标签： 武汉夜生活

Recently, 66-year-old Lin Qingxia made a rare appearance for an exclusive interview with the media. She, who has not been seen for a long time, has attracted widespread attention from netizens.

On that day, Lin Qingxia wore a solid-colored loose top with a leopard print silk scarf, with exquisite makeup and tight skin, and her temperament was still elegant and noble. Lin Qingxia said that she had lost 11 kilograms in six months at home, and now she is back in a slender and slender state.

In the interview, Lin Qingxia also mentioned that her beauty is achieved through a combination of diet and exercise. Lin Qingxia, who is 66 years old, still insists on the good habit of exercising for 1 hour a day. She often encounters wild boars when climbing mountains, and she gets out of the car to shoot boldly.

In addition to climbing mountains, Lin Qingxia is more passionate about ball sports. She says playing table tennis can not only promote blood circulation, make the skin blow and break, but also prevent Alzheimer’s disease. In addition to table tennis, Lin Qingxia also plays badminton twice a week.

But according to another local media report, Lin Qingxia accidentally injured her right eye when she went out to play badminton with friends not long ago. During this operation, Lin Qingxia not only treated the wound but also solved the problem of cataracts, and her daughter has been carefully watching and accompanying her, which makes her feel warm.

Lin Qingxia officially entered the entertainment industry after filming the love movie "Outside the Window" in 1973, and was widely popular with the public for her superb acting skills and beautiful appearance. Lin Qingxia has rarely appeared in front of audiences since she retired from the movie in 1944.

Today, Lin Qingxia has changed her identity and become a writer. So far, she has published three collections of essays. In 2023, she won the annual supplement award of a magazine, which is also the first award she has won in her 16-year writing career.

Although Lin Qingxia rarely appears, it can be seen from the interview that her agent still has very high requirements for her body management. And Lin Qingxia also has her own opinions on "beauty". She bluntly said that it is very hard to search for beauty after the age of 60. To accept the laws of nature, there is nothing to be afraid of when you grow old and become ugly.

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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.

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.