Seeing the new generation, the body lines are completely new. The front face of the new car is equipped with a large-mouth air intake grille, which obviously enhances the sense of movement. The headlights on both sides are quite sharp, and they look very energetic after being lit. Viewed from the side, the new car is still a beautiful appearance, the tradition of wide C-pillar continues, and the wheel design looks very smart. At the same time, the reasonable proportion of luggage compartment cover and enclosure also gives the overall design of the rear a simple visual center of gravity, and the design of split taillights is equally hard, especially the brake lights, which echo each other with the front daytime lights.

Once in the car, the piano paint is very fashionable and the materials used are very high-end. The steering wheel is made of leather, which feels good and is equipped with shift paddles, which is very fun to drive. The center console is surrounded by soft materials and feels very delicate. The 12.3-inch large screen is simple in screen design, but it is fully functional. The front row is also equipped with a manual air conditioning control system to freely adjust the most comfortable space atmosphere.

The length, width and height are 4858×1925×1780mm respectively, and the wheelbase has reached 2850mm. In the same class, the wheelbase of Jetway X95 ranks 14th. One bright spot is that its width reaches 1925mm, which reflects that the lateral space inside the car is not bad. The design of skylight also increases the subjective space feeling of front and rear passengers. Among the models of the same price and class, the trunk volume of Jetway X95 ranks 76th. Spatial performance is limited by vehicle positioning, and the performance is acceptable, and the flatness is no problem, but the total space is average.

Jetway X95 is equipped with a 1.6 engine with a maximum output of 145kW and a maximum torque of 290Nm. The whole power parameters are superior in power performance among engines of the same class, which can provide better power performance. Ranked 17th among 120,000-180,000 SUV models.

The active/passive safety configuration of Jetway X95 is complete, includingAutomatic parking、Zero tire pressure endurance tire、Automatic parking、Steep slope descent、hill start assist control、knee airbag、HUD head-up display、Anti-lock braking (ABS)、Braking force distribution (EBD/CBC, etc.)、Brake assist (EBA/BAS, etc.)、Traction control (ASR/TCS, etc.)、Active noise reduction、Engine start and stop、Side safety air curtain、Wireless charging of mobile phone、night vision system、LED daytime running lights、Forward reversing radar、Tire pressure monitoring、Steering wheel heating、Body stability control (ESP/DSC, etc.)、Rear reversing radar、Fatigue reminder、Remote parking、Child seat interface、Lane keeping (LKAS)Equal configuration.

Among them,Automatic parkingYou can avoid stepping on the brakes for a long time or needing to pull frequently;Steep slope descentCan safely pass through steep slope road conditions at low speed;knee airbagReduce the injury of the car interior to the occupant’s knees in the secondary collision.

In addition to the above description, we can also go to the Easy Car Forum to browse more real car feedback from actual buyers, or use our experience.

Recently, Huang Xiaoming, a famous actor, made her debut after her public love affair, which triggered a heated discussion among netizens. Accompanied by his new girlfriend, their sweet moments together were exposed many times. However, apart from the publicity of love, Huang Xiaoming’s appearance change has also become a hot topic of discussion.

During the activity, Huang Xiaoming’s face changes caused concern, and many netizens noticed that his chin seemed to be a little bent and his facial contour was more bloated. In this regard, some netizens expressed concern that Huang Xiaoming’s status may be related to work pressure and living habits. Some people also ridiculed that "the pressure of stars is too great, and it is finally reflected in the face." This is not only the analysis of Huang Xiaoming’s personal image, but also the general expectation of the public for the appearance and living conditions of the stars.

Background analysis: the aura and pressure of stars

Huang Xiaoming, as a famous actor in mainland China, is loved by many fans for his excellent acting skills and charming appearance. However, the glamorous appearance behind the stars often masks the pressure and challenges they bear. Especially after experiencing major events such as marital changes and career bottlenecks, the psychological and physical status of stars may be affected.

Huang Xiaoming divorced his ex-wife earlier this year. After a period of calmness, he chose to make his love affair with his new girlfriend public. It should have been a celebration moment, but with the exposure of appearance changes, it seems to have brought him a lot of public pressure. On social media, the discussion about his appearance changes has intensified, and many comments even involve life choices and stress management.

The double-edged sword of social media

In this era of information explosion, social media is not only an important platform for interaction between stars and fans, but also the birthplace of public opinion storm. The hot discussion caused by Huang Xiaoming’s appearance is the epitome of star life in the era of social media. Although there are various comments from netizens, Huang Xiaoming’s appearance changes have become the focus of discussion, which shows us that the public is highly concerned about the appearance and image of stars.

Many netizens showed their concern for Huang Xiaoming on social platforms, and their words revealed their worries about his health, precisely because they were full of emotions for this star who once brought countless laughter and tears on the screen. This kind of emotional entanglement is widespread in the film and television circle and even the whole entertainment circle. Every appearance and every movement of the stars is easy to attract widespread attention and interpretation.

The sweetness and pressure of new love

After Huang Xiaoming’s sweet love affair was exposed, although it attracted a lot of attention, it also made him become the focus of public opinion again. The affection between lovers is essentially a kind of support and sharing, but when personal life is put in the spotlight, there may be unknown pressure behind the sweetness.

With the announcement of her love affair, Huang Xiaoming should not only balance the sweetness of love with her private life, but also continue to strive to maintain her image in her career. How to maintain an ideal image in the eyes of the public is a great challenge for every star. As psychologists have said: "The public’s prejudice and expectation of stars will often cause great psychological pressure on them."

Public Expectation and the Standard of Beauty

In this context, the standards of beauty and the appearance of stars inside and outside the film and television circle are getting higher and higher. Nowadays, the media and the public react more quickly to the appearance changes of stars, which also causes many stars to bear a huge psychological burden because of image problems. Some stars choose to maintain their appearance through fitness, medical beauty and other means. However, under the scrutiny of the outside world, this practice sometimes leads to new disputes.

The situation in Huang Xiaoming also reflects the commercialization and standardization of beauty faced by the entire entertainment industry. Whether to meet the market demand or to maintain their own image, stars are forced to meet the public’s expectation of "perfection" to some extent. In such competition, should we be more tolerant and understanding of these public figures and give them more support and respect?

Summary: A Survey of the Life of Stars and Society

Huang Xiaoming’s appearance is not only a publicity of his personal life, but also reveals deeper social problems. As public figures, the aura and responsibility of stars are intertwined, and their lives and choices often become an important topic of social discussion. While appreciating their works and achievements, we should treat their life and changes rationally.

Perhaps, in this perfect society, we can give each star more space and understanding and allow them to show their true selves at different stages of life. Although the change of Huang Xiaoming’s face has caused a topic, we should pay more attention to his real feelings and living conditions as an ordinary person. Let’s look forward to his new stage in love and career, and wish this talented actor more wonderful works and happy times in the future.

Editor in charge:

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The front face design of Toyota C-HR adopts a unique inverted trapezoidal air intake grille with sharp LED headlights to create a dynamic visual effect. The body lines are smooth and muscular, showing a fashionable and dynamic style as a whole, showing its unique personality and charm.

The body size of Toyota C-HR is 4390 * 1795 * 1565mm, the wheelbase is 2640mm, and the front and rear tracks are 1550mm. Its side lines are smooth and dynamic, with 17-inch rims, and tyre size is 215/60 R17, showing a fashionable and energetic style.

The interior design of Toyota C-HR is simple and fashionable, and the center console adopts a 10.25-inch touch screen, which brings convenient operation experience to drivers. The steering wheel is made of plastic, but it supports manual adjustment up and down and back and forth, which is ergonomic. The seat is made of fabric, the main driver’s seat can be adjusted in front and back, backrest and height, the assistant driver’s seat can also be adjusted in front and back, and the rear seat supports proportional reclining. In addition, the car is equipped with USB and AUX multimedia/charging interfaces, and a USB/Type-C interface is provided in the front row to meet the daily charging needs.

Toyota C-HR is equipped with an L4 engine with a displacement of 2.0L, which can output a maximum power of 171 HP and a maximum torque of 205 N m.. This engine with CVT continuously variable transmission can provide a smooth and efficient driving experience for the vehicle.

In his experience, he said that the acceleration of Toyota C-HR is average, but because it is still in the running-in period, its performance has not been fully exerted. He mentioned that the vehicle may perform better in sports mode, but it has not been actually experienced yet. This shows that although there is still room for improvement in the current acceleration performance, with the end of the running-in period, the performance potential of Toyota C-HR is worth looking forward to.

Editor’s Note: The Third Plenary Session of the 20th CPC Central Committee emphasized that education, science and technology and talents are the basic and strategic support for Chinese modernization. To achieve high-level scientific and technological self-reliance, in the final analysis, we must rely on high-level innovative talents. The popular science department of China Association for Science and Technology and Guangming. com jointly launched the column "Serving the country scientifically at the right time" to interpret the setting of science and technology disciplines and the training mode of talents in colleges and universities, guide the vast number of young people to integrate their personal ideal pursuit into the great cause of national development, continue the tradition of serving the country scientifically, and build a solid foundation and base for scientific and technological innovation.# 10 million IP Chuangkepu

Chips occupy a core position in science and technology.

It is widely used and omnipotent.

The discipline of microelectronic integrated circuits focuses on chip research.

It is a strong driving force for the development of electronic information industry.

Promote the vigorous development of the industry.

Shenzhen University School of Electronic and Information Engineering

(hereinafter referred to as "College")

Actively respond to national strategic needs,

Facing the major needs of the country and the international academic frontier,

Turn scientific research achievements into practical applications,

It provides more convenient and efficient services for the society.

And provide high-quality teaching resources and rich practical opportunities.

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And advocate the scientific research concept of "having fun in it".

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Today, let’s walk into

School of Electronic and Information Engineering, Shenzhen University,

Listen to the story of science serving the country,

Feel the technological power of microelectronics.

Producer

Yanggu

Chief producer

Song Leyong fought Zhao.

Master plan

Song yajuan

journalist

Lin Jiaxin

Director of this issue

Lin Jiaxin Meng Chen

Text arrangement

Zhao Jin (Internship)

check

Huang Lei Zhao Xiaojin

Joint production

Guangming. com, Science Popularization Department of China Association for Science and Technology

Special Thanks

Propaganda Department of Shenzhen University Party Committee

Shenzhen University School of Electronic and Information Engineering

[Editor: Li Xinzhe]

　　sevenmoonthreeDay,Tucki revealed it at this year’s Beijing Auto Show.“MONA”Finally unveiled the mystery,MONAThe first model of the series–TuckiMONA
M03the whole worldmake one’s debut. This intelligent pure electric hatchback coupe for young users has a drag coefficient.0.194Cd, the cruising range will exceed500kmFocus on10-15Ten thousand yuan market. Chairman Xpeng MotorsCEOHu Anma, Vice President of He Xiaopeng Hand in Hand Modeling Center·Lopez (JuanMa
Lopez) attended the live broadcast together and deeply interpreted Tucki.MONA
M03The design creation concept and the technical strength behind it.

　　Perfect combination of technology and aesthetics

　　TuckiMONA
M03The appearance of is from the world’s top designer Juan Ma.·Lopez (JuanMa
Lopez), adopted "Smart
Design AIQuantitative aesthetics "design language, with classic and beautiful wide-body coupe posture,479mmThe low center of mass,3.31The aspect ratio,1.31The aspect ratio of and0.47The tire height ratio makes the car body ratio just right. In addition, the new car will provide new color matching options such as Xingyaolan and Xinghanmi to fully meet the individual needs of young consumers.

　　Specifically,MONA
M03The front face adopts a closed grille with the concept of "binary"010”Split three-dimensional space star-awn lamp group is very recognizable in shape and built-in.300particleLEDThe lamp bead, combined with the cutting-edge thick-walled light guide technology, has the longest irradiation distance.150Rice. The side of the car body is slender as a whole, with a slip-back shape and a relatively coordinated side ratio.CThere is also a spoiler design at the bottom of the column. Secondly, the vehicle is equipped with a hidden door handle, and the blue intelligent driving indicator light appears on the front fender.

　　Many design details at the rear of the car echo the front of the car. First of all, it has the same model.TThe tail light of the model "B" has the same effect as the headlight when it is lit. Meanwhile, TuckiMONA
M03The trunk has a stylish hatchback design, providing a spacious opening for loading large items.In addition,In terms of color matching, Tucki MONA
M03have providedfiveAmong the three schemes, Xinghanmi and Xingyaolan meet the diverse aesthetic needs of young users with elegant low saturation colors.

　　Both low wind resistance and large space are needed.

　　twentyWannei’s products generally talk about wind resistance, but TuckiMONA
M03From the beginning of design, the idea of "low wind resistance" was integrated into manufacturing engineering.A total of1000A number of program analysis, accepted.10Second, super100Hours of wind tunnel testing,right15Key group optimization,andThe whole system comes standard with the same super run.AGSFully integrated active air intake grille, its irregular single blade design is not only integrated with the appearance, but also can balance the wind resistance optimization and electric drive cooling requirements at different speeds and intelligently adjust the opening and closing.This series of "dead bumps to the end",TuckiMONA
M03In the endCd0.194Excellent performance, becoming the world’s lowest wind resistance mass production of pure electric hatchback coupe, energy consumption per 100 kilometers has been reduced.15%, the highest can be improved.60kmThe cruising range.

　　Not only that, but to our credit,For a long time, in order to pursue the smoothness and beauty of the outline lines of the whole car, the coupe had to sacrifice the whole riding space, which made it difficult to have both aesthetics and space, and could not meet the travel needs of users in the whole scene.butTuckiMONA
M03Broke this cognition to4780mmThe conductor and2815mmThe wheelbase is comparable.BLevel of dimensional performance, plus63.4°The design of the largest front windshield inclination angle at the same level reduces the wind resistance and also creates a low and elegant front cabin contour, leading the space experience at the same level.

　　At the same time,At the level of storage design, TuckiMONA
M03The whole system comes standard with an electric hatchback tailgate.621LThe large volume can be placed at the same time.oneindividual28Inch,fourindividualtwentyInch suitcases, camping tents, fishing gear and balance cars for parties can be safely stored, so that you don’t have to make multiple-choice questions when you travel.1136mmThe width of the opening makes it more elegant to take and put things. No matter whether it is daily commuting in the city or relaxing in the suburbs on weekends, it can fully meet the needs of young users to travel in the whole scene, and enjoy comfort in every journey.

　　Go with negative "emphasis", or you will die if you don’t succeed.

　　Since the beginning of this year, it is an indisputable fact that Xpeng Motors’s competitiveness has declined among a number of new power brands, and it is under the competitive pressure of Weilai, Ideals and a number of new energy brands. Judging from the delivery results of new power brands in the first half of the year, Xpeng Motors lags far behind LI, Weilai, Zero Run and Extreme Krypton, and the sales of the above brands are all in.eightMore than ten thousand vehicles. Even Nezha cars.sixThe monthly sales volume is not as good as that of Xpeng Motors, but it is still in the first half of the year53769The result of this car is slightly ahead of Tucki.

　　Therefore, for Tucki at this time, there is an urgent need for a product with the right price, which can play and measure, and stand out in the market. TuckiMONA
M03It can be said that it took Xpeng Motors nearly four years to build the first intelligent pure electric hatchback coupe in China. Even at the press conference, He Xiaopeng stressed: "Tucki is willing to spend a little more time and cost to build a" nice and interesting "car for young people."

　　From the current point of view, TuckiMONA
M03It is still very powerful, with high originality, ultra-low wind resistance and perfect body proportion. Although the space and intelligent configuration have not been officially announced, according to the original agreement between Didi and Tucki, Didi will open the whole ecology for Xpeng Motors for the first time. Empowered, for "MONA”Provide multi-dimensional strong support including intelligent cockpit, intelligent driving and shared travel market, which is certain.MONA
M03The performance will not be bad, and it is worth looking forward to.

　　At the same time, for the electric vehicle market,MONA
M03Could be subversive—15The price below 10,000 yuan can realize intelligent driving, and Tesla first achieved the fair-price intelligent driving model on the market. However, Tucki.MONA
M03In fact, the market segments in which they are located are also quite voluminous. The products of established car companies such as BYD, Changan and Geely have already formed a layout, and the price/performance ratio alone is not enough. It is also necessary to see whether more information officially announced later is enough to surprise people and ensure mass production delivery.

Recently, chengdu research base of giant panda announced that, in order to further protect animal welfare, chengdu research base of giant panda plans to explore a trial animal rest system, and will temporarily try to close the juvenile giant panda villa area on Mondays from December 25, 2023. Giant pandas like to mention "legal holidays", which reflects the public’s love for giant pandas from the side. In 2023, in addition to the giant panda, which animal friends will "go out of the circle"?

Giant pandas also have a "rest day"?

On December 22nd, chengdu research base of giant panda announced that it would temporarily try to close the juvenile giant panda villa area on Mondays from December 25th, 2023 (inclusive). And remind tourists that during the closing period, the area is temporarily closed to tourists, so please plan your tour reasonably.

Image from chengdu research base of giant panda WeChat WeChat official account

It is worth noting that the reason for the announcement that the museum is "closed every Monday" is that in order to further protect animal welfare, it is planned to explore the trial system of animal rotation.

　

In my impression, this is still a park with ornamental projects, including animal breeding research base and wildlife park. It is the first time to adjust the operating system of the park for the reason of "animal welfare", not just because of "the need of park management".

　

Different from the controversial topic about being kind to animals in the past, after the announcement of "Rest in Rotation" in chengdu research base of giant panda, the comments of netizens were all praise. Almost no one questioned this "rest in rotation" measure, even if some people would not be able to see the true face of the panda baby or affect their travel itinerary because of the "rest in rotation" closure.

On the one hand, the giant panda has never clashed with the daily life of the public and has a good "reputation"; On the other hand, because giant pandas, as "national treasures", have been making contributions to China’s panda diplomacy and wildlife protection, people may think that they should enjoy corresponding "welfare".

　

But in theory, other animals, including cattle and horses as means of production, cats and dogs as companions for human beings, pigs and sheep as food, and even those wandering animals, as the lives of people living on the same earth, should also receive corresponding attention.

Read more about "Panda likes to take a rest in rotation", and animals deserve a "legal holiday" | Beijing News column.

How did the giant panda become a "top stream" star?

　

How many times have you been cured by giant pandas this year? The national treasure panda has always been loved by everyone. In 2023, panda-related topics occupied people’s mobile phone screens for many times-Meng Lan, the "three princes" in Xizhimen, and Hua, the "female stars" in Sichuan … On social networks, the list of star pandas grew stronger and stronger. In April, the return of giant panda Yaya to China in the United States once caused a heated discussion, and the topic of "taking Yaya home together" reached 620 million readings. In Chengdu, Sichuan, giant pandas and flowers became popular on the Internet with their triangular rice balls, and what was even more remarkable was the "summoning technique" of grandpa Tan, a breeder, and a short video platform of "flowers and flowers, fruit depends". A video platform showed that a short video about "pandas understand Sichuan dialect series" reached 1.366 million likes.

Do you know who is the giant panda and the flower through the back?

The picture is from CCTV.

Family portrait of the giant panda in Beijing Zoo

Image from @ Beijing Daily

Offline, these national treasures are also worthy of the name "top flow". As the "top stream" of Beijing Zoo, there is always a long queue outside the exhibition hall of Meng Lan, a giant panda. According to the Beijing News, during the May 1 ST period, due to the high enthusiasm of tourists, the queue of the "Menglan" sports ground was specially set up in the museum. Visitors who want to see "Menglan" need to wait in line, and some tourists finally see "Menglan" after waiting in line for 4 hours.

　

According to the cultural and tourism market of Sichuan Province released by the Sichuan Provincial Department of Culture and Tourism in May this year, "online celebrity" giant panda "Huahua" led 264,000 tourists to visit chengdu research base of giant panda, ranking second among the top ten scenic spots in China. During the Chengdu Universiade, the mascot "Rongbao" won people’s attention, including straw hat "Rongbao", peach "Rongbao" and Sichuan Opera "Rongbao" … It is reported that since the release of the mascot "Rongbao", the peripheral products have been continuously innovated and upgraded, and more than 1,000 licensed products have been launched in 18 series. Popular styles are out of stock and restricted, and "Rongbao" has become a "conspicuous bag" in Chengdu this summer.

All kinds of "Rongbao"

The picture is from Xinhua News Agency.

In 2023, what other "out of the circle" animal friends are there?

　

"Capibala"

Image from IC Photo

The capybara, alias "Capibala", has become synonymous with "emotional stability" because of its mental state of "being trampled on by other animals". As the new favorite of IP in the animal kingdom, "capybara" has been played 1.64 billion times on a short video platform.

　

"Cat Security" in the Forbidden City

Image from @ Palace Museum

As early as the Ming Dynasty, there was a "Royal Cat Room" in the Forbidden City, in which all the cats kept were serious cats. Since then, 600 years have passed, and these royal cats have been breeding in the Forbidden City and never left. Later, after the establishment of the new China Palace Museum, the descendants of the royal cats were first certified as orthodox by blood, and then they were "collected" again and registered in the book, each with its own name. On December 14, Beijing was snowing heavily, and the Palace Museum sent a group of photos of cats in the snow. The netizen said, "Who is not confused about the cuteness in the snow?"

　

Hoh Xil Net Red Wolf

Image from People’s Daily

In October this year, some netizens released a video saying that a wild wolf in Hoh Xil, Qinghai was "as fat as two wolves" because it was often fed by drivers and tourists in the past. Not only will it become round, but it will wag its tail at the vehicle and "beg for food". Experts remind that whether in the wild or in the zoo, private feeding will either cause harm to the feeder or the animals to be fed, and may even lead to an epidemic, so it is not advisable to feed.

　

"Wandering" Macaque

"Walking monkeys" live a life of food and shelter, and "neighbors" include herons and wild boars.

The Beijing News knows the video.

In November, macaques appeared in Chaoyang, Haidian, Tongzhou and other places in Beijing. The Forest Public Security Bureau, together with the Beijing Wildlife Rescue Center and other relevant departments, tried their best to find them. On the afternoon of November 7, they were all found near Dongsishitao in Dongcheng District and Gaobeidian in Chaoyang District, respectively, and have been properly placed in the Beijing Wildlife Rescue Center. Experts remind that wild monkeys are generally more vigilant. If they have not been fed food by humans, they will not approach humans, and even choose to take the initiative to avoid them when they meet humans. But captive monkeys are not afraid of people, they will associate people with food, and even go to places with more people to look for food when they are hungry. If you meet a monkey in the wild, don’t disturb and tease, and keep a proper safe distance. If you encounter monkeys in residential areas, you can contact the wildlife authorities immediately.

　

The cute bird "Little Fat Choo"

Image from @ CCTV News

Recently, the northern long-tailed tits appeared in Beijing. Wrapped in a piece of silver, the furry tits sometimes sing and sometimes spread their wings and fly, lively and lovely. They often hang upside down from the branches to feed, and then fly to the next tree in a moment, usually without long-distance flight. The northern long-tailed tit belongs to the long-tailed paridae of passeriformes, which is a "three-owned" protected animal with important ecological, scientific and social values, and is relatively common in northeast China and northern Xinjiang. According to the records of Beijing ornithology, the northern long-tailed tits appeared in Beijing in the 1960s, but their numbers were relatively small in the past. This year, compared with previous years, the number is much more and they are in groups, which is rare.

　

Integrated from Xinhua News Agency, CCTV News, Guangming Daily, Beijing News, Beijing Haidian WeChat WeChat official account, etc.

Editor Ma Haoge

Proofread Li Lijun

On August 31, the reporter learned from the Provincial Information Center that the Henan credit information sharing platform has realized data networking with more than 40 industries such as safety production, environmental protection and taxation, and monitored the status of credit subjects through online big data visualization analysis, realizing "every batch must be checked" and "everything must be checked".

Henan credit information sharing platform is one of the important contents of building a pilot province of social credit system and big data integration development in Henan. After the platform is networked, all departments and units can reward and punish credit subjects through online inquiry in the near future and system docking in the long term when using the platform to carry out administrative work. For example, when the transportation department handles the examination and approval of the business license, the staff members log on to the Henan credit information sharing platform and enter key information such as the name of the legal person of the transportation company, the unified social credit code, the organization code, etc., so as to inquire whether the parties belong to the object of rewards and punishments. For the parties who belong to the object of rewards and punishments, the platform will automatically list the types and times of red and black lists and the corresponding list of reward and punishment measures.

Before the end of this year, the data of Henan credit information sharing platform will be embedded in the "online" service process, which will be integrated with the data of Henan government service network to realize the whole process of joint rewards and punishments, such as automatic warning, automatic retrieval, automatic trigger, automatic implementation and automatic feedback. In other words, if a faithless person breaks his promise once, the result will be automatic restriction everywhere.

In accordance with the requirements for the construction of a pilot province integrating the national social credit system and big data, Henan should become an important information big data gathering and sharing center and development and application center in China, and take the lead in sketching out a multidimensional credit "genetic map" for five categories of subjects including government, enterprises, individuals, institutions and social organizations. The relevant person in charge of the Credit Department of the Provincial Development and Reform Commission said that in the future, personal credit will become the second "identity card", and trustworthy people can enjoy the benefits of renting a car and staying in a hotel without paying a deposit, while untrustworthy people may even have difficulty going out to take a taxi and shopping in a supermarket. (Reporter Luan Shan)

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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