分类： geryhdfth

Article | Hong Kong Stock Research Institute

Recently, following the termination of Wanda Commercial Management’s bond issuance plan, the Securities Supervision Commission questioned the authenticity of Wanda’s shopping mall sales data, and the freezing of Zhuhai Wanda Commercial Management’s equity by the court, Wanda Commercial Management encountered "water reverse" again – Fitch released a report downgrading Wanda Commercial Management’s rating, and believes that Zhuhai Wanda Commercial Management may not be able to complete the listing before the end of 2023.

The influx of negative news has cast more and more clouds over Zhuhai Wanda Commercial Management’s fourth impact on Hong Kong’s IPO.

And in the Wanda Group debt pressure, nearly 40 billion yuan bet the deadline is approaching, the Zhuhai Wanda Commercial Management impact on Hong Kong stocks, is also considered to be Wanda’s last battle, for this reason, Wanda opened a new round of "sell sell sell". So, in this case, carrying Wanda’s future asset-light model, can it still be bright?

Zhuhai Wanda Commercial Management is the product of Wanda’s commercial real estate sector.

Wanda’s commercial real estate sector once included commercial real estate development, residential real estate development and commercial property management. It is worth mentioning that Wanda’s real estate sales revenue reached 160 billion yuan at the peak, and then with the official proposal of "real estate and housing not speculation", the development of the real estate industry has gradually returned to rationality.

Under this trend, Wanda Commercial changed its name to Dalian Wanda Commercial Management in 2019, and from then on, its business focus shifted to commercial management. In this regard, Wang Jianlin clearly set the tone that the real estate group "does not pursue sales, exists for commercial management, and digests Wanda Plaza residential facilities every year to maintain tens of billions of sales." This choice is also in line with the development trend of the industry.

At that time, China’s commercial plazas were in the second half of the rapid expansion cycle. Data show that from 2016 to 2021, the growth rate of China’s stock commercial plazas, although declining, still maintained an average annual growth rate of about 15%. The total number of commercial plazas increased from 2,862 to 5,936. For the business management giant Wanda, the business management business undoubtedly has a lot of room for development.

But since then, with the high land prices in first- and second-tier cities and the frequent emergence of "land kings" in the core area, Wanda’s previous asset-heavy business management model of self-built commercial plazas has been unsustainable due to the need to invest a lot of money. Therefore, in 2021, Dalian Wanda Commercial Management will divest its business again, and establish a new subsidiary Zhuhai Wanda Commercial Management to conduct asset-light operations in commercial property management business, and strengthen its business layout in third- and fourth-tier cities.

In fact, compared with real estate companies such as Vanke, Country Garden, and China Resources, which mainly focus on residential development, Wanda has accumulated profound experience in the operation and management of commercial plazas. Moreover, the shift in the focus of industry development has also provided a rare opportunity for its expansion in third- and fourth-tier cities. Since the beginning of the new century, in the construction frenzy of Chinese shopping centers, there have been obvious geographical stratification. In the first ten years, 60% of the new shopping centers were concentrated in four first-tier cities, and then began to gradually extend to second-tier cities. In recent years, with the increasing vacancy rate of shopping centers in first- and second-tier cities, the expansion of the industry has also begun to sink.

With the continuous improvement of brand power in low-tier cities and the advantages of low capital investment and fast replication of the asset-light model itself, Zhuhai Wanda Commercial Management has experienced a wave of expansion. According to the prospectus, by the end of 2022, Zhuhai Wanda Commercial Management managed a total of 472 commercial plazas, of which 288 were from the parent company and 184 were owned by independent third parties, accounting for nearly 40%. In contrast, in recent years, real estate companies that have also begun to develop an asset-light model have made slightly slower progress. For example, China Resources Vientiane Life, a subsidiary of China Resources Real Estate, has an operating income of only 4.20 billion yuan as of 2022, and the projects under management still mainly come from the parent company, accounting for 86%.

At the same time, Zhuhai Wanda Commercial Management’s operating performance is also quite eye-catching. According to the prospectus, Zhuhai Wanda Commercial Management will achieve revenue of 27.10 billion yuan in 2022, net profit will reach 7.50 billion yuan, and the return on net assets is quite high. Its net assets equivalent to 4% of the parent company’s net assets contributed 72% of the total profit of the parent company Dalian Wanda Commercial Management. Strong profitability has also made Zhuhai Wanda Commercial Management Wanda’s "cash cow". From 2019 to the first half of 2022, the cumulative cash dividend will be 13.273 billion yuan, the vast majority of which will flow to Wanda Commercial Management, which holds nearly 80% of the shares.

If you look at it alone, after layers of stripping, Zhuhai Wanda Commercial Management seems to have "crossed a thousand mountains in a light boat". However, when you zoom in to the entire Wanda system, things may not be so easy. It can be said that Zhuhai Wanda Commercial Management’s light asset operation is still moving forward with a heavy load.

When Zhuhai Wanda Commercial Management was established in 2021, it introduced a group of heavyweight investors up to 38 billion yuan in financing. As a bet, Zhuhai Wanda Commercial Management needs to be listed before the end of 2023. If it cannot be listed as scheduled, it will not only have to repay the entire investment of 38 billion yuan in cash, but also pay an additional 8% interest.

Now, after the failure of multiple submissions to the Hong Kong Stock Exchange, the end of the bet is approaching. At the same time, due to multiple factors, Wanda Film and other sectors continue to slump, and financing is limited, Wanda Group’s debt problem has become increasingly prominent.

On April 28, Dalian Wanda Commercial Management disclosed the 2022 corporate bond report on the Shanghai Stock Exchange. As of December 31, 2022, the company’s short-term borrowing balance was 5.046 billion yuan, an increase of 948.74% year-on-year; the non-current liabilities due within one year were 68.768 billion yuan, an increase of 304.12% year-on-year. In June, Wanda Commercial Management issued bonds with a quota of 6 billion yuan and was forced to terminate the issuance. The financing channels were significantly tightened, which was related to Zhuhai Wanda Commercial Management’s delay in listing.

It can be seen that for Wanda, the Zhuhai Wanda Business Management sprint IPO is largely an important attempt to revitalize the overall situation. But even putting aside the pressure of capital and other aspects and returning to the asset-light operation model itself, Zhuhai Wanda Business Management is also facing no small challenges.

Compared with the asset-heavy model, the asset-light model has two main advantages. First, it is no longer necessary to pay attention to land acquisition, construction, etc., but focuses on the operation of shopping malls. After the professional division of labor is clearer, it can give full play to its strengths, thereby improving business performance. Second, the traditional asset-heavy model itself has accumulated a large amount of funds, and its expansion speed is bound to be constrained by the scale of funds, while the asset-light model only exports brand and management, which greatly reduces the demand for funds, so it can achieve rapid expansion, and once the operation model is formed, it can be quickly replicated, and the scale effect is more prominent.

As mentioned above, Zhuhai Wanda Commercial Management has been able to expand significantly, largely due to the asset-light model itself. However, after a wave of rapid expansion, Zhuhai Wanda Commercial Management’s subsequent continued growth is also facing uncertainty.

In recent years, under the policy tone of reducing leverage and debt, there are not a few real estate enterprises that attach importance to the asset-light model, such as Country Garden, Longhu, Vanke Printing, China Resources Land, Joy City Holdings, and Baolong Real Estate. They have all accelerated the layout of asset-light projects. For example, Xincheng Holdings will have 31 Wuyue Plaza openings in 2023, and sinking cities will dominate.

At the same time, the oversupply of domestic commercial plazas has gradually become apparent. Data show that from 2017 to 2022, the number of commercial plazas with a rental rate of less than 70% in China increased from 7,800 to 10,948, and it is estimated that it will reach 13,182 by 2027. With the overall oversupply compounded by the influx of many leading real estate enterprises, the market competition in the commercial management track may become more intense.

In this competition landscape, although Wanda business management plans to open 51 in 2023, and focuses on the distribution of third-, fourth- and fifth-tier cities, with the rise of a number of unique emerging business entities, the increase in its acquisition may be more limited.

Moreover, under the predicament of debt pressure, there are frequent news of Wanda’s sale of projects in the market. After the "century sale" of 13 cultural tourism projects and 77 hotels packaged and sold in 2017, Wanda seems to be going to stage "selling, selling" again this year. Relevant actions include selling Wuhan Hanjie Wanda Plaza to SKP Group, transferring more than 80% of the equity of the partnership to China Huarong, reducing its holdings of Wanda Film 37.1877 million shares and cashing out 447 million yuan. In addition, there are rumors in the market that Wanda will sell more than 20 shopping malls in Jiangsu, Zhejiang and Shanghai.

The non-stop sale of assets has also attracted speculation that Wanda’s so-called "light assets" are actually "clearing assets", and some industry insiders believe that Wanda’s clearing assets may now affect the basic business of Zhuhai Wanda Commercial Management.

However, according to Wanda Group, the follow-up operation rights of the equity transfer projects are still retained by Wanda Commercial Management, which is not affected by the equity change, and most of the projects sold are heavy asset projects and are not under the umbrella of Zhuhai Wanda Commercial Management. From this point of view, there may be no need to worry too much.

In addition, in the medium and long term, the industry still has room to explore its business potential in the future. The main reason is that in the construction of a new development pattern, with the increasing fundamental role of consumption in economic development, shopping malls still have great development value as large-scale physical consumption platforms that can meet a variety of needs.

In terms of management scale, Zhuhai Wanda Commercial Management is already the world’s largest commercial square operating company, with a construction area of 65.60 million square meters in the management mall, exceeding the combined second to tenth place in China. From the perspective of the rental rate, an important indicator to measure the operation capacity of business management enterprises, Zhuhai Wanda Commercial Management’s leading position is also very consolidated. According to the prospectus, as of 2022, the average rental rate (excluding parking spaces) of Zhuhai Wanda Commercial Management reached 98.6%; over the same period, Xincheng was 95.13%, Longhu was 93.9%, and the printing power was 93.2%.

Based on this, if Wanda Commercial Management continues to strengthen its refined operations, establish a better ecosystem for its asset-light model operation, and meet the current stock demand to the greatest extent, such as its recent launch of the "Wanda Smart Business Platform", which provides integrated value-added services for merchants in the four scenarios of location selection, rental, store opening, and operation, it may be conducive to breaking through many constraints and promoting the potential of the asset-light model to a greater extent, thereby demonstrating greater investment value and taking this bumpy road to listing.

　

　　CCTV NewsOn December 21 last year, Beijing introduced a new policy on online car-hailing, and left a 5-month transition period for the policy. The transition period will officially end tomorrow. How is the online car-hailing market today? What about the situation of drivers?

ride-hailing

　　Beijing’s new policy for online car-hailing requires "Beijing people and Beijing cars". If your conditions happen to fully meet the requirements, you will be more optimistic in the face of the upcoming new policy, and you will receive more orders than before. If you are not a Beijing citizen, after the new policy for online car-hailing is implemented, you will no longer be able to take orders. In the face of the implementation of the new policy, drivers are happy and worried, while passengers report that it is difficult to take a taxi.

　　The implementation of the New Deal makes it difficult to restart a taxi?

　　During the transition period of the new policy of online car-hailing, some online car-hailing platforms began to gradually stop sending orders to drivers who did not meet the regulations. There were fewer vehicles in operation, and the direct feeling of passengers was that it was "difficult to take a taxi". Not only did it take a long time to order a car, but sometimes it even took a price increase to get a car. During rush hour and night time, especially in more remote places, it was difficult to get a car. At the same time, the price was higher than before, the same as that of taxis or even slightly higher.

　　According to the data of the Didi platform, from the data of the success rate of express taxis at different times in Beijing in March, the period with the highest success rate was 10:00 to 17:00, with an average success rate of 83.2%; the lowest was 21:00 to 23:00, with an average success rate of only 54.1%, indicating that nearly half of users’ demand for taxis could not be effectively met.

　　Management needs to be adapted to local conditions, not cookie-cutter

　　Passengers have different opinions on the new policy, but most of them say that it is indeed not as cheap and convenient as when online car-hailing first appeared. In fact, as a new thing of Internet +, when online car-hailing entered the market, a large number of non-operating vehicles and private car owners were rapidly expanded, and there were no restrictions on people and cars. At the same time, many online car-hailing platforms provide large subsidies to drivers and passengers. On the one hand, drivers can receive a large amount of subsidies for each order, which has stimulated more non-operating vehicles to join the market; on the other hand, high subsidies also allow passengers to spend very little money or even no money to use online car-hailing to travel.

　　Experts believe that the online car-hailing market tends to be standardized, which is an inevitable trend of its development. The previous "super convenient" and "super cheap" will only appear in the short term and cannot last forever. In second- and third-tier cities and the outer suburbs of big cities, there are not very congested areas, and many of them have insufficient transportation capacity to meet the travel needs of passengers. In this case, restricting the household registration and models of online car-hailing like big cities is not in line with the market development direction. The management of online car-hailing also needs to be adapted to local conditions, and it is not suitable for "cookie-cutter".

　　Convenient travel requires passengers to change their mindset

　　At present, in addition to Beijing, Shanghai, Shenzhen, Guangzhou and other places have successively issued detailed rules for the management of online car-hailing platforms, which basically strictly stipulate the operating vehicles and personnel of online car-hailing platforms.

　　Many people feel that it is inconvenient to travel for a period of time. They used to like to use the Internet to book a car every day, but now they may not be able to get a car, or the price is too expensive and there is no subsidy. But you can choose another way to travel. You can go out and ride a shared bicycle to the subway first, and then ride a shared bicycle to the unit after getting off the subway. The price may be cheaper, so people may have to change their thinking now.

　　How should the future online car-hailing market develop?

　　According to statistics, in the current "Implementation Rules for the Management of Online Booking Taxi Business Services" in 73 places, more than 80% require online car-hailing drivers to have local household registration or residence permits, 90% require online car-hailing to be local number plates or local registration, and more than 40 cities have proposed standards for online car-hailing wheelbases and given online car-hailing "guide prices".

　　Although online car-hailing is indeed not as convenient as before to a certain extent, with the development of shared bicycles, shared cars, and public transportation, a three-dimensional transportation network is gradually being built.

Recently, a number of car company heads and auto industry bosses have spoken out against the current auto market in different public occasions, and a number of popular opinions have triggered rounds of heated discussions. Whether it is about "rolling prices" or "rolling technology", although the topics discussed are different, there is one thing in common behind it, that is, "oil trucks" are no longer the center of everyone’s discussion, as if oil trucks have disappeared from the public’s attention.

However, just in the past May, the SAIC Volkswagen Tiguan LPro was officially launched under the label of "the smartest fuel car", bringing traditional fuel vehicles back into the market’s attention.

In fact, if you look at it objectively, there have been two historical moments in the domestic passenger car market in the first half of the year when the market share of fuel vehicles was surpassed by new energy vehicles. Once, in the first half of April this year, the retail penetration rate of domestic new energy vehicles exceeded 50%; another time, in the third week of May this year, the insurance volume of domestic new energy passenger vehicles exceeded that of fuel vehicles, exceeding 50% for the first time, reaching 50.2%. The meaning of exceeding 50% is that fuel vehicles have become a non-mainstream choice in the automobile consumer market.

Compared with Huawei Hongmeng Zhixing (Q Jie, Zhijie), Wei Xiaoli, and BYD, they have been competing in the automotive market in recent years, whether in terms of volume or sales, the entire oil car market has become increasingly quiet.

Lu Xun once said, "If you don’t erupt in silence, you will perish in silence." Right now, traditional fuel vehicles have reached such a moment. And the arrival of Tiguan L Pro, can you heavy the ambition of fuel vehicles to fight back?

■How do fuel vehicles break the circle?

Traditional fuel vehicles have come to this point not because they did something wrong. On the contrary, it was the fault of "doing nothing". In the wave of intelligence, traditional fuel vehicles have almost universally chosen to stay out of it. It seems that there is an insulating relationship with "intelligence". Data shows that no matter what price of fuel vehicles, the configuration rate of high-end intelligent driving is close to 0.

Among them, on the one hand, there are "experts" who have come out to determine that the oil car cannot be intelligent. The reason is that the small battery of the fuel car cannot support the power demand of various sensors of the intelligent driving system; in addition, the mechanical structure of the fuel car also seriously hinders the response speed of the intelligent driving system, so the oil car is classified as an old product that is not suitable for intelligent.

On the other hand, behind the fuel vehicles are large-scale traditional car companies. The accumulated investment in technology, equipment, personnel, and capital in the field of fuel vehicles over the past century has made it not so easy for their elephants to turn around. This also gives the outside world an impression that traditional fuel vehicles have been photographed on the seabed by the current intelligent wave, and have disappeared from the attention of everyone for a long time.

But are oil trucks really not suitable for intelligence? The answer is no.

Some time ago, DJI Automotive proposed "the same wisdom of gasoline and electricity", hoping that technology can benefit "everyone" and achieve true "scientific and technological equality". From the perspective of DJI Automotive, it does not pick the type of power model, that is, whether it is a fuel car, a hybrid car, or a pure electric car, the intelligent driving system can effectively get on the car.

"The electronic architecture of the entire car is actually updated very quickly. For the current mainstream fuel vehicles, as long as it has the basic distributed A DAS, it has basic by-wire control." The person in charge of DJI Automotive once explained whether the fuel vehicle can be equipped with the intelligent driving system. "If a fuel vehicle has not planned the intelligent driving solution in advance, but the electronic architecture meets the needs, it can also be modified, which takes 9 to 18 months."

Looking at the market, there are still huge users of fuel vehicles. To some extent, although the development iteration of fuel vehicles has slowed down, it has not stopped.

In fact, as early as 2018, Volkswagen and DJI Automotive were exploring how to put the latest high-end intelligent driving system on the car. The concepts of the two parties are very compatible: users still have demand for fuel vehicles, and for these users, they cannot be deprived of the opportunity to enjoy intelligent driving.

■Leveraging DJI, Tiguan L Pro made a sample for the oil trucks

At the end of May, Tiguan L Pro stood up and gave samples to all the oil trucks. In short, the core of Tiguan L Pro’s solution is to leverage DJI and cooperate deeply with it to create an IQ. Pilot intelligent driver assistance system.

Unlike the "LiDAR + high computing power" scheme used by most new energy vehicles, this system uses the inertial navigation binocular scheme. Although it is also classified as a pure vision scheme, unlike Tesla’s pure vision scheme, DJI’s intelligent driving system is based on the principle of parallax imaging, which allows Tiguan L Pro to sense the traffic environment and identify obstacles like human eyes, and then realize the L2 ++ driving auxiliary feature in the range of 0-130km/h.

Of course, as the "result" of joint cooperation, only the system of DJI is not enough. The new MQB EVO intelligent digital architecture behind Tiguan L Pro plays a key role. It is equivalent to providing the soil for the IQ. Pilot intelligent driver assistance system to survive and grow, which is also the key to making "oil and electricity common wisdom" a reality.

It is understood that the new MQB EVO intelligent digital architecture is also the most intelligent intelligence system of Volkswagen to date. The most core functions in the high-level intelligent driver assistance system, such as adaptive cruise, lane keeping, intelligent obstacle avoidance, intelligent parking, collision warning (automatic braking) and other Tiguan L Pro are available.

In addition, compared with new energy models, the intelligent cockpit of Tiguan L Pro based on the new MQB EVO intelligent digital architecture is no less. First of all, in terms of basic configuration, it is equipped with Qualcomm 8155 car-grade chip (Qualcomm’s flagship chip of the 3rd generation Snapdragon cockpit platform), with 12 GB of memory + 128 GB of memory, and supports 5G communication. On this basis, things like AR navigation, intelligent voice interaction, intelligent joint control car, scene engine, and third-party app are also available.

Regardless of hardware or software, although Tiguan L Pro is an oil car, it is almost the same as a new energy vehicle in terms of car experience. More importantly, the cost of this system of DJI is much lower than other solutions on the market.

According to the person in charge of DJI, since it does not include lidar, high-precision maps, etc., DJI’s system can be realized at only about 7000 yuan. This is compared with the lidar solution with a hardware cost of 2-30,000 on the market.

In fact, just two days ago, Yu Chengdong once again stressed in public that "Huawei Hongmeng Zhixing 300,000 the following cars, sell one at a loss". From this perspective, compared with the new energy vehicle companies with nine out of ten losses, from traditional oil vehicles to "smart oil vehicles", the cost advantage is also a window of opportunity for oil vehicles to counterattack.

■The fuel truck counterattack is imminent

Based on the current development status of the car market, the most urgent thing for the oil trucks is when can they "take the first step"? After all, based on the current development speed of new energy vehicles in the car market, time waits for no one.

Although Tiguan L Pro took the lead in making a sample, this model alone is far from enough. At least, the momentum is far from comparable to the "has the voice over" in the market such as Wei Xiaoli and BYD, which are popular in the market. You know, today’s market consumption of the main crowd is different from five years ago, ten years ago. Actively embrace market demand and change, only earlier is not the earliest.

"Tiguan L Pro"

Especially when the measured cruising range of plug-in hybrid models is already close to 2,000 kilometers, the market position of traditional fuel vehicles has become more subtle. For now, the only way to break the inherent thinking is to break through. Too many cases show that under the torrent of the development of the times, if you do not take the initiative to change to adapt to the times, the outcome is often only waiting to be eliminated by the times.

Of course, in addition to time, another key point in the turnaround opportunity of the oil car is the unblocking of the overall operation thinking of the car companies. This is also another layer of thinking brought by Tiguan L Pro.

At the Tiguan L Pro launch conference, in addition to releasing the price of the new car, SAIC Volkswagen also launched a repurchase interest. The launch of this interest means that in this oil car counterattack, Tiguan L Pro cleverly fought back against the "unintelligent oil car" and accurately attacked the life door of the tram "not preserving value". In the context of the continuous backstabbing of old car owners in the price of new energy vehicles, this will undoubtedly affect the decision-making of some consumers when purchasing vehicles, and put the oil car back on the car purchase list.

But for the current oil vehicle market, what needs to be clarified is how many oil vehicles will follow in a short period of time after Tiguan L Pro? Or how many oil vehicles can be close to or enter the same competitive dimension as new energy vehicles in the field of intelligence?

It is understood that in addition to launching the smartest fuel car – Tiguan L Pro, SAIC Volkswagen is also working with Intel and other companies to create a smart travel ecosystem. In the opinion of Yu Jingmin, executive vice general manager of SAIC Volkswagen’s sales and marketing, "fuel" and "intelligence" are not mutually exclusive. In the field of intelligence, fuel cars can also make a big difference.

Although the growth rate of the new energy vehicle market is rapid, in terms of absolute sales and market user stock, the oil car is definitely the mainstream. Before the Tiguan L Pro, for those users who like intelligent products, there was no choice in the market except for new energy models. The arrival of the Tiguan L Pro at least allows the oil car to regain the opportunity to be selected.

The counterattack of traditional fuel vehicles has just begun.

　　CCTV News:The "Five Years of Forging Forward" exhibition showcasing China’s great achievements in the past five years was held at the Beijing Exhibition Center from September 26 to November 26. The exhibition attracted many visitors and showcased China’s many achievements in the fields of science and technology, medical care, culture and anti-corruption in the past five years.

　　Walking into the exhibition hall, we can see many successful examples of new rural construction. After the Chinese government has increased infrastructure building and taken various poverty alleviation measures, local people’s living standards have improved and the economy has become prosperous. In addition, through the exhibition, we can also learn about the rapid progress of China’s science and technology field, such as the large fire extinguishing/water rescue AG600 amphibious aircraft, as well as unmanned cars and artificial intelligence robots. China’s self-developed Beidou satellite navigation system (BDS) is impressive, and the demonstration of intelligent health service robots and medical examination systems and 3D printers is also refreshing.

　　An interactive experience that allows you to experience the power of the Beidou satellite navigation system　

　　Beidou satellite navigation system is one of the most advanced satellite navigation systems in the world. The exhibition area provides interactive experience equipment such as flying emulator and car driving emulator equipped with Beidou satellite navigation system, which allows visitors to experience the clarity and accuracy of Beidou system firsthand. Visitors can also understand the super scale and super functions of Beidou system through the Beidou system model and brief introduction in the exhibition area.

　　As a mature satellite navigation system, the Beidou system has been widely used. As early as the 2008 Wenchuan earthquake disaster, the Beidou-1 system has played an important role in disaster relief. Affected by the earthquake, local communications, electricity and transportation were almost completely destroyed, and the disaster area was completely lost from the outside world. The Beidou Central Control System and the Beidou Navigation Emergency Team established to deal with the disaster have provided reliable and real-time large amounts of data for rescue operations. In addition, since 2010, the border guards in Yunnan Province have been fully equipped with the Beidou-1 positioning system, which is used to strengthen border patrols and combat border crimes.

　　According to the plan, by 2020, China will complete the network of 35 Beidou-3 satellites, building a Beidou global system that rivals and surpasses GPS in some indicators, and can provide services to the world. At that time, Beidou will achieve even greater achievements. Of course, it is believed that there will also be rich profits. According to reports, the annual turnover of the Beidou system has reached 31.50 billion US dollars.

　　"Intelligent Health Service Robot" invites you to take a quick physical examination

　　Another highlight of the exhibition is the "intelligent health service robot" that is already being used in remote areas of China. Visitors can experience a free quick medical examination on the spot. Visitors simply put their ID card on the robot’s scanner, and it can identify your personal information. Then the person in need of the medical examination stands on a scale, reaches his left arm into a blood pressure meter, and holds another test instrument in his left hand. The robot can quickly analyze some basic indicators to detect whether the person has a problem. The test results can also be transmitted electronically to the designated hospital.

　　The device was developed and produced by a company in Xianyang, Shaanxi Province, and has been in use for more than a year. It is mainly used in Qinghai and Gansu provinces in northwest China. It is especially suitable for the elderly who live in rural areas and are not very convenient to go to large hospitals for medical examinations. With a large rural population and many still living in areas with inconvenient transportation, this kind of medical examination method that can provide door-to-door service, coupled with reasonable price, can indeed bring convenience to villagers in need, so there should be a very broad market prospect.

　　3D printing technology is refreshing

　　Another popular exhibit is a 3D printer. The staff in the exhibition area can print beautifully designed and complex three-dimensional patterns on the spot with slurry made from mashed potatoes. Although the exhibition area demonstrates only the "small tricks" in 3D printing, we can also see the advantages and future trends of 3D printing. China, one of the world’s largest manufacturing countries, has enthusiastically embraced the technology of 3D printing. Sales of 3D printers in China have increased year by year in the past few years, and sales are expected to exceed 20,000 units by 2020.

　　While the industry is still in its infancy in China, companies across the country are already using 3D printing in innovative ways. In early 2017, Blu-ray Innox in Chengdu, Sichuan, used 3D bioprinting technology to successfully print blood vessels and transplant them into rhesus monkeys. The success of this test is an important breakthrough in 3D printing medicine and the first step in the history of 3D printing of human organs. (Author: Colin Robinson, British, CCTV foreign expert)

　　At the Cross Street Store of BBK Supermarket, Yongding District, Zhangjiajie City, Hunan Province, takeaway workers are queuing up to pick up goods ordered by citizens. Xinhua News Agency reporter, Chen Sihan

　　From three meals a day to fresh vegetables, from general merchandise to drugs and sundries, takeaway services now cover many aspects of people’s lives. According to the 48th Statistical Report on the Development of China’s Internet Network recently released by China Internet Network Information Center, as of June 2021, the scale of online takeaway users in China reached 469 million, an increase of 49.76 million compared with December 2020, and the growth rate was the most obvious in various survey applications. With China’s economy stabilizing and improving and the supervision of the takeaway industry further strengthened, the digitalization level of the takeaway industry continues to improve, new consumption trends are highlighted, and the industry coverage is more diverse.

　　"Running errands" service is very popular

　　Go home and prepare to watch a TV show, order a box of fresh cut fruit first; forget to bring a power bank when you go on a business trip, order takeaway and buy one quickly, and don’t panic if you have an electric phone… Nowadays, the extension of the concept of "takeaway" continues to expand, and the industry coverage is more diverse.

　　Open Meituan takeaway and choose Meituan flash sale. Drinks and snacks, fresh fruits and vegetables, flowers and green plants, pets and mothers, medicine, digital books and other categories can be delivered to home within 30 minutes to 2 hours. Data show that in the second quarter of this year, Meituan flash sale transactions and transaction amounts increased by more than 140% year-on-year. Among them, flowers and medicines maintained a high growth momentum and continued to outperform other categories. In addition to delivering goods, services can also be delivered. It is reported that Meituan’s errand service is divided into two parts: "help pick up and deliver" and "help buy". It hopes to provide users with instant delivery services within the same city when they are unable to get away, anxious, and need to save time, trouble and effort, freeing people who do not have much leisure time from trivial matters and making life more worry-free.

　　On the Ele.me platform, the number of orders for takeaway drugs increased by 10% in July and August this year, an increase of 130% year-on-year. Ele.me and major pharmacies launched the "Small Late Night Pharmacy" activity, and nearly 5,000 pharmacies in more than 500 cities across the country achieved 24-hour health and urgent delivery services, meeting the needs of users for late-night medication.

　　The instant home business of providing consumers with food and beverages, vegetables and fruits, flower cakes, medicine and health, household daily necessities, and digital goods by the Internet retail platform is also known as instant retail. Usually, riders can deliver to their door within 30 minutes to 2 hours after users place an order.

　　During the epidemic prevention period, the instant delivery business represented by fresh food and medicine has developed rapidly, and together with food and beverage takeaway, it has helped to benefit people’s lives and stabilize the economy. According to the "2021 China Instant Retail Industry Research Report" released by iResearch Consulting, from the demand side, consumers expect to buy a relatively balanced proportion of categories on the instant retail e-commerce platform, and there is immediate consumption demand for all kinds of goods; from the supply side, the current local life services have extended from food and beverage takeaway to fresh fruits, household daily necessities, flowers and gifts, medicine and health, book merchandise and other goods. The instant retail scene also covers supermarkets, convenience stores, pharmacies, bookstores and other offline places.

　　Technology improvement, accurate delivery

　　"In the past, I was most worried about the surge in takeaway orders during the midday rush hour. Almost every day, there would be missed orders and wrong orders. Especially when I was busy, I couldn’t take care of operating my mobile phone. As a result, there was no rider to pick up the meal when the meal was ready. Sometimes the meal time was not allowed and it was easy to have conflicts." Mr. Li, the owner of a takeaway restaurant in Wuhan, Hubei Province, lamented. "After using the digital store opening aid, there will be no rush during the lunch and dinner peak periods, and the takeaway business will be even more prosperous."

　　The digital store opening aids mentioned by Mr. Li are cloud printers and "food delivery assistants", developed by the takeaway platform. The cloud printer is a takeaway order printer that can automatically receive orders and print quickly, which can automatically print orders stored in the cloud; "food delivery assistant" is a new type of intelligent scanning code device. Scanning the takeaway order number can immediately report the status of "food delivery" and notify the rider to deliver to the store.

　　"We have been using it for a while, and we feel that the operation is quite convenient. The cloud printer can automatically accept orders, and there will be no more cases of missing orders during peak periods. The’food delivery assistant ‘allows riders to judge the time of picking up meals more accurately," Mr. Li said.

　　At present, more and more small and medium-sized catering merchants have opened the takeaway model, quickly and without omission to accept orders and timely docking rider delivery, which has become the biggest demand of merchants. The auxiliary tools provided by the takeaway platform can effectively improve the digital management level of small and medium-sized merchants.

　　Some store owners pointed out that in addition to the improvement of digital hardware, instant retail e-commerce also helps retail stores in many ways. For example, retail stores are small in scale and large in number, mainly mom-and-pop stores, with traditional sales methods, lack of direct grasp of consumer data, and cannot accurately judge consumer needs. After connecting to the online takeaway platform, instant retail e-commerce can rely on technical capabilities and big data advantages to accurately understand consumer behavior, provide consumer portraits and consumer needs for small stores, help retail stores select products, and empower retail stores to digitally upgrade.

　　Industry insiders believe that the digitalization of the service industry is an emerging track. Apps like Ele.me and other life services continue to focus on the user’s "side economy" at the front end to meet user requests; at the back end, it is the continuous digitalization of merchants to help merchants better acquire and manage users and improve operational efficiency.

　　Industry supervision is gradually improving

　　You can see the processing environment and production process of takeaway food, and display the order volume and other data on the takeaway platform in real time – this is the digital takeaway supervision system "Zhejiang Takeaway Online" that was officially launched recently. Zhang Genming, director of the Zhejiang Provincial Market Supervision Bureau, introduced that in response to the characteristics of the new economy and new business models, "Zhejiang Takeaway Online" creatively launched scenarios such as "reasonable time" for takeaway delivery, "AI inspection" in the kitchen, "data portrait" on the platform, and "business risk perception" for merchants. For example, the system calculates the riding time and walking food delivery time for the rider, and then automatically generates a "reasonable time" for takeaway delivery after considering traffic congestion and weather conditions. The rider completes the delivery task within this time period, and the platform cannot deduct its performance. Consumers cannot arbitrarily give bad reviews.

　　It is reported that since the practice run, "Zhejiang takeaway online" has completed the information verification of 293,000 merchants on the online ordering platform, confirmed that the main body of catering registration 205,000, online access to more than 6,000 Sunshine Kitchen, and promoted more than 7,000 takeaway merchants to commit to using takeaway seals, 3372 takeaway merchants committed to using plastic-limited packaging, accessed 339,000 takeaway rider data, and jointly promoted the coordinated governance of takeaway platforms.

　　In recent years, the takeaway industry has developed rapidly, resulting in problems such as plastic pollution, algorithm hegemony, rider violations, food safety, and after-sales disputation. Actions to standardize the management of the takeaway industry are continuing to follow up. State Regulation for Market Regulation and other seven departments recently jointly issued the "Guiding Opinions on Implementing the Responsibility of Online Catering Platforms and Effectively Safeguarding the Rights and Interests of Takeaway Deliverymen", which put forward all-round requirements for protecting the legitimate rights and interests of takeaway deliverymen such as labor income, labor safety, social security, and employment environment. Previously, State Regulation for Market Regulation investigated and dealt with suspected monopolistic behaviors such as "choosing one of the two" on takeout platforms in accordance

　　With the significant strengthening of industry supervision, the social security of flexible employment groups, including food delivery riders, has received more attention. Relevant improvements and sound measures will promote the development of online food delivery in the direction of healthy norms.

On September 5, the future smart luxury coupe – Avita 12 made its world debut in Munich, Germany. As one of the brand’s first coupe models and dual flagships, Avita 12’s stunning styling has attracted attention from all walks of life.

"It’s so beautiful, I think it’s a model with a close to full score in appearance," some netizens commented, and this view was echoed by many netizens in the comment area. It is understood that the Avita 12 is positioned as a medium and large new energy coupe, with a body length of 5020mm and a wheelbase of 3020mm.　

According to reports, Avita 12 is designed by the Avita Global Design Center in Munich, Germany, and adheres to a forward-looking, extreme, and pure design philosophy.

The car has a bright three-dimensional curved surface and a high streamline profile, which makes the whole vehicle have a high degree of design recognition. At the same time, Avita 12’s creative lamp design, in addition to the iconic E-shaped LED curvature headlight group, also exclusively created a HALO screen, so that the car does not stop running, but also becomes an emotional intelligent partner for users, bringing unique human-vehicle interaction.

At the same time, Avita 12 has a number of unique designs, such as double zero gravity seats in the front row of the car, smart light-sensitive front windshield, smart light-sensitive panoramic canopy, 35.4-inch 4K panoramic widescreen. At the same time, there are high-definition streaming media inside and outside rearview mirrors, rearless porthole hatchback design, etc., so that this car shows a strong sense of future technology.

In terms of interior design, the cockpit of the car adopts a minimalist design concept. Each door is individually equipped with a clamshell-style hidden storage space to ensure the storage capacity while maintaining the visual consistency and privacy of the cockpit. The center console also adheres to this principle, adaptively lifting and lowering the wireless charging island and cup holder to give users intimate details.

It is understood that Avita 12 is the second product born in the "new generation of intelligent electric vehicle technology platform – CHN", equipped with HarmonyOS 4.0, also equipped with Huawei’s high-end intelligent driving system ADS 2.0, reducing dependence on high-precision maps, to achieve high-speed sections, urban sections and parking links and other full scene coverage driving experience. In the fourth quarter of this year, Avita 12 will be delivered in the Chinese market.

Upstream News, Sangjian

　　After the Steam store domain name had been added to MIIT’s illegal Internet site blacklist, the reporter asked MIIT staff about the matter, and the other party replied: Although I don’t know the specific reason why Steam was blocked, it is definitely because of the platform’s illegal behavior. As for whether it can be removed from the blacklist after rectification, and whether domestic players can log in normally in the future, the staff said they don’t know.

In the car home Zhenjiang preferential promotion channel, the current preferential car series is. The discount range of this model in Zhenjiang area is very large, with the highest discount amount reaching 15,000 yuan. The minimum starting price is 137,800 yuan. If you are interested in this model, you can click "Check the car price" in the quotation form to get a higher preferential car purchase price.

Starway Eta Ursae Majoris is an SUV with a modern and scientific sense, and its design is fashionable and atmospheric. The car adopts a unique front face design, and the air intake grille adopts a polygonal design, which makes the whole front look wider and more stable. The body lines are smooth and the overall style is very smooth, giving people a very elegant feeling. In addition, the car also uses LED headlights to make it safer to drive at night. The side of the car body adopts streamlined design, which makes the whole car look more dynamic and increases aerodynamic performance. The rear of the car body adopts a unique design, which makes people shine. In a word, the exterior design of Star Road Eta Ursae Majoris is excellent, and it is a very recommended model.

Star Road Eta Ursae Majoris is a medium-sized SUV, with a body size of 4781*1920*1671mm and a wheelbase of 2815 mm. The body lines are smooth and strong, showing a luxurious and atmospheric style. The car has a front track of 1641mm and a rear track of 1642 mm. It is equipped with 235/55 R19 front and rear tires, and the rim design is fashionable, which further enhances the sense of movement of the whole car. The smooth lines on the side of the car body highlight the elegance and dynamics of the car, and people can be attracted by it at a glance.

The interior design of Starway Eta Ursae Majoris is full of modernity, with a leather steering wheel, which is comfortable and supports manual up and down+front and rear adjustment. The 12.3-inch central control screen has large size and clear display effect, and supports the voice recognition control system of multimedia system, navigation, telephone, air conditioner, skylight and window, which is convenient and practical. USB/Type-C interfaces are configured in the front and rear rows to meet various charging requirements. The front row also has a mobile phone wireless charging function. The seat is made of imitation leather. The main driver’s seat supports front and rear adjustment, backrest adjustment and height adjustment (2-way), while the co-pilot’s seat supports front and rear adjustment and backrest adjustment. The rear seats support the proportion of falling down, and the space is flexible and variable. The overall interior design is simple and atmospheric, which meets the aesthetic needs of modern consumers.

Starway Eta Ursae Majoris is equipped with a 2.0T 261 horsepower L4 engine, with a maximum power of 192 kW and a maximum torque of 400 N m.. Equipped with 7-speed wet dual-clutch gearbox, which makes the shift smoother and the power output more efficient. This engine not only has strong power performance, but also has excellent fuel economy, providing drivers with an excellent driving experience.

Conclusion:

Thanks to car home car owners for sharing, your true evaluation is very valuable to us. Although Eta Ursae Majoris’s net white is not good enough in your eyes, the matching of black makes this car more harmonious and attractive. The side design is really a highlight of Eta Ursae Majoris, which is unforgettable. We believe that every car owner has different preferences for cars, and for Eta Ursae Majoris, its charm lies in its diversity and individuality. No matter which color you choose, you can find its unique beauty. Thank you for your support and encouragement. We will continue to strive to provide better products and services and bring you a better driving experience.

[car home Urumqi Promotion Channel] Good news! Good news! If you buy a car now, you will have the opportunity to enjoy a discount of up to 186,000! This highly acclaimed SUV model is currently being promoted in Urumqi, with a minimum starting price of 708,900. If you want to know more about the discount details, you may wish to click the "Check Car Price" button in the quotation form to get a higher discount!

Volvo XC90 New Energy is a luxury SUV with simple overall style, which shows the essence of Nordic design. The front face adopts a unique chrome grille, with sharp LED headlights and exquisite fog lights, which makes the whole car look more fashionable and dynamic. The body lines are smooth and concise, which highlights the exquisiteness and luxury of the car. The rear part, the use of black glass area and chrome-plated decorative strips make the rear look more exquisite and increase the layering of the vehicle. Generally speaking, the design of Volvo XC90 new energy is simple and elegant, fashionable and dynamic, showing the perfect combination of luxury and technology.

Volvo XC90 New Energy is a medium and large SUV with a body size of 4953*1958*1772mm, a wheelbase of 2984mm, and tires with front and rear tracks of 275/45 R20. The car side lines are smooth and dynamic, showing a luxurious and steady style. The moderate height of the car body makes the whole car look more atmospheric, and the combination of the length and width of the car body also makes the interior space more spacious and comfortable.

The interior design of Volvo XC90 New Energy is simple and elegant, with luxurious materials and exquisite craftsmanship to create a high-quality driving experience. The steering wheel is made of leather, which supports manual up-and-down and forward-and-backward adjustment, making it convenient for the driver to adjust to the most comfortable position. The central control screen is 9 inches in size and equipped with voice recognition control system, which can control multimedia system, navigation and telephone. The front and rear rows are equipped with USB and Type-C interfaces, which is convenient for passengers to charge. The front row also has a mobile phone wireless charging function. The seats are made of fabric and leather. The main driver and co-pilot seats support the adjustment of front and rear, backrest, height, leg rest and lumbar support. The driver’s seat and co-pilot seat also have heating, ventilation and massage functions. The second row of seats supports front and rear and backrest adjustment, and the rear seats can be laid down in proportion, flexibly adapting to different space requirements. Generally speaking, the interior design of Volvo XC90 New Energy is full of humanity, providing passengers with a comfortable and convenient driving experience.

Volvo XC90 New Energy is equipped with a 2.0T 310 HP L4 engine with a maximum power of 228 kW and a maximum torque of 400 N m.. The car is equipped with an 8-speed automatic gearbox, which can provide a smooth shifting experience and ensure the high efficiency and robustness of power output. This engine not only provides sufficient power, but also pays attention to fuel economy, bringing users a more environmentally friendly and economical driving experience.

Thanks to the owner of car home for sharing his comments on Volvo XC90 new energy. From his words, we can feel his love for this model. The body lines are simple and not so sharp, which makes him feel very suitable for his age, and the design of Raytheon’s hammer headlights and Viking axe also impressed him. He said that the score of the front is higher than that of the rear, which also proves the success of Volvo XC90 new energy in design. Overall, the design of this model has been affirmed and appreciated by the owner.

　　Economic Daily-China Commercial Automobile Network News On June 5, the Great Wall Gun Off-road pickup truck was officially launched, and three national six gasoline 8AT models were launched in the first phase, including the advanced four-wheel drive version of 169,800 yuan, the advanced four-wheel drive version of 179,800 yuan and the limited four-wheel drive version of 199,800 yuan. The diesel version will be available in July.

Zhang Haobao, Deputy General Manager of Great Wall Motor Sales Co., Ltd.

　　Life is full of unknowns, and surprises always flash inadvertently. Whether exploring, climbing or cross-country, it is a magical process of repeatedly examining yourself and discovering the world. They make us persevere, see the scenery that others can’t reach, make friends all over the world, and make us fear nature and life. Because of them, we live a broader life. At this conference, An Bang, an outstanding photographer in China’s gold medal list, Shao Jianhui, an off-road vehicle driver and life explorer, and Bin Sun, coach of the international mountaineering team and torchbearer of Mount Everest in 2008 Olympic Games, shared their own life experiences respectively.

China Jinbang Excellent Photographer Anbang

Shao Jianhui, an off-road vehicle driver and life explorer

Coach of international mountaineering team and torchbearer of Olympic EverestBin Sun

　　Great Wall Gun is the first global pickup truck brand in China. Its birth has created a new category of passenger pickup trucks and led China pickup trucks into the 3.0 multi-purpose passenger era. No matter photography, cycling, rock climbing, fishing, or exploration, camping, yachting, RV, the Great Wall Cannon can be easily handled. This lifestyle has been divorced from the simple value of pickup trucks, but has connected a complete consumer ecosystem with interests as the starting point. As a family universal car, the Great Wall Gun covers the whole scene of cars, SUVs, station wagons and light trucks, which can completely expand the life radius of consumers and let them live a vast life and meet amazing lives.

　　As the first all-terrain mass-produced off-road pickup truck in China, the Great Wall Gun off-road pickup truck ended the era of imported pickup trucks dominating off-road circles and opened a new chapter in Chinese off-road pickup truck culture with its strong product strength.

Lv Wenbin, Deputy General Manager of Chongqing Branch of Great Wall Motor Corporation

　　Great Wall gun off-road pickups are naturally powerful, and more than ten unique off-road equipment with fever level, China pickups, were assembled for the first time. Seven driving modes, three locks, tank turning, and all-terrain tires of Bailuchi KO2 are not afraid of dangerous road conditions, making off-road easier; Creeping mode, original winch and wading throat ensure driving safety and make off-road more calm; Nitrogen shock absorption, off-road expert mode, multi-link rear suspension and off-road information display improve driving pleasure and comfort and make off-road more comfortable.

　　In addition, the latest generation 9.3 version of ESP, 360 look around system, intelligent lane departure warning, ACC adaptive cruise and other configurations provide security with technology. CN95 air filter, 6 airbags and high-strength chassis armor ensure driving safety and care for every wonderful moment.

　　Compared with SUV, pickup truck not only has strong off-road performance, but also has strong loading capacity. The open container means unlimited modification possibilities. The Great Wall gun off-road pickup truck has several reserved refitting positions and power interfaces, which can provide "box liberalism" type ever-changing containers.

Jiang Bo (right), pioneer of box free life and senior cross-country expert

　　It is reported that from now on, consumers can buy cars through the official flagship store of Great Wall Motor Tmall/JD.COM and the dealers of Great Wall pickup brand, and they can also enjoy the five gifts of listing:

　　Car booking gift: customers who book cars before June 30, 2020 can enjoy a high-end intelligent off-road gun car model (1: 18) when they pick up the car;

　　Financial gift: customers who buy cars before July 31, 2020 can enjoy a three-year zero-interest financial policy (except those who enjoy car subsidies in Chongqing);

　　Replacement ceremony: 5,000 yuan high replacement subsidy.

　　Interconnection ceremony: basic services are free for life, entertainment services are free for 3 years and exclusive services are free for 1 year.

　　Service Gift: The engine/transmission warranty is extended from 3 years or 60,000 kilometers to 4 years or 100,000 kilometers.

　　Since its listing, the Great Wall Gun has been in short supply. In the past May, Great Wall Cannon achieved the best monthly sales of more than 10,000 vehicles, and continued to rank first in the sales of high-end pickup trucks. Help the Great Wall pickup truck to have a market share of nearly 50% in 2020, and the cumulative global sales volume exceeded 1.7 million.

　　In recent years, Great Wall Motor has actively promoted the development of pickup truck culture in China, promoted the establishment of pickup truck association, formulated pickup truck classification standards, and initiated many activities to lift the ban on pickup trucks. Chongqing, Jinan, Ningbo, Nanchang and other provinces and cities have gradually lifted the ban.

　　Great Wall Gun surpasses the joint venture in terms of products, wins the joint venture in terms of sales volume and is comparable to luxury cars in terms of service. It is understood that Great Wall Gun will provide users with online and offline integrated super services based on more than 2,500 sales and service networks around the world; Great Wall Gun will build a brand experience center in the core cities of the country, set up off-road extreme experience bases in Alashan, Everest and other regions, and build an open and shared pickup truck life community with the cross-border brand alliance, customer alliance and merchant alliance of Great Wall Gun as the link to create a full-scene pickup truck life.

　　From China cannon to global cannon, Great Wall pickup truck will be the first in domestic and export sales for 22 years, with global R&D, global manufacturing and global sharing as the standards, accelerate the globalization process in an all-round way, compete with international mainstream pickup truck brands on the same stage, and become the top three in the world. Create an amazing experience for users around the world and make the Great Wall Gun popular all over the world!