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Wei Xiaoli three financial comparison, ideal performance is the best, Xiaopeng is obviously behind, NIO serious losses.

Wenshu Zhijia.com, Huang Huadan

On March 17, XPeng Motors’ earnings report finally arrived late.

Since the second half of last year, Xiaopeng has been making frequent moves, accompanied by the joining of Wang Fengying, and now it is the change of founder Xia Heng almost in name only. Since the listing of G9, it can be said that XPeng Motors has been in the most turbulent period of time. And from the data released by the financial report, XPeng Motors’ 2022 is indeed not optimistic.

As the three leading new forces that started at the same time, Wei Xiaoli has come to this day. After completing the breakthrough from 0 to 1, the personalities of the three companies have gradually become clear. Now, standing at the crossroads of development, where will Wei Xiaoli go?

Previously, when Ideal and NIO announced their financial results, we had written a detailed explanation (see also ").

After Xiaopeng releases its financial report, let’s take a look at the comparison of the three companies’ data.

The red data in the graph is the best performance, and the green data is the worst performance. As can be seen from the visual data color, relatively speaking,At present, Ideal is the brightest performer of the threeIn terms of annual delivery volume, vehicle gross profit margin, loss and other data, the ideal ranks first among the three companies

Meituan Wang Xing once regarded Wei Xiaoli as a representative of the new forces competing for the next two rounds of Chinese car companies, but his most optimistic is undoubtedly the ideal. And from the financial data, the ideal has indeed distanced itself from NIO and Xiaopeng.

01.

revenue and profit

From the perspective of total annual revenue, NIO is in a leading position with annual revenue of 49.267 billion yuan, and the ideal 45.287 billion yuan is smaller than NIO, but the year-on-year increase is the largest, compared with the 2021 operating income growth of 67.7%.

In terms of profitability, although the three companiesAre still in a state of loss, but relatively speaking, the ideal loss amount is much smaller than that of NIO and Xiaopeng. From the annual comparison, although the ideal loss ratio has increased significantly, this is due to the small loss amount in the ideal 2021, which is 321 million yuan, which is the closest to profitability among new forces. This also benefits from the extreme cost control of Li Auto.

NIO’s 2022 annual loss increased by 259.4% to 14.437 billion yuan. According to the financial report, NIO’s largest loss in fiscal year 2022 wasOperating loss reached 15.6407 billion yuanThis is still a major problem for NIO as a user-based enterprise, including power exchange services, which account for huge operating costs.

For future projections, Li Bin still sees achieving break-even in 2024 as an important goal for NIO.

Relatively speaking, although Xiaopeng’s loss growth rate is the smallest, 88.07%, the loss amount of 9.14 billion yuan is still a huge gap.

From the comparison of the three companies, a major reason for Xiaopeng’s loss is itsVehicle gross profit margin is not highIn 2022, Xiaopeng will be available for the whole yearThe gross profit margin of automobiles is only 9.4%.The ideal gross margin, although lower than in 2021, still reached 19.4%.Automotive gross margin is 19.1%.NIO gross margin and automotive gross margin will be 20.1% and 18.9% respectively in 2021, plummeting to 10.4% and 18.9% in 202213.7%…

For NIO, the performance in 2022 is also not optimistic.

In addition, observing the change in gross profit margin, it can be seen that NIO’s vehicle gross profit margin in 2022 is higher than the overall gross profit margin, while whether it is NIO in 2021 or the other two companies, the overall gross profit margin is slightly higher than the vehicle gross profit margin.

That is to say, for Ideal and Xiaopeng,Businesses other than vehicle sales can provide appropriate blood transfusions for vehicles, while for NIO in 2022, vehicle sales profits still need to bear other business expenses.This also coincides with NIO’s huge operating losses.

Li Xiang has expressed the hope to control the gross profit margin atAbout 25%In 2022, the ideal gross margin will decrease to around 19%, although it has declined, it is still at a relatively healthy level.

Xiaopeng’s gross profit margin has not been high, only hovering around 10%, which is also the reason why Xiaopeng hopes to increase the price of vehicles, but the strategic failure of G9 has exposed more problems for Xiaopeng, which has also caused Xiaopeng to experience nearly half a year of turbulence. It remains to be seen what effect the subsequent structural adjustment of XPeng Motors will have.

NIO blamed the sharp drop in gross margin on the higher-than-expected price increase of lithium carbonate in 2022. Li Bin said at the 2022 annual earnings conference: "Lithium carbonate has the opportunity to drop to 200,000/ton or even lower in Q4. NIO can return to gross margin of 18% to 20% in 2023."

02.

Delivery and new model planning

existTotal annual deliveriesIdeal also ranked first with 133,246 units. Xiaopeng has the lowest 120,757 units. But overall, the sales performance of the three companies in 2022 is not much different.

In the case of little difference in sales, NIO and Ideal’s revenue is much higher than XPeng Motors, and it can also be seen that NIO and Ideal have advantages in vehicle unit price, especially NIO, Li Bin said, "In the fourth quarter of 2022, NIO’s share in the high-end pure electric vehicle market segment of more than 400,000 yuan and more than 300,000 yuan is 75.8% and 54.8%, ranking first."

Considering the beginning of 2022, the sales targets set by the three companies are ideal 200,000, NIO 150,000, and Xiaopeng 250,000.From the perspective of target completion, NIO is the highest, reaching about 81.67%, while Xiaopeng is the lowest, only 48.32%.

And from the sales target for 2023,The ideal is to protect 250,000 cars, fight for 300,000 cars, NIO is 245,000 cars, Xiaopeng began to be conservative, for 200,000 cars.

In the recent sales performance, XPeng Motors performance is indeed not satisfactory. According to official estimates, XPeng Motors 2023 Quarter 1 delivery will be between 18,000 and 19,000 vehicles, 2023 Quarter 1 total revenue will be between 4 billion yuan to 4.20 billion yuan.

In January 2023, Li Auto delivered 15,141 vehicles, NIO delivered 8,506 vehicles, and Xiaopeng delivered 5,218 vehicles. In February, the ideal delivery was 16,620 vehicles, NIO 12,157 vehicles, and Xiaopeng delivered 6,010 vehicles.

From Xiaopeng’s own first-quarter delivery expectations, deliveries in March should be between 7,000 and 8,000 vehicles.

existFollow-up model planningOn the fourth quarter of 2022, He Xiaopeng revealed the new car plan at the earnings call. Later, XiaopengG6It will be unveiled at the Shanghai Auto Show and is scheduled to be officially released and delivered in the middle of the year. The XPeng G6 is priced in the 200,000-300,000 range, and after the mass production climb, its sales will reach two to three times that of the XPeng P7. In addition, XPeng Motors will launch an all-new model in the second half of this yearPure electric 7-seat MPV…

NIO’s product plan for 2023, according to Li Bin’s confidence, "plans to launch based on NIO’s second-generation technology platformFive brand new productsHe also revealed that after the release of all NT2 products, all NIO products can be divided into three categories: ET5 + ET5 Touring + ES6, with a target monthly sales of 20,000 units; ET7, ES7, ES8, with a total target monthly sales of about 8,000-10,000 units; EC6, EC7 Monthly sales of 1000-2000 units. Can support the monthly sales target of 30,000 units.

Regarding the ideal new car plan, it is reported that the ideal will be released this yearIn September, it launched its first pure electric modelIn the conference call on February 27, Li Xiang also mentioned that the pure electric products launched by Li Auto in the future will be the same as the L series, corresponding to the price range of 200,000 – 500,000 yuan. The first model may be officially launched in 2023, and will be launched in 2023 thereafterLaunch at least two high-voltage pure electric models every yearMake a layout.

From the current public information, the three companies’ product planning routes are also in line with their current strategies. NIO is still the brand with the most new model planning, which Li Bin and Qin Lihong also explained at the media exchange meeting. NIO is the positioning of high-end brands, and the multi-product strategy is to give users more choices.

The ideal product planning keeps a streamlined pace, while Xiaopeng is trying to broaden its categories.

It is worth mentioning that three companies areR & DinputNIO’s R & D investment in 2022 increased by 136% to 10.8363 billion, the largest among the three, and the revenue accounted for 22%. Ideally, it also increased by 106.3% compared with 2021, reaching 6.78 billion yuan, and revenue accounted for 15%. Xiaopeng is relatively small in terms of investment and growth, increasing by 26.8% compared with 2021 to 5.21 billion yuan, and revenue accounted for 19.4%.

Judging from the various aspects of the financial report, XPeng Motors is indeed lagging behind in the Wei Xiaoli three.

03.

Xiaopeng’s Anxiety and Change

The frequent adjustments of Xiaopeng in terms of personnel and structure also made the outside world see a particularly anxious Xiaopeng. Although NIO and Ideal have also experienced life and death times, the financial performance of NIO in 2022 is also not ideal, but the overall route of the two companies has always been along the established track, and Xiaopeng seemed a little flustered.

XPeng Motors’ label from the beginning was to focus on autonomous driving and technology. From the product itself, Xiaopeng’s performance was not bad, but the Oolong incident on the G9 listing exposed XPeng Motors’ marketing problems. This is also the main reason why Wang Fengying joined Xiaopeng.

According to He Xiaopeng, in the fourth quarter of 2022 earnings call, XPeng Motors’ organizational structure optimization has achieved remarkable results in the first quarter. Currently,XPeng Motors reports directly to He Xiaopeng for all R & D, production and supply chain systems, while President Wang Fengying is fully responsible for product planning and sales service systems.

In addition, He Xiaopeng also talked about XPeng Motors’ next sales channel strategy. According to He Xiaopeng, there are three points in the company’s sales strategy this year that are relatively certain.

1. Firmly promote direct sales and authorization, and the proportion of authorization will increase over time.

2. Sales channel flat organization, better training and improve better service, improve the overall channel profitability and operating efficiency.

3. Sales-only channels will become more channels with 4S capabilities.

And He Xiaopeng also said: "The system of third- and fourth-tier channels, we will mainly enter through our partners, and at the same time, we will also consider more models that can be suitable for third- and fourth-tier channels to sell better in product planning."

A few days ago, it was reported that XPeng Motors has completed the reform of its marketing system.

In terms of internal organizational management structure,Auto Trade and UDS two channel teams complete mergerPreviously, the two channels of XPeng Motors belonged to different responsible persons, and there was a problem of system internal friction. The direct sales model belongs to the entity of XPeng Motors Trading Company, and co-founder He Tao is in charge. Authorized dealers are managed by UDS (user relationship development service center), and are headed by Liao Qinghong, chief talent officer and vice president of sales of XPeng Motors.

And in the sales system, thenRemoved the sales regions of the two major channels across the country and re-divided them into more than 20 sales communities across the countryThe directly-operated stores and authorized dealers in each community are in charge of the person in charge of the community.

At a time when the direct sales model is increasingly becoming the main sales method of new forces, XPeng Motors’ decision to turn around and re-invest in 4S stores will inevitably cause controversy. However, from He Xiaopeng’s statement, Xiaopeng hopes to capture more lower-tier markets through 4S stores, so as to further expand sales. And this strategy did help Xiaopeng quickly expand the number of stores in the early days.

On the other hand, Xiaopeng is also seeking cost control. According to He Xiaopeng, XPeng Motors will achieve a cost reduction of more than 50% for autonomous driving from this year to next year, and a cost reduction of about 25% for the entire vehicle hardware (including the power system).

After selecting a plan, will the follow-up XPeng Motors be able to return to its original position? And will NIO and Ideal be able to rise to the next level in the cutthroat competition in 2023? In a sense, Wei Xiaoli’s three companies are still representatives of new domestic forces, and their performance reflects the development of the industry to a certain extent.

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Cooperation or news leads are provided, contact email: editor@autor.com.cn

China Evergrande announced on the Stock Exchange on the evening of August 31 that as of the end of July 2023, Hengda Real Estate’s target amount of RMB 30 million yuan or more pending proceedings totaled 1931, and the total amount of the target amount totaled about RMB 437.743 billion yuan. As of the end of July 2023, Hengda Real Estate was involved in unliquidated maturing debts totaling about RMB 2775.01 billion.

In addition, as of the end of July 2023, Hengda Real Estate’s overdue commercial tickets accumulated about RMB 207.50 billion. As of the end of July 2023, Hengda Real Estate has completed a total of 70 real estate projects through equity transfer, land and construction-in-progress transfer, trust, and escrow.

During July 2023, Hengda Real Estate added 164 pieces of information to be executed, and the total amount to be executed was about RMB 12.647 billion. During July 2023, Hengda Real Estate added 55 new shares as a frozen subsidiary and shareholding company of the person to be executed, involving a total amount of about RMB 44.684 billion yuan.

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Original title: "China Evergrande Announcement"

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A car that is about to change driving habits, this is the most intuitive feeling after driving Avita 12 recently. Equipped with Hongmeng cockpit, with smart driving function, equipped with ultra-clear electronic external rearview mirror, the maximum cruising range is 700 kilometers. This Chongqing-made digital intelligence car brings a new driving experience.

The exterior design is futuristic, and the design of the Avita 12 may not please everyone, but the low-lying coupe state will always bring you a feeling of the future of digital intelligence. The body over 5 meters has a high degree of design recognition, and the HALO interactive screen of the first quarter moon is unique and interesting. The logo has also changed, and the one-sided design has a more digital sense, which can be lit and extinguished with the welcome function.

The cockpit design of Hongmeng is very recognizable. It adopts the industry’s original 35.4-inch 4K integrated remote screen with full field of view. All kinds of information are clearly displayed and can be customized and changed. The 15.6-inch smart central control screen reflects the minimalist design, but retains the window lift button. Because it supports the Hongmeng ecological app store, various applications are rich and support Huawei mobile phones to flow seamlessly, and the experience is silky.

As soon as you leave the hotel, dial down twice on the right side of the two lanes where there is traffic, and immediately start the urban smart driving pilot assistance. Avoid pedestrians, identify traffic lights, automatically select lanes, and take the initiative to overtake. Just put your hands on the steering wheel, Avita 12 is very skilled in autonomous driving. Especially at unprotected intersections, vehicles can also handle road conditions as flexibly as old drivers.

Driving at high speed, Avita 12 is more mature, changing lanes to overtake in one go, and getting up and down the ramp is also carried out in advance. During driving, Avita 12 accurately recognizes and avoids traffic cones, and the perception of large special-shaped vehicles and the risk avoidance from the lane are also well realized, which makes the driver gradually feel at ease.

This smart driving performance comes from its powerful software and hardware. The whole system comes standard with 29 smart driving sensors, including 3 lidars, 3 millimeter-wave radars, 11 high definition cameras, 12 ultrasonic radars, and 19 active safety functions as standard. In terms of software, the first GOD network adds the fusion perception of multiple sensors such as lidar, millimeter-wave radar, and cameras, which can easily deal with dangerous scenarios such as "ghost probes", and can also perform precise parking.

At the same time, Avita uses big data modeling to let car owners participate in the co-created smart driving strategy, the smart driving system learns 10,000 + kilometers every day, further gets rid of the dependence on high-precision maps, and gradually opens the smart driving auxiliary feature that does not rely on high-precision maps.

Original title: Google Maps New feature: Lock screen interface can also be navigated in real time

Recently, Google Maps has launched a new feature that reflects your location in real time and provides real-time navigation support, which can guide you in real time on how to go, where to take the bus or subway.

Although the existing navigation can still implement voice and other navigation, providing you with various itineraries, unlike the existing map navigation, the application is updated in real time and can be accurate to every step, including reminding you that it is time to get off, turn left or right, and so on.

The reminder function can not only be reminded on the application interface, but also on the lock screen of the mobile phone, allowing users to complete the navigation function without entering the Google Maps application interface, which is also a lack of existing navigation maps.

Google will randomly select some customer engagement tests in the near future. You can check whether Google Maps can be upgraded at any time. If you are lucky, you will be given priority to experience the portability brought by the new features of Google Maps.

　　CCTV News:Every day at 8 o’clock, CCTV will sort out for you the big and small things that happen around us within 24 hours.

　　[Focus]

　　The Ministry of Human Resources and Social Security announced the cancellation of 42 more certification materials, involving social security management, labor relations, and other aspects.

　　Ministry of Commerce: The national pork price increase fell by 8.9 percentage points from the previous week.

　　● Ministry of Education: More than half of children and adolescents in our country are myopic, and more than 80% of high school students are myopic.

　　● The National Development and Reform Commission revised the guidance catalogue for industrial restructuring, and encouraged the addition of four new industries, including "artificial intelligence" and "elderly care and childcare services".

　　● The China Geological Survey of the Ministry of Natural Resources announced for the first time 60 regional geological maps of major strategic areas in our country.

　　● The SAR Government strongly condemns the attack on ***** Member Ho Kwan-yiu.

　　● The first batch of certificates for the national vocational education reform "1 + X" certificate system pilot was issued in Langfang, Hebei.

　　This year, 10 survivors of the Nanjing Massacre have died one after another, leaving only 81 registered survivors.

　　[Expo]

　　● Iran injected uranium gas into 1,044 centrifuges at the Fordo nuclear facility, all of which Mr. Rouhani stressed were "reversible".

　　The British Parliament has officially announced its dissolution, kicking off an early general election in the Christmas month.

　　The French government has introduced new regulations to tighten immigration policies, mainly including setting quotas for legal immigrants and stepping up efforts to crack down on illegal immigration.

　　● In response to the decline in the number of military personnel due to the decline in population, South Korea is considering "immigration into the military".

　　All 10 Shinkansen trains in Japan that were flooded by typhoon last month were scrapped, and the damage could be as high as 14.80 billion yen.

　　Houthi rebels in Yemen attacked the southwestern city of Muha, killing at least 10 people.

　　● Brazil’s spill of crude oil pollution caused huge losses, or affected the Caribbean region.

　　Chinese experts will travel to France to participate in the restoration of Notre Dame Cathedral.

　　[All kinds of states]

　　Didi Hitch announced that it will start trial operation in seven cities including Beijing on the 20th, and will introduce a screening mechanism for dishonest people.

　　Chengdu has introduced the first management measures on the collection, transportation and recycling of used shared bicycles, stipulating that the operating enterprise is the main body of the collection and recycling.

　　The country’s first online personal serious illness case was sentenced, and the recipient was sentenced to return the full amount of fundraising for concealing his property.

　　A Shenzhen Airlines flight returned due to a crack in the windshield and landed safely.

　　Shenyang police cracked a case of drug use and trafficking by the governor and seized more than 10 kilograms of drugs.

　　● More than 100 brown widow spiders and a large number of fresh egg sacs were intercepted in Nantong, Jiangsu.

　　[Vision]

　　On November 6, a large number of visitors came to the Shanghai National Convention and Exhibition Center to visit the second China International Import Expo.

　　● On November 6, female volunteers from Zhongshan Village, Xiaopu Town, Changxing County, Zhejiang Province helped low-income farmers pick golden silk royal chrysanthemum at the golden silk royal chrysanthemum planting base.

　　[Voice]

　　● "Fire rescue is a noble and glorious cause. We hope that the majority of young people will actively join the fire rescue team and make positive contributions to protecting people’s lives and property and maintaining social security and stability."

　　- Zhang Fusheng, deputy director of the Fire Rescue Bureau of the Ministry of Emergency Management and director of the Education and Training Department, pointed out at a news conference on Nov. 6 that for the vast number of young people, the national comprehensive fire rescue team has a scientific training system and broad development space.

　　[Face]

　　● Liu Fang, a Chinese teacher at the No. 3 Junior High School in Baiyun District, Guiyang City, Guizhou Province, stood on the podium after graduating from college in 1993. In 1997, she gradually became blind due to retinitis pigmentosa, and in 2007, she became a psychological counselor. Since then, she has been a teacher. She has been known as "Helen Keller in the mountains of China".

　　See you tomorrow at 8!

　　Editors: Chen Siyuan, Luo Meng

As of May 24th, the market value of Meituan Dianping (03690.HK) has reached 350 billion Hong Kong dollars, about 307.60 billion yuan, has surpassed Baidu, JD.com and even Xiaomi, becoming the third largest Internet Tech Giants after Ali and Tencent, turning the BAT club into ATM.

In contrast, in the United States listed Ctrip, the latest reported $36.46/share, the total market value of 19.50 billion dollars, about 133.90 billion yuan, the difference between the two is more than half.

On May 23, Meituan Dianping announced its first quarterly report of the new year after the close. The financial report showed that Meituan Quarter 1 revenue was 19.17 billion yuan, an increase of 70.1% from 11.30 billion yuan in the same period last year. The operating loss was 1.303 billion yuan, and the adjusted net loss was 1.04 billion yuan.

This is the internet company’s 17th quarterly loss since 2015, but Meituan’s loss is nearly 35% compared to the 3.734 billion loss in the previous quarter.

The specific reason is that although one of Meituan’s core businesses – food and beverage delivery – has experienced a comprehensive decline in the three indicators of total revenue, transaction value and transaction number, the company’s other core monetization business – to the store and wine hotel business is still very bright.

According to the financial report, Meituan’s store and wine travel business achieved revenue of 4.49 billion yuan in the quarter, an increase of 43.2% year-on-year; the gross profit was 4 billion yuan, and the gross profit margin reached 88.3%, which can be said to be comparable to Moutai.

Figure: Meituan comments on the first quarter of 2019 financial report

Among them, Meituan’s wine travel business has been compared with Ctrip and is regarded as one of Ctrip’s strong competitors.

Analysys Intelligence released an annual comprehensive analysis of China’s online travel market in April. The year-on-year growth rate of China’s tourism revenue in 2018, as well as the scale of online travel transactions, are at the lowest level in the past five years. China’s online travel industry has entered a stage of medium-to-high-speed development.

Among them, the transaction scale of China’s online travel market in 2018 was 975.424 billion yuan, with a year-on-year growth rate of 9.3%. Compared with the past five years, the growth rate slowed down and was below double digits for the first time. Looking back at historical data, the transaction scale growth rate of China’s online travel market from 2013 to 2017 was 30.0%, 45.2%, 49.6%, 56.1% and 20.7% respectively.

The slowdown in the growth rate of the industry has caused headaches for the giants in the online travel industry such as Ctrip, and what is even more troublesome for them is the fierce competition in the industry. The position of the giants is not stable.

At present, China’s online travel market is mainly dominated by Ctrip and Qunar, with Flying Pig Travel ranking third. The combined market share of the three companies is close to 70%, and the market concentration is relatively high. Among them, Ctrip and Qunar belong to the first echelon in the industry, while Flying Pig, Mafengwo, Meituan and other companies belong to the second echelon.

For a long time in the past, traditional OTAs (online travel agencies) such as Ctrip have controlled the flow and entrance of online wine travel through the air ticket business, obtaining excess orders and revenue. However, this situation is gradually changing due to the addition of emerging forces such as Meituan and Feizhu.

Among them, Meituan Dianping has seen the rise of various businesses of the company since it went public in 2018, including the store and wine travel business.

According to the annual report, the total transaction value of Ctrip in 2018 was 725 billion yuan (excluding the previously acquired Skyscanner), an increase of 30% year-on-year, and it firmly ranked as the largest OTA in China.

Meituan’s store, hotel and tourism business in 2018 was 176.80 billion yuan, Ctrip is more than 6 times, but still slightly higher than the same journey eLong. In 2018, the same journey eLong’s annual total transaction volume was 131.50 billion yuan, an increase of 28.5%.

Transaction volume is the basis for platform revenue generation, and OTAs usually recognize transaction commissions and merchant advertising fees as operating income, which requires a large transaction volume.

In terms of revenue, Ctrip’s revenue is much higher than that of Meituan’s wine travel part. In 2018, Ctrip achieved revenue 30.965 billion, which was 10 times that of Meituan’s store and wine travel sector (15.84 billion yuan) in the same period. Meituan’s historical data shows that from 2015 to 2018, the company’s store, hotel and tourism business revenue was 3.77 billion yuan, 7.02 billion yuan, 10.85 billion yuan, and 15.84 billion yuan, respectively. Four times.

From the perspective of growth rate, Ctrip’s revenue growth rate in 2018 was 15.7%, much lower than the 46% growth rate of Meituan Wine Travel.

In addition, we divide revenue by transaction volume to determine the OTA’s liquidity. For the full year of 2018, Ctrip’s overall liquidity rate was 4.3%, Tongcheng Eilong’s overall liquidity rate on a consolidated basis was 4.6%, and Meituan Dianping’s in-store and hotel business was 11.1%, the highest among the three companies.

In addition, GMV (total transaction value of booking business), Ctrip is still the boss. According to the prospectus submitted by Meituan Review before its listing last year, the GMV of Meituan Hotel in 2017 was 36.50 billion yuan, and the GMV of Ctrip during the same period was 600 billion yuan, which is 16 times that of Meituan Hotel.

However, from the perspective of growth rate, Meituan’s growth rate is still much higher than that of Ctrip. In 2017, Ctrip maintained a 40% GMV growth rate, largely relying on the merger of the British search platform Skyscanner. In 2018, its GMV growth rate fell to 20.8%.

Figure: GMV comparison of Ctrip, Meituan Hotel and Tongcheng Eilong

On the other hand, the number of room nights in Meituan’s hotel business is also surpassing that of Ctrip. In the hotel tourism business, the profit growth mainly comes from the increase in the number of room nights booked by hotels.

Meituan disclosed in the 2018 annual report that the number of domestic hotel room nights increased from 205 million in 2017 to 284 million in 2018, an increase of 38.5% year-on-year, and the average price per night increased steadily.

But it is worth noting that Meituan’s domestic hotel industry grew 38.5% year-on-year to 284 million in 2018, lower than last year’s growth rate of 55.5%. The number of hotel room nights in the first quarter of this year was 78.60 million, an increase of 29.8% year-on-year, and the growth rate slowed slightly.

According to Trustdata’s third-party monitoring data, Meituan Hotel’s market share in domestic hotel bookings has reached 46.2%, ranking first in the industry, and surpassing the sum of Ctrip, Qunar, and Tongcheng Yilong in March 2018.

But the number of nights seems to have become a bottleneck for Ctrip, and now it has even stopped disclosing the year-on-year growth rate of nights. According to industry estimates, the number of nights at Meituan Hotel has exceeded that of Ctrip as early as 2016.

In addition, although Ctrip still maintains a large advantage in the high-end customer group and high-star hotel resources; Meituan Hotel continues to release signals of penetration from the low-end market to the high-end market. At present, Meituan has more than 250,000 hotels in tier 3-5 cities, accounting for 85%, capturing the user market that Ctrip has not fully covered.

Ctrip’s share is gradually being eroded.

The reason why Meituan has been able to catch up with Ctrip in the wine travel business so quickly is that its huge traffic advantage is a key factor.

Although Ctrip’s annual transaction volume is much higher than that of Meituan Hotel, in terms of the number of annual transaction users, Ctrip has been overtaken by Meituan Reviews.

According to Sun Jie, CEO of Ctrip, two brands, Ctrip and Qunar, have 130 million annual transaction users in China, according to a 2018 conference call. In comparison, Meituan Dianping’s total annual transaction users in 2018 were 400 million.

Although Meituan has another major business that accounts for a major share, Meituan management has said that 90% of the users who booked hotels through Meituan in 2018 were existing takeout users or in-store consumers.

In short, Meituan uses the high-frequency business of takeaway to raise a traffic pool of trading users for 400 million years, and traffic monetization extends its value chain through low-frequency, high-customer unit-price businesses, such as tourism and hotel businesses.

And as mentioned earlier, the first quarter gross profit margin of the wine hotel business was as high as 88.3%, which can be said to be a well-deserved profit center.

In contrast, Ctrip has suffered a lot in terms of traffic due to the lack of online traffic entry.

Overall, Ctrip still has a large advantage in terms of volume, but as a rising star, Meituan has successfully achieved the status of one of the "giants" in the hotel field by virtue of the platform effect, the ecological closure of comprehensive life services and its own service level, and is encroaching on Ctrip’s market at an extremely fast speed.

But then again, in the OTA industry, established companies such as Ctrip have spent nearly 20 years cultivating, and various new players such as Airbnb have entered the market from all aspects, which are also competitive forces that cannot be ignored. Standing at the crossroads of the transformation of the online wine travel industry, Meituan, who is only 8 years old, still has a long way to go.

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[Global Network Technology Comprehensive Report]On September 12, the AITO Wenjie new M7 series was officially launched. As a luxury smart-driving medium and large SUV that integrates great wisdom, large space and ultra-safety, the Wenjie new M7 will bring consumers a new travel experience. At the press conference, Yu Chengdong, executive director of Huawei, CEO of end point BG and CEO of smart car solutions BU, said: "We have invested 500 million yuan in the AITO Wenjie new M7 series, using solid materials and the best technology to make it not only a’smart cockpit ceiling ‘, but also a’smart driving ceiling’ and a’smart safety ceiling ‘!"

"Shuangzhi" continues to lead, and smart drivers across the country can drive

Wenjie’s new M7 is equipped with the HUAWEI ADS 2.0 high-order intelligent driving system, which takes the lead in realizing high-speed and urban high-order intelligent driving without relying on high-precision maps. It is expected that in December this year, the urban smart driving pilot assistance (urban NCA) will realize a smart driving experience that can be driven nationwide, and the more you drive, the better you drive. Since its release in April 2023, HUAWEI ADS 2.0 has built a rich scene library on the AI training cluster, with deep learning 10 million + km per day, continuously optimizing iterative intelligent driving algorithms and scenario strategies. As of September 2023, the long-distance NCA pilot MPI (average takeover mileage) is as high as 200km, and the success rate of urban elevated inbound and outbound is as high as 99% +.

Behind the excellent smart driving experience, the new M7 is equipped with 27 sensing hardware such as 1 overhead lidar, 3 millimeter wave radars, 11 high definition visual perception cameras and 12 ultrasonic radars, and cooperates with a high-performance computing platform and Huawei’s self-developed anthropomorphic algorithm to achieve full-scene and all-weather perception of dynamic and static targets (including special-shaped objects).

Among them, HUAWEI ADS 2.0 upgrades the industry’s first GOD (General Obstacle Detection Network) 2.0 network on the basis of the fusion of BEV (bird’s eye view) perception capabilities, which can identify special-shaped objects outside the whitelist of general obstacles. Fine recognition of obstacle types (such as distinguishing ambulances, police cars, etc.), the recognition rate is as high as 99.9%; RCR 2.0 (Road Topological Inference Network) realizes navigation map and real-world matching, which can "understand things" and "understand the road". In addition, based on the multi-sensor fusion perception capability, the new M7 also has the ability to park smart parking that can be seen and parked, and supports valet parking and ultra-narrow parking in the park.

Hongmeng smart cockpit is smoother and more fun. Super desktop brings more mobile applications. Mobile phone "Touch" can realize the flow of applications such as chasing dramas and games; mobile aerial photography can also flow to the cockpit screen, allowing the whole family to "sit and watch the world" in the car together. Xiaoyi Smart Voice can also perform offline voice navigation even when the signal is not good, and can also realize voice control and take pictures to share at any time, and can pay without getting off the bus. The rear HUAWEI MagLink expands the new gameplay of space scenes. Huawei’s tablet is connected immediately, realizing multi-device linkage. The smart cockpit can be turned into a personal creation room, a multi-person conference room, and a children’s study in seconds. The magic space can be flexibly switched to create a "mobile whole house intelligence".

All-round renovation and upgrade, large space to meet the needs of multi-scene vehicles

The new M7 fully considers the needs of family travel. The big five seats have the same leading effective space in the car, with a length of 3338mm, and each seat is very spacious. The trunk depth is 1100mm, and the standard volume can reach 686L, which can easily accommodate 12 20-inch boarding boxes. After the two rows of seats are reclined and connected to the trunk, the maximum depth is expanded to 2051mm, which can form a loading space of 1619L, easily accommodate 30 20-inch suitcases, and can switch to various modes such as a 2-meter bed. It can easily realize double lying flat, and with the trunk 52L storage compartment, the ultimate space efficiency meets the loading needs of family cars.

The new M7 enjoys a more flexible six-seat layout, giving users more choices. The overall space of the front, middle and rear three rows reaches 2605mm, and the six-seat and four-seat modes have spacious interior space. The whole car is full of seats, there is still a 1.1-meter large trunk, and the 188L standard capacity can hold four 20-inch luggage. After putting down the rear seats, it can be expanded to 775L, which can accommodate four 28-inch luggage at the same time, easily meeting the needs of multi-scene cars.

Active and passive double insurance, double super security is more reliable

Passive safety is not afraid of accidents, active safety avoids accidents, physical safety and intelligent safety double insurance, the achievement of Wenjie new M7 series double super safety. In terms of passive safety, Wenjie new M7 body structure matches the mold opening, and re-transforms the welding production line, which is safer and more reliable. The whole car submarine-grade thermoformed steel accounts for 24.4%. At the same time, CBS (composite body solution) composite body material is introduced to effectively improve the body stiffness and collision safety. In addition, the new car is equipped with eight airbags and double pre-tensioned seat belts in the front row as standard, which provide users with all-round driving safety protection based on more real-world scenario verification.

In terms of active safety, HUAWEI ADS 2.0’s active safety capabilities continue to evolve. The first omnidirectional anti-collision system realizes forward, lateral and backward omnidirectional anti-collision capabilities and realizes all-round protection. The maximum braking speed of AEB (automatic emergency braking) is increased to 90km/h, which can reduce traffic accidents caused by inattention and complex road conditions by 90%. The active safety capability continues to lead the industry.

The car is comfortable and easy to drive, and the whole family is comfortable to travel

Wenjie’s new M7 focuses on family travel scenarios and comprehensively optimizes the driving experience. The big five seats are equipped with new "marshmallow" seats as standard, 10-layer comfortable stacked design, and the total thickness of foam is 100mm; the standard four seats are equipped with ventilation, heating and massage functions, each seat is very comfortable. Through Xiaoyi Smart Assistant, users can voice turn on the double-row nap function of the main and co-pilot. Enjoy six seats with new zero-gravity seats, allowing users to remove fatigue when riding, bringing comfortable enjoyment and relaxation experience. In addition, Wenjie’s new M7 is also equipped with front and rear double air-conditioning boxes, 17 air-conditioning trends, a large touch screen of the rear air conditioner, and a fully automatic comfortable electric pedal. A healthier "zero formaldehyde" cockpit allows the whole family to enjoy a healthy and comfortable travel experience at any time.

In terms of driving experience, the new M7 has upgraded HUAWEI DATS 2.0 (Dynamic Adaptive Torque System) and front and rear suspension dual FSD (Frequency Selective Damping) variable damping shock absorbers, resulting in a more stable and smoother ride. The new M7 is equipped with the HUAWEI DriveONE extended range electric drive platform, and the four-wheel drive version has a 100-kilometer acceleration of 4.8s, with the same level of power performance. Under the condition of full oil and full power CLTC, the new M7 has a comprehensive battery life of 1300km, a pure electric battery life of 240km, and a fuel consumption of as low as 5.6L/100km under the feeding condition, achieving ultra-long battery life and ultra-low energy consumption. In addition, the active air intake grille and lower body height enable the new M7 to have an ultra-low drag coefficient of 0.298Cd; with the new intelligent range extension technology, it intelligently recognizes the working conditions and environment, and rationally distributes the use strategy between the range extender and the motor, resulting in better power, longer battery life, better silence, and lower energy consumption.

As a 250,000-class smart driving luxury medium and large SUV, the new M7 has established a "ceiling" image of smart price ratio in the market segment. The official guide price of the new M7 series is: M7 Plus five-seat rear drive version 249,800 yuan, M7 Plus five-seat four-wheel drive version 284,800 yuan, M7 Max five-seat smart drive version 309,800 yuan; M7 Plus six-seat rear drive version 269,800 yuan, M7 Max six-seat smart drive version 329,800 yuan.

At this conference, Huawei Managing Director, End Point BG CEO, and Smart Car Solutions BU CEO Yu Chengdong held a delivery ceremony for small-order users during the Chengdu Auto Show, and asked the new M7 to be delivered immediately after listing, which greatly reduced the waiting period for users to place orders and improved consumers’ car purchase and car experience.

A self-taught photographer from Finland captured a stunning view of the Nordic sky, the Milky Way.

　

　 　The ancient Chinese poet Li Bai famously described the grandeur of the Lushan Falls as "flying down 3,000 feet, it is suspected that the Milky Way has fallen into the sky". Now, with the development of science and technology, people have been able to record real images of the Milky Way with cameras, and see if these stunning pictures of the Milky Way taken by Western photographers are enough to confirm the imagination of the great poet.

　

Fast Technology News on June 19, a few days ago, Geely recently unveiled the interior cockpit design of the Galaxy Starship prototype, its new technology flagship SUV.

The cockpit design philosophy of the Galaxy Starship is "to bring heaven and earth into my hut", using a streamlined shape, blending fabric, wood grain and chrome materials to create a high-tech interior environment.

The T-shaped center console is equipped with a large-size trapezoidal screen, which is expected to integrate the functions of the central control screen, multimedia entertainment screen, and passenger entertainment screen. This innovative design is expected to be retained in the production version.

The dual-spoke steering wheel of the Galaxy Starship is spliced in a variety of materials.Equipped with touch buttons and a circular level instrument similar to an aircraft cockpit, the cockpit is enhanced with a futuristic feel.

A tilted small screen and circular touch buttons are installed in front of the center armrest, which may be used to control music playback and air conditioning temperature.The cockpit has a five-seat layout, with three independent seats in the front and middle, providing multi-angle adjustment and massage capabilities.

The rear of the cockpit is equipped with a double sofa and a tea set, forming a separate leisure area.

Touch panels on door trim panels are used to control doors and other entertainment functions.

The seat of the Galaxy Starship uses the Xingrui AI large modelThe ability to complete steering, moving, lying down, and other actions according to voice commands demonstrates the advanced nature of AI intelligent seats.

In appearance, the Galaxy Starship prototype has smooth lines, the front face adopts a through light group and a dot matrix front panel, and the door handle adopts a conceptual design to present a door-opening layout.

The tail is equipped with a through-type LED light group, the top brake light is raised, and the lower surrounding area is conspicuous.

It is worth mentioning that,The Galaxy Starship will be equipped with the latest technologies such as Galaxy AI digital wizard and AI digital chassis. The AI digital chassis integrates multi-domain technologies such as domain control, by-wire steering, wheel electric drive, intelligent driving, and AI large models.Demonstrates Geely’s technological strength in the field of new energy and intelligent driving.

??1905 movie network feature If you’re not a hardcore Marvel fan, what do you imagine "Doctor Strange" to be like? Strange, maybe some special skills? What about the doctor? Probably a weird tech nerd?

　

??Maybe you have seen the trailer and felt a little shadow; but rest assured that after watching the whole movie, you will be able to make up more "shadows"!

　

??Perhaps you also know that the film was filmed in Hong Kong, and many plots are also closely related to Eastern elements; but you will never imagine that there are also a large number of very down-to-earth "special" brain holes, suitable for the youth memories of generations of mainland audiences such as 70, 80, and 90!

　

??On November 2nd, an early viewing movie was held in Beijing, and the only purpose of this article is to encourage you not to limit your brains. Of course, there are super spoilers including the double easter eggs at the end. If you are not afraid, read on!

　

Demonic Brain Hole: Roll Fu Inception Dream Any Door, Moonlight Treasure Box Finishes the Great Demon King

　

??Yes, "Curly Fu" is of course the soul keyword of "Doctor Strange". Benedict Cumberbatch has been popular in China as "Curly Fu" for a long time, of course, because of the classic characters in corrupt national dramas. In "Doctor Strange", Stephen Strange, played by BC, is a surgeon with a very high IQ and a very low EQ. He is paranoid, arrogant, and looks unflattering and arrogant. You can often find Watson’s deflated expression when he bickers and fails on the faces of his colleagues in the hospital who are ridiculed by him. By the way, Rachel McAdams in this movie plays the girlfriend of Doctor Strange, and this girl and Holmes are also a bit of a mystery.

　

??Special effects are of course also an indispensable keyword for Marvel blockbusters. Back then, Josef ran and fought on the vertical ground in "Inception" to amaze the world, and "Doctor Strange" gave this skill a magic plug-in: in this fantasy world that breaks through the dimension of space, Doctor Strange steps on the kaleidoscope-like horizon, and can also use his mind to draw a circle of fireworks stick effect, through which he travels through any space… How about it, do you remember our old friend "Doraemon"? Who doesn’t want a random door in their childhood, so they can step into the classroom without being late?

　

??In addition to the spatial dimension, the concept of time also plays a key role in Doctor Strange. At the end, Curly Fu used a trick to deal with the big boss Dormam: "Infinite cycle annoys you to travel through ****": Kill me? I travel back! Kill me? I come back! Imagine Curly Fu, who had a broken mouth and a venomous tongue, appeared in the same way countless times, and Dormam directly admitted defeat… At this time, his mood can be referred to Wu Mengda who was lying at the door of the Pansi Cave: Wife, come out to see God with the Bull Demon King! The same can be proved, the ultimate task in Doctor Strange, the Supreme Treasure can be done in a Moonlight Treasure Box.

　

The painting style is clear and strange: Cainiao’s cultivation of immortals is comparable to Hua Qiangu, and the cool spells are very familiar

　

??In the entire Marvel Universe, there are countless superheroes from real life, such as Iron Man and Captain America. Most of them resist evil forces in the real world. Most of these heroes rely on external factors such as biotechnology to break through the limits of the human body and achieve so-called superpowers., and other works also broaden the perspective to the world of "God" and the entire universe, while "Doctor Strange" has a special attention to the supernatural field. As the first work of Marvel’s new series, "Doctor Strange" uses a lot of elements of Eastern metaphysics to open a completely different style for the film.

　

??In the film, Stephen Strange comes to Kathmandu, Nepal after a car accident, finds the bald-haired reclusive magician Gu Yi (played by Tilda Swinton) for help, and starts the path of immortality. Dr. Cainiao looks at his fellow apprentice brother’s superb spells, but he can only barely make a small spark, and his embarrassed expression is exactly the same as Zhao Liying, who has not yet learned to "master the sword". Master Gu Yi also took the doctor to the snow-capped mountains for special training. He thought that there was an immortal on the "Changliu Mountain", whose name is "Baizi Painting".

　

??Of course, Doctor Strange’s original comic series in 1963, these "special" brain holes for mainland audiences, are just adding a little joy. However, if Curly Fu knows there is a magic drama called "The Legend of the New White Lady", is it worth learning from our White Empress when he performs various hand gestures?

　

Easter egg strategy: The Doctor is confirmed to appear in the sequel of "Thor 3" against the Mage of Mordo

　

??Following the tradition of the MCU (Marvel Cinematic Universe), Doctor Strange also contributed two Easter eggs at the end. Although the duration is very short, the two clips contain a lot of information, one paves the way for the upcoming release in the MCU (hereinafter referred to as "Thor 3"), and the other paves the way for the sequel of the same series.

　

??Not long ago, "Thor 3" was announced. During the filming of "Thor 3", rumors about Doctor Strange’s appearance in the film were endless. Even the film director "played a mystery" and posted a note on his personal account, which stated the address of the Doctor’s secret New York stronghold. So what is the truth? Everything is answered in the first easter egg of "Doctor Strange": The Doctor is sure to appear in "Thor 3".

　

??In a simple conversation with Thor, he asked why Thor and his younger brother Loki came to New York, and promised him that he would help, which may suggest that Doctor Strange will show his skills in the New York battle of the God’s Domain brothers. In addition, various details in the main film of "Doctor Strange" also revealed that in addition to "Thor 3", the doctor should also appear in the figure. After all, the weapon he used this time was one of the Infinity Stones that the ultimate boss Thanos wanted.

　

??The second Easter egg starts after all the subtitles as usual, and the characters are all characters in this episode of "Doctor Strange". At the end of the film, Modo, a black mage who left Dr. Strange due to disagreement, begins to seek revenge on other people with mana. It is basically certain that the confrontation with the "blackened" Mage Modo will be the main line of the sequel of "Doctor Strange", which is also in line with the arrangement in the original comic book. And "Doctor Strange 2" is expected to be released in 2019, and the doctor has just enough time to make more soy sauce in the MCU.