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The mainstream car has a moderate size, which can meet all needs well, and the price of the mainstream car is also reasonable, so it is right to buy it! I don’t know if you know anything about what is introduced today. Let’s take a look at it next.

Let’s take a look at the appearance of Mercedes-Benz GLC coupe AMG. The front face style of Mercedes-Benz GLC coupe AMG is very capable and unforgettable. Coupled with the sharp headlights, the full effect is outlined. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4792 mm * 1938 mm * 1608 mm. The car adopts atmospheric lines, and the side wall presents a dignified design style. With large-sized thick-walled tires, smooth lines run through the whole side of the car. In the rear design, the rear line of Mercedes-Benz GLC coupe AMG is hard-core, the taillight style is relatively clean, and the unique exhaust pipe is relatively unique in general.

Sitting in the car, the overall visual effect of the AMG interior of Mercedes-Benz GLC coupe is very distinctive and the visual effect is very good. The car’s steering wheel is very in line with the interior style, equipped with electric up and down+front and rear adjustment, steering wheel memory, and other functions, stylish and atmospheric. Let’s take a look at the central control. The design of the center console is reasonable, which makes the interior style impressive and looks fashionable and generous. The dashboard and seats are equally eye-catching. The car is equipped with a stylish and dynamic dashboard, which looks strong in technology. The car uses a leather/suede mix seat, which is wide and thick, improving the riding experience of the driver and passenger.

In terms of functional configuration, Mercedes-Benz GLC coupe AMG is equipped with car networking, driving mode selection, remote control key, interior atmosphere light, engine start and stop and other configurations.

After reading this car, I believe you have a general understanding. The SUV has an atmospheric appearance, good spatial performance and high cost performance. I wonder if you are interested in it.

　　　　Mayday’s new album "Poetry after Puberty" recently released a brand-new title song "You are not really happy" after the inspiring Taiwanese strong-hearted song "Early Days". Known as "the most tearful lyric song of the year", the monster named "the first melancholy niche in our group" was recommended by Mayday as the leading actor to perform a difficult inner drama, playing a street performer who lives by telling jokes and making passers-by laugh at the cost of "50 yuan a piece" every day? Relieve your depression, but you don’t have enough for others? No one can tell the inner difficulties, but in the face of the external disturbances, we still have to smile.

　　The story shows that the current world is "unhappy"

　　　　Directed by director Chen Yuxun, you are not really happy, MV, in order to fully interpret the key lyrics of "The world laughed, so you laughed together in groups", the director played his best signature style of "laughing till tears", telling the story of young people starring monsters, making a living by telling jokes in the street, and it is his job to pass on happiness to everyone who needs it. He hopes to repair every sadness through jokes. How long has it been since you smiled happily? How long has it been since "real happiness"? Although it seems that I can bring happiness to everyone, I can’t do anything about my terminally ill girlfriend, and I can’t bring her a little happiness. I can only smile day after day. The director condensed the "unhappiness" hanging over the world with such a story of "listening to the monster telling jokes sadly", and also fully tested the multi-level acting skills of the head of the monster, which was laughed by the other four members of Mayday as the most difficult inner drama since the film was released.

　　　　The director also specially invited Zhou Caishi, the heroine of the idol drama "basketball fire", to challenge the inner drama with the monster. She filmed the MV of "Perfume" for Mayday before her debut. As soon as she heard that it was Mayday’s invitation, she did not say that she would cancel all the notices without compensation and resume her career with Mayday.

　　Member monsters turned into "Taiwanese version of Tony Leung Chiu Wai"

　　　　After the completion of the MV, the monster’s natural and introverted melancholy temperament was praised by director Chen Yuxun as "Taiwan Tony Leung Chiu Wai", and he said that the touching story of "You are not really happy" could actually be extended into a movie, and he also encouraged the monster to try to be an actor and develop towards "singing amphibious". As soon as the monster heard the director’s praise, he immediately retreated three steps shyly and shouted, "Wow, I dare not!" " The staff on the side also joked: Next time, we should break through the bottom line and challenge the ultra-bold bed play in Tony Leung Chiu Wai’s Lust, Caution. The monster quickly refused to finish laughing and said, "The romantic literary film is OK, but I really can’t do the action film." As a matter of fact, such a natural melancholy expression was due to the fact that "Poetry after Puberty" was in the final stage of full swing at that time. Monsters stayed in the studio almost every day and stayed up all night, and immediately went straight to the scene to shoot the MV the next day. Instead, it just presented the most natural and appropriate brand style of "Monsters with misty eyes".

　　　　You Are Not Really Happy, the title song described as "tears from the first note of the prelude string to the last note of the lead singer A Xin", was premiered on the radio a few days ago, and deeply moved fans enthusiastically discussed the meaning of words on the Internet. Many people even started to "listen to songs and make up stories" themselves. Some people were worried about A Xin and asked him not to think too much and be overly depressed. There are also fans who think that this song must be A Xin’s tailor-made song for the monster after learning that the monster is the leading actor in the MV, revealing the unknown secret of the monster. After the exposure of the MV premiere announcement in just 15 seconds, more fans and netizens expressed their eagerness to hear what jokes the monster said in everyone’s ear.

Editor: Sun Jie

　　[Illustration of New Car] In fact, it first appeared in our sight in auto china in 2008. At that time, it was called CC instead of this name. At that time, it was placed on the booth not far from PASSAT R36, which attracted many people’s attention. Obviously, those who have always adhered to the tradition are constantly making new attempts. It turns out that even these classic models that have undergone several generations of changes can derive another new passion. Volkswagen CC may be born to test this idea.

　

　　Volkswagen CC doesn’t have an undisguised avant-garde appearance like Scirocco. It still has the usual low-key and calm of the public. Only when you look at it repeatedly will Volkswagen CC be special. Although at first glance, it retains almost all the traditional designs of the public, but at the same time, it also obviously adds a lot of more angular and exaggerated ones. For example, the same teary-eyed headlights, although not as fierce as their eyes, are still a little fierce, and they are larger in size and have a very oblique side angle, which is both atmospheric and masculine in line with the toughness of the front line.

　

　　Volkswagen CC’s U-shaped middle net is very wide, and the arcs on both sides are also greatly stretched, forming an open mouth effect. Although the front fog lights are ordinary small circles, the wide lampshades and wide turn signals are very big, which sets off the magnificent effect on the basis of low-key.

　　Many chrome-plated bright strips are used on the side and tail of the car body to enhance the visual sense of grade. Although the tail is short, the transition is natural, and the smooth curve makes it look more like a hatchback. The shape of the taillight is very similar to that of the headlight, but it is not so exaggerated, and the shape is more rounded and more beautiful. Although it is a double exhaust pipe, the style is too common, and there is still a lack of some passion.

　　The design of frameless doors strengthens the style of some sports cars, which makes Volkswagen CC more attractive and makes it more publicity in a low-key way.

　　The front of Volkswagen CC is tough, highlighting masculinity and three-dimensional sense, which is very atmospheric. Its length/width/height are 4799/1855/1417mm respectively, which is 35mm wider than the length of 39mm, but the height is 55mm lower. This is also to highlight a kind of sports characteristics. The figure of Volkswagen CC is slender, calm and dynamic. There may be nothing special about the details, but it shows a full and powerful gesture.

The 2025 LECK 08 EM-P made its debut at the Chengdu Auto Show in 2024, which can be said to have given us a great surprise. As a model just listed in early August, the Lectra 08 EM-P has brought some details upgrades this time, making this car look more fashionable and dynamic.

As usual, let’s talk about appearance first. To tell the truth, when Nianhan first saw this car, I was attracted by its unique design language.

The bifurcated daytime running lights on the front face, like two lightning flashes across the night sky, with penetrating headlights, give people a futuristic impression. The design of the air intake in the trapezoidal lower grille and fog light area adds a bit of sporty atmosphere.

Looking at the side of the car body, the smooth lines make people want to touch it with their hands. The straight roof and special window line design give people a neat and capable feeling. What do riders think of this design? Do you think it’s cool?

Don’t forget those details: frameless doors, hidden door handles and suspended rearview mirrors, all of which show Lectra’s persistence in details.

This new blue paint is the crowning touch, which makes the whole car look much younger. I can’t help asking, if you were the owner, would you choose this new color?

Turning to the rear of the car, the penetrating taillights are still so eye-catching. The large-size spoiler is not only beautiful, but also has practical aerodynamic effect. The multi-stage complex decoration of the rear bumper makes the style of the whole vehicle more unified. To tell the truth, this car is full of design sense from any angle.

Let’s talk about the interior. The simple style of the Lectra family still remains, but on this basis, they upgraded the car system.

As a person who often deals with all kinds of cars, I must say that a good interactive experience can really greatly enhance driving pleasure.

In addition, the new car has added some practical configurations. For example, the 12 volt power supply in the trunk can be said to be the gospel of camping enthusiasts.

The 120km long battery life Pro version adds the electric memory function of the passenger side leg rest, which is definitely a plus item for car owners who often have family or friends with them.

The high-profile models also add the heating and ventilation function of the rear seats, which can bring a more comfortable ride experience in cold winter or hot summer.

Speaking of the power system, the Lectra 08 EM-P still maintains its signature configuration: a 1.5T engine with a three-speed DHT gearbox, plus a plug-in hybrid assembly consisting of P1+P3 motors.

This power system has proved its strength in the previous models, and I believe it will have better performance in this upgraded version.

It is worth mentioning that the four-wheel drive version also added P4 motor, which further improved the performance. The pure electric cruising range of the main sales models reaches 120 kilometers, which is absolutely enough for daily commuting.

Moreover, the fuel consumption of feed is as low as 5.5 liters /100km, which is really attractive, isn’t it?

By the way, another surprise for me is the 245 km long battery life version. As you can imagine, when you can drive from Beijing to Tianjin in pure electric mode, it is definitely an exciting experience.

What’s more, the electronically controlled four-wheel drive version with an acceleration of 4.6 seconds per 100 kilometers gives this car a good sports attribute.

I have to accept that on the basis of maintaining the original advantages, the 2025 Lectra 08 EM-P has improved the attractiveness of the whole vehicle by optimizing the details and increasing the functions.

It has both face value and strength, and also takes into account comfort and sportiness. It can be said that it is a fairly balanced model.

However, everything has two sides. Although the new features and configurations are attractive, they may also lead to an increase in the price.

In addition, although the complex hybrid system has brought excellent performance and fuel economy, the reliability and maintenance cost of long-term use are also factors to be considered.

Having said that, Nianhan would like to ask all the riders here, what do you value most about such a car that combines fashionable appearance, advanced power system and rich configuration? Is it a design? Or dynamic performance? Or those little details that improve comfort?

　　Eleven years ago, Jinshan’s performance declined after listing, and its share price kept falling. Qiu Bojun and Zhang Xuanlong, the founders of Jinshan, thought of Lei Jun who had left for three years. On that day, the three men took a group photo in front of Jinshan Software Building in Beijing. Since then, Qiu and Zhang retired, and Lei Jun took over as chairman of Jinshan.

　　Lei Jun’s task is to rebuild Jinshan, so that this China veteran software manufacturer can regain its vitality in generate. Mobile Internet is a powerful medicine given by Lei Jun to Jinshan. After some internal integration, Jinshan Cloud, the youngest business in Jinshan, has emerged. Lei Jun decided to let Jinshan take out all resources "All in cloud".

　　The darling of Jinshan Group, escorted by "Angel" Lei Jun, Jinshan Cloud can be regarded as a dream start. In May 2020, Jinshan Cloud landed on Nasdaq, but it didn’t take long for Jinshan Cloud to start falling. As of September 20th, Jinshan Cloud’s share price was $2.04/share, down 97.5% from the highest point of $74.76/share.

　　

　　Source: Futu Niu Niu

　　Jinshanyun’s market position fell in the third place in the industry and failed to keep the bottom line of Lei Jun’s "top three, at least top five". On the evening of September 6, Jinshan Cloud announced its financial report for the second quarter of fiscal year 2022. In the second quarter, Jinshan Cloud’s revenue was 1.906 billion yuan, down 12.3% year-on-year, which was the first quarterly revenue decline in recent years. The net loss was 811 million yuan, up 267.41% year-on-year.

　　Ten years of polished Jinshan cloud, but the blade has been exhausted. On July 27th, Jinshan Cloud submitted a prospectus for dual listing of Hong Kong stocks. On August 8th, Lei Jun announced that Wang Yulin, who had been in charge of Jinshan Cloud for nearly 10 years, resigned, and Zou Tao, a veteran of Jinshan, was appointed at the critical moment.

　　Jinshan Cloud, born out of Jinshan, naturally inherited the To B service gene. However, whether Jinshan Cloud can undertake the strategic task of rebuilding Jinshan and expand Lei Jun’s To B map depends on whether Jinshan Cloud can get out of the fog.

　　Jinshan Cloud reduces unprofitable CDN business.

　　According to the financial report, Jinshan Cloud’s revenue scale declined in the second quarter, and its performance was lower than expected, mainly because Jinshan Cloud continued to actively reduce CDN services. In addition, due to the epidemic situation in Beijing and Shanghai in the second quarter, Jinshan Cloud slowed down the bidding and project deployment process.

　　CDN business is the traditional advantage of Jinshan Cloud, which contributes most of the revenue of public cloud business. According to Jinshan Cloud’s US stock prospectus, its CDN business revenues from 2017 to 2019 were 629 million yuan, 1.161 billion yuan and 2.137 billion yuan, respectively, accounting for 52.2%, 54.9% and 61.9% of the revenue of public cloud products, far exceeding the computing and storage sectors in public cloud products.

　　It is worth noting that the advantages of Jinshan Cloud’s CDN business are more related to the previous price war of domestic cloud vendors. In December 2017, shortly after Jinshan Cloud announced the completion of the D round of $300 million financing, Jinshan Cloud would cut the price of mainstream products in an all-round way. This competition mode has also increased the degree of burning money in Jinshan Cloud, which is based on CDN business.

　　After listing, Jinshan Cloud slowly changed this situation. Jinshan Cloud revealed in the financial report that due to the general slowdown of the Internet industry in 2021, especially in the second half of 2021, the demand for CDN services in the whole year was lower than expected, resulting in redundant basic resources. In the fourth quarter of 2021, Jinshan Cloud took the initiative to reduce the scale of CDN services.

　　In the Q2 financial report of Jinshan Cloud, Jinshan Cloud’s public cloud business revenue was 1.289 billion yuan, a year-on-year decrease of 16.9%. Among them, the total billing volume of CDN services decreased by 30% year-on-year, and the total billing volume of computing and storage services increased by 5% year-on-year. However, the business segment of Jinshan Cloud still fell sharply.

　　Jinshan Cloud’s industry cloud service, which has been deeply cultivated in recent years, has also ended its high growth trend due to the epidemic and other reasons. In the second quarter, it achieved revenue of 617 million yuan, a year-on-year decrease of 0.9% and a slight year-on-year decrease.

　　

　　Source: Jinshan Cloud Q2 Financial Report

　　The effect of Jinshan Cloud on reducing the scale of CDN services is also reflected in the cost. In the second quarter, the revenue cost of Jinshan Cloud was 1.841 billion yuan, down 12.1% from 2.094 billion yuan in the first quarter and down 10.4% from 2.055 billion yuan in the same period in 2021.

　　Reducing CDN business is Jinshan Cloud’s initiative to change the situation of increasing revenue but not increasing profit, which coincides with Jinshan Cloud’s three propositions of succeeding CEO Zou Tao: first, establish technology-oriented business to continuously improve the company’s scalable core technologies and products; The second is to drive sales with solutions, providing easy-to-access and practical cloud application value for traditional enterprises in China; Third, adhere to neutrality and become one of the most trusted cloud service providers in the industry.

　　Losses are a necessary stage in the development of cloud computing vendors. Jinshan Cloud can’t escape the process of burning money, but it is also a necessary way to continue to expand its scale to share the cost pressure.

　　Relying on the ecological support of Jinshan and Xiaomi, Jinshan Cloud was at the head of the industry in the early stage of development. Giants continue to scramble for land, and Jinshan Cloud has retreated to the second-line position in the fierce market competition. According to the revenue in 2021, the top three cloud service providers in China are Alibaba Cloud, Tencent Cloud and Huawei Cloud, with a total market share of 42.7%. Although Jinshan Cloud ranks fourth, the third place is more than twice as much as it, so it has to stand in the second echelon with other manufacturers.

　　

　　Source: Jinshan Cloud Hong Kong Stock Prospectus

　　Jinshan Cloud is still maintaining the rhythm of loss when its market position declines. Jinshan Cloud relied on the price war a few years ago and did not go out in the melee of cloud manufacturers, but it also caused huge losses in Jinshan Cloud for years. From 2019 to 2021, Jinshan Cloud’s revenue scale increased from 3.956 billion yuan to 9.061 billion yuan, and its net loss also increased from 1.111 billion yuan to 1.592 billion yuan.

　　However, Jinshan Cloud’s falling behind has long been traceable. According to the prospectus, from 2019 to 2021, Jinshan Cloud’s revenue grew at a compound annual growth rate of 51.3%. Among them, in 2020 and 2021, the revenue growth rate of Jinshan Cloud was 66.2% and 37.8% respectively. In the first quarter of 2022, Jinshan Cloud’s revenue was 2.173 billion yuan, up only 19.9% year-on-year, and it also declined in the second quarter.

　　

　　Source: Hunting Cloud Network

　　Independent cloud vendors relying on Jinshan and Xiaomi ecology

　　The growth of Jinshan Cloud is inseparable from the support of shareholders Lei Jun, Jinshan and Xiaomi.

　　According to the prospectus, Jinshan Software, Xiaomi and Lei Jun are the major shareholders of Jinshan Cloud, holding 37.40%, 11.82% and 11.82% respectively.

　　

　　Source: Jinshan Yungang Stock Prospectus

　　Jinshan Cloud and its shareholders Jinshan Software Group and Xiaomi have formed a business synergy. Jinshan Cloud provides cloud solutions to Jinshan Software Group, and can also take advantage of Jinshan Software Group’s sales network through cross-selling opportunities. Jinshan’s Xishanju game business also adopts Jinshan Cloud’s services.

　　Jinshan Cloud provided cloud storage services to Xiaomi in 2013. In addition, Xiaomi is a world-renowned consumer electronics manufacturer, with a large number of terminal equipment users, such a large-scale terminal connection, massive user consumption and behavior data, as well as shopping, content, etc., all of which need a strong cloud computing infrastructure to carry. Jinshan Cloud can cooperate with Xiaomi and its ecosystem participants to develop cloud solutions in emerging industries.

　　Based on this relationship, in 2019, 2020, 2021 and the first three months of 2022, Jinshan Cloud’s income from Jinshan Software Group accounted for 2.8%, 1.8%, 1.7% and 2.2% of the total income, and the income from Xiaomi accounted for 14.4%, 10.0%, 8.5% and 10.9% of the total income respectively.

　　Jinshan Cloud has been implementing the strategy of mass customization. According to the prospectus, from 2019 to 2021, the top five customers of Jinshan Cloud contributed 65.7%, 61.5% and 50.5% of revenue to Jinshan Cloud respectively, of which most were Internet companies, and most of them purchased public cloud services.

　　However, large customers do not necessarily choose Jinshan Cloud firmly. In recent years, enterprises have begun to pursue cloudy deployment, that is, they have chosen a number of cloud vendors to provide services. As far as Xiaomi himself is concerned, at least two clouds can support the smooth operation of his business. Jinshan Cloud, as Xiaomi’s own product, is naturally the first choice, but in addition to Jinshan Cloud, Xiaomi also chose Microsoft Azure, the second cloud vendor.

　　For the same reason, other big customers of Jinshan Cloud also have the possibility of "changing their minds". ByteDance used to be Jinshan Cloud’s biggest customer. However, as ByteDance started to operate its own cloud services, its services using Jinshan Cloud will gradually decrease. What’s more, Jinshan Cloud has a strong competitor in the cloud service market.

　　Wang Yulin left, and Zou Tao was on the verge of death.

　　Lei Jun can be regarded as one of the earliest entrepreneurs who pay attention to cloud computing in China. Jinshan Cloud has been established for 10 years, and Lei Jun once compared Jinshan Cloud to the future of Jinshan.

　　However, Lei Jun’s current task is on Xiaomi Automobile. After the establishment of Jinshan Cloud, apart from investment and business collaboration between Jinshan Cloud and Xiaomi, Lei Jun does not dominate the daily operation of Jinshan Cloud. According to media reports, employees inside Jinshan Cloud believe that although Lei Jun talks about All in cloud computing, he actually doesn’t pay much attention to Jinshan Cloud and doesn’t pay enough attention to it.

　　On August 8th, Lei Jun, as the chairman of Jinshan Cloud, published an open letter to all colleagues of Jinshan Cloud, announcing that Wang Yulin, CEO of Jinshan Cloud, had submitted his resignation report for personal health reasons, and Zou Tao, director and vice chairman of the company, was appointed as the acting CEO.

　　Wang Yulin joined Jinshan Cloud in January 2013 and worked for nearly 10 years. He witnessed the development of Jinshan Cloud and the listing of US stocks. He is a man of the hour in China’s cloud computing market, but he also left a lagging Jinshan Cloud for Lei Jun, making Lei Jun’s once brave words an embarrassing flag.

　　So, Zou Tao’s succession, then some of the crisis. It is understood that Zou Tao joined Jinshan in 1998, when Lei Jun just became the general manager of Jinshan. Zou Tao is the former senior vice president of Jinshan Software and CEO of Xishanju Games. The most memorable career in Jinshan is Sword Net 3. In 2004, Jinshan planned to make a martial arts RPG game and invested a lot of resources. Five years later, Jianwang 3 was released in the expectation of everyone. Unexpectedly, for the first time, the response of Jianwang 3 was flat, just as Lei Jun said, "it was a mess".

　　That time was the critical moment of Jinshan Game. Zou Tao stood up to support Jianwang 3 and changed the game from 2009 to 2011, and Jianwang 300 was turned into steel. Since 2012, Jianwang 3 has doubled its income for many years in a row, becoming Jinshan’s largest source of income and profit.

　　This time is the critical moment of Jinshan Cloud. As an old Jinshan person, Zou Tao has more sense of mission. However, in the face of the transition moment, the three value propositions mentioned by Zou Tao need to be verified. Wang Yulin believes that cloud computing is a long-distance running business, and it is not certain who can overtake it. Is there any chance for Jinshan Cloud to rise again before it hits the bottom?

　　At this stage, Jinshan Cloud’s breakthrough lies in opening up more markets, but what lies ahead is the crazy division of territory by industry giants in various fields. Zou Tao, CEO of Jinshan Cloud, revealed in the Q2 earnings conference call that in the face of the giants, Jinshan Cloud may continue to deepen its cultivation in some original fields and make its own differentiation, such as medical care and finance, before it has the opportunity to replicate its successful experience to other industries.

　　In the past ten years, Jinshan Cloud has provided the underlying cloud services for Xiaomi and Jinshan, but Lei Jun doesn’t want Jinshan Cloud to be just a "tool person" for Xiaomi and Jinshan. To establish the setting of independent cloud vendors, Jinshan Cloud should open up a pure cloud service model in the cloud computing market, which may be the future of Jinshan that Lei Jun wants to build.

What we said today. The following small series will tell you in detail.

First of all, from the appearance, the design of plug-in hybrid front face of Range Rover Sport Edition is very comfortable and very recognizable. Coupled with the round and lovely headlights, it is very eye-catching. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Come to the side of the car, the car body size is 4946MM*2047MM*1820MM, the car uses fashionable and dynamic lines, the car body looks very deep, with large-size thick-walled tires, eye-catching shape. Looking back, the plug-in hybrid rear line of Range Rover Sport Edition is deep and elegant, and the taillights are very fashionable and atmospheric, creating a good gas field.

When I came to the Range Rover Sport plug-in hybrid car, the interior modeling took a young route, giving people a very atmospheric feeling. Made of genuine leather, people can’t put it down. Let’s take a look at the central control. The car is equipped with a steady touch-control LCD central control screen, which makes the interior design quite layered and conforms to the mainstream aesthetics. The dashboard and the seat are equally eye-catching. The car is equipped with an elegant dashboard, and the information is easy to read and clear. The car uses leather seats, equipped with auxiliary seat with memory electric adjustment, seat with memory electric adjustment, seat proportion down and other functions, and the comfort is acceptable.

The car is equipped with car networking, driving mode selection, remote control key, rear wiper, interior atmosphere light and other configurations, and the configuration performance is relatively good, which improves the convenience of drivers to some extent.

I wonder if you are excited about this car introduced today? If you are interested in it, you might as well learn more about it!

□ Liu Weijun

Since December 1st, the Measures for Joint Punishment of Telecommunication Network Fraud and Related Crimes (hereinafter referred to as the Measures) issued by the Ministry of Public Security in conjunction with the National Development and Reform Commission, the Ministry of Industry and Information Technology and the People’s Bank of China have been implemented. The Measures make specific provisions on the disciplinary principles, disciplinary objects, disciplinary measures, disciplinary procedures and complaint verification of telecommunication network fraud and its related illegal crimes.

In recent years, telecommunication network fraud has become one of the main types of crimes faced by China and many countries. In this regard, China has continuously intensified its efforts to crack down on telecommunication network fraud and related crimes. Especially after the promulgation of the anti-telecommunication network fraud law, relevant functional departments have taken various comprehensive measures to actively carry out anti-fraud in the whole society, all employees and the whole process, and achieved outstanding results. The number of cases has been declining, and the number of interceptions and the detection rate have been rising. Not long ago, the Supreme People’s Procuratorate and the Ministry of Public Security launched the fourth batch of eight mega-cross-border telecommunication network fraud cases for joint supervision.

However, due to the cross-border nature of telecommunication network fraud and related crimes, and the support of huge black and gray industries at home and abroad, related crimes are always in a high-level operation state. Therefore, to eradicate telecommunication network fraud and its related illegal crimes, we should not only attack head-on, put out open flames and reduce the stock of crimes, but also take drastic measures to further increase punishment to reduce the increase of crimes.

The promulgation of the "Measures" has provided important support for multi-department collaborative governance of telecommunication network fraud and related illegal crimes. Synergy, first of all, is manifested in the diversification of governance subjects, which requires all departments and institutions responsible for the governance of telecommunication network fraud to do their part to ensure that telecommunication network fraud and its related illegal crimes are intervened, intervened or blocked by corresponding public power at all stages of occurrence, development and fission. Because the crime governance itself is extremely complex, it requires that the supervision should not be absent, but also requires all subjects to strengthen the cohesion and cooperation to ensure that the governance measures support each other and form gains, instead of going their own way, so that the implementation effect will be derogated from each other. Joint punishment is undoubtedly a good solution to the problem of convergence and cooperation.

According to the "Measures", joint punishment first needs to be determined by a criminal referee or by a public security organ at or above the municipal level, and then by sharing information about the joint punishment object, other regulatory authorities will implement financial punishment, telecommunication network punishment and credit punishment respectively according to their functions and powers. These three disciplinary measures work closely together to form a closed-loop supervision and are committed to eliminating the ability and opportunities for recidivism. This kind of "combination boxing" based on information sharing and collaborative supervision of various departments is more effective and lasting in restricting and punishing dishonesty than a single disciplinary measure implemented by a single department.

The "Measures" is an important symbol of the legalization and standardization of disciplinary actions. Supervision cannot be absent, but it cannot be offside. According to media reports, in the practice of anti-fraud, there have been some "extraordinary governance measures" in some places. For example, some provincial and municipal operators once turned off answering overseas calls and receiving overseas SMS services by default; "Threaten" to cancel the household registration of telecom network fraud suspects who are persuaded not to return, and impose restrictions on enrollment and suspension of social security on their families; Small remittances between relatives of residents need to be certified by the police station, and so on. Although some of these measures are not intended to punish, their effects are the same as punishment, and the identification of disciplinary objects is random and disorderly. After such measures were reported by the media, they aroused strong public concern and caused adverse social impact.

The "Measures" clearly define the recognition according to law and excessive punishment as the implementation principles of joint punishment, strictly control the scope of disciplinary objects, and give the final recognition right of atypical disciplinary objects to public security organs at or above the provincial level, which restricts the disciplinary behavior of governance subjects from both substantive and procedural levels. The "Measures" also expressed respect and concern for the basic needs of people’s livelihood, such as allowing disciplinary objects to apply for retaining a phone card that is not involved in the case, and establishing the maximum continuous execution period and the automatic termination system when the punishment expires.

Overall, joint punishment is an integral part of the comprehensive management system of telecommunication network fraud crimes, and the introduction of relevant joint punishment measures will help to fill the gaps in the governance ecology of telecommunication network fraud crimes. Sun Simiao Ceng Yun, the "King of Medicine": "Eliminate the disease that has not started, treat the disease that has not been cured, and treat it before nothing happens." The same is true for the management of telecommunication network fraud and illegal crimes, which should not only cure the disease, but also prevent the disease. Joint punishment of offenders will undoubtedly help to deter potential offenders and make them "afraid to commit" and "unable to commit". Considering that the disciplinary measures stipulated in the Measures will have a great impact on the lives of the parties concerned, it is necessary to be cautious in application and guard against abuse. Therefore, it is necessary to improve relevant relief measures as soon as possible and clarify how to pursue responsibility for wrong disciplinary actions. In other words, the supervision of the joint disciplinary measures itself is also an unavoidable responsibility for the management of telecommunication network fraud and its related illegal crimes.

(The author is a professor at the Investigation College of the People’s Public Security University of China)

[car home Jiangmen Preferential Promotion Channel] Recently, a wave of price reduction promotion activities has been ushered in the Jiangmen market. As a representative of luxury electric vehicles, the current maximum discount range of Mercedes-Benz EQE SUV has reached 151,000 yuan, which has reduced its minimum starting price to 335,000 yuan, providing consumers with a rare opportunity to buy a car. If you are interested in this model, you may wish to click "Check the car price" in the quotation form to get a higher discount.

Mercedes-Benz EQE SUV adopts a fashionable and dynamic design, and the front face adopts a classic star logo with sharp LED headlights, showing luxury and modernity. The air intake grille adopts a closed design, which highlights its electric identity. The overall style lines are smooth, the waistline on the side of the car body shows a sense of output, and at the same time, with large-size wheels, it creates a strong sports atmosphere. The rear part uses penetrating taillights to improve the recognition of the vehicle. On the whole, the design of Mercedes-Benz EQE SUV not only shows the essence of luxury brands, but also has a sense of fashion and technology.

Mercedes-Benz EQE SUV attracts people’s attention with its streamlined body design and elegant outline. The body size is 4880*2032*1679mm and the wheelbase is 3030mm, which provides spacious and comfortable seating space for passengers in the car. The side lines of the vehicle are smooth and natural, with the front wheel track of 1649mm and the rear wheel track of 1662mm, which enhances the stability and handling of the vehicle. In addition, the car is equipped with 235/55 R19 tires, and the unique rim design highlights its luxurious and dynamic characteristics.

The interior design of Mercedes-Benz EQE SUV shows the perfect combination of luxury and technology. The car adopts a leather steering wheel, which has the function of electric up and down+front and rear adjustment, providing drivers with a comfortable driving experience. The 12.8-inch central control screen is not only large in size, but also integrates multimedia system, navigation, telephone, air conditioning, skylight and other functions, supports voice recognition control and is convenient to operate. The seats in the car are made of imitation leather, and the main and auxiliary seats have various adjustment methods, including front and rear adjustment, backrest adjustment, height adjustment, leg rest adjustment and lumbar support adjustment, and have heating and ventilation functions. In addition, the driver’s seat and the co-pilot seat are also equipped with electric seat memory function, so that every passenger can find the sitting position that suits him best. The car is also equipped with USB and Type-C interfaces, which are convenient for passengers to charge electronic devices. The front row is equipped with wireless charging function of mobile phones, so that drivers don’t have to worry about the power of mobile phones. Generally speaking, the interior of Mercedes-Benz EQE SUV is rich in configuration and the details are handled in place, bringing the ultimate comfort experience to drivers and passengers.

Mercedes-Benz EQE SUV is equipped with a powerful motor with a maximum power of 300 kW and a peak torque of 858 Nm, which provides excellent dynamic performance and acceleration experience for the vehicle.

The owner of car home gave some feedback on the driving experience of Mercedes-Benz EQE SUV. He said that the power performance of the vehicle was acceptable, but the low-profile version was not equipped with rear wheel steering function, which made the vehicle slightly less flexible. Compared with the BMW 3 Series he is familiar with, there is a certain gap in handling, especially when passing through the pit, the body shakes more and the overall feeling is weak.

　　"The receiving address I left on the e-commerce platform is written specifically to the house number, but now when I receive the goods, I either receive a short message notice to go to the express cabinet to pick up the goods myself, or the goods are ‘ Door ’ Sign for it, or you haven’t received the goods first ‘ Signed ’ 。” Speaking of all kinds of "wonderful" express delivery experience, online shopping enthusiast Wang Fang (pseudonym) seems a little helpless, "and the courier didn’t ask my permission in advance."

　　Zhang Jia (pseudonym), a consumer who has a similar experience with Wang Fang, also bluntly said that there is no courier cabinet in the community where he lives, but since he opened a courier station, he always has to pick up his own package by SMS. "In fact, every time I place an order, I don’t choose the courier service."

　　Why is it so "hard" to sign the parcel face to face?

　　Nowadays, in the terminal service of express delivery, many online shopping consumers find it more and more difficult to sign the parcel in person.

　　In the community where Wang Fang lives, a courier who is delivering express delivery told the reporter of Zhongqing Daily and Zhongqing.com, "I need to deliver at least 300 express delivery orders every day. The company requires that the receipt rate reach 30% before 10 am and 75% before 2 pm. There is a courier cabinet in this community. Most of the parcels in the two units I am responsible for will generally be put in the cabinet. If it is delivered from house to house, it will be too inefficient. "

　　In the courier’s view, this is a "cost-effective" account. He said that the courier’s salary incentive mechanism is more work and more pay. Now, every time he sends a commission to 1 yuan, if it is delivered to the door, customers who are not at home will have to call to confirm it, which is both a telephone bill and a time-consuming. It will be difficult to complete the delivery on time and get more pieces at the same time. Although it is necessary to pay rent ranging from 0.35 to 0.50 yuan according to different specifications by putting it directly into the express cabinet, it is more efficient and can save more time in sending and collecting parts.

　　For courier companies, cooperation with courier stations is a more efficient and economical way. A boss of a post station said that some express outlets will now pull the express parcels of some old communities to the post station at one time, and then the post station will be responsible for the follow-up distribution. Because the delivery fee for the post station is lower than that for the courier, there is no need to distribute the courier in the area with the post station, which saves the cost for the courier company. "Besides, couriers don’t want to spend time and energy climbing the stairs to deliver goods every day. But to be honest, I have limited manpower, so it is unlikely that I will deliver it all to my door. " The owner of the station told the reporter.

　　The package "takes away" the freedom of choice.

　　In fact, whether the courier’s work is "rough" or the express network map is easy, it is not unrelated to the growing express volume. According to the data of the State Post Bureau, from January to July this year, the business volume of express delivery service enterprises nationwide totaled 58.33 billion pieces, exceeding the annual level of 50.71 billion pieces in 2018.

　　The rapid growth of express delivery is inseparable from online shopping. The reporter asked several different types of shops and customer service on an e-commerce platform whether they could choose the express delivery company independently, and all the answers were "No designated express delivery", mostly because they had agreed to cooperate with the express delivery company by default.

　　An analyst in the transportation industry of a securities company explained that from the perspective of consumer psychology, it is easy for consumers to feel that they don’t have to pay the courier fee "extra" and the transaction is cost-effective. But in fact, this is just a marketing tool. Due to the large amount of postage, due to the consideration of express delivery cost, e-commerce sellers often give priority to express delivery companies that are willing to provide lower service fees. In order to gain market share, express delivery companies will also choose to exchange quantity at low prices. This directly leads to an increase in the workload of couriers. In the case of tight time and heavy tasks, the quality of service is easy to be "discounted". "And consumers can only passively become the recipients of this low-quality service because they have no choice of express delivery."

　　Li Xiaolong, director of the Teaching and Research Center of the Department of Postal Management, School of Modern Post, Beijing University of Posts and Telecommunications, also believes that over the years, in the field of e-commerce, express delivery companies have gradually formed an oligopoly competition situation by exchanging price for quantity, and the express delivery price is low, so express delivery companies can only reduce costs by compressing the courier’s single ticket distribution fee. However, the workload of couriers is increasing, which ultimately harms the interests of consumers who lack the right to choose.

　　Can the option of express delivery "return" to consumers

　　For express delivery services, consumers have different needs. The reporter learned in the interview that some consumers expressed their willingness to exchange high prices for good services, even if they paid a little more. Some pay more attention to cost performance and tend to choose a courier company with lower price in the same service level; Some consumers suggest that e-commerce sellers can set several courier service grades according to the service quality and price of courier companies, and then choose one from different grades to determine the cooperation relationship for consumers to choose.

　　In July this year, seven departments, including the Ministry of Transport, the State Post Bureau and the National Development and Reform Commission, jointly issued the Opinions on Doing a Good Job in Safeguarding the Legal Rights and Interests of Courier Groups, clearly indicating that it is necessary to guide e-commerce platforms and courier companies to strengthen system docking, meet differentiated service needs, and guarantee users’ right to choose independently. The relevant person in charge of the State Post Bureau also publicly stated that it is necessary to promote the implementation of the requirement of "separation of commodity pricing and express delivery service pricing" so that consumers can choose express delivery services according to their service capabilities, business reputation and express delivery prices.

　　Li Xiaolong said that the separation of commodity pricing and express delivery service pricing can give consumers more choices of express delivery, which will help guide express delivery enterprises to meet the differentiated service needs of consumers and focus on improving the quality of express delivery service itself. However, this involves the re-division of interests of e-commerce sellers, e-commerce platforms, express delivery companies and consumers, which may be difficult in practice.

　　For example, under the optional mode, e-commerce sellers need to connect with many express delivery companies for consumers to choose, which will increase their operating costs; The e-commerce platform needs to change the existing system, provide express delivery selection function, and the construction cost will also increase. At the same time, because order drawing is a revenue source of the platform, after adding the express selection function, the time for consumers to browse goods and place orders will become longer, and the operating income per unit time of the platform will also decline.

　　"Protecting consumers’ choice is the common responsibility of e-commerce sellers, e-commerce platforms and courier companies." Li Xiaolong suggested that in order to change the current situation that e-commerce sellers have insufficient motivation to change the way of express delivery service, relevant government departments can appropriately introduce some support policies. For example, e-commerce sellers who actively implement the separation of commodity prices and express delivery prices are given a certain degree of tax relief.

　　Express companies should adjust their product structure and price system. Express products can be divided into ordinary parts, aging parts, cold chain parts, etc. For example, the price of aging parts can be raised appropriately, so that consumers can enjoy faster and more convenient services such as the same day and the next day. At the same time, differentiated prices are set according to the service standards of different products, which is convenient for consumers to choose. For example, the price can be appropriately reduced for the services that are put in express cabinets and express delivery stations without home delivery, so that the price paid by consumers can be better matched with the service.

　　The e-commerce platform should transform the online express service selection function through the system to make it highly linked with the products and price data of more express companies, so as to facilitate consumers’ independent choice. At the same time, the evaluation function of express delivery service is added to promote express delivery enterprises to improve service quality and user experience.

　　Zhongqingbao Zhongqingwang reporter Li Zhuo Source: China Youth Daily

Wen | Caihua Society

（ 01810.HK）The results released in the third quarter of 2023 show that the overall gross profit margin, the gross profit margin of smartphone business and the gross profit margin of IoT (Internet of Things) and consumer products business all reached record highs. At the same time, the adjusted profit after deducting non-core funds increased by 1.83 times year-on-year, reaching 5.99 billion yuan (RMB, the same below). However, its share price plummeted by nearly 5% after the results were announced. Is Xiaomi’s performance a surprise or a joy?

In the third quarter of 2023, Xiaomi’s quarterly revenue increased slightly by 0.60% year-on-year to 70.894 billion yuan.

The quarterly revenue of the smartphone segment decreased by 2.04% year-on-year to 41.649 billion yuan, which is in line with the current global mobile phone consumption trend. The revenue of IoT and consumer goods segment increased by 8.47% year-on-year to 20.673 billion yuan; Driven by advertising revenue, the Internet service segment grew by 9.75% year-on-year to 7.756 billion yuan, of which game business revenue increased by 5.6% year-on-year to 1.1 billion yuan, while advertising revenue increased by 15.7% year-on-year to 5.4 billion yuan, as shown in the following figure.

Although the quarterly revenue growth only increased slightly, the gross profit margin has been greatly improved, among which the gross profit margin of the smart phone business segment has the largest increase, rising by 7.74 percentage points year-on-year to 16.64%; The gross profit margin of IoT and consumer goods also increased by 4.34 percentage points year-on-year to 17.83%; Due to the higher proportion of advertising revenue, the gross profit margin of the service segment also increased by 2.36 percentage points year-on-year to 74.41%.

Comparing the above figure with the following figure, although the revenue growth is not large, the gross profit scale of each business segment is very conspicuous, which is much higher than the past quarterly performance.

At the performance conference, the management explained the main reasons for the record high gross profit margin of mobile phone business as follows: 1) optimization of product mix; 2) Supply chain cost reduction — — Comprehensive factors such as falling raw material prices.

However, we are more concerned about whether Xiaomi’s inventory impairment provision decreased in the third quarter due to its large amount in previous quarters, which is an important factor affecting the gross profit margin.

Caihuashe noted that Xiaomi’s inventory impairment reserve expenditure in the third quarter of this year was 794 million yuan, down by 65.27% and 9.88% respectively compared with 2.286 billion yuan in the same period last year and 881 million yuan in the last quarter. According to Caihua Society’s estimation, the proportion of inventory impairment reserve in product income in the third quarter of this year also decreased from 3.71% in the same period of last year to 1.27%, which should play a certain role in boosting the profitability of its hardware products.

The management mentioned at the performance conference that the decrease in inventory impairment is not the main reason for the increase in gross profit margin. CFO said that in the third quarter of 2023, the impact of this factor on Xiaomi’s gross profit margin was about 0.8 points, plus 0.8 points last year, making a total of 1.6 points.

However, it should be noted that during the period, the average selling price of smartphones, Xiaomi’s main source of income, dropped by 5.78% year-on-year, falling below 1,000 yuan to 997 yuan, compared with 1,058.2 yuan in the same period of last year and 1,151.6 yuan and 1,112.2 yuan in the first two quarters of this year, as shown in the figure below.

Xiaomi explained that the decrease in the average price (ASP) of smartphones was mainly due to the strong growth of shipments in emerging markets with low ASP in Latin America, Africa and the Middle East, which was partially offset by the increase in ASP in China. According to this, it may be inferred that the lower cost is the main reason to promote its profit.

As mentioned by the management, the optimization of supply chain has reduced the procurement cost, or it is a very important reason, but the provision for impairment of inventory in the early stage has increased significantly, effectively reducing inventory, and making the net inventory drop sharply. As shown in the figure below, since September 2021, Xiaomi’s inventory impairment provision has been rising continuously, reaching a peak in March 2023, and then declining. By these two quarters, Xiaomi’s net inventory has dropped significantly.

It is estimated that the promotion of gross profit margin brought by the decline of inventory cost can last for several quarters.

Affected by the improvement of overall gross profit margin, Xiaomi’s gross profit in the third quarter of 2023 increased by 37.43% year-on-year to 16.11 billion yuan.

At the time when Xiaomi was listed on the Hong Kong Stock Exchange, in order to boost traffic, Xiaomi’s sales and promotion expenses always accounted for a large proportion of expenses. However, in recent years, Xiaomi has invested more resources in R&D to build the future with technology, so the proportion of R&D expenses is increasing. Caihua Society noticed that since the fourth quarter of 2022, R&D expenses have accounted for more than marketing and promotion expenses.

In the third quarter of 2023, Xiaomi’s R&D expenditure increased by 22.03% year-on-year to 4.966 billion yuan, accounting for 7.01% of revenue from 5.77% in the same period of last year; The sales and promotion expenses decreased by 3.00% year-on-year to 4.736 billion yuan, accounting for 6.68% of the total revenue from 6.93% in the same period of last year, as shown in the following figure.

Although its operating expenses have increased, they are still effectively controlled — — At the very least, the growth rate was much lower than the gross profit growth, so it turned losses into profits. In the third quarter of 2023, it recorded a quarterly net profit of 4.874 billion yuan, compared with a net loss of 1.476 billion yuan in the same period last year. Excluding non-core funds such as changes in fair value of investment, Xiaomi’s adjusted net profit in the third quarter actually increased by 182.89% year-on-year to 5.99 billion yuan.

After the performance reporting period in the third quarter of 2023, Xiaomi has several major events worthy of attention:

1) In October, 2023, Xiaomi announced a brand-new strategy of upgrading from "mobile phone X AIoT" to "people, cars and homes are all ecological", and released a brand-new operating system "Xiaomi surging OS".

2) In October 2023, atApple (AAPL.US)In the gap between Huawei’s release of new mobile phones, Xiaomi also released the Xiaomi 14 series in the Mainland.

3) Xiaomi Auto appeared on the website of the Ministry of Industry and Information Technology, which also made everyone have a substantial imagination about Xiaomi’s "people and cars".

At the performance conference, Lu Weibing, president of Xiaomi, insisted on several aspects of Xiaomi’s future development: high-end, internationalization, firm investment in the future, investment in technology, continuous change and upgrading of management, and the most long-term and sustained high-quality growth — — The transition from flow to quality, andTencent (00700.HK)Exactly the same.

In the first three quarters of 2023, Xiaomi’s overseas business income decreased by 16.42% year-on-year to 89.435 billion yuan, accounting for 45.2% of Xiaomi’s total income from 50%.

According to Canalys data used by Xiaomi, in the third quarter of 2023, its global smartphone delivery volume was the only positive growth among the top four suppliers, with a year-on-year increase of 2.4% to 41.5 million units, and its market share increased from 12.9% in the previous quarter to 14.1%. However, Caihua Society also noticed that Transsion, another smartphone in China, grew very rapidly, with a year-on-year increase of 39.5%.

In recent years, Xiaomi’s main achievements in overseas markets include: 1) diversified categories; 2) Expand the geographical market; 3) The global environment is not very good, and the environment it faces is complex, so Xiaomi is urged to establish a safe platform, which has gradually produced results. The map of globalization continues to expand and differentiate. For example, Africa doubled its share from last year to this year, and achieved a year-on-year growth of 40% in Latin America. Europe also experienced double-digit growth in the third quarter. Although the Indian market that everyone cares about is under pressure, its performance in the third quarter has greatly improved compared with that in the second quarter.

On the whole, the management thought at the performance conference that overseas markets have a lot of room for development. His reason is that Xiaomi has done well in some markets, such as Spain, and has achieved 32% market share, but it still has a small share in some other markets, which means there is a lot of room for expansion.

In addition, with the penetration of its mobile phones and smart home products in overseas markets, the monthly active user scale (MAU) of Xiaomi Eco has expanded, and the stock has driven the value of its Internet value-added services, which is also a big boost for Xiaomi’s service revenue to achieve a year-on-year growth of 9.75% in the third quarter.

For the future, the management indicated that it would expand the service types of overseas business, and constantly attract partners to serve global users.

Xiaomi, which has always taken the economic route, has put forward high-end changes in recent years, and Xiaomi 14 series may drive its high-end product revenue share after the fourth quarter.

However, the management admits that the high-end of Xiaomi is still in the investment period, and there is no obvious difference between the high-end and the low-end. There is a lot of room for improvement of the high-end in the future, and the scale has not yet reached the level of quantitative change to qualitative change. There is still a gap between Xiaomi’s 4000 yuan mobile phone and Samsung and Apple in the world. This is also a challenge and an opportunity for Xiaomi, and it is necessary to tap the future high-end potential.

In 2023, Xiaomi announced the latest strategy to upgrade "mobile phone XIAOT" to "the whole ecology of people, cars and homes".

The management said that the global smartphone market share will become more concentrated in the future, which may mean that some brands will quit and some brands will further expand their share. The head brand will meet the needs of different customer groups through omni-channel, all-customer service and product attraction segmentation. Xiaomi’s concept of "people, cars and homes" is to export product experiences and solutions to users in the way of driving other products to consume with a strong brand like smart cars through customer group classification, and the bottom of the solution is supported by the system of "people, cars and homes", which is the logic of its development of this concept to complete the ecological closed loop.

For the details of Xiaomi Automobile, the management said that it is not convenient to disclose it, but it roughly outlines its role in "the whole ecology of people, cars and homes":

1) People and cars are all ecological, and cars will play an indispensable role in the whole ecological chain of Xiaomi. In the future, customers will buy Xiaomi products, not single products, but product combinations, lifestyles and solutions;

2) Xiaomi automobile will cooperate with the existing mobile phone and consumer electronics products and service ecology, and the great integration of automobile and consumer electronics will drive the chemical reaction of the whole ecology, and the automobile will be fully integrated into the product and service ecology.

On the whole, Xiaomi delivered an unexpected performance in the third quarter of 2023, and also put forward the strategy and growth potential for future development. Then why did the stock price fall instead of rising after its performance?

Caihuashe believes that short-term investors take advantage of favorable shipments to make profits or a reason. As shown in the figure below, Xiaomi’s share price has continued to climb since October, and it has risen by more than 36% on the eve of the announcement of quarterly results.

Secondly, Xiaomi’s "people, cars and homes are all ecological" sounds beautiful, but it will affect its profitability in the short term, especially considering the high cost of building cars. Now "new forces" are still struggling to reach double digits for gross profit margin. Xiaomi is involved in this highly competitive track, and the short-term profit predictability is not high.