月度归档： 2024 年 8 月

　　Beijing Morning Post (reporter, Zou Le) When the detailed rules for the management of online car-hailing were successively implemented in various places, yesterday, the Ministry of Transport announced the "Outline of the National Public Subject Examination for Taxi Driver Qualifications" and the "Notice on Clarifying the Type of License for Online Booking Taxi Service", which clarified the specific content, method and "three certificates" of the online car-hailing driver test.

　　According to the syllabus, the national public subject examination of taxi driver qualification implements the national unified examination syllabus. The examination method implements the national unified question bank, and the computer system randomly draws questions for the examination. The examination time is 60 minutes. There are a total of 85 questions in the examination, and the question types are divided into judgment questions, single-choice questions and multiple-choice questions. Among them, there are 15 judgment questions with 1 point for each question; 55 single-choice questions with 1 point for each question; 15 multiple-choice questions with 2 points for each question. The total score of the examination is 100 points, and 80 points and above are qualified for the examination. The examination results will be announced within 10 days after the end of the examination.

　　The specific content of the examination includes mastering the relevant policies and laws and regulations of taxis; mastering the knowledge of taxi safety operation; understanding the professional ethics of taxi drivers; mastering the standards and norms of taxi service; and being familiar with other relevant knowledge of taxi operation. Among them, the content of the "New Deal" accounted for the largest proportion of the examination content, reaching 18 points. The content of the "New Deal" includes the "Guiding Opinions of the General Office of the State Council on Deepening Reform and Promoting the Healthy Development of the Taxi Industry", "Regulations on the Management of Taxi Driver Qualifications", "Interim Measures for the Management of Online Booking Taxi Business Services", "Regulations on the Management of Tour Taxi Business Services", "Measures for the Assessment of Taxi Service Quality" and other national taxi policies, laws and regulations.

　　In addition, the Ministry of Transport also issued the "Notice on Clarifying the Types of Licenses for Online Booking Taxi Services" yesterday. The "Notice" stipulates the types of certificates for the three certificates: the online booking taxi business license, the online booking taxi transportation license, and the online booking taxi driver license. Among them, fill in the corresponding online booking taxi platform company in the "online booking taxi operator record" column. For those who access multiple platform companies to provide services, they must be indicated separately and confirmed by the online booking taxi platform company.

　　■ Beijing

　　Municipal Transportation Commission Launches Examination Survey

　　The Beijing Morning Post reporter learned that the Beijing Municipal Transportation Commission has launched a taxi network about the car test research. At the end of last month, Zhou Zhengyu, director of the Municipal Transportation Commission, led a team to investigate the city’s taxi driver test and licensing work. The research team first came to the BAIC training school to check the taxi driver test acceptance site, theoretical test room and practical test room in detail. Then they took a car to the examination center of the Commission’s Transportation Administration to investigate the taxi driver certificate processing and theoretical test room and listen to the relevant person in charge. The research team also came to the administrative approval center of the Municipal Transportation Commission to learn more about the issuance of taxi business qualification certificates, vehicle operation certificates and driver passenger qualification certificates and other related matters, and organized a symposium on relevant work.

　　Previously, Beijing released the detailed rules for the implementation of online car-hailing exposure draft, which intends to stipulate that in the future, vehicles and drivers engaged in online car-hailing operations in Beijing must have "Beijing household registration", and private cars can apply to become online car-hailing cars and pass exams. However, the current new policy of online car-hailing in Beijing has not been announced, and the implementation time of the exam has not been notified.

　　On December 15, the "2019 China Brand Power Ceremony" event hosted by the Central Radio and Television Station was held in Beijing. More than 100 famous brand enterprises gathered on the scene to participate in the grand event. In order to thoroughly implement the spirit of the important instructions of the General Secretary of the Supreme Leader on promoting the transformation of Chinese manufacturing to China creation, the transformation of Chinese speed to Chinese quality, and the transformation of Chinese products to Chinese brands, and to implement the spirit of the Central Economic Work Conference, the Central Radio and Television Station held this Brand Power Ceremony.

2019 China Brand Power Ceremony

　　The event site released the 2019 China Brand Power Ceremony Model 100 Brands, Top Ten Annual Model Brands, Top Ten Annual Emerging Brands and Annual Glory Brands, showcasing the height, thickness and breadth of Chinese brands and reflecting the current situation and trends of China’s economy and Chinese brands.

2019 China Brand Power Ceremony

　　On the same day, Tencent won the Top Ten Annual Model Brands Award of the 2019 China Brand Power Ceremony. Yao Xing, Vice President of Tencent, accepted the award on behalf of Tencent and delivered a speech: "Thank you for the Brand Power Ceremony for awarding such a weighty trophy to Tencent. Over the past 21 years, Tencent has had a lot of landmark numbers. If I could only say one number today, I would say that the number of Tencent’s global patent applications has exceeded 34,000, ranking second among global Internet companies. In terms of artificial intelligence, the number of Tencent patent applications exceeded 3,000. We published 430 papers at top international AI academic conferences, such as ICML, CVPR, NeuIPS and ACL, ranking among the top domestic enterprises."

Yao Xing, Vice President of Tencent

　　Yao Xing also said: "Through these figures, it can show that Tencent’s continuous exploration and innovation in technology. At present, Tencent has established two major laboratory matrices: one is the artificial intelligence laboratory matrix, including Tencent AI Labs – Shenzhen and Seattle, vision-based Tencent Youtu, voice and natural language understanding WeChat AI, which are dedicated to comprehensive basic research and application; the other is the laboratory matrix based on cutting-edge technology, covering robotics, quantum computing, 5G, edge computing, Internet of Things and audio and video technology. We pay attention to and promote the development of science and technology, but what we should think about is how to make good use of science and technology while maintaining basic technology and cutting-edge technology research, improving the quality of life for users, improving production efficiency, and making everyone’s life more convenient and safer. Tencent’s latest vision and mission is’user-oriented, science and technology for good ‘. We choose science and technology for good, which means not only to unswervingly improve our scientific and technological capabilities, but also to do something and do something, promote scientific and technological innovation and cultural inheritance, help all walks of life upgrade, and promote the sustainable development of society. "

　　At the 2019 China Brand Power Ceremony, many executives of well-known companies expressed their views on how to create a brand and build a century-old store. Yang Guoan, a senior management consultant of Tencent and the provost of Qingteng University, said in an interview with CCTV reporters: "A brand is an important intangible asset of a company. It is accumulated in all aspects, including products, services, and all aspects. It is an image of consumers, but after accumulation, it also becomes a very important competitiveness, a place where the brand is priced at a premium."

　　As an Internet-based technology and culture company, in recent years, Tencent has actively played the role of "digital assistant" to promote digital upgrading in various fields. Not long ago, Tencent officially announced a new mission vision as "user-oriented, technology for good", continue to be based on user value, and integrate social responsibility into products, technologies and services.

　　For example, in the field of public welfare, Tencent initiated and launched the Tencent Charity Charity Foundation in 2007. As the first national non-public fundraising foundation registered by an Internet company with the Ministry of Civil Affairs in China, it is committed to using technology to connect trust and make every small good deed more powerful. China’s first Internet Public Welfare Day in 2015, 99 Public Welfare Day, has become a phenomenon-level national public welfare action day with the largest number of participants, the widest influence and the most diverse scenarios. So far, more than 300 million people on the Tencent Charity platform have donated 7.70 billion yuan to charity, and more than 74,000 projects have been helped.

　　On the 20th anniversary of Tencent’s founding last year, the Tencent Foundation invested 1 billion yuan in start-up funds to establish the "Science Exploration Award", which is aimed at basic science and cutting-edge technology fields, and supports young science and technology workers aged 45 and under who work full-time in the Chinese mainland every year. Each winner will receive a total of 3 million yuan for five consecutive years.

　　Thanks to its outstanding performance in corporate social responsibility, Tencent has won the titles of "Outstanding Responsible Enterprise of the Year", "Pioneer of Guangdong-Hong Kong-Macao Greater Bay Area Construction", and "Excellent Corporate Citizen of 2019" by well-known media such as Southern Weekend and New Weekly this year.

Every editor, He Xiaotao, Zhang Jinhe　　　　

On the evening of October 8, 2023, Hengda Automobile announced the resumption of trading and disclosed the latest progress of the war investment.

Evergrande Motor said in the announcement that on September 29, 2023, it received a letter from Newton Group stating that,In light of Evergrande’s announcement of the suspension of trading of its shares on September 28, 2023, together with a series of recent changes in China Evergrande, this in turn will also create significant uncertainty regarding the share purchase agreement and the proposed transaction.According to the share purchase agreement, the completion of Hengda Group’s workout and a series of other prerequisites are very important prerequisites for delivery. In this case, Newton Group suspends the relevant obligations in the share purchase agreement.

According to the Financial Union, the reporter checked the relevant announcements and found that,The problem mainly focuses on the changes in the overseas workout of Hengda Group, the parent company of Hengda Automobile, and the related impact on Hengda Automobile after Xu Jiayin, the board of directors of Hengda Group, was taken compulsory measures.

Hengda Automobile Emergency Announcement

Holding hands with Newton to regroup and change?

According to the announcement, Newton Group said that according to the transitional funding support agreement, due to the current situation that the preconditions under the share purchase agreement cannot be met, Newton (Zhejiang) Automobile to Hengda New Energy Vehicle (Tianjin) The preconditions for the payment of the second and third funds have not been met, and it is temporarily not obliged to pay the second and third funds to Hengda New Energy Vehicle (Tianjin).

In addition, Newton Group also hopes that Hengda Automobile will reply to clarify the following aspects:

First, the Hengda Group workout plan involved in the share purchase agreement needs to be readjusted, and there are plans to launch a new restructuring plan;

Second, China Evergrande, Evergrande Automobile, creditors and related parties are willing to renegotiate the adjustments required for the proposed transaction plan on the premise that the new restructuring plan is clear.

Third, Newton Group confirmed that the letter sent to Hengda Automobile does not constitute a notice to terminate the share purchase agreement.There is no requirement to terminate the share purchase agreement as of the date of issuance.

Evergrande Motor pointed out that on October 5, 2023, it sent a reply to Newton Group, expressing its willingness to renegotiate with it the necessary adjustments to the proposed transaction plan. Evergrande also said that it will make further announcements in accordance with the listing rules and the takeover code in due course.

Evergrande’s board of directors believes that there is no other insider information that needs to be disclosed at present.It has applied to the Stock Exchange to resume trading from 9:00 am on October 9, 2023.At the same time, Evergrande also cautioned that as the proposed transaction may not proceed, shareholders and potential investors should exercise caution during the transaction.

On the evening of August 14, Hengda Automobile (0708.HK) announced that it had received the first strategic investment of 500 million US dollars (about RMB 3.63 billion yuan) from the US-listed company Newton Group (NWTN), which is held by the UAE sovereign fund. Another 600 million RMB transition funds will arrive one after another 5 working days after the announcement.

All war investment funds are used in Hengda Automobile’s Tianjin factory to ensure the normal production of Hengchi 5 and the successive mass production of Hengchi 6 and 7. It is reported that NWTN Group will also assist Hengda Automobile to develop overseas markets and achieve the annual export of 30,000-50,000 Hengchi vehicles to the Middle East market.

Before the suspension,Evergrande Motor shares 0.56 Hong Kong dollars, market value 6.073 billion Hong Kong dollars.

Hengda’s latest debt 75.60 billion yuan

Delivered 760 Hengchi 5s in the first half of the year

On the evening of September 21, Hengda Automobile released the 2023 semi-annual report showing that as of June 30, 2023, the company’s total assets 42.852 billion yuan (RMB, the same below) and total liabilities 75.692 billion yuan.

As of June 30, 2023, Evergrande Motor’s huge liabilities were mainly from borrowings, trade and other payables, and other liabilities. Among them, borrowings, trade and other payables all increased.

As of June 30, 2023, Hengda Motor borrowed 26.997 billion yuan, up 1.011 billion yuan from 25.985 billion yuan at the end of 2022.

As of June 30, 2023, Hengda Motor was involved in the failure to pay off the maturing debt of about 9.341 billion yuan, and the overdue commercial ticket accumulated about 3.591 billion yuan.

In the first half of 2023, Hengda will focus on the production and delivery of Hengchi 5, with more than 760 vehicles delivered.

Who is the Newtown Group?

According to Life Daily, Newton Group (NWTN) is the "pacesetter" of new energy vehicles in the UAE, and it has deep connections with China. Newton Group was formerly known as the Tianjin-based company Ikonik. After "Nirvana", Newton Group received capital from the UAE Royal Fund and was established in Dubai in 2016. Today, Newton Group is controlled by the UAE Royal Group. It has unique advantages in core technologies such as modular pure electric platforms, digital on-board interconnection systems, electrical and electronic architecture, and autonomous driving. Ultra-car, full-size SPV, and compact SPV are the main products that Newton Group is developing.

As the first manufacturer to obtain a new energy vehicle production license in Abu Dhabi, the strength of Newton Group should not be underestimated. In May 2022, Newton Group announced that it signed a PIPE subscription agreement with Al Ataa Investment LLC (hereinafter referred to as LLC) in Abu Dhabi, UAE, with a total amount of 200 million US dollars. LLC is the UAE Royal Assets Company, which is not only an important part of the UAE economy, but also represents the national intention of the UAE’s special political system. This subscription shows the strong support of the UAE for new energy vehicles, and also shows the country’s determination to develop local new energy vehicles.

With the strong support of the UAE government, Newton Group successfully "landed" on Nasdaq in the United States on November 14, 2022, becoming the first stock of UAE new energy vehicles listed in the United States.

Before putting on the coat of "the first share of new energy vehicles in the United Arab Emirates", Newton Group was active in domestic and foreign markets as the "Iconic" brand.

According to Iconic’s official Weibo chat history, in September 2016, Tianjin Iconic New Energy Vehicle Co., Ltd. was established. In April of the following year, the company brought its first pure electric MPV to the Shanghai Auto Show and claimed that it had won nearly 10,000 pre-orders at home and abroad before it was listed. The first batch of new cars will be delivered in 2019.

Image source: Weibo screenshot

Similar to the "hot-selling" news of the product, there are also its big-name partners that have been officially announced, such as product design by W Motors, a Middle Eastern supercar manufacturer, prototype car building by Turin studio, and working with Microsoft to create future smart travel solutions.

However, as the time came to 2019, Iconic did not release more news on the delivery of orders. But at the same time, the company is still revealing new "highlights". According to a report by China News Service in April 2019, during the 2019 Shanghai Auto Show, Iconic founder and president Wu Nan announced that Iconic established Tianjin Tianqi New Energy Vehicle Co., Ltd.

In July of the same year, Tianjin Aikonik New Energy Vehicle Co., Ltd. was renamed Tianjin Tianqi Group Co., Ltd. At that time, many media reported that Aikonik and Tianjin Jinghai District Government, Tianjin Baili Machinery Equipment Group Co., Ltd. and Tianjin Jinghong Investment Development Group Co., Ltd. reached an agreement on the transfer of equity of Meiya Automobile, and thus obtained the car manufacturing qualification.

Inside the registered place of Tianjin Tianqi Group, picture source: Photo by Li Xing, every reporter

According to the news released by Tianjin Jinghai District Rongmedia Center in 2019, the Tianqi New Energy Vehicle Headquarters project will be settled in Jinghai District Ziya Economic and Technological Development Zone. The project is divided into two phases as a whole. The first phase starts the new energy vehicle production base project, and the planned annual production capacity is 50,000 new energy MPVs. It is expected to start construction in October 2019 and be completed and put into operation in October the following year.

However, there is no public information on the progress of the project.

Previously, a reporter from the "Daily Economic News" called the investment project department of the Jinghai District Government Service Office to inquire about the follow-up progress of the aforementioned project. After the other party’s inquiry, the project was not established in the system. "[The project unit at that time] may have an agreement with the district government, but it may only be a framework agreement, or a strategic agreement. In the end, the project unit may not be cost-effective (think) it is not suitable, or the supporting site selection may feel that there is a problem, and it will not be connected. Then the project will be completed in the end."

The content of the article is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.

edit|He Xiaotao, Zhang Jinhe, Gaiyuanyuan

Proofreading |Chen Keming

Daily economic news comprehensive Hengda announcement,

Daily Economic News (reporters: Zhu Chengxiang, Li Xing, Yang Yu), Financial Union

[Ask the world M7 sold out, many players optimistic about the opportunity of the industry chain! The competition will enter the second half, get on the car to win the grand prize] Mid-Autumn Festival National Day holiday is over, class A share will open from next Monday. During the holiday, Hong Kong stocks Hang Seng Index and A50 index fell first and then rose, and finally rose slightly. In the 19th official competition of the gold nugget competition held by the Daily Economic News APP, next week will enter the second half. At present, many players are actively registering and running. News shows that since the release of September 12, the cumulative quantity of the new M7 has exceeded 50,000 vehicles. Some contestants believe that it is estimated that the market will rebound next week, and they are optimistic about the opportunity of the ask world M7 industry chain. This registration period ends at 24:00 on October 11, and the competition time is from September 25 to October 13. Download and install the Daily Economic News APP, register now, and compete for the cash prize!

Wang Jianlin appeared on the streets of Henan, which attracted the attention of many netizens. That day, Wang Jianlin and Wang Chaoge, director of Dajian, chatted together in a street cafe. The other was Hu Baosen, the head of Henan Jianye Group. In the past two years, Wanda has taken over a lot of assets from the construction industry in Henan. Wang Jianlin and Hu Baosen are also old friends. I think this time the three of them gathered together also has a big move.

Wang Jianlin hadn’t retired yet. He was actually 67 years old, and many people had already retired at this age. Wang Jianlin still maintained his exuberant energy and ran around the country every day.

In fact, in the past two years, Wang Jianlin has appeared in the public eye, and everyone is like this. A few years ago, Wang Jianlin gave frequent interviews, when he just became the richest man. In fact, it was unprecedented, and Wang Sicong’s attention in the media was also very high.

Wang Jianlin was very domineering when he talked and worked at that time, and everyone was much fatter than they are now. When Wang Jianlin was middle-aged, he was actually very fat. Now that all Wang Jianlin staff have lost weight, many people don’t seem to be used to it.

However, some netizens once ran into Wang Jianlin at the gym and thought that Wang Jianlin had a slimming plan. Because of his age, it is actually better to be thin than fat. Although he is a little older than Wang Jianlin, he has persisted in training for many years and now runs and swims every day. At the same time, he is also training on equipment.

Wang Shi said that his visceral fat rate was only 1%, which was lower than that of many professional athletes. Now many people are sick, but it is actually the disease of the rich, because they eat too much. As a famous rich man in China, Wang Jianlin will eat any delicacies with him if he is gluttonous.

So now that Wang Jianlin is thinner, it is actually better for his health. Moreover, if people are thinner, they will appear more capable. In fact, their work energy will also be better. A rich man like Wang Jianlin must have managers.

In fact, today’s Wang Jianlin is completely different from a few years ago. When Wang Jianlin was first elected China’s richest man in 2012, he was triumphant and made a $100 million bet with CCTV and Jack Ma, which attracted national attention.

Since then, Wang Jianlin has been running rounders, and Wang Jianlin has invested in Wanda Plaza, Wanda City, as well as finance and the Internet. His career has continued to grow. Wang Jianlin was named China’s richest man in 2017. This year, Wang Jianlin said the classic 100 million small goals in an interview with Lu Yu. Wang Jianlin said at the time that Shanghai Disney would be profitable within 20 years.

But soon after Wang Jianlin said that, he immediately sold his 13 Wanda cultural tourism projects, raising tens of billions of dollars. He also sold more than 70 hotels across the country. Since then, Wang Jianlin has continued to sell assets, recovering at least hundreds of billions of dollars.

These funds were used to cover Wanda’s debts at that time, which greatly reduced Wanda’s debt ratio. In fact, Wanda is stronger, stronger and safer now than it was a few years ago. But Wang Jianlin has instead become a low-profile person. Wang Jianlin has not appeared in the media for a long time and has not given interviews to the media, but he has been working quietly for several years.

This time, Wang Jianlin’s appearance was also due to the complete absence of his domineering aura. This was very different from Wang Jianlin a few years ago. Now, Wang Jianlin gave people the feeling of a sweeping monk.

Wang Zhigang, a legend in the real estate field, also spoke about Wang Jianlin in a rare way recently. He said that Wang Jianlin’s strategic vision is definitely the first in China. This evaluation is indeed very high. Of course, Wang Jianlin’s achievements in recent years also prove this point. Looking at Evergrande, Sunac, R & F, Sunny, and Wanda, you have to admire Wang Jianlin’s brilliance. If Wang Jianlin does not decisively reduce his assets after 2017, Wanda may also be in danger now.

It was a great time to believe that Wang Jianlin suddenly turned the boat around. It took a lot of courage. Many people can’t do that. Wang Sicong also recently stepped down as a director of Wanda. In fact, Wang Jianlin has long said that he will not leave his assets to Wang Sicong. He will set up a charitable fund in the future to make his assets play a bigger role.

In fact, compared to his own business, as a father, Wang Jianlin was most concerned about Wang Sicong’s marriage. After all, Wang Sicong was Wang Jianlin’s only son, and Wang Sicong was in his 30s, but he had always been emotionally uncertain.

Responsible editor:

　　At the beginning, the direct reason for changing this Leo-endorsed SAIC Volkswagen ID.3 was that the route to work in the new company was rather congested, and it took 40 minutes to walk 12 kilometers. I was very uncomfortable because of the sudden change of gearbox. In addition, it cost hundreds of dollars to refuel every month, so changing new energy vehicles could save a lot of fuel costs. So when the price of ID.3 was reduced, the car was decisively picked up, which was considered to support the national new energy cause.

　　Volkswagen ID.3, which was presented at the end of August last year, is an upgraded version of pure intelligence in 2023. Without any optional equipment, it was presented with a hidden driving recorder. Later, it installed its own original reversing image and leather heated steering wheel, and the presented flannel foot pad was later replaced with TPE+ menes carpet surface. It takes just half a year to pick up the car, and the mileage level is quite satisfactory: 10 thousand kilometers a year.

　　At present, with the stable monthly sales of tens of thousands, the design must be recognized by the public aesthetically. And personally, the design of Volkswagen ID.3 won my heart, with excessively smooth lines, flat front and rear LOGO, rounded front and sharp rear, giving people a cute and handsome feeling. Because of the budget problem, I didn’t go to the top, otherwise the matrix headlight IQ.Light is still very spiritual, and I think it is very practical to follow the steering function.

　　The highlight of the interior is the use of piano paint style in many places, from the door armrest, steering wheel button area to the outer frame of the central control screen, which is relatively unified and has a sense of design. Some physical buttons are still reserved for the buttons, and of course, there are many touch buttons, taking into account practicality and technology. Everyone thinks that the fabric seat is more practical at this price, and the heating function of the seat is omitted in warm winter. There is not much storage space, but you can also put some water cups and scattered things.

　　ID.3 is a 125kW single motor rear drive, which can generate 170P horsepower in generate, which is enough for the car ID.3.. The abundance of power mainly comes from the speed range of 0-80 yards in the urban area, and the motor power is smooth and smooth without delay. This makes me no longer have to endure the frustration of the previous Artz gearbox when commuting in the city after changing cars, and the driving experience has improved a lot. If it is 80 yards up, or on the highway, there is still enough power when it needs to accelerate again. Running at a high speed of 120 yards, the body is still relatively stable, which may be due to the weight of the battery reducing the center of gravity of the car, or it may be due to the solid training of Volkswagen. In short, I personally like the simple suspension performance and calm chassis texture of ID.3

　　The car itself is still smooth, and there is almost no jam. In addition, entertainment functions can be realized by downloading apps in the application market, such as major music apps, video apps and book listening apps. Apple users can directly connect CarPlay through wireless and wired connection, Huawei users can buy a box to realize wireless HiCar, and other Android users can also realize car-machine interconnection through the box. The mobile APP can view vehicle information such as mileage and electricity, and turn on the air conditioner remotely.

　　It is commendable that Volkswagen ID.3 comes standard with L2-assisted driving, which can adaptively cruise ACC, even lane-centered LCC. It is very easy to use when there are no traffic lights on my overhead, and occasionally on high speed.

　　In the past six months, the use of SAIC Volkswagen ID.3 is still very handy, and I have a deeper understanding of the first choice of this 120,000-class pure electric vehicle endorsed by Leo. It is said that the cumulative sales volume of ID.3 has exceeded 120,000+vehicles since its debut, and in 2023, it ranked as the joint venture pure tram sales crown and the A-class hatchback sales crown. In addition to outstanding sales performance, the hard power of ID.3 has also been recognized by the authority, winning the 2023 new energy compact car quality ranking and the joint venture pure electric compact car preservation rate.

　　Although on the surface, I changed from driving a medium-sized car, Artz, to driving a compact car, Volkswagen ID.3, which seems to be a kind of consumption degradation. However, for those who really understand my driving needs and actual situation, they will understand that this is actually an upgrade of driving experience. Nowadays, people are more willing to drive when they go out, and even in very close places, they drive instead of walking, which can be regarded as realizing the freedom of urban travel, and even some regret not starting earlier.

Since March, the good news of "Shuimao" has continued:

Founder Zhong Bianyuan has been the richest man in China for a row. On the 21st, he launched a new tea series "steam tea". On the evening of the 28th, the company’s 2021 annual report was released, and its performance has picked up significantly…

As a well-deserved soft drink giant in China, Nongfu Spring has passed last year’s "dark time" (related reading: Nongfu Spring overturned?), and everything seems to be going well.

Is that really the case? ifeng.com’s "eye of the storm" reviewed its annual report and found that, as a giant in the domestic soft drink industry, although Nongfu Spring handed over a good 2021 annual report answer sheet, it was backed by the weakness of the 2020 annual report data.

Further sorting out. In addition to experiencing a low performance, Nongfu Spring has not only suffered a "roller coaster" of stock prices and a sharp decline in market value in the past year and a half since its listing, but also fell into environmental pollution and food safety crises twice – a series of negative events that have wiped out hundreds of billions of Zhong’s net worth.

At the same time, the issue of "inflated valuation", which was widely criticized at the beginning of Nongfu Spring’s listing, has not been solved, which has become a major obstacle to the stability of the stock price.

01

Annual report dismantling: earning over 7 billion, tea beverage performance contribution is better than competing products

According to the 2021 annual report of Nongfu Spring, the total income of Nongfu Spring last year was 29.696 billion yuan, an increase of 29.8% year-on-year; the net profit attributable to the mother was 7.16 billion yuan, an increase of 35.7% year-on-year; the cash flow of operating activities increased by 35.2% year-on-year in 2020 to 11.40 billion yuan. The company’s gross profit margin was 59.5%, which was basically the same as 59% in 2020.

In terms of products, packaged drinking water is still the pillar product of Nongfu Spring. In 2021, the annual revenue was 17.058 billion yuan, an increase of 22.1% over 2020, accounting for more than half of the total revenue and 57.4%. However, this proportion decreased to a certain extent from 61% in 2020.

After packaged drinking water, the annual revenue of tea beverage products in 2021 was 4.576 billion yuan, an increase of 48.3% over 2020, and the proportion of the company’s overall revenue increased from 13.5% in 2020 to 15.4%.

The third and fourth largest functional beverage products and juice beverage products accounted for the same percentage of total revenue as last year. Among them, the annual revenue of functional beverage products in 2021 was 3.695 billion yuan, an increase of 32.3% over 2020; the annual revenue of juice beverage products was 2.614 billion yuan, an increase of 32.2%.

In addition, it is worth noting that the contribution of other products represented by soda drinks, flavored beverages, coffee drinks, plant yogurt, etc. in the total revenue has increased to a certain extent, an increase of 1.4 percentage points over 2020, from 4.6% to 6.0% in 2021, and the annual revenue in 2021 is 1.75 billion yuan, an increase of 66.0% over 2020.

Revenue Composition of Nongfu Spring by Product Category (Source: 2021 Annual Report)

Analysis of the reasons for the recovery of Nongfu Spring’s performance in 2021 shows that it is largely due to the overall recovery of China’s food and beverage industry last year.

In its annual report, Nongfu Spring pointed out that the national beverage production exceeded 183 million tons in 2021, an increase of 12% year-on-year. In 2021, the operating income of China’s beverage manufacturing industry increased by 13.5% year-on-year. Among them, the manufacturing industry of bottled (canned) drinking water increased by 12% year-on-year, the manufacturing industry of tea beverages and other soft drinks increased by 12% year-on-year, the manufacturing industry of fruit and vegetable juice drinks increased by nearly 14% year-on-year, the manufacturing industry of carbonated beverages increased by 19% year-on-year, and the manufacturing industry of milk beverages and vegetable protein beverages increased by nearly 11

It is not difficult to find that the growth of Nongfu Spring’s total revenue and sub-product revenue data outperformed the industry average. Intuitively, it does show a certain recovery ability of the company, but if the time line is extended, it can be found that the reason why the company’s operation improved significantly in 2021 has a lot to do with the decline in performance in 2020.

Data show that the total income of Nongfu Spring in 2020 was 22.877 billion yuan, down 4.8% year-on-year, which is also the first time in the past five years that the company’s revenue has declined year-on-year; the net profit attributable to the mother was 5.277 billion yuan, an increase of 6.65% year-on-year, which is also the company’s new low in the past five years.

Regarding the reasons for the decline in performance in 2020, Nongfu Spring has stated that the COVID-19 pandemic in the first half of 2020 and the floods caused by heavy rains in many provinces in China in July 2020 affected the company’s product transportation and product sales to some retail outlets, and also temporarily closed some retail outlets. At the same time, the epidemic has reduced consumers’ willingness to travel, and the implementation of measures such as wearing masks has also suppressed the sales of ready-to-drink products, which has a certain negative impact on the Group’s operating performance in 2020.

From this perspective, it is not difficult to understand that the company’s performance in 2021 has rebounded significantly after bottoming out.

Nongfu Spring’s recent financial summary (data source: Wind)

In addition to the industry’s recovery drive in 2021, but from the perspective of product composition, Nongfu Spring’s performance boost in 2021 was mainly due to the growth in revenue of key products.

The "eye of the storm" of ifeng.com found that from the main products of Nongfu Spring – packaged drinking water, tea beverages, functional drinks, fruit juices, and other products, the largest increase in revenue during the reporting period was tea beverages, reaching 48.3%, which was significantly higher than that of Master Kong Holdings and Unified Enterprise China, which were also beverage companies. The growth rates of tea beverages in the latter two were 13.78% and 15.2% respectively.

Nongfu Spring’s tea drinks are mainly marked by two beverages, "Tea Pi" and "Oriental Leaf". According to the company’s 2021 annual report, last year marked the 10th anniversary of the launch of "Oriental Leaf". Under the trend of "sugar-free" diet, "Oriental Leaf", which was controversial in the past, has now become the leader of the sugar-free tea drink track. To further open up the market, the company launched two new flavors, "Green Orange Pu’er" and "Black Rice Tea", in the first half of 2021. In addition, in September 2021, Nongfu Spring also launched a "new" milk tea series, and three flavors were launched in one go – black tea milk tea, oolong milk tea and jasmine green; in December of that year, it further launched a new winter-limited flavor of cocoa milk tea.

The successive launch of new products has finally increased the current revenue of Nongfu Spring tea beverage products by nearly 50% compared with 2020, and recorded 4.58 billion yuan in the whole year, accounting for more than 15% of the total revenue.

In this regard, the CICC research report said that the outstanding performance of Nongfu Spring tea beverages was mainly due to the good performance of Oriental leaves, tea π and other classic product flavors and new flavors under marketing activation. The company seized the opportunity to take advantage of seasonal new osmanthus and oolong flavors to help the growth rate of Oriental leaves further increase, and the tea Spring Festival stocking also performed well.

02

After a year and a half of listing, the stock price roller coaster has evaporated

Nongfu Spring was founded in 1996, but only listed on the Hong Kong Stock Exchange in September 2020. The belated IPO bell has also drawn special attention to the beverage giant’s road to capital markets.

Since its listing, Nongfu Spring has indeed achieved a leap forward in its share price under the attention of many people. The share price on the first day of listing skyrocketed by more than 80%, from the initial issue price of HK $21.5/share to the intraday peak of HK $68.75/share on January 8, 2021. The share price has more than doubled in less than five months, and the total market value once exceeded HK $770 billion.

But then, the company’s share price took a nosedive and began to decline, giving back 25% of its gains in less than two months.

Since the listing of Nongfu Spring,