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Country Garden was petitioned for liquidation and bankruptcy was imminent.

Country Garden objected to the liquidation petition, and the company was finally liquidated.

On February 28, 2024, Country Garden announced that the company was informed that EverLimited filed a liquidation petition against the company in the High Court of the Hong Kong Special Administrative Region on February 27, concerning the unpaid term loan with a principal of about HK$ 1.6 billion and accrued interest between the petitioner and the company.

On October 10, 2023, Jiantao Group announced that Country Garden failed to repay the money according to the financing agreement, and the lender issued a statutory demand for repayment to Country Garden, demanding repayment of some due payables. As of October 10, 2023, the outstanding principal amount of Country Garden was still HK$ 1.598 billion.

In this regard, Country Garden said that the debt amount of the company involved in Jiantao Group accounts for a very low proportion of the overall interest-bearing liabilities abroad, and the radical action of a single creditor will not have a significant impact on the company’s security, normal operation and overall restructuring of overseas debts. The company resolutely opposes the petition for liquidation, and will seek legal advice, take all necessary actions, and actively and properly defend with the consulting team.

Country Garden also said that at present, all the operations of the company are normal, and it will continue to focus on ensuring delivery and operation, and protect the rights and interests of all stakeholders, including house owners, creditors, investors and employees, to the greatest extent. The presentation of the petition does not mean that the petitioner can successfully liquidate the company. On the date of announcement, the High Court did not issue a liquidation order to liquidate the company. The High Court has set the first hearing date of the petition as May 17, 2024.

Regarding the restructuring of overseas debts, Country Garden said that since it was announced that it could not repay all overseas debts as scheduled, the company has hired financial and legal consultants to assist in evaluating the capital structure and liquidity of the Group and formulating an overall solution. At present, an effective communication mechanism has been established with the representative groups of major overseas creditor groups, and the overall restructuring of overseas debt is being actively and orderly promoted.

　　The reporter learned from the medical insurance department of Lianyungang City that according to the spirit of relevant national and provincial documents, in accordance with the overall plan of "Class B tube" and the requirements of "protecting health and preventing serious illness", Lianyungang City quickly optimized and implemented relevant medical security policies, and implemented "Class B tube" from the date of new coronavirus infection, and implemented it first until March 31, 2023.

　　The hospitalization expenses are all included in the comprehensive security.

　　Make clear the payment policy of hospitalization medical insurance in COVID-19. Novel coronavirus infected patients in all medical institutions, in line with the health department to develop novel coronavirus infection treatment program of hospitalization medical expenses, in the basic medical insurance, serious illness insurance, medical assistance and other payment in accordance with the provisions, the personal burden of part of the financial subsidies.

　　Outpatient reimbursement of primary medical institutions is 75%

　　To clarify the reimbursement ratio of special outpatient support in COVID-19. Cooperate to promote the implementation of graded diagnosis and treatment, guide patients to seek medical treatment at the grassroots level, and ensure stable and orderly medical services. For outpatient and emergency expenses of patients with novel coronavirus infection and suspected symptoms in designated medical institutions (secondary and below medical institutions), there is no deductible line and reimbursement limit for medical insurance fund payment, and the proportion of basic medical insurance fund payment is 75%.

　　It is understood that this policy will increase the support of medical insurance to primary medical institutions (secondary and below medical institutions) in rural areas and urban communities, so as to guide patients to primary medical treatment and promote the implementation of graded diagnosis and treatment. If the outpatient and emergency expenses of novel coronavirus infection treatment for insured patients in other medical institutions occur, they shall be implemented according to the existing outpatient security policy.

　　Non-designated medical institutions are temporarily included in the management of medical insurance settlement agreement according to regulations.

　　Non-designated medical institutions are temporarily included in the management of medical insurance settlement agreements. Open a green channel for non-designated medical institutions with the ability to accept infected patients in Covid-19, and sign the Temporary Special Agreement on Medical Insurance Expense Settlement of Medical Institutions with the requirements of medical insurance agreement management with non-designated medical institutions in accordance with the requirements of medical insurance agreement management, and incorporate it into the management of medical insurance settlement agreement according to regulations.

　　The temporary special agreement is valid from the date of signing to March 31st; After the expiration, if it is voluntarily included in the fixed-point management of basic medical insurance, it is necessary to re-submit an application for agreement management to the local medical insurance department and accept the assessment according to the regulations.

　　The first consultation of "internet plus" medical service is included in the medical insurance payment.

　　In view of novel coronavirus’s open Internet first-visit service, medical insurance mobile payment and settlement services are provided for patients who have symptoms related to novel coronavirus infection and meet the Guidelines for Home Treatment of Covid-19 Infected Persons according to regulations. The municipal medical insurance department provides support according to the principle of online and offline consistency, and the price policy and reimbursement standard of Internet first-visit medical services are consistent with offline. The follow-up service for infection-related symptoms in novel coronavirus is still implemented according to the existing reimbursement policy for Internet follow-up.

　　Do a good job in the settlement of expenses for patients with novel coronavirus infection in different places

　　The hospitalization, outpatient and emergency expenses of infected patients in novel coronavirus in networked hospitals with conditions in different places are uniformly included in the networked direct settlement. Temporarily do not have the conditions, the insured patients can hold the relevant outpatient bills to the insured medical insurance agencies to apply for manual reimbursement, unified implementation of the insured novel coronavirus infection and suspected symptoms of patients with outpatient and emergency special security policy. The medical expenses incurred by the hospitalization expenses of infected patients in different places in novel coronavirus will continue to implement the national inter-provincial liquidation policy, and the personal burden will be settled by the financial funds of the medical treatment places.

　　Diplomacy is no small matter. Some seemingly casual details often reveal meaningful signals.

　　Just now, in the Oval Office, US President Trump met with Liu He, Vice Premier of the People’s Republic of China, the special envoy of the Supreme Leader. The meeting lasted 40 minutes. According to the subsequent release of Xinhua News Agency, Trump also emphasized to Liu He:I highly cherish the good working relationship and personal friendship with the Chairman of the Supreme Leader.

　　Trump, the chief correspondent of Twitter in the White House, also quickly posted relevant information on Twitter, saying that he had talked with Liu He about trade issues. In the photo, Trump with a red tie stood on the right and Liu He with a blue tie stood on the left. They shook hands and smiled.

　　Sino-US trade negotiations are still going on, but during the talks, Trump suddenly met Liu He at the White House, and the information conveyed should be quite rich, at least these three clear signals:

　　1. There have been subtle changes in the attitude of the United States.

　　The last time Liu He visited Washington, not long ago, US Treasury Secretary Mnuchin led a delegation to Beijing for consultations, but the top leaders of the two countries did not come forward to meet. But this time, Trump not only met with Liu He, but also smiled brilliantly.In addition to Mnuchin and other US ministers, accompanied by US Vice President Burns. The President and Vice President of the United States met with Liu He, a vice-national.It can also be seen that the US attaches great importance to the China delegation.

　　In addition, in the Xinhua News Agency report, the first thing Trump said to Liu He was,"It is very important for the United States and China to maintain good cooperative relations in the economic and trade field." Please note that this is "very important".Since it is very important, the United States should also be soberly aware that once it derails, it will shake the earth.

　　Second, China and the United States have differences, but both want to solve them properly.

　　According to Xinhua News Agency, Trump said to Liu He:"I hope that the economic teams of the two countries will work together to actively solve the problems existing in the economic and trade relations between the two sides."Liu Heze said:"China is willing to work with the United States to properly handle and solve economic and trade issues of mutual concern on the basis of equality and mutual benefit, and ensure that economic and trade cooperation will continue to be the ballast stone and propeller of Sino-US relations."

　　There are indeed big differences between the two sides. What should we do? Please note that the Chinese word is "properly handled" and Trump’s word is "actively resolved". There are subtle differences in words, but their attitudes are basically the same. In other words, both sides believe that these differences should not be allowed to affect the relations between the two countries, which creates better conditions for the final success of the negotiations. Of course, China also has principles: on the basis of equality and mutual benefit.

　　Third, there is huge space for future cooperation between China and the United States.

　　During the meeting, Trump also said this to Liu He:The United States and China should focus on strengthening trade and investment cooperation in the fields of energy and manufacturing, expanding agricultural products trade and market access, and strengthening cooperation in intellectual property protection to bring more practical benefits to the two peoples.

　　This should be the key cooperation area listed by the United States.These are all businesses, and China really may not suffer.It must be noted that in these areas, the United States has great advantages, and China’s appropriate increase in some imports is conducive to meeting people’s needs for a better life and is more conducive to the formation of a domestic competitive market. For example, energy is the blood of the economy, and China needs to import a lot of energy to develop; China needs blue sky, and natural gas is in short supply. In this regard, the United States can make more contributions. Of course, China’s energy exploitation technology should also catch up quickly.

　　In the previous article, bullpiano said,The trade war between China and the United States seems to be on the verge of exploding, but from the perspective of the ultimate win-win situation of harmony and wealth, it is just a fierce bargaining before larger-scale cooperation.

　　For the delegation of China, this is really a heavy responsibility. We must defend China’s legitimate rights and core interests, and we must defend the multilateral free trade system and global free trade.

　　Because in the process of consultation, there is no lack of wild speculations. Some western media also broadcast the so-called news that China made substantial concessions and accepted the US deficit reduction of $200 billion.

　　However, people familiar with the matter made it clear that this is false and purely misunderstood.

　　According to the interpretation of relevant people:

　　1. It is absolutely impossible for the Chinese team to negotiate under the conditions set by the US. This point has long been made public in the last round of Beijing consultations.

　　2. Some of China’s concerns, such as the ZTE incident, have been hinted by the relevant US parties in Twitter a few days ago; In addition, both sides have made progress in expanding the export of chips and high-tech products to China in the United States and relaxing energy exports to China. The final result of this transaction is worth looking forward to. Some people worry that China will make unilateral concessions, which is unnecessary.

　　3. The final result of the negotiations will come out after a while, and the so-called rumors of China’s concessions will be broken by then!

　　However, this is still a bitter battle.

　　According to informed sources,Just a few hours before Trump met with Liu He, the two sides still refused to give in to each other on the focus issue, and the negotiations were once deadlocked.Trump’s sudden meeting and the smiling handshake between the two sides undoubtedly put an end to the hard negotiation of this day.

　　Negotiations will continue and the game is still going on. Strive for the best results and prepare for the worst.Tomorrow is a crucial day!(Author Niu Qinqin)

The issues of VAT collection and management, such as input tax deduction for domestic passenger transport services, are hereby announced as follows:

I. Input tax deduction for domestic passenger transport services

(1) The "domestic passenger transport service" as mentioned in Article 6 of the Announcement of the General Administration of Customs of the Ministry of Finance on Deepening the Reform of Value-added Tax (Announcement No.39 of the General Administration of Customs of the Ministry of Finance, 2019) is limited to employees who have signed labor contracts with their own units, and domestic passenger transport services that occur to employees who are dispatched by labor services accepted by their own units as employers.

(2) If a taxpayer purchases domestic passenger transport services with the tax amount indicated on the obtained VAT electronic ordinary invoice as the input tax amount, the buyer’s name, taxpayer identification number and other information indicated on the VAT electronic ordinary invoice shall be consistent with the taxpayer who actually deducts the tax, otherwise it will not be deducted.

(3) The input tax amount of domestic passenger transport services that taxpayers are allowed to deduct refers to the value-added tax amount actually incurred by taxpayers on or after April 1, 2019, and indicated in or calculated on the basis of legal and valid value-added tax deduction certificates. If the VAT special invoice or VAT electronic ordinary invoice is used as the VAT deduction voucher, it shall be the VAT special invoice or VAT electronic ordinary invoice issued on or after April 1, 2019.

Second, about the addition and deduction

(1) Announcement of the General Administration of Customs of the Ministry of Finance on Deepening the Reform of Value-added Tax (Announcement No.39 of the General Administration of Customs of the Ministry of Finance, 2019) Article 7 applies the so-called "sales" to the policy of adding and deducting, including sales declared by tax, sales checked and supplemented by tax, and sales adjusted by tax assessment. Among them, the sales amount of tax declaration includes the sales amount of general tax method, the sales amount of simple tax method, the sales amount of tax exemption, the sales amount of invoice issued by the tax authorities, and the export sales amount of exemption, credit and refund, that is, the sales amount of the project that is refunded immediately after collection.

Check, make up sales and tax assessment adjust sales, which are included in the check, make up or assess and adjust the current sales, and determine that the policy of adding and deducting is applicable; If the policy of collecting the difference in value-added tax is applicable, the policy of adding and deducting shall be determined based on the sales after the difference.

(2) For taxpayers established before March 31, 2019, and whose sales from April 2018 to March 2019 were all zero, the policy of adding and deducting shall be determined based on the sales for three consecutive months from the month when the sales were first generated.

Taxpayers established after April 1, 2019, and whose sales for three months from the date of establishment are zero, will be determined to apply the add-and-subtract policy based on the sales for three consecutive months from the month when sales are first generated.

(3) With the approval of the Ministry of Finance and the State Taxation Administration of The People’s Republic of China or its authorized financial and tax authorities, the head office and its branches that implement consolidated payment of value-added tax shall determine that the head office and its branches shall apply the policy of adding and deducting based on the total sales of the head office and its branches at the same level.

Three, about some advanced manufacturing value-added tax refund at the end of the period.

Since June 1, 2019, taxpayers who meet the requirements of the Announcement of the Ministry of Finance and the State Administration of Taxation on Defining the Tax Refund Policies for Some Advanced Manufacturing Industries at the End of VAT (Announcement No.84 of the Ministry of Finance and the State Administration of Taxation in 2019) should apply for the refund of incremental tax credits, and should handle the relevant tax refund business in accordance with the Announcement of State Taxation Administration of The People’s Republic of China on Handling Tax Refund for Tax Credits at the End of VAT (State Taxation Administration of The People’s Republic of China Announcement No.20 of 2019). The Application Form for Tax Refund (Refund) (State Taxation Administration of The People’s Republic of China Announcement No.20 of 2019) was revised and re-released (Annex 1).

Four, the application of tax exemption policy for small-scale taxpayers whose operating period is less than one tax period.

Since January 1, 2019, small-scale VAT taxpayers with a tax payment period of one quarter are exempted from VAT if the actual operating period of the current period is less than one quarter due to the establishment or cancellation in the middle of the quarter, and the current sales amount does not exceed 300,000 yuan. Item (3) of Article 6 of the Announcement of State Taxation Administration of The People’s Republic of China on Comprehensively Pushing Forward the Pilot Project of Changing Business Tax to Value-added Tax (State Taxation Administration of The People’s Republic of China Announcement No.23 in 2016 and State Taxation Administration of The People’s Republic of China Announcement No.31 in 2018) shall be abolished at the same time.

V. Small-scale taxpayers in the cargo transportation industry apply for issuing special VAT invoices on their behalf.

Value-added tax taxpayers who apply for issuing special VAT invoices on behalf of small-scale taxpayers in the cargo transportation industry (State Taxation Administration of The People’s Republic of China Announcement No.55 of 2017, revised and issued by State Taxation Administration of The People’s Republic of China Announcement No.31 of 2018) and small-scale cargo transportation enterprises with Internet logistics platform stipulated in Notice of State Taxation Administration of The People’s Republic of China on Launching Pilot Work of Issuing Special VAT Invoices on behalf of Internet Logistics Platform Enterprises (Tax General Letter [2017] No.579) issue special VAT invoices on their behalf and handle related tax-related matters.

Providing road freight transport services (except those engaged in ordinary road freight transport business with ordinary freight vehicles of 4.5 tons or less), and obtaining the People’s Republic of China (PRC) Road Transport Business License and the People’s Republic of China (PRC) Road Transport Certificate; To provide inland river cargo transport services, it has obtained the Domestic Waterway Transport Business License and the Ship Transport Business License.

Six, on the transport space contracting and space exchange business applicable tax items.

(1) In the transportation space contracting business, the contracting party shall take the total price and extra-price fees charged by it to the contractor as sales, and pay value-added tax according to "transportation services". The contractor shall take the total price and other expenses charged by it from the shipper as the sales amount and pay the value-added tax according to the "transportation service".

Transport space contracting business means that the contractor signs a transport service contract with the shipper as a carrier, collects the freight and assumes the responsibility of the carrier, and then entrusts the employer to actually complete the relevant transport services by contracting other people’s transport space.

(2) In the business of exchanging transport spaces, both parties who exchange transport spaces take the total price and extra-price expenses confirmed by their respective exchange of transport spaces as sales, and pay value-added tax according to "transportation services".

Transport space interchange business refers to the business activities in which taxpayers sign a transport agreement and use each other’s transport space to complete related transport services in their respective transport business as carriers.

Seven, about the construction service subcontract difference deduction.

Subcontract payments allowed to be deducted from the total price and out-of-pocket expenses obtained by taxpayers for providing construction services refer to the total price and out-of-pocket expenses paid to subcontractors.

Eight, on the cancellation of construction services simple tax items for the record.

If the general taxpayer providing construction services applies or chooses to apply the simple tax calculation method according to the regulations, the filing system will no longer be implemented. The following certification materials do not need to be submitted to the tax authorities, but are kept for future reference:

(a) to provide construction services for old construction projects, and to retain the building construction permits or the construction project contract;

(two) the construction services provided for the project provided by Party A and the construction services provided by the contractor shall be retained in the construction project contract.

Nine, on the reclamation of real estate projects for simple taxation.

Real estate projects that ordinary taxpayers in real estate development enterprises have acquired land by reclamation and developed, and the commencement date of reclamation indicated in the reclamation project "building construction permits" or the construction project contract is before April 30, 2016, which belongs to old real estate projects. You can choose to apply the simple taxation method to calculate and pay VAT at the rate of 5%.

X. Determination of the purchase price of restricted shares

(1) When a taxpayer transfers the restricted shares formed by the initial public offering and listing due to the simultaneous implementation of the share-trading reform and major asset restructuring, as well as the stock transfer and conversion arising from the above-mentioned shares from the first day of listing to the lifting of the ban, the opening price of the listed company’s shares on the first day of listing is taken as the purchase price, and the value-added tax is paid according to the "transfer of financial commodities".

(II) If a listed company suspends trading for many times due to the implementation of major asset restructuring, the "stock suspension" as mentioned in Item (3) of Article 5 of the Announcement of State Taxation Administration of The People’s Republic of China on Several Issues Concerning the Collection and Management of the Pilot Project of the Reform of Business Tax (State Taxation Administration of The People’s Republic of China Announcement No.53 in 2016 and State Taxation Administration of The People’s Republic of China Announcement No.31 in 2018) refers to the last suspension before the China Securities Regulatory Commission makes a decision on approving the application for major asset restructuring of listed companies.

Eleven, about the insurance service input tax deduction.

(1) If a taxpayer providing insurance services assumes the motor vehicle insurance liability by paying in kind, the input tax amount of the vehicle repair services purchased by itself from the vehicle repair service provider can be deducted from the output tax amount of the insurance company according to the regulations.

(2) If the taxpayer providing insurance services assumes the motor vehicle insurance liability by cash payment, the compensation payable to the insured shall be paid directly to the vehicle repair service provider, which does not belong to the vehicle repair service purchased by the insurance company, and the input tax shall not be deducted from the output tax of the insurance company.

(3) Other property insurance services provided by taxpayers shall be governed by the above provisions.

Twelve, about the application of catering service tax items

Taxpayers make food on the spot and sell it directly to consumers, and pay VAT according to "catering service".

XIII. On Issuing the Invoice of the Original Applicable Tax Rate

(1) Since September 20, 2019, if taxpayers need to issue blue-ink invoices with tax rates of 17%, 16%, 11% and 10% through the VAT invoice management system, they should submit the Letter of Commitment for Issuing Invoices with Original Applicable Tax Rates (Annex 2) to the competent tax authorities for temporary invoicing authority. The validity period of the temporary invoicing authority is 24 hours, and the taxpayer shall issue an invoice with the original applicable tax rate within the prescribed time limit for obtaining the temporary invoicing authority.

(two) the taxpayer shall keep the transaction contract, the red-ink invoice, the receipt of the payment certificate and other related materials for inspection.

(3) If the taxpayer fails to issue the invoice of the original applicable tax rate as required, the competent tax authorities shall handle it in accordance with the existing relevant regulations.

Fourteen, about the implementation time of this announcement.

Articles 1 and 2 of this announcement shall come into force as of the date of promulgation, and Articles 5 to 12 of this announcement shall come into force as of October 1, 2019. Matters that have not been dealt with before shall be implemented in accordance with this announcement, and matters that have been dealt with shall not be adjusted. Measures for the Administration of Small-scale Taxpayers in the Freight Transport Industry Applying for Special VAT Invoices (State Taxation Administration of The People’s Republic of China Announcement No.55, 2017), State Taxation Administration of The People’s Republic of China Announcement No.31 of 2018 was revised and released) Item (2) of Article 2, Notice of State Taxation Administration of The People’s Republic of China on Launching the Pilot Work of Issuing Special VAT Invoices on behalf of Internet Logistics Platform Enterprises (Tax General Letter [2017] No.579) Item (2) of Article 1, Announcement of State Taxation Administration of The People’s Republic of China on Simplifying the Filing of Simple Taxation Method for Construction Services (State Taxation Administration of The People’s Republic of China Announcement No.43 of 2017, State Taxation Administration of The People’s Republic of China)

It is hereby announced.

Attachment: 1. Tax Refund (Credit) Application Form

　 　 　 2. Letter of Commitment for Issuing the Invoice of the Original Applicable Tax Rate

State Administration of Taxation (SAT)

September 16, 2019

　　Cctv news (Reporter Li Wenliang): From 0: 00 to 24: 00 on October 25, Shandong Province reported 2 new confirmed cases, including 1 local case reported by Rizhao City, which was a returnee from other provinces; Qingdao reported a case of India’s import.

　　On the evening of October 25th, a patient with positive nucleic acid test was found in Wulian County. In the early morning of 26th, the patient was diagnosed as COVID-19 (common type) after consultation by the expert group. Patient Zhao Moumou, now living in the urban area of Wulian County, has carried out comprehensive investigation, tracking and control of Zhao’s secret connection, sub-secret connection and risk personnel. After the flow adjustment, its main activity track is:

　　On 15th, take the G2259 train from Rizhao West to Yinchuan, 15— On the 17th, the main venues for the event were Xingyuejia Hotel in Yinchuan, the noodle restaurant opposite the bridge on the right side of the hotel, the vicinity of Ximeidi construction site in Yandun Lane, jinfeng district, Jiuyi Hotel, Weijia Banquet in xingqing district, Xindelong Service Station and Ramen Restaurant in Traffic Logistics Park, and Longshanghong Private Cuisine.

　　On the 18th, take G2261 Yinchuan — Rizhao high-speed train, arrive at Rizhao West Station, get off and take Rizhao — Wulian 301 bus gets off at Hongfeng Building.

　　On the 19th, after reporting to the residential property at 8:00 in the morning, I drove to the rehabilitation hospital for nucleic acid test, and the result of nucleic acid test was negative, and then I went to Xiaochen vegetable shop to buy food.

　　20th — On the 25th, activities were mainly held in the vicinity of work units and residential quarters. The activities were held at the entrance of Hongning Central Primary School, Kangdu Pharmacy, Shancheng Chicken Shop, Jihou Market, Deli Supermarket, Madehong Department Store, Xiluoshan Shopping Mall, Shili Shuxiang Sales Office, Yuangong Road Calligraphy Workshop and Hope Art Education.

　　On the 25th, I went to the rehabilitation hospital by car, and then was referred to the fever clinic of the county people’s hospital. The nucleic acid test was positive. After consultation by the expert group, I was diagnosed as COVID-19 (ordinary type), and then I was transferred to the designated hospital in the city for isolation treatment.

　　The office of the leading group (headquarters) of Wulian County Committee for coordinating the prevention and control of epidemic situation and economic operation draws the attention of those who have recently overlapped with the space-time trajectory of the confirmed case, those who have been to or passed through medium-high risk areas, and those who are accompanied by others, to report their personal information to their units, communities (villages) and hotels at the first time, stay at home in isolation, and actively cooperate with the implementation of epidemic prevention and control measures such as nucleic acid detection, medical observation or health monitoring.

　　According to the work place and activity place of the confirmed case, Wulian County divides the relevant areas with certain transmission risk into control areas (south of Wenhua Road, west of Shandong Road, north of Tengfei Road and east of Hongning River), and implements "no people leaving the area, no gathering, and full-time nucleic acid detection"; The community where the confirmed cases are located and the surrounding areas with frequent activities are determined as sealed control areas (12 key areas, such as Wantong Hydraulic, Xuefu No.1 Community, Hongning Central Primary School, PICC P&C Company, Rehabilitation Hospital and Lianhuiyuan Community, are sealed control areas). At the same time, the "regional closure, staying at home and providing services to all employees" is implemented, and the nucleic acid detection of all employees is quickly started. In accordance with the requirements of "ensuring that all test results are taken out as soon as possible", the identified close-contact and sub-close-contact personnel will complete the nucleic acid test overnight and strictly implement home isolation.

I have to say that the overall design is in line with the aesthetics of Chinese people. Generally speaking, the front of the new generation of Fengjun 7 has become more tough, and some protruding lines have been added to the hood, which looks quite muscular and looks very energetic after the headlights are lit. The side of the car body with a rising side shape creates a sense of readiness and looks very sporty. At the same time, Fangzheng’s tail shape echoes the front, and the design of the taillights is also interesting, which shows great personality after lighting.

Inside the car, the new car adopts the latest design style and layout of the Great Wall, which is very atmospheric as a whole. The steering wheel is made of leather, which feels good and makes people feel energetic when driving. The center console and the door panel are made of the most basic black plastic, but the details are not bad. The front row is also equipped with an automatic air conditioning control system, which can freely debug the most comfortable space atmosphere. And there are environmentally friendly ergonomic seats.

Fengjun 7 has a car length of 5425mm, a car body width of 1800mm and a wheelbase of 3350mm, which is quite satisfactory. In the same class, the wheelbase of Fengjun 7 ranks 15th. The interior space of the car is relatively spacious at the same level, the height and width of the car are ideal, and the legroom in the back row will not feel cramped, which belongs to the upper-middle level at the same level. Among the models of the same price and class, the trunk volume of Fengjun 7 ranks 15th. It can basically meet the luggage space for family travel. But there is no extra hidden storage space.

Fengjun 72.0T four-wheel drive elite diesel engine adopts 2.0, with a maximum horsepower of 139 and a peak torque of 330, matching the manual (MT) gearbox. It will definitely bring unforgettable control charm. Ranked 7 th among 80,000-120,000 pickup trucks.

The active/passive safety configuration of Fengjun 7 is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In order to get a more comprehensive and objective understanding of Fengjun 7, you can go to the Easy Car Fengjun 7 forum and browse the messages of users who have bought the car in history.

The tinkering in the first half of the year has passed, and then domestic car companies will obviously enter the year-end big ratio. Recently, everyone must have seen that various car companies have made frequent new moves, and various technologies or new products have been preheated in an endless stream, suggesting that the next July and August are doomed to be quiet.

Today, let’s take a look at a new car that is about to come out and see which one suits you best.

Huawei’s flagship executive sedan — Xiangjie S9

Enjoy the world S9 is extremely hot recently, mainly because Yu Chengdong directly exposed the most mysterious interior part of the car, which can make everyone feast their eyes.

The interior of Enjoy World S9 reveals a breath everywhere, and that is dignity. The leather package can be seen everywhere in the whole car, with solid wood decorative boards and various metal chrome-plated solid buttons. In the front row, there are integrated penetrating screens similar to the Milky Way scroll, noble Schroeder diffuser units, hidden atmosphere lights and so on. The rear row is even more luxurious, with double zero gravity seats, 8 sunshade curtains, laser projection, folding small tables and handrails, etc., which perfectly integrate the administrative level with scientific and technological intelligence and give the ultimate answer to the new era.

Previously, Enjoy World S9 announced that the pre-sale price will be 450,000-550,000 yuan, and Huawei ADS3.0 intelligent driving technology will be launched.The vehicle has a length, width and height of 5160x1987x1486mm and a wheelbase of 3050 mm. It is divided into single-motor rear drive and dual-motor four-wheel drive, and has two kinds of battery packs of 79.9 degrees and 97.6 degrees.

The emergence of the enjoyment world S9 is bound to form a strong potential with the question world M9, and launch a fierce high-end competition for BBAs.

Weilai Ledao L60, the first family SUV of the sub-brand.

Ledao L60 is also a popular new car with pre-sale at present. It is planned to be officially launched in September, and the pre-sale price now starts at 219,900 yuan, which is the first product of Ledao, the first sub-brand of Weilai.

The direct competitor of Ledao L60 is Tesla ModelY, which adopts a similar sliding back coupe SUV shape, with split light groups at the front and rear, featuring European minimalist style, quite advanced face value, and extremely low wind resistance. With Weilaizhun 900V high-voltage platform, the energy consumption is said to surpass Tesla.

Thanks to the short suspension design in front and back, the interior seating space of Ledao L60 is excellent. The instrument screen is cancelled in the front row, and the HUD+17-inch 3K large horizontal screen design is adopted. The rear row is equipped with an 8-inch entertainment control screen. There is no lidar in the whole vehicle, and it adopts a single OrinX chip+pure visual intelligent driving. When it goes online, it supports the national urban area without maps. After all, it is blessed by the strength of Weilai’s main brand.

Ledao L60 is famous for its extreme large space, low energy consumption, strong intelligence, overcharge and battery replacement, etc. It is an SUV product tailored by Weilai for mainstream home users, and it is divided into different versions such as single-motor rear drive and dual-motor four-wheel drive, which is a dark horse worthy of attention in the second half of the year.

Tucki Mona 03: 150,000 Class Strongest AI Smart Car

Tucki MONA03 will be officially launched in August. He Xiaopeng said that MONA03 is a very beautiful car belonging to young people. This car is positioned in the B-class sedan, with the lowest drag coefficient in the world, and it focuses on leapfrog AI intelligence.

Tucki M03 adopts the most beautiful car design curve with an aspect ratio of 1.31, has the only electric hatchback tailgate in its class, and the lowest wind resistance of the whole vehicle is 0.194. The whole system is equipped with AGS fully integrated active air intake grille as standard, with five car paint colors to choose from, and will be equipped with the latest AI intelligent cockpit in Tucki and the first pure vision high-order intelligent driving.

Fashion, intelligence and low energy consumption will be the core selling points of Tucki M04, but correspondingly, its power is relatively low, the top speed is only 180km/h, and there is no dual-motor four-wheel drive option. Do you think Tucki M03 will sell well?

Extreme Yue 07 may be one of the pure electric cars with the highest value.

Another pure electric car with the same face value belongs to the ceiling of the industry, and there is the Extreme Yue 07. At present, the car has arrived in the store one after another, and it is expected to meet you formally soon. It is located in the range of 200,000-300,000 yuan, belonging to a medium and large pure electric car with a wheelbase close to 3 meters.

The vehicle length, width and height of the Extreme Yue 07 are 4953/1989/1475mm, and the wheelbase is 3013 mm. It continues the same family design language of the previous generation Extreme Yue 01, including through-type daytime running lights, extremely smooth side curved lines, large sliding back modeling, hatchback tailgate, intelligent driving interactive lights and so on. The interior part also continues the integrated horizontal screen, with Qualcomm Snapdragon 8295 full blood chip, half steering wheel, sports seat, suede ceiling, panoramic canopy and so on.

In terms of power, Extreme Yue 07 offers a single-motor rear-drive version and a dual-motor four-wheel drive version. The former has a maximum motor power of 200kW, matching the battery packs with 71.4kWh and 100kWh capacities; The latter is equipped with 200kW+200kW front and rear dual motors. The comprehensive power of the system is 400kW(544 HP), the battery capacity is 100kWh, and the cruising range is 770km. The four-wheel drive version is equipped with CDC electromagnetic suspension.

It can be seen that it is basically the same chassis power as Extreme Yue 01 and Extreme Krypton 001, and its mechanical quality is very trustworthy.

Krypton MIX and Krypton SUV, launched in the fourth quarter.

In the second half of the year, we also prepared two new cars. The first one to be listed will be the "Baby Bus" MIX. We have seen the interior of this car in detail, full of various design details, and the completion is extremely high; The other is the same SUV based on 007 family design language, which is expected to be listed in the fourth quarter.

Extreme Krypton MIX is a very unique five-seat SUV, which adopts the front-to-back door design, and the front seats can be turned to the back. The overall interior style attaches great importance to the sense of family warmth. At the same time, due to the excavation of a large space with a wheelbase of nearly 3 meters on the basis of a vehicle length of more than 4 meters, the extreme Krypton MIX has only a single motor rear-drive version, equipped with a 310kW motor, with Qualcomm Snapdragon 8295 intelligent cockpit and extreme Krypton self-developed vast intelligent driving, and has high-low versions such as single Orin pure vision and double Orin laser radar.

Not surprisingly, the starting price of Krypton MIX will be around 200,000. As a niche model, its market sales performance is worth looking forward to.

Phoenix Network Technology News On July 29th, Beijing time, Tesla has started to push the update of FSD (Fully Automated Driving System) v12.5.1 for selected models. This latest version promises major improvements, including the integration of urban and highway driving capabilities, which were previously separate.

FSD v12.5.1 will be updated by combining with Tesla on-board system 2024.20.15, marking a milestone in the development of Tesla’s autonomous driving. The main functions of v12.5.1 update include earlier and more natural lane change, enhanced owner monitoring function and extended compatibility. Tesla electric pickup Cybertruck will be the first model to get this update.

Before Tesla pushed the update of FSD v12.5.1, Elon Musk, CEO of Tesla, had predicted its functions in advance, emphasizing the reduction of the number of times the owner intervened in the car per mile. In addition, this version will also introduce the "ASS" function independent of the FSD core system.

Although the first push of FSD v12.5.1 will focus on Model Y equipped with HW4 hardware, Tesla plans to expand the compatibility of FSD v12.5.1 in the future and let it land on other models. (Author/Xiao Yu)

For more first-hand news, welcome to download the Phoenix News client and subscribe to Phoenix Net Technology. If you want to see the in-depth report, please search for "Phoenix Net Technology" on WeChat.

Yesterday, Tencent Music List Sub-list Tencent Music Wave List (hereinafter referred to as "Wave List") released the October 2022 list. After a rigorous selection by the Inspur Jury composed of over 100 professional creators, Yisa joined hands with the new song "Moon" to reach the top. It is worth noting that four female singers, Yisa, Wei Ruxuan, Wei Lan and TIA RAY of Tia Ray, all won unanimous love and selection from the judges of Inspur List, ranking in TOP4. With different styles, they brought an auditory feast to the audience with diverse styles such as pop, rock and jazz, and let us feel the flowers bloom in the current Chinese music scene.

Jazz performed brilliantly. Yisa launched a new song "Month" to reach the top warmly.

As the "queen of OST" in recent years, Yisa has always been famous for her mellow voice and pure emotion. In the October list, Yisa once again healed the audience with a strong and warm voice, and the new song "Month" carefully explained the details in her feelings. Well-known producer Han Likang commented: "The moon can be returned to the night, and the applause is still for Yisa."

Also taking the "Cure School" is the popular lyric song "My Perspective" from Wei Lan. In the song, Wei Lan poured out a girl’s inner monologue in a gentle and smooth voice, filled with faint urban sadness so that every girl can see her own shadow in the song, which makes the song also full of healing energy. The lyricist Shen Mingli said: "With my perspective, it is also a female perspective, to comfort people who are lost and confused, and after listening, they should feel understood and cured."

Jazz songs have sprung up in this month’s list, and the fourth and fifth places on the list are all jazz slow songs. "Jazz star" TIA RAY TIA Ray sang the ending song "Easy to Love" for the recently hit TV series "Heart Rippling", which incorporated her lazy voice into the retro melody, making us feel the elegant attitude and free personality strength of women in love, and also successfully won the fourth place; The fifth place is an "old song and new singing": Ku Kui Kei joined hands with the new generation female singer Ye Qiaolin to perform her song "Someone Downstairs" released in 1998. As a rare jazz style in Cantonese songs, "Someone Downstairs" is quite ingenious in rhythm and chord design. Tanya Chua’s quiet and soothing tunes, Huang Weiwen’s delicate lyrics depicting trivial life, and a brand-new duet between men and women, the song is full of beauty and sweetness.

The rise of independent musicians and the revival of Chinese golden songs are flourishing

Last week, Tencent Music Data Research Institute released the report "Golden Melody Research Experiment", which showed that the quality works have risen in recent years, and the recovery momentum of "Golden Melody" has been obvious. Looking at this list, Wei Lan and Ku Kui Kei’s exquisite and arresting Cantonese singing brought us back to that golden era of Hong Kong music in an instant; Shirinayi Gao and Huang Xiaoyun also let us see the growth and breakthrough of new sound power. The competition between powerful singers and original singers shows that there are actually many high-quality songs in the current music scene, which confirms the current prosperity of the Chinese music scene.

In the era of focus, with novel creative ideas and unique song types, independent musicians have risen, and insisting on independent creative expression has also become a solid guarantee for their music quality. With such popular works as "My Lover Missed", the Taiwan Province Orchestra told five people that they have become outstanding independent musicians in recent years, and "My Lover Missed" was also selected as the seed song list in the report of "Golden Melody Research Experiment" because of its song quality and lasting popularity. In this issue’s list, Gao Wu’s new song "Say Hi to me in the future" was successfully listed. The genre of psychedelic rock not only continued Gao Wu’s consistent literary style, but also hit home the expectations and imagination of current music lovers’ attitude towards music. As Wu Mengqi, the founder of E-Y music, commented, "Five people can often find a good balance between business, literature and art and trends in the arrangement of lyrics."

In addition, relying on the influence of cross-border traffic and excellent production resources, IP songs have also become "golden song makers". Terry Lin, who ranked eighth in this issue’s list, sang "Preface to Tengwang Pavilion", which is the skin promotion song of Yixing Tengwang Pavilion, which was jointly performed by the glory of the king and Nanchang Tengwang Pavilion. The song was made by Terry Lin himself, and China folk music instruments were fully used in the music. The melody was melodious and stirring, which realized the perfect integration of modern rhythm and ancient rhyme of the article.

Tencent Music Wave List is committed to creating the most professional and influential music list in Chinese music, defining music professionally, adhering to the quality of music, and selecting high-quality and worth listening to new songs every month. Inspur List and Tencent Music are composed of your list, which provides listeners with different perspectives of music appreciation through a diversified evaluation system. Looking at this list, we can see the charm of Chinese music works under the diversified development, what high-quality new songs will be on the list next month, and which singers will be strong on the list, so stay tuned.

() The business review of the Board of Directors in the first half of 2022 is as follows:

　　I. Main businesses of the Company during the reporting period

　　(1) The development stage of the industry to which the company belongs and the position of the company in the industry during the reporting period.

　　1, the development stage of the industry.

　　(1) The development stage of overseas Internet media industry

　　In the first half of 2022, the Internet media industry in the United States continued to adapt to the rapidly changing consumer behavior. Consumers spend more time in the digital ecology than ever before, but they are also increasingly aware of the value of personal data and pay attention to privacy issues. The major platforms in the industry have been trying to change themselves to meet the needs of consumers, such as the iOS update of Apple App tracking transparency, Google’s plan to gradually phase out third-party Cookies, Yahoo’s overall adjustment of the desktop page jump form policy, the tightening of censorship standards for mobile applications in ensuring users’ right to choose and privacy, and Facebook’s strict review of some applications’ presentation methods, all of which have led to the pressure of realizing, obtaining customers and making profits. These changes, as well as broader economic problems, related regulatory strengthening, and industry adversity, are expected to bring pressure on advertisers’ budgets in the short term, but they also bring opportunities for people who can adapt and innovate quickly to gain market share. It is estimated that by 2026, in the entertainment and media industries, advertising costs will exceed consumer spending and Internet access costs.

　　The growth of the advertising industry is driven by the transformation to digitalization, and consumers are increasingly spending more time in places where digital advertisements can be reached and where real-time transactions can be made. According to the Global Entertainment and Media Outlook 2022-2026 released by PricewaterhouseCoopers, with the increasing attention of consumers in these five years, the global Internet advertising revenue will reach 723.6 billion US dollars with an astonishing compound annual growth rate of 9.1% in 2026. The growth is mainly distributed in the following channels: digital video, digital audio, social media, search, games and e-sports. In addition, PricewaterhouseCoopers predicts that with the global advertising market reaching $1 trillion.

　　(2) The development stage of China’s Internet digital marketing industry.

　　In the first half of 2022, due to the recurrent epidemic in COVID-19 and the macro-environment and other factors, the overall consumption expectation was weak, and advertisers tended to be cautious about advertising. Therefore, the overall Internet advertising market scale declined slightly year-on-year. According to the relevant data of the "2022 Half-year Report on Internet Advertising Market" released by QuestMobile, in the first half of 2022, the scale of China’s Internet media advertising market was 290.36 billion yuan, a year-on-year decrease of 2.30%.

　　Although the overall scale of Internet media advertising declined slightly, in terms of the internal industry composition of Internet media, the data released by Questmobile in the first half of 2022 was also driven by factors such as the increase of home time caused by the epidemic, and the number of scenes around the "family" space increased, which led to the increase of marketing investment in related household appliances, smart devices and other industries. At the same time, the marketing expenses in emerging economic fields, such as pets, office and other corresponding fields, will accelerate in 2022.

　　From the media side of Internet advertising, video and social media continue to be favored by advertisers. According to the data released by Questmobile, in the first half of 2022, short video advertising revenue accounted for nearly 40%, which was significantly ahead of other advertising types and became an important channel for digital marketing.

　　The spread form of short video conforms to the characteristics of fragmentation and decentralized communication of mobile Internet, and meets the diverse content and social needs of users with its rich content types and gradually enhanced social attributes. Under the background that the content planning capabilities of content producers, MCN organizations and marketing service providers are constantly strengthening, the professional capabilities of advertising marketing are increasingly prominent, thus promoting the continuous growth of short video marketing revenue scale. According to the data of "Overview of China Short Video Marketing Industry in 2022" released by Toubao Research Institute, from 2017 to 2021, the revenue scale of short video marketing industry in China increased from 6 billion yuan to 258 billion yuan, with a compound annual growth rate of 156.1%. As the short video industry enters the stage of refined operation, the output of high-quality content will further attract advertisers to increase their marketing budget. It is estimated that the revenue scale of the short video marketing industry in China will reach 360 billion yuan in 2022, with broad development space. Analysis reports such as Forecast and Analysis of Market Status and Development Trend of China Short Video Marketing Industry in 2022, and Analysis Report on Market Prospect Forecast and Investment Strategic Planning of China Short Video Industry in 2022-2027 also made similar predictions on the overall short video marketing market scale in 2022.

　　The mainstream social media platforms are accelerating, especially the content marketing social media platforms based on Tik Tok, bilibili and Xiaohongshu, which play an important role in the process of social marketing communication. According to the data of "2022 China Digital Marketing Trend Report" released by the Second Hand Marketing Academy, social marketing will continue to grow by 19% in 2022, and the budget growth rate of new advertisers will be more obvious. KOL promotion became the first choice for advertisers in social marketing in 2022, followed by short videos and official account operations. Advertisers have become more and more clear that KOL marketing focuses on planting grass as the main goal, and at the same time look forward to the direct transformation of goods brought by planting grass.

　　In the first quarter of 2022, Zhidu Zhimai made further efforts in video and social media. Through internal business transformation, personnel reconfiguration and external absorption of the core team with many years of industry operation, the core competitiveness of the content production team was strengthened, and it directly served as a bridge between Tik Tok, bilibili, Xiaohongshu and other media and advertisers, providing advertisers with core services such as short video dissemination and high-quality content. The operating income of new media social marketing business increased by 56.2% compared with the same period of last year. With excellent service and high-quality marketing effect, Zhidu Zhimai has won nearly 40 million orders from direct customers such as Mango Xuanfa, car home, IDO, Lenovo and local government in the first half of the year. We expect that the company will further focus on this field in the second half of the year in line with the continuous growth of video and social media segments.

　　(3) the development stage of the meta-universe industry

　　Metauniverse is a new Internet application and social form that integrates network communication, augmented reality, digital twinning, blockchain, artificial intelligence and other new technologies. It is the next information interconnection era after the desktop Internet era connected by PC and the mobile Internet era connected by smart phone. Metauniverse closely integrates the virtual world with the real world in economic system, social system and identity system, and it is a real-time digital world that is always online and constantly refreshed, and everyone and users can participate in creation.

　　2021 is generally regarded as "the first year of the meta-universe". On the one hand, the concept of the meta-universe continues to heat up, and all sectors of society actively enter the game to explore relevant applications of the meta-universe, and capital continues to help the development of the meta-universe; On the other hand, due to the joint efforts of the upstream and downstream software and hardware industries and the guidance of national policies, the development of metauniverse is expected to accelerate, develop healthily and sustainably. There are corresponding technical support and social life factors behind the rise of the meta-universe: in terms of technology, after years of development, the application of underlying technologies such as virtual reality, artificial intelligence, blockchain, 5G communication and wearable devices is becoming more and more mature; In terms of social life, due to the epidemic and other reasons, online office and online courses are gradually popularized, people stay in virtual space for a longer time, and the proportion of online life is rising.

　　Meta-cosmic hardware equipment. In the next few years, the launch of new VR products by head brands in the industry is expected to promote the rapid growth of VR hardware sales, and lead the continuous upgrading of hardware, continuous enrichment of content and continuous optimization of user experience. According to IDC data, global VR shipments increased by 92.1% year-on-year to 10.95 million units in 2021. It is estimated that global VR shipments will reach 13.86/20.55 million units in 2022/2023, up by 27/18% year-on-year. According to the data of the Tracking Report on the Shipment of VR/AR Industry in the First Quarter of 2022 and the Tracking Report on the Shipment of VR/AR Industry in the Second Quarter of 2022 released by Weishen WellsennXR, in the first half of 2022, the actual global shipment of VR headsets was 5.08 million units, up by 27.12% year-on-year, including 4.15 million units of Meta, 430,000 units of Pico and 40,000 units of iQiyi. After ByteDance acquired Pico in 2021, it made full efforts in 2022 after half a year’s integration. Through the large-scale promotion of online e-commerce platform and traffic support, as well as the rapid spread of offline flagship stores and counters, PicoNeo3 achieved rapid sales growth, and Pico raised its annual sales target to 1.8 million units. While the sales volume of VR continues to increase, it is also constantly improving the user experience. According to the documents of the Federal Communications Commission and market news, the new products that Pico will launch have a lot of functional innovations around the pain points of users, and a variety of new technologies are used.For example, Pancake optical scheme can make VR body thin and light; Color perspective allows users to better determine their position in the boundary of the head display without removing the head display, and can also perceive the external environment, making it possible to wear the VR head display continuously; Bare-hand recognition+facial recognition+eye tracking can make users get rid of the handle, and use algorithms to capture human gestures, eye movements and facial expression changes to make virtual characters come alive in virtual social interaction, so as to achieve the effect of "catching the eye" and make the emotional changes of real people "lossless" transmitted to the virtual world, allowing users to enjoy a clearer and more immersive visual experience and attract more users. With the growth of VR shipments, the improvement of functions, the improvement of user experience and the growth of users, a positive feedback incentive has gradually formed between the software and hardware industry chain, which will also encourage developers to develop more content software, thus broadening the market scale of the whole meta-universe.

　　The content development of the meta-universe. Metauniverse content is spreading from games to social, audio-visual, industrial, educational and other scenes. At the same time, the digital collection and virtual human market are heating up, and the UGC content output model has attracted much attention. Metauniverse brand marketing has added a new marketing situation. Among them, the game is the most interactive content form. According to Omdia data, in 2021, the revenue of VR games accounted for more than 80% of the total revenue of VR content. In terms of categories, BeatSaber is famous for its lightness and creativity, and its sales volume is the best, which is expected to reach a wider audience. In "Half-life:Alyx", players can see high-precision modeling, cinematic expressiveness and interactive design of objects everywhere. From games to socialization, VR socialization is the continuation of VR games and the final form of virtual world. VR games have changed people from interacting with the virtual to being immersed in the virtual, and "socialization" may be a bridge to further link the virtual and the real world. At present, the mainstream VR social applications mainly include Horizon(META Research), RecRoom, VRChat and so on. In China, Baidu Xirang and Byte Social Center are also planning to build their own social system platform. At present, major brands have also created more attractive and exciting consumer experiences through the meta-universe, such as Balenciaga releasing the latest fashion series in the form of video games, Louis Vuitton launching video game mobile games to cooperate with NFT, Gucci and Roblox game platform to create virtual goods display and sales. In addition,Dior and Nike cooperate with the virtual game platform to develop the brand virtual world. Players can customize Avatar’s avatar, interact in the virtual world and buy it online through network links. In addition, including the "Trend Digital Age" plan launched by Xiaohongshu and Xiaoyang of Hunan Satellite TV will appear on the TV screen as the first virtual host; China Post announced the establishment of the world’s first metauniverse concept virtual post office "Metauniverse Post Office", which reflected the beneficial exploration of metauniverse content in different degrees.

　　In the national policy of the meta-universe. Since 2020, digital transformation has been one of the key policies promoted in China, and many policy documents, including Opinions of the Ministry of Culture and Tourism on Promoting the High-quality Development of Digital Culture Industry (Wenlv Industry Development [2020] No.78), have provided strong policy support for this, and the concept of metauniverse coincides with digital transformation. Therefore, starting from 2021, both at the national level and local governments, the policy design for the meta-universe-related industries has begun to advance in an orderly manner. At the national level, in January 2022, the Ministry of Industry and Information Technology said at the press conference on the development of small and medium-sized enterprises that it would cultivate a group of innovative small and medium-sized enterprises to enter emerging fields such as the meta-universe, blockchain and artificial intelligence. At the local government level, in December 2021, the 14th Five-Year Plan for the Development of Electronic Information Industry in Shanghai was issued. As a frontier emerging field, Metauniverse was listed as the development focus of electronic information industry in Shanghai, which was the first time that Metauniverse was written into the local 14th Five-Year Plan. The plan proposes to strengthen the forward-looking research and development of the basic capabilities of the core technology at the bottom of the meta-universe, promote the development of new terminals that deepen perceptual interaction and the construction of systematic virtual content, and explore industrial applications; In July, 2022, Nansha District of Guangzhou issued "Nine Measures for Guangzhou Nansha New District (Nansha Area of Free Trade Zone) to Promote the Ecological Development of Metauniverse".Support the development of Nansha Meta-Cosmic Industry from nine aspects: technical research support, innovation platform funding, industrial agglomeration support, R&D investment subsidy, application scenario construction, innovative ecological construction, talent introduction subsidy, technology and finance support and intellectual property promotion. Up to now, more than 20 provinces/cities have mentioned Meta-Universe in the Tenth Five-Year Plan, government work report, Meta-Universe industry planning and supporting policies, or have issued supporting policies for the development of Meta-Universe industry. As local governments continue to introduce policies related to the meta-universe, digital culture, venues and performing arts activities are expected to become the first application scenarios for virtual cultural and creative projects.

　　The company and the company invested () (002045.SZ), and Zhidu Universe, a holding subsidiary of Zhidu Group, was established in early 2022, focusing on the development of the "Meta Other Side" Meta Universe Art Community Project. The company has a complete blockchain underlying technology, rich experience in Internet media operation, broad digital marketing channels and game distribution capabilities, and can provide blockchain underlying technical support, application distribution and promotion services for the company "Meta". Guoguang Electric Appliance invested by the company has the advantage of industrial chain in VR/AR equipment at the entrance of the meta-universe. It is the supplier of major acoustic modules for major head VR products at home and abroad, and has built a VR machine workshop with VR machine production capacity. At present, Guoguang Electric has obtained official orders from some customers for VR complete machines, and is vigorously exploring other customers for VR acoustic modules and VR complete machine business. Its familiarity with the functions and technical trends of VR hardware and VR hardware manufacturers can help the development direction of the company’s metauniverse business and the adaptive development and advanced development of metauniverse software application projects, and help the metauniverse project and VR hardware manufacturers to establish closer cooperation. The company will strengthen the "soft and hard" combination with Guoguang Electric in the meta-universe business, so as to jointly promote the development of the company’s meta-universe business, and at the same time enhance the company’s comprehensive competitiveness and sustainable development ability.

　　2. The position of the company in the industry

　　At present, among the company’s two main businesses, the Internet media business is iterative around PC/ mobile upgrade, which has a wide international influence on multi-platform, multi-vertical track and multi-equipment. SPE is one of the world’s leading digital service providers, with first-class professional level in Internet marketing, application research and development, and data analysis technology. The PC-side business spans over 30 content fields, with daily search volume exceeding one million and monthly users exceeding two million, which can provide customers with high quality, timeliness and large-scale accurate audience access.

　　Opportunities and challenges coexist in the Internet digital marketing industry. Industry integration, differentiated development, technological innovation progress, private domain marketing and content marketing will be the development focus of the Internet digital marketing industry. On the basis of providing advertisers with all-round and one-stop comprehensive services, the company’s digital marketing business constantly upgrades its business model, enhances customer stickiness, maximizes marketing value, and occupies a leading position in industry competition.

　　In terms of Meta-Universe business, the company seized the development opportunity of Meta-Universe, made full use of the underlying technology and operation experience of the company’s blockchain, years of digital marketing channels, Internet operation and game distribution capabilities, focused on digital art, and created the first Meta-Universe art community in China, which has the first-Mover advantage.

　　(2) The main businesses, products, uses and business models of the company during the reporting period.

　　Zhidu Co., Ltd. is committed to developing and providing high-quality Internet products and services based on technology precipitation in the fields of Internet search, big data, AI, IOT, blockchain, and high-quality customer and media resources condensed by long-term high-quality services. During the reporting period, the company’s main business did not change significantly. On the basis of developing its main business, it further strengthened the coordinated development among business segments and with strategic partners.

　　During the reporting period, the company strengthened the coordinated development of digital marketing business and meta-universe business, and provided marketing services based on meta-universe scenes for advertisers mainly facing C-end. At the same time, the company fully utilized the hardware advantages of Guoguang Electric in VR equipment production and research and development, constantly explored the application scenarios of meta-universe, and strengthened the "soft and hard combination"; In the development of its own brand business, relying on the company’s brand operation ability and the acoustic technology of Guoguang Electric, Guangzhou Weifa successfully developed acoustic support and services, and enhanced the company’s core competitiveness.

　　The main business and business model are as follows:

　　1. Internet media business

　　The company’s Internet media business mainly faces North America, including PC-side traffic portal (mainly SPE company) and mobile-side traffic portal (mainly PM company).

　　The business of PC-side traffic portal mainly focuses on search, an important portal for PC-side Internet traffic. SPE has a variety of self-developed desktop-side paid applications, including VuzeTorrentDownloader, AdGoneAdBlocker and YTDVideoDownloader, which rank among the best in application distribution platforms and are deeply loved by users. At the same time, SPE provides users with a variety of Internet services through a variety of products such as self-developed browser WaveBrowser and Chrome plug-ins, and makes a multi-dimensional analysis of delivery channels, user portraits and customer acquisition effects with big data and algorithms, and distributes search requests to Internet companies such as Yahoo, Google and Bing at low cost, thus obtaining considerable commercial realization income. SPE has extensive international influence on multi-platforms, multi-vertical tracks and multi-devices, spanning more than 30 content fields, with daily search volume exceeding one million and monthly users exceeding two million, which can provide customers with high-quality timeliness and large-scale accurate audience reach.

　　(Desktop self-developed application)

　　The mobile traffic portal business is mainly developed around the mobile product matrix. PM Company develops diversified mobile applications in various vertical tracks, such as weather, entertainment, news, file scanning, etc., to provide users with high-quality content and good experience, and provide accurate traffic realization services to world-renowned enterprises such as Google, Meta, Yahoo and Amazon through advertising display, search and application aggregation. At present, PM Company has more than 4 million monthly users.

　　(Mobile Product Matrix)

　　2. Digital marketing business

　　The company’s digital marketing business mainly includes integrated marketing, effective marketing, information flow, OTT big screen, social marketing and other businesses.

　　The company is the exclusive advertising agency of Huawei’s HUAWEIAds in the domestic game, social and tool industries, as well as its Internet industries such as audio-visual entertainment, tourism, reading and finance, as well as non-Internet industries such as electronic appliances, food and beverage, daily cosmetics, etc. The agency scope includes Huawei’s (including Glory) Android and HarmonyOS operating systems. HUAWEIAds is a digital marketing platform with over 700 million users, which gathers the media traffic under Huawei’s 1+8+N full-scene ecological layout. The advertising business represented by the company mainly accesses several apps such as Huawei browser, Huawei video, Huawei music, etc., and puts them in multiple display positions such as screen locking, screen opening and information flow. At the same time, based on the good cooperation between the company and Huawei HUAWEIAds in the early stage, the company has reached a cooperation with Huawei to carry out advertising agency business overseas, and the company will provide quality services for domestic advertisers’ marketing services at Huawei’s overseas terminals. Subsequently, the company will further explore the strategic synergy between Huawei’s overseas business and Internet media business, so as to protect domestic high-quality products from the sea to the greatest extent.

　　Zhidu Yifu, a wholly-owned subsidiary of the company, is a leading marketing service provider in the industry. It has the core qualifications of many media channel agents, including Baidu core distributor, Tencent advertising agency, iQiyi effect advertising agency and huge engine agency authorization, covering the mainstream high-quality media on the Internet in an all-round way.

　　Zhidu Zhimai, a wholly-owned subsidiary of the company, focuses on the digital brand advertising business. At present, it focuses on the development of brand new media social marketing business and the agent of large-screen media brand advertising in the family living room economy. It can also provide live e-commerce business for brands and realize the full-link integrated marketing service from brand exposure, effect transformation and e-commerce sales. Its main business includes: (1) In the social marketing business of new media, Zhidu Zhimai directly serves as a bridge between Tik Tok, bilibili, Xiaohongshu and other media outlets and advertisers, providing advertisers with core services such as short videos to spread high-quality content. With excellent service and high-quality marketing effect, in 2022, Zhidu Zhimai became the annual service provider of mango IP announcement, providing content promotion services for Hunan Happy Sunshine Interactive Entertainment Media Co., Ltd. and mango TV variety shows, dramas, documentaries, brand promotion and other projects in 2022; (2) In the smart screen business of family scenes, Zhidu Zhimai has the exclusive agency right of Mango TV-OTT in 2020-2022, and at the same time, as (1) the national IPTV core agent, it helps the brand to achieve full coverage; At the same time, Zhidu Zhimai is also a partner of OTT manufacturers such as Skyworth, Hisense, Konka, Huanwang, Xiaomi, etc., and provides integrated marketing services for smart big screens for brands through hardware pre-installation. (3) In the vertical media, Zhidu Zhimai cooperates closely with the main media in their respective sub-sectors, such as Tigers, Knight Cards, and Know the Ball Emperor, to provide refined brand promotion services for the marketing and promotion of the head brand in the sub-market. (4) In terms of live e-commerce business,The company provides customers with systematic marketing programs such as live broadcast and content e-commerce operation services, and realizes live broadcast and delivery for brands such as Baiqueling and Gaozi. In addition, Zhidu Zhimai has made great efforts to gradually explore the integration and development of online celebrity’s new economy and new consumer market on the basis of live e-commerce business, constantly improve the company’s industrial layout, and realize the deep integration and synergy between the company’s main business and innovative business.

　　3. Other businesses

　　During the reporting period, the company further increased the layout of the Internet industry service business, including investment in its own brand, new retail, blockchain, meta-universe and other businesses.

　　The company’s own brand business is mainly electro-acoustic brand developed and promoted by itself. Guangzhou Weifa combines the company’s accumulated experience in digital marketing for many years, and builds a professional talent team in the consumer goods market, relying on the strong industrial chain foundation of Guoguang Electric in the acoustic field to create its own electro-acoustic brand matrix. At present, Guangzhou Weifa has brands such as Vifa, Ailang, Zhujiang and Aiwei, and its products cover home theater products, portable outdoor audio, Bluetooth headsets and other acoustic categories. In terms of marketing strategy, different from traditional enterprises, Guangzhou Weifa builds a high-end, middle-end and low-end product matrix, defines the respective positioning and audience of brands, and makes its products exported to the United States, Germany and other countries and regions with accurate digital marketing capabilities and solid cross-border marketing system. In addition to the self-developed electroacoustic brand, Guangzhou Weifa, as a Danish national treasure acoustic brand with a history of 89 years, focuses on the research and development of audio technology and product application, and impresses consumers with superb electroacoustic technology, excellent manufacturing technology and high-quality product quality; Guangzhou Weifa is building a brand+technology+sales company, gradually turning Vifasound acoustic capabilities into products and gradually forming a brand of acoustic capabilities. At present, Guangzhou Weifa has provided acoustic support and services with international brands such as Lenovo and Huawei, and has carried out pre-research and cooperation with many automobile brands.

　　The company’s new retail business is a new retail platform based on big data, with live broadcast platform as the channel, providing intelligent matching between brand and traffic end, analyzing with big data, and accurately pushing brand to the right people to realize "finding people by goods".

　　The company’s blockchain business includes innovative research and development of the underlying technology of blockchain and innovative research and landing of industry upgrading solutions based on blockchain technology. At present, the company has completed the construction of a relatively advanced blockchain underlying technology platform, and completed the design and application of blockchain solutions in the fields of supply chain finance, smart government affairs, traceability anti-counterfeiting, and meta-universe; In the application layer of blockchain, business has been carried out and some substantial progress has been made, and rich resources and experience have been accumulated. Guangzhou Zhidu Supply Chain Finance Co., Ltd., a holding subsidiary of the company, has obtained permission from Guangdong Provincial Finance Bureau to engage in blockchain+supply chain financial technology services. The "blockchain+supply chain finance" platform provides financing support services, fund settlement support services, credit consultation and financing management services to financial institutions, core enterprises and their suppliers. In the future, the company will continue to make efforts in supply chain finance to solve the financing difficulties of small and medium-sized enterprises, as well as government affairs handling and data flow of local governments. In order to make full use of the underlying technology and operation experience of the company’s blockchain, years of digital marketing channels, Internet operation and game distribution capabilities, the financial advantages and resource integration capabilities of Zhidu Group, and the position and role of Guoguang Electric in the VR industry chain at the entrance of the Meta Universe, the company focuses on the development of "Meta Beyond" Meta Universe Art Community projects and social game projects in VR environment.

　　(C) the main performance drivers

　　1. Technology-driven advantage is the core competitiveness of the company’s business development.

　　By combining product research and development, big data technology, AI algorithm and other technologies with media optimization experience and outstanding analytical ability, the company continuously studies and gradually applies them to its business. Through the advantages of data already carried, it improves service efficiency and quality, reduces operating costs, creates differentiated competitive advantages, strengthens the layout of traffic portals, and actively expands new businesses such as new retail, private brand and blockchain, and the synergy effect driven by technology gradually matures. The company’s overseas mobile media matrix has developed rapidly with its technical advantages and cooperation with other businesses of the company.

　　2. High-quality and stable partners are a powerful guarantee for the company’s performance improvement.

　　In the years of operation, the company has accumulated a large number of high-quality customers and established a long-term trust and stable cooperative relationship with customers and partners. The company’s major customers cover FMCG, finance, online service, entertainment, mother and baby, beauty cosmetics, automobiles and luxury goods, including Aauto Quicker, ByteDance, Dianping, Pinduoduo, China Merchants Bank, Wyeth, (), Wuling Automobile, Volvo Automobile, Estee Lauder, Procter & Gamble, Unilever, Coca-Cola, Pepsi, Yizi, Dyson, Sanjin, Volvo Car. Well-known high-quality customers have strong strength, credibility and anti-risk ability, and the budget scale is relatively stable. At the same time, the company has maintained a good partnership with well-known media at home and abroad for a long time. Its subsidiaries have long-term in-depth cooperation with head media at home and abroad such as meta, Google, Yahoo, Bing, Amazon, Baidu and Tencent, and with the company’s rich digital marketing experience, it has become the exclusive advertising agency for Mango OTT in 2020-2022, and actively explored emerging media such as Huawei and Xiaohongshu. On the basis of consolidating the cooperation with existing core customers, the company continuously explores the demand potential and can meet the multi-dimensional requirements of customers for brand, effect and exposure. With the continuous emergence of technical advantages and the continuous improvement of service level, it provides a strong guarantee for the improvement of performance.

　　3. The promotion of brand effect provides a strong impetus for the company’s business development.

　　All business entities of the company have continuously consolidated their influence, and have many years of business experience in the field of Internet business and stable high-quality customer resources. Relying on the technological advantages such as algorithms, big data and blockchain, we will combine products and services, content and creativity to provide customers with customized, integrated and one-stop services, further enhance the brand influence of the company, improve the core competitiveness of the company, and promote the continuous growth of the company’s performance. With years of accumulated industry experience and comprehensive service capabilities, the company has gradually formed a good reputation and high brand awareness in the industry.

　　4. The blockchain technology independently developed has been unanimously recognized by the industry.

　　The company’s blockchain business has developed rapidly, constantly strengthening the integration of Industry-University-Research, strengthening market education, and participating in the research and release of many national and group standards. The blockchain enterprises under Zhidu Co., Ltd. are the first batch of blockchain information service filing enterprises, the governing unit of "Trusted Blockchain Promotion Plan", the governing unit of China Institute of Electronic Technology Standardization, the member unit of China Internet Finance Association, the president unit of blockchain professional committee of China Food and Drug Quality and Safety Promotion Association, and the executive vice president unit of Guangzhou Blockchain Association. With the breakthrough of the underlying technology research of the company’s blockchain and the landing of application scenarios, it is expected to promote the company’s performance growth.

　　5. Keenly capture industry trends to improve business layout and create new performance growth points.

　　With many years of digital marketing experience, the company actively explores new digital marketing models, lays out new media social marketing in advance, and creates social marketing value together with brands that have cooperated in many fields. The social marketing business scope includes cooperation with talents, video shooting, private domain operation of enterprises, live broadcast business, etc. Through high-quality creativity and service content, it helps brands to stimulate social communication and continuously increase the market share of the company in social marketing. On the basis of realizing "product efficiency" in social marketing, help brand customers realize sales transformation, and better realize the full-link marketing service from "brand promotion-effect transformation-sales transformation" for brand customers. In order to promote the company’s sustainable development, constantly improve the company’s layout in the field of metauniverse, and accelerate the company’s strategic transformation, the company seized the development opportunity of metauniverse, made full use of the underlying technology and operation experience of blockchain, digital marketing channels, Internet operation and game distribution capabilities for many years, laid out the metauniverse business, and built the first metauniverse art community in China. The company will constantly improve its business layout and explore new business, which will bring new performance growth points to the company.

　　(IV) Operation of the Company during the reporting period

　　In the first half of 2022, the domestic epidemic situation was repeated, and the external macroeconomic situation continued to be turbulent. Combined with the epidemic situation and market changes, the company firmly established the business strategy of "cash flow first, profit second and income third", continuously and actively contracted low-margin business, new retail and other business segments, strengthened cash flow, control of accounts receivable and risk control, and optimized the company’s business structure at the right time, achieving a decline in operating income but a significant increase in the company’s overall gross profit margin. At the same time, the company strictly controlled all kinds of expenses, with sales expenses dropping by 33.17% and financial expenses dropping by 82.45% compared with the same period of last year. Thanks to the joint efforts of all employees, the company’s asset-liability ratio dropped from 25.00% at the end of last year to 17.49%, the current ratio increased from 2.48 in the same period last year to 3.42, and the net cash flow from operating activities greatly increased from-106 million yuan in the same period last year to 294 million yuan. The company held 897 million yuan in monetary funds, plus 235 million yuan in cash asset management products with low risk and high liquidity that have not been redeemed.

　　The management of the company closely revolves around the strategic arrangement of the board of directors, consolidates the basic disk of the first curve Internet media and digital marketing business, strives to develop the second curve’s own acoustic brand business, and at the same time promotes the third curve metauniverse, blockchain technology and application scenarios, stably carries out various business management work, actively optimizes resource allocation, and enhances core competitiveness, operational capability and comprehensive strength.

　　During the reporting period, the company achieved a total operating income of 1,591,051,000 yuan, a year-on-year decrease of 550.7% compared with 3,540,925,700 yuan in the same period of last year, and a net profit attributable to shareholders of listed companies of 78,476,900 yuan, a year-on-year decrease of 12.29% compared with 89,470,500 yuan in the same period of last year. Among them, the Internet media business realized an operating income of 502.26 million yuan. Digital marketing business realized operating income of 988,303,700 yuan, accounting for 62.12% of the company’s total operating income, and realized gross profit of 69,094,400 yuan, accounting for 21.41% of operating gross profit. During the reporting period, the company achieved an operating gross profit of RMB322,704,200, a decrease of RMB26,068,300 compared with RMB348,772,600 in the same period of last year, a decrease of 7.47% and a gross profit margin of 20.28%, an increase of 10 percentage points compared with 9.85% in the same period of last year. Among them, the improvement of gross profit margin is mainly due to the company’s further optimization of business structure in digital marketing business, shrinking the effective marketing business with low gross profit margin and high risk of bad debts, focusing more on core brand customers and quality customers, and actively expanding the market. At the same time, the company’s overseas subsidiaries continue to forge ahead, and the product diversification strategy has achieved remarkable results, while the operating income has decreased but the gross profit margin has increased.

　　1. The Internet media business has been developed steadily, and the product diversification strategy has achieved remarkable results.

　　The company’s Internet media business mainly includes PC-side traffic portal and mobile-side traffic portal. The overseas subsidiary SPE is mainly engaged in PC-side traffic portal business, and PM company is mainly engaged in mobile-side traffic portal business. During the reporting period, with strong technical barriers, high-quality brand customers and excellent business team, the overseas subsidiaries of the company kept forging ahead, and achieved remarkable results in product diversification strategy, realizing diversified composition of operating income of Internet media business and achieving good results. During the reporting period, Internet media business realized revenue of 502 million yuan, and the proportion of operating income increased from 9.81% to 31.57% compared with the same period of last year, and the proportion of operating gross profit increased from 48.82% to 62.57%.

　　On the PC side, the company continued to implement the product diversification strategy, steadily developing plug-in business and paid application business, while constantly increasing the proportion of browser and digital media business in PC-side business income. SPE’s own browser team is committed to improving the scale and quality of customer acquisition, and continuously optimizes products to improve user experience and retention. This strategy has successfully brought about user growth, with daily search volume exceeding 1 million and monthly users exceeding 2 million, and realized operating income of 144,095,300 yuan, an increase of 219.30% compared with the same period of last year, accounting for more than 40% of the total business income of PC, which is the driving force for the growth of core business of PC. Benefiting from the product diversification strategy deployed by overseas companies at the beginning of the year and the strong implementation of the management, the PC-side digital media business realized an operating income of 95,549,700 yuan, an increase of 176.3% over the same period of last year, and an operating gross profit of 16,090,100 yuan, an increase of 157.2% over the same period of last year.

　　On the mobile side, we have made every effort to accelerate the product layout. There are more than 40 tool-based advertising realization apps and customer-paid subscription apps, all of which have been put on the shelves through Google’s compliance audit. Among them, weather apps and news apps have been ranked in the top ten in the same category in GooglePlayStore and AppStore for a long time. Through the strategy of enriching product categories, expanding delivery channels, optimizing user experience and continuous and accurate delivery, PM Company has continuously provided high-quality and convenient services for mobile users, which has brought rapid growth of mobile services and enhanced commercial liquidity. During the reporting period, the revenue of mobile business was 136,228,700 yuan, an increase of 33.31% over the same period of last year, and the gross profit was 62,338,300 yuan, an increase of 113.48% over the same period of last year.

　　2. Optimize and integrate the digital marketing business and fully develop the socialized marketing business of new media.

　　During the reporting period, due to macro factors such as the epidemic situation in China, especially in Shanghai, which led to the decrease of advertisers’ budget demand and the company’s further optimization of the business structure of the digital marketing sector, the effective marketing business with low gross profit margin and high bad debt risk was greatly reduced, and the operating income of digital marketing business declined, but at the same time, according to market changes, the company gave priority to customers with good reputation and strong strength as partners, and the gross profit margin of digital marketing business increased. The digital marketing business realized an operating income of 988,303,700 yuan, a decrease of 2,096,758,400 yuan compared with the same period of last year; The operating gross profit was 69,094,400 yuan, a decrease of 52,567,800 yuan compared with the same period of last year, and the gross profit rate was 6.99%, an increase of 3 percentage points compared with the same period of last year. With the domestic epidemic situation gradually improving since May, the budget demand of advertisers gradually picks up, the demand for advertising picks up and the scope of the company’s advertising agency expands, the scale of the company’s digital marketing sector is expected to be repaired in the second half of the year.

　　The company has been deeply involved in the digital marketing industry for many years, accumulated a large number of high-quality customers, and established a long-term trust and stable cooperative relationship with its customers, covering FMCG, finance, online service, entertainment, maternal and child, beauty cosmetics, luxury goods and so on. The company continues to study the development trend and new technology research in the new era of Internet, the marketing resources and manifestations of emerging media, fully develops the socialized marketing business of new media, and continues to deepen cooperation with core media and head customers in various industries. At present, it is in a leading position in the field of integrated marketing. At the same time, the company seized the opportunity for users to return to the home big-screen media, and with the help of industry reports and advertisers’ cognition, laid out the advantages of resources in the media of home scenes, constantly laid a solid foundation and promoted the all-round development of the business. In the future, the company will continue to expand new customers and fully integrate marketing resources within the system, focusing on new media social marketing business, vertical media and sub-sectors, live e-commerce and other businesses, and continue to provide customers with high-quality digital marketing services, attract more excellent partners, and enhance the company’s core competitiveness and operating performance.

　　3. Accelerate the incubation of its own acoustic brand business, such as audio, and shrink new retail business in due course.

　　During the reporting period, the company’s own brand business team continued to sort out the sales channels at home and abroad and formulated a standardized price system; At the same time, based on the strong supply chain of Guoguang Electric Appliance Co., Ltd. (002045.SZ), another listed company under Zhidu Group Co., Ltd., the company gradually established the supply chain system of acoustic brand itself, which integrates procurement, logistics and warehousing. Guangzhou Weifa is an important subsidiary of the company to carry out its own brand business, developing overseas online direct D2C Amazon stores and independent stations, steadily operating businesses in Europe and North America, and optimizing key offline channels; Domestic layout of mainstream e-commerce platform self-operated flagship stores, and gradually explore the channels of top-level offline digital collection stores in domestic first-and second-tier key cities. At present, more than 300 offline stores have been opened in China, mainly covering domestic mainstream electroacoustic product dealers, buyers and high-end audio collection stores. In terms of marketing, the real-time bidding delivery mode, which combines online-based content and media delivery at home and abroad, has been launched, with ROI as the guide and refined operation mode to gradually establish brand awareness; In terms of products, we will position our own brands vifa, Ailang, Zhujiang and Aurasound, improve the product segmentation matrix, and complete the development of new earphone products and the iteration of App products; After-sales, the European after-sales center and the American after-sales center have been established;

　　In terms of business development, Guangzhou Weifa, a subsidiary of the company, signed a cooperation agreement with Lenovo, a manufacturer of head computer equipment, in April 2022 to provide projector acoustic debugging services, and provide projector product tuning services according to the way of charging brand licensing fees and service fees for each set, so as to realize cross-border cooperation of brands, and will further strengthen cooperation with various head manufacturers in the future.

　　During the reporting period, the company’s new retail business continued to cooperate with new retail channels such as Tik Tok, Aauto Quicker and social e-commerce, providing intelligent matching between brand and traffic in new retail scenes such as short video, live broadcast and social networking, and implementing it on the new retail platform of "finding people by goods". Affected by the national epidemic in the first half of 2022, the supply chain and sales logistics capabilities have dropped significantly, and the purchasing power and demand of consumers have weakened. In addition, since July 2021, Tik Tok Platform, the company’s main sales terminal, has successively issued Detailed Rules for the Release of Goods (Jewelry Wenwan) and Detailed Rules for Goods Prohibited for Sale in Jewelry Wenwan Industry, and the minimum weight requirements for "pure gold and platinum pendants" and "K gold and Pt950 pendants" for the products on the shelves have been raised to 1.00g/ piece and 0.5g/ piece respectively. However, most of the pendants with high gross profit margin in the company’s new retail business do not meet the minimum weight standard, which leads to the failure to sell them on the Tik Tok platform and other macro and platform policies, and the development of the company’s new retail business is affected to some extent. The company adjusts its business strategy according to market changes, actively shrinks the new retail business as a whole, avoids the squeeze of inventory, and pays back the money as soon as possible to ensure the company’s cash flow.

　　4. Continue to increase the technical investment mainly in blockchain and continuously promote the application projects.

　　During the reporting period, the company continued to vigorously expand the blockchain business and actively promoted the upgrading of the underlying technology empowerment industry and smart governance of Zhidu blockchain. In the research and development of the underlying technology of blockchain, optimize the technical performance, build the underlying supporting facilities, continuously improve the applicability and application ability of the underlying technology of Zhidu blockchain, maintain the leading position in key technologies, and complete the construction of the open underlying foundation and supporting facilities of the software demonstration platform Zhilian 2.0 blockchain to meet the company’s business development needs. In terms of blockchain supply chain finance business, the company has reached business cooperation with China Bank, China Construction Bank, Shanghai Pudong Development Bank, China CITIC Bank, Guangzhou Bank and other financial institutions based on the "Zhilianbao" supply chain financial service platform, targeting Guoguang Electric Co., Ltd. (002045.SZ), Huitong Communication Co., Ltd. (002861.SZ) and Shenzhen () Technology Co., Ltd. By the end of the reporting period, it had helped small and medium-sized enterprises to complete financing of 625 million yuan, effectively solving the problem of "difficult and expensive financing" for small and medium-sized enterprises. At the same time, the company is actively exploring and trying in the field of digital RMB application. Zhidu Factoring, a subsidiary of the company that conducts supply chain finance business, has opened the digital RMB wallet of the People’s Bank of China, aiming at providing financing services based on digital RMB for small and medium-sized enterprises through the pilot platform of supply chain finance.In the future, the company will continue to make efforts in supply chain finance to solve the financing difficulties of small and medium-sized enterprises, as well as government affairs handling and data flow of local governments.

　　In terms of the application of blockchain technology, the company participated in the Guangzhou blockchain international trade platform "YueYitong", realized the application of blockchain technology in the field of modern trade business, completed the construction of the first phase of Mengniu Group’s "Zhiniu Chain" project, actively shared the value of Zhidu blockchain technology and products and services, and incubated and cultivated Zhidu blockchain branch industries through complementary cooperation models. At present, the company has completed solutions for the application of blockchain technology in more than ten industries such as supply chain, insurance, Internet of Things, advertising, food and drug traceability, and digital art. In the future, the company will continue to explore and invest in core technology fields such as blockchain, and accelerate the development of blockchain technology and industrial innovation.

　　After years of accumulation of the company’s blockchain business, Zhilian 2.0, the underlying platform of the blockchain independently innovated by the company, has obtained 2 invention patents and 4 software copyrights, and has applied for 4 new blockchain invention patents, all of which have entered the actual trial stage. The company participated in the formulation of two national standards, namely, Guidelines for the Application of Information Technology Blockchain and Distributed Bookkeeping Technology, Specification for the Implementation of Intelligent Contracts for Information Technology Blockchain and Distributed Bookkeeping Technology, and seven group standards, including the Operation and Maintenance Specification for Blockchain Enterprise Platform and the Requirements for Blockchain System Testing, five of which have been published. The company has passed the blockchain function test of the Electric Standard Institute of the Ministry of Industry and Information Technology, and has been selected as a software demonstration platform in Guangzhou, and won the titles of "Top 50 Industrial Blockchain Enterprises in China in 2020", "Excellent Provider of Blockchain Basic Platform in Guangzhou in 2020", "Financial Case of Trusted Blockchain Ecological Potential in 2021" and "Excellent Case of Industrial Blockchain in China in 2021".

　　5. Seize the development opportunity of Meta-Universe and vigorously develop related businesses of Meta-Universe.

　　Since 2021, the concept of metauniverse has risen rapidly. In the fourth quarter of 2021, the company began to prepare for the Meta-Universe project, and on January 21, 2022, it jointly invested with Zhidu Group and Guoguang Electric Appliance to establish a joint venture company, Guangzhou Zhidu Universe Technology Co., Ltd. The purpose of setting up the joint venture company is to seize the development opportunity of Meta Universe, make full use of the underlying technology and operation experience of the company’s blockchain, years of digital marketing channels, Internet operation and game distribution capabilities, the capital advantages and resource integration capabilities of Zhidu Group, and the position and role of Guoguang Electric in the VR industry chain at the entrance of Meta Universe, so as to meet the users’ immersive experience needs to the maximum extent, and focus on the development of "Meta Beyond" Meta Universe art community projects and social game projects in VR environment.

　　During the reporting period, Zhidu Universe, a holding subsidiary of the company, was engaged in the research and development operation of the digital art Meta-universe community, creating the first meta-universe art community in China. In the more than four months since the launch of "Meta Beyond", "Meta Beyond" has not only completed the VR product release of PICOVR and Iqiyi-Adventure VR and many major update iterations, but also attracted and retained more than 25,000 users on the VR side and realized an operating income of about 4 million yuan. At the same time, the "Meta Other Side" Android mobile phone terminal can download the experience in major application stores such as Huawei. "Metashore" mainly adopts VR, AR, MR, blockchain, cloud computing, artificial intelligence and other technologies, breaking through the limitations of traditional art by time, space, cost and other factors, empowering the art industry through multi-dimensional presentation effects and immersive interactive experience, and holding art exhibitions in the metauniverse in a more convenient, fast, innovative and interesting form, providing a new way for art to open. At present, "Listen to the Yellow River Waves-Huijun Xv" and "Take a walk, stop!" have been launched in the art Meta-universe community on the other side of Meta! -Duan Innovation, () Game Art Museum, China Arts and Crafts Capital-Chaozhou-Yuan Universe Boutique Museum, Yuan Universe Art Museum of NLD Academy of Fine Arts, Zhihui Huadu Museum, Taihu Stone, Flowers and Butterflies, Ink Art Museum, Between Lights, Floating City and Summer Palace.Hundreds of digital collections based on blockchain technology have been issued; In the future, more artists, cultural and creative IP, game IP, traditional arts and crafts IP and brand IP will be introduced to create a rich meta-cosmic art ecological community.

　　("Metashore" Meta Universe Art Community)

　　With the company’s exploration of the Meta-universe business, the meta-universe art community can not only realize the function of holding art exhibitions, but also provide users with rich meta-universe scenes and social interaction services, provide scene building services and brand marketing for enterprises, build venues for local governments to show local cultures and realize government service functions.

　　(1) The management mode and profit model of providing rich metacosmic scenes and social interaction services (TOC) for C-end users. The company distributes digital collections based on art copyright, meta-universe rights and brand products to users in combination with the meta-universe scene, which increases users’ stickiness, attracts more users to participate in the construction of the meta-universe, and becomes a "meta-resident" who builds and shares the art meta-universe community. At present, the company has issued hundreds of digital collections of artistic copyright based on blockchain technology, and has also issued a number of digital collections of rights and interests with the function of meta-cosmic interactive scenes.

　　(2) The scene construction for B-end enterprises and the operation mode and profit model of TOB. The company builds venues for enterprises in the "Meta other shore", provides curatorial services for enterprises, and provides marketing planning services for brand marketing of enterprises. During the reporting period, Guangzhou Sanqi Mutual Entertainment Technology Co., Ltd., a subsidiary of Zhidu Universe and Sanqi Mutual Entertainment Network Technology Group Co., Ltd., a company listed on the main board of Shenzhen Stock Exchange (stock abbreviation: Sanqi Mutual Entertainment, stock code: 002555.SZ), signed the Strategic Cooperation Framework Agreement of Zhidu Universe, giving full play to the company’s advantages in science and technology, innovation, digital marketing and ecological resources, as well as the resources advantages of well-known games IP, arts and crafts, Game model and so on. The purpose of this cooperation is to implement the "internet plus" action plan in the "Meta-shore", to build the "first national metacosmic game art museum" with the characteristics of mutual entertainment of Sanqi, and to hold the metacosmic digital art exhibition with the characteristics of mutual entertainment of Sanqi on a regular basis, and to create, build and share it through the cooperation forms of game element implantation, virtual character co-construction and activity linkage. The company cooperates with integrated marketing service providers, and plans to build the "Automobile Park" Meta-Universe Exhibition Hall in the "Meta-shore". Eleven traditional and new energy automobile brands will be displayed in the exhibition hall, and digital collections of related brand products will be released in combination with the brand marketing demands of enterprises, so that every user can get a unique immersive virtual scene interactive experience in the exhibition hall.

　　(3) The management mode and profit model of government-oriented scene construction and cultural publicity service (TOG). The company builds venues for local governments on the other side of Meta, realizes the perfect integration of art and technology, and continuously empowers the development and inheritance of culture and art with technology. During the reporting period, Zhidu Universe, a subsidiary of the company, and Chaozhou Bureau of Industry and Information Technology jointly built the first local arts and crafts museum of Meta Universe "Chaozhou Arts and Crafts Meta Universe Boutique Museum" in China, which promoted the integration and development of Meta Universe and Chaozhou cultural heritage, broke the time and space constraints and promoted Chaozhou culture and handicrafts. The museum was selected as one of the 10 typical cases of digital application in the field of culture and tourism in 2022 by Guangdong Provincial Department of Culture and Tourism and Guangdong Provincial Department of Industry and Information Technology. Zhidu Universe and Guangzhou Huadu District Bureau of Science, Technology, Industry, Commerce and Information Technology jointly built the "Zhihui Huadu Pavilion" in the "Meta Other Side" to showcase the outstanding innovative enterprises and achievements of scientific and technological innovation projects in Huadu District. At the same time, with the advancement of government digitalization, the company is cooperating with some government departments on facilitating government services on the other side of Meta. In order to help digital technology deeply empower the innovation and spread of Lingnan culture and accelerate the coordinated development of Guangzhou’s Meta-universe industry, in the activity of "Non-legacy Guangzhou Red Encounter Meta-Universe" sponsored by the Guangzhou Municipal Party Committee’s Network Information Office, the company joined hands with Sanqi to build the "Non-legacy Guangzhou Red" meta-universe virtual camp on the other side of Meta, breaking the geographical, time and space restrictions.It allows users to experience the camp activities composed of eight non-legacy projects in Guangzhou, such as Cantonese opera, Guangdong music and Cantonese telling the ancients, around the clock in the virtual camping scene through VR or mobile phone. Through the above-mentioned entrustment to jointly build the museum, the company not only achieved good social effects, but also obtained financial benefits by charging the service fee and modeling fee for building the museum.

　　In the future, "Meta Beyond" will continue to optimize iterations, realize more social functions and the functions of hosting art activities for art exhibitions, conferences and online education in the Metauniverse, provide digital collection distribution services based on blockchain technology for more artists and IP, and provide digital art creators with digital art creation tools. Meta Beyond further plans to develop UGC user-generated content services, support users to create their own digital works of art, and hold their own art exhibitions to provide a richer user experience. While continuously providing users with service value, the company will continue to explore the profit model on the other side of Meta, including digital collection distribution service income, digital marketing income, museum building and curatorial service income, membership rights service income and so on.

　　6. Other businesses

　　Zhidu Small Loan independently developed an Internet small loan system, a risk control decision engine, an operation management system and an intelligent drainage platform based on AI and big data technology, and launched a small and decentralized business in inclusive finance through online exhibition on the Internet. In the process of exhibition industry, Zhidu Small Loan is prudently exhibited in strict accordance with the requirements of relevant financial regulatory agencies. All customers are Zhidu Small Loan, which relies on the industry experience and resource capacity of Zhidu Shares in the field of digital marketing and is independently obtained through the Internet. The loan business is small and scattered, and the bad debt rate is low.

II. Analysis of Core Competitiveness (I) Globalization Development Mode The company actively promotes international business and adheres to the globalization strategy, with offices in China, the United States, Cayman Islands and Cyprus. With SPE+PM Company as the core platform for overseas business development, through rich overseas realization experience, user base, product matrix and competitive experience in big data, algorithms and blockchain technology, we will give full play to the advantages of all parties, improve the quality of traffic management platform and commercial realization efficiency, and promote the global development of the company’s business. (II) Diversified product matrix and efficient distribution and operation capabilities Through advanced big data technology and customer acquisition strategy, the company independently developed and operated diversified product matrices on the mobile side and PC side to help advertisers reach users more efficiently. At present, overseas subsidiaries have independently developed more than 100 applications, forming a diversified product portfolio covering all mainstream platforms; Multiple products entered the top ten in GooglePlayStore and AppStore; All applications have passed the strict compliance review of Google and Yahoo, and passed the AppEsteem certification, and have won the highest score in Yahoo’s traffic quality ranking for a long time. SPE is a member of CleanApps Business Association. The company-wide KPI reporting system can track the real-time performance of each organization, so as to realize the independent operation of the team and make intelligent decisions based on data around management objectives;The distribution strategy of direct users can bring profitable customers, thus continuously generating profits; Streamlined operation mode can track market changes and realize real-time resource reallocation. (III) High-quality media/brand partners After years of development and cooperation, the company has formed a highly competitive Internet traffic management platform, and its media expansion ability has been continuously strengthened. It has good cooperative relations with well-known media at home and abroad, such as Meta, Google, Yahoo, Bing, Amazon, Huawei, Baidu, Tencent, Huge Engine, Iqiyi, Mango, China Telecom, Lebo, Hupu, Migu. Relying on technical advantages, the company combines products and services, and combines content and creativity to provide customers with high-quality integrated marketing services, and provides customized blockchain transformation and upgrading solutions supported by leading blockchain underlying technologies, which not only enhances the stickiness of upstream and downstream customers in the industrial chain, but also attracts partners from different industries. During the reporting period, most of the customers who cooperated with the company came from leading brands in various industries and Fortune 500 companies. With the steady development and rapid upgrade of the company’s business, the company will continue to expand and deeply explore customer needs, enhance the company’s competitiveness and achieve sustained growth in performance. (IV) Professional and international talent companies account for about 70% of employees with a bachelor’s degree or above, and have introduced more overseas Internet industry-related talents. The core technical team comes from world-renowned universities and first-tier Internet companies.Have in-depth understanding and research on the global Internet market. The company’s management team has rich industry experience and a deep understanding of the industry, and has accumulated rich experience in the fields of mobile Internet industry trend judgment, resource integration operation, traffic realization, advertising business cooperation, blockchain technology research and development, and formed its own methodology. The company’s core personnel have many years of working experience in the industry, and have worked in well-known enterprises such as IBM, Google, Huawei, Baidu, Tencent, Ali, Ant Financial, Aauto Quicker, etc. They have a precise grasp of industry development and competition, and are keen on analyzing business opportunities and market situation. The company constantly improves the talent cultivation system, and enhances the professional ability and professional service spirit of employees through multi-stage and multi-level directional training mechanisms such as induction and internal and external on-the-job training, and improves their recognition and loyalty to the company. (V) Cutting-edge technology development capability and application The company has 19 blockchain core products, including intelligent chain underlying blockchain platform, multi-chain dynamic committee scheduling module, node monitoring suite, management background and intelligent chain blockchain browser, covering all blockchain core modules such as consensus, password, smart contract and cross-chain. The blockchain business segment independently developed a large-scale open license chain, and achieved three core technological breakthroughs: "consensus algorithm system based on VRF and POS integration", "node balanced dynamic scheduling system" and "data privacy protection system based on trusted computing technology", which greatly improved the performance of blockchain while supporting 10,000 nodes.Improve the flexible deployment of the main side chain architecture, and build a large-scale alliance chain underlying platform with independent intellectual property rights. At present, it has completed the leading application solutions of blockchain technology in the fields of supply chain finance, food and drug traceability, smart government, meta-universe, etc., and continues to explore the application of blockchain in many scenarios such as credit reporting, Internet of Things, advertising, smart government, meta-universe, etc.

III. Risks faced by the company and countermeasures 1. Market competition risks The rapid development of the mobile Internet industry has attracted more and more competitors to enter the market. The market competition has been increasing, the demographic dividend advantage has gradually weakened, and customer needs have become more diversified and demanding. In this context, if the company cannot strengthen and consolidate its leading position in the industry, it will miss business opportunities and its operation may be affected. The company will continuously improve its core competitiveness, maintain its ability of continuous innovation and business development, base itself on customer needs, enhance brand awareness, and realize the overall improvement of the upstream and downstream of the industrial chain with the help of the synergistic effect of its subsidiaries. 2. Risk of Personnel Management and Brain Drain The Internet industry is a talent-intensive industry, and its upgrading speed is far faster than other industries, which requires high talents. If the company cannot retain the existing core top talents and introduce new talents according to the rapid development of the market, the company’s technological advantages will not be brought into full play, and it will face the risk of reduced competitiveness. The company will continuously improve and improve the salary and welfare of employees, optimize the performance appraisal mechanism oriented by sharing and responsibility results, and design differentiated incentive schemes according to different business sectors, different development stages and different groups of people, so that all internal and external outstanding talents can participate in the process of value creation and value distribution, and drive organizations and employees to create greater and better values. In addition, the company will further publicize and implement the corporate culture.Improve the cultural literacy and moral standards of employees, form cohesion, centripetal force and binding force, enhance the corporate image and improve the comprehensive competitiveness of enterprises. 3. Downward economic risks caused by the COVID-19 epidemic At present, the COVID-19 epidemic is still spreading all over the world. Although the overall prevention and control of the domestic epidemic is good, there are still risks of export and sporadic outbreaks in some domestic regions. The epidemic has affected the production and operation of all walks of life to varying degrees, and it is expected that the market economy, production and consumption will still take some time to recover, which is both a challenge and an opportunity for the company. Under the current limited offline activities, the number of active Internet users in the world has increased significantly, and the migration to the mobile terminal has been accelerated. Because the company’s main business is Internet media and digital marketing, it has a strong correlation with the economic environment, and the epidemic situation leads to economic downturn or is not conducive to business development. At the same time, because all business forms are online economy, and all income comes from Internet-related income, it is relatively less affected by the epidemic. But in the long run, if the global economic situation is hit hard, the risk of shrinking market demand will not be ruled out. The company will continue to pay attention to the development of the epidemic situation, strengthen the management of the company, continuously optimize the ability of strategy, resources, management and cooperation, optimize the organizational structure, improve efficiency and reduce costs, and control risks. Continue to rely on the company’s technology and data resources, upgrade and improve existing technologies, improve internal operational efficiency, and help upgrade existing business models. 4. Risk of Market Fluctuation Caused by Concepts Related to Metauniverse The Metauniverse is in the early stage of development, involving many fields and concepts. It still takes some time to verify and realize the link and interaction between the virtual and the real level, and it does not rule out obstacles in the future economic or technical level. At the same time, there is a risk that the development of infrastructure, equipment and technology supporting the Metauniverse may be less than expected. Tencent Magic Core, a domestic digital collection platform, announced that it would stop the distribution of digital collections and suspend the sales service of digital collections of Tencent News APP. From this point of view, there is great uncertainty in the pattern of each link of the concept of meta-universe, and the related industries are still in the investment exploration period. Investors are requested to fully understand the risks in the stock market, make prudent decisions and invest rationally. The company continues to pay attention to the development of the Meta-Universe industry. With the help of Guoguang Electric’s position and role in the VR equipment industry chain, combined with the company’s experience in brand marketing, blockchain, game development and other fields, the company will have both the first-Mover advantage and technical barriers of hardware and software, seize the development opportunity of the Meta-Universe, vigorously develop the Meta-Universe business, and constantly extend the application scenarios to accelerate the commercialization process.