuan.

In terms of performance, the 2025 Honda Accord is equipped with a 1.5T displacement, which has a peak horsepower of 192 horses and a peak of 260 N m. In terms of transmission system, the car also adopts a CVT continuously variable gearbox. This set of power can also be regarded as a classic power of Guangqi Honda. In terms of performance output, thanks to the precise adjustment of Guangqi Honda, the 2025 Honda Accord has a good performance in both the rear acceleration and the starting acceleration, and the steering wheel of the car is more accurate, the steering sensitivity is also good, and the chassis is also very good for the body shaking, which is obviously friendly to the users.

Of course, the smooth driving experience can only be regarded as the tip of the iceberg for this 2025 Honda Accord. The car also has a good performance in fuel consumption, and its fuel consumption per 100 kilometers is only 6.6L This achievement, combined with the added energy supplement method, also has a good performance in terms of car cost.

Secondly, in terms of space, the 2025 Honda Accord also has a good performance. As one, its length has reached 4,980mm and its wheelbase has reached 2,830mm. This body size also has a good performance in the same class. At the same time, the spacious body size also ensures the seating space in its car. Like my height of 1.75m, I can still have leg space two fists away in the back row, which allows me to easily tilt up. In terms of seat function, the 2025 Honda Accord is equipped with front seat electric adjustment function except for the entry model, and the high-profile models also have front heating and ventilation functions, which has further improved the overall comfort.

In terms of cockpit, the 2025 Honda Accord is still an iconic style. The through-going air conditioning outlet and a large amount of leather material cover make the high-quality texture inside the car even worse. In addition, the 2025 Honda Accord also uses a 12.3-inch suspended central control screen, and the size of the digital instrument has reached 10.2 inches. Obviously, in terms of the size of the display screen, the car has also reached the mainstream level in the industry, so the 2025 Honda Accord has a good performance in the technical texture of the car. In terms of intelligent interconnection function, the 2025 Honda Accord is also equipped with the interconnection function of mobile phones CarLife and CarPlay, coupled with the existence of 4G car network and facial recognition, OTA upgrade and voice recognition system, it is no problem to meet everyone’s daily needs.

Finally, let’s take a brief look at the appearance design of the 2025 Honda Accord. In the front part, the 2025 Honda Accord adopts a new grille design, and the interior of the middle net adopts a black mesh structure, which makes the visual width of the front face even wider with the long and narrow headlight groups on both sides of the front. On the side design, in addition to the sliding back design of the roof, the design of its waistline is also relatively smooth, showing a good sense of movement. As for the tail design, the taillights of the 2025 Honda Accord are not much different from the headlights, and the trunk is also designed with a duckling tail, which undoubtedly further enhances the sporty texture of the vehicle.

Conclude

As a classic car, the 2025 Honda Accord still maintains a fine tradition in driving texture. With a smooth driving experience and smooth economic fuel consumption, it is very suitable for home use. Moreover, in terms of seating space, the B-class car can also meet the car needs of most users and the whole family. In addition, judging from the current preferential policies of the car, if you want to buy a joint-venture B-class family car, this 2025 Honda Accord is obviously one.

Xiong Dunhan took photos by himself.

Who was the first athlete to lap in this Tokyo Olympic Games?

A few days before the opening of the Olympic Games, social networks screened a photo of a beautiful girl-she was tall, beautiful and took exquisite selfies.

But from the photos captured during the competition and training, you can see her "masculinity", with a strong look in her eyes. Coupled with a unique surname and a slightly awkward name, she is particularly noticeable.

She is Xiong Dunhan, captain of the China women’s water polo team.

China women’s water polo team, with Xiong Dunhan on the left in the front row.

At the Tokyo Olympic Games, together with Xiong Dunhan, the China women’s water polo team also gained attention. On the afternoon of the 3rd, the girls regretted that they lost to Spain 7-11 and missed the semi-finals, but their previous performances of beating Japan and Hungary proved themselves.

Behind the face value of Xiong Dunhan is the hardships that the water polo girls can’t see.

Under the face value, it is strength.

Being able to bring his own traffic before the Olympics, Xiong Dunhan’s response was decent and atmospheric.

"I sincerely thank you again for your love. I hope you can pay more attention to my normal state, because every athlete’s sweat on the field is the same as the hard work behind it."

Xiong Dunhan, born in 1998, is only 22 years old this year. Although he is young, he has participated in two Olympic Games. In 2013, Xiong Dunhan’s China Youth Team won the Asian Youth Water Polo Championship and won the fourth place in the World Women’s Water Polo League in 2014.

In July 2016, Xiong Dunhan went to Rio with the team and won the fifth place. In 2018, Xiong Dunhan helped China win the women’s water polo championship at the Asian Games in Jakarta.

In 2018 and 2020, Xiong Dunhan was also selected as the MVP of China Women’s Water Polo Championship.

"I participated in the Rio Olympics as a young player. At that time, my thoughts were not very mature. The Jakarta Asian Games was my first time to participate in the competition as a main center."

In the Asian Games in Jakarta, Xiong Dunhan scored four goals alone in the final. After the game, she cried with her teammate Mei Xiaohan in her arms, and was captured by a photojournalist. Xiong Dunhan said that he cried because he released all the hardships during the pre-competition period.

"For the whole national team, I am grateful. My teammates gave me unreserved support. As a center, I got more chances to shoot. As long as I succeed, the camera will point at me. And you know, the cooperation of teammates passing the ball has made my highlight moment. "

When it comes to the Tokyo Olympic Games, "the best result of our China women’s water polo team in the Olympic Games is the fifth. This time, let’s see if we can set a good record in history. Take dreams as a horse, and live up to its youth. China is in its youth. Come on, girls, let’s fight! "

Xiong Dunhan is in the game.

"Not Xiong Haizi, I want to be the king of beasts."

Xiong Dunhan’s position in the water polo team is the center, which is a very key role. In the overall technical and tactical arrangement, the center position belongs to the offensive focus.

"After practicing for more than a month, I watched the national team’s game on TV. I saw that the center used the hook that I am good at now. This is so handsome. Later I fell in love with this position." 　

With the blessing of love, Xiong Dunhan made rapid progress and grew into the main force of the national team. Because of the key position of the center, there will inevitably be many collisions and "struggles" on the court, but Xiong Dunhan is not afraid.

"When our coach asked me to play center, I had already accepted this kind of struggle, and I liked it very much. That is to say, I was scratched by some unintentional scratches. When I was a child, I felt’ Ah, it hurts’, but I forgot it quickly when I was young, and I recovered. When I grew up, I became accustomed to this kind of thing. "

This Hunan girl is full of passion off the court, and even more brave on the court. She said that although her surname is "bear", she wants to be a tiger.

"Because of the surname, everyone called me bear since I was a child. Now I am the captain of the national team, and everyone still calls me that. But I don’t want to be a Xiong Haizi, I want to be the king of beasts. "

"Someone once asked me why girls like tigers? But I just like the tiger’s domineering and courage. Both opponents and teammates have learned my momentum in confrontation in the swimming pool. "

As a center, Xiong Dunhan wants to attract more firepower. Sometimes when facing the ball flying from the opposite side, she will block it with her face. She will not hesitate-"My first reaction is not to protect herself from injury, but to do something to help the team win."

Over time, in the international water polo world, the bear is also famous for its toughness.

Since you are a tiger, you won’t show your scars easily. During the preparations for the Olympic Games, Xiong Dunhan broke his toe during a training session, and the pain was unbearable. But apart from the team doctor, she didn’t even tell her mother, but she didn’t delay training.

"Since I became a water polo player, I am used to leaving my strongest side to the people I love and not letting them worry about me."

"Injury is a common thing for athletes, and the fracture is very painful, but when I played the game, I forgot that I had a broken foot."

Xiong Dunhan is in training.

Charge signal to strengthen physical fitness

The hot search for Xiong Dunhan has opened people’s understanding of China women’s water polo team.

The young China women’s water polo team was founded in October 2004, and then won the fifth place in the 2008 Beijing Olympic Games. This is not only a breakthrough in the water polo field in China, but also in the water polo field in Asia.

After that, China women’s water polo achieved triple jump-won the third place in the World Cup in 2010; Won the runner-up in the World Championships in 2011; In 2013, we achieved a historic breakthrough and won the first world championship in the FINA World Water Polo League!

In the Asian Games, it won three Asian Games champions from Guangzhou in 2010 to Jakarta in 2018 and staged a "hat trick".

At the Rio Olympics in 2016, China women’s water won the fifth place again.

Xiong Dunhan (left) and his teammates.

In the process of water polo competition, technical and tactical decisions determine the success or failure of the competition, while women water polo players in China are weaker than foreign players in physical strength, so it is particularly important to improve their physical fitness.

Since the end of May, 2020, the China women’s water polo team has sounded the call to strengthen physical fitness, and specially learned from the China rowing team, which is at the leading level in physical fitness training. Girls have to train with the same standard and intensity as rowers every day, which they have never experienced before.

At a symposium, the girls shared their recent training experience. Goalkeeper Peng Linji said:"It is right to increase physical training in this direction. Every game always loses more points and scores less in the fourth quarter, and can’t stand it at a critical moment. "

Peng Lin said that although the training is very hard, the effect is obvious-the reason for the hard training now is to pay back the "debt" of the previous physical weakness.

Team member Huan Wang also said that after the pre-Olympic training, the feeling strength has been greatly improved, and the moving speed of the water support has also been obviously accelerated.

Porobic coaches the players.

Strict "panda coach"

At the same time, during the Tokyo Olympic Games, the national team changed several head coaches.

The current coach is Porobic from Montenegro, because his name is very similar to panda, and the players sometimes call him "Panda Coach" in private.

But his temper is nothing like a tame panda-if the girls don’t behave well in the competition or training, the coach will give no face when he scolds them.

He has a big temper, but "panda coach" really has two brushes-since he taught, it is the action of "water spider" that the team members have to overcome first.

In the past, most of the women’s water players in China used treading water to stay in the water, while the strong teams in Europe and America were prone on the water like spiders, which had a fast line speed and a large defensive area, but required a very high physical reserve.

When "Panda Coach" arrived with this concept, China Women’s Water began a lot of physical training.

Perhaps, the girls of the women’s water polo team suffered a lot, but in Tokyo, they all turned into happiness.