分类归档 A1

　　WuXi AppTec

　　New production capacity has been put into operation one after another, and the CGT business is gradually improving

　　Investment logic

　　The CGT industry is booming, and the outsourcing industry is expanding rapidly. With the continuous progress of new CGT technologies, the ceiling of market capacity is gradually opening. According to Frost & Sullivan’s calculations, the global CGT market size has increased rapidly from $50 million in 2016 to $2.08 billion in 2020, and is expected to break through the $30 billion mark in 2025. In addition, benefiting from the increase in outsourcing penetration rate and the expansion of the CGT industry, the market size of CRO & CDMO in the CGT field has also increased rapidly, and the market size is expected to reach $1.74 billion in 2025.

　　WuXiATU, creating a new model of global CTDMO. As a () cell and gene therapy business platform, WuXiATU has created a unique CTDMO (contract testing, development, production outsourcing services) business model, which can better cope with the current complexity and difficulty of testing, development and release in the CGT field, and effectively solve the cost problem of scaling up production. WuXiATU’s three major businesses have unique technical advantages. Through the acquisition of OXGENE, the company further enhances the technical capabilities of the company’s AAV and lentivirus platforms, thereby enhancing WuXiATU’s ability to provide customers with integrated, end-to-end cell and gene therapy product development and production services.

　　The new base in Philadelphia and Lingang was put into operation, synchronizing up the ante production capacity and talent pool. On November 15th, WuXiATU announced that the company’s new high-end testing laboratory expanded at the NavyYard base in Philadelphia, USA, was officially put into operation. The laboratory area is 13,000 square meters. After the production, the company’s high-end testing capacity will be tripled. On October 18th, the company’s new process research and development and commercial production center in () was officially put into operation. The new base is equipped with more than 200 independent suites and 6 complete carrier and cell production lines, including an independent liquid dosing center and a GMP-level aseptic filling isolator. These facilities will further enhance WuXi’s global production capacity, thus providing customers with greater flexibility and faster delivery times in viral vector and cell therapy services. In addition, WuXiATU continues to build up the talent pool of ante, and is expected to have 300-400 employees in China by the end of 2021 and 700-800 employees in 2022. We are optimistic about the future development potential of WuXiATU, and its performance is expected to grow rapidly.

　　Investment advice

　　It is expected that the EPS of the company in 2021-2023 will be 1.79/2 25/2.87 yuan respectively, corresponding to PE 74/58/46 respectively, maintaining the "buy" rating.

　　Risk warning

　　The risk of lifting the ban, the risk of loss of core technical personnel, regulatory risk, IP protection risk, investment risk, exchange rate fluctuation risk, raw material price increase risk, safety production and environmental protection risk, etc.

　　Changan Automobile

　　Avita E11 is grandly released, and SEV models are fully planned

　　Event Overview

　　On November 15, 2021, the new high-end brand Avita, created by Changan Automobile and Huawei, was officially launched in Shanghai. At the meeting, Avita’s development strategy was introduced for the first time and the brand’s first model, Avita 11, was unveiled.

　　Avita announced that Avita 11 will be officially launched in the second quarter of 2022, and the retail network will be unveiled in the same period; in the third quarter of 2022, Avita 11 will achieve the first mass production and user delivery.

　　Analysis and judgment:

　　Design is bold and innovative, focusing on user interaction

　　The Avita brand focuses on user interaction and aims to create a "smart avatar who understands you". Avita Emotional Intelligent Electric Vehicle attaches great importance to the exploration of consumers’ psychological real demands, as well as active user interaction, and actively explores future-oriented humanized travel technology brands. Its first model 11 has highlights in appearance design, electric intelligence, etc., and will also adopt innovative solutions in brand and user operation, channel sales and other links. Specifically:

　　Appearance: Avita 11 is bold and avant-garde, innovative and futuristic. On the headlights, it adopts the F-shaped split headlight combination, with slender overall lines and simple and elegant side lines. The position of the front intake grille adopts a highly enclosed design, while the lower grille adopts a black design to enhance sportiness. The tail adopts a slippery back design, and is equipped with a through tail light and a unique inverted trapezoidal rear window, which is more personalized.

　　Power: Avita 11 has a cruising range of over 700 kilometers, 0-100 kilometers per hour acceleration of less than 4 seconds, and a high-voltage super fast charging capacity of 200 kilowatts, outperforming models of the same class overall.

　　Intelligent aspects: Avita 11 is equipped with Huawei Hongmeng system, as well as Huawei intelligent cockpit platform CDC, autonomous driving domain controller ADC, and some Sandian components. The vehicle is equipped with three lidars and has an excellent computing power of up to 400Tops.

　　R & D: Avita Technology currently has a diversified layout in Chongqing, Shanghai, and Munich, Germany. Among them, Chongqing is the global vehicle planning, R & D and manufacturing center, Shanghai is the global brand and software R & D center, and Munich is the global design center. The three places work together to transform smart achievements into productivity and fully meet users’ consumption needs and experiences.

　　Production and sales: Avita’s self-built intelligent flexible production line is located in Chongqing, which can achieve the highest annual production capacity of 350,000 vehicles and meet the sales channel planning of 100 cities in the first year. In the second quarter of 22, Avita 11 will be officially released and its retail network layout will be unveiled simultaneously; in the third quarter of 22, Avita 11 will achieve the first batch of mass production and user delivery. In the next five years, Avita brand will launch four new models.

　　Multi-platform Qi Fali intelligent electric vehicle planning is full

　　The company’s electric vehicle plan is full, and the pure electric platform will be upgraded. In addition to Avita, the first strategic model C385 and the same platform models A158 and B369 under the company’s new energy product series using the new dedicated electric vehicle platform will also be listed in the second quarter of 2022; the company will further upgrade the existing three sets of pure electric chassis EPA0 (entry-level rear drive), EPA1 (medium-sized front drive) and EPA2 (large four-wheel drive) to form an SDA platform architecture. In the next five years, the company will launch 26 new smart electric vehicles based on the three platform architecture system of CHN + SDA + Ark to accelerate the intelligent layout of electric vehicles.

　　Investment advice

　　The scale effect of the company’s own brand capacity is highlighted. The joint venture brand benefits from the high growth of the luxury car market. The CHN architecture and high-end electric intelligent brand Avita jointly built with Huawei and Ningde Times are advancing steadily. The company’s endogenous profit creation ability and technological growth are accelerating. We maintain the forecast: the company’s revenue is expected to be 1028.65/1144/125.943 billion yuan in 2021-2023, the net profit attributable to the parent is 45.78/56 64/69.46 million yuan, and the EPS is 0.60/0 74/0.91 yuan, corresponding to the closing price of 18.20 yuan/share on November 17, 2021. PE is 30/24/20 times, maintaining the buy rating.

　　Risk warning

　　The iteration of self-owned brand models fell short of expectations; Ford’s strategic adjustment fell short of expectations; Mazda’s integration fell short of expectations; Avita’s brand development fell short of expectations, etc.

　　Chinese megalithic

　　Dig deep into the moat to consolidate the leading position of glass fiber

　　The supply and demand pattern of the glass fiber industry is improving, and the high prosperity continues. Supported by rigid demand at home and abroad, glass fiber enterprises have shipped well since 2021, inventories have continued to operate at a low level, and roving and electronic yarn prices have continued to rise. The current demand for joint-stock yarn, electronic yarn, and thermoplastic yarn is still tight, while some of the demand caused by the "lack of core" this year has been delayed or supported. Next year, electronic yarn and thermoplastic yarn will remain strong; catalyzed by the "Great Wind Base" project, the installed capacity of wind power in the 14th Five-Year Plan may exceed expectations again, thus stimulating the demand for upstream and downstream industrial chains. The demand for wind power yarn will gradually pick up, and the demand for high-end products may be combined. We believe that the supply and demand of the industry will remain matched in 2021-2022, and there will be no obvious oversupply. The high prosperity of the industry will continue or far exceed expectations. The production capacity of Jushi will continue to expand steadily, and the price may continue to run at a high level

　　Differentiation strategy helps the company go through the cycle. With the broadening of the application field and the increasing complexity of the application scene, the downstream industry has increasingly increased the requirements for glass fiber performance. Since 2009, the company has made continuous iterative upgrades of products through R & D innovation, leading the industry to develop high-modulus products. At the same time, the company continues to optimize the product structure and increase the proportion of high-end products. At present, the proportion of mid-to-high-end products has reached 80%. The company has made the company iron the cycle through differentiated development strategy to reduce the impact of cycle fluctuations. With the company’s third phase of 100,000 tons/year electronic yarn production capacity put into operation, the company’s total electronic yarn production capacity will reach 265,000 tons, becoming the largest electronic yarn manufacturer in China, further expanding the high-end market

　　Build a cost moat and build a core competitiveness. According to output, by the end of 2020, Jushi’s domestic market share was close to 40%. The product structure continued to be optimized and the scale effect was obvious. The scale of single-line kilns was significantly ahead of competitors, and production efficiency continued to improve. With the company’s new round of intelligent manufacturing production lines put into operation, it will further reduce costs and increase efficiency, widening the gap with competitors. At the same time, the company still maintains certain advantages in product formulations, infiltrants, and energy procurement costs. The company has built a solid cost moat and built a core competitiveness.

　　Firmly implement the "three places and five continents" strategy to enhance comprehensive competitiveness. In recent years, domestic glass fiber products have been continuously affected by overseas countervailing, anti-dumping and tariffs. In order to offset the impact of "double reverse" and tariffs and further expand overseas markets, the company has built production bases in Egypt (200,000 tons) and the United States (96,000 tons). The Indian base has temporarily stopped construction due to changes in the external environment. The company firmly implements the "three places and five continents" strategy. At present, the company is the only glass fiber company in China to build factories overseas. On the one hand, building factories overseas can reduce the impact of "double reverse"; on the other hand, it can achieve "external supply", reduce logistics and transportation costs, accelerate the capture of local market share, and enhance comprehensive competitiveness.

　　Investment advice: We believe that the supply and demand of the glass fiber industry will maintain a tight balance in 21-22, and the high prosperity of the industry will continue or exceed expectations. Jushi, as the industry leader, has a stable cost moat and a steady expansion of production capacity. It is expected that the company’s performance in 2021-2023 will be 57.6, 67.5 and 7.42 billion yuan respectively, corresponding to EPS of 1.44, 1.68 and 1.85 yuan respectively, corresponding to PE valuation of 11.5, 9.8 and 8.9 times respectively; with reference to the average valuation of comparable companies and the growth brought by the company’s future capacity expansion and product high-end, the first coverage will be given a "buy" rating, with a target price range of 25.2-28 yuan.

　　Risk warning: The supply side has expanded significantly beyond expectations, the price of raw fuel has risen sharply beyond expectations, and the company’s capacity expansion progress is less than expected; wind power installations are lower than expected.

　　Text/ant bug

　　In the past two years, the domestic smartphone market has undergone great changes. Xiaomi’s upward momentum has been blocked. A dry Internet brand has closed down, and the VO brothers have risen rapidly. Another company that has achieved greater growth is the old-fashioned Meizu. Before 2014, Meizu’s sales were so small that even it was embarrassed to announce it. The outside world can only speculate a rough idea from various clues. But since 2015, Meizu has opened a soaring model, and at the same time has become confident and brave enough to announce sales. According to the data released by Meizu, it achieved sales of 20 million units in 2015, an increase of 350% year-on-year. Last year’s sales were 22 million units.

　　To be able to achieve this result in the fiercely competitive domestic market, it should be said that Meizu’s performance is still very good. However, it is worth noting that under the bright data of sales growth, Meizu has experienced the phenomenon of brand aging, and the recent excellent performance cannot hide the hidden worries of future development.

　　Meizu’s sales are improving, but the brand has begun to age

　　The so-called brand aging refers to the decline of a brand’s popularity and reputation in the market competition, sales shrinkage, and market share. These conditions may not necessarily occur together. One of the most prominent manifestations of brand aging is high visibility and low awareness. It is said that Meizu’s sales are still rising slightly, which seems to have little to do with brand aging. But in fact, various signs show that Meizu has already shown the characteristics of brand aging:

　　1. Brand positioning is becoming increasingly blurred

　　In the minds of most people, Meizu in 2015, regardless of its sales, still gives people a small and beautiful brand perception, and even some people will put the pursuit of the ultimate, craftsman spirit and other reputation words on it. But now all this is no longer, the original Meizu brand perception has changed a lot, and even to the other side.

　　It turns out that Li Nan can also justifiably say that Meizu’s users are highly educated and promising young and successful people. What is Meizu’s product positioning now, and what are the target consumer groups? Maybe they have a clear plan internally, but in the eyes of the outside world, Meizu’s product positioning is not as clear as before, and the target users are even more vague.

　　Although Meilan has played the banner of youth good products to win the support of young users, it has not been able to attract many young people with spending power. On the contrary, students, the elderly, ordinary working class and other groups with lower spending power are its real users. If Xiaomi was the first smartphone for young people, Meilan became the first mobile phone for low-spending people. When smartphones entered the stage of market segmentation competition, Meizu returned to the shrinking middle market.

　　2. The product loses its original characteristics and is obsolete from the market

　　Thinking back to the Meizu M8, M9 and other models of the past, they required quality control, appearance, and performance, representing the top level of domestic smartphones at that time, which could be called a classic. But now that people mention Meizu, the first impression is that the price is cheap, the others are fine, and then there are no more.

　　In the past two years, Meizu has released many models, and even released one every month in many cases. At the same time, the sales volume is a star product that has come to the ground, but has not left a deep impression on consumers. The results of the top ten ZEALER brand mobile phones in 2016 show that Meizu failed to make the list in the selection of the top ten flagship phones, the top ten thousand yuan machines, and the top ten camera mobile phones. If we talk about the evaluation of flagship phones and camera mobile phones, Meizu can barely find the excuse that the CPU is not Qualcomm, but in the thousand yuan machine, Meizu, which accounts for more than 70% of the total sales, has also been wiped out, which is really puzzling. The sales of tens of millions of units can’t find a bright star product. It can only be said that now Meizu mobile phone products have no own characteristics and are not in the market.

　　3. Poor user reputation and declining brand reputation

　　With the growth of sales in the past two years, Meizu’s branding impression has been greatly improved, but with it, its reputation has declined significantly. Many consumers have reported Meizu’s poor quality on Weibo and the community, mainly focusing on serious battery heating, fragile screen, poor signal, and poor quality accessories. Among them are new users and angry old coal friends. Some consumers even spontaneously formed a rights protection group and set up a special website.

　　Meizu used to be small in size, and the supply chain has the voice over not much. It is true that the quality control has not been advantageous, but fortunately the product cycle can be slowly run-in to solve the problems. Now that the shipment volume has come up, the product cycle has been greatly shortened. At the same time, users are no longer mainly senior fans, but mostly ordinary users. In this mobile social era where everyone is self-media, they usually do not choose large-scale tolerance like senior fans when facing mobile phone quality problems. Although mobile phones are not FMCG products, the time for replacement is shortening. Poor reputation has led to a decline in reputation, which means that the proportion of users choosing Meizu when changing phones has been greatly reduced, which is very unfavorable to the future development of the brand.

　　The reasons for the aging of the Meizu brand

　　Everything has its reasons. The reason why Meizu’s brand is aging is mainly due to the following reasons:

　　1. Lack of a clear long-term business strategy

　　For less competitive industries or regional markets, the importance of a long-term strategy may not seem great. But in the highly competitive smartphone market, if a company does not have a long-term strategy, it is easy to fall into a state of blind attack, wasting resources, and possibly leading to a dead end.

　　In these years, Meizu’s performance has no long-term strategy at all, and it has been repeated in the twilight and twilight. In 2015, Meizu’s goal was to boost sales, and it tried its best to make the market at any cost, losing 1 billion yuan in one go. In 2016, it learned from the VO brothers to do marketing and held concerts frequently. Then the KPI assessment suddenly turned into trying its best to protect profits, completely ignoring what it just said to vigorously expand offline channels. In 2015, it began to recruit employees on a large scale, saying that it wanted to become bigger and stronger, and then it laid off large-scale employees for the IPO.

　　In terms of product marketing, Meizu is also chaotic and chaotic. Yesterday, it was still advertising to emphasize the configuration, saying "if you are not satisfied, you can run a point", and the next day, you can "forget the parameters" to promote the new product. You can directly shout the slogan "Born to kill" and fight bayonets with friends, or you can make a 180-degree turn after that, singing "Make Love No War" to defend world peace, and at the same time play a secret war, sending bulletproof helmets printed with the words "Born to Kill" to the media and guests. All kinds of forced rubbing hot spots and all kinds of face slapping, such unstrategic playing methods can indeed increase the popularity, but make the brand perception in the minds of consumers become more blurred, and also greatly damage their reputation.

　　2. Alibaba’s investment in shares brings pressure and variables

　　In the history of Meizu’s development, Ali’s investment in shares at the beginning of 2015 was obviously an important event. At that time, Meizu was in domestic and foreign difficulties, with tight funds, marginalized markets, and low morale due to brain drain, so Huang Zhang took over Ali’s olive branch. Ali not only brought 690 million US dollars in funds, but also valuable traffic resources and technical support. Meizu’s full firepower in 2015 and sales reached 20 million units were inseparable from Ali’s support.

　　But at the same time, Ali has also brought unexpected pressure and variables to Meizu. It is reported that Huang Zhang and Ali signed a performance betting clause, and Ali required Meizu to ship 20 million units in 2015. If not, Ali will obtain the right to further acquire Meizu’s equity. Although the news was denied by Meizu, Meizu raised its expected target to 20 million units after Ali’s investment, and in 2015 also happened to complete 20 million units, which seems to reflect that the betting rumors are not groundless.

　　Regardless of the existence of the betting clause, the objective fact is that after Ali’s investment, Meizu completely bid farewell to the mid-to-high-end boutique strategy and replaced it with a simple and crude sales-only theory. In terms of systems, YunOS and YunOS-based Flyme models have increased. In the product library of Zhongguancun Online, there are as many as 16 models of both, which are basically concentrated in the Meizu series. In other words, the low-end Meizu is likely to be due to the pressure of Ali, and Meizu has to do it.

　　According to reports quoting old Meizu employees, the actual sales volume of Meizu mobile phones in 2016 was only 19.90 million units. If the Meizu series is not included, Meizu’s sales volume is less than 3 million. In the past two years, Meizu’s huge sales volume has greatly diluted Meizu’s original mid-to-high-end brand value. The cost-effective Meizu has replaced the original Meizu and become the basic image of Meizu in the eyes of consumers, which also means that the Meizu brand will be pulled from the mid-to-high-end to the low-end. To a certain extent, it can be said that Ali has achieved the market expansion of YunOS system by sacrificing Meizu’s brand perception.

　　3. Poor quality control and inadequate after-sales service further overdraw brand value

　　After the sales volume increased sharply in 2015, the general response from users was that the quality of Meizu’s products had declined. While making up for the shortcomings of marketing, Meizu unknowingly relaxed its requirements for quality control and after-sales. If there is a problem with quality control in production, companies can also check for users through after-sales services. However, Meizu’s after-sales services are precisely the most criticized by consumers. After-sales personnel have a rough attitude, fail to fulfill warranty terms, and long processes, which are not in place, so that users cannot receive due protection services.

　　Speak with data: China’s quality Wanlixing complaint platform public data show that in 2015 the platform received a total of 6,229 mobile phone-related complaints, of which Meizu mobile phone 787 cases ranked fifth. Mobile phone 315 online complaint data show that in 2015 Meizu complaints 312 cases second only to Samsung. According to IDC data, Xiaomi, Huawei, Apple’s shipments in 2015 were 64.90 million, 62.90 million, 58.40 million, while Meizu released 2015 shipments of 20 million. Calculated by the number of shipments and complaints, Meizu mobile phone complaint rate is much higher than Xiaomi, Huawei, Apple and Samsung.

　　This shows that the quality control problems reported by users are not isolated cases, but indeed insufficient. In November 2016, Meizu even landed on the black list of Jiangsu Provincial Bureau of Industry and Commerce due to product quality problems. Meizu’s poor quality control and after-sales services are not in place, which seriously overdraw the brand value and accelerate the process of brand aging.

　　To avoid brand aging, changes must be made

　　On May 9, 2017, Meizu released the latest news of the adjustment of the organizational structure. Meizu, Meizu and Flyme respectively established business units, and Li Nan was promoted to senior vice president of Meizu Technology and president of Meizu’s business unit. This move shows that Meizu is also aware of the chaotic situation existing in the Meizu brand and has started to solve it.

　　However, separating sub-brands and operating independently may not necessarily be successful. Without an effective coordination and management mechanism after independence, it will result in a waste of resources and a situation of left-right hand competition. This is how Lenovo’s multi-brand strategy failed before. Although Xiaomi basically has the strength to operate separately, it has not yet made any independent sub-brands, which is likely to consider the synergy of resource allocation and management. Huawei implements independent brand operation because its own team, funds, channels and other resources are rich, which can fully support the operation of two independent teams. Coupled with a clear long-term development strategy and good execution, Huawei’s dual-brand strategy has been successful.

　　However, after Meizu has experienced many key talent losses, its technical team is not thick, coupled with weak capital reserves, and limited resources, independent sub-brands will cause resource dispersion, which is not conducive to their respective development. If the internal collaboration management mechanism fails, Meizu’s launch of 2,000 yuan products will overwhelm the fading Meizu in the market with a large number of products. The aging process of the Meizu brand may be accelerated, and it will be completely reduced to a thousand yuan machine brand.

　　The real problem of Meizu lies in the backward management of the enterprise and the lack of core competitiveness. Meizu first breaks the confinement of the family business, establishes a modern enterprise management system, and gives full play to the enthusiasm of managers and employees. Then it formulates a clear long-term strategy to strive to improve the comprehensive strength of products, technology, services, marketing and so on. This can effectively improve productivity, make products more competitive, and thus get out of the trap of brand aging.

　　First published in the June issue of Business Review

　　[Author introduction: Ant Bug, technology critic, columnist. WeChat official account: Ant Bug (miniant-cn) ]

1905 movie network feature Mainland audiences are mostly familiar with John Cusack from the famous disaster movie. In the upcoming Spring Festival of 2015, the Hollywood star will appear in Jackie Chan’s new film "God Will Hero", incarnated as the ancient Roman general Lucius, and Huo An (Jackie Chan) jointly built an ideal country on the Silk Road. Everything about coming to China to film for the first time left a good impression on Cusack. And being able to partner with Jackie Chan in the movie made him feel very happy and unforgettable.

"Jackie Chan is a magician, a unique artist"

After reading the script of "The Master of Heaven", Cusack was attracted by this large-scale and highly emotional historical work. But what made him even more excited was his first collaboration with Jackie Chan. For the Chinese kung fu superstar, Cusack gave very high praise: "Jackie Chan’s performance style and ability are unmatched by others, and his creativity and imagination are also very outstanding. In my opinion, he is like a magician."

After this collaboration, Cusack has even more admiration for Jackie Chan, calling him a "unique artist": "Every day he has to worry about a lot of situations and pay attention to a lot of details. He knows there is only one Jackie Chan in the world, so at any time he will give 100% of his strength to do things."

1905 Movie Network: What were your thoughts on getting the script for the first time?

John Cusack: I think it’s an epic, romantic, and very moving piece of history. It’s very moving and emotional, so I’m very happy to receive such a good script. In addition to that, I’m very excited to be able to work with Jackie Chan to film such a Chinese-language film in China, and I’m very happy to be one of the first Americans to partner with him in this way.

1905 Movie Network: What do you think of this movie?

John Cusack: Jackie Chan has a lot of the message he wants to convey in this work. In the movie, people are at war, but their hearts yearn for peace. The story of "The Master of Heaven" contains many of these powerful and profound themes, and it is also quite entertaining. Of course, the production scale of the film is also very large. It can be regarded as the largest production film I have been involved in since I have been in the film.

1905 Movie Network: What is the most satisfying part of "Heaven Will Hero" for you?

John Cusack: One detail is that the Chinese soldiers are training for a kung fu competition, and the Roman army is also training at the same time. The two teams begin to observe each other and learn from each other. Hoan and Lucius also develop a sympathetic friendship in the process, and there are many such touching moments between them. In another scene, the little prince "Publius" sends off the Roman soldiers to the front with a sad song, hoping that they will be safe and triumphant. This sad story is also very touching.

1905 Movie Network: How does it feel to film with Jackie Chan?

John Cusack: Fantastic! For most Americans, Jackie Chan is already an iconic figure, just as people think of Charlie Chaplin and Buster Keaton when they think of traditional silent comedy. Jackie Chan’s acting style and ability are also unmatched by others. To be able to star and produce a work at the same time, his creativity and imagination are undoubtedly outstanding. In my opinion, it is like a magician. To complete "The Master of Heaven", we followed Jackie Chan to his home country. I can see that he gave his all to the shooting, because in China, audiences understand the meaning of Jackie Chan’s work. So I enjoyed every moment of filming with him, and I hope I can always remember those moments, because these are very exciting memories for me.

After this collaboration, how do you evaluate him?

John Cusack: Jackie Chan is the hardest working actor I have ever worked with. He is not only very attentive to the film, but also knows how to take care of the people around him. He is a unique artist. Many times, Jackie Chan has "amazed" me because his mind is both simple and very meticulous: every day he needs to worry about many situations and pay attention to many details. He knows that there is only one Jackie Chan in this world, so at any time he will give 100% of his strength to do things.

"Chinese filmmakers are more passionate than Hollywood."

Although Cusack had worked with Gong Li before he starred in "Heaven Will Hero," this is his first time shooting in China. Compared with his experience in Hollywood, Cusack bluntly said that he saw more enthusiasm and passion for creation in Chinese filmmakers. From director Li Rengang and Jackie Chan to every staff member on the set, everyone was full of energy.

The positive and free working environment makes Cusack very satisfied and unforgettable for this trip to China. He regards the filming of "Heaven Will Hero" as a "once-in-a-lifetime opportunity". At the same time, Cusack also looks forward to the opportunity to come to China to cooperate with more Chinese filmmakers.

1905 Movie Network: What’s your opinion on the first Chinese director you worked with, Li Rengang?

John Cusack: It was a pleasure working with him. He is like a Pandora’s box, creating virtual worlds and beautiful scenes in all movies. The excellent screenplay of "The Master of Heaven" was also written by Li Rengang. When I arrived on the set, he also invited me to help him improve the English part of the lines, and asked me for my opinions on the characters in many ways. We collided with a lot of artistic sparks in the process. This very open communication between the creators made me not only honored to be involved in this collaboration, but also very much recognized the way Director Li Rengang works. I am very happy to have the opportunity to shoot "The Master of Heaven" and hope to have the opportunity to work with him next time.

1905 Film Network: What is the greatest difference between filming in China and in Hollywood?

John Cusack: I find that Chinese filmmakers are more enthusiastic and passionate about their creations than Hollywood. Every day when I arrive at the scene, everyone is full of energy, as if they are doing something really amazing. Since I haven’t had the opportunity to work with other Chinese directors and producers, I don’t know if this crew atmosphere is related to Jackie Chan and Li Rengang directors. But I think we have lost that passion when we make movies in Hollywood. For example, when we shoot the big scenes, the whole crew will be watching you with all their attention, and you will feel their dedication. It really helps the actors, you can feel that your team is very attentive and cares about your efforts. " The working atmosphere of the entire crew of "The Will of Heaven" is really good, and they will stick to their posts every moment as always. Although there are still many differences in filmmaking between Hollywood and China today, in my eyes, it makes no difference who you make a movie with, what matters is your work attitude. When everyone works hard together, we can achieve results.

1905 Movie Network: Do you like filming in China?

John Cusack: This was my first time filming in China, and I had a very enjoyable time. Director Li Rengang and Jackie Chan sincerely entertained me, and created a very convenient environment for my work and life. Working with the Chinese team made me feel very free, and it was very easy to act, which I really liked. At the same time, I was able to follow the crew to experience the different scenery in various parts of China and meet people from different places. During the filming, I also brought my family to China. This is like a once-in-a-lifetime opportunity for me to come to China to film again.

　　On the evening of December 16, the first mainstream pure electric sedan "Geely Galaxy E8" based on the SEA architecture officially opened for pre-sale at the 2023 Geely Automobile User Conference. The new car launched a total of 5 versions (550km Pro, 550km MAX, 665km Starship, Voyage Edition, 665km Starship, Smart Driving Edition, 620km Starship, Performance Edition), with a pre-sale price of 188,000 yuan. The new car will be officially launched and delivered in January 2024.

　　The Geely Galaxy E8 was launched on October 30 this year. It is based on the SEA vast architecture and is the first intelligent pure electric flagship sedan of the Geely Galaxy series. It is also Geely’s first product based on the SEA architecture. It has a first-mover advantage in the three-electric system, vehicle control experience, and body safety framework.

　　The Galaxy E8 adopts the new design language of "Ripple of Light", and is equipped with the world’s first mass-produced integrated luminous front face, which is highly recognizable. The interior is equipped with a 45-inch ultra-wide screen and a new generation of Qualcomm Snapdragon 8295 flagship cockpit chips. It integrates the latest technology and is a masterpiece of Geely Technology’s car manufacturing.

　　The Geely Galaxy E8 inherits the brand’s unique "ripple aesthetics" and innovates a new "ripple of light" design language. It has a very cool rhythmic grille and is also the world’s first mass-produced integrated luminous front face. The grille has a luminous matrix composed of 158 windows, with a luminous area of 0.105m. It not only inherits Geely’s classic ripple symbol design, but also jumps out of the homogenization route of electric vehicle design, creating a new paradigm of intelligent electric vehicle design in China.

　　The attitude of the Geely Galaxy E8 is close to that of a coupe model, and the roof line is very smooth. At the same time, thanks to the streamlined body, external AGS active air intake grille, low wind resistance closed pneumatic wheel rim and other 25 low wind resistance designs in the whole car, the Geely Galaxy E8 wind resistance coefficient is only 0.199Cd. The length, width and height of the Geely Galaxy E8 are 5010/1920/1465mm respectively, and the wheelbase is 2925mm. The through-type tail light group of the Geely Galaxy E8 has rich lamp cavity lines, and visually forms a signal linkage with the high-mounted brake lights, thus creating a good visual effect and recognition. In addition, the exaggerated diffuser and ducktail design at the tail enhance the sports atmosphere, while effectively reducing the rear turbulence, reducing the wind resistance by 10counts, and improving the battery life.

　　Geely Galaxy E8 is inspired by the four seasons and characteristic scenery of West Lake, and has launched six body colors, including: Begonia powder (Quyuan wind lotus), smoke gray (double peaks insert clouds), autumn apricot yellow (thunder peak sunset), Zhiqiuhong (Huagang viewing fish), first snow silver (lake mirror first snow), willow frost white (Su Di winter pen), providing consumers with a richer choice.

　　Geely Galaxy E8 is equipped with a 45-inch 8K screen, with an effective display area size of 1130mm * 138mm, a 7.5mm border, a screen ratio of 98%, and a thickness of 9.8mm. The screen pixel is 7680 × 936, achieving a quasi-retina-level 8K pixel density. When the vehicle is in P gear, this large screen also supports direct connection of mobile phones or handles to play games. Geely Galaxy E8 is equipped with a new generation of Qualcomm Snapdragon 8295 flagship cockpit chips and a new car system. It adopts a 5nm process, and the AI computing power reaches 30TOPS. Compared with 8155 (7nm) GPU, the overall performance is improved by 2 times and the 3D rendering performance is improved by 3 times. The Geely Galaxy E8 is equipped with a round double-spoke steering wheel and a half-spoke steering wheel (optional) for consumers to choose from, and has integrated knobs in the control area under the center console.　

　　Geely Galaxy E8 is equipped with a 4D zero-pressure cloud seat, which supports 12-way electric adjustment of the main driver seat/electric waist support + 4-way electric adjustment of the passenger seat + ventilation and heating of the main/passenger seat + memory welcome of the main/passenger seat, providing a rich riding experience. In addition, the passenger seat is laid at an angle of 180 °, supports one-click automatic leveling, and can be connected with the rear seat cushion.

　　Geely Galaxy E8 is equipped with: front door electronic unlocking, 50W mobile phone wireless charging, 25.6-inch AR-HUD head-up display, HARMAN INFINITY sound system + headrest audio, intelligent air conditioner, FACE ID facial recognition, OMS entertainment camera, electric rear tailgate, 256-color intelligent chasing ambient light, rear seat ventilation and heating and other functions.

　　Geely Galaxy E8 two-wheel drive (rear drive) model has a motor power of 200kW and a torque of 343Nm; the four-wheel drive model has a motor power of 475kW (165kW + 310kW) and a torque of 710Nm; in addition, the power battery pack of the vehicle adopts a new generation of silicon carbide electronic control technology, and the cruising range can be increased by 5-10% compared with the previous generation. According to official data, the 0-100km/h acceleration time of Geely Galaxy E8 two-wheel drive (rear drive) model is 5.95s, and the 0-100km/h acceleration time of four-wheel drive model is 3.49s. The maximum speed can reach 210km/h.

　　Geely Galaxy E8 is officially defined by Geely Automobile as "China’s new generation of pure electric flagship". With a new generation of flagship architecture, a new generation of flagship cockpit, a new generation of flagship driving control, a new generation of flagship safety, a new generation of flagship design and other leapfrog hardcore strength, Geely Galaxy E8 is expected to become one of the most competitive flagship products in the current B-class pure electric cars. (Source: Geely Galaxy)

　　Guangming Daily reporter, Zhang Wen, Guangming Daily correspondent, Yang Xin, Qi Xiaojun

　　On July 31, 2020, the General Secretary of the Supreme Leader solemnly announced to the world that the Beidou-3 global satellite navigation system was officially opened. At this moment, the Beidou global service signal spread in invisible time and space. The world is full of stars, and the world truly has the guidance and company of "China Beidou". China Beidou has once again contributed Chinese wisdom to the world in the 21st century, in the historical development process of global integration and world interconnection.

　　As a major space infrastructure that provides public services to the world, China’s Beidou satellite navigation system stands in the first echelon of our country’s active efforts to build a community with a shared future for mankind, serving the world and benefiting mankind.

　　The Beidou satellite navigation system was tested on 103 aircraft of the ARJ21-700, a regional airliner designed and built entirely in China.

　　Global, first-class excellence

　　In the 1990s, the international situation was complex and changeable. GPS of the United States and GLONASS of Russia had completed the global networking and firmly occupied the first-mover advantage. People are increasingly aware of how important it is to have their own satellite navigation system, but at that time our country’s economic strength and technical foundation were still relatively weak, and it caught up with the strictest technical blockade abroad. Faced with the situation of domestic and foreign difficulties, the Party Central Committee resolutely decided: to build its own satellite navigation system as much as possible, and to implement the "three-step" development strategy based on the actual national conditions. Even if the real environment is difficult and tortuous, Beidou has never given up the dream of becoming a world-class satellite navigation system.

　　Since the 18th National Congress of the Communist Party of China, the General Secretary of the Supreme Leader has repeatedly proposed the "Belt and Road Initiative" to "promote the construction of a community with a shared future for mankind". These important concepts convey the long-cherished wish and responsibility of a world power to help global economic and social development, and also draw a blueprint and inject impetus into the globalization process of the Beidou system.

　　In 2017, the Beidou-3 system embarked on a new journey of global networking. In two and a half years, Beidou successfully launched 18 arrows and 30 satellites, completing the set goal of covering the world and serving the world half a year ahead of schedule, setting a new record in the world’s satellite navigation field.

　　Some people have suggested that the construction of the US GPS and Russia’s GLONASS global system has set a good model, and the imitation and replication of the Beidou system is not simple. This is obviously not an open-book proposition, and it is not in line with China’s national conditions to completely copy the construction of the US-Russia global system.

　　Driven by the innovation-driven development strategy, Beidou Engineering builders have inherited and developed the "hybrid constellation configuration" on the basis of the Beidou-2 system, creatively applied and realized new construction concepts such as the full constellation "inter-satellite link", and achieved global coverage and better performance in Asia-Pacific with the most economical capital investment and the most efficient number of satellites. Beidou system service functions and performance indicators have achieved a qualitative leap. In addition to basic services such as navigation, positioning and timing, it also has a variety of special services such as satellite-based enhancement, ground-based enhancement, precision single-point positioning, international search and rescue, and short message communication. The global positioning accuracy is better than 10 meters, the Asia-Pacific region is better than 5 meters, and the timing accuracy is better than 20 nanoseconds. All performance indicators are world-class.

　　Today, the Beidou-3 global satellite navigation system was officially opened. This glorious moment recorded in the history of the development of satellite navigation in our country is the solemn promise of China’s Beidou to the people of the world: to build an excellent and first-class global satellite navigation system.

　　A large lantern boat using the Beidou beacon telemetry remote control device was placed in the Dangan waterway of the Pearl River Estuary.

　　In Anzhong Village, Xiaoyangying Town, Dengzhou City, Henan Province, tractors equipped with a Beidou navigation system are seeded unmanned.

　　Inclusive, win-win cooperation

　　China’s development needs the world, and the development of the world cannot be separated from China. With the acceleration of globalization, especially in the field of satellite navigation, internationalization is a natural attribute and an inevitable choice. Peaceful use of space and in-depth cooperation and exchanges in the field of outer space are propositions that our country has always adhered to.

　　However, at the beginning of the construction of the Beidou system, the road of international cooperation was not smooth. Since the golden frequency resources most suitable for satellite navigation were running out at the beginning of the 20th century, the ITU squeezed out a small band of frequencies from the air navigation band to the maximum extent for the newly developed satellite navigation system, but it needs to be coordinated with relevant countries and systems in accordance with international rules, and follow the principle of equal competition and first-served. This means that if we take a step later or take a step back, our country will miss the dream of building a global satellite navigation system.

　　However, in any period of development, the Beidou system expresses the sincerity and mind of cooperating with other satellite navigation systems in the world. In order to conform to the development trend of multi-system integration, our country actively promotes the compatibility and interoperability between the Beidou system and the GPS of the United States, the Beidou system and the Glonass of Russia, the Beidou system and the Galileo of the European Union. At present, China and the United States continue to coordinate and exchange in various fields such as satellite-based enhancement, compatibility and interoperability, and have achieved many cooperation results. Since the Sino-Russian Intergovernmental Cooperation Agreement on Satellite Navigation came into effect, the Committee on Major Strategic Cooperation Projects has advanced a number of cooperation projects in an orderly manner, and reached a consensus on the time interoperability of the two systems. China and the

　　The satellite navigation system is the world’s public infrastructure. Beidou has always viewed and embraced the world with the concept of open cooperation, and used development to convince the world that "China is willing to share the fruits of the construction and development of the Beidou system with other countries, and jointly promote the vigorous development of the global satellite navigation industry." ASEAN, South Asia, Eastern Europe, West Asia, and Africa have joined Beidou "Moments" one after another, sharing achievements and win-win cooperation.

　　As the core supplier of the United Nations Global Navigation Satellite System, the Beidou system has injected new thinking, new concepts and new impetus into the development of the world navigation field. Consensus has been reached with the United Nations Office for Outer Space Affairs on deepening cooperation in the field of satellite navigation, and the United Nations International Committee on Global Navigation Satellite Systems has been successfully held twice in our country, and the "Beidou Declaration" and "Xi’an Initiative" have been issued. After the successful launch of the Beidou-3 global system, the United Nations Office for Outer Space Affairs sent a special congratulatory video, affirming the huge contribution made by the Beidou system in promoting global economic and social development, peaceful use of outer space, and participation in international cooperation in UN space activities.

　　What has been brought to the world stage by the Beidou system is joint research and development, industrial cooperation and education and training from Chinese universities and scientific research institutions. The Beidou system converts the accumulated satellite navigation experience into a shortcut to promote the development of satellite navigation applications in countries around the world. Over the past few years, the Beidou Center represented by China-Arab Beidou/GNSS has cultivated a large number of international talents and contributed Chinese solutions and Chinese wisdom to the world.

　　On June 23, the last networked satellite of our country’s Beidou-3 global satellite navigation system was launched at the Xichang Satellite Launch Center.

　　Sincere service for the benefit of mankind

　　In recent years, with the enhancement of service capabilities, the Beidou system has actively integrated into world affairs and fulfilled international responsibilities. It has successively entered the standards of many international organizations and has been recognized by the International Civil Aviation Organization as one of the four core constellations of the global satellite navigation system. Now, the first international standard for mobile communications to support the new global signal of Beidou-3 has been released, the first Beidou shipborne end point detection standard has been announced to the world by the International Electrotechnical Commission, the International Maritime Organization has recognized the Beidou system as a global radio navigation system, and the International Search and Rescue Organization is carrying out standard document formulation and network access testing for the search and rescue payload carried by Beidou-3. Beidou system is playing an increasingly important role.

　　Since the 18th National Congress of the Communist Party of China, the Beidou system has actively responded to the "Belt and Road Initiative" initiative and gone abroad, providing customized services according to the different needs of different countries and industries, and gradually becoming a world brand familiar to the people.

　　In 2013, Myanmar agriculture used more than 500 high-precision Beidou end points, which is the first time that Beidou high-precision products have been applied in batches in South East Asia for agricultural data collection and land fine management.

　　In 2015, a high-precision receiver based on the Beidou system was applied to the construction of a 300-meter-high skyscraper at the headquarters of the National Bank of Kuwait, achieving millimeter-level measurement errors in the vertical direction during the construction process. This is the first time Beidou has been applied to high-rise building monitoring overseas.

　　In 2018, Beidou Systems participated in the offshore piling project on Allah Island, Maldives, providing all-weather, high-precision services to achieve intelligent monitoring, visualization, and high-precision construction of offshore piling.

　　Wherever you go, the Beidou system plays an important role.

　　In Singapore, the Beidou-based high-precision silent piling system can accurately manage pile points, quickly locate the location of drilling points according to navigation prompts, and achieve centimeter-level accuracy for each piling point, while significantly increasing the drilling speed of drilling rigs.

　　In Cambodia, it provides more complete basic information for the comprehensive planning of Cambodian government departments, land improvement monitoring, infrastructure building, ecological environment monitoring, etc. High-precision services have become an indispensable and important technical means for government infrastructure building.

　　In Russia, the Siberian power patrol line realizes two-way interaction between on-site personnel and the management center to detect equipment defects and hidden dangers that endanger line safety in a timely manner, ensuring the safety of transmission and distribution lines and the stability of the power system.

　　Beidou also "sailed" into Europe with full sincerity. The China-Europe train was equipped with Beidou end point containers. The high-precision positioning and navigation function made logistics more convenient, recorded the running track of trains and goods in real time, and the positioning accuracy was within 10 meters. It realized the upgrade and transformation of traditional transportation methods.

　　At present, domestic Beidou basic products have been exported to more than 120 countries and regions, and have been successfully applied in ASEAN, South Asia, Eastern Europe, West Asia, Africa and other places. Indonesia, Malaysia, Thailand and other countries are actively using the Beidou system to explore smart city construction.

　　China’s Beidou is also the world’s Beidou. In the new era, as a bright business card for our country, China’s Beidou will make new and greater contributions to building a community with a shared future for mankind and promoting the development of human society.

　　The pictures in this version are all sent by Xinhua News Agency

　　Guangming Daily (August 1, 2020, edition 05)

After Zhuhai Wanda Commercial Management’s IPO was postponed, Wanda, which was facing financial pressure, finally gave up control of Wanda Film.

On December 6, Wanda Film (002739.SZ) announced that it received a notice on the same day that the company’s indirect controlling shareholder, Beijing Wanda Cultural Industry Group Co., Ltd., and its wholly-owned subsidiary, Beijing Hengrun Enterprise Management Development Co., Ltd., and the company’s actual controller, Wang Jianlin, intend to transfer the 51% equity of the company’s controlling shareholder, Beijing Wanda Investment Co., Ltd. (hereinafter referred to as "Wanda Investment"), to Shanghai Ruyi Investment Management Co., Ltd. (hereinafter referred to as "Shanghai Ruyi").

Shanghai Ruyi is a "dark horse" in the film and television industry in recent years. It has successively produced many popular film and television dramas such as "Hello, Li Huanying", "Langya List" and "The Legend of Miyue". This year’s box office hit "Vanishing Her" also had Ruyi participating in the cast.

Shanghai Ruyi is owned by China’s 0136.HK. In terms of revenue volume, China Ruyi is inferior to Wanda Film. However, the largest corporate shareholder behind China Ruyi is Tencent Holdings (0700.HK).

The term of the betting agreement is less than a month away

Wang Jianlin sells Wanda Films "for money"

According to Wanda Film’s announcement, if the final implementation of the equity transfer is completed, it will result in a change in the company’s control.

In the back of the gambling agreement, Zhuhai Wanda Commercial Management impact IPO postponement, in order to resolve their liquidity difficulties, Wanda actual controller Wang Jianlin had to give up control of Wanda Film.

On November 21, Dalian Wanda Commercial Management announced that it would adjust the repayment plan for a US $600 million bond due in January 2024 of its subsidiary Wanda Real Estate International Co., Ltd. It said that due to the continued downturn in the real estate industry and rising interest rates in overseas capital markets, the company is facing certain difficulties in refinancing, and there is uncertainty in the approval of the listing of its subsidiary Zhuhai Wanda Commercial Management before the end of the year. In order to reduce the short-term liquidity pressure of the company, Wanda Commercial Management actively carried out liquidity management in advance, prepared to adjust the US dollar bond repayment plan, and adjusted the repayment plan for the bonds due in January 2024 to ensure the continued stability of the company’s liquidity.

It is understood that Zhuhai Wanda Commercial Management has submitted its statement four times, the most recent being on June 28 this year. According to the regulations of the Hong Kong Stock Exchange, the valid period of the prospectus is 6 months. If Zhuhai Wanda Commercial Management fails to pass the hearing of the Hong Kong Stock Exchange before the 28th of this month, its prospectus will become invalid. Previously, Zhuhai Wanda Commercial Management disclosed in the listing application materials that if it cannot successfully list at the end of 2023, the issuer will need to pay about 30 billion yuan to the pre-listing investors for share repurchase.

Recently, there are market news that Zhuhai Wanda Commercial Management intends to delay its IPO time in Hong Kong until 2026, and is currently in discussions with investors. In response to this news, Wanda officials have not responded yet.

According to Blue Whale Finance, a person close to Wanda revealed that after submitting the prospectus to the Hong Kong Stock Exchange for the fourth time at the end of June this year, Zhuhai Wanda Commercial Management has been making "two-handed preparations", cooperating with the Hong Kong Stock Exchange to advance the listing process, while negotiating with investors on the repayment of the 30 billion yuan repurchase money for the bet. The person also revealed that due to the large number of Wanda assets and relatively high quality, Wanda has provided investors with a variety of negotiation plans, and is still negotiating with investors.

According to public information, this year, in order to avoid a material default, Wanda has sold various assets in its hands many times to repay maturing domestic and foreign debts. According to incomplete statistics, Wanda has sold at least five Wanda plazas this year, including Guangxi Hepu Wanda Plaza and Shanghai Zhoupu Wanda Plaza. Wanda Real Estate also transferred Wuhan subsidiary Wanda Donghu Real Estate to China Huarong in June.

Previously 2.20 billion transfered 49% stake in Wanda Investment

Film and television circle "dark horse" Shanghai Ruyi takes a fancy to Wanda Film

The takeover of Wanda Film by Shanghai Ruyi is not without warning. In July this year, China Ruyi announced that Shanghai Ruyi, which is personally controlled by major shareholder Ke Liming, received 49% of Wanda’s investment for 2.262 billion yuan, becoming the company’s second largest shareholder. At the same time, Ruyi indirectly holds 9.8% of Wanda Film’s shares.

At that time, China Ruyi said that after the completion of the equity transfer, although Shanghai Ruyi will directly hold 49% of the shares of Wanda Investment, Shanghai Ruyi currently has no intention of appointing directors of Wanda Investment, nor does it intend to participate in its daily operation and management. Wanda Investment will not be a subsidiary of China Ruyi, and its financial results will not be incorporated into China Ruyi’s consolidated financial statements.

Shanghai Ruyi has been a "dark horse" in the film and television industry in recent years. According to public information, Shanghai Ruyi was established in 2013 and is mainly engaged in the production and operation of radio and television programs and film distribution business. It is a controlled structure entity in which China Ruyi holds 100% of the actual interests.

In recent years, Shanghai Ruyi has produced a number of popular films and TV dramas such as "Hello, Li Huanying", "To Youth", "Langya Bang", "Biography of Miyue", "Sewing Machine Band" and "Send You a Little Red Flower". This summer’s popular film "Vanishing Her" also has Shanghai Ruyi’s participation in investment. As of now, the box office of the film has exceeded 3.50 billion yuan. This year, the company’s main films include "Enthusiastic" and "Keep You Safe".

Shanghai Ruyi acquisition of Wanda Film, in addition to Wanda Film in the industry for many years, its overall performance this year is better than the industry average may also be one of the reasons. Financial data show that in the first three quarters of this year, Wanda Film’s operating income was about 11.347 billion yuan, an increase of 46.98% year-on-year; net profit attributable to shareholders of listed companies was about 1.114 billion yuan, net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was about 1.103 billion yuan; net cash flow generated from operating activities was about 3.796 billion yuan, an increase of 127.69% year-on-year.

Wanda Film’s third quarterly report also shows that from January to September 2023, the company’s domestic theaters achieved box office of 6.22 billion yuan (excluding service fees), an increase of 67.6% year-on-year and 5.2% over the same period in 2019; the number of people watching movies 150 million, an increase of 68.7% year-on-year and 3.7% over the same period in 2019. Among them, the company’s domestic theaters achieved box office of 2.57 billion yuan (excluding service fees) from July to September, an increase of 102.1% year-on-year and an increase of 21.2% over the same period in 2019.

In addition, Wanda Film participated in the investment and production of films such as "Wandering Earth 2", "Bear Haunt: Bear Core with Me", "Cosmic Exploration Editorial Department", "Countdown to Say Love You", "Warm", "All-in-One", and "The Eighth Suspect", which were released successively. The overall box office performance was good; the invested series "Who is He" and "The Most Brilliant Us" were broadcast on satellite TV and streaming media platforms, and the ROI of film and television dramas increased year-on-year.

Behind the acquisition of Wanda Film

Is Tencent the biggest beneficiary?

In terms of revenue volume, China Ruyi is not as good as Wanda Film. Financial data show that in the first half of this year, China Ruyi’s revenue was 804 million yuan, and its net profit attributable to the parent was 262 million yuan. In 2022, China Ruyi’s revenue was 1.319 billion yuan, and its net profit attributable to the parent was 7.9 yuan. However, Ruyi is backed by major shareholder Tencent.

According to the data, China Ruyi was formerly known as Hengteng Network, and Hengteng Network was jointly established by Evergrande and Tencent. In October 2020, Hengteng Network wholly acquired Ruyi Film by allocating and issuing shares, subscribing for shares, etc. The total transaction amount was about 7.20 billion Hong Kong dollars (about 6.20 billion yuan at that time).

In November 2021, with the departure of Evergrande, Ke Liming, the actual controller of Ruyi Pictures, became the largest shareholder of Hengteng Network. In February 2022, Hengteng Network was renamed "China Ruyi". As of the end of the first half of this year, Tencent held 20.45% of China Ruyi through Lily Water Investment Limited, becoming its largest shareholder, and the second largest shareholder Ke Liming held 18.92%.

On July 4 this year, China Ruyi raised 4 billion Hong Kong dollars in funds, 90% of which is intended to be used for the development and expansion of film and game businesses. According to the Hong Kong Stock Exchange announcement, Tencent completed the subscription of China Ruyi’s new shares on the same day, and the shareholding ratio rose to 25.45%.

It is understood that Tencent has been in the online streaming media platform (Tencent video) and ticketing (cat eye) and other aspects of the layout of the entertainment industry. The acquisition of Wanda Film may help Tencent use the latter’s accumulation in offline channels to make a deeper layout of its entertainment industry.

According to Blue Whale Finance, after the cooperation was reached, Tencent and Alibaba have almost formed a full-scale confrontation in the field of entertainment, and even slightly better. An industry insider said in an interview: "This [acquisition] is more like Tencent’s siege and suppression of Ali."

In the playoffs of LCK spring match yesterday, T1 lost to HLE with a score of 0: 3. Faker was interviewed at the post-match press conference, saying that the reason for losing the game was that T1 players could not row alone, which affected the team’s performance.

Some time ago, T1 players were seriously affected by the rampant DDoS (Distributed Denial of Service Attack) in South Korea.

Subsequently, IWDominate, the former anchor of LPL English Stream 2, sent a message.

"Who cares if T1′ s excuse is valid? It’s really not sportsmanship to bring it up immediately after losing the game. The LPL team suffered a terrible epidemic in the 2022 World Cup, and even five players could not compete on the same stage. The day before the final, Flyquest’s strategy coach stepped down on suspicion of doing nothing. None of the other teams stood up and used these very reasonable excuses as reasons for losing the game. You should be patient and accept failure. "

Please pay attention to related information:

IT House reported on April 18th that Xiaomi Auto SU7 will be refitted in a limited time for 24 hours at 9: 00 tomorrow, and now the official has issued detailed operation process guidelines.

IT House is summarized as follows:

• Open the homepage of Xiaomi Auto App and click "Apply".

• Click "Apply for Relocation"

• Click "Finish" to return to the home page after successful application.

• Click "Modify Configuration"

• Click "OK" in the pop-up window to enter the matching device, select your favorite configuration and submit it.

• Read and confirm the contents and configuration of the agreement, and click "Confirm Configuration Change".

• After reading the pop-up information in detail, click "Confirm Modification" to complete the final reconfiguration.

• Near the delivery time, the delivery consultant will dock with the owner to start the delivery task.

It should be noted that Xiaomi SU7 needs to be re-queued after being re-matched. The delay of car pick-up time depends on the lock time of the user’s current order Even if the user locks the order early and ranks high, the delivery cycle will be significantly increased because of the successful reconfiguration. And it cannot be returned after successful reconfiguration, so users should be careful to reconfigure.

For the question of "why is it limited to one day?" Xiaomi previously said that the production of the factory and the preparation of materials are prepared in advance according to everyone’s lock orders. If a large number of changes are made continuously, the production will be chaotic and the material supply will not be timely, which will affect the efficiency of production and delivery of vehicles. Starting from ensuring the delivery cycle of all users, the company chose the scheme to minimize the impact, hoping to get everyone’s understanding.