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Radar Financial Products | edited by Li Yihui | Deep Sea

In the automobile circle, Li Xiang and Li Bin, the old rivals, are often compared together. Before building a car, both of them came from automobile content, and founded car home and Easy Car Network respectively.

The traces of the founders of these two websites located in the downstream of the automobile industry chain are fading away, but the competition between the two sides has not cooled down. As the former overlord of car Internet platform, car home has been completely overtaken by Easy Car in terms of monthly users and new users.

Behind car home, Easy Car is supported by Tencent resources. In addition, the car-savvy emperor who is backed by ByteDance has also become a key player.

Car home, facing the squeeze of "Easy Car" and "Know Car Emperor", saw its revenue and profit drop in the second quarter, and its main business shrank sharply, which caused the market to worry about its declining performance. Since July, several investment banks have downgraded car home.

In addition, since the company was listed on the Hong Kong stock market in March this year, its share price has fallen by more than 50%, and its market value of nearly HK$ 50 billion has evaporated.

Why is car home here?

The decline in performance was superimposed by changes in executives, and many investment banks downgraded their ratings.

The second listing in Hong Kong did not make car home’s development more smooth.

On March 15th this year, car home was listed on the Hong Kong Stock Exchange, with an offering price of HK$ 176.3 per share and a net fundraising of over HK$ 3.4 billion.

The latest second quarterly report shows that the company’s net profit attributable to ordinary shareholders is 747 million yuan, down 9.43% year-on-year; Operating income was 1.938 billion yuan, down 16.22% year-on-year.

Among them, the largest business media service sector, which is the foundation of the company, fell by over 30% year-on-year, and its revenue scale was 330 million yuan less than that of the same period last year; The management explained that due to the global chip shortage, car companies adjusted their advertising budgets accordingly, resulting in a decline in the average income contributed by advertisers per car company.

Clue service is the second largest business in car home, which is mainly aimed at dealers to obtain customers. The quality of sales leads is high, and dealers have a strong willingness to spend money on advertising. Clue service is a key indicator to measure platform marketing and commercial value. In the second quarter, car home’s income from this business also declined a lot.

In terms of new business, car home’s online marketing and other income during the reporting period was 594 million yuan, up 10.0% year-on-year, which was the only part of the company’s three-part business.

Prior to the disclosure of interim results, CFO changes had just occurred in car home. On July 2, Zou Jun, the company’s chief financial officer, said that he resigned as CFO for personal reasons.

Before Zou Jun left the company, there had been many high-level adjustment events. In January, Lu Min, who had been at the helm of the automobile home for about four years, was "retired" from the position of chairman and CEO, and Longquan, an executive of Ping An Department, took over. In May, co-president Zhang Jingyu resigned for personal reasons.

Since July, several investment banks have downgraded car home.

Eddy Wang, an analyst at Morgan Stanley, downgraded car home’s rating from high to even, and lowered its target price from $106 to $50.

According to the report, "We expect car home’s core business income to achieve a low single-digit percentage growth, mainly due to intensified competition from major competitors such as Know Car Emperor and Easy Car. The profit forecasts for 2022 and 2023 are lowered by 12% and 19% respectively to reflect the lower income growth rate and gross profit forecast. "

The agency also said that it is expected that the departure of senior managers in the past two months will bring more uncertainty to the company’s strategy.

According to the analysis of Bank of America, car home has changed from a solid online vertical market leader to an increasingly weak market participant affected by the headwind and competition of the automobile industry.

The bank pointed out that the periodicity of the automobile market may mean a long-term headwind, and the competition in automobile consumption is intensifying, which will have a negative impact on car home. Therefore, car home was downgraded to "underperform the broader market" with a target price of $46, which was almost the same as the $45.34 before the US stock market opened on September 13th.

At the same time, Citigroup downgraded its rating to neutral, believing that there is still a big gap between car home and its competitors in terms of user scale, and that more intense competition, "lower car budget" and strategic change are all factors that affect car home’s rating.

Industry "boss" position is not guaranteed

At present, in addition to car home, there are "Tencent" Easy Car and ByteDance’s Car Master.

Easy Car was founded in 2000 by Li Bin, chairman of Weilai, and was once the "first stock of China automobile industry listed in the United States". After several years of losses, it was privatized and delisted in November 2020, and the buyer consortium headed by Tencent acquired and became the controlling shareholder for $1.1 billion.

At the same time, car home’s share price kept climbing, and by the end of January this year, it once reached the highest price of $146.82 in history, and once held the position of the industry leader.

At that time, Zhang Xuan, CEO of Easy Car, once said that Easy Car would remain relatively independent after privatization, and at the same time, through cooperation attempts with Tencent in different fields, we will strive to have a qualitative improvement and qualitative leap in efficiency and volume.

Facts have proved that Easy Car, which joined Tencent Eco, got continuous support in terms of traffic and content, and soon achieved the overtaking of car home in terms of the number of users.

According to the third-party data company Aurora’s Q2 Mobile Internet Industry Data Research Report in 2021, among the mainstream car information apps, the car-easy application is outstanding. In Q2 this year, the number of active users increased rapidly compared with the same period of last year, with an average MAU of 31.773 million, a year-on-year increase of 57.2%, ranking first in the industry since Q4 in 2020.

In addition, the incremental gap between Easy Car and car home is widening. In 2021, the number of new users of Easy Car in Q2 is more than double that of car home, with a gap of 13.672 million. On the other hand, in car home, the monthly users have been declining in the third quarter of 2020, and they are even infinitely close to the car owners in the latest quarter.

It is understood that with the support of bytes, the car owner pays more attention to the sharing of the owner’s real feelings and the output of fun and interesting content around the car. In the new media communication, knowing the car emperor is the "perfect fire" of marketing routines. Recently, the video of the collision between Beiqi Extreme Fox and BYD Han has exploded out of the car circle.

Some senior media people in the automotive industry said that no matter how innovative the new media communication mode is, people’s demand for high-quality content has not changed, only the consumption habits of users have changed, and the automotive media platform is the same. With the ability to continuously provide high-quality content, it is not afraid of any challenges.

At this point, thanks to the advantages of the superposition algorithm, I understand that Che Di abandoned the forums and pictures that car home still sticks to, tilted resources to video content, enabled users to prefer short video and live broadcast modes, and produced more targeted content, so the traffic accumulated faster.

Easy Car has also set up an "intelligent editorial department". The content and video produced by the machine are intelligently pushed for users through a personalized recommendation engine, and users are set up to retain and operate to AI marketing.

According to Aurora data, in 2020, the average number of new users of Easy Car Department will reach 170,000, ranking first; The number of new users who know the car is 153,000, and the number of new users in the car family is close to 150,000.

In addition to user data being overtaken, car home is not as good as its rivals in terms of the number of dealers and media revenue.

After being privatized, Easy Car has no new financial data to disclose. However, according to Zhang Xuan ‘an, the number of dealers cooperating with Easy Car ranks first in the industry. By the end of 2020, the number of contracted dealers was 22,000, with a renewal rate of 85%.

Car home is also not the preferred platform for the advertising of automobile brands. According to the data of "Inventory Report of Marketing Insights in Automobile Industry in 2020" released by QuestMobile, among the platforms including vertical platform, long video, short video and information flow, Easy Car will account for 22.2% of the advertising media for TOP10 new models in 2020, becoming the first choice platform for automobile manufacturers to advertise new cars, while car home’s share is only 17%.

By the close of September 14th, car home’s share price was HK$ 87.3, with a market value of HK$ 44.47 billion, which was over 50% lower than the first day of listing in March.

Who is to blame for car home’s "decline"?

From all aspects of performance, Easy Car seems to have taken the top spot in the industry and become a new head player. The industry structure has changed, and the position of car home’s "boss" has changed hands. Who is to blame?

Like Easy Car, car home has also experienced a change in equity. In 2005, car home website began to operate, and eight years later, Li wanted to bring the company to Nasdaq.

In June, 2015, Li Xiang left car home, stepped down as president, founded Chehejia, and devoted himself to new energy vehicles. After Li wants to leave, the management of the company led by car home CEO Qin Zhi, as well as Boyu, Gaoyou Capital and Sequoia China are going to privatize at the price of $31.50 per ADS.

Unexpectedly, Telstra, the largest shareholder, did not accept this privatization plan, but sold its 47.7% shares to China Ping An Insurance Group for US$ 1.6 billion, and the transaction price was valued at US$ 3.376 billion, which was lower than the management’s privatization offer.

On June 25th, 2016, Telstra and Ping An Trust officially completed the equity delivery. Ping An Trust became the largest shareholder in car home with 47.4% equity, and the shares of car home founder Li Xiang and CEO Qin Zhi were diluted to 2.6% and 2.9% respectively. At the same time, China Ping An made a big change in the senior management team of car home, CEO Qin Zhi and CFO Zhong Yiqi were replaced, and Ping An officially took over the company.

The new management made major adjustments at the strategic level, cutting off the main money-burning businesses at that time, such as automobile e-commerce and used cars; Reorganize the sales team, increase the efforts to realize cash, and inject Ping An Group’s wolf culture of focusing on efficiency and marketing into car home.

Since then, car home under the rule of Ping ‘an has also had moments of high light. For example, the company’s revenue in 2016 increased by 72.10% year-on-year to 5.96 billion yuan; In 2017, net profit increased by 63.01% year-on-year to 2 billion yuan.

On June 19th, 2018, the highest share price of car home was USD 119.18, and the company’s market value reached USD 13.982 billion. The corresponding market value of Ping An Group’s shareholding was about USD 6.6 billion, which means that its equity investment income in two years reached USD 5 billion, exceeding RMB 30 billion.

Lu Min, the head of car home, also won the first-class medal of Ping An Group.

On the other hand, under the profit-oriented atmosphere, car home failed to keep the purpose of taking users as the center, and the excessive commercialization of content caused users’ dissatisfaction.

Many users have found that car home’s once neutral content has become a "water draft", and the platform is no longer a credible third party, and it was once called "the home of car supports".

After the data such as content quality, word-of-mouth and users declined, it also affected the advertising willingness of the OEM. Moreover, when the automobile industry entered the cold winter in 2019, car home insisted on the price increase of membership fees, which triggered a large-scale collective protest by dealers, and several large dealer groups, such as Zhongsheng, Huge and Express, boycotted it.

Due to various unfavorable factors, car home’s revenue has slowed down. According to the financial report data, the company’s revenue growth rate is only 2.82% in 2020, which is the lowest since listing.

According to the analysis of insiders, at present, in addition to two equal rivals, Easy Car and Know Car Emperor, with the rise of short videos, cars have also diverted a batch of traffic from media people. Under this background, how to create high-quality content to attract users and regain their competitive advantage is a new proposition before car home.

Note: This article is original by Radar Finance (ID: leidacj). Unauthorized reproduction is prohibited.

Notice on the "Zero Tariff" Policy for Raw Materials of Hainan Free Trade Port
No.42 [2020] of Finance Tariff

Hainan Provincial Department of Finance, Haikou Customs and State Taxation Administration of The People’s Republic of China Hainan Provincial Taxation Bureau:

In order to implement the "Overall Plan for the Construction of Hainan Free Trade Port", with the consent of the State Council, the "zero tariff" policy for raw materials of Hainan Free Trade Port is hereby notified as follows:

1. Before the whole island is closed, the enterprises registered in Hainan Free Trade Port and with independent legal person status shall be exempted from import duties, import value-added tax and consumption tax when importing raw and auxiliary materials used for production and self-use, production and processing activities in the mode of "two ends out" or service trade in the mode of "two ends out".

Two, "zero tariff" raw materials to implement positive list management, the specific scope of the annex. The contents of the list shall be dynamically adjusted by the Ministry of Finance in conjunction with relevant departments according to Hainan’s actual needs and regulatory conditions.

3. The spare parts listed in the annex shall be subject to the "zero tariff" policy for raw and auxiliary materials, and shall be used for the maintenance of aircraft and ships (including the maintenance of related spare parts). If one of the following conditions is met, import duties, import value-added tax and consumption tax shall be exempted:

(a) used for the maintenance of aircraft and ships (including related parts and components) that enter the territory from abroad and are transported out of the country;

(two) for the maintenance of aircraft operated by aviation enterprises with Hainan as the main operating base (including related parts);

(three) for the maintenance of ships (including related parts) operated by shipping companies registered in Hainan with independent legal personality and taking the ports in Hainan Province as the port of registry.

Four, "zero tariff" raw materials are limited to the production and use of enterprises in Hainan Free Trade Port, subject to customs supervision, and may not be transferred or left the island. If it is really necessary to transfer or leave the island due to bankruptcy and other reasons, it should be approved and go through the formalities of paying taxes. If the goods processed and manufactured with "zero tariff" raw materials are sold on the island or sold to the mainland, it is necessary to pay back the import duties, import value-added tax and consumption tax of the corresponding raw materials, and collect domestic value-added tax and consumption tax according to regulations. The export of goods processed and manufactured with "zero tariff" raw materials shall be implemented according to the current tax policies on export goods.

5. If an enterprise imports raw and auxiliary materials listed in the positive list and voluntarily pays import value-added tax and consumption tax, it may apply at the time of customs declaration.

Six, the relevant departments should strengthen supervision through information technology and other means, prevention and control of possible risks, timely investigate and deal with violations, to ensure the smooth operation of the "zero tariff" policy of raw materials. Relevant departments in Hainan Province should strengthen information interconnection and share regulatory information such as aircraft and ships.

Seven, this notice shall be implemented as of December 1, 2020.

Attachment: List of "Zero Tariff" Raw Materials of Hainan Free Trade Port

Ministry of Finance, General Administration of Customs and General Administration of Taxation
November 11, 2020

Attachment download:

List of "Zero Tariff" Raw Materials in Hainan Free Trade Port

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Xinhua News Agency, Brussels, April 9-The full text of the joint statement of the 21st China-EU leaders’ meeting is as follows:

Joint Statement of the 21st China-EU Leaders’ Meeting
(Brussels, Belgium, April 9, 2019)

preface

1. People’s Republic of China (PRC) Li Keqiang, Premier of the State Council of the People’s Republic of China held the 21st China-EU Leaders’ Meeting with European Council President donald tusk and European Commission President Jean-Claude Juncker in Brussels on April 9th, and issued the following statement.

2. China and the EU reaffirm the vitality of China-EU comprehensive strategic partnership, and are willing to make joint efforts to achieve peace, prosperity and sustainable development, and promise to support multilateralism and respect international law and basic norms of international relations with the United Nations at the core. The two sides pledged to uphold the Charter of the United Nations, international law and the three pillars of the United Nations, namely, peace and security, development and human rights.

The European side reiterated its adherence to the one-China policy.

bilateral relations/ties

3. The leaders of the two sides reaffirmed their commitment to deepening the four partnerships of China-EU peace, growth, reform and civilization through the full implementation of the China-EU Cooperation 2020 Strategic Plan on the basis of the principles of mutual respect, mutual trust, equality and mutual benefit. China and the EU are committed to strengthening cooperation, especially within the framework of the existing bilateral dialogue. China and Europe welcome the new round of China-EU high-level strategic dialogue held not long ago. In order to further expand and deepen exchanges and cooperation after 2020, China and the EU will formulate a new cooperation agenda before the next China-EU leaders’ meeting.

4. China and EU are committed to building their economic and trade relations on the basis of openness, non-discrimination, fair competition, transparency and mutual benefit. The two sides promised to make decisive progress in the negotiations in 2019, especially in terms of investment liberalization commitments, so as to reach a high-level China-EU Comprehensive Agreement on Investment in 2020. The high level of the agreement will be reflected in the substantial improvement of market access, the elimination of discriminatory requirements and practices affecting foreign investors, the establishment of a balanced investment protection framework and the inclusion of provisions on investment and sustainable development. The two sides agreed to establish a high-level communication mechanism to continuously supervise the negotiations and report the progress to the leaders before the end of this year.

5. China and the EU are committed to ensuring equal and mutually beneficial cooperation in bilateral trade and investment. The two sides reaffirmed their willingness to strengthen bilateral economic cooperation, trade and investment, and to give each other broader, more convenient and non-discriminatory market access. To this end, the two sides will increase their efforts to find mutually agreed solutions for some key barriers identified by both sides, and make an inventory at the next China-EU leaders’ meeting. In this context, the two sides will hold meetings as soon as possible and speed up their work to achieve concrete results through existing channels. The two sides reiterated the importance of adhering to international scientific standards.

The two sides agreed to promote bilateral trade in agricultural products and food, while respecting international standards on sanitary and phytosanitary matters, especially the principle of zoning. The two sides agreed to explore the application of OIE zoning principles to trade based on OIE analysis. The two sides are committed to expanding market access for mutually supplied agricultural products and food in a transparent and predictable manner. The two sides will seek the guidance of international standard-setting institutions on the official certification of low-risk foods.

6. The EU supports China’s progress in accelerating its accession to the WTO Agreement on Government Procurement, and China is willing to improve its bid in an ambitious way. China will actively promote relevant work as soon as possible.

The two sides stressed the importance of following international standards in intellectual property protection and law enforcement. The two sides will continue to work hard to achieve substantive results in mutually agreed priority areas such as malicious registration of intellectual property rights, intellectual property law enforcement and trade secrets. The two sides are committed to creating a legal environment in which creators, inventors and artists can license their rights according to market terms and effectively enforce these rights in courts and related institutions.

The two sides noted the recent progress in the negotiation of the agreement on geographical indications, and welcomed the initial agreement on the text and the protection of most geographical indication names of both sides. The two sides promised that in order to formally conclude the negotiations before the end of 2019, they will continue to cooperate in the coming months to solve the remaining problems, especially those related to the remaining geographical indications.

China and the European Union look forward to launching the joint feasibility study on deepening cooperation in the field of wine and spirits at an early date.

7. The two sides welcomed the signing of the Framework Agreement on China-EU Competition Policy Dialogue and the Memorandum of Understanding on Establishing a Dialogue Mechanism in the Field of Fair Competition Review System and State Aid Control System, and will continue to strengthen pragmatic cooperation to create a level playing field for operators in all countries, including Chinese and European enterprises, and promote the healthy development of bilateral and global economic and trade relations.

8. China and the EU are making active efforts to sign the China-EU Agreement on Civil Aviation Safety and the China-EU Agreement on Certain Aspects of Flight as soon as possible. The two sides welcomed the holding of the 8th China-EU Energy Dialogue and the signing of the Joint Statement on the Implementation of China-EU Energy Cooperation, and supported the launch and implementation of the newly established China-EU Energy Cooperation Platform. The two sides pledged to actively promote the dialogue between China and Europe in the field of personnel exchanges and immigration, and complete parallel negotiations on visa facilitation agreements and cooperation agreements on combating illegal immigration as soon as possible.

9. China and the EU reaffirmed their commitment to the implementation of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda. The two sides will strengthen exchanges on international development cooperation, explore cooperation with other partner countries and work together to promote the implementation of the 2030 Agenda for Sustainable Development.

10. China and the EU reaffirm that all human rights are universal, indivisible, interdependent and interrelated. The two sides welcomed the regular China-EU human rights dialogue held on April 1-2, 2019, and agreed to conduct human rights exchanges at the bilateral and international levels on the basis of equality and mutual respect, including under the UN human rights mechanism. The two sides will explore ways to strengthen cooperation in the United Nations framework and other fields in the future.

11. The China-Europe Network Working Group aims to maintain an open, secure, stable, accessible and peaceful information and communication technology environment. Both sides welcome the ongoing discussions in the Working Group and agree to continue to strengthen exchanges and cooperation. The two sides recalled that international law, especially the Charter of the United Nations, is applicable to and crucial to maintaining peace and stability in cyberspace. The two sides worked hard to promote the formulation and implementation of internationally accepted national codes of conduct for responsible cyberspace within the framework of the United Nations. The two sides will strengthen cooperation in combating malicious activities in cyberspace under the China-Europe Network Working Group, including cooperation in intellectual property protection.

5G will provide basic support for future economic and social development. The two sides welcomed the progress and further exchanges in the dialogue and cooperation mechanism based on the 2015 China-EU 5G Joint Statement, including technical cooperation between industries.

12. Both sides welcomed the successful holding of the Fourth China-EU Dialogue on Innovation and Cooperation. The two sides confirmed their willingness to extend the China-EU Science and Technology Cooperation Agreement.

The two sides are committed to strengthening exchanges and cooperation in the fields of education, tourism, researchers’ exchanges, culture, media, youth and sports through the China-EU high-level foreign language exchange and dialogue mechanism. The two sides look forward to the fifth meeting of the China-EU High-level Foreign Language Exchange and Dialogue Mechanism to be held in Brussels. The two sides welcomed the positive results of the China-Europe Tourism Year in 2018 and promised to continue to strengthen cooperation in the tourism industry and personnel exchanges.

Global challenges and governance

13. China and the EU recognize the responsibility to play an exemplary role in supporting an open, balanced and inclusive global economic policy, which will benefit all parties and promote trade and investment. The two sides firmly support the multilateral trading system based on rules and centered on the World Trade Organization, oppose unilateralism and protectionism, and are committed to abiding by WTO rules.

The two sides reaffirmed their joint commitment to WTO reform and cooperation to ensure its relevance and meet global trade challenges. To this end, the two sides will step up discussions aimed at strengthening international rules on industrial subsidies on the basis of the existing work of the China-EU Joint Working Group on WTO Reform. The two sides will also continue to exchange views on other authorized WTO issues.

The two sides welcomed the work done so far by the China-EU Joint Working Group on WTO Reform, and agreed to continue efforts to resolve the crisis of the WTO Appellate Body and build consensus in other areas.

Both parties agree not to transfer technology by force.

The two sides support the work of the United Nations Commission on International Trade Law on the reform of the investment dispute settlement mechanism and will cooperate in this process.

14. The two sides reaffirmed their support for the G20 to continue to play an active role as the main forum for international economic and financial cooperation, and agreed to implement G20 commitments and support strong, sustainable, balanced and inclusive growth. The two sides agreed to promote the G20 to make greater contributions to maintaining multilateralism, improving global economic governance and promoting global economic growth in the spirit of partnership and consensus. The two sides called on all G20 members to strengthen communication and cooperation and maintain a free, open and non-discriminatory global trade market. The two sides are willing to jointly promote the Osaka Summit to achieve positive results.

Both sides agreed that steel overcapacity is a global challenge and needs to be addressed together. The two sides agreed to maintain communication at the global forum on steel overcapacity and look forward to forming a substantive report before June 2019.

The two sides will continue to promote the reform of the international monetary and financial system and complete the fifteenth round of the IMF’s general quota inspection at the latest in 2019.

15. Both sides agreed to intensify efforts to formulate a new set of guidelines for officially supported export credit within the International Working Group on Export Credit.

16. The two sides emphasized their firm commitment to implement the Paris Agreement and the Montreal Protocol, and further strengthened cooperation on the basis of the 2018 China-EU Leaders’ Joint Statement on Climate Change and Clean Energy, in view of the urgency of taking domestic and international actions to effectively address the global threat of climate change. The two sides recalled that carbon price and fossil fuel subsidy reform are key steps in this regard. In this context, the two sides will strengthen green financial cooperation to guide private capital to flow to a more environmentally sustainable economy. The two sides will work together to promote the success of the United Nations Sustainable Development Summit and the United Nations Climate Action Summit in September 2019.

The two sides stressed the importance of demonstrating determination on clean energy transformation and playing a more leading role in the global environmental agenda. The two sides will actively implement the Memorandum of Understanding on Circular Economy Cooperation and promote pragmatic industrial cooperation between the two sides.

The two sides recognize the importance of cooperation in dealing with global environmental challenges, including pollution and marine debris. The two sides will deepen cooperation on issues such as preventing biodiversity loss, implementing and enforcing the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), combating illegal trade in wildlife and wildlife products, sustainable forest management, combating illegal logging and related trade, and desertification and land degradation.

The two sides look forward to holding a successful and landmark Conference of the Parties to the Convention on Biological Diversity in Kunming in 2020. The two sides work together to promote the adoption of an ambitious and realistic post-2020 global biodiversity framework at the Conference of the Parties to be held in China in 2020.

The two sides also reaffirmed their commitment to the effective implementation of the blue partnership in the marine field, including cooperation in promoting sustainable fisheries development and combating illegal, unreported and unregulated fishing, and maintaining exchanges on the conservation and sustainable utilization of Antarctic marine living resources, including through the establishment of Antarctic marine reserves. The two sides agree with the "sustainable blue economic and financial principles" to promote sustainable investment in the ocean.

The two sides welcomed the first meeting of the China-EU water policy dialogue mechanism.

17. The two sides will cooperate to improve the economic, social, financial, financial and environmental sustainability and compatibility of Eurasian connectivity. The cooperation should be based on the principles of market rules, transparency, open procurement and fair competition, and follow the existing international norms and standards and the laws of the beneficiary countries of the project, taking into account the policies and national conditions of the beneficiary countries.

The two sides will continue to promote the "One Belt, One Road" initiative in China, the European Union’s Euro-Asian Interconnection Strategy and the Pan-European Transport Network, and welcome the signing of the China-EU Joint Research Framework Agreement on Railway-based Sustainable Corridor on the China-EU Interconnection Platform. The two sides will strengthen exchanges under the framework of China-EU interconnection platform.

Foreign and security policy

18. China and the EU reaffirmed their willingness to contribute to international peace and stability by strengthening dialogue and cooperation and in accordance with international law. The two sides support the peaceful settlement of regional disputes and conflicts through dialogue and consultation.

Regarding the Iranian nuclear issue, the two sides believe that the comprehensive agreement on the Iranian nuclear issue is a key link in the global nuclear non-proliferation system and a major diplomatic achievement approved by UN Security Council Resolution 2231. They reaffirm their commitment to the sustained, comprehensive and effective implementation of the agreement and make joint efforts to safeguard Iran’s economic interests. The two sides recalled the importance of the Arak heavy water reactor reconstruction project and the necessity of continuing to work together in this regard. The International Atomic Energy Agency has issued 14 consecutive reports confirming that Iran has fulfilled its nuclear-related commitments, and both sides welcome this.

The two sides support the DPRK-US dialogue to achieve a peaceful solution and the DPRK-ROK reconciliation. The two sides emphasized the importance of full and complete implementation of relevant Security Council resolutions by all parties.

The two sides are committed to working together and closely coordinating the peace process in Afghanistan, which must be comprehensive, inclusive, "Afghan-led, Afghan-owned" and a political process that can bring lasting peace. The two sides agreed to support international and regional efforts for the stability and security of Afghanistan, so as to promote the economic and social development of Afghanistan and strengthen regional economic interconnection before, during and after the peaceful settlement of the Afghan issue.

20. The two sides pay close attention to the evolving situation in Venezuela and are willing to work with other parties to promote a political, peaceful and democratic solution decided by the Venezuelan people.

21. China, the European Union and its member States are parties to the United Nations Convention on the Law of the Sea. They respect the maritime order based on international law and safeguard the freedom of navigation and overflight enjoyed by all countries in accordance with international law. The EU welcomes the consultations between China and ASEAN countries to reach an effective Code of Conduct in the South China Sea (COC). The two sides called on all parties concerned to engage in dialogue, resolve disputes peacefully and avoid acts that might aggravate tensions.

22. The two sides agreed to strengthen peace, security and defense cooperation and high-level exchanges, including maritime security and combating piracy, support Africans to solve African problems in an African way, so as to maintain peace and security in Africa, and support information exchange on crisis management and UN peacekeeping operations.

23. On the Ukrainian issue, China and the EU recalled UN Security Council Resolution 2202 and called for the full implementation of the Minsk Agreement.

24. The two sides also exchanged views on Myanmar.

[car home Jiangmen Preferential Promotion Channel] At present, preferential activities are being carried out in Jiangmen area, with a maximum discount of 20,000 yuan and a minimum starting price of 122,200 yuan. If you are interested in buying Star Yue L, please click "Check the car price" in the quotation form to get a higher discount.

The design of Xingyue L is full of strength and futuristic sense. The front face adopts a family-owned straight waterfall air intake grille with sharp LED headlights, creating a strong visual impact. The overall style is simple and elegant, and the body lines are smooth, showing the perfect combination of movement and elegance.

Xingyue L has a body size of 4770*1895*1689mm and a wheelbase of 2845mm, showing a spacious and comfortable seating space. The side lines of the car are smooth and powerful, and the front and rear wheels are 1610mm, which ensures the stability and handling of the car. With 245/45 R20 tires and dynamic rim design, the sense of movement and visual impact of the whole vehicle are further enhanced.

The interior design of Xingyue L is simple and generous, with high-quality materials and exquisite craftsmanship, giving people a comfortable and luxurious feeling. The steering wheel is made of leather, which feels excellent, supports manual adjustment up and down and back and forth, and provides a flexible control experience. The center console is equipped with a 12.3-inch high-definition touch screen, which supports voice recognition control system, and can realize the control of multimedia, navigation, telephone, air conditioning and skylight, which greatly improves the convenience of operation. The seat is made of imitation leather. The main driver’s seat has the functions of front and rear adjustment, backrest adjustment, height adjustment (4-way) and lumbar support (4-way), and it is also equipped with luxurious configurations such as heating, ventilation, massage and headrest speaker, which improves the riding comfort. The front and rear rows are equipped with USB and Type-C interfaces, which are convenient for charging and data transmission. At the same time, the front row is also equipped with wireless charging function of mobile phone, which further enhances the user experience.

Xingyue L is equipped with a 2.0T 238 horsepower L4 engine, with a maximum power of 175kW and a maximum torque of 350 N m. With the 8-speed automatic manual transmission, it brings excellent driving experience and strong power performance to drivers.

Car home car owners spoke highly of the exterior design of the Star Yue L, thinking that the whole car looks very atmospheric, especially the front face is highly recognizable, the body size is large, and the wheel hub shape is beautiful, which makes the side look very delicate. However, he also mentioned that he was not satisfied with the design of the rear bumper and thought that the decorative exhaust lacked a sense of grade.

Zeekr Krypton 001 is not expensive compared with the same class.

Extreme krypton 001 is the flagship model of extreme krypton car, which is positioned as a medium-sized and large-sized car with a starting price of 300,000 yuan. According to the data of the car body, the car body is 4970*1999*1560(1548)mm and the wheelbase is 3005mm, which is outstanding in the same class.

The price range of 2024 Extreme Krypton 001 is 269-329,000 yuan, and the prices of medium and high distribution are lowered. For example, the entry-level version has the same price, but the configuration has been greatly improved, such as 19-inch wheels and LED matrix headlights, which are standard, and there are rich intelligent driving assistance functions. Moreover, the WE version upgrades the 21-inch 4-piston calipers for free, all colors in the whole system are free, and zad’s complete driver assistance function is free for life.

In terms of configuration, Krypton 001 is also excellent, including front seat heating, HUD head-up display, steering wheel heating, rear seat heating and ventilation, wireless charging of mobile phones, etc., and also provides front sports style seats.

At the same time, the new Krypton 001 also has advantages in power and battery life. For example, the WE version of the 100kWh rear-drive version is equipped with a 100kWh Kirin battery, and the CLTC cruising range is 750 kilometers.

Compared with the same class of fuel vehicles, the price is at the mainstream level. On the whole, Krypton 001 is competitive in price, rich in configuration and high in cost performance, and will not be more expensive than the same class models. Its main competing products are Tesla model Y, Aouita 12, Han, Xingyuan ES, etc., but Extreme Krypton 001 has its own advantages in terms of price, configuration and battery life.

【Chexun. com reported】 On May 28th, Chery Automobile held the T9 National Media Test Drive Meeting of "New Luxury" in Yanqi Lake, Beijing. Fengyun T9 is positioned as a "new luxury medium and large electric hybrid SUV" with a price of 129,900-169,900 yuan. The new car strives to achieve "luxury equality" in space, power, safety, quality and intelligence.

　　In terms of appearance, Fengyun T9 absorbs the artistic conception and aesthetic feeling of oriental aesthetics, and the front face adopts the rhythmic grille of "listening to the wind" and the unique headlight combination, which forms a strong visual impact. The body lines are smooth and powerful, showing the unique dynamics and stability of SUV models. The waistline on the side of the car body gradually rises from front to back, creating a posture of sprinting forward. Fengyun T9 is equipped with a 20-inch nebula hub, which not only enhances the stability and driving performance of the vehicle, but also adds luxury and dynamism to the vehicle.

　　Based on the car colors of "floating white, still shadow gray, smoky green, sunset blue and starry night black", the new car also adds the exclusive color matching of "Moyan gray", which not only endows it with a charming ink texture with eight major paint techniques, but also realizes the luxurious qualities of scratch resistance and corrosion resistance of the paint surface.

　　In terms of space, the length, width and height of Fengyun T9 body are 4795mm, 1930mm and 1738mm respectively. SPA-class seats in the car allow every passenger to enjoy the luxury treatment of position C. It is worth mentioning that the only one-button EZ Entry function in the second row at the same level makes it easy to get in and out of the third row. The second and third rows of backrest can be put down with one button, and the maximum luggage compartment space can reach 2065L L.

　　In terms of power, Fengyun T9 is equipped with Kunpeng super hybrid C-DM system, a combination of 1.5T hybrid special engine and super electric hybrid DHT, with the highest thermal efficiency of 44.5%, the maximum power of 115kW and the maximum torque of 220N·m；; The highest efficiency of stepless electric hybrid DHT EV is as high as 98.5%, the motor power is 150kW, and 0-100km/h enters the 7-second club, which has an excellent performance in energy saving. WLTC has a power loss and fuel consumption of 5.2L per 100 km.

　　Safety is an indispensable part of luxury experience. Fengyun T9 adopts the global five-star safety standard, 85% high-strength steel and 21% thermoformed steel, and has a double aluminum alloy front crash beam with a lateral coverage rate of 85%. It is equipped with six energy-absorbing boxes, which provides rock-solid safety guarantee for drivers and passengers. At the same time, the vehicle is also equipped with a full-effect battery safety system to ensure battery safety.

　　In terms of quality, Fengyun T9 is equipped with a C-PURE static cube health cockpit with active AQS, cockpit self-cleaning and PM0.3 air filter. Sony Hall-class 14-speaker surround sound and private headrest sound create a high-level listening sense in the car. In terms of driving quality, the new car is also equipped with CDC "magnetic suspension" suspension and vehicle chassis adjustment.

　　In terms of intelligence, Fengyun T9 is equipped with 8155 high computing power chip and 15.6-inch 2.5K HD large screen, with quick interface response and smooth operation. In addition, the AI intelligent interactive system has face recognition and full-time wakeup-free function, and the vehicle provides 10 scene modes, including constant temperature, cinema, nap, welcoming guests, waking up and so on.

　　From spacious space to advanced hybrid technology, from comprehensive security to exquisite luxury quality, to cutting-edge intelligent technology, Fengyun T9 undoubtedly redefines the luxury standard of medium and large electric hybrid SUV.

　　It is understood that the Chery Fengyun sequence will achieve full coverage of hybrid, extended range and pure electricity, and a three-step plan has been formulated. Among them, Kunpeng super hybrid products were launched in the first stage, super extended range products were launched in the second stage, and pure electric platform products were launched in the third stage. Next year, Fengyun Series will also launch new models such as Fengyun A9 and Fengyun T11, and 11 new models will be launched in the next two years. Chery Fengyun is rapidly launching serial products, but at the same time, it is also strengthening the construction of channels in order to reach more users. In the first four months of this year, the terminal sales stores of Chery Fengyun Series have grown from 100 to nearly 400, covering 233 cities.

　　According to the sales report issued by Chery Holding Group, in May, the Group sold a total of 188,556 vehicles, up 35.5% year-on-year. Among them, 92,481 vehicles were exported, a year-on-year increase of 20.4%; The sales volume of new energy was 42,733 vehicles, a year-on-year increase of 279.3%. From January to May, a total of 900,209 vehicles were sold, a year-on-year increase of 51%. The addition of Fengyun T9 will help Chery achieve good results in the luxury new energy vehicle market.

Welcome to the Autohome Suzhou promotion channel to bring you the latest automotive market trends. Currently, high-profile models are undergoing an unprecedented promotion in Suzhou. Surprisingly, the maximum discount amount has reached an astonishing 156,900 yuan, making the original high-end Mercedes-Benz GLE more attractive in the market. The minimum selling price has been adjusted to 542,900 yuan, which undoubtedly provides consumers with more choices and benefits for car purchases. If you are interested in Mercedes-Benz GLE, don’t miss this rare opportunity, click "Check Car Price" in the quotation form to get the best car purchase discount!

The Mercedes-Benz GLE leads the luxury SUV market with an elegant and powerful exterior design. Its front face is stiff, equipped with a delicate single air intake grille, highlighting the brand’s iconic Mercedes-Benz star emblem, and paired with a sharp headlight set, it gives the vehicle a strong visual impact. The overall style of the streamlined body and the muscular contour combine to show the perfect fusion of luxury and sports, which is unforgettable at a glance.

The Mercedes-Benz GLE shows the perfect combination of luxury and power with its elegant body lines and exquisite design. The body size is 4927mm * 2018mm * 1797mm, and the wheelbase reaches 2995mm, giving it spacious interior space and excellent driving stability. The front wheelbase of 1679mm and the rear wheelbase of 1728mm ensure good handling performance. The tire size is 275/55 R19, which not only provides good grip, but also reflects the design style of the wheel rim. The attention and attention to detail of Mercedes-Benz add a touch of movement and luxury to the overall appearance.

The Mercedes-Benz GLE interior design is unique, focusing on luxury and comfort. The refined leather-wrapped steering wheel provides manual up and down + front and rear adjustment functions to ensure convenient operation for the driver. The 12.3-inch central control screen stands on the dashboard, integrated multimedia system, navigation and automatic speech recognition control system, intuitive and intelligent operation. The seats are made of imitation leather, the main and passenger seats support front and rear adjustment, backrest adjustment, height adjustment and waist support, and are equipped with heating and ventilation functions to bring an excellent ride experience to passengers. In addition, the front and rear rows are provided with convenient USB/Type-C interfaces, including 3 front and 2 rear rows, as well as wireless charging function of mobile phones, to meet the technological needs of modern drivers and passengers.

Mercedes-Benz GLE is equipped with a 2.0T turbocharged engine that can output a maximum power of 258 horsepower and a peak torque of 400 Nm. This power system is combined with a 9-speed manual transmission to provide drivers with a strong and smooth driving experience.

In conclusion, the Autohome owner was enthusiastic about the Mercedes-Benz GLE, praising its domineering appearance and brand effect, while expressing satisfaction with its affordable price. He pointed out that the Mercedes-Benz GLE is no longer a million-class car that is out of reach, but accessible to more people who love driving. This is undoubtedly one of the key factors in the success of the Mercedes-Benz GLE in attracting consumers, enabling it to establish a solid position in the market.

1905 movie network news On May 21, the realist educational film directed by Deng Chao and Yu Baimei revealed a special feature of "Our Family". With the perspective and tone of Feng Zean, the youngest actor in the crew, the audience walked closely behind the scenes of the film and discovered many little secrets that only children can discover. Also exposed is a set of working photos. The dedication of the director, actors and staff is admirable. The film will be released nationwide on July 26 and will be dedicated to fathers and children.

　

Leading by example in front of the stage and behind the scenes, Deng Chao has a great way to guide actors

The special unfolds slowly in the childlike narration of Pony Fei. In the cast of "Galaxy Tutoring School", Deng Chao is a special existence. As an actor, he interprets a super amazing father, and as a director, he is also very good at directing on the spot. Facing Feng Zeang, who is only 6 years old, Deng Chao patiently and gently taught in a way that is easy for children to accept and understand, demonstrating movements and imparting skills in person, and sometimes kneeling on the ground to cheer on the young actors. According to director Yu Baimei, before the shooting started, they got along with the young actors day and night to cultivate their feelings, and they seemed like a family inside and outside the play.

Carefully guide the young actors, and strive to be more refined in their own performances, even "ruthless". The important scene in the film that recreates the catastrophic flood of 1998 is not only a continuous night scene, but also a rain scene. In the cold night of early autumn, Deng Chao took the lead in braving the torrential rain to climb back and forth on the dam. Despite the embarrassment of being covered in mud and his lips turning purple, he constantly proposed "another one" and fought for more than 10 consecutive nights. What’s more challenging is that in addition to completing the performance, the director Deng Chao also directed the shooting of complex long shots, and together with Yu Baimei, completed the scheduling of thousands of actors including flood control officers and soldiers, people in the disaster area, etc. The degree of hard work and complexity is evident, and the final presentation results are also more anticipated.

　

Double test of physical endurance, Bai Yu hangs Weiya for a long time and is super dedicated

Bai Yu, a popular actor, plays Ma Fei, an adult whose status as an astronaut makes him destined to undergo more difficult training, as well as higher requirements for physical strength and endurance. Bai Yu and Shao Bing, who entered the group ahead of time, need to hang their heads down for 10 to 12 hours a day to simulate weightlessness. "Space Odyssey" sounds relaxed and fun, but it is indeed very difficult to shoot. Bai Yu has long been accustomed to bloodshot eyes and muscle soreness, and sometimes even needs help from others. Director Deng Chao said frankly: "It is very professional, difficult and hard to shoot weightlessness well. If you don’t do it well, the audience will act out. There is no shortcut except for hard training. Bai Yu Shaobing took the initiative to abuse himself, and it was not easy to make people believe it."

　

Sun Xilun was brave despite his foot injury in the water and the rainstorm

In the middle school, Ma Fei was played by 13-year-old actor Sun Xilun. During the filming of the flood scene, the brave Sun Xilun not only had to soak in water for a long time to perform, but also was baptized by the rainstorm. During the break, he was holding ginger soup with trembling hands, but Sun Xilun never shouted a cold word from beginning to end. While running on the dam, he accidentally sprained his foot and insisted on the end of the shooting. Director Yu Baimei sighed: "Xilun’s bravery makes you can’t believe he’s just a child." The two directors made full preparations for the actors’ safety logistics at the scene: every day before the children went into the water, Deng Chao had to test the water himself; after the single shooting, Deng Chao was the first to rush to Sun Xilun and wipe him with rain and sweat; from water and electricity interface insulation protection to rubbing Xi Lun’s feet to relieve pain, every detail was personally done to ensure safety, professionalism and warmth.

　

At the age of only 6, he is never tired. Feng Zeang insists on watching the playback and is super talented.

Feng Zeang, the young actor who played the childhood Ma Fei, is only 6 years old. He is the youngest member of the whole crew, but his dedication is no less than that of an adult. In the midsummer of more than 40 degrees of heat in the western Zhejiang grassland, Feng Zeang shot 15 long-distance attack scenes in a single shot, and several clothes were soaked. He never shouted tired, and insisted on watching the replay after each scene to review his performance, repeating it again and again, with a serious expression like an "old actor". When he was young, he also had fragile and crying moments. The two directors always patiently guided and comforted, and led the whole team to cheer for him. Feng Zeang made no secret of his love for the crew. "Although a little busy and a little tired, I love this big family."

　

The road to acting is long and difficult, Deng Chao: Working hard with excellent partners is super lucky

In the special, Sun Xilun, who is soaked all over, sits in front of an electric heater, and director Deng Chao inspires him: "This is the way of an actor." On the road to becoming a qualified and excellent actor, hard work is inevitable, whether it is physical or psychological, it must be borne by ordinary people. The entire cast of "Galaxy Tutorial School" has done it, with Deng Chao, who is instructed in the rainstorm, Bai Yu, who is wearing an overweight spacesuit and cannot sit down, and even countless extras, including the soldiers who fought floods and rescued the Asian Games, treating every second of the scene with heart. The two directors said emotionally, "I am very lucky to work with this group of excellent actors. Thank you for all your hard work."

　

The film "Galaxy Tutoring School" is directed by Deng Chao and Yu Baimei, and is jointly produced by Tianjin Orange Image Media Co., Ltd., Tianjin Maoyan Weiying Culture Media Co., Ltd., and Khorgos Youth Light Film Co., Ltd., and will be released nationwide on July 26.