As a luxury car, Hongqi Guoya is priced at1.08 million to 2.08 millionBetween, the specific model prices are as follows:

The price range of 3.0T models is1.1 million to 1.2 million, of which the entry-level models are priced at about1.08 millionThe high-end models are priced at about1.18 million; The price range of the 4.0T model is1.3 million to 1.46 million, of which the five-seat model is priced at about1.3 million, the four-seat model is priced at about1.46 million.

Hongqi Guoya is positioned higher than Mercedes-Benz S-Class, and may even compete with top luxury brands such as Bentley or Rolls-Royce, showing its strong competitiveness in the high-end market.

This model not only has a competitive advantage in price, but also shows a unique charm in design and performance. Hongqi Guoya adopts a modern and elegant style in appearance design, while the interior is mainly luxurious and comfortable, equipped with advanced technology configuration, providing users with excellent driving experience.

In a word, Hongqi Guoya is not only competitive in price, but also outstanding in design, performance and configuration, making it a leader in the high-end luxury car market.

Gree Electric (000651) is gradually reducing its shares in listed companies recently.

In October this year, Wentai Technology (600745) announced the shareholding reduction plan of shareholder Gree Electric; In November, Haili Co., Ltd. (600619) disclosed the change of shareholder Gree Electric’s shareholding in the announcement. During the period from October to November, it has sold more than 40 million shares of Haili, and the cash amount is estimated to be more than 600 million yuan.

With the stable profit and abundant cash flow brought by household appliances, Gree Electric has made continuous foreign investment in the past few years, including not only Yinlong, which has attracted much attention, but also a number of A-share listed companies, and has quietly formed a huge investment map with a total market value of over 10 billion yuan.

But this year, Gree Electric’s "buy buy Buy" has slowed down and turned to reduce its shares in listed companies. What are the reasons behind it?

Reduce the shares of the two companies

At the beginning of November, Haili became a hot A-share stock, and its share price rose by more than 280% in just two months. As the second largest tradable shareholder of Haili, Gree Electric reduced his holdings in batches.

According to the announcement, Gree Electric reduced its holdings of Haili shares by 43,046,600 shares from October 10th to November 8th this year, accounting for 4.01% of the total share capital.

According to the third quarterly report of Haili in 2024, as of the end of the quarter, Gree Electric held 90,223,200 shares of Haili, accounting for 8.41% of the total share capital; Gree Electric’s Hong Kong Gree Electric Sales Co., Ltd. (hereinafter referred to as "Hong Kong Gree") holds 6,490,600 shares, accounting for 0.60% of the total share capital. Gree Electric and his concerted action Hongkong Gree hold a total of 96,713,800 shares, accounting for 9.01% of the total share capital.

After this round of reduction, Gree Electric and his concerted actions still hold 53,667,150 shares of Haili, accounting for 4.999993% of the total share capital, and they are no longer shareholders holding more than 5% of the shares of Haili.

From the operational point of view, the first wave of Gree Electric’s reduction period was from October 10th to November 5th, and the share price of Haili shares fluctuated upward, rising from early 10 yuan to near 14 yuan. During this period, the average price of reduction was about 10.44 yuan, so it is estimated that the amount of Gree Electric’s reduction was about 112 million yuan.

The second wave of Gree Electric’s reduction occurred on November 6th, when the word "T" of Haili shares was at the daily limit for most of the day. On this day, Gree Electric sold 25,551,600 shares, with an average price of 15.38 yuan, and the cash amount was about 393 million yuan.

The third wave of Gree Electric’s reduction was from November 7th to November 8th. On these two days, the share price of Haili shares continued to go up and down, with an average price of 16.59 yuan. The estimated cash amount of 6,763,700 shares sold by Gree Electric was about 112 million yuan. According to this calculation, Gree Electric’s accumulated cash in this round of reduction of Haili shares is more than 600 million yuan.

For this round of reduction, Gree Electric only briefly stated that this change in equity is a transaction according to his own business arrangement, and the company has no clear plan, agreement or arrangement to increase or decrease its equity in listed companies in the next 12 months.

In early October, Gree Electric also announced its plan to reduce its holdings of Wentai Technology. It is planned to reduce its holdings of Wentai Technology by means of centralized bidding, not exceeding 12,428,100 shares, not exceeding 1% of its total share capital. Prior to this reduction, Gree Electric and his concerted action Zhuhai Ronglin held 116 million shares of Wentai Technology, accounting for 9.33% of the company’s total share capital.

At present, Wentai Technology has not announced the progress of Gree Electric’s reduction. Since Gree Electric announced the plan to reduce its holdings, the share price of Wentai Technology has continued to fluctuate upward, with an increase of more than 20%.

Billion A-share investment map

With its leading position in the domestic air-conditioning industry, Gree Electric has achieved good performance growth in the past ten years, and also brought abundant cash flow. In 2017, Gree Electric’s book monetary funds approached 100 billion yuan, and it has been maintained at a scale of more than 100 billion yuan since then. It is from this moment that Gree Electric gradually increased its investment layout in the A-share market.

In September 2017, Gree Electric listed Haili shares in the secondary market for the first time, and listed for the second time in July 2018. By the end of the third quarter of 2018, Gree Electric and his concerted action Hongkong Gree held a total of 96.7138 million shares of Haili, accounting for 9.01% of its total share capital.

At the end of 2018, Gree Electric contributed 3 billion yuan to help Wentai Technology acquire Anshi Group by increasing its capital in Hefei Zhongwen Jintai and Zhuhai Ronglin, thus becoming an important shareholder of Wentai Technology. Gree Electric and his concerted action in Zhuhai Ronglin acquired 116 million shares of Wentai Technology, accounting for 9.33% of its total share capital.

In 2019, Sanan Optoelectronic (600703) launched a fixed increase plan of 7 billion yuan, and Gree Electric suddenly appeared on the subscription list, with a subscription amount of 2 billion yuan. In 2020, the increase of Sanan Optoelectronics was successfully implemented, and Gree Electric obtained 115 million shares of Sanan Optoelectronics.

In 2021, Gree Electric planned to enter the main shield environment. In 2022 and 2023, he acquired 410 million shares of shield environment at a total cost of 3 billion yuan, accounting for 38.78% of the latter’s total share capital. This is also the first time that Gree Electric has controlled a-share listed company.

Judging from the shareholding situation at the end of the third quarter of 2024, Gree Electric (including concerted action) held 96.7138 million shares of Haili, 116 million shares of Wentai Technology, 115 million shares of Sanan Optoelectronics and 410 million shares of Dunan Environment respectively. Based on the stock price at that time, the total market value of Gree Electric’s shareholding in these four listed companies was about 10.9 billion yuan. In fact, the share prices of these four listed companies rose to varying degrees during October and November.

In addition to the investment of A-share companies, the acquisition of Yinlong is also an important investment of Gree Electric. In August, 2021, Gree Electric won 30.47% equity of Yinlong at a total price of 1.828 billion yuan by participating in the public auction of judicial auction. Combined with the entrustment of Dong Mingzhu’s personal voting rights in 17.46% equity of Yinlong, he completed the holding of Yinlong and later renamed it Gree Titanium.

In December 2023, Gree Electric announced that it had acquired 24.54% of the shares held by the existing shareholders of Gree Titanium at a price of about 1.015 billion yuan. After the transfer, Gree Electric directly held 55.01% of the shares of Gree Titanium and controlled 72.47% of the voting rights.

Diversification through investment

From the time line, 2017 is the starting point for Gree Electric to build the A-share investment map. The Securities Times reporter noted that this year was also an important watershed in Gree Electric’s performance growth.

In 2017, Gree Electric’s net profit historically exceeded 20 billion yuan, reaching 22.400 billion yuan. From 2011 to 2017, Gree Electric’s net profit increased from 5.237 billion yuan to 22.400 billion yuan, an increase of 328%.

Since 2017, the growth rate of Gree Electric’s net profit has continued to slow down. By 2023, the company’s net profit has not exceeded 30 billion yuan. From 2017 to 2023, Gree Electric’s net profit increased from 22.400 billion yuan to 29.017 billion yuan, an increase of only 29.54%.

The slowdown in Gree Electric’s performance growth is largely due to the saturation of the core product air conditioning market, which Dong Mingzhu has long recognized. At the second China Manufacturing Summit held in July 2016, Dong Mingzhu publicly shouted the slogan of "diversification". She said: "Gree will continue to take the air-conditioning industry as the pillar, vigorously develop new energy, household appliances, industrial products, precision molds, mobile phones, smart equipment and other emerging industries, and transform Gree from a simple household appliance manufacturing enterprise to a precision manufacturing enterprise to achieve diversified and steady development."

Since then, foreign investment has also been regarded by Gree Electric as an important means of diversification.

Among them, Haili Co., Ltd. is one of the upstream compressor suppliers in Gree Electric. As for the reason why Haili shares were listed twice, Gree Electric responded at that time that it aimed to expand the industrial chain structure and integrate high-quality industrial resources, and build an international enterprise with a more complete industrial chain by taking advantage of talents, information and innovation in Shanghai’s international status.

Dong Mingzhu also said in an interview at that time: "Haili has a long-term cooperative relationship with us, and we are Haili’s biggest customer. We don’t have to hold it, but we can participate. For this reason, we have become shareholders of Haili, and we can communicate better technically. We hope to make Haili bigger and become a world-class compressor factory, not to fight for control. We don’t rely on stock appreciation to make money, but hope to make Haili better. "

Wentai Technology and Sanan Optoelectronics are both related to semiconductors. Gree Electric previously announced that investing in Wentai Technology will help the company to increase cooperation with Wentai Technology in communication terminals, Internet of Things, intelligent hardware and other businesses. With the help of Wentai Technology’s 5G R&D capability, the company will strategically lay out the 5G industrial chain, rely on the company’s leading advantages in the air conditioning field, seize the huge business opportunities of smart home and Internet of Things under the 5G platform, shape the core competitiveness under the new situation, and realize the "diversified" steady and coordinated development in the fields of smart home, smart equipment and communication equipment.

Regarding the strategic shareholding in Sanan Optoelectronics, Gree Electric said that it will help the company’s central air conditioning, intelligent equipment, precision molds, photovoltaic and energy storage sectors to enter the semiconductor manufacturing industry, and at the same time, through cooperative research and development with Sanan Optoelectronics in the semiconductor field, it will help to further enhance the company’s technology accumulation in related fields.

Regarding the holding environment of Dunan, Dong Mingzhu personally responded at the 2021 annual general meeting of shareholders: "Gree rarely made mergers and acquisitions in the past, but as you can see, we recently acquired Dunan (Environment). This company is our long-term partner, providing us with accessories. When they were in the most difficult time, we couldn’t watch it collapse, so we lent a helping hand. We believe that this is to save others and a breakthrough for us, because our control over the industrial chain is more complete. "

Why turn?

Compared with a few years ago, Gree Electric’s investment layout turned to be cautious in 2024, and basically stopped the action of foreign investment in shares, and began to sell its shares of listed companies in the secondary market after entering the fourth quarter. Why did Gree Electric shrink its investment territory at this time?

"Previously, Gree Electric had outstanding business performance and sufficient cash reserves. In order to better manage cash and establish a strategic layout conducive to Gree’s long-term development, it made some equity investments. However, as Gree Electric’s demand for liquidity increases, the effect of some strategic cooperation is not as good as expected, so the action of reducing its holdings is made. " Shen Meng, director of chansons Capital, said in an interview with a reporter from Securities Times E Company.

The reporter noted that the third quarterly report of 2024 recently disclosed by Gree Electric is a good observation window. In the first three quarters of this year, Gree Electric achieved operating income of 146.722 billion yuan, down 5.34% year-on-year; The net profit was 21.961 billion yuan, a year-on-year increase of 9.30%. Among them, the operating income in the third quarter was 46.939 billion yuan, a year-on-year decrease of 15.84%; The net profit was 7.825 billion yuan, a year-on-year increase of 5.47%.

Gree Electric’s abundant cash flow used to be a solid guarantee for large-scale foreign investment, but in the first three quarters of this year, Gree Electric’s net operating cash flow was 12.712 billion yuan, a decrease of 67.89% compared with 39.596 billion yuan in the same period last year. The third quarterly report explained that the decline in the data was mainly due to the decline in cash received from the sale of goods and the provision of services.

Book monetary funds are also an important observation index. At the end of June, 2023, Gree Electric’s book monetary fund reached a new record of 191.654 billion yuan, and at the end of September, 2024, Gree Electric’s book monetary fund dropped to 111.397 billion yuan.

Kuang Yuqing, the founder of lens consulting, said in an interview with the reporter of Securities Times E Company that it is also a common phenomenon for large enterprises to shrink their investment map in the current environment. "These giant enterprises, including Tencent, are shrinking their capital and controlling investment risks, which is also the common influence brought by the overall external environment."

"Another important factor is that Gree Electric introduced Gao Xuan, the largest shareholder, during the mixed reform, and Gao Xuan also took on a large leverage when he became a shareholder. This also means that shareholders may put higher pressure on the performance growth of listed companies. In the case of relatively large pressure on the short-term main business, it is not excluded that the company will support its performance by realizing some investment projects with good returns. " Kuang Yuqing said.

In addition to the reasons for the profit reduction, the Securities Times reporter also noted that the strategic cooperation between Gree Electric and the invested enterprises may also be an influencing factor.

In 2017, 1.074 billion yuan of compressor purchases in Gree Electric came from Haili; In 2018, Gree Electric listed Haili shares for the second time, and the business cooperation between the two parties reached its peak. In that year, Haili shares sold products to Gree Electric for 3.028 billion yuan, accounting for about 26% of its total revenue.

From 2019 to 2023, the sales of Haili shares to Gree Electric were 2.678 billion yuan, 1.810 billion yuan, 2.311 billion yuan, 1.581 billion yuan and 1.093 billion yuan, respectively, and the overall sales continued to decline.

Although Dong Mingzhu has publicly stated that he "hopes to make Haili bigger", Gree Electric’s purchase from Haili shares has been declining since then. In the same period, the operating performance of Haili shares also showed a downward trend. In 2022, the net profit decreased by 89.02% year-on-year, and in 2023, the net profit decreased by 13.94% year-on-year. In the market’s view, the space for strategic cooperation between the two sides has become smaller and smaller, and the strategic goal of Gree Electric’s original shareholding may be difficult to achieve, so it is reasonable to reduce its shareholding.

Editor: Li Dan

Proofreading: Yao Yuan

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　　[Interpretation of car home’s fresh technology] With the development of electrification, more and more automobile manufacturers are considering replacing the traditional engine with motor drive. However, for plug-in hybrid SUV, the role of motor must be diversified, not only to drive the vehicle, but also to help the vehicle realize the four-wheel drive function and help the dynamic performance of the whole vehicle at all times. Based on the above requirements, Schaeffler put forward a solution, which is used for the two-speed electric drive axle with P4 frame. To put it bluntly, a motor is installed on the rear axle, but the highlight is that it is equipped with a two-speed reducer for this motor. At present, this product has been installed on Changan CS75 PHEV and (|). Today, let’s see if it is unnecessary to do so.

Read the full text in a few minutes:

1. Putting an electric drive axle on the rear axle can make the plug-in hybrid SUV realize the four-wheel drive function;

2. The Schaeffler two-speed electric drive axle has been mass-produced in Changan CS75 PHEV and WEY P8;

3. The natural special effects of the motor determine that it can use a reducer with a fixed speed ratio, but the fixed speed ratio will reduce the high-speed dynamic performance of the vehicle, and the bridge can not give more help to the vehicle in the four-wheel drive mode.

4. Schaeffler’s two-speed electric drive axle is equipped with a two-speed reducer, which brings better acceleration performance, more efficient economy and meets the complex mode of hybrid vehicles;

5. The modular design of Schaeffler electric drive axle can adapt to different models and platforms.

1. What is an electric drive axle?

　　When it comes to traditional fuel vehicles, everyone knows that there are engines and gearboxes, and when it comes to electric vehicles, there are motors and battery packs. However, electric drive axle seems to be a strange word. In fact, it is the name of a system. It can integrate motor, reducer, differential and electronic control system to realize the electrification of the drive system. According to the different installation positions, it is placed on the front axle or rear axle of the vehicle to realize the pure electric drive of the front wheel or rear wheel. It can also be applied to pure electric vehicles, hybrid or plug-in hybrid vehicles according to different vehicle types.

　　Using rear axle electric drive to realize four-wheel drive can save a lot of space and weight, make room for battery pack, and also save the cost of transfer case and transmission shaft. At present, this method of placing the electric drive axle on the rear axle is widely used in plug-in hybrid SUVs. For example, BYD Tang 100 adopts P034 frame, Changan CS75 PHEV adopts P134 frame, and Great Wall WEY P8 adopts P04 frame.

Second, does the motor need a two-speed reducer?

　　Changan CS75 PHEV and WEY P8 are equipped with Schaeffler two-speed parallel-axis electric drive axle. From the name, we can see the characteristics of this electric drive axle. One is that it has the function of shifting gears, and the other is that it adopts the layout of flat shaft.

　　During high-speed cruising, or overtaking, the pure electric vehicle is a little weak, and the motor keeps a high speed at this time, because it does not operate in the most efficient working range, and the efficiency of the motor is not as good as that of the internal combustion engine. At this time, you can add a gear to the reducer of the motor and pull the speed of the motor back to the constant torque area. In this way, the dynamic performance of the vehicle can be improved and the economy can be improved.

　　Seeing this, someone must say that since the two-speed reducer is so good, why not use pure electric vehicles? Because for most pure electric vehicles, the ultimate capacity is not the first. Moreover, pure electric vehicles can make up for the lack of fixed gear ratio reducer by selecting motors with high power density and high speed and excellent electronic control system.　

　　[Striving forward in the direction guided by the General Secretary, the integration of culture and technology in the past five years]

　　In the face of increasingly fierce international competition, we must put innovation at the core of the overall development of the country and constantly promote innovation in theory, system, science and technology and culture.

　　— — Excerpt from the speech of the Supreme Leader General Secretary at the symposium of intellectuals, model workers and youth representatives on April 26th, 2016.

　　Recently, the planning scheme of "China Sound Valley" was unveiled in Hefei, Anhui Province, focusing on the intelligent voice industry and building strategic emerging industries, which not only releases the imagination of cultural creativity, but also stimulates the support of scientific and technological innovation. It is estimated that by 2020, the operating income of "China Sound Valley" enterprises will reach 100 billion yuan, with an average annual growth rate of 40%.

　　Since the 18th National Congress of the Communist Party of China, China’s culture and scientific and technological development have been deeply integrated, and cultural creativity and scientific and technological innovation have produced a "chemical reaction", which not only brought new changes in the cultural field, but also injected new kinetic energy into the social economy. It not only brings the collision and agitation of ideas, but also provides a new scheme and path for reform and development.

　　Realize the transformation and upgrading of cultural construction.

　　The "singing microphone" with black head and red body makes KTV palm-shaped and free-spirited. Its design implies that "every singer can become the king in his heart with the protection of the microphone"; The kernel technology adopts intelligent audio processing chip and dual noise reduction function, which greatly improves the quality of music, integrates into people’s daily life more professionally, conveniently and fashionably, and helps upgrade the traditional music industry and KTV industry.

　　There is more than a small "singing microphone" that combines the "face" of cultural creativity and the "lining" of technological innovation. In the past five years, cultural industries such as art inspection, museum exhibition, dance design, film equipment, printing and publishing have also inserted the wings of science and technology, and "transformed" through scientific and technological innovation to achieve industrial upgrading.

　　The traditional publishing industry has given full play to the guiding role of financial funds, implemented a number of transformation and upgrading projects, accelerated the construction of platforms such as technical support services, content resource management, data sharing and knowledge services, and achieved phased results in the digital transformation and upgrading of the publishing industry.

　　In the field of public cultural services, the cultural sharing project combines traditional library services with public electronic reading room services, and the network covers urban and rural areas, and also directly reaches remote villages and towns, improving the imbalance of public cultural services at the grassroots level in China.

　　From the innovation of service form to the innovation of content construction, from the innovation of communication means to the innovation of management mechanism, science and technology promote cultural innovation, further liberate and develop cultural productivity, and better meet the growing spiritual and cultural needs of grassroots people.

　　Enlarge the fission effect of Internet cultural industry.

　　On September 17th, Tencent Pictures released 43 films in one breath, covering pan-entertainment projects with full copyright linkage such as movies, TV dramas and online dramas, and well-known IP lists such as Shanghai Fortress, Tibetan Code and Journey to the West are famous. Tencent’s "big hand" comes from the new concept of "not doing film and television in isolation, but being an open content platform"; The "confidence" of Tencent Pictures comes from the strategic layout of "not being a traditional film and television company, but based on the pan-entertainment cultural ecology".

　　Tencent Pictures is striding towards "Disney" in China, catching up with the new opportunities and good times when the Internet platform gave birth to the "Big Mac" of cultural enterprises, and further improving the market competitiveness of cultural enterprises. Since the 18th National Congress of the Communist Party of China, emerging cultural formats such as online literature, online music, online movies, online performances and online animation have developed rapidly, gathering new momentum for the development of cultural industries.

　　2016 is called "the first year of live broadcast". As soon as the new live broadcast was unveiled, the industrial boundary continued to expand, from entertainment to all aspects of production and life. In just one year, the output value of the live broadcast industry has exceeded 50 billion yuan, exceeding the box office of movies and amplifying the fission effect of the Internet cultural industry.

　　At the first China "Internet Literature Plus" conference held in Beijing, a set of data showed people a "new version" of China’s online literature industry. In 2016, the number of online literature users in China exceeded 300 million, and 40 major online literature websites launched 14.548 million works, with a market scale of 9 billion yuan. With the cultivation of paid reading users, the deep development and multiple utilization of original works IP, online literature will be in a golden period of development in the next decade, which will create greater spiritual and material value.

　　Taking online literature as the origin, it extends to TV series, games, animation and other industrial chains, detonating the value of creativity and stories. In 2016, the business income of the cultural information transmission service industry with "internet plus" as the main form increased by more than 30% year-on-year. Internet technology has enriched the channels of cultural consumption, changed the mode of production of cultural industries, expanded the cultural market, and spread the "China Story" and "China Spirit" quickly and powerfully.

　　Meet the new wave of integration and development

　　Traditional brocade technology can only show more than 20 colors, while brocade using digital technology can show nearly a thousand colors. The national cultural innovation project "Silk Brocade Cultural Creativity and Technological Innovation and Demonstration Promotion", in addition to technological innovation, also tries to build a research and development platform for modern brocade cultural creative products, integrate modern painting artistic content and visual design, and enrich product themes and cultural connotations. This technology, which is full of cultural elements and scientific and technological contents, has developed more than 200 series products in five categories: tourist souvenirs, brocade thangka, art derivatives, dress cheongsam and home decoration products in more than two years, initially forming a digital production line with an annual output of 100,000 pieces of brocade crafts, which has enabled traditional crafts to realize cultural creativity and technological innovation in the new era.

　　Science and technology are hard power and culture is soft power; Scientific and technological innovation optimizes the use function of products, and cultural creativity enhances the added value of products; Scientific and technological innovation meets the needs of utensils, while cultural creativity goes straight to the heart, touches emotions and meets spiritual and cultural needs; Scientific and technological innovation should be good, and cultural creativity should be beautiful.

　　Cultural creativity and technological innovation are like two sides of the same coin, which complement each other; Cultural creativity and scientific and technological innovation are the two major driving forces of cross-industry and cross-domain product innovation, just like one body and two wings, taking off across borders. Virtual technologies such as 3D, VR, AR, MR, artificial intelligence, big data and other new terms will change the future production and life and form an imaginative economy. With the deep integration and development of culture and technology, we can build new products and services as long as we want and can do it, and promote industrial exchanges and upgrading.

　　The power of cultural and technological integration should not be underestimated. In the 13th Five-Year National Strategic Emerging Industry Development Plan issued by the State Council in December 2016, the "digital creative industry" was listed as one of the five new pillar industries with an output value of 10 trillion yuan for the first time. Under the guidance of the basic strategic idea of "cultural and technological integration", we will build a public service system of the whole industrial chain based on digital technology, and help the transformation of China’s economic development mode through the integration with the real economy.

　　Count these five years.

　　In recent years, the cultural information transmission service industry with "internet plus" as the main form has developed rapidly, and the added value will be realized in 2015.2858Billion yuan, an increase over 2013.1055100 million yuan, with an average annual growth rate of25.9%. In 2016, the cultural service industry grew rapidly, and the operating income of the cultural information transmission service industry with "internet plus" as the main form.5752Billion yuan, growth30.3%.

　　(Reporter Zhang Yuling)

　　The giant panda is a national treasure, and the male panda with natural mating ability is a national treasure. At present, the number of male giant pandas with natural mating ability is very rare in captivity, accounting for less than 5% of the population. On the morning of February 29th, 2016, the 7-year-old male giant panda "An ‘an" belonging to China Giant Panda Conservation and Research Center successfully mated naturally for the first time in Ya ‘an Breeding Base, which indicated that another male animal with natural mating ability was added to the captive population of giant pandas.

　　An An was born at 7:29 on August 6th, 2008 in Ya ‘an Base of China Research Center for the Protection of Giant Panda. His father is Ling Ling and his mother is Cao Cao. Because of its high genetic value and male, the staff have great hope for its reproduction from birth, and at the same time give it special feeding and training. In 2014, "An ‘an" was sexually mature, and the giant panda breeding staff of China Conservation Giant Panda Research Center began to let it participate in the breeding plan and create opportunities to train its natural mating ability. Since 2014, "An ‘an" has been caged with 13 female giant pandas at the peak of estrus. With the increase of caging times, "An ‘an" has become more and more dominant and interested in the opposite sex. On February 27th this year, the staff arranged "An An" to the "Huamei" neighborhood of the female giant panda in estrus peak as planned, and "An An" began to show weak mating desire. After four long times of cage-closing, "An ‘an" finally began to erect his penis on the morning of February 29th and showed a desire to mate, and then successfully mated with the giant panda Huamei twice.

　　"An ‘an" has high genetic value in captive population and has natural mating ability, which will play a very positive role in improving the genetic structure and increasing the genetic diversity of captive giant panda population.

In the rapid development of modern society, people’s pursuit of high-quality life is increasing. When buying a car, the choice is no longer limited to the performance and appearance of the vehicle, but more attention is paid to the air quality and environmental protection performance inside the vehicle. Extreme Fox Alpha T5, as a Beiqi Extreme Fox model with deep insight into the market demand, has created a fresh and healthy driving space for passengers with its unique "one control and one suction" health methodology.

Extreme Fox Alpha T5 controls one suction to protect the healthy travel of the whole family.

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For families with babies, the polar fox Alpha T5 shows meticulous care. It deeply simulates the areas that infants may touch in the car, and uses the same gutta percha fabric as the polar fox koala. This fabric is not only soft and comfortable to the touch, but also has the characteristics of safety and environmental protection. Even if the baby accidentally bites it, there will be no harm, so that parents can safely take their children in the car. This humanized design undoubtedly makes the Extreme Fox Alpha T5 an ideal choice for family cars.

In the aspect of "one control", Extreme Fox Alpha T5 strictly controls the selection of raw materials. Every link of vehicle manufacturing, whether it is the selection of interior materials or the manufacture of parts, follows the high standards and strict requirements of the brand. This extreme pursuit of details ensures that every material used in the car meets strict environmental protection standards and completely eliminates the possibility of any potential harm to human health.

Extreme Fox Alpha T5 brings you fresh air.

In addition, the efforts of Arctic Fox Alpha T5 in air purification go far beyond this. It is equipped with a unique four-prevention air-conditioning filter element at the same level, which has strong filtering ability and can effectively block four harmful substances such as bacteria, viruses, molds and mites. In areas with foggy weather or serious air pollution, passengers can enjoy fresh and healthy air without worrying about air quality. At the same time, the car is also equipped with four ultraviolet germicidal lamps, which can kill bacteria and viruses in the car in a short time and provide a solid guarantee for the health of passengers.

In accessible parts, such as seat covers, steering wheel skins, etc., Extreme Fox Alpha T5 also pays attention to environmental protection and health. It adopts eco-friendly materials, which are not only comfortable to the touch, good in durability, but also have excellent environmental protection performance. Extreme Fox Alpha T5 has achieved 100% control over contact allergens, allowing passengers to enjoy driving pleasure and feel the dual care of health and comfort.

Not only that, the Extreme Fox Alpha T5 has further enhanced the driving experience through intelligent technology. It is equipped with an advanced intelligent air conditioning system, which can automatically adjust the air circulation and temperature according to the air quality inside and outside the car to ensure that passengers are always in a comfortable environment. At the same time, the vehicle also has an intelligent voice control system, and passengers can control various devices in the vehicle through simple voice commands, such as opening the sunroof and adjusting music, which greatly improves the convenience of driving.

To sum up, Extreme Fox Alpha T5 has created a fresh, healthy and comfortable driving space for passengers with its unique "one control and one inhalation" health methodology, application of environmental protection materials, advanced air purification technology and intelligent scientific and technological means. It not only satisfies the modern people’s pursuit of high-quality life, but also shows the profound understanding and unremitting pursuit of environmental protection and health of the polar fox brand.

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eπ008的外观设计充满未来感，前脸采用了家族化的设计语言，搭配锐利的LED大灯，使其整体显得更加犀利。进气格栅采用了独特的“星空”式设计，增强了车头的视觉冲击力。车身线条流畅，整体造型动感十足，彰显了该车系的独特魅力。

eπ008凭借其5002*1972*1732mm的长宽高尺寸和3025mm的轴距，展现出宽大舒适的车内空间。车身侧面线条流畅，搭配265/45 R21规格的轮胎和精心设计的轮圈，进一步提升了整车的运动感和时尚感。

eπ008的内饰设计以简约科技为主，采用高质感的皮质方向盘，提供了手动上下和前后调节功能，为驾驶者提供了舒适的握感和灵活的调节选项。中控台配备了15.6英寸的超大屏幕，集成了多媒体系统、导航、电话、空调的语音识别控制系统，大幅提升了驾驶者的操作便捷性和娱乐体验。座椅则采用仿皮材质，主驾驶和副驾驶座椅具备加热、通风功能，其中主驾驶座椅还配备了头枕扬声器，为驾驶者带来沉浸式的音效体验。此外，前排座椅还拥有电动记忆功能，方便用户保存和调用个人座椅偏好。第二排座椅支持前后调节、靠背调节和腿托调节，为乘客提供了多样化的乘坐方式。后排座椅采用比例放倒设计，为乘客提供了灵活的行李空间。车内还配备了前排2个和后排3个USB/Type-C接口以及前排手机无线充电功能，满足了不同乘客的充电需求。

eπ008配备了强劲的电动机，最大功率达到200千瓦，最大扭矩为340牛·米，为车辆提供了卓越的动力表现。

汽车之家车主在使用eπ008过程中，虽然没有明显的不满意之处，但还是提到了几点需要注意的地方，如新车异味、车漆厚度以及高速行驶中的风噪声等。这些反馈对于其他潜在购车者来说，可以作为参考，帮助他们更好地了解这款车型。

　　The dispute over the appearance of Shuanghuan S and CRV ranks among the "top ten" and "counterfeit products" in the intellectual property case. The reporter investigated –

　　The Supreme Court recently announced the top ten cases of judicial protection of intellectual property rights in Chinese courts in 2010, and the appearance dispute between Shuanghuan SRV and Honda CRV became one of the "top ten".

　　For the first time, the Supreme Court has suggested that the determination of whether a car is a "counterfeit product" should be based on the knowledge and cognitive ability of the average consumer. Legal experts believe that the case has a strong legal precedent effect and is a blow to the behavior of "counterfeit products".

　　Eight years of litigation

　　The Supreme Court quashed the original judgment

　　In September 2003, Honda Co., Ltd. believed that the Noble SRV produced by Shijiazhuang Shuanghuan Company infringed Honda CRV’s automobile design patent and sued for 100 million yuan.

　　After that, Shuanghuan Company applied to the Patent Reexamination Board of the State Intellectual Property Office to declare Honda’s patent invalid. Honda refused to accept the application and sued the Patent Reexamination Board. Although Honda lost both trials, it still refused and applied to the Supreme Court for retrial.

　　After eight years in the case, the Supreme Court finally reversed the decision of the Patent Reexamination Board and the original judgment. The Supreme Court held that whether infringement should be based on the knowledge level and cognitive ability of ordinary consumers, and the overall observation should be used to comprehensively judge the visual effect of the two. The same should be true for judging the exterior design of a car, weighing the impact of various parts on the overall visual effect of the exterior design of the car.

　　The legal profession believes that this case has a strong legal precedent effect. There have always been different views in practice on the judgment method of "identical or similar design" under the patent law. Because of this, for more than a decade, the lawsuits of "counterfeit products" caused by local autonomous car companies have mostly ended in victory for autonomous car companies.

　　The Supreme Court’s decision is a denial of "counterfeit products" and marks a "turnaround" in the court system.

　　reporter investigation

　　In recent years, more than 40 counterfeit products have been exposed

　　The 2011 Shanghai Auto Show ended recently, during which a total of 11 locally owned brand cars were accused of being "counterfeit products".

　　Among them, a new car from Brilliance not only looks like a new 5-series model, but also has the name 530.

　　The production city "Paulig" is the same as that "exaggerated mouth" in terms of appearance.

　　The SUV model "IF" on display, with body lines and a slipback roof, is very close.

　　The design of Qisheng V3 is obviously similar to that of the old RX, with almost the same headlights, fog lamps, and overall bumper style.

　　The first SUV model, the S6, is said to have followed suit in its styling, particularly in its side profile.

　　According to statistical reporters, the number of "counterfeit products cars" at auto shows has increased in recent years. In 2004 and 2005, there were only 6 "counterfeit products cars" exposed by the media, while since 2010, 19 "counterfeit products cars" have been exposed at auto shows, and more than 40 models have been exposed since 2004.

　　Half of the "counterfeit products" cars are priced below 100,000 yuan, while 60% of the objects of "counterfeit products" are foreign luxury cars above 300,000 yuan.

　　Eight Years Auto Show

　　"King of counterfeit products" is BYD

　　After statistical reporters found that during the 8-year auto show, BYD was the most frequently accused of "counterfeit products" for new cars, followed by Great Wall.

　　Among them, BYD has a total of 7 "counterfeit products", the price of less than 100,000 yuan, F3, F6, is accused of "counterfeit products" in the price of 150,000 yuan to 300,000 yuan Aygo, Toyota and Toyota.

　　The S8, T6 and M6, priced between 100,000 yuan and 300,000 yuan, were respectively accused of "counterfeit products" of four foreign luxury cars priced at more than 500,000 yuan, including Lexus RX, Toyota and Porsche Cayenne.

　　"We are ready to go to court and 100 per cent will not let our opponents win," Lian Yubo, BYD’s vice-president, told the media at the time of the Toyota Camry launch.

　　According to BYD’s internal staff, in order to circumvent the law, BYD has to dismantle a large number of the world’s most advanced cars every year for analysis, research and testing. Do it without patents, and modify it if there are patents.

　　BYD also has an intellectual property and legal department with nearly 200 employees, which is specifically responsible for supervising BYD’s various product divisions and informing them at any time which technologies must be circumvented.

　　BYD: We have a lot of patents

　　In this regard, the reporter interviewed BYD Automotive Sales Co., Ltd. The relevant person in charge of the company did not directly answer "whether BYD counterfeited products to others", but stressed that "in the development of the enterprise, we will also learn and absorb the technology and management experience of excellent enterprises at home and abroad, but always adhere to the road of independent research and development."

　　While many in the industry view BYD’s practice of "adapting and using other people’s patents" as "counterfeit products," BYD believes that many of them are already the company’s patents.

　　The person in charge said that BYD established an intellectual property and legal department precisely to be responsible for the development and application of patents for the company’s latest research and development achievements and to protect BYD’s technological achievements.

　　At present, the company has more than 2,000 patents in the automotive field, and another 3,000 patents are in the process of being filed.

　　He said that if employees in the intellectual property department find that other companies have infringed, they will file a lawsuit to defend the company’s patent rights.

　　Industry analysis

　　"Counterfeit products" reduce costs and risks

　　Why are local self-owned car companies keen on "counterfeit products"? Zhong Shi, an auto industry analyst and editor-in-chief of China Auto News, believes that "counterfeit products" can reduce costs on the one hand and risks on the other hand. Auto shows are an important stage for cars to be displayed to consumers, so it is not surprising that "counterfeit products" are gathered at auto shows.

　　He said that a mature car takes about three to four years from design to production in China. But those so-called "clone cars" and "counterfeit products" only take one to two years from design to production. In addition to saving two years, it also saves at least tens of millions of yuan in research and development expenses.

　　Zhong Shi said that mature models have to go through wind tests, road resistance tests, etc., to determine the best car shape and finally be recognized by the market. The counterfeit products save a lot of testing process, and the cost is greatly reduced. In addition, the "counterfeit products" car adopts the "import" approach, which largely avoids the risk of the model being put on the market.

　　Zhong Shi told reporters that because "cloning" foreign mature cars has tasted the sweetness, some "counterfeit products" car companies have stopped working on research and development, so the corporate image is getting worse and worse, and the reputation is declining.

　　The owner’s vanity is fully satisfied

　　Zhong Shi analyzed that people who buy low-end cars are highly sensitive to price. "Counterfeit products" just satisfy the vanity mentality of some of them "spend the least money and drive a better-looking car."

　　Reporters found that among "counterfeit products owners", the behavior of changing the logo is very common. In the eyes of some people, it is cost-effective to buy a car for less than 100,000 yuan and then change the logo of a luxury car, which saves money and earns face. Among them, there are those who insert the Mercedes-Benz SMART logo on the double-ring car, and those who replace the "battlements" of the Great Wall with the "bull head" of the Toyota SUV.

　　Reporters also saw in the auto parts market that Mercedes-Benz, BMW and other luxury car logos are available in some stalls. Imitation car logos are very cheap, such as a full set of Toyota car logos (front and rear logos, four-wheel side logos and steering wheel logos) only cost more than 100 yuan, if you buy a single car logo, only 20 yuan.

　　The auto mechanic told reporters that changing the car logo is very simple. Take off the original car logo with a sol solution, and then glue the new car logo with 3M glue. When inspecting the car, just change it back to the original.

　　According to previous media reports, the IKEA Lifan 4S store near Lize Bridge, the salesperson even publicly declared that it is a highly potential model. There is a business in the store called "personalized modification". Auto mechanics add "small wings" to the front and rear logos of Lifan 320, and the owner can use it as Cooper.

　　Lawyer’s statement

　　The legal protection of intellectual property rights has been strengthened

　　In recent years, there have been patent lawsuits between local independent car companies and joint ventures and foreign car companies. QQ and GM SPARK, Great Wall and Toyota, Shuanghuan Noble SRV and Honda CRV, to name a few.

　　The above-mentioned automobile patent lawsuits have been protracted, but the companies that have been "counterfeit products" have not "taken advantage" of the lawsuits.

　　But now, the wind seems to have changed. The Supreme Court’s Interpretation on Several Issues Concerning the Application of Law in the Trial of Patent Infringement Disputes came into effect on January 1, 2010. This judicial interpretation makes it clear that courts should judge whether designs are the same or similar based on the perception of ordinary consumers.

　　The head of the Supreme Court’s intellectual property division explained that the judicial interpretation aims to "properly handle patent infringement disputes based on China’s national conditions, and encourage independent innovation and technological progress."

　　Liu Lin, a lawyer at Beijing Shuangli Law Firm, analyzed that with the strengthening of intellectual property protection in our country, the litigation risk of continuing to produce "counterfeit products" is increasing, and local independent car companies may consider this and speed up the pace of independent innovation.

　　● News link

　　It is difficult to sell "counterfeit products" in Beijing once the purchase restriction order is issued

　　Zhong Shi, an auto industry analyst, told reporters that after the introduction of the purchase restriction order, car sales in the Beijing auto market have dropped significantly. People’s current car buying psychology is that "I originally wanted to buy a low-end car, but the car is so difficult to buy, it is better to buy a slightly higher-end car."

　　Since "counterfeit products" are mainly concentrated in the price range below 100,000 yuan, and buyers are mainly "cheap", Zhong Shi believes that the current purchase restriction order will have a psychological impact on a large number of them.

　　"Some owners gave up’counterfeit products’ and switched to higher-end cars between 100,000 yuan and 200,000 yuan." This statement was also confirmed by the reporter from the dealership of "counterfeit products king" BYD.

　　BYD F3, F6 dealers, Guangqu Road Rui Fengsheng 4S store manager Lin said that the store’s dealership of vehicles are less than 100,000 yuan, since the introduction of the purchase restriction order, sales have plummeted, the purchase order after three months of total sales does not equal the purchase order before 10 days of sales, the worst month only sold 10 cars.

　　4S store sales staff

　　After the introduction of the purchase restriction order, due to the significant decrease in business, most of the sales staff of 4S stores have left.

　　According to automotive industry sources, after the purchase restriction order, only 20% of the vehicles sold in 4S shops were sold to buyers who bought cars, and the other 80% were sold through replacement or sales to other places.

　　As a low-end car under 100,000 yuan, it does not have the advantage of replacement and sales to other places.

　　Major economic case

　　Surprising secrets lurk behind the dry words of court verdicts in economic cases

　　● Among the complex economic phenomena are the sophistication of the business world

　　● "Walking" between the legal system and the economy, interpreting the economy from the perspective of the legal system. Follow well-known enterprises at home and abroad, and pay attention to social and people’s livelihood

　　★ The manuscript of this column will be broadcast interactively on the Beijing News Broadcasting "Police Law Online" column

　　Column host: Fu Zhong

　　Noble appearance, civilian price

　　Counterfeit products "luxury" car

　　In the army of counterfeit products, most of them take the "high-end" route. The reporter’s investigation found that more than 60% of counterfeit products are directly aimed at international big brands with a price of more than 300,000 yuan.

　　Since 2004, more than 40 counterfeit products have been exposed at the three major auto shows in Beijing, Shanghai and Guangzhou, all of which are local independent brands. The objects of "counterfeit products" are all foreign brands or joint venture brands.

　　Compared with the "counterfeit products" objects of 300,000 to 400,000, the price of domestic counterfeit products cars is concentrated below 150,000.

　　Text/Reporter Fu Zhong Yan Xinhong Intern Wang Xiaofei

In order to further enhance the consumption atmosphere and stimulate consumption potential, the 4th Shanghai "May 5th Shopping Festival" was officially opened recently. SAIC Audi actively responded to the call and participated in the "2023 Shanghai Auto Carnival" with all its models – Audi A7L, Audi Q5 e-tron, and Audi Q6. In order to allow more consumers to further experience the charm of future high-end travel, SAIC Audi brought a series of limited-time exclusive activities to give back consumers’ expectations for the brand.

As the first flagship model launched by the brand, SAIC Audi A7L is positioned as a C +-class performance luxury car, inheriting the mechanical gene of the Audi brand, and perfectly combining sharp beauty with leading technology. In response to consumer demand, the Audi A7L Darth Vader model recently returned and participated in this car carnival at the same time as the new Shadow Vader model. The limited price of 500 cars starts from 448,700 yuan. SAIC Audi understands the needs of young people, and the A7L Samurai family will provide a more attractive experience for consumers with unique personality and curiosity.

In addition, SAIC Audi weighed up the ante car purchase benefits this time, bringing a limited number of 400 A7L Dream New Models, priced from 386,700 yuan. As an entry-level model of SAIC Audi A7L family, Dream New Edition has rich configurations, such as high definition matrix LED headlights, through-type LED jumping tail lights, frameless doors, and smart electric tailgate sets, creating a classic luxury style of the Audi brand.

The 2023 Audi Q5 e-tron has been officially launched recently. It has evolved again in terms of appearance design and intelligent technology. The significantly upgraded configuration gives the model a higher sense of value. At the same time, the Audi Q5 e-tron family has welcomed a new member – the 40 e-tron sparkling model, standard with L2 + level intelligent driver assistance system, and also innovatively added emergency driving auxiliary features, providing Chinese consumers with a new choice of luxury pure electric SUV at a price of 298,500 yuan.

Inheriting Audi’s classic design language and carefully crafted with traditional Chinese mythological images, SAIC Audi’s first "hard and powerful luxury full-size SUV" Audi Q6 is luxurious and shiny. It is based on insights into the diverse car use scenarios of Chinese consumer groups that SAIC Audi also brings a limited number of 300 "upgrade rights" to users who buy Audi Q6.

In addition, in order to make high-end travel life more accessible, SAIC Audi provided a limited number of 50 vehicles for all three models in May to enjoy 3 years of 0 interest financial credit rights, and a limited number of 100 vehicles before May 10 to enjoy optional packages, multiple surprises emerge in an endless stream, helping users buy cars without worry.

It is understood that SAIC Audi implements a national unified price, and consumers can log in to the official SAIC Audi APP to complete the complete vehicle configuration selection and vehicle booking process online. Offline stores at all levels also provide customers with product consultation, test drives and other services, and users can go to SAIC Audi stores to experience the diverse charm of models.

To refresh the car purchase experience, car service, and then broaden the new consumption scene, SAIC Audi always adheres to the concept of "user first" to present solutions for high-end travel life in the Chinese market. In this two-month "Shanghai Auto Carnival", SAIC Audi will take multiple measures to make consumers feel at ease, at ease, and at ease.

On November 30, Interstellar Meizu Group held an autumn conference in Wuhan, officially releasing the new Meizu 21 series smartphones and the first AR smart glasses, announcing that the Meizu Flyme system was officially upgraded to the full-scene AI operating system FlymeOS (Chinese name: Unbounded OS), and launched Flyme Link, a "handcar integration" solution that further popularized the concept of mobile phone domains, as well as the "Unbounded Zhixing" open API that shares the core capabilities of Flyme Auto, andThe official announcement officially entered the automotive market and will launch a custom car next year.

In March this year, Interstellar Meizu first proposedMobile domainThe concept states that by changing the technical architecture of smart cars, the smart cockpit operating system Flyme Auto makes mobile phones part of the car.Make upgrading the mobile phone and upgrading the car configuration equalIn order to enhance the smart cockpit experience, it has become the sixth domain beyond the five concepts of traditional cars (power domain, chassis domain, body domain, cockpit domain, and autonomous driving domain), realizing the connection of data, team, and computing power. When the series of mobile phones was released, it was announced that the 08 models were equipped with Flyme Auto operating system for the first time. After announcing the establishment of a joint venture company (Star Meizu holds 51%) in June this year, it will also develop the operating system Polestar OS for Polestar cars based on Flyme Auto.

At the press conference, Interstellar Meizu further launched the mobile phone domain popularization plan.Launch of Flyme Link, a new handcar integration solution, will access the Flyme Link mobile phone domain,The first batch is equipped with typical functions such as three-finger circulation tasks and address circulation on the bus;

The Meizu operating system has also been officially upgraded to the full-scene AI operating system Flyme OS ecosystem (Unbounded OS).Completed the completion of the three major business lines of smartphones, smart cars, and AR smart glassesCoverage;

And announced the launch of "Unbounded Zhixing" open API, sharing Flyme Auto’s core capabilities with other car companies, providing mature design, system applications, ecological applications, framework services, etc., of the operating system.And the channel ability of Interstellar Meizu…

In addition,The Meizu brand has also officially entered the automotive market for the first time, launching a custom Meizu car next year.A former deputy general manager who joined Great Wall and then left, was announced to have officially joined as senior vice president of Xingji Meizu Group and president of the automotive division, responsible for the automotive product line and responsible for this "car" project.

According to the introduction, Meizu custom car combines the manufacturing capabilities to empower automobile manufacturers from software, design, interior and other aspectsOnly sell in Xingji Meizu channelsThe cooperation model is similar to the models of HI, Q World, and Intelligence World.

The first production car will launch the DreamCar co-creation program in the first quarter of 2024.Adopting the manufacturing capabilities of Industry 4.0 and the SEA architecture and Flyme Auto onboard system,Customization can be deeply participated by users, and a large number of personalized details such as car coating, interior color scheme, Flyme Auto theme, etc. can be co-created…

It is worth mentioning that at the press conference, the chairperson and CEO of Interstellar Meizu Group announced that following the simultaneous sales of Lynk & Co 08 in Meizu’s offline experience store, It is about to enter more than 40 Meizu stores across the country2023 is the beginning of Meizu’s "Three-Year Thousand Store Plan". As of now, Meizu has completed the construction of 300 + retail stores and 400 + service stores, and will gradually land in 1000 + core business district experience stores in the future.

In March this year, Shen Ziyu said that Meizu will lay more than 400 after-sales services stores in China in 2023, and will alsoBuild 90 to 120 offline experience stores integrating automobile, mobile phone sales, and after-sales, with a total of 1,000 in the next three years.I visited Meizu offline retail stores on the spot and found that,Selling cars in the Meizu mobile phone store, some of the sales staff in charge of Lynk & Co 08 are from Wenjie Automobile, a subsidiary of SailisHe used to work in a Huawei store and came to Meizu store to be responsible for the automotive business through the arrangement of his dealer.

In addition, followingSeptember 2021 Starry Era establishedIn July 2022, Starry Times officially acquired,In March 2023, the Star Era and Meizu Technology completed the integration and officially established the Interstellar Meizu GroupOn November 16, 2023, Xingji Meizu Group announced the completion of 2 billion yuan angel + round and A round of financing (post-money valuation exceeds 10 billion yuan). As of now, Interstellar Meizu has formed a smart phone, smart glasses, and three major business product lines. It shows that it is the third round of financing. The only shareholder of Hubei Xingji Meizu Group Co., Ltd. is a company namedDreamSmart Technology Hong Kong LimitedThe company is hard not to think of its future capital operations in the making.