爱上海龙凤

Just yesterday, Geely Automobile suddenly announced that:Plans to privatize krypton,Acquisition of all the issued shares of Extreme Krypton Intelligent Technology Co., Ltd. and/or American Depositary Shares.

Give from Geely$25.66The suggested purchase price is 13.6% higher than the closing price on the last trading day of NYSE, and 20% higher than the weighted average price in the last 30 days.

As a major shareholder holding 65.7% shares of Krypton, if Geely’s plan can be successfully completed, it meansKrypton will be officially merged into Geely and delisted on the New York Stock Exchange.

For a time,Krypton shares rose 11%It is close to the purchase price given by Geely.

While the voice of the market here is high, there are two doubts over there that are very "strange"-

First of all, whether listing or delisting is a big deal for a company. Before the announcement, there was almost no gossip, just like an impenetrable wall, which seemed to further illustrate the importance of Geely’s inclusion.

Secondly, it is rare on the Internet.At the same time, there are two voices of "singing bad and singing well".

On the one hand, I think that under the extreme loss, I still have to hold Geely’s thigh tightly; On the other hand, it is believed that this is an important step for Geely to integrate internal resources and concentrate on doing great things.

Then, can the rights and interests of extremely krypton car owners be guaranteed, and where will the future of extremely krypton go?

Today, the president will take advantage of the heat and have a good chat with you.

01. Being privatized: Happy or Worried?

A-share requirements: the public circulation of companies with a total share capital of more than 400 million yuan should exceed 10%;

The total share capital is less than 400 million yuan, and the amount of publicly issued shares should be more than 25%;

02. Taizhou Declaration: the only way to "great unification"

In the declaration, it is pointed out that GeelyFive strategies of "focus, integration, coordination, stability and talent".

Among them, the first three points, "focusing on the main automobile industry, integrating Geely’s various business sectors, improving efficiency and strengthening strategic synergy", have all shown a very obvious convergence trend.

Followed by drastic integration: Galaxy has integrated many brands of geometry, wing truth and radar, and Link has also been merged into Krypton.

As everyone can see,The period of Geely’s expansion and barbaric development has ended, and it has reached the node of quantitative change to qualitative change.

Then, why did Geely "collect" the pole again this time?

The focus is actually on the positioning of Krypton in Geely Group.

Since the birth of Krypton, it has shouldered the responsibility of Geely to explore the "experimental field" in the era of electrification and intelligence.

At that time, when An Conghui personally led a team to operate a brand-new krypton, many people noticed that at that time.The extremely krypton management team can hardly find a few talents from "Dajili Group", almost all of them are new faces..

Although the new energy was not "new" at that time, as a traditional car-making giant, he almost completely accepted the model of new forces. Self-management, user thinking and user co-creation …

Even in the field of car-making, Krypton has come up with a product style that is completely different from "old Geely", such as the hunting car Krypton 001, and dares to upgrade all chips for free.

This makes Krypton completely born out of Geely Group, become a new brand with independent value, and cultivate a group of excellent talent teams who can run this route, so to speak.The task of the experiment is almost complete.

However, at this time, Krypton is facing enormous market competition pressure.

In 2025, the sales target of Krypton Technology Group is 740,000 vehicles.However, at present, only 23.28% of the annual sales volume has been completed, of which the annual target completion rate of Kyk brand is 17.19%, which is less than that of Lectra’s 28.31%.

Anyway,Brothers sleep together in a bed, and you always hold me down and I get in your way.

On the stock market, the tension of Sino-US trade relations will obviously affect investors’ confidence.

Therefore, at this time, the "privatization" will be delisted and managed by the group, and the costs in all aspects will be further reduced and the competitiveness will be there.

An Conghui once said: "After the integration of Link and Krypton, we have further combed the technology and product planning of the two brands.The general direction is that the quantity of our products is expected to decrease by 20%."

When we return to the big plate of passenger cars of Geely Group, the overlapping manpower, material resources and communication resources will be greatly optimized. According to An Conghui, the integration of Krypton reduced the R&D expense rate by 5% and the BOM cost by 3%.

If it rises to the group level, the R&D cost, labor cost and even the cost optimization of channel control and supplier management will certainly be more impressive.

The unification of "one Geely" seems to be the trend of the times and will be successful in the future, whether it is the brand of Krypton or the enterprise level of Geely Group.

But how should users and shareholders explain?

03. Shareholders, users and enterprise gains and losses

This, in fact, has a best case.

At the end of December last year, the new energy automobile circle can be said to have remembered "the name of every extreme person" by virtue of the Sao operation of dissolving in situ.

At that time, the president once said that how Baidu and Geely, the two "big brothers" behind the company, would become the nodes of the follow-up development of the new energy automobile circle.

And Geely did give the benchmark operation. Facing the extreme car owners who rushed to Geely Building, Geely gave the sincere attitude of product after-sales maintenance and even intelligent driving maintenance.

Since then, although the restructuring of the ultra-Vietnam has continued,The attitude of Geely, a big enterprise, has really circled a wave of powder.

Extreme Krypton has also experienced public opinion turmoil. At that time, like the extreme Vietnam incident, it accumulated user reputation and trust for Geely Group with its responsible operation.

In addition, the young car owners who bought models such as Krypton 001 at the beginning, from another perspective, are a group of precious ones cultivated by Geely Group.Brand first generation users.

This is the precious word-of-mouth and "resource" of becoming a giant for decades. If Geely wants to be a high-end and upward brand, it will surely seize the opportunity of this wave of users, and after-sales protection may only be the foundation.

Starting from the overall situation, I believe Geely will further integrate the resources of offline stores and give sincerity in many aspects such as the decentralization of smart driving, charging network layout and user community services.

Standardize the process between the luxury of Krypton, the high-end of Lectra and the Pratt & Whitney of Galaxy to give users at different levels a satisfactory service experience.

In essence, the final result of volume price and volume quality of China automobile in the current stock market is the final way to return to product value.

So,It is the most important thing for Geely to come up with the product lineup with the lowest cost, the most comprehensive functions and the most comprehensive sub-categories as soon as possible.

In recent years, Geely has laid out the "peripheral" industries for the future development of automobiles such as satellite navigation, flying cars and Xingji Meizu, which will also show their value in the next few years.

All this will obviously become a heavy profit point from the perspective of shareholders, and smoothly raise the fund pool of stock prices, which will also become the competitiveness of Geely Group to go further.

So,This wave of Geely is actually looking forward to a virtuous circle of "raising the stock price, shareholders making profits, shareholders making profits, and the stock price rising again".This is also in line with Geely’s proposal.The route of "strategic stability" development.

In fact, everyone can see that the current automobile industry is moving towards a "merger" tide, which will eventually form an "oligopoly" competition situation for several major groups.

As one of the first companies to see the value of structured car-making, Geely’s own "system power" in the car circle is second to none.It’s just that five fingers developed separately before, and now it’s time to make a fist and hit it out.

This fist "inside" is to integrate resources, flatten the marginal cost advantage and continue the cost-effective route; Playing abroad means sharing channels at home and abroad, so that its brands with different positioning can simultaneously seize overseas markets.

We can even guess,Geely may continue to deeply integrate into the group and launch Geely New Energy Group on the premise of retaining the brand.

After all, when Wuzhishan becomes a fist, new giants are doomed to rise.

1. The new regulations are released. Is Euro 7 "abolished"?

From the European Union’s withdrawal of the 2035 "ban on burning", to the initiation of countervailing investigation on China’s electric vehicles, and then to the British decision to postpone the implementation of the 2030 "ban on burning" for five years until 2035, a series of actions by European regional governments this year seem to indicate that the attitude towards the transformation of the automobile industry is undergoing subtle changes, and the compromise of the EU’s Euro 7 emission standards seems to confirm this point.

A few days ago, the Council of the European Union issued a statement "Ministers reached an agreement on the new Euro 7 standard", saying that it had adopted a position paper on passenger cars, light trucks, buses and trucks. Compared with Euro 6, the general policy is to maintain the emission limits and test conditions of light vehicles, lower the emission limits of heavy vehicles, and slightly adjust the test conditions. In addition, it is agreed to increase the emission limits of brake and tire particulate matter. The statement stated that the general policy formally defined the negotiating position of the Council of the European Union, and provided an authorization for the negotiations between the presidency of the Council of the European Union and the European Parliament, which will start immediately after the European Parliament adopts its position paper.

2. Cost is reduced by 40%, and Tesla Shanghai factory adopts integrated die casting technology.

Recently, some media have seen in Tesla Shanghai factory that the Model Y rear floor assembly system produced here has successfully adopted integrated die casting technology to realize rapid casting. According to the manager of the structural and thermal management system of Tesla Shanghai Co., Ltd., on the Model Y integrated die-casting rear floor model, the original parts were installed and integrated into one part, and the production efficiency was greatly improved. Compared with the traditional method, the body system saved more than 10% weight. In addition, the cost also has a very obvious advantage. Thanks to the optimized structural design and the results of material recycling, the manufacturing cost of the rear floor assembly system of the car is reduced by 40% after adopting the integrated die casting method.

This new technology is the core of Tesla’s "unpacking process" assembly system. When Tesla announced the assembly system in March, it said that it would be used to support the production of low-priced models, which is expected to reduce the production cost of electric vehicles by 50% and the factory space by 40%. Some people think that with this new technology, Tesla can shorten the research and development time of new cars to 18-24 months, while it usually takes 3-4 years for automakers to develop new cars.

3. BYD Song Pro DM-i Champion Edition new model goes on the market.

As one of BYD’s sales responsibilities, Song Pro DM-i has made further sales since it launched the champion model in May. In order to meet the needs of more consumers, BYD has added a new configuration for the Song Pro DM-i Champion Edition-71 km pilot model, which costs 129,800 yuan, lowering the purchase threshold of the Song Pro DM-i Champion Edition.

Compared with the previous leading model, the price has been lowered by 6,000 yuan, and the configuration has also been simplified. For example, the 220-volt VTOL power output plug-in has been cancelled (but the VTOL function has not been cancelled), the electric folding of the exterior rearview mirror and the panoramic sunroof, and the window has also been changed from four-door one-button lifting to driver’s seat only. Power continues to be equipped with a plug-in hybrid system consisting of 1.5L engine and motor, and the pure electric cruising range under NEDC working condition is 71km.

4. Optional 15,000 yuan, Tengshi N7 pushes high-speed smart driving package.

BYD, which is backward in intelligence, began to make efforts to catch up, and its high-end brand Tengshi took on this important task. A few days ago, Tengshi announced that all N7 models can be equipped with a new generation of NVIDIA DRIVE Orin platform, which is the first time that the platform has been installed in a new car. On this basis, Tengshi N7 newly launched a high-speed smart driving bag with an optional price of 15,000 yuan. At present, the price of high-speed smart driving bag for new customers is 12,000 yuan, and the price of old customers is 10,000 yuan. The materials and labor costs are borne by Tengshi.

The intelligent driving bag is equipped with a new generation of NVIDIA Orin chips and 31 sensors, including 5 millimeter-wave radars and 12 ultrasonic radars, which can realize many intelligent driving functions, including automatic parking, high-speed NOA, lane change by shifting lever and lane departure warning. Tengshi said that vehicles with high-speed smart driving packages will be delivered in December, and the high-speed NOA function will be pushed in the first quarter of next year. Users who have selected the advanced smart driving exclusive package will start the high-speed NOA internal test in October, push the high-speed NOA in December, and push the city NOA function in the first quarter of next year.

5. Chang ‘an Qiyuan A07 has been listed since it sold for 155,900 yuan.

Changan Qiyuan A07 was officially launched, with three extended range versions and two pure electric versions, totaling five models, with the price range of 155,900-176,900 yuan. This is the first model of Chang ‘an Qiyuan series, which is positioned as a medium and large car with a length of 4905mm and a wheelbase of 2900 mm.. The appearance is round, with penetrating light strips at the front and rear, and serrated daytime running lights on both sides of the front face. The side lines of the car body are rich, and the design of short front suspension and long rear suspension and the sliding back roof greatly enhance the sense of movement.

There is no instrument panel in the car, and the AR-HU heads-up display and 15.4-inch floating central control panel provide information interaction. The car system is supported by Qualcomm Snapdragon 8155 chip, and adopts a brand-new UI design, which supports multi-meaning and continuous dialogue and voice interaction. The extended range version uses 1.5L Atkinson cycle engine as the range extender, and the pure electric cruising range under CLTC condition is 200 kilometers. The pure electric version has a cruising range of 515 kilometers under CLTC working conditions.

6. Huawei will release the first car intelligent S7.

At Huawei’s autumn new product launch conference, Huawei announced that it would release its first car, Zhijie S7, in November. The new car is the first model selected by Chery Huawei. It is positioned as a pure electric medium-sized coupe. The front face is designed with a closed grille and a concave shape. A light strip runs through the light groups on both sides, and the roof is also equipped with a laser radar. There are also fewer lines on the side of the car body, and frameless doors and hidden door handles are used.

The overall layout of the interior is also relatively simple, equipped with a floating instrument and a large-size floating central control panel. There are no physical buttons in the center console, and there are double wireless charging card slots and double-layer central handrails below, which improves the space utilization. HarmonyOS’s 4-car system and Huawei’s ADS 2.0 advanced intelligent driving assistance system may also be Yu Chengdong’s emboldened slogan "Beyond Tesla Model S". According to the application information, this car will be available in two versions: single-motor two-wheel drive and dual-motor four-wheel drive, equipped with ternary lithium batteries from Contemporary Amperex Technology Co., Limited.

7. Weilai: High-speed power exchange during the Mid-Autumn Festival holiday is free of charge.

Weilai Automobile announced that from September 28th to October 7th, Weilai users (except operating vehicles) can enjoy free service charge for high-speed power exchange in 546 high-speed power exchange stations. What needs to be added is that Weilai’s electricity exchange fee consists of basic electricity fee and service fee. The basic electricity fee is collected by power companies everywhere, and Weilai only collects service fee.

The data shows that Weilai provided 282,800 high-speed free power exchange services during the Spring Festival holiday and 17 days before and after this year. Seven days before and after the May Day holiday this year, Weilai Expressway exchanged electricity for free for a total of 138,600 times. At present, Weilai has laid out 1,877 power stations in China, including 546 expressway power stations, 3,156 charging stations, 18,600 charging piles and over 890,000 third-party charging piles.

8. Jetway travelers sell for 139,900 yuan.

Jietu Traveler announced the official guide price. The price range of six models is 13.99-18.49 million yuan, equipped with Kunpeng Power and XWD fully automatic intelligent four-wheel drive system, with mild off-road capability. The appearance is square and tough, similar to tank 300 and Ford Fierce Bronco. The tail is a classic "small schoolbag" assembly, and the vertical taillights show off-road temperament under the package of black frame. In terms of size, the length of the car is 4785mm and the wheelbase is 2800 mm.

The car is equipped with LCD instrument and suspended central control panel, and the air outlet of air conditioner is vertical. In addition, it is equipped with L2.5 intelligent driving assistance system, including AEB automatic braking system, ACC adaptive cruise, APA automatic parking and more than 10 kinds of driving assistance functions. Power is provided by 1.5T and 2.0T engines, which are matched with 7-speed wet dual-clutch gearbox and 8AT gearbox respectively.

　　The Yangtze finless porpoise is a national first-class protected animal, known as the "giant panda in water", and its rising mouth and gentle personality have also earned it the reputation of "smiling angel". On June 21, in Qianjiang, Hubei, some citizens found finless porpoises in Qianjiang section of Hanjiang River.

　　It is understood that this is the first discovery of finless porpoises in Qianjiang in the past 30 years. The investigation by the local agricultural department found that there was a barrage near the place where the finless porpoise appeared, which made the river water form a backflow zone. The Qianjiang section of the Han River is in a period of total ban on fishing. The backflow zone is a harbor where fish and shrimp live. The finless porpoise may swim to the vicinity of the backflow zone because of chasing small fish. It is understood that since December 31, 2020, the whole tributary of the Yangtze River was completely banned from fishing, the Qianjiang Municipal Bureau of Agriculture and Rural Affairs has rectified the illegal fishing of the entire Hanjiang section. In the future, the ecological environment and aquatic resources of the Han River will be protected, and inspections will be intensified to create a better living environment for finless porpoises.

　　In 2017, a survey by the Ministry of Agriculture showed that there were 1012 Yangtze finless porpoises. Experts said that the return of the finless porpoise as an endangered species to the Han River also reflected the improvement of the ecological environment brought about by the ban on fishing in the Han River. At present, local staff have been arranged to strengthen the monitoring and protection of finless porpoises. (CCTV reporter Zhang Wen)

Shanghai securities news, a well-known domestic securities media, once described Xiaomi eco-chain enterprises in "Xiaomi Department": Real Bottleneck and Fantasy Valuation ":

1) Eco-chain enterprises are more like the OEM departments of Xiaomi’s product lines than independent operations;

2) Although the relevant founder is the largest shareholder, the actual control right behind the complicated shareholding structure still belongs to Lei Jun;

3) The high related party transactions make Xiaomi Eco-chain Company and Xiaomi more like a "family".

Since it is a "family", it is common to leverage each other for common development; But once the dependence is formed, it greatly increases the difficulty of capitalization.

As the largest ecological chain group in China, Lei Jun and many enterprises in its Xiaomi ecological chain once dreamed of going to the distant capital market. Now, they have to face the cold reality because the regulators are not stupid.

More than 20 days ago, the proposal of all-magic acoustic backdoor under Xiaomi Ecological Chain was rejected by CSRC, and the right and wrong of Xiaomi Ecological Chain and the ultimate trend of Xiaomi Empire were once again put before the public.

There are two main audit opinions of the M&A Committee of CSRC:

1) The company’s disclosure that the actual controller of Wanmo Acoustics has not changed in recent three years is not sufficient;

2) The sales and profit sources of Wanmo Acoustics are highly dependent on related parties.

If you don’t quite understand the meaning of these two sentences, then compare them with the three descriptions of shanghai securities news above.

In fact, this seemingly dull veto has dealt a fatal blow to Lei Jun and Xiaomi’s eco-chain, and also intuitively demonstrated many business dilemmas of eco-chain enterprises pointed out by the Shanghai Stock Exchange in its report:

Single product structure, serious related party transactions, lack of independent pricing power, excessive dependence of brands and channels on Xiaomi, and doubts about the stability of ownership structure …

The Shanghai Stock Exchange pointed out that "from the business, it is increasingly difficult for eco-chain enterprises and Xiaomi to be independent of each other; From the perspective of capital market rules, eco-chain enterprises may not be listed separately. " If Xiaomi is listed on the A-share market, it will face the problem of related party transactions, and the listing of eco-chain enterprises will face the question of independence.

Serious financial contact interviewed relevant people of Xiaomi Group, and no reply was received as of press time.

01

The backdoor is denied, whose magic acoustics?

The first reason why the CSRC vetoed the backdoor of Wanmo Acoustics is:The company’s disclosure that the actual controller of Wanmo Acoustics has not changed in the past three years is not sufficient.

Translate this sentence as follows:Tell me honestly, who is the boss of Wanmo Acoustics?

In fact, the matter itself is not complicated.

According to the equity change report disclosed by electroacoustic, Wanmo Acoustics was established in October 2013. In December 2016, Xiaomi began to invest in Wanmo Acoustics, mainly producing Xiaomi piston headphones for Xiaomi OEM.

Up to now, Gary Hsieh holds 20.9408% equity of Wanmo Acoustics by adding Hong Kong, HKmore, Wanmo Guanxing, Wanmo Yingren, Wanmo Renju, Wanmo Shuntian and Wanmo Hengqing, and is the actual controller of Wanmo Acoustics on paper.

According to the inquiry announcement, in the historical shareholding change of Wanmo Acoustics, People Better Limited once became the largest shareholder of the company, with a shareholding ratio of 33.32% and a majority of the board seats. The CSRC asked it to supplement whether the actual controller of the company has changed.

In this regard, Wanmo Acoustics replied that the change in shareholding ratio is only the adjustment of the red-chip structure, and the financial investors do not participate in the actual operation, and the actual controller has always been Gary Hsieh. However, supervision is still in doubt.

Why do regulators cling to this issue?

According to the understanding and application of Article 12 of the Measures for the Administration of Initial Public Offering and Listing of Stocks —— Opinions on the Application of Securities and Futures Law No.1 (Zheng Jian Zi [2007] No.15, hereinafter referred to as Opinions on the Application of Securities and Futures Law No.1), the CSRC defines the company’s control right as:

(Source: Official Document of CSRC)

Generally speaking, the identification of the actual controller is based on the principle of "substance is more important than form" and combined with the specific analysis of individual cases.

There are two unavoidable problems:

1) Is the big boss of the company Xiaomi or Gary Hsieh? This is related to the change of ownership structure.

2) Who has the final say in the actual operation of Wanmo? Is it the millet that hatched it, or Gary Hsieh?

According to the description of the absorbed party in the electro-acoustic absorption scheme, People Better Limited was once the largest shareholder of Wanmo Acoustics and held a majority of seats. According to public information,People Better Limited is a subsidiary of Xiaomi Technology Co., Ltd., and the actual controller of Xiaomi Technology is Lei Jun.

(Source: A total of electroacoustic history announcements)

Shunwei, another shareholder of Wanmo Acoustics, Xu Dalai is the actual controller and the former non-executive director of Xiaomi Technology, but as we all know, Lei Jun is the big boss of Shunwei Capital.

(Source: Historical Announcement)

Back to July 31st, 2017, Xiaomi’s People Better Limited and Shunwei TMT(HongKong) Limited invested 16,611,600 yuan and 10,509,300 yuan respectively, holding 33.22% and 21.02% of the shares, with a total holding of 54.24%, and the proper largest shareholder plus the actual controller.

(Source: A total of electroacoustic history announcements)

After several rounds of capital increase and equity transfer,Up to now, the shareholding ratios of People Better Limited and Shunwei TMT(HongKong) Limited are 11.15% and 7.19% respectively, making a total of 18.34%, second only to Gary Hsieh’s 20.9408%.

What is the inner feeling behind the arrangement and change of this ownership structure? Is there a proxy? As a result, Gary Hsieh is only the nominal actual controller? After the evaluation benchmark date announced in the draft merger plan, People Better Limited and Shunwei TMT(HongKong) Limited continued to reduce their shareholding ratio. What is the purpose?

The answers to these questions are the core of the regulatory authorities’ continuous questioning of the actual controller of Wanmo Acoustics.

02

Business dependence and related party transactions rely on Xiaomi to make money?

Regarding the second question that the CSRC is concerned about:The sales and profit sources of Wanmo Acoustics are highly dependent on related parties.This problem is also unavoidable for any party.

Backed by Xiaomi’s powerful channels and traffic, the compound growth rate of Wanmo Acoustics revenue in the past three years is as high as 47%.

However, this performance growth has also caused Wanmo Acoustics to rely on Xiaomi’s performance.

During the reporting period, the sales proportion of the top five customers of Wanmo Acoustics in 2016 -2018 was 86.01%, 83.17% and 83.54% respectively. Among them, Xiaomi Group is a related party and the company’s largest customer, with sales accounting for 59.45%, 64.24% and 60.12% respectively.

You can understand that if there is no Xiaomi, the performance of Wanmo Acoustics will collapse by at least half.

Moreover, such high correlation and dependence also lead to the lack of autonomy in sales channels and product pricing of Wanmo Acoustics:

• Wanmo Acoustics sells Xiaomi ODM products to Xiaomi Communication according to the cost price, but the cost audit is checked by Xiaomi Communication;

• Wanmo Acoustics does not have the independent right to set the retail price of Xiaomi ODM products. The products are sold by Xiaomi according to the fair market price, and the profit is divided into 50%.

It is this dependence and lack of relative autonomy in the main business that determines profits that makes Wanmo’s profitability lower than that of similar companies.

According to the report of Securities Market Weekly, the historical data of Wanmo Acoustics shows that,The gross profit margin of ODM headphones is 23.89% to 27.56%, while that of OBM (private brand) headphones is 33.59% to 38.14%.

In the case that ODM accounts for more than half of the revenue (57.65% in the first half of 2019), most of the surplus value of Wanmo acoustic products is "deprived" by downstream customers, namely Xiaomi.

Business dependence, related party transactions, combined with the CSRC’s questioning of the actual controller of Wanmo Acoustics, it is not difficult for us to understand the real intention of the regulatory authorities to be so cautious.

Behind this is actually a cliche:Why do regulators attach so much importance to related party transactions?

Due to the sales and purchases with related parties, there may be accommodation or even fraud in terms of price, payment method and account period. A large proportion of related party transactions will distort the company’s financial data, which is not conducive to investors’ accurate judgment. At the same time, there are risks such as interest transfer, which is likely to damage the interests of listed companies and thus the interests of investors.

In order to protect the interests of investors, especially small and medium-sized investors, the regulatory authorities are particularly strict in the disclosure management of related party transactions.

However, as an independent enterprise, Wanmo Acoustics is not convincing enough in its sustainable management ability and independence.

03

Capitalization is difficult. Is the label "Xiaomi" an assist or an obstacle?

The problem of magic acoustics is also common in Xiaomi ecological chain enterprises:

1) The adjustment of ownership structure has experienced the changes in equity process from Xiaomi Holdings to Xiaomi’s shareholding;

2) In terms of business structure, Xiaomi is both a related party and the largest customer.

According to the report of Shanghai Stock Exchange, Huami Technology also has the same subtle equity arrangement as Wanmo Acoustics. According to its prospectus, the company’s largest single shareholder is Huami CEO Huang Wang, holding 39.4% of the shares; Shunwei Capital holds 20.4%, and Xiaomi’s fund People Better limited holds 19.3%. Shunwei Capital and Xiaomi are controlled by Lei Jun.. Therefore, although Huang Wang is the largest natural person shareholder, Lei Jun’s consolidated shareholding ratio is 39.7%, which has surpassed Huang Wang.

In addition, judging from the disclosed prospectus, the performance of Huami also reflects that Xiaomi is highly dependent on the eco-chain company: in the first three quarters of 2015, 2016 and 2017, the revenue contributed by mi band to Huami Technology was 870 million yuan, 1.434 billion yuan and 1.068 billion yuan respectively, accounting for 97.1%, 92.1% and 82.4% of Huami Technology’s revenue in the same period.

Coincidentally, Roborock, another typical enterprise of Xiaomi Eco-chain, also experienced repeated inquiries and verification by the regulatory authorities before listing in science and technology innovation board.

According to the prospectus, Roborock’s gross profit margin in recent three years was 19.21%, 21.64% and 28.79% respectively, while Cobos’s gross profit margin remained at around 36%. In terms of splitting, the gross profit margin of its own brand products is 42.06% higher than that of Cobos, but the gross profit margin of "Mijia Robot" produced for Xiaomi is 14.99%, which lowers the average gross profit of the company.

In addition, there are ten business risks related to Xiaomi’s cooperation mode in the prospectus, involving a large number of related transactions, ODM business dependence, foundry selection and so on.

It can be seen that the two fatal problems of the rejection of Wanmo Acoustics also exist in Roborock and Huami Science and Technology.

Looking back on the development of Xiaomi’s ecological chain, Xiaomi and the ecological chain company have achieved mutual success.

Starting from Xiaomi itself, the products of these eco-chain enterprises support the high efficiency of Xiaomi’s offline channels and greatly share the operating costs of offline stores; As for the "world’s largest intelligent hardware IOT platform" planned by Lei Jun for Xiaomi, the mobile phone is only one of the terminals, and the "data" and "control" of products of a number of eco-chain enterprises are also the core of the platform.

To this end, Xiaomi’s approach is:Investing in eco-chain companies, splitting the product departments that should exist into eco-chain companies, and finally making Xiaomi’s shareholding equal to that of the founders of eco-chain companies through ingenious equity design, thus achieving the status quo of controlling these eco-chain companies and seemingly "independent".

According to this capital path, "eco-chain enterprises" will be listed independently, and Xiaomi will convert the business income of its multi-product lines into investment income. At the same time, there will be a number of listed companies in the whole system of Xiaomi, which will open up new space for the capital operation of Xiaomi.

This is the capital imagination of Xiaomi and its ecological chain.

But in the process of capitalization, the disadvantages of ecological chain are gradually emerging:

• Eco-chain enterprises are more like the OEM departments of Xiaomi’s product lines. They have no independent pricing power and product autonomy. Their own brand channels and capital are weaker than the OEM model, and their independent operation is doubtful.
• In terms of shareholding structure, although the relevant founder is the largest shareholder. However, tracing back to the actual control right behind the complex ownership structure, there are Lei Jun or Xiaomi, and problems such as A-shares and related party transactions cannot be avoided.

From this perspective, the independent development of eco-chain enterprises may be a good wish from the beginning.

THE END

This article is written bySerious finance and economicsOriginal production, please do not reprint without permission.

Wen | Fu Jie♀

1905 movie network feature The high-scoring suspense action movie starring the director, screenwriter,,,,, was released nationwide on March 1.

The film was widely praised during its premiere. Douban’s score rose all the way to 8.4 points, making it the highest-scoring film released in the mainland in 2024. Some media even said that "The Three Evils in the Week" is expected to become the first box office black horse after the Spring Festival in 2024. So what’s the point of this movie?

With allusions, profound connotations

The title of the movie "Removal of the Three Harmies in Zhou Chu" is cleverly adapted from the allusions of the same name found in "Shishuo Xinyu" and "Jin Shu · Zhouchu Biography". According to the literature, the young man Zhou Chu was burly and powerful, but he ran rampant in the countryside and was hated by his neighbors. After Zhou Chu killed the tiger and the dragon alone, he himself turned his prodigal son back and corrected his evil, so far all three evils have been eliminated.

The gangster Chen Guilin (Ruan Jingtian, played) in the movie is determined to imitate Zhou Shu, one person to eliminate the three gangsters, and remove the top two on the wanted list one by one, until the curtain call of his life of self-redemption is completed. It can be described as the contemporary "Zhou Chu eliminates the three evils".

The historical allusion is a legend of killing people, while the film focuses on the stranger life of a killer, who attempts to use killing to find the value of life. Chen Guilin’s motivation is to "leave his name behind", but during the journey he gradually found his true self and realized spiritual freedom.

The film explores the reaction of "greed, hatred and delusion" from the perspective of absurd self-salvation, which not only brings a sense of genre film, but also has a strong social warning significance.

Heavy metaphor, detailed and in-depth

Among the hot words mentioned in the public opinion comments on the whole network of "Zhouzhou Removal of the Three Harmful", there was also a hot movie last year. Compared with the straightforward "malicious" of "All-in-One", "Zhouzhou Removal of the Three Harmful" has more metaphors in the film.

The English title of the film is "The Pig, The Snake and The Pigeon", which literally translates to pigs, snakes and pigeons. These three animals are also symbols of the three poisons of ignorance, hatred and greed mentioned in Buddhist texts. In the film, pigs, snakes and pigeons are also used to represent the three most wanted criminals.

The so-called "pig" refers to the movie’s protagonist, Chen Guilin, who always wears a watch in the image of a pig, representing ignorance and a dark and unintelligent heart. At the beginning of the movie, he is arrogant after the murder, and it is not until he is told that he is terminally ill and has less than half a year to live that he begins to reflect on "what kind of life to choose." Chen Guilin’s evil is his obsession, his obsession with finding and proving the meaning of his existence.

The image represented by the snake is the character of the second evil "Aberdeen" Xu Weiqiang in the movie. He has a tattoo about the snake on his body, which symbolizes hatred, intolerance and fierce violence. In the first appearance of the film, through the contrast of a smile and a rage, a short scene created a very full image of Xu Weiqiang.

The pigeon represented Lin Luhe, the third evil in the movie, and there was a pigeon tattoo on his back, which referred to unbridled greed. In the movie, he didn’t just do evil alone, but organized a criminal gang, established an organization "New Mind House" to play tricks, cheat everywhere, and play with the common people.

What kind of grievances and entanglements exist between these three wanted criminals, how will Chen Guilin’s pursuit story unfold, and how will the strong confrontation end?

Mixed styles, unique types

In terms of film style, "Removing the Three Evils in a Week" combines three styles: film noir, Hong Kong-style gangster film, and desktop grotesque film. The director’s mastery blends together a variety of styles and types, forming a distinct feature of this film.

Themes, "Zhou Zhuan get rid of the three evils" from the Hong Kong crime theme developed, from the root of it with a certain Chinese traditional martial arts color, Chen Guilin in the film is like a walking rivers and lakes knight, get rid of violence and good, for the people;

But at the same time, the movie also pays tribute to the classic Westerns. People like Chen Guilin are also criminals who have committed heinous crimes and will eventually face the fate of punishment. Just like the cowboys in Westerns, although they use violence to suppress violence and eliminate criminals by violent means, civilized towns cannot tolerate violence, so they are doomed to be exiled to the more barbaric and distant west.

Under the aesthetics of violence, "Removing the Three Evils in a Week" tells a story about the values of the outlook on life. Killing is not for profit or revenge, but out of the obsession of outlaws with their own value, with a strong fatalism.

"Removing the Three Evils in a Week" takes a character in the mud as the protagonist of the film, respects his motives, and gives him the opportunity to be "reborn". I believe that after watching this movie, the audience will not feel gloomy, but can get full and high-spirited strength.

Nicholas Tse walked the red carpet alone

　　The popularity of "Kung Fu Panda" has once again plunged Chinese audiences into the contradiction of disappointment and expectation of domestic animation. Under such circumstances, the appearance of "The Story of the Wind and Cloud" on the 19th is undoubtedly timely. Yesterday, the film’s investors held a grand and ingenious premiere celebration in Shanghai Circus City, launching the national publicity offensive of "The Story of the Wind and Cloud" with a high profile. The film’s voice actors Nicholas Tse, Ren Xianqi, Tong Zirong, Han Xue, Jiang Xiaohan and others came to the scene to promote their "voice" animated film. Stars such as Patty Hou and Hero joined the film as guests.

　　■ Movies

　　Story: Difficult to understand if you are not a "fan of the situation"

　　The film is based on the classic comic "Wind and Cloud" by the famous Hong Kong cartoonist Mr. Ma Rongcheng. The story takes place between the first and second parts of "Wind and Cloud", and the new villain is added to tell the story of Wind, Cloud and Nameless to stop the ambition of arrogance and trigger the dramatic changes in the martial arts.

　　The film is two hours long, from beginning to end, with a compact plot and first-class sound effects. But I don’t know if the screenwriters are too confident in the "mass base" of "Wind and Cloud" comics and film and television dramas. The plot of "Wind and Cloud" is jumping and the plot is not coherent. After the movie meeting yesterday afternoon, many reporters on the scene said they did not understand it. "I haven’t seen the Wind and Cloud series, and it took 30 minutes to figure out who the main characters in the film are with whom."

　　The "Wind and Cloud" comic was imaginative, but in the animated film, it was not clearly displayed. For example, many reporters felt that they could not understand the process of Nie Feng’s infection with unicorn poison. As for the new villain, Pride, the audience was not disgusted. "There should be a decent villain in the cartoon itself. In the first movie, Xiongba died, and of course another one should come out. It can be seen that the adapters have also worked hard, but the character of Pride is too clear, which has diluted the personality of Feng and Yun a lot."

　　　 On January 19, the movie will be released nationwide. Directed by Chen Musheng, the film has attracted Jackie Chan, Andy Lau, Fan Bingbing, Nicholas Tse and other superstars to join. Fan Bingbing, the star of the play, has recently exposed a set of stills, teary-eyed, full of sadness and confusion. She plays Yan Xi, who has gone through the pain of happy love and suffering, and has cooperated with Andy Lau three times to become a husband and wife, becoming a major attraction of the show, and the emotional ending of the two is to be revealed after the film is released.

　　　 In "New Shaolin Temple", Fan Bingbing can be described as suffering and hard work. In the cold winter, he was thrown into a water tank by Nicholas Tse, who was "ruthless and vicious" in the play. He experienced several hours of immersion in cold water, and his relationship with Andy Lau also withstood tests and struggles. There are many breakthroughs in the role. Speaking of his role as Yan Xi, Fan Bingbing said: "If this play is compared to a person, then my role should be equivalent to the heart. She took on the softest and most touching part. The director also gave us a lot of space during the filming, allowing us to have our own room to play, and we can more fully devote ourselves to the role. Thank you very much to the director." Director Chen Musheng also recognized Fan Bingbing’s performance, saying that her role is the only one in the whole drama that has not been cut. This character is very important, and every appearance is equivalent to giving Andy Lau a shot. "For the three collaborations with Andy Lau, Fan Bingbing expressed his happiness," Brother Hua has always been imitated and never surpassed. He is very charismatic, whether as a senior or a big brother, his professionalism is worth learning. I feel like he has a rechargeable battery installed on the set, with endless energy and vitality. In the crew, he is more like a big brother, taking care of everyone and being very friendly. " For always working with Fan Bingbing, Andy said with a smile that it was a good opportunity given by God. He said that every time he played his woman, it would be more difficult, and he worked with Fan Bingbing three times to achieve a sense of family.

Next page More wonderful pictures

Artificial intelligence (AI) has been developed for more than 60 years since its birth. In recent years, AI has become a hot spot in academia and industry around the world. Start-up companies are surging, huge investments are emerging, tech giants are constantly up the ante, and scientific research, capital and talent are moving closer to AI. So, some people will inevitably ask, have we ushered in the best era of artificial intelligence?

The Challenge of Good Times

Looking back today, 2017 may be an important node in the development of artificial intelligence in China. In 2017, "artificial intelligence" was written into the government work report of the National People’s Congress for the first time. Premier Li Keqiang said that it is necessary to fully implement the development plan for strategic emerging industries and accelerate the research and development and transformation of new materials, artificial intelligence, integrated circuits, biopharmaceuticals, and fifth-generation mobile communications. Artificial intelligence has also been hotly discussed by deputies to the National People’s Congress and members of the National Committee of the Chinese People’s Political Consultative Conference.

At the same time, at the 2017 Wuzhen Go Summit, AlphaGo defeated the world’s No. 1 Go champion Ke Jie with a total score of 3:0, which attracted the attention of the whole people. "Whether artificial intelligence has completely surpassed human beings", "Will artificial intelligence replace human beings" and other issues have also become hot topics.

It was also from that year that artificial intelligence was surging. Overnight, it seemed that all companies had become artificial intelligence companies. Capital and talent quickly poured into the field of artificial intelligence. "Artificial intelligence" became one of the hottest and most sought-after words in the technology, academic and corporate circles. Major Internet companies have vigorously promoted artificial intelligence research and development. Tencent founder Pony Ma has also publicly stated that if he can only invest in one field, starting from his own industry, he is most concerned about the AI industry related to information technology. Internationally, tech giants such as Google and IBM have been researching artificial intelligence for more than a decade, and some research results have entered commercial applications in recent years.

From these perspectives, artificial intelligence can be said to have ushered in a very good era, but there are also problems behind the excitement. For example, this boom is more driven by the industry and investment community, while the academic and basic research fields have not revolutionized, and the talent gap has not been really solved.

At the same time, AI still faces many challenges in practical application and implementation, especially data issues. The various types of data required for AI research are scattered in different enterprises, and the ideal "big data" that people often say does not exist, but the actual situation is that there are a large number of "small data" and "data islands"; in addition, data security, privacy, compliance and other issues have always existed. In 2018, the European Union officially implemented the strictest data protection regulation in history – the General Data Protection Regulation (GDPR), and on January 21, 2019, Google became the first US technology company to be heavily punished under this law, fined 50 million euros… These problems make the implementation and development of AI look less good.

Deeply empowering industry

In 2019, Premier Li Keqiang talked about artificial intelligence for the third time in the government work report. It is worth noting that this year, the Premier specifically proposed in the report to build an industrial Internet platform, expand "intelligent +", and empower the transformation and upgrading of the manufacturing industry.

At present, the innovative achievements of artificial intelligence have been applied in various fields, promoting technological progress, efficiency improvement and business model change in all walks of life. Among them, the financial industry is one of the most promising AI application fields, and AI + finance is the top priority of "intelligence +".

On the one hand, the information construction of the financial industry started earlier, and the industry attaches great importance to the standardization and standardization of data collection, so it has a large amount of accumulated data, which provides a solid foundation for the application of artificial intelligence; on the other hand, taking banks, insurance, securities companies as an example, the main business of the financial industry is based on large-scale data development, a large number of cumbersome data processing work, the urgent need for automation and intelligent change to liberate manpower; in addition, financial inclusion and scene-based innovation, also need new technical means to provide support, and the combination of artificial intelligence and finance undoubtedly provides more possibilities for financial innovation.

The author takes the practice of WeBank in the field of AI + finance as an example to introduce. Starting from demand, returning to business value is the core of self-researching AI. WeBank is an Internet bank serving small and micro enterprises and the general public. The most difficult part is the high service cost caused by the large number of scattered and large, lack of collateral, and imperfect guarantee system.

Therefore, the AI team of WeBank applies "AI + service" to actual business links. For example, three application systems are created based on the three major engines of "natural language processing engine", "voice engine" and "vision engine" – "intelligent nuclear system", "intelligent customer service system" and "intelligent quality inspection system", covering the whole process of business consultation, identity verification, data review, operation and lending. At present, through this set of AI robot combination boxing, we allow customers to complete all the online from consultation to application to borrowing, without offline account opening or paper materials, to maximize the solution to the problem of difficult and slow loan processes for small and micro enterprises, and to help enterprises innovate and develop.

The launch of the new national asset management regulations and the inclusion of the Chinese market in the MSCI index have had a profound impact on China’s asset management industry. WeBank is also making efforts in the field of "AI + asset management". It is currently developing alternative data based on satellite remote sensing image data, drone image data, mobile location data and public opinion text information. It can create an AI-driven asset management platform through artificial intelligence technology, which can not only monitor the macro economy in real time, but also predict the trends of listed and bond-issuing companies and different industries. Build an AI + Alternative Data-driven ESG (environmental, social and corporate governance) index, so as to provide investment decisions for asset management companies, fund companies, rating companies and other fields.

In the face of data silos and privacy concerns, where does AI go?

As mentioned above, the complexity, isolation, privacy and security of data are the key factors that plague and restrict the deepening development and application of AI, including the financial industry. How to solve these data problems, break down data silos, and establish true "big data" while better protecting data privacy and security has become a problem that must be solved in the current development of AI.

The author believes that in the face of these problems, we can have a new way of thinking – federated learning (Federated Learning), whose purpose is to protect user privacy and data security. Federated learning, as the name suggests, is to build a virtual "federal state" to unite large and small "data islands". They are like a state in this "federal state", which not only maintains a certain degree of independence (such as trade secrets, user privacy), but also can jointly model and improve the effect of AI models without sharing data.

Essentially, it is a distributed encryption machine learning technology where all parties involved can build models without disclosing the underlying data. This is also a win-win machine learning method. It breaks down the data dimension walls on the top of the mountain, revitalizes large and small "data islands", and connects into a win-win AI continent.

In the field of finance, federated learning can be used to analyze potential fraud; in the field of insurance pricing, it can accurately analyze the attributes of users in more dimensions. For enterprises, the application of federated learning can save costs more effectively, and it can also make user classification more accurate. In addition, for some very sensitive data scenarios, such as the medical field, different hospitals can also share sensitive medical data through federated learning technology.

The future AI new generation of machine learning algorithm framework should be based on privacy protection, security compliance, reasonable interpretation, and transparent reasoning mechanism to ensure the healthy development of artificial intelligence. The development and practice of federated learning provides new ideas for the industry. Of course, the construction of AI ecology and the construction of big data also requires different enterprises, scholars, and research institutions to join forces, share technology, share data, and unite forces to jointly solve data silos and user privacy issues.

AIFuture: Basic research still requires continued efforts

So, what is the current development of AI in China, and what are the future prospects? Ma Songde, former vice minister of the Ministry of Science and Technology, and many other experts and scholars have said that China’s application of AI will be the largest in the world, and the prospects are very good, but continued efforts are needed in basic research.

The author believes that in recent years, China’s AI map has been "dots" one by one, but it has not been able to form a "face". In other words, a deep AI application ecosystem that can open up the industrial chain has not been established, and there is still a lack of system level and infrastructure building.

At present, the industry’s understanding and application of AI is more limited to the single-function product level. For example, an enterprise introduces AI assistance in certain process links, such as human-machine interaction and facial recognition, but such an enterprise cannot be said to be an artificial intelligence enterprise. The entire industry should have a deeper understanding of AI, so that AI can drive the optimization of the core decision-making system of the industry, and maximize the advantages and revolutionaries of AI.

It is hoped that in the future, China’s AI colleagues will pay more attention to basic research and work together to truly drive the development and implementation of core, in-depth, and industrialized AI.

Recently, the preferential promotion channel in Foshan, car home has brought you a popular model-a limited-time special event. It is reported that this medium and large SUV model is currently in the process of price reduction promotion, and the highest discount amount has reached 10,000 yuan. The most surprising thing is that the minimum starting price is only 219,900 yuan, which makes this high-end model more intimate. If you are interested in Zhiji LS6, you may wish to click "Check the car price" in the quotation form to get a higher discount.

Zhiji LS6 is a stylish and dynamic SUV. Its front face design uses a large area of chrome decoration and streamlined lines, creating a strong visual impact. The air intake grille adopts a unique star-shaped design, which complements the overall style of the car body and shows the brand’s personality and fashion sense. The body lines are smooth and dynamic, and the roof adopts suspended design, coupled with the unique C-pillar design, which further highlights the aesthetic feeling of the whole vehicle. The side of the car body is also equipped with large-sized wheels and wide tires, which further highlights the sporty feeling of the car. In terms of interior, Zhiji LS6 adopts a luxurious and comfortable design style, equipped with a large central control screen and a full LCD instrument panel, so that drivers can better control the situation of the whole vehicle. The whole vehicle adopts intelligent driver assistance system and safety configuration as standard, providing drivers with a safer and more comfortable driving experience.

Zhiji LS6 is a medium-sized SUV with a body size of 4904*1988*1669mm and a wheelbase of 2950mm. The body lines are smooth, showing a dynamic and steady style. The front tread is 1698mm, the rear tread is 1707mm, the front tyre size is 235/50 R20, and the rear tyre size is 255/45 R20. The matching of tires and rims makes the whole body more atmospheric. The lines on the side of the car are simple and smooth, showing the sense of fashion and sports of Zhiji LS6.

The interior design of Zhiji LS6 is very exquisite, using high-quality materials and advanced technology to bring comfortable driving experience to drivers and passengers. The steering wheel is made of genuine leather, which makes it feel comfortable. At the same time, it supports manual adjustment up and down and back and forth, which is convenient for the driver to adjust to the most comfortable position. The size of the central control screen has reached 26.3 inches, and the display effect is very clear. It supports the voice recognition control system, including multimedia, navigation, telephone and air conditioning, which is convenient for drivers to operate. The front seats are equipped with heating and ventilation functions, the driver’s seat also supports the memory function of electric seats, the auxiliary seats support the functions of front and rear adjustment, backrest adjustment and height adjustment (2-way), and the second row seats support backrest adjustment. The rear seats can be tilted in proportion, which increases the flexibility of space. In addition, the front and rear rows are equipped with Type-C and USB interfaces, which are convenient for passengers to charge.

Zhiji LS6 is an electric SUV with excellent power performance. The maximum engine power reaches 231 kW and the maximum torque is as high as 450 N m.. This makes it show excellent performance during acceleration and driving. At the same time, Zhiji LS6 also has an efficient electric drive system, which can provide a smooth and quiet driving experience. In addition, Zhiji LS6 also adopts advanced battery technology and intelligent charging system to bring users a longer cruising range and a more convenient charging experience. In a word, the engine performance of Zhiji LS6 is excellent, which can meet the user’s demand for driving performance and comfort.

In the word-of-mouth evaluation of car home car owners, we can see that she spoke highly of the appearance and sense of science and technology of Zhiji LS6. The design of Zhiji LS6 is really attractive, full of modernity and avant-garde. In addition, Zhiji LS6 also has excellent performance and advanced technology, which is one of the reasons why it has attracted much attention. No matter in appearance, performance or technology, Zhiji LS6 has demonstrated its strength and charm. We look forward to more car owners driving the Zhiji LS6 in person and feeling the surprise and fun it brings.

　　Beijing, Nov. 8 (Xinhua): My gym is closed! There is no shortage of fat, can you get the money back?

　　"Swimming and fitness, get to know it", we can always hear the call of "kindness" in the streets and near the subway station.

　　However, the gym is like a "love rat". Before you get a card, you are obedient. After you get a card, you just ignore it. If you are not careful, you may "disappear" without a trace.

Data Map: Young people gather in the gym to train in full swing. Photo by Zhong Xin

　　"My gym suddenly closed."

　　"Come on, turn around, do high-temperature yoga sit-ups, spin pilates, and soak medlar in a thermos; Come on, take a deep breath, swim a few meters in fun run in the morning, and paddle a dumbbell rowing machine. Don’t give up until you reach your goal. "

　　The lyrics of Calories can be said to be a true portrayal of contemporary people’s fitness.

　　In order to realize "vest line", "A4 waist" and "peach hip" … … Many people "send" money into the gym, hoping to achieve an S-shaped figure and eight-pack abdominal muscles.

　　But now, many people find that the gym has quietly closed before losing a layer of fat. He Yuan, who went to college in Changsha, Hunan, encountered this situation.

　　He Yuan said, "Before, Changsha Star Burning Olympic Sports Gymnasium held an activity, saying that it was a full refund after the card was issued, and it was returned in ten times and ten months. I got the card in June. Now I have only returned 6,700 yuan, and 12,000 yuan has not returned, and the gym is closed. "

　　In the face of substantial discounts in the gym, He Yuan is not without doubt. "I asked many times at the time, and the coach said that the boss was hard in the background. When running private classes, too, private education has been selling for performance, and stressed that nothing will happen, and it will be heart-warming when talking. " What’s more, He Yuan felt that spending a lot of money didn’t produce any effect.

Data map: People exercise in the gym. China News Service reporter Yin Liqin photo

　　Zhang Lin, who lives in Wuhan, Hubei Province, also suffered from the closure of the gym and the fact that the money could not be refunded. "Before, I gave two two-year cards to the elderly at home at the Jijian Swimming and Fitness Club on the second floor of Poly Huadu in Yangjiawan, Wuhan. I swam three or five times a month, and the fitness equipment was basically unused. Less than a year now, the gym is closed and I want a refund. The boss said that I have no money and I have to go through the bankruptcy process. "

　　"Recently, many gyms have closed down, mainly because the market environment is not good. Now it is common for four or five gyms to appear in two kilometers in Fiona Fang, and the competitive pressure is growing." Xiao Zhu, a gym coach in Beijing, told reporters. According to the report of Forward-looking Research Institute, the fitness industry is currently experiencing a middle-aged crisis, and more than 60% of traditional gymnasiums are facing difficulties in operation and face losses or even closure.

　　Prepaid card "pie" becomes "trap"

　　There are quite a few consumers who have experienced similar cases with He Yuan and Zhang Lin. According to the "Analysis of Complaints Accepted by the National Consumers Association in the First Half of 2019" published by the China Consumers Association, there were 7,738 complaints about fitness services, and the number of complaints increased by 72.6% year-on-year. "The main reason for the large increase in complaints about fitness services is that merchants run away after prepaid cards, causing group complaints."

　　The White Paper on Fitness Industry in 2018-2019 also shows that in 2018, a total of 3,099 gymnasiums were closed, with a closing rate of 4.36%, and 528 gymnasiums were closed within one year after their establishment.

　　In 2019, Haosha, a brand with a history of 20 years, became a landmark event. Due to the failure of capital operation, almost all the 160 stores and 300,000 members of Haosha Fitness were closed or transferred, and the employees and member consumers of Haosha Fitness became the buyers.

People exercise in the gym. China News Service reporter Yin Liqin photo

　　At present, Shi Hongliu, the chairman of Haosha International, and Shi Hongyan, the legal representative of Quanzhou Haosha Fitness Club Co., Ltd. have all been listed as untrustworthy by the court, involving more than 1.2 billion yuan.

　　"In order to recover the huge investment in the early stage as soon as possible, traditional gyms tend to choose the business model of oversold annual cards (prepaid cards): after the new store landed, it set a higher retail price and launched a low-priced annual card, which formed a large number of advance receipts, and then expanded the new store with the advance receipts, thus falling into an inertia cycle.

　　"Buy one year and get half a year", "50% discount card purchase", "mega promotion" and "rebate". In recent years, in order to compete for customers, various preferential activities have emerged one after another in gyms. Once the annual card is issued, some netizens said that the coach will be screaming around you that the movements are not standard and you can’t train, so you can buy private lessons.

A coach commented in Weibo.

　　"The oversold annual card model is a bet between the gym and customers. The bet is that customers who apply for annual cards will not come to the gym often." A gym coach said that the advance payment quickly brought huge cash flow.

　　There are even criminals who temporarily rent the platform, use the guise of "new store is about to open" or "renovation and upgrading" in the gym, and use low prices or card preferential activities to fool consumers into buying pre-sale cards. Once they receive funds, they will quickly roll up the money and run away.

　　"Advance payment is not a profit. Advance payment is used to fill the upfront investment, and it also pays for future membership services, personnel salaries, equipment maintenance and other costs." An industry analyst said that due to high operating costs, blind expansion and other reasons, once the capital chain breaks, it can only be closed.

　　Can I get the prepaid money back?

　　He Yuan recalled, "One month before closing, it was in the cashback period. As a result, the gym said that the funds were not enough and they would receive it together next month. If only I had paid more attention to it at that time. " Zhang Lin, who ran a member’s gym, was in arrears with the rent of more than 330 thousand yuan and was sent a collection notice by the mall.

　　Looking at it comprehensively, consumers need to pay more attention to whether the gym rent is paid in full, whether the staff salary is paid on time, whether the funds can be turned over, etc., to judge whether there are business problems. But once the enterprise closes, how to deal with the advance payment? There are relevant provisions in the law.

　　For example, Article 107 of the Contract Law stipulates that if a party fails to perform its contractual obligations or fails to meet the contract obligations, it shall bear the liabilities for breach of contract such as continuing to perform, taking remedial measures or compensating for losses;

　　Article 53 of the Law on the Protection of Consumers’ Rights and Interests stipulates that if an operator provides goods or services in advance, but fails to provide them in accordance with the agreement, it shall fulfill the agreement or return the advance payment according to the requirements of consumers.

A "shared fitness cabin" in a residential area in Lanzhou. China News Service reporter Yang Yanmin photo

　　"These two laws are still in the category of civil and commercial law, and the mandatory restrictions on operators are not enough." Yan Bing, director of Beijing Yuntong Law Firm, told reporters that gyms are basically small and micro enterprises, and it is difficult to find people whether they are closed down or running away. Unless it is in the name of opening a gym, it is a fraud in criminal law to collect money and run away.

　　Qiu Baochang, a member of the Expert Committee of the China Consumers Association and a lawyer of Beijing Huijia Law Firm, suggested taking precautions, setting up a special account or condominium account for advance payment, setting up a deposit, and regularly announcing the use of advance payment to consumers to ensure consumers’ rights and interests. (He Yuan and Zhang Lin are pseudonyms in the text)

　　(Author: Xie Yiguan)