After 1.1 billion yuan of "advertising door",There is also a big alarm.

　　BYD has always been regarded by many people as the leader of domestic new energy vehicles and the spokesperson of domestic independent brands. In just five years after listing, the operating income reached 100 billion yuan. However, with the release of the 2017 annual report and the first quarter report of 2018, it shows that BYD’s operating conditions are not optimistic. This paper discusses and analyzes BYD’s operating conditions from the financial point of view.

　　Affected by the decline in subsidies for new energy vehicles, BYD’s net profit in 2017 fell by 19.5% year-on-year, and its net profit in the first quarter of 2018 plummeted by 83.1% year-on-year. And in a quarterly report, it is estimated that the net profit attributable to shareholders of listed companies will drop by 82.59% to 70.98% from January to June this year.

　　The 1.1 billion "advertising door" incident in July this year pushed BYD to the forefront of public opinion. Some critics outside believe that such an incident has exposed some problems in BYD’s management. Will management problems have an impact on the company’s business? We can observe its real operating ability and financial situation by analyzing its financial statements.

　　The difficulty of profitability and growth ability

　　Table 1 BYD’s gross profit margin in 2015-2018

　　Table 2 BYD’s net interest rate in each period from 2015 to 2018

　　As can be seen from the chart comparison, although BYD’s gross profit margin has declined slightly in recent years, it is still relatively stable, but the net profit rate has generally declined since 2017, reaching 1.07% in the first quarter of 2018, down 71.16% year-on-year. At the same time, according to the 2017 annual report, although BYD’s operating income increased by 2.36% year-on-year, its net profit returned to its mother decreased by -19.51% year-on-year, and its non-net profit decreased by 35%. Then we will horizontally analyze the results of BYD’s main business income and gross profit margin in 2017 compared with the same industry to determine the reasons for the decrease in profits. BYD’s main business is mobile phone parts and assembly, automobiles and related products, rechargeable batteries and photovoltaics. We take Foxconn, Beiqi New Energy,For comparison.

　　Table 3 Comparison of gross profit margin and changes of BYD’s main businesses with the same industry in 2017

　　It can be concluded that the yield of BYD’s mobile phone sector and assembly industry is good, but the yield of automobile industry and battery and photovoltaic industry is worrying.

　　On the whole, there are four reasons.

　　First, the state subsidies for new energy vehicles have fallen sharply. In 2017, the subsidies for new energy vehicles fell by about 20%, which directly led to the decline of the company’s performance. If the new energy policy continues, this unfavorable factor will continue.

　　Second, industry competition has intensified. I am in 2017The total sales volume of automobiles in the whole year was 777,000, and all major automobile companies showed strong interest in the field of new energy vehicles, such as established BAIC, GAC and SAIC, and emerging Weilai and Tucki, which doubled the pressure on BYD. And in 2018, joint venture brands also began to enter the market, and BYD will face more intense competition.

　　Thirdly, BYD’s power battery industry is under great technical pressure. At the same time, it has been suppressed by Contemporary Amperex Technology Co., Limited, and its battery sales have been surpassed.

　　Fourth, considering the cost, the prices of the four core raw materials for manufacturing batteries have risen steadily, which has greatly reduced BYD’s battery profits. It is predicted that if these four problems can’t be solved in time or enterprises can’t find another way in the future, BYD’s profitability and growth ability will continue to decline.

　　Table 4 Sales volume of domestic mainstream independent brand new energy vehicles in 2017

　　Pressure of debt repayment

　　Table 5 BYD in 2015-2017,、Solvency index

　　Comparing BYD with two companies in the same industry, it is found that BYD’s solvency is significantly lower than that of the other two companies, which deserves our attention. In particular, the quick ratio and cash ratio are far lower than those in the same industry, which shows that there are risks in the short-term solvency of enterprises, and cash and cash equivalents are difficult to repay the current liabilities borne by enterprises. At the same time, it also proves that BYD’s accounts receivable and inventory are relatively high in the same industry. Then let’s analyze the status of BYD’s inventory, accounts receivable and prepayments.

　　Table 6 Changes of BYD’s inventory, accounts receivable and prepayments in 2015-2017

　　BYD’s accounts receivable increased by 24.20%, prepayments increased by 312.24%, and inventory increased by 14.32%, which was amazing. These data potentially show that BYD does not hesitate to sell on credit in order to expand the market and improve its competitiveness. At the same time, its bargaining power has begun to weaken in the face of suppliers. Excessive inventory also affects the turnover efficiency of enterprises and increases the occupation of funds. All these situations are warning the increasing financial pressure of enterprises.

　　Operational capacity that needs to be improved urgently

　　Table 7 Operating Capacity Indicators of BYD, Changan Automobile and Yutong Bus in 2015-2017

　　The data shows that BYD is also under pressure compared with its peers in terms of operational capacity. Compared with the industry, BYD’s inventory turnover days, total assets turnover rate and average collection period are weak. In 2017, average collection period is even 21 times that of Changan Automobile, while the inventory turnover days are about 4 times that of Yutong Bus, which reflects the poor liquidity of enterprises and highlights the urgent need for improvement in their current assets management.

　　The core reason why the 1.1 billion "advertising door" incident has had such a great impact on BYD is that once this incident is settled, BYD needs to bear part of the responsibility, which is undoubtedly unbearable for investors. After all, BYD’s net profit in the first quarter of this year was only 102 million yuan.

　　No matter from the "advertising door" incident or the above analysis of BYD’s operation from the financial indicators, they all sounded the alarm for BYD’s management. As a leader in energy vehicles, it needs perfect corporate governance, and more importantly, it needs excellent results to repay investors. Otherwise, investors will vote with their feet.

From January to July this year, the cumulative sales volume of Chery Group was nearly 1.3 million vehicles, up 45.4% year-on-year. Among them, SUV sales continued to maintain the first domestic market share in the first half of this year! In order to achieve further progress, following the listing, a number of SUV models of Chery Automobile will be upgraded in the second half of this year. At the recent 2024 Chery Automobile Mid-year Business Conference, a number of new models, such as brand-new, 25 models, 25 models and sports versions, were collectively unveiled. Let’s take a look.

Seeing the 7 Sports Edition at first sight can’t help but give people a sense of sight of Land Rover Aurora. Fangzheng’s full front is equipped with an inverted trapezoidal blackened air intake grille, which is connected with rectangular LED daytime running lights on both sides. In addition, the English logo on the hood and the tough trapezoidal lower grille are exactly the same as Land Rover Aurora. At the same time, it is not difficult to find that the shape of the split headlights of the Tiggo 7 sports version is quite similar to that of the exploration 06, and the side of the car body also adopts a sliding-back suspended roof, which is basically consistent with the hidden door handle.

The blackened wheels and red brake calipers are not absent, and the external "small schoolbag" storage box at the D-pillar position is more wild and beautiful. The tail also uses a penetrating taillight, but it is redesigned for the rear enclosure, adding a diffuser-style silver guard plate, with an extended reflective strip and a blackened tail, and the fighting feeling is ready. The "AWD" logo means or will be equipped with the full-scene intelligent four-wheel drive system of the same paragraph of Exploration 06. It is expected that the power will also be equipped with Kunpeng 1.6TGDI engine +7DCT gearbox.

The 25 models of the Tiggo 7 PLUS are equipped with a front face design similar to that of the Tiggo 8L. The larger air intake grille is supplemented by chrome-plated lattice elements, coupled with the sharp double "L" headlights and the exaggerated "C"-shaped air duct, which makes people feel more domineering. The side of the car body presents a more slippery shape, chrome trim strips are added to the lower edge of the window, and the chrome trim at the side skirt is also adjusted. In terms of power, refer to the current Tiggo 7 PLUS, providing 1.5T and 1.6T engines, matching CVT or 7-speed dual-clutch gearbox.

The change of the new Tiggo 8 PLUS is also obvious.The rounded air intake grille adopts dense X-shaped chrome-plated elements, and the split headlights are replaced. Among them, the sharp daytime running lamp is added with the element of "Dapeng spreading its wings", and the lower rectangular far and near light group is integrated with the "C"-shaped air duct, and connected with the grille through blackened decorative panels, further enhancing the visual tension. In addition,Brand new tiggo 8 PLUSIt will also be equipped with hidden door handles, brand-new turbine wheels, penetrating taillights, etc., and add a variety of trendy car colors.

According to the previously exposed real car map, the new Tiggo 8 PLUS will adopt an interior style similar to that of the Tiggo 8L. The simple center console is equipped with a suspended large screen, a full LCD instrument panel and a HUD head-up display, which is very scientific and technological. And comfortable facilities such as electronic pocket guard, wireless charging of mobile phone, Queen’s co-driver with electric leg rest, boss key, Sony stereo, etc. are also available. In terms of power, the new Tiggo 8 PLUS will continue to be equipped with 1.6T and 2.0T engines, of which the 2.0T engine will match the 8AT gearbox.

As the flagship model of the Tiggo family, 25 Tiggo 9 models will be replaced with more dense straight waterfall air intake grille, which will give you a sense of dignity, and the redesigned transverse front enclosure will undoubtedly have more visual impact. The huge and full body with the brand-new dense wheel hub continues to emphasize the flagship positioning. With reference to the current model, the whole system is equipped with a 2.0T engine, with a maximum power of 192kW (261HP). The transmission system is matched with 7DCT or 8AT gearbox, and equipped with timely four-wheel drive and CDC "magnetic suspension".

Of course, the information about the new car has yet to be officially announced, and we will continue to pay attention. Then, what do you think of Tiggo 7 Sport Edition, 25 Tiggo 7 PLUS, the new Tiggo 8 PLUS and 25 Tiggo 9? Welcome to leave a comment.

入伍20多年，郝井文苦练精飞，从一名普通飞行员成长为优秀战斗员、指挥员。（万全/摄）

　　CCTV News(Reporter Kong Hua) Above the blue sky, under the sky, there is a group of people who fight in the sky, defend the security of the motherland’s airspace, and patrol the vast airspace. They are the Chinese Air Force aviation personnel, and they are called "dancers on the tip of the knife".

　　After more than 20 years of enlistment in the army, the flight time exceeded 3,000 hours, protecting the blue sky and blue sea of the motherland, and our Air Force fighter flew over the Tsushima Strait to make up the captain aircraft – Hao Jingwen, is the "king" of this group of dancers.

郝井文驾驶战机起飞。（万全/摄）

　　Hao Jingwen, a special-rank pilot of the Air Force, is currently a brigade commander of the Air Force Aviation Brigade. Hao Jingwen’s unit is a force with a deep tradition and outstanding combat achievements. He has fought in North Korea twice and shot down and wounded 59 enemy aircraft.

　　"Coming to this army is like a good student coming to a good school, with a good head teacher and a good deskmate," Hao Jingwen said: "Because of the deep tradition of the army and advanced modern equipment, it is difficult to come here without wanting to become a talent. Because of this, the responsibilities and missions on your shoulders are greater and more glorious."

　　Hao Jingwen, who became a talent here, has successively won the "Golden Helmet" of the Air Force’s first anti-air combat competition, won the second-class merit once, and the third-class merit five times. He was honored as the "All-Army Love Army Essential Martial Model", and grew from an ordinary pilot to an excellent combatant and commander.

　　As a soldier, he always went into training in the state where the battle started today; after taking up the leadership position, every time he was in a critical and dangerous task, he flew the first sortie and fired the first live ammunition; he took the lead in breaking the peace problems of not training and not training, and took the lead in carrying out actual combat training courses such as night bombing and shooting of a certain type of aircraft, free air combat at sea, and tactical air refueling in the whole air force, striving to maximize the load, hit the border with live ammunition, and fly as far as the sea.

　　Hao Jingwen set his sights on the future battlefield and took the lead in establishing an information warfare research center to explore informatization, process-based, and standardized training norms. Considering that the future battlefield must be a system competition, he conducted in-depth research on integration issues and organized pilots to visit ground guidance, radar, and reactance units for many times to determine the position of quasi-aviation units in system operations. Since the establishment of the brigade in 2017, he has taken the initiative to conduct collaborative exercises with other military services to solve a number of combat problems by leveraging the advantages of the theater.

　　Where is the interests of the motherland, where is the duty of the soldiers. In 2013, our country set up the East China Sea Air Defense Identification Zone, Hao Jingwen piloted the police patrol; in 2017, he served as the captain of the fighter aircraft to cover the H-6K before leaving the Tsushima Strait.

　　Bring a fledgling eagle to become an eagle, and bring out a sharp knife team

郝井文和他的尖刀战队。（万全/摄）

　　When he got the "Golden Dart" in 2018, the vice captain of the flight, Tang Shuyao, was still under 30 years old.

　　In 2017, due to physical reasons, Tang Shuji missed the opportunity to participate in the international military competition. Two months later, he received a notice that he was going to participate in the "Golden Darts" event.

　　Hao Jingwen said that he was chosen because his talent and achievements were there, and there was no special channel; secondly, if he didn’t overcome this psychological barrier and get out of the shadow of failure, I’m afraid he would not be able to pass this barrier in the future. Therefore, give him a chance, give him a chance to defeat himself and defeat failure; "Besides, this small failure can’t stand it, so if you encounter a war, will you be able to survive it?"

　　From the sharp reprimand at the beginning to sitting in the back cabin without saying a word, Tang Shuyi was under the tremendous pressure brought by Brigade Commander Hao Jingwen. The night before the "Golden Darts" competition, he was both nervous and excited. It was not until the next day that he completed the competition that his heart that had been hanging for several months was slightly relieved.

　　"Winning the’Golden Dart ‘is proof of the past. It doesn’t mean that he will still train and perform missions like other pilots in the future." Hao Jingwen said that it is absolutely impossible for the young eagle to become an eagle without experiencing ups and downs.

　　In 2011, Hao Jingwen won the first "Golden Helmet" of the Air Force with a big score. Since then, under his leadership, the army has won the first place in the actual military training competition of the Air Force "Golden Helmet" and "Golden Dart" for 6 times. 10 people have won the "Golden Helmet" and 6 people have won the "Golden Dart", ranking first in the entire Air Force. Hao Jingwen led a sharp knife team that fights against the sky.

　　It is this outstanding combat team that has repeatedly completed major tasks such as air rights protection for the Diaoyu Islands, regular control of the East China Sea Air Defense Identification Zone, and actual combat military training in the Western Pacific.

　　"A strong person is not strong, a strong team is the real strength. Just like, five fingers, only when they are clenched together and form fists can they have strength and win." Hao Jingwen said.

　　Flying, for the peace of the motherland and the people

郝井文驾机带队训练。（黄振伟/摄）

　　The pilot selected from the "Thousands of Troops" is a well-deserved proud son of heaven. However, if the proud son of heaven wants to become a "dancer on a sharp knife", he still needs to follow the path of "talent + diligence".

　　In the eyes of the soldiers, the severity of Brigade Commander Hao Jingwen was a bit "terrifying".

　　No matter night or rainy night, no matter thunderstorm or strong wind, "even if a knife is fired", as long as certain takeoff conditions are met, Hao Jingwen will take the lead in flying, he said, "War will not happen when the weather is just right."

　　No matter whether it is training or competition, even playing basketball, football and singing, Hao Jingwen also wants the team to strive for the first place. He said that "there is only life and death on the battlefield, victory and defeat."

　　哪怕飞得再好，也难听到他一句表扬，哪怕出现一点小的问题，也会招来他厉声斥责，他说，“宁让你一人哭，不让你全家哭。”

　　养兵千日，用兵一时。

　　2015年，在一次远程“奔袭”过程中，郝井文带队的编队遭遇“特情”。

　　“我们一共8架飞机起飞，旅长是长机。出发时，天气预报天气正常，一个多小时飞到那片海域时突遇积雨云。是飞过去还是绕过去？飞过去，会不会遭遇雷暴等危险；绕过去，油料够不够？这一切需要旅长在很短时间做出决定。他要求我们保持队形，跟他一起飞过去，我们在黑色圆柱似的云层间隙中穿行，在云层里飞了20多分钟，当时感觉每一分钟都很长。”回忆当时一幕，副参谋长王立至今还感觉十分惊险，“飞出积雨云又遇突发状况，由于海面风高浪急，目标靶点被吹跑了。此时又该怎么办？旅长指挥我们，避开航线在安全区域低空盘旋，经与地面指挥员联络确定攻击目标后，命中目标，我们才顺利返航。”

　　“旅长，是那种你找不到突破口，他会奇迹般地给你指一盏灯的人。”王立说。

　　说起那次经历，郝井文说，“随机应变是一个指挥员必备的素质”。

　　“从高空俯瞰祖国大地，万家灯火，安宁祥和，特别的自豪。特别想说，‘祖国的每一寸领空交给我们，请放心。’”铿锵有力的承诺是20多年苦练精飞的辛苦付出，郝井文经常用一句话勉励自己、激励战士，“强者都是含着眼泪在奔跑。”正是他们的艰苦实干，无悔付出，才有千家万户亿万人民的安宁祥和。

"You came so fast that the dog was saved." The nurse in a pet hospital in Changping, Beijing, said excitedly to the courier Zhang lei. When I saw that the whole medical team was relieved, "I felt relieved, especially when I arrived at the pick-up place and saw the customer’s face anxious, I knew how important it was for him to have a dog undergoing surgery and waiting for blood." Zhang lei said, "As soon as I received the goods, I delivered them at high speed. After I arrived safely, I forgot to ask the customer for the high-speed fee."

In the fast-paced modern life, the demand for urgent delivery service is increasing day by day. According to the data of iResearch, the total market size of the express delivery industry in China has increased from 164.1 billion yuan in 2019 to 338.5 billion yuan in 2023 with a compound annual growth rate of 19.8%, and it is expected to further increase to 809.6 billion yuan in 2028 with a compound annual growth rate of 19.1%. According to the revenue in 2023, Flash Delivery occupies 33.9% of the independent one-to-one express delivery service market in China, and it is the largest independent one-to-one express delivery service provider in China.

What makes flash stand out in the fierce market competition and become the first choice of many users at important moments?

Ten years of focus on one-on-one

"Anxiety is given to the flash, and the heart is more calm!"

Flash was established in 2014. At that time, thanks to the efforts of logistics enterprises such as "Three Links and One Reach", SF Express, China Post and JD.COM, the number of express delivery in China surpassed the United States to become the first in the world. Faced with the situation that several major logistics giants have firmly occupied the market, it is not easy to find a breakthrough in flash delivery. Do you choose to join the price war or find another way?

Focusing on the quality service of "one-on-one express delivery", the mode of "one-on-one express delivery, specially giving you this order" was introduced. With the point-to-point delivery throughout the process, the efficiency and service quality were greatly improved, and a new space was created among the giants. Today, there are 2.7 million registered riders.

In August this year, Shangpu Consulting Group awarded the market position certification of "Flash Delivery, One-on-One Delivery of Leading Brands for Ten Years in a row" to Flash Delivery. Nowadays, the flash service covers a wide range, covering 295 cities across the country, and provides 7×24-hour online service. Users can place orders anytime and anywhere and enjoy a convenient on-call experience. In terms of delivery time, the platform takes an average of 7 minutes to pick up the pieces and delivers them to the whole city within 27 minutes.

The disadvantage of this mode is obvious, that is, the rider’s cost is high, but when it is urgent to deliver a document or electronic products and other valuables, the one-to-one mode can greatly improve the efficiency compared with the single mode, and at the same time, the path is synchronized in real time, so that consumers can check the trajectory of the goods at any time, which greatly improves the safety of goods transportation. "Refusing to spell the bill" also makes the one-on-one special delivery on important anniversaries not only about gifts, but also about emotions, so that the recipients can feel psychological satisfaction and happiness.

"Flash is one of the few profitable enterprises in the industry, which has been profitable for seven consecutive quarters; In contrast, choosing personalized and high-end services means losing some price-sensitive users and sacrificing a certain market scale. The single mode pursues low prices and is in a relatively low-end position in the industry, which can attract a large number of price-sensitive consumers. The market scale is large, but the profit margin is limited. "

With the rapid expansion of "CtoC, BtoC" mode, the sense of gain brought by quality service to users has become the core competitiveness of flash. In the future development, flash delivery aims at the potential market space of third-and fourth-tier cities, further expands the service scope, seizes the first-Mover advantage, forms scale barriers, and realizes incremental market expansion; Within the existing service scope, flash delivery can further optimize logistics technology and distribution routes, and use big data to screen and analyze suitable distributors to further enhance the user’s experience; The rise of the new retail model provides a new growth point for timely delivery service, and Flash delivery can provide a one-stop logistics solution in cooperation with online and offline retailers. Through the integration with new retail, it can not only bring new business opportunities for flash delivery, but also expand the service depth and further improve the core competitiveness of flash delivery.

The positive feedback from individual users and merchant users is also constantly promoting the user scale growth of instant delivery enterprises. According to the user survey, 37.1% of users think that the distribution demand derived from work exceeds 20% of the total demand. On the one hand, it will encourage B-side merchants to gradually recognize the instant delivery brand and put it into use, and improve the penetration rate of instant delivery among B-side users, especially the service demand of high-end brands and high-end distribution. At present, Flash has reached cooperation with famous brands such as Tuhu Car Maintenance, Haidilao, SKP and Chow Tai Fook. Flash delivery accounts for a very high proportion in the auto parts distribution of Tuhu car maintenance and the high-end catering delivery orders of Haidilao, because other platforms are difficult to meet the high-quality distribution needs of these brands.

On the other hand, the delivery demand of B-end users can be completed by the instant delivery enterprise, which can optimize the consumer experience, improve the service quality of B-end users, and further promote the trust of C-end users in the instant delivery brand. This is also verified by the cooperation between Flash and Tik Tok. For example, with the recovery of the cultural tourism industry, travel photography has become a new trend, and "Flash Service for Hanfu Return" has become a new landscape of national tourist cities. Users’ demand for one-to-one express delivery service with higher efficiency and greater certainty is constantly rising, and the distribution demand is increasingly diversified and personalized.

Quality makes professional trust.

In order to be in an invincible position in the fierce logistics industry, high-quality service is the foundation of the company.

Flash captures three important scenes: flash for urgent delivery at important moments, flash for gifts to important people, and flash for delivery of important items, so as to build a brand, which not only solves the urgent needs of users, but also firmly occupies the minds of users, making users less anxious and more calm.

In an emergency, the "one-to-one express delivery" mode of flash delivery can guarantee the timeliness and make the delivery more certain. Shi Quan, Fangshan District, Beijing, once received an order for a pair of leather shoes from Bairong Mall in the South Third Ring Road to Liangxiang. "At that time, the merchant said that it must be delivered before ten o’clock. After that, I realized that the groom had no leather shoes on the wedding day. Although I said that I was in a hurry, I didn’t delay people’s lifelong events. I still have a sense of accomplishment. "

When sending a message to an important person, the "one-on-one express delivery" mode of flash delivery highlights the sense of respect and exclusive delivery shows more concern. On Mother’s Day, Zhang Shiyang sent a flower 15 kilometers away to a sanitation worker who was sitting on a small bench and videotaping his son. When he finished the order, he saw the sanitation worker happily holding up these red flowers to talk with his son. At that moment, the beautiful flowers carried his son’s heavy love for his mother.

At the same time, because flash delivery does not spell orders or mix delivery, it can better ensure the safety of items. Therefore, many users will trust flash delivery when delivering important items. Xie Jun, a flash worker in Hunan, once sent a SLR camera to a user. When picking up the camera, the camera was only wrapped in a canvas bag. For fear of lens damage, Xie Jun specially found a foam box and cloth strips, carefully packed the camera before leaving, and successfully delivered it to the recipient. His responsible attitude won the praise of the user, and the other party then recommended the flash to all colleagues in the office.

It is precisely because of the user-centered thinking, reliable service and emotional value recognition brought to users that Flash stands out in the fierce market competition and firmly occupies the leading position in the industry. According to the survey of users of instant delivery service, the proportion of users who are satisfied with flash delivery is 25.3%, and the satisfaction of users based on personal experience is better than the industry average, and the proportion of users who are satisfied and very satisfied is 82.0%. In addition, 30.2% of users are very willing to recommend flash to other users, and the customer conversion rate is also higher than the industry average.

If flash delivery helps customers complete every single spell with "good service" and "fast speed", marketing is a "slow communication" model. This process of improving customer experience, accumulating individual users’ recognition of the brand itself, and promoting word-of-mouth brand communication can not be achieved overnight.

"Flash is not the current business, but the future business." Yu Hongjian, co-founder and CEO of Flash, is full of confidence in the future of Flash. Flash provides people with not only the delivery of goods, but also the satisfaction brought by high-quality service, winning the trust and loyalty of users with intimate service and achieving professional trust with quality.

Explore future growth points

Every rider’s hard work and every successful delivery have become the testimony of Flash delivery’s hard work in the field of instant delivery. The convenient service of express delivery stimulates consumers’ desire for consumption, promotes the consumption growth of local life services, and provides flexible employment opportunities for a large number of freelancers, which provides strong support for the development of local life economy.

When the professionalism and penetration rate in the service field are getting higher and higher, flash delivery has also been recognized by the capital market.

On October 4th, Flash officially landed on NASDAQ, USA, and once climbed from the opening price of $16.5 per share to $21.95, becoming the third listed company in the instant delivery industry, which is an important milestone in the development of instant delivery.

Faced with fierce market competition and fluctuating stock prices, Flash still shows strong development potential and market confidence. With the continuous expansion of the instant delivery market and the increasing demand of consumers for high-quality services, Flash delivery is expected to provide users with better services through its professional services and innovative business models, so as to realize the sustained growth of business and the consolidation of market position.

On the one hand, under the background of the continuous improvement of residents’ income level, the overall upgrading of consumers’ consumption concept, and the continuous expansion of the city line and the vertical occupation of consumers’ minds by the instant delivery service platform, the distribution demand is gradually diversified and obviously stratified, and the distribution demand with higher demand for delivery timeliness, delivery service experience and higher unit price of delivered goods is gradually emerging, and the one-to-one express delivery mode of flash delivery is developing rapidly. According to the survey conducted by iResearch in October 2023, 70.4% of the survey users think that the number of times they actively use the ready-to-use platform has increased significantly compared with that before 2022.

The development trend of instant retail industry is an example. Instant retailing pays attention to the integration of online and offline and the improvement of user experience. The fast and accurate delivery service of flash delivery can ensure consumers to receive goods in the shortest time, which helps to improve the satisfaction and loyalty of shopping. Therefore, it has reached cooperation with many local life platforms such as Tik Tok and Meituan. For example, Flash Delivery is the first logistics service provider to access the same city distribution service of Tik Tok Life Service. Both parties jointly build an efficient and flexible distribution network with integrated transportation capacity and covering the whole city, so as to meet the diversified and omni-channel distribution needs of merchants and improve the efficiency of commodity delivery.

At the same time, flash delivery is constantly expanding its business scope and looking for partners who can cooperate and complement each other in the logistics industry. In 2023, China Railway Express launched the "high-speed rail express delivery" service. By integrating the high-speed rail transportation resources and the instant delivery network in the same city, it realized the "station-to-door" and "door-to-door" express services of the same-day collection, transportation and delivery within the specified service scope. Customers can place an order through "China Railway Express" WeChat WeChat official account, and the riders in the same city will pick up the goods at the first time, send the goods directly to the high-speed rail station, and ship them to the fastest high-speed rail train. After arriving at the destination, the riders in the same city of the high-speed rail station can complete the delivery of the goods and be responsible for the delivery of the "last mile" to ensure the safe and punctual delivery of the goods.

Sichuan Airlines Logistics also jointly launched a high-quality cross-city door-to-door delivery service — — "Cross-city half-day flash & timely arrival" is the close cooperation between the two parties in terminal distribution. By integrating air transport resources with distribution resources in the same city, this service breaks the traditional barrier of off-site delivery and provides customers with exclusive "one-to-one" customized door-to-door delivery service. This means that whether it is urgent delivery of ordinary goods, documents and tenders, customized gifts, or seasonal fresh fruits and vegetables, identity documents and passports, official seals, emergency accessories, seafood and other high-end ingredients, you can enjoy the fastest half-day delivery and nationwide delivery within 12 hours.

For flash delivery, this kind of cooperation means the further expansion of business scope and the richness of service scenarios. For traditional express delivery companies such as China Railway Express and Sichuan Airlines Logistics, the cooperation with Flash Delivery can effectively supplement their terminal delivery capabilities, especially in the peak logistics periods such as holidays and promotion seasons, which can quickly respond to market demand and improve customer satisfaction. This reflects the complementarity and synergy between different modes in the logistics industry, which is helpful to promote the innovation and development of the whole logistics industry.

In the incremental market, the first curve of flash delivery along the "CtoC, BtoC" mode is still extending to a higher distance, which is an approach to the infinite improvement of users’ quality of life under the fast pace of life, and also the ultimate goal of flash delivery independent one-to-one express delivery service.

The progress of industry has actually made the current cars have more reliable quality, and people often pay more attention to the value of vehicles. There are many choices for pure trams now, as we said today. Let’s take a look at it next.

Let’s take a look at the appearance of Extreme Yue 07 first. The front of Extreme Yue 07 gives people a very concise and recognizable feeling. Then the tough 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 and so on. Come to the side of the car, the car body size is 4953MM*1989MM*1475MM, the car uses simple lines, the side looks very dynamic, with large-sized thick-walled tires, the shape is quite sporty. In the design of the rear end, the overall shape of the rear end echoes the front face, and the taillights look very rounded and neat.

Sitting in the car, the interior of the 07 is young and stylish. The steering wheel of the car is well designed, made of imitation leather and has a high palm fit. Take a look at the central control. The car is decorated with a capable touch-control LCD central control screen, which makes the interior style impressive and gives people a feeling of being full of stability and atmosphere. The dashboard and the seat are equally eye-catching, the dashboard design is remarkable, and the trendy design elements make people remember it at a glance. The car uses a genuine leather/imitation leather mixed seat, equipped with functions such as electric adjustment of the auxiliary seat, electric adjustment of the seat with memory, and seat proportion tilting, which is basically enough for daily use.

Extreme Yue 07 matched gearbox, 530KW, 653N.m, with good power performance.

The space in the back row of Extreme Yue 07 is still spacious, and there is a certain margin in the head and legs, which can be said to be more than enough for daily household use. In addition, the car is equipped with fatigue warning, anti-lock braking (ABS), LED daytime running lights, brake assist (EBA/BAS, etc.), brake force distribution (EBD) main driver airbag, co-pilot airbag, side airbag curtain, front side airbag and other safety configurations.

This class of cars can often give consideration to both cost performance and practicality, and is often considered by most consumers as the first choice when buying a car. If you are excited, you may wish to go offline and actually feel it.

　　Cctv newsContinue to pay attention to the "12.14" water seepage accident in Cunninghamia lanceolata Coal Mine. After 88 hours of hard rescue, all the 13 lost miners trapped underground were successfully rescued, creating a miracle of life. How do people trapped underground spend five days and four nights? Yesterday (19th), the rescued miners were interviewed by reporters in the ICU of Yibin Mine Emergency Hospital, Sichuan Province.

　　Trapped miner Liu Guihua(We) drank the underground pipe water and the leaking shed water on the roof. Some ate mud and some ate belts. I ate some belts.

　　Having been engaged in mining for 36 years, and spent 5 days and 4 nights underground with experience and will, Liu Guihua, 56, told us about the process of self-help.

　　Trapped miner Liu Guihua(I saw the water) When it was a little shallow, I swam out.

　　As the first miner to "break through", Liu Guihua said that when he saw the rescuers, he immediately heard that there were still 12 workers waiting for rescue.

　　Trapped miner Liu GuihuaI really want to cry.

　　There are five other miners who were treated in Yibin Mine Emergency Hospital. Yi Guangming, 53, said that everyone can survive the long wait in the underground. Apart from saving themselves, they can’t do without the mutual encouragement and strong belief support of their friends.

　　Yi Guangming, the rescued miner:As long as we live, we have hope. I said don’t despair. I said that if we live underground for one day, people on the ground will know that organizations will come to save us.　

　　After two days and one night of treatment, the physical condition of the rescued miners has gradually recovered, and they are receiving further nutritional and psychological rehabilitation treatment.

Take advantage of the Group’s 55th anniversary brand Dongfeng, and enjoy millions of glory of luxury electric off-road!

On September 24th, Dongfeng grandly launched the Warrior 917 Dragon Armor. This is not only a luxury electric off-road vehicle, but also marks the breakthrough of China automobile industry in the high-end market. Through film co-branding and innovative technology, Dongfeng Warrior 917 shows the strength of the brand in technology and design, and becomes the focus of market attention.

Market Breakthrough of Film Co-branded Vehicles

Warrior 917 Dragon Armor, starting at 768,000 yuan. Its design is inspired by loong elements, combined with the image of the Dragon Commando in the film, and it is painted with highlight desert storm yellow, making it the focus of the city and the wilderness.

Car buyers enjoy a number of free rights, such as life-long free car pick-up and road rescue, as well as 20G cockpit entertainment traffic per month. This user-centered strategy enhances the brand appeal. In addition, Dongfeng Warrior 917 provides users with a number of car purchase privileges, including limited gifts worth up to 38,000 yuan, such as home piling, chassis armor and replacement subsidies, demonstrating its innovation in high-end customized services.

Extreme off-road performance and technological innovation

Known for its strong technical performance, Dongfeng Warrior 917 is equipped with the world’s first electric drive assembly integrating differential lock and two-speed gearbox, providing a maximum of 816 horsepower and a torque of 1050 N·m, far exceeding the traditional fuel vehicle. The electronically controlled differential lock and the central virtual differential lock ensure the vehicle’s ability to get out of trouble in complex terrain and are suitable for various off-road challenges.

The intelligent chassis design makes it extremely flexible, with the rear wheel angle of 10.6 and the minimum turning radius of only 5.1m.. The warrior all-terrain system M ATS provides a variety of off-road modes, which can automatically identify and adapt to different terrain, making it easy for drivers to cope with various road conditions. Professional equipment such as high-performance K-MAN coil spring nitrogen reduction and T-MAX professional electric winch further enhance the off-road ability and safety of vehicles.

Dongfeng Warrior 917 not only performed well in power, but also lowered the threshold of off-road driving through intelligent technology, attracting more attention of off-road enthusiasts.

The first film and television joint name, highlighting the true colors of Gao Ding.

As the first film joint car in China, Dongfeng Warrior 917 is not only an innovative attempt in the automotive field, but also a successful example of cross-border cooperation. Yu Dong, the chairman of Bona Film, became the first owner. He said that this car is a witness to the progress of China’s film and automobile industries and symbolizes the deep integration of the two industries.

On the occasion of the 55th anniversary, Dongfeng Company demonstrated its strategic layout in the field of luxury electric off-road vehicles. Warrior brand will continue to lead the trend, and strive to define the new height of cross-country in China through extreme cross-country and intelligent technology. Cao Dongjie, general manager of Dongfeng Warriors Technology, stressed that the company will take users as the center and provide users with products and services that exceed expectations through innovation.

In the future, Dongfeng Warrior will continue to expand its product matrix and meet the diverse needs of users with excellent technology and design. This not only shows the innovative ability of China automobile industry, but also injects new vitality into the luxury electric off-road vehicle market.

【 High and low judgment 】

The listing of Dongfeng Warrior 917 Jiaolong Armor marks another big step for Dongfeng Company in the high-end electric off-road vehicle market. With its unique design and excellent performance, this car not only meets the expectations of the market for luxury off-road vehicles, but also lays a solid foundation for the future development of the brand. Dongfeng Warrior will continue to be driven by innovation, promote the development of China off-road vehicle market and write a new chapter.

　　Sino-Singapore Jingwei client November 8 (Zhao Jiaran) The "double 11" war has started ahead of schedule. Next week, besides preparing enough "chop hands" budget, there are also these heavy financial events that may affect your "wallet". Let’s watch it in advance!

　　Data release

　　Next week, China will release the data of M0, M1 and M2 in October, as well as the data of CPI and PPI in October. The United States will release October CPI, PPI, etc., and Germany will release November ZEW economic climate index, October CPI and other data.

　　Market hotspot

　　First, October CPI, PPI, M2 and other data will be released.

　　On November 10th and October, CPI and PPI will be announced. Many institutions expect that CPI is expected to continue to narrow in October. In addition, the data of M0, M1 and M2 in October will be released on November 11th.

　　CICC recently released a research report, predicting that the year-on-year growth rate of CPI will drop from 1.7% in the previous month to around 0.5% in October, and may further decline in November. However, the year-on-year growth rate of non-food prices may be relatively stable, and the year-on-year growth rate of service prices may improve. It is expected that PPI will maintain positive growth in October, and the year-on-year decline will narrow slightly from 2.1% in September to 2%.

　　According to a research report released by soochow securities, the recovery of PPI in China is still strong, and consumption and investment are accelerating. In September, the manufacturing PMI rose by 0.5% month-on-month, and the decline of PPI is expected to narrow in October, and it is expected to close at -2.10% year-on-year. In addition, M2 is expected to close at 10.5% in October.

　　Second, the peak period of "double 11" express delivery is approaching.

　　The State Post Bureau held a special press conference on service guarantee in the peak season of express delivery business. According to reports, the peak season in 2020 ranges from the beginning of November to the eve of the Spring Festival in 2021 (February 12), totaling 103 days. Among them, during the "double 11" period (November 11th to 16th), there will be a peak season, and it is estimated that the daily average express delivery business volume will reach 490 million pieces, which is about twice the daily business volume.

　　According to the State Post Bureau, this year is the 11th peak season for the postal express delivery industry to systematically organize and meet the express delivery business. At present, the enterprise has added 490,000 temporary workers, 100,000 vehicles and 5.39 million square meters of processing space, increased transportation capacity reserves, and added high-speed rail express lines.

　　Third, in the fourth quarter, the voucher-type savings bonds was issued on the 10th.

　　According to the Ministry of Finance, in the fourth quarter, savings bonds will start issuing on October 10th and November 10th respectively, and the electronic savings bonds will be issued on October 10th with a term of 3 years and 5 years, with annual interest payment. On November 10th, savings bonds with certificates was issued, with a term of 3 years and 5 years, and the principal and interest will be repaid in one lump sum.

　　It is reported that the two issues of treasury bonds are issued to individuals at face value, and the sales face value must be an integer multiple of 100 yuan. The two issues of national debt are registered national debt, registered in real-name registration system, which can be reported as loss, but not negotiable. Two issues of treasury bonds may not be redeemed in advance during the issuance period, but may be redeemed in advance after the issuance period. The early redemption business can only be handled through the counter of the business outlets of the members of the underwriting syndicate.

　　Four, the central bank’s open market 320 billion yuan reverse repurchase expires.

　　Wind data shows that there will be 320 billion yuan of reverse repurchase due in the central bank’s open market next week (November 7 to November 13), including 50 billion yuan, 120 billion yuan, 120 billion yuan, 30 billion yuan and 0 yuan from Monday to Friday respectively, and there are no repurchase and central bank bills due.

　　Stock market outlook

　　I. Opportunities for new shares

　　Wind data shows that next week, two new shares will be listed first, and eight new shares will be purchased online.

　　On November 9th (Monday), N Wantong (stock code 830839.OC) and N Haosen (stock code 688529.SH) will be listed soon. Among them, N Wantong is a professional equipment manufacturer dedicated to the design, development and manufacture of hydraulic machinery products; N Hausen specializes in intelligent equipment, assembly technology and comprehensive solutions for complete sets of customized products.

　　On November 9th, three other companies subscribed, namely Dezhong (stock code: 838030.OC), Kangping Technology (stock code: 300907.SZ) and Huichuangda (stock code: 300909.SZ).

　　On November 10th, Northland (stock code: 430047.OC) will make a subscription.

　　On November 11th, three new shares were subscribed, namely Zhongjing Food (stock code: 300908.SZ), Mingxin Xuteng (stock code: 605068.SH) and Zhongkong Technology (stock code: 688777.SH).

　　On November 12th, Cube Pharmaceutical (stock code: 003020.SZ) will make a subscription.

　　Second, institutions look at the market

　　Gf securities: how to grasp the "production expansion" cycle of export chain?

　　A shares exclude the profit growth rate of the third quarterly report of finance -5.92% (the profit growth rate of the interim report is -25.04%). Non-financial A-shares recorded the highest Q3 quarter-on-quarter growth rate since 2003, and we revised the A-share profit forecast for the whole year. Under the assumption that the epidemic will not affect the large-scale asset impairment, it is predicted that the annual non-financial net profit growth rate of A shares will increase to double digits.

　　On the whole, in the past 20 years, the "three-table repair"+production capacity has been cleared, but the medium and long-term economic growth expectations are weak, and the enterprise’s "expansion of production" is all ready, and it still lacks the east wind; Structurally, the epidemic has reshaped the global industrial chain, and China’s export chain boom is expected to continue to improve, which is expected to start a new round of "production expansion" cycle.

　　Huajin Securities: The total amount of funds has shrunk slightly, and some pro-cyclical sectors have been added.

　　Looking ahead, it is possible that the total amount of A-share funds will tend to be stable; The total amount of new shares issued in October decreased compared with the previous month. At the same time, the rate of reduction of industrial capital in October also declined, which is expected to reduce the contraction pressure of A-share funds. However, it is worth noting that Public Offering of Fund’s positions, especially those of partial-share funds, are still at a relatively high level, and may face some pressure of position contraction in the future. It is necessary to continuously observe whether the incremental funds brought by fund issuance can cover possible fund position fluctuations.

　　The change trend of capital preference from the third quarter to the present: short-term funds turn to pro-cyclical and optional, while medium-and long-term funds pay more attention to pro-cyclical, and the intention of holding positions within technology consumption is divided.

　　Southwest Securities: New Kinetic Energy of Digital Economy Growth in 2021

　　Thoughts on stock selection in overseas industries With the Internet industry entering the second half, the competing growth among giants and the need to expand their ecology, this paper puts forward some differentiated views, such as paying attention to the ecological opening dividend of giant private domain traffic, paying attention to the cognitive gap of Internet enterprises in China, and paying attention to the overseas dimensionality reduction output of Internet models.

　　Looking forward to 2021, we will continue to pay attention to China’s Internet enterprises and spillover industries, with high-quality growth at home and new expansion overseas. With the decline of uncertainty of domestic epidemic situation, the consumer Internet field focuses on the habit solidification of epidemic situation, while the industrial Internet field focuses on value creation and C-side integration. With the uncertainty of overseas epidemic situation, we will continue to pay attention to the behavior solidification of the "home economy" industry overseas and the low-dimensional penetration of the domestic Internet model. It mainly focuses on three growth points: traffic production and precise directional distribution, data production factors and industrialization, and diplomatic geographical advantage dividend. (Zhongxin Jingwei APP)

　　Recently, in order to further promote the application of biodiesel in the field of ships, the Preparatory Committee of China (Yangtze River Delta-East China) Biofuel Technology and Industry Development Alliance was formally established in Shanghai. The Preparatory Committee of the Alliance, led by the Shanghai Food Safety Federation, will jointly explore and implement the demonstration application of biodiesel in the whole process and industry chain in Shanghai, Yangtze River Delta and even East China, promote the green transformation of China’s shipping industry and open a new chapter for biodiesel’s "going to the sea".

　　■ Promote the expansion of application scenarios

　　Biodiesel is a liquid renewable fuel produced with animal and vegetable oils as the main raw materials, which has the characteristics of high cetane number and low sulfur, and is generally used after being mixed with traditional petrochemical diesel in a certain proportion. Biodiesel production in China is mainly based on "waste cooking oil" and leftover materials of oil industry, which can greatly reduce greenhouse gas emissions compared with traditional petrochemical diesel.

　　In the Notice on Organizing the Pilot Demonstration of Biodiesel Promotion and Application, the National Energy Administration proposed to expand the application scenarios of domestic biodiesel by organizing the pilot demonstration of biodiesel promotion and application, including the promotion of vehicle biodiesel and marine biodiesel, such as "promoting the application of biodiesel (fuel oil) such as marine vessels B5 and B24 in bonded areas and free trade zones".

　　At present, Shanghai has formed a complete industrial chain system of "collection, transportation, disposal, adjustment and use" of biodiesel, which is mainly used for road traffic. By the end of 2023, Shanghai had injected 2.882 billion liters (about 2.4799 million tons) of B5 diesel into 35.95 million diesel vehicles, consumed 146,300 tons of biodiesel (BD 100), and reduced carbon dioxide emissions by 350,000 tons.

　　The establishment of the Alliance Preparatory Committee will further unite relevant enterprises in the industrial chain, copy and promote Shanghai’s successful model to the shipping field, and help the green transformation of China’s shipping field.

　　"Biodiesel, as a renewable substitute for petrochemical diesel, has the characteristics of good environmental protection performance, good engine starting performance, good fuel performance, wide source of raw materials and renewable. The popularization and application of biodiesel is of great significance for optimizing China’s energy structure, ensuring energy security and reducing environmental pollution. " Hang Xingping, general manager of Shanghai China Gas Ship Fuel Co., Ltd. said.

　　■ Helping the green transformation of shipping

　　The International Maritime Organization proposes that in 2030, the total annual greenhouse gas emissions from international shipping should be reduced by at least 20% compared with 2008, and strive to reduce by 30%; By 2040, the total annual greenhouse gas emissions from international shipping should be reduced by at least 70% compared with 2008, and strive to reduce by 80%. In this context, major shipping companies are exploring green fuels. Biodiesel has become one of the most realistic choices for international shipowners in the short term because of its sustainable environmental protection and easy access.

　　"The main characteristics of the shipping industry are the complexity of technology, ship type and scene, and the large scale of fuel consumption. Under the background of’ double carbon’ target, ship refueling faces great challenges. At the important time node of the transition from traditional fuels to new fuels, how to accelerate the replacement of stocks is a difficult problem that must be overcome to achieve zero emissions. " Chen Shenjun, head of the Party Committee of Shanghai China Gas Ship Fuel Co., Ltd. said, "Biofuel oil can be directly used in the main engine and boiler of ships, and basically there is no need to transform the existing power equipment such as engines. For ships that can only choose traditional fuels, considering the cost of fuel transformation and technical maturity, bio-fuel oil is attractive. "

　　According to reports, according to the current rules of the International Maritime Organization and the European Union, biodiesel (fuel oil) that has passed international sustainable development and carbon certification (ISCC) can be used for carbon emission reduction calculation. Therefore, the relevant members of the Alliance Preparatory Committee are currently promoting the ISCC certification project for domestic biodiesel.

　　"ISCC certification is carried out for the whole process and products of meal waste oil produced by domestic oil-producing enterprises, biodiesel produced by production enterprises and B24 biodiesel produced by manufacturing and selling enterprises. Domestic and foreign ships can calculate the carbon emission reduction equally when sailing internationally or entering the EU region by filling the certified B24 diesel in China, so as to solve the urgent need for a large number of domestic ships to fill marine B24 biodiesel." Lin Dao, the project leader of Shanghai China Gas Ship Fuel Co., Ltd., told the reporter of China Energy News.

　　■ Open up the internal circulation of biodiesel.

　　The data shows that in 2023, the total output of biodiesel in China exceeded 2 million tons, of which exports accounted for nearly 90%.

　　At present, the pilot supply of marine biodiesel in China is mainly based on external circulation mode. Domestic biodiesel producers export raw materials and products for producing BD100 biodiesel to overseas manufacturers, and overseas manufacturers make BD100 biodiesel into B24 biofuel overseas, and then relevant domestic enterprises buy it and fill it on domestic ships leading to the European Union.

　　"The establishment of the Alliance Preparatory Committee will unite the upstream and downstream units of biodiesel and strive to promote and apply the external circulation mode of domestic biodiesel to the internal circulation mode at this stage." Lin Dao said that the BD100 produced by domestic enterprises will be directly modulated into B24 marine bio-fuel and injected into ocean-going vessels.

　　"The EU anti-dumping investigation has accelerated the opening of the domestic biodiesel market. Now the mandatory national standard for B5 biodiesel is in progress, and the ISCC certification for B24 biodiesel is also accelerating. I believe that the domestic biodiesel market will definitely embark on the fast track. " Song Jianguo, executive vice president and secretary general of Bioenergy Branch of China Forestry and Environment Promotion Association, pointed out that with the expansion of the market in the future, from the perspective of raw oil, it may be necessary to expand to non-edible oil and further expand the raw material market. I hope to work with the upstream and downstream enterprises in the industrial chain to jointly promote the high-quality and sustainable development of the biodiesel industry.

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