The new BMW 3 Series family has been officially launched

On September 26th, the new BMW 3 Series and i3 series models were officially launched. The new BMW 3 Series released this time covers 5 different configurations, and the price range is set between 319,900 and 399,900 yuan; while the new BMW i3 brings 3 models, with a price range of 353,900 to 413,900 yuan. Both new cars have improved their appearance, interior decoration and configuration, such as the active cruise control system standard in the whole series.

In terms of exterior design, the new model adds a ring-shaped radiant grille, and provides consumers with two new metallic paint options: Speed Blue and Brooklyn Grey. The interior part is upgraded to the M sports multi-function leather steering wheel, equipped with bright crystal texture components and Sensatec synthetic leather luxury dashboard, which further enhances the interior luxury of the vehicle. At the same time, the car system has been updated to BMW iDrive 8.5 version, and its BMW intelligent personal assistant function has been enhanced, adding no wake-up words and delayed listening functions, which is more convenient to use.

Configuration upgrades are one of the highlights of this revamp. All models come standard with active cruise control, driving safety assistance, high beam automatic control, and anti-glare functions in the inner and outer mirrors to ensure safe and comfortable driving. The high-end models also specially added the automatic driving assistance system Pro. In addition, the fuel version adds a remote engine start function, while the electric version is equipped with a keyless entry system, which enhances user convenience.

In terms of power system, the fuel version continues to use the 2.0T turbocharged four-cylinder engine, with output power divided into two versions of 184 horsepower and 245 horsepower. As for the pure electric version, the maximum power of the motor is 210 kW and 50 kW. According to the CLTC standard test, the pure electric cruising range reaches 526 kilometers and 592 kilometers respectively, meeting the travel needs of different users.

The new BMW 3 Series family has been officially launched!

On June 8, Yu Donglai responded in his personal Tik Tok account: "About personal health, that was the previous video. Now there is no problem. Thank you for your concern."

On June 6th, a piece of news that "Yu Donglai revealed himself to be in the early stage of gastric cancer during the live broadcast" rushed to Weibo for hot search.

In this video, Yu Donglai said that "in fact, my whole body and stomach are very bad now, because my stomach is already in the pre-stage of gastric cancer" and reminded everyone to pay attention to their health.

It is understood that this live video is a video in 2022, not a recent live broadcast.

On the 6th, the relevant staff of Fat Donglai Store responded to Blue Whale News, saying that the above video clip "should have been edited from an old video a few years ago. Brother Donglai did have some physical problems a few years ago, but that was five or six years ago. In recent years, he has been in good health, and he has been actively helping and reforming recently".

It is reported that Fat Donglai is helping Yonghui Supermarket recently. On May 30th, the launching ceremony of the renovation of Yonghui Supermarket Zhengzhou Xinwan Plaza Store was held in Zhengzhou Xinwan Plaza, and Yu Donglai, the chairman of Fat Donglai, appeared at the ceremony. In an interview, he said that it will take at least one year for Yonghui Supermarket to return to a healthy state, and then two to three years to help it achieve better development prospects.

For more details, please download Time News.

Original title: "Chairman Pang Donglai revealed that it was pre-gastric cancer"? My latest response "

Read the original text

An overview of journalist Zhang Xiaoyue

Using the waste oil which is sour, smelly, turbid and precipitated in the swill bucket, the biodiesel which is clear and transparent and will be exported to the EU is produced. On April 15th, the reporter saw a magical scene in Tangshan Jinlihai Biodiesel Co., Ltd. located in Luannan County.

Li Zhenjun, deputy general manager of Jinlihai Company, once hated cooking oil, the raw material for biodiesel production. swill-cooked dirty oilIf the reflux table is eaten by people, it will be harmful to health. "But we believe that there is no absolute garbage, only resources that are misplaced."

At the gate of the company, several tankers are transporting the purchased waste oil. So, how is waste oil converted into biodiesel? Li Zhenjun said that impurities should be removed by filtration, precipitation and centrifugation.

Subsequently, Li Zhenjun led the reporter to the reactor workshop, the most critical link of "turning waste into treasure". In a container just like a pot, methanol, sulfuric acid, etc. are added according to the ratio, and the glyceride in the gutter oil is decomposed into crude methyl ester.

Behind the reactor is a high distillation tower. In the tower, the crude methyl ester is further rectified. After the remaining plant asphalt is removed, methyl ester, which is often called biodiesel, remains.

The picture shows the distillation column, which is provided for enterprises.

The realization of the development and utilization of this series of waste oil stems from the power of science and technology. "The company has continuously carried out scientific research and invented 69 international and domestic patents in the field of biodiesel, and its technology in the field of comprehensive utilization of waste oils and fats is leading the world." Li Zhenjun said proudly.

After the production of biodiesel, the samples were sent to the real.Check the inside. The staff took samples from test tubes, tested the acid value, etc., and tested the composition of oil by gas chromatography.“This is new.What about energy? "Li Zhenjun told reporters.

The picture shows the staff in the laboratory.testBiodiesel, two bottles in the lower right corner are gutter oil (left) and biodiesel (right). Photo by Zhang Xiaoyue.

He introduced that biodiesel takes plants and animal fats as raw materials. Compared with petrochemical diesel, it has the advantage of being friendly to the environment and forming a closed loop through the carbon sink of plants. Add 10% to 20% biodiesel to petrochemical diesel oil, and carry heavy trucks.The car added this blended oil,tailThe emission of PM 2.5-PM 10 pollution particles can be reduced by 48% to 86%. For every ton of biodiesel produced by the company, the emission reduction in the whole life cycle reaches 2.98 tons of carbon dioxide equivalent.

It is precisely because of its green, environmental protection and renewable characteristics that biodiesel meets the hard-core standards of European carbon emission assessment, so it is favored by European Union and other countries. Today, Jinlihai Company digests 200,000 tons of waste oil every year and produces 160,000 tons of biodiesel, about 80% of which are exported.

"In the past, EU countries also used rapeseed to produce biodiesel, but it is more cost-effective to use kitchen waste oil as raw material, and it reduces dependence on crops such as non-renewable mineral energy and food." Li Zhenjun said.

After that, he pointed to the Jingtang Port area in the southeast of the company, where there is a special export dock and storage tank for biodiesel, and it is also the only biodiesel bulk loading and unloading dock in the northern ports of China. "There are also European routes, which has accelerated the pace of our international capacity cooperation." Li Zhenjun said.

With the global consensus on climate change, and the proposal of "double carbon" goal in China in recent years, domestic diesel standards have been upgraded, and more and more petrochemical enterprises have mixed biodiesel with petrochemical diesel for automobiles and other uses to reduce pollution emissions.

Represented by enterprises such as Jinlihai, "Luannan Countyestablish‘Circular economy and green development’Ideas,in the process offorge‘A city without waste’,Implement clean and low-carbon transformation,driveUrban sustainable development."Jia Xiumei, deputy head of Luannan County, said.

Since this week, the Regulations on Export Control of Dual-use Items in People’s Republic of China (PRC) have been promulgated; Shanghai issued a three-year action plan to promote the transfer and transformation of scientific and technological achievements; Slanjihong’s 8-inch SiC power device chip manufacturing production line will be connected in Q3 next year; From January to September, China’s automobile production and sales exceeded 20 million vehicles; Gree establishes automotive technology company in Shanghai …

Hot spot wind direction

The Ministry of Industry and Information Technology and the National Development and Reform Commission deployed and built a pilot platform for new materials.

Recently, the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the Guide for the Construction of Pilot Platform for New Materials (2024-2027), focusing on the key common technologies of short-board material breakthrough and cutting-edge material innovation, aiming at supporting the transformation of scientific and technological achievements into industrialization capabilities, supporting and guiding local governments to carry out pilot platform construction and capacity improvement for new materials, solving the problems of insufficient overall layout, low construction quality and insufficient service support of pilot platforms in the field of new materials in China, and creating a number of high-level pilot projects.

The "Construction Guide" proposes to focus on the strategic needs of accelerating new industrialization and building a manufacturing power, focusing on key short-board materials related to national security and economic construction, leading the frontier materials of emerging industries and future industrial development, focusing on key common technologies with obvious "by analogy" effect and strong industry progress, and determining key areas for the construction of pilot platforms for new materials.

Ministry of Industry and Information Technology: Vigorously develop humanoid robots, brain-computer interfaces, 6G and other new fields and new tracks.

On October 14, the State Council held a press conference to introduce the situation of increasing assistance to enterprises.

Wang Jiangping, Vice Minister of the Ministry of Industry and Information Technology, said that the Ministry of Industry and Information Technology will issue implementation opinions to promote future industrial innovation and development, and vigorously develop humanoid robots, brain-computer interfaces, 6G and other new fields and new tracks. At the same time, support enterprises to build an "upgraded version" of intelligent manufacturing, focus on the application of intelligent manufacturing technology in typical industries, and gradually cultivate a number of intelligent factories with basic, advanced, excellent and pilot levels.

Map Technology Review Center of the Ministry of Natural Resources: More than 400 advanced assisted driving maps have been reviewed.

A few days ago, Wang Wei, deputy director of the Map Technology Review Center of the Ministry of Natural Resources, said that since the establishment of the Ministry of Natural Resources in 2018, more than 400 high-level assisted driving maps have been approved. In the first half of this year, 11 map vendors provided daily average location services for trillions of times, and the total daily average navigation service mileage reached 4 billion kilometers.

Wang Wei said that the next step will be to coordinate development and safety, guide the safe application of self-driving maps in the intelligent networked automobile industry, promote the transformation and upgrading of the geographic information industry, provide rich data elements for the construction and high-quality development of digital China, and strictly adhere to the management bottom line of surveying and mapping geographic information in order to build a new security pattern.

Shanghai released a three-year action plan to promote the transfer and transformation of scientific and technological achievements

On October 12th, "Shanghai Action Plan for Promoting the Transfer and Transformation of Scientific and Technological Achievements (2024-2027)" was released, and 6 actions and 18 tasks were implemented to further enhance the transformation efficiency of scientific and technological achievements.

The Action Plan proposes that by 2027, the turnover of Shanghai technology contracts will exceed 800 billion yuan; The cumulative contract value of scientific research institutions for the transformation of scientific and technological achievements reached 100 billion yuan, and more than 2,000 enterprises were transformed and incubated with scientific and technological achievements; Cultivate more than 100 concept verification centers, open innovation centers and technology transfer institutions with professional service level, outstanding operation mode and obvious demonstration effect, and attract more than 3,000 professional and compound technical managers.

"Implementation Plan for Promoting 5G Lightweight (RedCap) Penetration Action in Hubei Province" was released.

Recently, the "Implementation Plan for Promoting the Penetration of 5G Lightweight (RedCap) in Hubei Province" was issued, proposing "five enhancements" to promote the commercialization process of 5G RedCap in Hubei Province in a solid and orderly manner.

The "Proposal" clarifies five key tasks. First, it strengthens the foundation of standards and empowers industrial integration; The second is to strengthen network upgrade and support application requirements; The third is to strengthen technical research and improve adaptability; The fourth is to strengthen the promotion and application and create a demonstration benchmark; The fifth is to strengthen risk assessment and build security. In order to ensure the effective implementation of work tasks, three safeguard measures are put forward, including strengthening the implementation of responsibilities, security and personnel training.

Project dynamics

Hui Ke Mini-LED project and high-power chip heat dissipation and sealing project landed in Mianyang.

On October 18th, Hui Ke Co., Ltd. held a signing ceremony for the project investment agreement with Mianyang City. The Hui Ke Mini-LED project and the Hui Ke high-power chip heat dissipation and sealing test project with a total investment of 10 billion yuan settled in Mianyang.

The Mini-LED project in Hui Ke mainly produces high-end Mini-LED direct display modules and high-end Mini-LED backlight modules, which are widely used in the fields of displays, mobile phones, flat panels, car displays and so on. Hui Ke high-power chip heat dissipation and sealing test project products are widely used in the fields of semiconductor display, new energy, automotive electronics and communication technology, and are important supporting industries in the upstream of new display and automotive electronics.

Slanjihong’s 8-inch SiC power device chip manufacturing line will be connected in Q3 next year.

According to Xiamen Gongxin, the Slanjihong 8-inch SiC (silicon carbide) power device chip manufacturing production line project has recently entered the final stage of earthwork. The first phase of the project is expected to be initially put into operation at the end of the third quarter of 2025 and trial production in the fourth quarter.

Slanjihong’s 8-inch SiC power device chip manufacturing production line project has a total investment of 12 billion yuan, which will be built in two phases, of which the first phase project has a total investment of 7 billion yuan, and the annual output of 420,000 8-inch SiC power device chips is expected to reach 6.7 billion yuan. After the two phases are completed and put into production, the annual production capacity of 720 thousand 8-inch SiC power device chips will be formed. On June 19th, 2024, the Slanjihong 8-inch silicon carbide power device chip manufacturing production line project started in Xiamen.

The first phase investment was 5.9 billion yuan, and the industrialization project of CRRC medium and low voltage power devices was completed and put into production.

On October 17th, the first phase of CRRC low and medium voltage power device industrialization (Yixing) project with an investment of 5.9 billion yuan was completed and put into operation in 18 months.

It is reported that the CRRC low-voltage power device industrialization (Yixing) construction project started pile foundation construction at the end of May last year, and the main workshop was capped in December last year. After the completion and commissioning of the CRRC medium and low voltage power device industrialization (Yixing) construction project, the annual production capacity of 360,000 pieces of 8-inch medium and low voltage component substrates can be increased (the production capacity of infrastructure and public facilities is 720,000 pieces/year).

Enterprise dynamics

ByteDance model training was attacked by interns? People familiar with the matter said that it did not affect the big model of bean bags.

Recently, it was reported that the large-scale model training of a head factory was invaded by interns and damaged code was injected, which made its training results unreliable and may require retraining. It is said that more than 8,000 cards have been injected into the hacked code, and the losses may exceed 10 million dollars. It is rumored that the intern took advantage of the vulnerability of HF(huggingface) and wrote destructive code in the company’s shared model, which led to the training effect of the model fluctuating and unable to produce the expected training effect.

According to informed sources, the big factory is ByteDance, and the descriptions of "injecting more than 8,000 cards" and "losing tens of millions of dollars" are untrue and too exaggerated; The affected business is not a big model of bean curd, but a model training task of commercial technical team, which affects some business progress of advertising department, but does not affect online business. At present, ByteDance has dismissed the intern, and informed the relevant industry alliance and the school where the intern is located.

Tesla Giga Shanghai delivered over 88,000 vehicles in September.

According to the data of the Association, Tesla Giga Shanghai delivered more than 88,000 vehicles in September 2024, up about 20% year-on-year. According to statistics, Tesla’s sales in China reached a new high this year with the achievement of over 72,000 vehicles, up 14% from the previous month and 66% from the same period last year. Among them, Tesla Model Y topped the domestic luxury car market with sales of more than 48,000 vehicles; Model 3 also sold more than 24,000 vehicles with a 32% quarter-on-quarter increase, ranking first in the luxury car market.

According to official Tesla data, in less than four years, Tesla Giga Shanghai has exported 1 million vehicles.

Core Bida completed a new round of financing of nearly 100 million yuan.

On October 14th, Wuhan Xinbida Microelectronics Co., Ltd. (referred to as "Xinbida") announced the completion of the A1 round of financing. This round of financing was led by Xinwei Capital, and investment institutions such as Optics Valley Financial Holdings participated together. The funds will be mainly used for the R&D and mass production of next-generation system basic chips (SBC), domain controller chips and driver chips, further enriching the company’s product matrix and strengthening the company’s market expansion. Core Bida pointed out that the new round of financing is nearly 100 million yuan.

Core Bida is a company specializing in the design of serial-analog hybrid chips for vehicle specifications, which was founded by a senior domestic automotive electronic chip research and development team. Core Bida follows closely the development trend of the new generation electronic and electrical architecture of smart cars, and its product line covers many key fields such as analog power chips, system-based chips (SBC), computing control chips and wireless communication chips.

After three years of establishment, Bose Quantum has completed five rounds of financing and won hundreds of millions of yuan in financing.

On October 15th, Beijing Bose Quantum Technology Co., Ltd. (hereinafter referred to as "Bose Quantum") officially announced the completion of several hundred million yuan of Series A financing, which is the fifth round of financing accumulated since the establishment of Bose Quantum more than three years ago. The financing was led by Qifu Capital, followed by Amoeba Capital, Yuanhe Capital and Infotek.

The financing will be mainly used in the following three aspects: first, the continuous research and development of coherent optical quantum computers and the formation of small batch production capacity; Second, the ecological construction of "quantum computing+"and the practical application of various industries; The third is to continue to invest in the research and development and layout of general optical quantum computer technology.

During this time, I believe that the whole people are concerned about how to improve their resistance and reduce the impact of the epidemic on their health. For some elderly people with weak resistance, it is even more necessary to do comprehensive protection and pay attention to strengthening their physique. In addition to strengthening physical exercise, it is also very important to supplement nutrition in time. Many people ask about the full-nutrition formula foods suitable for the elderly. In fact, compared with general health care products, medical nutrition products such as Abbott Quanan are more suitable for the elderly who need to improve their resistance.

What are the total nutrition formula foods?? It is more reliable to choose this one!

Medical nutrition refers to the integration of medical and nutritional professional knowledge, through scientific and professional formula nutrition guidance, strict product quality inspection and a large number of clinical verification, to meet the nutritional needs of people with limited eating, digestive and absorption disorders, metabolic disorders or specific diseases for normal activities and growth.

In China, medical nutrition is also called formula food for special medical use. If you don’t know about formula food for special medical purposes, you can simply understand it as follows: special medical food is a kind of medical food that can supplement nutrition [1].

The reason why formula food for special medical use is more scientific, safer and more effective is because China’s food safety system has formulated a series of standards for formula food for special medical use, namely General Rules for Formula Food for Special Medical Use (GB29922-2013)；). General Principles of Infant Formula for Special Medical Use (GB25596-2010)；); Good manufacturing practice for formula food for special medical use (GB29923-2013)[2]. Only products that meet the above three standards can be called formula food for special medical use. The nutritional types and contents of special medical foods have been clinically verified and studied by experts, and the threshold is relatively high. Although general health care products can also provide some nutrients needed by the human body, they are definitely not up to the standard of medical nutrition.

Faced with the current situation of repeated epidemics, many elderly people will worry about whether it will increase the risk of infection after liberalization. Older people with physical diseases and poor immunity are more worried about the serious situation caused by infection. In fact, experts have testified that medical nutrition can play an important role in the prevention and treatment of Covid-19. Using scientifically matched medical nutrition formula can help the elderly to supplement comprehensive nutrition and improve their resistance. Abbott Quansu, as one of the registered and approved foods with full nutrition for special medical purposes, belongs to the category of medical nutrition.

What are the total nutrition formula foods?? Abbott is the best choice!

Abbott’s total safety contains not only three energy-supplying substances that can provide energy for body activities: protein, lipids and carbohydrates; It also contains a variety of vitamins and minerals necessary for the human body, as well as rich dietary fiber, with a total of 35 nutrients. Not only can it be used as a nutritional supplement for daily meals, but it can also be eaten as a single nutritional source.

For middle-aged and elderly people, people prone to digestive and absorption disorders such as chronic gastritis and malabsorption, Abbott Quansu contains three kinds of high-quality proteins, which can supplement balanced nutrition and use digestible protein and fat, so that the elderly can absorb nutrients to the greatest extent and reduce nutrient loss; At the same time, the dietary fiber derived from inulin and prebiotics in Abbott Quansu helps to maintain normal intestinal function and help the elderly maintain normal body function [3].

At present, the epidemic situation in China has not yet entered a stable stage, and all parts of the country have entered the peak of infection one after another. This winter is also a very difficult stage for many elderly people. During this period, the elderly need to keep warm and protect themselves. At the same time, they need to know what all-nutrition formula foods are, and start with some medical nutrients like Abbott’s Quanan, so as to supplement enough nutrition for themselves, so that their bodies can have better self-protection and stand more stably when dealing with external health threats.

References:

Wang Chunying, Li Xiaojun, Ma Yueying, Gong Hong, Feng Qian, Liu Yanmin. Analysis of the present situation of formula food for special medical use [J]. Agricultural products processing, 2018(21):63-67+70.

Han Junhua. Interpretation of General Principles of Formulated Foods for Special Medical Use (GB29922—2013) [N]. China Food News, 2014-09-02(008).

Wang Saibo, Cao Jun, Yuan Tianwen, He Yang, Zhou Xing, Peng Kong, Yan Bisong. Effect of high-calorie nutritional support on nutritional status and survival rate of patients with ALS after gastrostomy [J]. China Medical Guide, 2021,23(09):657-661.

Since the beginning of this year, Jingzhou City, Hubei Province has issued the "Opinions on Promoting the Rapid and Healthy Development of Small and Micro Enterprises" to improve the business environment and help enterprises solve difficulties and increase efficiency. An Bofu Electric System Co., Ltd. mainly supplies joint venture automobile brands. Thanks to the good local business environment, this year, the company has newly accepted orders for the supply of wire harnesses for several brands of cars, plug-in hybrid vehicles and other models. The picture shows workers inspecting automotive wiring harness in the company’s production workshop. Photo by Huang Zhigang (People’s Vision)

　　The Central Economic Work Conference proposed to deepen the reform of the economic system, including building a high-standard market system, accelerating the reform of state-owned assets and state-owned enterprises, deepening the reform of the fiscal and taxation system, and accelerating the reform of the financial system. Experts pointed out that from high-speed growth to high-quality development, China’s economy is going through a "gear-changing period". To do a good job in the economic work in 2020, we should not only take "stability" as the priority, keep the economic operation in a reasonable range, but also deepen the reform of the economic system, so as to ensure the reasonable growth of China’s existing economy and a more qualitative and steady improvement.

　　Building a high-standard market system

　　The Central Economic Work Conference proposed to speed up the construction of a high-standard market system. How to understand the high standard market system?

　　Hu Min, a researcher at the Central Party School (National School of Administration), said that building a modern economic system and achieving high-quality development is the strategic goal of China’s current development, which requires efforts to build an economic system with effective market mechanism, dynamic micro-subjects and moderate macro-control, and to build a high-standard market system, so as to completely get rid of the drawbacks that constrain the vitality of market subjects and hinder the full play of market and value laws, and build a more mature and stereotyped market system support for high-quality development.

　　Many experts pointed out that the so-called "high standards" should be based on the fairness and openness of market competition. Wei Jianing, a researcher in the Macroeconomic Research Department of the State Council Development Research Center, believes that the next step should be to promote the transformation of industrial policies and emphasize fair competition in the market, so as to promote the transformation and upgrading of industrial structure. Hu Min also stressed that only by removing all kinds of regulations and practices that hinder unified market and fair competition can we ensure equal and fair opportunities for all kinds of market players to participate in the market, which is conducive to promoting enterprises to achieve survival of the fittest.

　　To build a high-standard market system, we should also improve the protection system of property rights and intellectual property rights, strengthen the protection of business secrets of enterprises, promote the construction of factor market system, strengthen the basic position of competition policy, promote the development of advanced manufacturing industry, revitalize the real economy, improve the system and mechanism of scientific and technological innovation, and build a new open economic system with a higher level.

　　Grasp the key points and carry out reform

　　Petunia should lead its nose, and reform should also focus on the key points. The reform of state-owned assets and state-owned enterprises, the reform of fiscal and taxation system and the reform of financial system are regarded as the "bull nose" to deepen the reform of economic system.

　　— — Accelerate the reform of state-owned enterprises and promote the optimization and adjustment of the layout of state-owned capital.

　　State-owned enterprises have always been the "stabilizer" and "ballast stone" of the national economy. According to data from the Ministry of Finance, from January to November 2019, the total operating income of state-owned and state-controlled enterprises nationwide was 55,745.53 billion yuan, a year-on-year increase of 6.4%. Among them, the operating income of central enterprises supervised by SASAC increased by 5% year-on-year, and the profit growth rate was as high as 9%.

　　Feng Qiaobin, deputy director of the Macroeconomic Research Department of the State Council Development Research Center, analyzed that the next step, the reform of state-owned enterprises should accelerate the transformation from managing enterprises to managing capital on the premise of strengthening supervision and preventing loss. We should focus on enhancing the vitality of enterprises and inspiring entrepreneurs to start businesses.

　　— — Reform the management mode of land planning and deepen the reform of fiscal and taxation system.

　　Perfecting legislation, clarifying powers, reforming tax system, stabilizing tax burden, transparent budget, improving efficiency and establishing modern fiscal system are the goals of current fiscal and taxation system reform. In the next stage, Feng Qiaobin believes that on the basis of consolidating the effect of tax reduction and fee reduction, we should speed up the reform of power and expenditure responsibility, speed up the improvement of local tax system, fully implement performance budget management, and optimize the structure of fiscal expenditure.

　　— — Accelerate the reform of the financial system and improve the basic system of the capital market.

　　Recently, a number of financial reform measures have been introduced. Experts stressed that the focus of deepening financial reform is still on unblocking the transmission mechanism of monetary policy. In the coming year, large banks should continue to promote the sinking of service focus, while small and medium-sized banks should focus on their main business and effectively alleviate the financing difficulties and expensive difficulties of the majority of small and medium-sized private enterprises.

　　Optimizing Business Environment and Supporting Private Economy

　　The Central Economic Work Conference put forward that it is necessary to improve the property right system and the market-oriented allocation of factors, improve the legal environment supporting the development of the private economy, and improve the policy system for the development of small and medium-sized enterprises.

　　Achieving high-quality development is inseparable from the vigorous development of private enterprises and the vast number of small and medium-sized enterprises. Private economy has the characteristics of "56789" — — Contribute more than 50% of tax revenue, more than 60% of GDP, more than 70% of technological innovations, more than 80% of urban employment and more than 90% of enterprises.

　　Since the beginning of this year, relevant favorable policies have been introduced one after another, offering "real money and silver" to private and small and medium-sized enterprises. According to China Banking and Insurance Regulatory Commission data, as of the end of the third quarter of 2019, the number of Pratt & Whitney small and micro enterprise loans with a total credit of 10 million yuan or less reached 20.864 million, an increase of 3.6316 million compared with the beginning of the year; The loan balance of small and micro enterprises nationwide was 36.39 trillion yuan, of which the loan balance of inclusive small and micro enterprises with a total credit of 10 million yuan or less was 11.31 trillion yuan, an increase of 20.81% over the beginning of the year.

　　However, the improvement of the operating environment and financing environment of private and small and medium-sized enterprises was not achieved in a day, and efforts will be made again in 2020. Recently, in order to further improve the business environment, the Central Committee of the Communist Party of China and the State Council issued Opinions on Creating a Better Development Environment to Support the Reform and Development of Private Enterprises. The Opinions clarify that market access will be greatly relaxed in infrastructure, social undertakings, financial services and other fields, and barriers such as "glass doors" and "spring doors" will be broken to create a more level playing field. In addition, we should improve the direct financing support system for private enterprises, protect the property rights of private enterprises and the legitimate rights and interests of private entrepreneurs, and provide institutional guarantee for the development of private economy.

Editor’s Note: This article is contributed by a columnist, from Mantis Finance, by Chen Xiaojiang.

From 2016, Soul launched the APP, started commercialization in 2019, and then accelerated the sprint performance in 2020. Soul, a social platform for strangers who socialize with their souls, officially embarked on the journey of listing in the United States in 2021.

A few days ago, Soul formally submitted a prospectus to the SEC to apply for listing on NASDAQ. It is reported that the highest valuation of Soul can reach $2 billion. Compared with the market value of Momo, the head company of the track, which is 2.87 billion US dollars, whether the valuation of Soul is too high or not has become a hot topic.

In addition, with the publication of the prospectus, people have more knowledge about Soul, and their doubts have also increased accordingly. A series of old and new problems around Soul, such as burning money too fast, tight cash flow, the higher the revenue, the greater the loss, and former employees "fishing" to attack their opponent Uki, have also become hot topics of discussion at present.

Compared with the market and public opinion torture, Soul is still facing a more difficult legal lawsuit.

According to Xinhua Finance’s report on May 24th, Shanghai Niuka Information Technology Co., Ltd. (Uki) sued Shanghai Anyimen Technology Co., Ltd. (Soul) for unfair competition, and the case number was "(2021) Hu 0115 Minchu No.37860", and the subject matter of the case was 26.93 million yuan. At present, Soul has been frozen by 26.93 million yuan, and this may not be just a question of money.

Although listing is beautiful, for many enterprises, listing is also a life-and-death robbery-while enterprise information is open, it also faces torture and scrutiny from all sides. Soul is the same, and there are at least nine doubts about it.

First, burning money too fast, how can we solve our worries?

According to the prospectus, as of the end of the first quarter of 2021, the cash on Soul’s account was 475 million yuan. According to the rate of burning money in the first quarter of this year (471 million yuan), this money is only enough to burn for three months.

(Image from Soul Prospectus)

The problem of tight cash flow is not the first time Soul has faced it. According to the prospectus, as of the end of 2019, the end of 2020 and the end of the first quarter of 2021, the cash and cash equivalents held by Soul were 41.21 million yuan, 626 million yuan and 475 million yuan respectively. In the same period, the net (decrease) increase in cash and cash equivalents was-353 million yuan, 585 million yuan and-151 million yuan respectively.

(Image from Soul Prospectus)

This shows that in the past two years, the money from Soul financing has been burned out continuously, and its net cash flow has been flowing out. How to avoid tight cash flow and leave more room for self-development is the first problem that Soul should think about.

Second, the more you earn, the more you earn. Is the business model working?

Behind the tight cash flow, it is related to the commercial realization path of Soul.

According to the prospectus, Soul has three sources of income: value-added services, advertising revenue and issuing virtual currency. At present, almost all of its income comes from value-added services, and the other two have limited contributions.

The data shows that by the end of 2019, the end of 2020 and the end of the first quarter of 2021, the income of Soul was 70.71 million yuan, 498 million yuan and 238 million yuan respectively, and the earning power has been increasing.

(Image from New Economy IPO)

But at the same time, its losses are also increasing, and the more losses, the more fierce.

In 2019 and 2020, Soul lost 349 million yuan and 601 million yuan respectively, while in the first quarter of 2021, it lost 410 million yuan, and accumulated a loss of 1.36 billion yuan in more than two years.

The more you earn, the more you owe to Soul. How to optimize the liquidation path and efficiency and improve profitability is the second problem to be solved.

Third, users are growing, but the retention rate is not high, and value-added services are not "value-added".

Due to the huge investment in advertising marketing, the number of Soul users has greatly increased since 2019.

By the end of 2019, 2020 and the end of the first quarter of 2021, its monthly users were 11.5 million, 20.8 million and 32.3 million respectively. The daily users are 3.3 million, 5.9 million and 9.1 million respectively. In the same period, the conversion rate of paying members also increased, but the growth rate slowed down, which were 2.3%, 4.5% and 4.8% respectively.

Although users are growing, the retention rate is not high. According to market statistics, the retention rate of Soul in the next month is only 16.17%, which is lower than 42.47% of exploration.

In addition, the number of users and the payment rate are increasing, but the problem of "earning much more thanks" is still unsolved, which also means that its value-added services are still not "value-added" for revenue.

Fourth, the soul has become stale, the number of payment checkpoints has increased, and advertisements and e-commerce have come together. Can we still have a good chat?

For social platforms, how to balance commercialization and platform atmosphere has always been a difficult problem.

For Soul users, going to Soul just wants to make friends. But for Soul, commercialization is the only way for a commercial company.

Since the commercialization of VAS value-added services was launched in 2019, Soul has also increased its advertising business in the third quarter of 2020, and launched the Giftmoji social e-commerce in the first quarter of 2021, and its realization path is increasing. However, when there are more payment checkpoints, advertisements and e-commerce come together, and some users say that the Soul has "gone bad".

Among Zhihu’s 9394 answers to "Why did you uninstall Soul", the second answer is: "Young, low quality, violent, and gentle in fake literary costumes." The answer said that after seeing the overwhelming love advertisements, many people found that they were all looking for someone to play games.

Fifth, the release of virtual currency, can curve exchange physical goods, strangers social e-commerce feasible?

Social e-commerce is very popular in recent years. Its essence is to use the trust and recommendation between acquaintances to achieve rapid transformation, and the foundation lies in "social relations between acquaintances". From this perspective, it is not difficult for Soul to develop social e-commerce through Giftmoj.

According to the prospectus, Giftmojis is a virtual gift that can be exchanged for physical gifts, and users can give each other gifts, while physical gifts are provided by Soul’s supplier partners. Soul’s profit path in this mode is to earn the difference between the purchase price of physical suppliers and the sales price of the platform.

You need to use the platform’s virtual currency-Soul currency to buy Giftmojis. Soul calls it a virtual commodity used in the App, and its one-way conversion ratio with RMB is 5: 1, which does not have the nature and function of legal tender. After recharging, it cannot be reversely converted into RMB or transferred.

Interestingly, Soul users buy Giftmojis——Giftmojis soul coins-giftmojis are exchanged for real goods, realizing the path of buying real goods with soul coin curve.

According to the "Notice on Strengthening the Management of Virtual Currency in Online Games" issued by relevant departments, the use of virtual currency in online games is limited to the exchange of virtual services provided by the issuing enterprises themselves, and may not be used to pay for or purchase physical products or exchange any products and services of other enterprises.

Therefore, it is worthy of Soul’s deep thinking whether it will touch on the relevant regulations to exchange the soul coin curve for physical goods.

Sixth, strangers socialize, and live broadcast is the most profitable. Soul, which doesn’t look at the face and socialize, has not been broadcast live. Is it a problem to go online?

Soul’s value-added service income mainly refers to membership fees. In 2019, after Soul launched the membership function "Super Star" and the virtual currency system, users can get virtual goods or functional privileges through recharging. Its core is to meet the needs of users’ personalization and show off.

However, Momo has proved by the road he has traveled that this is not a way to realize the "sunshine road". Momo’s solution is the live broadcast of the show-based on his "seeing the face and socializing".

Since the first quarter of 2016, Momo Live has surpassed membership subscription and mobile marketing, becoming its largest revenue source. By 2020, Momo’s live video revenue service will account for 64.1% of the total revenue, which is also the key to its profit for 24 consecutive quarters.

Soul, which focuses on "socializing without looking at face", has never been broadcast live. Whether to catch the last bus of live broadcast is a dilemma for Soul-the core of socializing without looking at face has changed. Without live broadcast, how to find a more effective way to realize cash has become a difficult problem.

More importantly, with the decline of the live broadcast of the show, Momo also admitted that the follow-up may not be able to continue to grow or continue to achieve profitability through such services. This means that on the path of realization, the path that Soul can choose has narrowed again.

Seventh, Tencent is the largest shareholder of Soul. Will Soul be "pipelined"?

In the Soul prospectus, the risk factor mentioned that one of our major shareholders (Tencent) provides similar products and services that compete with us.

Judging from its shareholding structure, Tencent’s shareholding in Soul is currently 49.9%, which is more than 32% held by its founder and CEO Zhang Lu. It is the largest external single shareholder and owns 25.7% of the voting rights of the company (Zhang Lu has 65% of the voting rights).

Because strangers focus on "making new friends", making friends is a low-frequency demand, and after becoming friends, strangers become acquaintances. Whether users who become acquaintances will flow out to platforms such as WeChat and QQ, and whether Soul will be "pipelined" is also a question that needs to be considered.

Eighth, concealing the punishment of the APP being taken off the shelf, and being suspected of "setting up a bureau" for the opponent’s shabu-shabu employees, is Soul worried?

According to media reports, at the end of June 2019, in the national "Special Remediation Action for Network Audio Chaos", 26 audio platforms were punished by steps such as interviewing, taking off the shelves and shutting down services. Soul, which focuses on voice socialization, is one of them. Until the end of August 2019, Soul App was re-launched in major application stores. On November 13th of the same year, Soul was removed from the Apple App Store again.

Objectively speaking, social platforms for strangers such as Momo and Soul, as well as other audio and video content platforms, are easy to breed the content of the edge ball, which requires high content review ability of the platform, which is also an industry problem.

Interestingly, Soul said in the prospectus that in July 2019, due to some defects in Soul’s data privacy measures, it received a written notice from the regulatory authorities to correct it, but did not impose any punishment on Soul.

(Image from Soul Prospectus)

In addition, according to 21st century business herald, Li, a partner and former director of Soul, is responsible for the company’s product operation and content review. After Soul was removed from the shelves in October 2019, Li instructed his subordinates and company employees Fan to collect the illegal content on the competing Uki App platform. After collecting no results, he registered his own (Uki) account to post the illegal content on the other platform, and then took screenshots to report it to the relevant departments. This malicious report of self-setting directly led to Uki being taken off the shelf for three months. Now these two people have been convicted by the court.

Interestingly, in the prospectus, Soul said that "we have no negligence responsibility in this matter" and was teased by netizens as "a shabu-shabu employee".

Objectively speaking, there are indeed some doubts behind it. On the one hand, the employees involved are directors of the company, and the company really doesn’t know about their actions. On the other hand, at the risk of imprisonment and huge fines (the court ordered them to compensate Uki Company for 3.3 million yuan), employees are so desperate for the company’s KPI? In addition, at least from the public level, the company’s values are also doubtful for employees of such a level to do such ridiculous things.

And Soul made such a statement in the prospectus. What are you worried about? I’m afraid it’s still a platform word-of-mouth problem. For any platform, it is not easy to establish a good reputation, but it is much easier to fall. However, the reputation of the platform does not depend on the description of the platform, but on the actions of the platform and the perception of the industry and users.

Ninth, there is a strong enemy before, followed by pursuers, which may be suspected of unfair competition. How should Soul break through?

Back to the stranger track, on the same day that Soul submitted the prospectus, the founders Wang Yu and Pan Ying withdrew from the company’s specific management affairs, and Wang Li, CEO of Momo Group, will temporarily hold the post of CEO of Exploration.

This means that after nearly three years of wholly-owned holding, Momo began to conduct a comprehensive "operation" on exploration, and the re-evolution of the two head players at the stranger social track will undoubtedly make the latecomer Soul more stressed.

The data shows that as of December last year, the registered users of Momo exceeded 100 million, and the cumulative registered users in the world exceeded 400 million. Except for the overlapping users, the two have a user volume of 400-500 million, which is almost difficult for Soul to surpass.

At the same time, judging from the malicious reporting of Uki by employees in the past, Soul is also quite jealous of Uki behind him. After the outbreak of this malicious incident, it also brought several influences.

On the one hand, it is equivalent to giving an advertisement to Uki for free, which is equivalent to telling users that Uki and Soul are doing the same thing, and they are evenly matched.

On the other hand, from the point of network public opinion, there has been a wave of "supporting Uki and resisting Soul", and netizens almost support Uki one-sidedly, and even download support.

In addition, strangers’ socialization is different from acquaintances’ socialization, without the shackles of social relationship chain, and user stickiness mainly comes from gameplay. Because both Uki and Soul are oriented to Z-generation users, they are mainly interested in social interaction and intelligent recommendation of AI algorithms, and they all have IM functions such as graphics, text and voice, and their users overlap, functions and gameplay are similar. If you insist on the difference, in terms of gameplay, Uki may be simpler, while Soul is more complicated.

It can be seen that going to Soul or Uki to make new friends makes little difference to many users. With the support of public opinion, Uki, which has been put back on the shelves, is destined to be a strong enemy of Soul.

Therefore, as far as the stranger social track is concerned, there is a strong enemy of this combination before Soul, and then there is a pursuer like Uki. How to attack and defend is a difficult problem.

A few days ago, Uki initiated a civil lawsuit against Soul on the grounds of "unfair competition", which was filed by the court and the funds were frozen, which deepened the concern of the capital market and the public about Soul. If Soul loses the case, it will not only make the tight cash flow more tense, but also damage the brand image and user trust, and make the market re-examine the path and sustainability of its user growth.

On the whole, Soul has made a staged achievement when it embarked on the journey of listing. But there is not a smooth road before Soul, and there are still many problems to be solved on its way forward.

In the short term, listing can delay Soul’s "financial anxiety", but it is difficult to solve its "user anxiety", which is also Soul’s biggest anxiety. This can also be seen from its series of initiatives.

First of all, Soul spent a lot of money on advertising marketing and user acquisition, even if it suffered huge losses and tight cash flow.

According to the prospectus, in 2019 and 2020, the marketing expenses of Soul accounted for 289.2% and 124.7% of the revenue respectively. In the first quarter of 2021, the proportion rose sharply to 197.6% again, much higher than 82.8% in the same period last year.

Judging from the proportion of company expenses, Soul’s expenses are mainly divided into four parts: marketing expenses, revenue costs, R&D expenses and administrative expenses, among which marketing expenses account for far more than the other three. Taking 2020 as an example, its marketing expenses account for 62.9% of the total cost, and the latter three accounts for 9.7%, 18.3% and 9.1% respectively.

And the money that Soul melts every time will soon hit marketing. For example, Soul, which received an investment of more than 900 million yuan from Tencent after Q2 in 2020, started the crazy money burning mode in the next few quarters. From Q3 in 2020 to Q1 in 2021, the marketing expenses of Soul reached 213 million yuan, 291 million yuan and 471 million yuan respectively.

Secondly, we should guard against our competitors, even friendly troops.

Different from acquaintance socialization, it will be relatively embarrassing for strangers to build a relationship chain socially. Once strangers become acquaintances, they may transfer to acquaintance socialization. This is also the reason why Tencent is the largest shareholder of Soul, and at the same time it is blocked by related keywords such as WeChat and QQ in the chat interface.

If we are afraid that Tencent will use it as a "pipeline" spare tire, it is normal anxiety to block the WeChat and QQ of friendly Tencent. Then the former employee maliciously set up a report to Uki with similar functions and higher daily retention rate of users, and its action has been deformed.

According to the prospectus, as of the end of 2019, the monthly and daily users of Soul were 11.5 million and 3.3 million respectively. Sun Mingjun, founder and CEO of Uki, said in an interview with Titanium Media App that before it was taken off the shelves in 2019, the user scale of Uki had reached 10 million, and the daily activity had reached about one million, and it was in a stage of rapid growth-from 2018 to the end of 2019, the user growth was nearly three times, and if it was not taken off the shelves, it might increase by 4-5 times.

Most importantly, the user retention rate of Uki is higher than that of Soul.

According to the report "Insights into the Social Industry of Strangers in 2019" released by MOB Research Institute in June 2019, the daily retention rate of Uki at that time was 65%, higher than that of Soul’s 41.7%.

Therefore, if it is not removed from the shelves, Uki is obviously a great rival of Soul in the case of rapid growth and high daily retention rate, and even it is hard to say who is outstanding now.

According to Sun Mingjun’s estimation, in the three months after the product was taken off the shelf, from a quantifiable point of view, Uki missed at least 5 million new users besides the company’s income. The unquantifiable losses, including the loss of brand reputation, may lead to the loss of old users, affect the goodwill of new users, and the normal development momentum of the company.

Conversely, after Uki sued Soul, once its "unfair competition" was established (the final result is subject to the court’s judgment). Then Soul’s business reputation will collapse, and the loss of old users and the decrease of new users’ goodwill may be staged in Soul. This may be a big turning point for Soul and the whole stranger social track.

All in all, for the social platform for strangers, the user volume is still the bottom line and upper limit that determines the development of the enterprise. After the user scale is expanded, the income will rise and there will be more choices for realizing the path. Soul knows this well.

However, as far as its current user scale is concerned, it is obviously not enough to support it to go on the right track of profitability, to approach Mo Mo and explore, and to distance itself from latecomers such as Uki, which also makes Soul feel anxious and crisis.

As Soul mentioned in the prospectus, the biggest risk of its products lies in whether it can continue to increase the number of paying users. If there are problems in brand reputation, user privacy and data security, and users cannot grow as expected, then the operation of the whole company will also be greatly affected.

From this perspective, listing is not Soul’s "panacea". Through listing, Soul can further expand financing and alleviate "capital anxiety". But in the face of more complicated "user anxiety", Soul obviously needs to come up with a better way.

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