Text |VCPE Reference Li Zixuan Zhou Jianyu

Editor | Li Youran

The tree attracts the wind, and the ecological chain laid out by Xiaomi for many years is controversial.

Recently, there are rumors in the market that the eco-IPO policy represented by Xiaomi has changed significantly. "At present, the projects involving Xiaomi’s industrial chain under review in science and technology innovation board and GEM have been investigated, and the IPO policy concerning Xiaomi’s industrial chain is limited."

In response, the CSRC responded on March 29th, saying, "I will pay attention to some articles about the significant changes in the IPO policy of Xiaomi’s industrial chain from the media. In this regard, we made it clear that we did not introduce IPO restrictive policies for enterprises related to Xiaomi industrial chain, nor did we carry out special investigations. "

Subsequently, Xiaomi also responded to this matter in its official Weibo, saying that "recently, a large number of distorted, fabricated and unfounded false rumors have been published by the media against our eco-chain and related investment business", and said that a lawsuit has been filed against it and a trial will be held in the near future.

Xiaomi has carefully laid out the ecological chain for eight years. Is the IPO of related companies blocked because of Xiaomi? Will the ecological chain layout touch the regulatory red line?

VCPE Reference (ID:vcpecankao) tries to find the answer through Xiaomi’s investment layout, its impact on the invested enterprises and the opinions of professionals.

01　We have invested more than 500 companies in 8 years, and our manufacturing is a good idea.

Xiaomi has been laid out for 8 years, and with the business adjustment in each period, a huge industrial ecological chain has been built.

At the end of 2013, Xiaomi started the "Eco-chain Investment Plan". According to the enterprise investigation, Xiaomi carries out ecological chain layout through three platforms, one of which is direct investment through Xiaomi and its Hanxing Venture Capital Co., Ltd.; The second is indirect investment through two private equity institutions wholly owned by Xiaomi-Tianjin Jinxing Venture Capital Co., Ltd. and Xiaomi Private Equity Fund Management Co., Ltd.; Thirdly, the investment is made through Xiaomi Changjiang Industrial Fund jointly initiated by Xiaomi and Hubei Changjiang Economic Belt Industrial Guidance Fund Partnership (Limited Partnership).

As for Shunwei Capital, which is often mentioned by the outside world, it is more like a financial return-oriented institution established by Lei Jun for his angel investment dream. Only when encountering a project with strategic value, the investment department of Xiaomi Group will join hands with Shun.

It is worth noting that Xiaomi’s different investment platforms have different emphases, which also shows that Xiaomi will adjust the investment layout according to business expansion in different periods.

In the early days, Xiaomi’s strategy focused on using mobile phones as Internet terminals to connect the needs of all parties. From this, we can see that the most invested areas at that time were cultural media, hardware and enterprise services.

Around 2013, Lei Jun saw the popularity of intelligent hardware, and intelligent life products became its more concerned subdivision track, such as Roborock (688169.SH), a sweeping robot manufacturer, and Zimi, an intelligent hardware manufacturer acquired by Xiaomi.

Since then, Xiaomi has invested in companies such as Iqiyi (IQ.US), Fun Headline (QTT.US) and Jinshan Cloud (KC.US) in cultural media and corporate services.

Hundreds of rivers end up in the sea, and several major investment sectors complement each other. Unconsciously, Xiaomi has woven a large and comprehensive investment ecological network.

According to the statistics of business cards, Xiaomi has made a total of 521 investments, involving 17 fields. Among them, the top three investment times were manufacturing, hardware and cultural media, with 94, 76 and 59 investment events respectively, accounting for about 18%, 15% and 11%.

Among them, in addition to the investment department of Xiaomi Group, the Xiaomi Changjiang Industrial Fund has the highest frequency at present, with a total of 123 investments in five years, mainly focusing on semiconductor, hard technology and other related fields, such as Weilan New Energy, a solid-state lithium battery developer, and Zonghui Xinguang, a photoelectric semiconductor developer, Sagitar Juchuang, a multi-line laser radar developer, and Black Sesame Intelligent, an autonomous driving computing chip.

In addition, Xiaomi Private Equity Fund, which was established less than one year ago, contributed 10 investments. With Xiaomi’s ambition to build a car, it invested in automobile-related enterprises such as Zhilu chilye, a new energy vehicle parts provider, Aitek Automotive Electronics, a high-end controller chip developer, Qixin Micro Semiconductor, and Internet of Things technology-related enterprises such as Youzhilian Technology and Jiangyan Intelligent.

However, as an Internet company with mobile phone, intelligent hardware and IoT platform as its core, Xiaomi’s investment field is slightly extensive, but its layout is still perpendicular to its main business field.

In terms of investment rounds, Xiaomi entered the market earlier, mostly in Angel Round, A Round and B Round, with 121, 86 and 61 investment times respectively, accounting for 23%, 17% and 12%. This may be related to "Lei Jun has a hobby of angel investment".

In general, Xiaomi’s seemingly complicated investment ecological chain actually has a clear strategic layout. Xiaomi has its own logic on how to divide the control and investment details in the main line.

02Nearly 30 companies went public, and many companies entered the countdown to listing.

According to incomplete statistics, at least 30 of the eco-chain enterprises invested by Xiaomi have successfully listed, and most of their businesses are distributed in the fields of intelligent hardware and advanced manufacturing, and a few are financial and entertainment companies, which are coordinated with the business layout of Xiaomi’s hardware, finance and Internet.

However, the stock prices of these companies after listing show a picture of ice and fire at home and abroad.

Perhaps influenced by geopolitics, listed companies in US and Hong Kong stocks have experienced different degrees of decline. As of the close of March 31st, the share price of ZEPP.US was 2.87 USD/share. When it was first listed, its issue price was 11 USD/share. VIOT.US also dropped from the issue price of $9/share to $1.85/share; PINTEC titanium (PT.US) even dropped from the issue price of $11.88/share to $0.59/share.

The poor stock price performance of listed companies in the ecological chain has also affected Xiaomi’s finance.

Previously, science and technology innovation board Daily quoted Luo Pan, a teacher in the financial field, as saying, "In recent years, the market value has been sharply adjusted back, which has seriously affected the fair value and further reduced the profit of Xiaomi".

According to Xiaomi’s latest financial report, by the end of 2021, Xiaomi had invested 390 foreign companies, while at the end of 2020, this figure was still 310, and at the end of 2019, it was 290. Despite the increasing number of foreign investments, the fair value of Xiaomi Group’s investment at fair value through profit or loss in 2021 was 8.132 billion yuan, a decrease of 38.3% compared with 13.2 billion yuan in 2020.

However, most companies listed in China have gratifying market performance. For example, as of the close of March 31st, the share price of No.9 Robot (689009.SH) doubled after its listing in science and technology innovation board, from the issue price of 18.94 yuan/share to 44.10 yuan/share; Lihexing (301013.SZ), listed on the Growth Enterprise Market, had an issue price of 8.72 yuan/share at the time of listing, and now it has risen to 18.9 yuan/share.

In addition, a number of Xiaomi Eco-chain companies are queuing up for IPOs in science and technology innovation board and Growth Enterprise Market, and many of them are only a short walk away from listing.

Weijie Chuangxin (688153.SH) has officially launched science and technology innovation board IPO subscription; The initial inquiry time of Fengxiu Technology (688279.SH) is April 6th.

In addition, Sitway (Shanghai) Electronic Technology Co., Ltd. also entered the countdown to listing. On March 29th, official website, the China Securities Regulatory Commission, approved that it would register the initial public offering of shares with Tewei science and technology innovation board in accordance with legal procedures.

Among the companies that have not yet been listed, there are also many star companies that Weilan New Energy, Weizhao Semiconductor, Aibi Intelligent, and Newlink are betting on.

Among them, Weilan New Energy, a developer of solid-state lithium batteries, has frequently received hundreds of millions of large-scale financing in recent years. The investors behind it include well-known enterprises such as Huawei, Weilai and Geely, and the latest valuation has reached 15 billion yuan. In addition, after the completion of the C round of financing in September last year, the valuation of Black Sesame Intelligence also reached nearly 2 billion US dollars (about 12.7 billion yuan). Newlink, an energy digital open platform, reported the news of listing in Hong Kong at the beginning of the year.

03How to hedge the layout ecological chain?

By combing the IPO situation of enterprises in the Xiaomi ecological chain, VCPE Reference (ID:vcpecankao) found that since 2018, companies have succeeded in IPO almost every year, but there are also cases where the listing is not so smooth.

Fun Sleep Technology passed the IPO review in 2021 and submitted for registration, and was inquired twice by the CSRC at the end of 2021 and the end of January 2022 respectively.

In an inquiry letter, the CSRC asked Fun Sleep Technology to explain "the reason why Xiaomi has always been the main sales channel, and the efforts to expand third-party online platforms and unrelated sales channels are relatively small, and whether there are related obstacles".

Subsequently, the CSRC sent a second inquiry, pointing out that "the company takes Xiaomi e-commerce platform as its main sales channel", asking the issuer to explain "whether there are any special treatment or preferential treatment in Xiaomi platform sales, promotion, rebate, etc." and it is necessary to "compare and analyze whether there are differences in the sales policies of the company on the main e-commerce sales platforms".

Then, is [eco-chain company terminating IPO] really related to [Xiaomi’s large-scale layout of eco-chain]?

Industry insiders told VCPE Reference (ID:vcpecankao), "The core of the’ independence’ problem in this case lies in the’ big customer’, that is, whether the order number of Xiaomi, a big customer, accounts for too much in the total transaction volume of the IPO reporting company. Faced with the question of’ independence’, the company should explain clearly the rationality of excessive customer concentration, the sustainability of the transaction and its own hematopoietic capacity. "

Another senior investment banker, Wang Jiyue, told VCPE Reference (ID:vcpecankao) that "the failure of IPO was caused by Xiaomi" was just the rhetoric of the defendant media.

In this case, under what circumstances will large companies cause the IPO of eco-chain related companies to be blocked?

Wang Jiyue believes that the crux of the problem lies in "whether the business volume brought by industrial linkage is sustainable, whether it is only to help the listing to rush performance, and how much impact it has on the industry." If before the IPO, the enterprise can fully disclose the financial data, put the risk warning in place and sort out the solutions clearly, this will not necessarily become a problem. 」

Song Qinghui, a famous economist, told VCPE Reference (ID:vcpecankao) that at the external public opinion level, as long as there is no major public opinion, it will generally not cause the IPO of Xiaomi Eco-chain related companies to be blocked; If the public opinion is out of control, it will not only affect IPO pricing, meeting and other procedures, but even lead to IPO "abortion."

With the fermentation of public opinion, there are rumors in the market that Xiaomi will touch the red line of antitrust.

In this regard, Wang Jiyue believes that "whether it violates the Anti-Monopoly Law depends on whether the core enterprises that lay out the ecological chain have a dominant market position. Xiaomi’s ecological chain layout is only an investment, not a holding type, and it is not exclusive, so it generally does not involve the Anti-Monopoly Law".

As for the "disorderly expansion" that makes people talk about it, Song Qinghui said: "The disorderly expansion of capital means that capital alienation makes capital deviate from its established track, causing great risks to economic and social levels and even endangering the stability of the overall situation."

Wang Jiyue believes that "the layout of Xiaomi ecological chain belongs to normal industrial linkage".

Finally, Song Qinghui emphasized that "the mass reaction triggered by one incident is actually revealing the hidden truth of society, which is worth pondering. The reason why Xiaomi sued a media for spreading rumors that Xiaomi’s eco-chain enterprises are restricted by IPO policy is mainly because the disorderly expansion of capital in recent years has endangered national security and the bottom of people’s lives. If it is not guided and regulated, it will definitely impact the economic and social development order, such as the development space of small and medium-sized enterprises being compressed and squeezed out.

What do you think of this public opinion event? Welcome to leave a message in the comments section.

On November 18, 2023, the 21st Guangzhou International Automobile Exhibition ushered in the first professional audience day. ic photo

The Guangzhou Auto Show is the last large-scale auto show of the year, and it has naturally become the starting gun for the final battle of car companies at the end of the year.

This year’s Guangzhou Auto Show is still hot, and car companies have brought their blockbuster products and huge sales teams to the show. According to the organizers of the Guangzhou Auto Show, the total number of vehicles on display at this year’s Guangzhou Auto Show is 1,132, including 469 new energy vehicles.

It is worth noting that in the increasingly fierce competitive environment, car companies have accelerated the pace of new car launches in order to boost sales. There are as many as 59 cars in the world for the first time at this year’s Guangzhou Auto Show, and new car launches have been held intensively. Many brands have launched new blockbuster models, which will also add to the national auto market’s year-end impulse.

The competition for new products is intense, and price reduction is the main theme

New products have been an effective way for automakers to boost sales, especially in the first year of a new car’s launch. In the Chinese market, automakers have "rolled" the development cycle of new energy vehicles from the past five years or so to 48 months or even 36 months.

According to the organizers of the Guangzhou Auto Show, at this year’s Guangzhou Auto Show, there are as many as 59 cars in the world, including 8 first cars from multinational companies. In comparison, there were 38 cars in the world at last year’s Guangzhou Auto Show, including 9 first cars from multinational companies.

There are many models with high attention in the first car, such as BYD Ocean Network’s first medium-sized pure electric SUV, Hishi07 EV, Great Wall’s tank 700 Hi4-T, Huawei Hongmeng Cockpit 4.0-blessed Zhijie S7, Xiaopeng’s first MPV model X9, Li Auto’s first pure electric flagship model MEGA, and so on.

An employee of a car company participating in the exhibition told the surging news reporter, "This year’s Guangzhou Auto Show new car launches are so crowded that there are many overlapping parts in the same hall, and the leaders are simply selling cars at the top of their throats."

In addition, in this year’s model launch, it can be seen that car companies are cautious in pricing. The official price announced by many first models is lower than market expectations or lower than the price of previous generation models.

For example, the delivery price of Polaris 4 released by Polaris during the Guangzhou Auto Show was 299,900 yuan to 399,900 yuan. Compared with the price displayed at the Shanghai Auto Show in April, it decreased by about 50,000 yuan. It is not difficult to see from this price adjustment that in the face of competition in China’s new energy vehicle market, Polaris is eager to participate in it by reducing prices.

At the Guangzhou auto show, car companies have offered sincere discounts. Similarly, car company executives no longer give a negative or secretive attitude to the "price war".

"In addition to price, customer trust is also one of the factors to maintain brand competitiveness," Meng Xia, chief executive of Volkswagen’s passenger car brand in China, said at the auto show. "Volkswagen will not compete solely on price." He also said that in China, it is committed to providing consumers with excellent products at attractive prices, but not just reducing prices.

Volkswagen can be said to be the beneficiary of the price war in the car market. After launching a sharp price reduction of the pure electric ID family in July this year, the sales of the Volkswagen ID series soared. In particular, the Volkswagen ID.3 achieved a nearly four-fold increase in sales in the second month after the price reduction.

The car market has intensified, making it difficult for car companies to make money

Driven by a large number of new cars at the Guangzhou Auto Show, as well as price cuts and promotions by car companies, the auto market at the end of the year was generally optimistic.

The latest data from the Passenger Federation shows that from November 1st to 12th, the retail sales of the passenger car market was 538,000, an increase of 18% over the same period last year. The Passenger Federation believes that with the gradual strengthening of the car market, car companies are looking forward to working hard to achieve the annual target. The confidence of the car market is enhanced, and the year-on-year growth of the car market in November is expected to reach more than 20%.

The passenger association believes that this year’s car market can steadily reach the expected sales of 9 million vehicles in the whole year. Some institutions have also given more optimistic expectations.

Dongguan Securities believes that the fourth quarter is the traditional peak season of the automobile market, the national and local policies to promote the consumption of new energy vehicles are expected to continue to exert force, new products of car companies have been launched one after another, and at the same time, another round of price reduction promotions has been opened to stimulate further release of demand.

However, the increase in sales of new energy vehicles has not eased the current intense "involution", and the profitability problem is still a major problem plaguing car companies.

During the Guangzhou Auto Show, Zhuang Jingxiong, general manager of SAIC General Motors, was even more blunt, saying that selling new energy vehicles "is too embarrassing to say hello if you don’t lose money now."

Huatai Securities said in its latest research report that the auto industry discount rate has still been rising since November. The agency’s tracking data shows that the current average discount rate in the auto industry is 5.93%, compared with less than 3% in the same period last year. The latest data from the National Bureau of Statistics also showed that the price of new energy passenger vehicles fell by 4.6% year-on-year in October.

As competition in the auto market intensifies, the survival of the fittest in the industry is accelerating. Liu Jie, vice president of Li Auto’s business, said in an interview with The Paper and other media, "2023 to 2025 is the elimination stage of new energy vehicles. By the end of next year, the top few winners should have basically stabilized, and the new energy companies on the card table will further expand their market share in the later stage."

In fact, this year’s Guangzhou Auto Show has already seen the absence of many well-known brands, such as GAC Mitsubishi, which has just announced its withdrawal from the Chinese market, Weimaraner and Aichi, which are in business difficulties, and Dongfeng Peugeot Citroen, which launched a price war at the beginning of this year.

On June 11th, Xpeng Motors announced today that the first product of MONA series was named Tucki M03, and at the same time, the appearance picture of the car was released.As this model still uses the logo of Tucki, MONA will not be presented as a brand new brand.It is expected that the new car will enter the market of 100,000-150,000 yuan after it goes on the market, and it will be equipped with a smart driving system.

He Xiaopeng, the founder and chairman of Xpeng Motors, once said in Weibo, "This time we want to build a car that is very interesting and not boring". He Xiaopeng also said in the first quarter earnings conference call that the car is a "product with the highest intelligence and competitive cost, with a high value of off the charts".

MONA brand is the result of cooperation between Xpeng Motors and Didi Chuxing.Xpeng Motors is responsible for R&D, supply chain and manufacturing, while Didi team is involved in design, part of R&D and sales.

MONA series, meaning Made Of New AI. Judging from the official map released, the overall design of the new car is young and full of sense of science and technology. It is expected that many colors such as blue, m blue and rice flour will be provided for you to choose from.

In terms of appearance, Tucki M03 adopts a brand-new design language, which looks very dynamic as a whole. The new car adopts a T-shaped headlight group, a closed front grille, an X logo in Xpeng Motors in the center and an opening in the lower part to meet the heat dissipation requirements of the vehicle. In addition, the new car will provide m blue, rice flour, blue and other body colors.

The side lines are simple, the D-pillar area has aerodynamic design, and the hidden door handle is adopted, and the blue intelligent driving indicator light also appears on the front fender. In the rear part, the shape of the taillight group of the new car echoes the headlight group.

It is worth mentioning that,Tucki M03 will be equipped with full-scene intelligent assisted driving.However, according to the preview, the roof is not equipped with lidar. It is worth mentioning that it is reported that the battery supplier of MONA’s first model includes BYD, and its battery life will exceed 500km.

As a model that takes into account both the network car and the consumer market, Tucki M03Whether it can support the sales banner of Tucki still needs a lot of time to verify. I don’t know what you think of this new car. Welcome to leave a message in the comment area and talk about your views ~

　　　 Movie network news According to the finalized theme song adapted from the popular Japanese TV series, the Japanese rock band "flumpool" will join hands with the super popular rock group "Mayday" in Taiwan Province, China to sing passionately.

　　　 The two orchestras had the experience of performing on the same stage in Taiwan Province, China in October, 2011. This time, the theme song for the film was "Belief–For You Waiting for Spring", which realized the classic cooperation between the two orchestras across regional and language barriers. "Mayday" led by A Xin and "flumpool" led by Ryuta Yamamura will convey the musical concept full of youthful passion to fans and fans.

　　　 A Xin, a Japanese drama version, has been broadcast in 68 countries and regions around the world, becoming a well-known classic Japanese drama. It is a great honor to sing the theme song for the movie version of A Xin, whether it is "flumpool" or "Mayday". After reading the script, Ryuta Yamamura, who is in charge of music production, said with emotion that "the importance of family, the importance of hometown and the desperate efforts to live better have deeply infected me, and I will integrate all these feelings into the music."　

　　　 In addition, since her debut in 1999, the "Mayday" of the first rock troupe has been established in the Asian Chinese-speaking circle. The lead singer A Xin happens to have the same name as the protagonist, and A Xin said with a smile, "I am so happy to have this similarity!" It is understood that Mayday will sing in Japanese for the first time. A Xin said, "The movie makes me feel the persistent spirit of facing difficulties. When I study Japanese lyrics, I try to interpret the emotion of this song with the feeling of understanding the meaning." It is understood that Mayday will officially debut in Japanese music with this song.

　　　 In the film version of "A Xin", A Xin as a child is played by Kokone Hamada, and A Xin’s parents are played by SMAP members Gor? Inagaki and Aya Ueto. In addition, new and old movie stars such as Kazuko Kishimoto, Ayako Kobayashi, Ryunosuke Naimu, Jitsuko Yoshimura and Shinnosuke Mitsushima will all have wonderful performances. A Xin Movie Edition will be released in Japan on October 12th, 2013.

There are a lot of promotions in sports. The cars are on sale, and there are enough colors to choose from. Land Rover portrays a new angular front image, which further enhances the sporty temperament of the vehicles. Car consultation hotline: 18222125128 (same as WeChat) Xiaohui

Appearance: Land Rover’s lower roof, sloping roof contour and lighter weight all show the dynamic image of a new generation. Land Rover is attractive for its exquisite style. The automatic start-stop function helps to achieve a lower. It has an enhanced geometric structure design that adapts to all-terrain road conditions, and the vehicle’s performance is also significantly improved, and it has an original wading sensing function.

Land Rover’s new car is made of high-grade soft materials, and the new car also adds a third row of seats. Whether the car is hard or soft, it feels great, without the slightest sense of cheapness, and it is full of dignity and luxury. The steering wheel is relatively light, the power is insensitive, the shifting is not abrupt, the power output is not violent, and the dynamics are not cumbersome. Land Rover re-adjusted, and other systems to meet the requirements of additional weight, as well as more mature. The knob gear lever with full sense of science and technology has also been changed into the traditional gear design, which embodies higher reliability.

Power: Land Rover gives you a perfect sense of control, showing off the quality of its famous family. The sharp corner design at the top of the car and the narrow slit front and rear light groups are the highlights of the new car, and it has a lighter all-aluminum structure. Sensitivity, stability and speed complement each other and will never disappoint fans.

　　On March 25th, local time, the Jordanian Ministry of Foreign Affairs and Overseas Chinese Affairs condemned the Israeli authorities’ plan to build more than 1,000 houses in the West Bank and East Jerusalem. The department said that the new housing plan is a serious violation of international law, including Security Council resolution 2334.

　　The Israeli non-governmental organization Peace Now posted a message on its website on the 24th, saying that the Israel Land Administration Bureau recently announced a tender plan for the construction of 1,029 new houses in Jewish settlements in the West Bank and East Jerusalem. Among the newly-built settlement houses planned by Israel, 940 are located in Efrat settlement in the West Bank and Ilite settlement in Bertard, and 89 are located in Gilo settlement in East Jerusalem.

　　The new Israeli government, which was successfully formed at the end of 2022, made the expansion of Jewish settlements a priority task. (Headquarters reporter Zhu Yunxiang)

[Pacific Auto New Car Channel] ev? baby-G？ ? Neither. The state has published a group of Baojun’s first pure electric bulletin. According to the official, the Chinese name of the car is "Yueye", and Baojun also plays homophonic. The new car uses rear drive and has a battery life of 303 kilometers.

Yueye’s appearance is very individual and highly recognizable. In terms of body size, the length, width and height of the new car are 3381/1685/1721mm and 2110mm respectively.

In terms of power, the new car adopts the drive form of rear drive, equipped with permanent magnet synchronous motor, which is 50kW and has a peak value of 140 N m. In addition, the new car is equipped with lithium iron phosphate battery and has a battery life of 303 kilometers.

　　In the past year, () Auto’s AITO series continued to go out of the circle, and Sailis Auto, a traditional car company, embarked on a unique innovation path in the fierce new energy killing.

　　On the evening of April 29th, Cyrus released the annual report for 2023 and the first quarterly report for 2024. The data shows that in 2023, the company achieved an operating income of 35.842 billion yuan, a year-on-year increase of 5.09%. In the first quarter of 2024, the company achieved an operating income of 26.561 billion yuan, a year-on-year increase of 421.76%, and the net profit attributable to shareholders of listed companies was 220 million yuan.

　　Looking back on 2023, the "price war" almost ran through the whole year, and the competition in the new energy vehicle market became fierce. After experiencing the trough in the first half of the year, with the explosion of the new M7 from AITO and the listing of its flagship product M9, Sailis successfully counterattacked in the automobile industry and became a "star stock" in the capital market, attracting a lot of attention.

　　New energy becomes a new engine for performance growth.

　　 AITO asked the world to sell well.

　　Behind the revenue growth, the vertical upward sales trend has become the biggest driving force. The new energy vehicle business has become a strong growth engine of Celestial’s performance. Especially since the second half of last year, two new products of AITO have exploded, which helped Celestial to see its sales soar in the second half of last year.

　　The data shows that the sales volume of Sailisi new energy vehicles reached 42,141 in December 2023, an increase of 153.21% year-on-year; In 2023, the cumulative sales volume reached 151,798 vehicles, a year-on-year increase of 12.4%. Looking back on the past year, Cyrus’s "resurrection" is no accident.

　　After the downturn in the first half of last year, with the competitive advantages of product strength, quality-price ratio and strong technology, AITO asked the new M7 and M9 series products to make a beautiful turnaround in the second half of the year. Take AITO’s M9 as an example. As a high-end car with a price of more than 500,000 yuan, it has been highly sought after since its listing because of its "more than one generation ahead" product strength in many fields such as intelligent technology, intelligent space, intelligent safety and intelligent driving control.

　　In the first quarter of this year, the development potential of Cyrus continued to rise, and the high growth in the future continued. The data shows that in the first quarter, the cumulative sales volume of Celestial new energy vehicles reached 94,800, a year-on-year increase of 374.77%, which greatly exceeded the industry average; The cumulative delivery volume of all departments in the industry reached 85,800 vehicles, and it continued to rank among the top five luxury brands in China market.

　　Specifically, in March, all departments in the sector delivered a total of 31,727 new cars, winning the crown of China New Power brand sales for three consecutive months. Judging from two explosive products, the new M7 and the new M9, the sales volume of the new M7 continued to grow steadily. In March, 24,598 new cars were delivered in a single month, and the cumulative delivery volume exceeded 120,000, which continuously topped the sales volume of China New Power vehicles and constantly set a new record for the sales volume of China automobile brands. The M9 delivered 6,243 new cars in a single month, ranking among the top sales of China New Power vehicles with a price of over 500,000 yuan.

　　The hot sale of products boosted the increase in revenue, and the increase in gross profit margin and unit price under the control of superimposed costs. Many institutions are optimistic about the future growth of Cyrus. According to the research report, after the production capacity of Wenjie M9 climbed, the sales volume of Wenjie brand increased continuously, which drove Cyrus to measure and price Shuang Sheng.

　　As of April 29th, the share price of Celestial was reported at 95.40 yuan/share. Previously, benefiting from the hot sales of products, Celestial stepped out of a wave of rising prices in the capital market, and its share price once broke through the 100-yuan mark, reaching a record high, with the highest total market value exceeding 150 billion yuan, ranking the top three in the market value of new energy vehicle enterprises in China.

　　Leading upward development with new quality productivity

　　Accelerate to become a global smart electric vehicle brand.

　　The new energy automobile industry is an important engine to cultivate new quality productivity, which is highly consistent with the essential characteristics of new quality productivity. In the "Breakthrough Race" of new energy vehicles, Sailis Automobile takes users as the center, adheres to the long-term principle, adheres to the innovation drive, and accelerates the brand promotion of new energy vehicles with the guidance of new quality productivity.

　　Starting from a spring in 1986, it cooperated with Dongfeng Group to enter the traditional fuel vehicle manufacturing in 2003, and then began to transform into a new energy smart car in 2016. On the basis of more than 20 years’ experience in vehicle construction, Celestial aims to become a leading technology-based automobile enterprise, anchoring new energy tracks and maintaining high-intensity R&D investment for a long time.

　　The data shows that in 2022 alone, Cyrus’ R&D investment was as high as 3.106 billion yuan. In 2023, the company’s R&D investment reached 4.438 billion yuan, accounting for 12.38% of operating income, up 42.90% year-on-year.

　　Building technical barriers is also the key for car companies to break through in the fierce competition. According to reports, with its advanced strategic vision and forward-looking layout of extended-range technology, Sailis Automobile has now owned 1000+ patent layout in the world through continuous research and development and innovation since 2016, and achieved the first place in the range extender loading industry in 2024. At present, it has reached cooperation with 12 industry partners.

　　At the 2024 Beijing Auto Show, which kicked off a few days ago, Cyrus Auto shared the Cyrus Rubik’s Cube platform with the outside world. As the latest technological achievement of Cyrus’ independent innovation, the Rubik’s Cube platform takes "panoramic safety, multi-power, ever-changing space and intelligent guidance" as its core features, and realizes cross-domain integration of safety, power, chassis and software, aiming at providing users with a "easy-to-drive, easy-to-use and super-safe" car experience. It is reported that this platform has the ability of ever-changing and continuous evolution, and it is also the only automobile platform in the industry that can be compatible with three power forms: super-increase, pure electric and super-hybrid.

　　In addition, in the pursuit of lightweight, relying on the world’s leading 9000T integrated die-casting process, Sailis has effectively reduced the number of parts and connection points of the whole vehicle, and reduced the possible failure risk of the whole vehicle due to local problems between parts from the source.

　　The attitude of continuous openness and cooperation is the "development password" for Cyrus cars to run longer. Since the cooperation with Huawei started in 2021, the two sides have created a new model of cross-border integration of vehicle companies and ICT companies. With the hot sale of AITO series jointly built by both parties, it is verified that the hand-in-hand relationship between Celestial Automobile and Huawei is a vivid case of traditional automobile enterprises exploring the road of transformation and development when the wave of intelligence strikes. In addition to Huawei, the cooperation between Cyrus Auto and partners such as () and Bosch will continue to deepen.

　　After all, the new energy track is a marathon. In the past few years, Sailis has achieved a breakthrough in the new energy vehicle business from 0 to 1. In the future, the company will strive to achieve accelerated development from 1 to N, and the road of transformation and exploration of new energy will go further and deeper.

　　(CIS)

　　Chinese-style modernization in China is the result of long-term practice and exploration by the people of the Communist Party of China (CPC) and China, and it is a great and arduous undertaking. In the process of human modernization, it has set an example for the vast number of developing countries to move towards modernization independently and provided a brand-new choice; For human civilization, it shows a new picture different from the western modernization model, and it is a brand-new form of human civilization.

　　Correctly grasp and understand the historical view contained in Chinese modernization, see clearly why it succeeded in the past and how it can continue to succeed in the future, so as to unswervingly follow the road of Chinese modernization on the new journey and contribute more China wisdom and China’s programs to the process of world modernization.

　　China endows modernization with new connotation and significance.

　　Hard work, the vast fields are full of vitality; Dreaming of the world, the tide of scientific and technological innovation is surging; Tourism is warming up, consumption is picking up, and economic and social vitality is fully displayed … … China, which has come from the profound historical background and walked on the road of Chinese modernization, is full of vigorous development vitality and spiritual motivation to move forward bravely.

　　History marks the pace of China’s development with striking scales and accumulates rich connotations of Chinese modernization. In the long historical process, the Chinese nation, with its determination and will to strive for self-improvement, has gone through a development process different from other civilizations in the world.

　　Modernization is the dream that the Chinese nation has been striving for since modern times. Countless people with lofty ideals have tried hard and made various attempts, but they all ended in failure. The important task of exploring China’s modernization road has historically fallen on the Communist Party of China (CPC).

　　During the new democratic revolution, create fundamental social conditions for modernization; During the period of socialist revolution and construction, it laid a fundamental political premise and valuable experience, theoretical preparation and material foundation for modernization; The new period of reform, opening up and socialist construction has provided a new and energetic institutional guarantee and material conditions for rapid development for Chinese modernization. Since the 18th National Congress of the Communist Party of China, Socialism with Chinese characteristics Thought, the supreme leader in the new era, has been established, which has provided a fundamental basis for Chinese modernization. In-depth implementation of a series of major strategies, such as rejuvenating the country through science and education, strengthening the country through talents, and revitalizing the countryside, provides solid strategic support for Chinese modernization; Promoting a series of transformative practices, achieving a series of breakthrough progress and achieving a series of landmark achievements have provided a more perfect institutional guarantee, a more solid material foundation and a more active spiritual strength for Chinese modernization.

　　Since the founding of New China, especially since the reform and opening-up, it has taken China decades to complete the industrialization process that western developed countries have gone through for hundreds of years, creating a miracle of rapid economic development and long-term social stability, successfully stepping out of the Chinese modernization road, and opening up broad prospects for the great rejuvenation of the Chinese nation. From the goal of "four modernizations" to the strategy of "three steps", from building a well-off society in an all-round way to building a powerful socialist modernization country, the exploration and practice of Chinese modernization have been deepened.

　　Eduardo Regalado, an expert on China at the Center for International Political Studies in Cuba, believes that since its establishment in 1921, the Communist Party of China (CPC) has made unremitting efforts to explore the road of modernization in China and promote the cause of modernization in China, and has made remarkable achievements.

　　"The realization of Chinese modernization was not built in a day." Benjamin anagrelide, Secretary General of Ghana China Friendship Association, said that the Communist Party of China (CPC) led the people of China to make unremitting efforts and keep forging ahead on the road of Chinese modernization.

　　In the early days of the founding of New China, China was poor, and the kerosene, matches and nails used for several days were all called foreign oil, matches and nails. In the new era, China has built a modern industrial system with complete categories, successfully entered the ranks of innovative countries, and become a hot spot for the application of emerging technologies and an important innovation highland in the world.

　　In the early days of reform and opening-up, when introducing China, Time magazine of the United States wrote doubtfully: Is there such a precedent for a quarter of the world’s population to quickly get rid of isolation and connect with the world? In the new era, China has become the main trading partner of more than 140 countries and regions. China-Europe trains have reached more than 200 cities in 25 European countries, and the "Belt and Road Initiative", global development initiative, global security initiative and global civilization initiative have been jointly built to benefit the world.

　　"Chinese-style modernization shows the world the possibility of developing countries exploring modernization independently and achieving rapid development." Andrei Wiener Gradov, director of the Center for Political Research and Prediction at the Institute of China and Modern Asia, Russian Academy of Sciences, said.

　　Through the long lens of the world’s modernization process, we can see the uniqueness of the Chinese modernization road.

　　Modernization began in the west and was once equated with westernization. Historically, many developing countries have fallen into development difficulties because of copying the western modernization path when looking for their own development path.

　　Chinese-style modernization does not take the old road of being closed and rigid, the evil road of changing the flag and changing the flag, and the dead end of completely westernizing. British political commentator carlos martinez said that China is carrying out peaceful, sustainable and just modernization, which is a valuable contribution to the collective understanding of mankind. Chinese modernization "shows the world that there is more than one road to modernization".

　　Former Serbian President boris Tadic believes that the western society in the 21st century is facing multiple challenges, which fully shows that modernization is not equal to westernization, and China has given modernization new connotation and significance.

　　Take the development path suitable for your own characteristics

　　History is the best teacher. It faithfully records the footprints of every country and provides inspiration for the future development of every country.

　　The Communist Party of China (CPC) has strengthened its historical self-confidence and historical initiative, and constantly created new historical achievements: winning the tough battle against poverty as scheduled, building a well-off society in an all-round way, achieving the goal of the first century, and embarking on a new journey of building a socialist modern country in an all-round way.

　　This is a modernization road with China characteristics based on China’s national conditions.

　　There is no precedent in the world to lead a big country with a population of more than 1.4 billion into modernization as a whole. Insisting on combining the basic principles of Marxism with the concrete reality of China and the excellent traditional Chinese culture, and promoting the coordinated development of material civilization, political civilization, spiritual civilization, social civilization and ecological civilization, China has created a new road of Chinese modernization and a new form of human civilization.

　　The unique cultural tradition, unique historical destiny and unique national conditions have doomed China to take a development path suitable for its own characteristics. China stepped out of such a road and achieved success. Samir Ahmed, a Jordanian writer who has visited China many times, sincerely lamented: "Chinese modernization has fully considered its own national conditions and development experience, and has not copied the western modernization road, and has been continuously enriched and developed in practice."

　　Martin jacques, an expert on China in Britain, believes that China has its own unique cultural tradition, population size and social system, and it is impossible to copy the modernization road of the West. China has made great achievements in development, and has formed a more mature theory about what modernization should be pursued and how to realize it.

　　This is a road to modernization led by the Communist Party of China (CPC).

　　"There were many difficulties, some of which were unprecedented, but we did it." The heroic and calm declaration shows the deep self-confidence coming from the depths of history. No matter how the situation and tasks change, no matter what kind of stormy waves are encountered, the Communist Party of China (CPC) has always grasped the historical initiative, anchored the goal of struggle, and moved forward firmly in the right direction. The people of the Communist Party of China (CPC) and China are fully confident of providing China’s plan for human beings to explore a better social system.

　　In the late 1980s and early 1990s, the international socialist movement suffered setbacks, and the "final conclusion of history" and "theory of socialist failure" were rampant. Adhering to the Communist Party of China (CPC)’s leadership and unswervingly taking the road of Socialism with Chinese characteristics, China has won great victories in reform, opening up and socialist modernization, and opened a new era in Socialism with Chinese characteristics. Fukuyama, an American scholar who once put forward the "final conclusion of history", revised his view: "‘ China model ’ The effectiveness proves that western liberal democracy is not the end of the evolution of human history. "

　　The article on the website of Modern Diplomacy in Europe pointed out that the Communist Party of China (CPC) and China continued to explore the road of Socialism with Chinese characteristics while persisting in reform and opening up. "Chinese modernization presents a more confident image."

　　This is a people-centered road to modernization.

　　Modernization depends not only on the index data on paper, but also on the happiness and well-being of the people. As soon as the Communist Party of China (CPC) was born, he made it his initial mission to seek happiness for the people of China and rejuvenation for the Chinese nation.

　　In Daliangshan, Sichuan, the villagers in the "Cliff Village" above the cliff got rid of poverty and started a new life; On the streets of Shenzhen, more than 1,200 parks allow citizens to push the window and see the garden; In Wuxi, Jiangsu, the elderly can enjoy medical services such as home treatment and medical insurance reimbursement without leaving home … … China people’s sense of acquisition, happiness and security is more substantial, more secure and more sustainable.

　　According to Pakhin Balakul, president of Thailand-China Cultural and Economic Association and former president of the National Assembly, Chinese-style modernization is an unprecedented great development model, committed to making everyone live a good life. Yala Vidal, a columnist of Brazil’s Tribune magazine, wrote that Chinese-style modernization follows the people-centered development thought to ensure that the fruits of development benefit all the people more fairly.

　　Pay attention to the future and destiny of mankind from the perspective of the world

　　"A great pioneering work in the history of human development" and "Great contribution to the cause of human progress" … … From the time depth of human development to the spatial breadth of global development, the international community highly praises the world significance of Chinese modernization.

　　The Communist Party of China (CPC) not only strives for the happiness of the people of China and the rejuvenation of the Chinese nation, but also strives for the progress of mankind, seeks great harmony in the world, and contributes to solving the common problems faced by mankind and promoting the construction of a better world.

　　Looking back, Chinese-style modernization has contributed to the development of the world with the achievement of "miracle".

　　38.6%— — This is the average contribution rate of China to the world economic growth from 2013 to 2021, ranking first in the world and exceeding the sum of the contribution rates of the G7 countries.

　　More than 70% — — This is the proportion of China’s poverty reduction population in the global poverty reduction population since the reform and opening up. China eliminated absolute poverty in an all-round way and achieved the poverty reduction goal set by the United Nations 2030 Agenda for Sustainable Development 10 years ahead of schedule.

　　247.1%— — This is 1990— The actual contribution rate of China to the world forest carbon sequestration capacity in 2016. Since the beginning of this century, about 1/4 of the newly added green area in the world has come from China. The installed capacity of hydropower, wind power, solar power and biomass power generation in China ranks first in the world.

　　"The achievements of Chinese modernization are shared by the world and have made important contributions to world peace and better and more balanced development." Former Bolivian President Morales stressed.

　　So far, the total population of industrialized developed countries and regions is less than 1 billion, and most developing countries have not yet crossed the threshold of modernization. The modernization of China’s population of more than 1.4 billion will be an unprecedented event in the history of human development.

　　Isabel Delean, editor-in-chief of Manila Bulletin, said that China has embarked on a development path that suits its national conditions. As the second largest economy in the world, China continues to promote high-quality development, which is conducive to stimulating regional economic growth and injecting strong impetus into the prosperity and development of the world economy.

　　Pakistan’s "Diplomatic Insight" magazine website said that the Chinese-style modernization road is unique and provides another path for human beings to learn from. In the face of global challenges, Chinese modernization has contributed valuable Chinese programs and Chinese strength.

　　Looking at the road to the future, Chinese-style modernization will add momentum to global development and prosperity with the attitude of the world in mind.

　　In the preface to the Chinese version of the first volume of Modern World System published in 1998, immanuel wallerstein, an American sociologist, predicted that the people of China would play an important role in the historical process of determining the common destiny of mankind.

　　Today, China promotes the high-quality construction of the "Belt and Road" and builds a popular platform for global public goods and international cooperation; Launching a global development initiative with the support of more than 100 countries and international organizations including the United Nations; Promote the implementation of the Global Security Initiative, issue the Concept Document of the Global Security Initiative, and provide China’s plan for promoting the common security of mankind; Put forward the global civilization initiative to inject powerful positive energy &hellip to promote the process of human modernization and build a community of human destiny; …

　　Perimony, a researcher at the French Schiller Institute and an expert on international issues, said: "A very important point in China’s development philosophy is to achieve mutual benefit and win-win results with all countries in the world and work together to build a community of human destiny."

　　The great changes that the world has never seen in a century have accelerated its evolution, and the world has entered a new period of turmoil and change. China promised: "We will always closely link our own destiny with the destiny of the people of all countries, strive to provide new opportunities for world development with new achievements in Chinese modernization, provide new assistance for human exploration of the road to modernization, and make new contributions to the theoretical and practical innovation of human social modernization."

　　Only those who keep pace with history and share the fate with the times can win a bright future. On the new journey, the Communist Party of China (CPC) will always pay attention to the future and destiny of mankind from the perspective of the world, correctly understand and handle the relationship with the outside world from the general trend of human development, the general pattern of world changes and the great history of China’s development, firmly stand on the right side of history, stand on the side of human civilization and progress, and jointly push the wheel of history forward towards a bright future.

Who says power is the only criterion for choosing a car? In fact, the quality of a car should be judged by its comprehensive performance. Today we are going to talk about a gasoline +48V light mixing system car. As for the outstanding performance of the car, please read it together.

Let’s take a look at the appearance of Cadillac XT4. The front face of Cadillac XT4 is very domineering, and the air intake grille adopts a three-position shape, which looks more elegant. Coupled with sharp headlights, it is very eye-catching. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, delayed closing and so on. Come to the car side, the car body size is 4602MM*1881MM*1638MM, the car uses domineering lines, the car side looks very simple and fashionable, with large-sized thick-walled tires, smooth lines running through the whole car side. Looking back, the overall shape of the rear of the car echoes the front face, and the taillights present a fashionable and simple design style. Together with the two exhaust pipes on both sides, the whole looks very avant-garde.

Coming into the car, the interior of Cadillac XT4 looks very soft and meets the aesthetic standards of young people. The steering wheel design of this car is very hard-core, made of genuine leather and fashionable. Let’s take a look at the central control. The car is equipped with a touch-sensitive LCD central control screen, which makes the interior style impressive and looks very soft. Let Xiaobian introduce the dashboard and seats. The dashboard design is remarkable and the display effect is excellent. The car uses leather seats, the seats are wrapped in place, the materials are exquisite and the ride is comfortable.

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

The Cadillac XT4 introduced today is not only eye-catching in space, but also has reached the mainstream level in various configurations, and there is nothing to be picky about driving experience and space experience. As long as you like it, go ahead and buy it.