In 2024, the "new gambling game" between Lei Jun and Dong Mingzhu once again ushered in the acceptance moment.

　　Dong Mingzhu took another step forward in building cars.

　　Enterprise investigation shows that on October 11th, Shanghai Gree Automobile Technology Co., Ltd. was incorporated, and its legal representative is Zhong Chengbao. At present, he is the assistant to the president of Zhuhai () Co., Ltd. and the general manager of Zhuhai Gree Intelligent Equipment Co., Ltd.. The company has a registered capital of 20 million yuan, and its business scope includes research and development of auto parts, manufacturing of auto parts and accessories, manufacturing of industrial robots, and sales of industrial robots.

　　According to the equity penetration chart, Shanghai Gree Automobile Technology Co., Ltd. is jointly owned by Shanghai Jieyingtu New Material Technology Co., Ltd. and Zhuhai Gree Intelligent Equipment Co., Ltd. under Gree Electric. This move is regarded by the market as Gree once again overweight the layout of new energy car tracks.

　　In 2016, after Dong Mingzhu personally held shares in Zhuhai Yinlong New Energy (hereinafter referred to as "Yinlong"), he began to formally set foot in the car-making business. Yinlong gradually became a holding subsidiary of Gree Electric, renamed Gree Titanium New Energy, and deeply cultivated the business technology of new energy buses and lithium titanate batteries. However, in the eight years since it was acquired by Dong Mingzhu, Yinlong’s performance began to decline in 2017. As of June 30, 2024, the total debt of Gree Titanium New Energy was 24.786 billion yuan. Dong Mingzhu, who makes cars across the border, has been filling the "pit" of Gree Titanium. "The pit has a process of filling, which I think is very promising." Dong Mingzhu had previously said.

　　As early as 2013, Dong Mingzhu and Lei Jun gambled on their operating income ten years later. In 2019, Dong Mingzhu shouted to Lei Jun: "Don’t want 1 billion yuan, gamble for another five years": bet on who can make the world really fall in love with China manufacturing because of their products and technology; Second, bet on who can become the world leader in his own industry. In 2024, the five-year "new gambling game" between Lei Jun and Dong Mingzhu once again ushered in the acceptance moment.

　　"Building a car is a century-old track." Lei Jun, who started to build cars across the border three years ago, believes. For Dong Mingzhu, who also has her own topic, Gree’s car-making business failed to have the positive blessing of traffic like Xiaomi’s, but Miss Dong was unwilling to let go easily.

　　Eight-year "Car Bureau": Input, Loss and Acquisition

　　Dong Mingzhu and Lei Jun’s billion-dollar bet continued from air conditioning to building cars. Xiaomi, who has been building cars for three years, has become a dark horse in China auto market this year, while Gree, who has been working on the car-building track for eight years, has not yet entered the harvest period.

　　As early as 2016, Dong Mingzhu had the idea of building a car, only one year later than today’s star new car company Ideal and Weilai. At that time, Dong Mingzhu wanted to buy 100% equity of Zhuhai Yinlong New Energy with 13 billion yuan, but failed to pass the collegial meeting of shareholders on November 16th. In Miss Dong’s view, small and medium-sized shareholders are "shortsighted", and she firmly believes that "although we didn’t succeed in the acquisition, we must be a new energy vehicle."

　　Less than a month later, Dong Mingzhu still "put all your eggs in one basket" and took a stake in Yinlong with his personal assets. At the same time, she also brought Dalian Wanda, Jiangsu JD.COM Bangneng Investment Management Co., Ltd., () and other enterprises to jointly increase the capital of Yinlong by 3 billion yuan.

　　At that time, some new car-making enterprises in the new energy vehicle market began to emerge, and traditional car companies such as Geely, BAIC, Jianghuai and Changan were all testing new energy sources. Why does Dong Mingzhu prefer Yinlong, which was established only eight years ago?

　　Yinlong once made a difference in the new energy bus track. In 2016, Yinlong’s business was mainly the manufacture of new energy buses and lithium batteries. On the track of commercial vehicles, there is a blessing for the development prospect of new energy vehicles, and Dong Mingzhu is firmly optimistic about the future value of Yinlong. In the next two years, Yinlong proved Dong Mingzhu’s vision with sales. In 2017, Yinlong New Energy Bus ranked fourth in the country with an annual sales volume of 6,626 vehicles; In 2018, its sales volume increased to 7,278 vehicles, second only to Yutong and (), ranking third.

　　But the blow followed. In January 2018, Yinlong was repeatedly exposed to arrears in supplier payment, and there was a problem in the capital chain. By November 2018, Yinlong exposed its "dirty laundry" and publicly disclosed that its major shareholder Yinlong Group, actual controller Wei Yincang and former executive Sun Guohua were suspected of encroaching on the company’s interests by over 1 billion yuan. In 2019, the sales volume of Yinlong New Energy Bus declined in a cliff-like manner, with the annual sales volume of only 2,708 vehicles, down 62.76% year-on-year. The following year, Yinlong began to lose money continuously, and even began to be auctioned by Zhuhai Intermediate People’s Court. By the end of 2020, Yinlong’s liabilities had exceeded 22.5 billion yuan.

　　Although "Yinlong became a hole", Dong Mingzhu still insisted on buying Yinlong. In August, 2021, Gree acquired 30.47% equity of Yinlong New Energy for 1.83 billion yuan through public bidding through judicial auction. In addition, 17.46% equity previously held by Dong Mingzhu was entrusted to Gree, and Yinlong officially became a holding subsidiary of Gree Electric, and was later renamed Gree Titanium New Energy (hereinafter referred to as "Gree Titanium").

　　Gree’s blood transfusion also failed to rejuvenate the sales of Gree Titanium. In 2022, Gree Titanium sold 1,789 buses, down 11.65% year-on-year. In the same year, the sales of new energy buses in (), Suzhou Jinlong and () ranked in the top three with 11,515, 5,306 and 5,032 respectively.

　　Dong Mingzhu said in March 2024 that she believed Gree Titanium New Energy could turn losses into profits that year. According to Gree’s mid-year report in 2024, as of June 30, 2024, Gree Titanium New Energy had a total debt of 24.786 billion yuan and a net loss of 1.905 billion yuan. However, according to Gree Electric’s financial report, the net profit of home appliance business can still cover the loss of car-making business, but the commercial vehicle track, lithium titanate battery and hydrogen fuel power battery technology bet by Gree Titanium have not yet entered the harvest period.

　　For entering the field of new energy vehicles, Dong Mingzhu has publicly stated that he has no regrets. The newly established Shanghai Gree Automobile Technology Co., Ltd. once again confirmed Dong Mingzhu’s determination.

　　"The pit has a process of filling up, and the dawn is ahead."

　　The road of building cars is a new way out for Gree by Dong Mingzhu. Gree has been seeking diversified development since 2012, which is also a strategy that Dong Mingzhu vigorously promoted when he took over Gree.

　　She is keenly aware that the era of high growth of household air conditioners is gradually coming to an end. According to the data, from 2010 to 2015, the year-on-year growth rate of Gree’s operating income gradually declined. Dong Mingzhu’s task is to lead Gree to find a new growth curve. To this end, she has tried mobile phones, small household appliances, new energy, medical care and even prepared vegetable tracks.

　　Dong Mingzhu started with car air conditioning business. After personally taking a stake in Yinlong, Dong Mingzhu said that Gree Electric had been studying automobile air conditioning three or four years ago and had fully mastered the technology of this product. In 2017-2018, Yinlong, which was in full swing, made Dong Mingzhu see the hope of Gree’s transformation, and also planned to enter the new energy car track vigorously in the future.

　　Dong Mingzhu attaches great importance to the layout of battery business. Except for the new energy bus business, Gree Titanium has always chosen lithium titanate as its own technical route. In the field of new energy vehicles, lithium carbonate and its derivative battery products, Ferrous lithium phosphate and ternary lithium battery, are widely used at present. Dong Mingzhu’s "safer" lithium titanate battery has low energy density, so its application space in domestic transportation field is relatively small. "We chose this project not to make money, but to do it because of future development needs." Dong Mingzhu has publicly stated.

　　However, Gree Titanium, which insists on the lithium titanate battery track, also shows signs of compromising to the market. Enterprise investigation shows that Gree Titanium is laying out lithium iron phosphate batteries. On June 11th, 2024, Gree Titanium applied for a patent named "Lithium iron phosphate battery and its preparation method". Although Gree Titanium, which went out to sea in the past two years, has gained a small number of foreign orders for energy storage business and new energy buses, its technical investment has not been realized enough.

　　In the upstream and downstream of the car-making industry, Gree also intends to lay out. In 2022, Gree Electric invested RMB 3 billion to hold () 410 million shares, accounting for 38.78% of the company’s total share capital after issuance. The latter is a leading enterprise in the refrigeration component industry, and the company’s main business is divided into two parts: refrigeration parts business and refrigeration equipment business, and thermal management business of new energy vehicles. In the field of auto parts, the main business of Gree Intelligent Equipment established in 2015 is to provide GA-GF2755 CNC machine tools for high-speed and high-precision machining of new energy auto parts. Gree Intelligent Equipment is a wholly-owned subsidiary of Gree Electric, which once provided support for Tesla parts manufacturing.

　　Li Bin, CEO of Weilai, said "Don’t build a car without 20 billion yuan", which is also applicable here in Dong Mingzhu. Judging from Dong Mingzhu’s car-making actions, it is still the main means to make a car with the revenue of the parent company as the guarantee, and vigorously purchasing and widely distributing it. However, the most fundamental purpose of building a car is to sell cars. Without new business income, Gree Titanium has also become the only loss source of Gree Group, and surviving is the top priority.

　　In terms of financing, Gree Titanium has no other sources of funds except the support of Gree Electric and Dong Mingzhu. According to the announcement, in December, 2023, Gree Electric announced that Gree Electric further increased its shareholding in Gree Titanium to 72.47%, and planned to wholly hold Gree Titanium in the future. Enterprise investigation shows that except for Gree’s increase in holdings, Gree Titanium has not gained any financing in the past five years.

　　It’s not too late for Dong Mingzhu to build a car, but when the industry took off, it failed to get dividends and gain market share. Instead, it gradually fell behind. "Gree Electric will not enter the field of new energy family cars for the time being." In February 2022, Dong Mingzhu said. The new energy bus track has never been the mainstream competition field of new energy. Limited by the demand for buses in the B-end market, it is unlikely that its market cake will become bigger. The report shows that the domestic new energy bus sales market will be around 40 billion yuan in 2022, and it is estimated that the market size will be 47 billion yuan by 2028.

　　The new energy bus industry leader appears, and its market share is further concentrated. According to the data of China Bus Statistics Information Network, in the first half of 2023, Yutong Bus ranked first in China, accounting for nearly 15% of the sales volume, followed by Foton Ouhui, BYD and Jinlong Bus, all of which accounted for more than 10% of the sales market. This also means that in the new energy bus track, Gree Titanium, which has not successfully run out of results, is under great pressure.

　　Consistent with Dong Mingzhu, in order to find new growth points, many home appliance industries are aiming at new energy vehicles. Midea and Haier, which have not officially built cars, also have automobile business layouts. () Through its subsidiary Weiling Auto Parts Company, it has officially entered the field of new energy auto parts. Haier Group focuses on using its industrial Internet platform and smart home technology to cooperate with car companies.

　　There are also many home appliances that directly enter the car. As early as 2010, Huang Hongsheng, the "king of color TV", has begun to lay out new energy commercial vehicles and passenger cars. In September this year, Skyworth Automobile, founded by Huang Hongsheng, announced that it would launch a modified model of its medium-sized SUV and the first A-class compact crossover product in 2025. According to the official data of Skyworth Automobile, the total sales volume in 2023 was 18,630 vehicles, with an average monthly sales volume of about 1,500 vehicles, while the monthly sales volume of zero-running vehicles in the same period was about 12,000 vehicles. On September 17th, this year, Sharp presented a conceptual model "LDK+" of an electric vehicle (EV) in Tokyo, Japan, and said that Sharp will officially launch the pure electric vehicle business.

　　Compared with peers, there is a certain gap in the performance of Gree Titanium. However, Dong Mingzhu is still optimistic. At the Gree shareholders’ meeting in June 2023, "there is a process of filling the pit, which I think is very promising." Dong Mingzhu said, "The dawn (of Gree Titanium) is ahead."

　　The knockout round of cross-border car-building has already started. When will the stones invested by Dong Mingzhu stir up water?

Image source @ Country Garden official website

oneSales fell sharply, falling out of the TOP10 of the sales list for the first time.

In the situation that the real estate industry has not been fully improved, and the concerns about a number of negative news in the near future, the sales situation of Country Garden is becoming increasingly severe. According to the latest data released by Kerry, from January to March 2024,Country Garden’s full-caliber sales amounted to 17.68 billion yuan, down 79.9% year-on-year, ranking 12th, falling out of the TOP10 list for the first time.In the same period of 2023, the sales amount of Country Garden still ranked third; Compared with the sales situation of the whole industry, the sales amount of the top 100 real estate enterprises in January-March decreased by 47.5% year-on-year.Country Garden’s decline far exceeds the industry’s decline, and the decline of 79.91% is also the largest among TOP50 housing enterprises.

Judging from the monthly sales in March, Country Garden’s sales were 5.51 billion yuan, down 82.67% year-on-year, which was second only to Evergrande’s -83.43%.

Sales and repayment are one of the most important channels for real estate enterprises to expand cash flow. The rapid decline in sales amount has further deteriorated Country Garden’s own "hematopoietic" ability.

Data source: corporate financial report & Kerry, drawn by Titanium Media APP.

Judging from the sales data over the years, since 2016, Country Garden has started to add leverage crazily and become the "king of hoarding land". In 2015, the sales of Country Garden was 140.2 billion yuan, and in 2016, it directly doubled to 308.8 billion yuan. In 2017, it broke through the 500 billion mark and ranked first in the sales list for the first time; It reached its peak in 2020, with sales of 788.8 billion yuan; From 2017 to 2022, it ranked first in the sales list of real estate enterprises in China for six consecutive years. In 2023, the sales amount halved and fell to the sixth place in the sales list.

In the peak period of sales in 2018-2021, the average monthly sales was 61-65 billion yuan, which fell to 38.7 billion yuan and 18.1 billion yuan respectively in 2022-2023. In the first quarter of 2024, this figure has fallen to 5.9 billion yuan.Some organizations have predicted that Country Garden will reach 40 billion yuan in sales every month, so that it can have sufficient ability to repay debt interest. Judging from the current sales data, it is far from enough.

Insiders pointed out that, looking back, Country Garden’s "high leverage and fast turnover" model of rapid expansion depends entirely on the rapid sale of houses. At present, the speed of selling houses has slowed down, which naturally leads to the difficulty in maintaining the capital chain.

Country Garden once bluntly said: "We underestimated the depth, intensity and duration of the market downturn, failed to take more effective measures as early as possible, failed to see that the relationship between supply and demand in the real estate market has undergone major changes, and failed to understand the potential risks such as excessive investment ratio in third-and fourth-tier cities and insufficient debt ratio pressure drop, and failed to resolve them promptly and forcefully."

2, delay the release of financial reports, stock suspension, and hire a risk consulting company to conduct liquidation analysis.

In addition to the pressure of sales, its debt restructuring seems to be facing unprecedented pressure.

On the evening of March 28th, Country Garden did not publish the annual performance and financial report for 2023 as planned, but issued a notice saying that,The publication of 2023 annual results will be delayed, and the board meeting will also be postponed. In addition, the company will suspend trading on the Stock Exchange from 9: 00 on April 2.

Country Garden said in the announcement: "The suspension of trading will not have a substantial impact on the company’s operations. At present, the work of Baojiaolou and overseas debt restructuring are progressing in an orderly manner. "

Image source @ Country Garden Announcement

Country Garden gave two reasons for the delay in publishing the 2023 annual results in the announcement:"First, because the industry continues to fluctuate, the business environment faced by the company is becoming increasingly complex, and the company needs to collect more information to make appropriate accounting estimates and judgments; Second, due diligence related to debt restructuring has a large workload and high complexity, which requires more time to collect financial information. "

In fact, Country Garden suffered a loss for the first time in 2022, with a loss of 6.052 billion yuan. In the first half of 2023, the loss continued to expand, and the net loss to the mother core was about 48.932 billion yuan. Three years later, in 2019, 2020 and 2021, its net profit returned to its mother was as high as 39.55 billion, 35.022 billion and 26.797 billion respectively.

Country Garden’s huge losses are mainly due to asset impairment losses. It is reported that 40.3 billion yuan was accrued in the first half of 2023. The decline in average selling price and slow de-capitalization led to an increase in provision for asset impairment; Judging from the recent sales trend and overall layout of Country Garden, the provision for asset impairment may be intensified.

Compared with the annual report, the market is more concerned about the progress of Country Garden’s debt restructuring and whether it will eventually be liquidated like Evergrande.

On October 10, 2023, Country Garden said that the company had not paid the due amount of HK$ 470 million, which caused a debt default, and announced the official start of overseas debt restructuring. Country Garden also hired China International Finance Hong Kong Securities Co., Ltd. and Hualian Nuoji (China) Co., Ltd. as financial consultants and Shengde Law Firm as legal consultants, and then introduced KPMG as the main financial consultant for overseas debt restructuring in 2024 to jointly formulate an overall plan to comprehensively solve the company’s current overseas debt risks. (Details: Country Garden launches overseas debt restructuring)

Six months have passed, but no substantial progress has been announced in overseas debt restructuring. Therefore, on February 28th this year, the creditor Jian Taoji filed a liquidation petition against Country Garden with the Hong Kong High Court.

In addition to the pressure on overseas debts, there are also problems with domestic debts that have been successfully extended before.On March 12th, the news that Country Garden’s bond’ H1 Bidi 01′ (original name’ 21 Bidi 01′) failed to pay all the interest due became the focus of the market. Country Garden responded that the interest fund of RMB 96 million of "21 Bidi 01" due to the failure of sales recovery and the pressure of fund allocation on March 12 has not been fully paid. (Details: Country Garden debt interest payment enters grace period)

Previously, Country Garden has hired Kroll, an American risk consultancy company, to conduct liquidation analysis before the court hearing in mid-May. Kroll will conduct an independent business review of Country Garden and predict the recovery ratio of creditors in the case of liquidation.

In the "suspension of trading" announcement, Country Garden said: "The company attaches great importance to debt risk resolution. In the past few months, the company has been working with financial consultants and legal consultants to evaluate the Group’s situation and formulate debt restructuring plans to alleviate the current liquidity problem. Country Garden hopes that all stakeholders will maintain their confidence in the company and support the company to continue its efforts to promote the best practical restructuring plan and achieve a long-term and sustainable capital structure. "

threeMany of its companies have been frozen with equity exceeding 10 billion.

Country Garden’s recent pressure goes far beyond this.

According to the eye-catching survey, recently, Country Garden Real Estate Group Co., Ltd. has added a number of pieces of information about stock right freezing. The enterprises whose shares have been executed include Guangzhou Yuedong Country Garden Investment Co., Ltd., Shenzhen paladin Phase V Equity Investment Partnership (Limited Partnership), Shenzhen Huixin No.22 Investment Consulting Partnership (Limited Partnership), Shenzhen Biji Industrial Development Co., Ltd., etc. The amount of stock right freezing ranges from 39 million yuan to 6.705 billion yuan, and the total stock right freezing exceeds 10 billion yuan.

Image source @ Tianyancha official website

Country Garden responded by saying that due to disputes with the partners in cost calculation and pre-distribution of profits, the partners applied to the court for property preservation. This kind of dispute is a normal commercial dispute, and the court has not yet made a final judgment. The value of the frozen equity is not the same as the subject matter of the dispute. Country Garden is ready to raise an objection to the excessive preservation of the partner.

For Country Garden, the sales rebate is not strong, so we can only rely on new financing to repay the debts due and promote the work of "guaranteeing the delivery of the building".As of March 15th, 272 projects in Country Garden have been included in the "white list" and have received financing support of about 1.732 billion yuan, which can accurately promote the task of "guaranteeing the delivery of buildings". In addition, on March 24th, Country Garden revealed that it plans to introduce Guangdong Zhongwei Investment Control Technology Group Co., Ltd. to develop and build a complex project in White Swan Pond Business District, Liwan District, Guangzhou, and Guangdong Zhongwei will provide 2.8 billion yuan of construction funds after entering the company.

It is worth noting that these can only solve the single project and short-term crisis of Country Garden. In order to solve the liquidity risk, debt restructuring and the recovery of the sales market are very important. (This article first appeared in Titanium Media APP, author | Wang Jian, editor | Liu Yangxue)

For more macro research on dry goods, please pay attention to titanium media international think tank WeChat official account:

Special feature of 1905 film network After the large-scale movie, the popularity of the film Ne Zha kept rising, and the word-of-mouth "exploded". Douban score has reached 8.7 points, far exceeding the 8.3 points in Return of the Great Sage, setting a new record for domestic animation score in recent years.

As an animated film, Ne Zha has successfully subverted countless audiences’ definitions of animation and traditional myths, and has become one of the national masterpieces suitable for all ages. Many friends in the graphic studio of 1905 Movie Network watched this movie in advance, and some people predicted that it would be the first domestic animation to win 1 billion+box office. Some people affirmed that this film represents the highest level of domestic animated films at present; However, some people have pointed out that this film is "unfriendly".

　

Five years 10/10

　

Nezha, a Xiong Haizi, feels like a combination of The Return of the Great Sage and The Big Fish Begonia. It tells a good story and is supported by first-class visual effects. The first billion+of domestic animation may not be far away, and it is more likely to become a strong contender for the box office champion in 2019.

　

Milo 8/10

　

It is no exaggeration to say that Nezha represents the highest level of domestic animated films both in story and technology. Like the explosion of White Snake: The Origin at the beginning of the year, both of them boldly adapted and reconstructed the classic legends successfully in the modern context. Nezha is very successful in image and personnel design, which can be said to be the most vivid and three-dimensional protagonist image in recent years.

　

Just like the phrase "My life is up to me" shouted by Nezha, the whole animation is filled with a kind of arrogant madness from story to special effects. Whether it’s the fierce battle in Chentangguan, where the last wave is higher than the last wave, or the paragraphs of the picture of the country and the country, it shows the director’s eclectic imagination while showing the technical level of the country. The director himself switched from a medical student to animation, and his ten-year experience is quite "going against the sky and changing his life".

　

Please blow up "Nezha" more violently in this quiet summer file!

Weishmer 7/10

　

There are two worlds in Ne Zha.

　

One is Chentangguan, and the other is the map of mountains and rivers by Taiyi — — Holding a "pointing pen", you have the ability to "create".

　

《Map of mountains and rivers"is a myth in mythology. For the first time, Taiyi real people entered the picture with his apprentice Nezha, and they started all kinds of essays dancing and jaw-dropping wonders in Nezha. The scenery is for Nezha and, of course, for the audience. There is a picture of Nezha’s back to the audience, and the audience is consistent with Nezha’s perspective, which is full of substitution.

　

The picture depends on the imagination of Taiyi’s real person, and the film depends on the imagination of the director. Taiyi real people want to please Nezha, and the director is also trying to please the audience — — In a way that seems deviant.

　

Before the release of Ne Zha, the biggest controversy was the adaptation of Nezha’s image. "jiaozi (film director)" version of Nezha is ugly and fierce, which makes people love it. Then, Nezha became handsome, and formed "lotus root cake" CP with "sworn enemy" Ao Bing.

　

Want to see "shit", "Nezha" meets you; Want to see special effects, "Nezha" meets you; Want to see the picture, "Nezha" meets you; Want to see handsome guys, "Nezha" satisfies you. The director is like the real Taiyi. "I’ll draw you anything you want to see."

　

In my opinion, this flattering hodgepodge really runs counter to the "rebellious spirit" declared by the film. Nezha, who shouted "My life depends on me", was just a Xiong Haizi after all.

Liusen 7/10

　

Finally, I saw a domestic animation with a story arrangement that was not embarrassing. The previous ones were somewhat far-fetched in the connection of the plot, and even "unfinished" at the end. However, the plot of this Nezha is very complete, without much skill, but it tells a story in a down-to-earth manner.

　

However, there is actually one thing here, which is particularly unfriendly in the design of "punchline".

　

Using Shen Gongbao’s stuttering and strong female voice as a stalk to get the punch line is indeed a funny thing for many viewers. However, in such a film that emphasizes "being yourself and not believing in life", it is very low-level and disrespectful to such groups in reality. What’s more, this is a movie that emphasizes family fun and attracts children into the cinema.

Ke Nuo 6.5/10

Four years later, the frenzied atmosphere of The Return of the Great Sage is back, which is really familiar. In a cry for the rise of the country, we should still maintain a little rationality. From Qui-Ba, the real rise of domestic animation is the technical level. The role modeling is getting more and more realistic, the action scene is getting bigger and bigger, and the imagination paragraphs are also improved a lot, but the progress in drama is really not great.

　

The main story of Nezha is clear, which reasonably innovates the father-son relationship between Nezha and Li Jing, and the twin combination of Nezha and Ao Bing also meets the specific fan groups with obvious intentions. However, at the same time, it is filled with a lot of jokes and irrelevant jokes. The comedy of "shit and fart" has a vulgar surface, and the dialogue paragraphs woven for the current context are out of date, such as fingerprint unlocking. These paragraphs interspersed from time to time are very destructive to the narrative rhythm and overall impression.

　

The spiritual core of Nezha’s rebellion against the patriarchal system, such as "eviscerating bones for flesh" and "remolding flesh", is absent, and it is changed to the slogan "My life is up to me". Burning, but empty. The final climax in the film is very long, but each wave is not stronger than the other, and it is a little weak.

Nezha’s appeal to the commercial market is greater than its pursuit of a higher level of artistic expression. Really good animation and movies are not to cater to the audience, but to lead the audience. This is the long-term thing.

swi 7/10

If you count the filter, you will get a higher score for Nezha, but the director has received enough praise. The picture of the film is completely aesthetic, especially the design of the dragon side, the scene before the war (no spoiler? ) It is not only obedient to logic, but also beautiful and burning.

There are not a few original film and television adaptations. Nezha has made great changes to Nezha, Ao Bing and Shen Gongbao, which is also the most "modern" and "contemporary" creation of this film. Many people are deeply impressed by the classic "What’s wrong with the sea", which can never be surpassed by repetition. It is easier to make new audiences like this story by finding another way.

Personally, I have reservations about a large number of stalks in Nezha. Of course, different people have different opinions, and the design of grounding gas can be regarded as a double-edged sword.

1905 movie network news Directed by Lian Tao and starring Crystal and Fan Yichen, the box office has exceeded 30 million yuan since it was released on June 21st.On June 28th, a Marvel Comics blockbuster was released, and 50% of the films were divided on the same day, posing a threat to other films that have already been released. However, in the past two days of the weekend, the box office of "Disc Fairy" has been attacked. On June 29th, the number of people watching movies reached 147,000, and on June 30th, the number of people watching movies reached 115,000, both of which were the champions of domestic films in the same period!

Especially on June 29th, Disc Fairy ranked fourth in the single-day box office. You know, when Disc Fairy was first released, strong films gathered, which made it only ninth in the single-day box office on its opening day. However, in the second week, with the heavy introduction of blockbusters, the single-day box office ranking of "Disc Fairy" did not drop, but rose, rising to the fourth place step by step.

Judging from the weekend’s performance, "Disc Fairy" ranks first in the domestic films of the same period in terms of attendance, attendance, average number of people per game and box office! At present, it is already the champion of domestic horror films in 2019, which is five times the box office of the second place, even higher than the sum of all domestic horror films that have been released this year!

In the box office list of horror films in China film history, Disc Fairy has also occupied a place. It is currently ranked sixth, and as long as it can maintain this high-speed rising momentum, when the box office exceeds 35 million, it is expected to rank among the TOP5 domestic horror film box office list.

Some netizens summed up that domestic horror movies are always inseparable from the scary "three axes": turning around and encountering ghosts, waking up and dreaming, looking for children. A website once conducted a survey on "Why domestic horror movies don’t scare you", and 70% of the audience thought that "the plot insulted IQ, and they wanted to laugh after watching it"; 50% people think that "creation is limited and many terrorist elements cannot be expressed"; And 41% of the audience think that "the performance is poor, and it is not scary to scream by beautiful women."

Crystal plays a late-night live female anchor and a single mother in the film. After she and her daughter moved into a rented house, her daughter accidentally and inexplicably triggered the mechanism in the room, so the mother and daughter suffered a series of mysterious and strange events … …Different from ordinary domestic horror films, Disc Fairy has an unexpected reversal at the end of the film, leaving the audience with room for imagination. Horror movies don’t just have to be scary, but they can give the audience a space for aftertaste and "fear" on the psychological level, which is the characteristic that an excellent horror movie should have.

Although cars can enhance the convenience of people’s travel, safety is still an unavoidable topic. Therefore, many car companies have begun to continuously upgrade the safety of their models. Of course, for consumers, a car with very complete active and passive safety configurations will be more popular. Today, I picked a car to introduce to you, and it is it. Come and take a look at it.

First of all, from the appearance, the front of the crown land car looks very round and looks more exquisite. Then with the headlights, outline the soft effect. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, etc. To the side of the body, the body size of the car is 5015MM*1930MM*1750MM, the car adopts sharp lines, the side of the car looks very sporty, with large-sized thick-walled tires, the shape is eye-catching. In the rear part, the overall shape of the rear of the car echoes the front face, the taillights look very sharp, and the unique exhaust pipe makes the overall layout impressive.

Coming to the car of Crown Land Display, the interior shape of Crown Land Display looks relatively unique, and the overall design is very simple and fashionable. The steering wheel design of the car is very round, equipped with functions such as manual up and down + front and rear adjustment of the steering wheel, steering wheel heating, etc., giving people a bright feeling. Let’s take a look at the central control. The car is decorated with a beautiful touch LCD central control screen, which makes the interior design quite layered and meets the aesthetic standards of most consumers. The dashboard and seats also feel good. Let’s take a look. The car is equipped with an eye-catching dashboard, which looks more delicate. The car adopts imitation leather seats, equipped with electric adjustment of the sub-seat, electric adjustment of the seat with memory, and seat ratio reclining. It is basically enough for daily use.

Take a look at the configuration, the crown land is equipped with vehicles to everything, driving mode selection, remote control keys, Bluetooth keys, rear wipers, interior ambient lights and other configurations.

The car’s moderate size is a very suitable choice for many families, and the interior space is enough for daily family use. As long as you really like it, you can buy it. Go to the 4S store to place an order now.

I passed by a native local tyrant village in Guangdong that day and saw a classic car in front of a self-built villa. In 1998, the flowers were blooming and opportunities were everywhere. In that year, the salary for working in a factory was only 350 yuan per month, and the fast food on the roadside was 0.5 yuan. Flared pants are the favorite of Guangdong pretty boys. Motorcycles are already a dream that many people cannot afford. Cars are definitely something that can only be owned by that generation of bosses or local tyrants. After more than 20 years, looking back at the cars of that era, there is still a stunning charm.

Unlike today, when there are cars everywhere and all kinds of new things to play with, cars in that era were only owned by a few people, which destined the purity of the car itself. Compared with the 155 that transitioned from the front face of the popular tiger head, there is a little more about the sense of round lines. On the basis of the Founder’s atmosphere, it does not appear too stiff, but it well interprets the feeling of domineering and dignified. 155 should be regarded as the last import. At that time, due to the impact of the car import policy, the import volume of cars dropped sharply, and this generation’s crown, code-named JZS155L, became the last and most remaining imported crown model.

At the end of the year, the car culture in the Pearl River Delta region was deeply influenced by Hong Kong’s car culture. The proportion of Japanese cars in the Pearl River Delta region was also the same for a while. The influence of the Crown 155 once rewrote the leading position of Tiger Head Run at the same level in the local area. The exclusive boss’s car makes the Crown 155 very pure. In the era when 10,000 households are already rare, the car priced close to 800,000 yuan can also be pure, and the luxury and comfort can be filled. From the Crown 155, you can see that the routine that was devolved at that time has been used. Adjust the set at that time and use it on the crown, which is very fragrant.

The body size of the Crown 155 is 4840 long, 1710 wide and 1450 high. The wheelbase is 2780mm. It adopts the same upturned door handle design as the century. The standing logo of the front cover and the logo of the C pillar are the usual methods of luxury cars at that time. The wheel hub is 15 inches, and the tire is 195. If this were up to now, it would not be sprayed to death, but even at that time, this package was very thieves, but it was not as transparent as it is now, and there was no platform for everyone to spray. After all, cars are luxury goods owned by a few people.

There must be a lot of young people who don’t know what a CD player is. That year, I only owned a tape recorder, and the rise of it was the electronics factory everywhere. The high-end model of the Crown 155 was equipped with a sound system that could hold 12 CDs, which was absolutely perfect at the time. The T-shaped central control shape created a pure luxury atmosphere with genuine leather and trim. At that time, genuine leather was real leather, and mahogany was real mahogany. The 800,000 of that era could be so pure, so even now, as long as it is properly maintained, it can still be seen.

Of course, the fabric was not necessarily a sign of low-fitting, and the happiness of flannel was difficult to enjoy now. As a pure boss-exclusive car, the Crown 155 was also full of comfort. Of course, it depended not only on configuration, but also ergonomics.

Regarding the changes in car power, there is helplessness in the helplessness, and several different camps have also emerged. For the older group of car fans, self-priming is king; for the younger generation, it is called energy; for the new generation? How convenient is it to have electricity. But it has to be said that for the mechanical movement of cars, the charm of natural suction can be said to be irreplaceable, and there must be the last stubbornness of the older generation of car enthusiasts.

The Crown 155 is equipped with the inline 6-cylinder codenamed 2JZ-GE, Toyota’s peak work at the time. The spring of Toyota’s VVT-i intelligent timing variable valve control technology, both stability and power output characteristics are awesome, especially its durable stability, which can be said to have laid the foundation for Toyota’s durable reputation. Today, the sound is still beautiful and smooth. This unit has a maximum power of 163 kilowatts, a peak torque of 275 Nm, and is matched with a 4at gearbox. Longitudinal rear drive is a must. This power system is nothing now, but it was already very top at the time.

"Embroidery Spring Knife" stills

Director Lu Yang

　 　 1905 movie network news Recently, film director Lu Yang revealed in an interview that the sequel to "Xiu Chun Dao", "Xiu Chun Dao Prequel", is already in preparation. If the sequel goes well, the series is even expected to be made into a trilogy.

　 　 Lu Yang said that compared with the first "Embroidery Spring Knife", this prequel will be upgraded in terms of investment and the main creative lineup. The investment of "Embroidery Spring Knife" is only about 30 million, while the investment of the prequel is expected to approach 100 million yuan. In terms of the cast, the original starring characters include Zhang Zhen, Liu Shishi, Wang Qianyuan, and Li Dongxue, while the prequel lineup will be stronger, with several A-list movie stars joining. In terms of the story of the movie, the prequel is related to the original, continuing to focus on small characters, and will also add some commercial elements.

　 　 On August 7 this year, "Embroidery Spring Knife" was released. Although the film’s online rating was as high as 7.6, which was higher than Han Han’s, it did not cause a movie-watching boom in the market. The box office in the first week was only 35 million yuan, which did not match the situation praised by the crowd in the circle. For a time, the reason why "Embroidery Spring Knife" has a good reputation and low box office "became a hot topic in the film industry and on the Internet. After that, Gao Qunshu, Guan Hu, Chen Sicheng and others praised and shouted for the film on Weibo, and the word-of-mouth effect after watching the movie finally reached 95 million. After this twists and turns," at least now when it comes to’Embroidery Spring Knife ‘, everyone knows that there is such a movie, "Lu Yang said in an interview. And this is precisely why he quickly prepared the sequel to the film.

In 1992, at the age of 38, Lin Qingxia co-starred in one of the representative works of Chinese martial arts films, "Laughing Awesome: The East Undefeated". The film was released in just one month, and the box office accumulated more than 34 million Hong Kong dollars, making it one of the top ten grossing films of the year. Lin Qingxia was also nominated for Best Actress at the Hong Kong Film Awards for this film. The scene of Lin Qingxia drinking in the water has also become one of the classic clips that cannot be surpassed.

On the evening of March 4, 2019, Muse Lin Qingxia, who had not been seen for a long time since the divorce scandal, also appeared at the scene. It is reported that she appeared in Taipei this time to attend the premiere of the classic film "Rolling Red Dust" with Qin and Han. This is also the first time she has publicly attended an event in Taipei in five years.

Attending the event, Muse wore an army green coat, a pair of washed jeans, matching Martin boots, and a black yarmulke hat. He looked very handsome and valiant, but he still couldn’t stop the imprint left by the years.

Yes, in the blink of an eye, the former Muse has become a 70-year-old old man in the blink of an eye, so now Muse Lin Qingxia, who looks a little "wide and fat", how beautiful was she when she was young?

Although Muse is old now, the classic clips she left behind will become memories for generations, which is one of the reasons why everyone cried when Lin Qingxia appeared in "Idol Comes".

　

　　Zhejiang Satellite TV has created a large-scale public welfare star diving reality show "China Star Jump", and recently officially released its first trailer. As the star coach of star jump, diving prince Tian Liang appeared in the trailer, reappearing the style of "the return of the king", and said that he would take all the players to jump again in April.

　

　　Although the program has not been officially launched, the "devil-like" training led by Tian Liang has started ahead of schedule with the approaching of the competition. Yesterday, Tian Liang met all the contestants for the first time, and trained 10 people in "Point Soldiers on the Battlefield". With such a huge training project, we had to "force" Tian Liang to make a surprise move, "broadcast gymnastics" to warm up, and collectively "play with glutinous rice balls" to test the water, which made the atmosphere at the scene increase sharply. In order to enhance morale, Tian Liang even moved the "champion jump" in the Olympic Games to the training site and demonstrated a difficult 10-meter flip jump for the athletes present, which attracted cheers. All the athletes were excited to say that they "finally saw the champion jump".

　

　　Tian Liang 10-meter demonstration jump kills the audience.

　

　　Chen cursor exclaimed, "I finally saw the champion jump."

　

　　As the first meeting with the students, Tian Liang gave a heavy "meeting ceremony" on the spot-the 10-meter platform flip jump, and the scene switched to the Olympic mode in one second. Although he retired for many years, the chemical reaction between Tian Liang who stood on the 10-meter platform again and the platform was triggered immediately. From jumping to tumbling to entering the water, every movement was flawless and perfect, and immediately the spectators in the audience were killed. The players were stunned and excited. "Finally, I witnessed it with my own eyes." In the trailer of "China Star Jump" released recently, Tian Liang also said that "this is the place where my dream began" and "I will jump again with the contestants". This jump once again proves the strength of the diving prince, and at the same time, it greatly increases the morale of the scene. In the next one-on-one training, Chen cursor can be inspired to volunteer to take the lead in training. Although there are many difficulties in the midway due to physical problems, Biao Ge still encourages himself with his iconic "rustic laughter", and he even turns into a Tian Liang fan and POSE for a photo with the star captain.

　

　　Tian Liang’s own unique training method

　

　　Broadcast Gymnastics Warm-up "Tangyuan" Test Water

　

　　In order to quickly achieve the goal of promoting rookie players to professional players, Tian Liang created a unique training method that day. With a group of players doing "broadcast gymnastics" by the pool to warm up, Tian Liang seems to be a parent. On weekdays, the players with the star aura temporarily crossed into the student days, and in addition to listening carefully, they also tried their best to compete for favor in front of the teachers. Chen cursor’s beer belly made his movements too slow, so he won many personal instructions from Tian Liang, which caused Wen Ya’s dissatisfaction that "the coach is biased". For the 64-year-old cow father, Tian Liang also took good care of him, especially during the exercise, and personally accompanied him in one-on-one practice. Considering that some players are timid and afraid of water, Tian Liang led the players to collectively "dive the glutinous rice balls" to test the water, which set up a psychological guarantee for the timid players. When a group of people shouted for the run-up to the pool, they forgot to be afraid or even forget the pain of being choked and slapped by the water. Although Tian Liang scored one to ten that day, all the trainings were carried out in an orderly way with the original training method and friendly smile, and the results were good. The contestants also said that they had gained a lot and looked forward to the second class in Tian Liang.

– Adhere to independent innovation and submit more than 800 patent applications

　　No makeup, want to take beautiful and moving makeup? The face is overweight, how can I create a perfect face shape? The skin tone is poor, what should I do if I dare not be photographed… Don’t worry, with just one click, these photography problems that have plagued beauty lovers can be easily solved. With the launch of Xiamen Meitu Network Technology Co., Ltd. (hereinafter referred to as Meitu) series of beauty technology products, almost all kinds of mobile phones on the market are equipped with Meitu’s camera function, enabling people to enjoy beauty anytime, anywhere.

　　"Since its establishment, Meitu has always regarded technological innovation and patent layout as an important support for the development of the enterprise. At present, Meitu has submitted more than 800 patent applications at home and abroad, of which more than 80% are invention patent applications, and has formed a working model of’encouraging technological innovation and following up legal protection ‘." Chen Jinsong, senior legal director of Meitu, said that Meitu has always attached great importance to technological research and development, and patents have become a blockbuster weapon for Meitu, which will gain an advantage for its future participation in overseas market competition.

　　Focusing on innovation and enhancing patent strength

　　"With the continuous improvement of the social and economic level, people’s food, clothing, housing and transportation have been greatly satisfied, and more and more emphasis has been placed on the realization and improvement of self-worth. In order to conform to the development trend of society and meet the public’s pursuit of beauty, Meitu came into being." Chen Jinsong said that before this, similar retouching software had been available in the market, but these software were not only cumbersome to operate, but also relatively rough in terms of image beautification functions. Meitu Xiuxiu software just makes up for these problems, and can present a realistic and perfect retouching effect for the public with one click.

　　It is understood that since its establishment in 2008, Meitu has taken the research and development of software products as the starting point of the company’s business. With strong research and development capabilities, it has launched a variety of Meitu Internet products and occupied a large market share. With the continuous development of business, since 2012, Meitu has gradually tried to develop hardware products such as mobile phones, and systematically integrated software and hardware products to form effective data sharing. During this period, patents have played a crucial role in Meitu’s development.

　　Before 2012, Meitu’s patent applications were few, but by 2016, its patent applications had reached more than 800. These achievements reflect not only the company’s own high priority for patents, but also its unique patent management.

　　"In the early days of Meitu’s establishment, it established an intellectual property center in the legal department, with the aim of assisting relevant technology research and development departments in technology integration and patent mining." Chen Jinsong said that on the one hand, through the formulation of annual and quarterly patent research and development plans, the intellectual property center regularly invites patent agencies to jointly analyze and mine the company’s innovative technologies effectively, and avoids unnecessary legal risks by searching for global patents for technologies and helping to find similar patents. On the other hand, the company has also set up a corresponding patent reward mechanism for technology research and development personnel. Through the establishment of bonuses, job promotions, and performance appraisal, the enthusiasm of all employees to participate in technology research and development and patent protection is mobilized.

　　Technology is the cornerstone of enterprise development. In the process of development, Meitu not only increases its own technology research and development, but also gathers innovation capabilities and enhances patent strength through various channels. "In order to enhance market competitiveness, Meitu continuously expands and improves its own technology accumulation by purchasing some patents at home and abroad, and also enhances patent reserves by jointly investing and holding foreign enterprises." Chen Jinsong said that at present, Meitu is also actively cooperating with universities and scientific research units to increase technology research and development in related fields, so as to achieve integrated development of industry, education and research.

　　After years of accumulation, Meitu has so far received more than 400 patent applications, of which more than half are invention patents. Its core technologies mainly focus on image recognition and processing, image beautification display effects, and pixel resolution.

　　Relying on patents to participate in market competition

　　Patents are not for decoration, but to maximize their value, and Meitu knows this well. "When the company was just starting out, Meitu mainly focused on software products as its core business and paid more attention to the copyright field. But with the continuous expansion of its business scope, especially in the field of mobile phones, the importance of patents to the company’s development has become increasingly prominent." Chen Jinsong said that due to the support of a relatively deep patent reserve, Meitu has tasted the "sweetness" in the fierce market competition.

　　"In 2017, Meitu launched a brand-new limited-edition mobile phone for the beautiful girl, along with the beautiful girl wand selfie stick. This stylish and novel selfie stick was developed by Meitu from idea to design, and a design patent application was submitted around the product. Once it was released, it was well received by consumers. However, not long after the new product was launched, similar products appeared on the market. Meitu responded quickly to this situation and sent a lawyer’s letter to the e-commerce platform that sold its products. Then, the platform removed the relevant products from the shelves." Chen Jinsong said that this patent rights protection experience made Meitu more aware of the importance of patents to enterprises, and also inspired the enthusiasm of all employees for technological research and development.

　　In recent years, in addition to increasing investment in technology research and development, Meitu has also formed a rather unique cultivation concept in the field of intellectual property talent training. "Intellectual property has a very strict demand for talents, so the company adheres to the talent cultivation concept of’going in ‘and’going out’." Chen Jinsong introduced that the so-called "going in" means that the intellectual property team must not only have a comprehensive and in-depth understanding of laws, economics and patents, but also have a deep understanding of the company’s relevant technologies, and be able to accurately judge whether a technology can bring value to the company’s development; "going out" means that the intellectual property specialist must not only have the general capabilities to connect related businesses internally and obtain various patent information externally, but also actively participate in industry training to find technology research and development points for the company’s follow-up related technology excavation.

　　It is relying on comprehensive, scientific and efficient intellectual property management that Meitu has achieved remarkable results in recent years. In December 2016, Meitu was listed on the main board of Hong Kong, with a market value of more than 36 billion Hong Kong dollars, becoming the second largest Internet company after Tencent in market value. The operating income in the first half of 2017 was also significantly improved compared with 2016. "At present, Meitu imaging and community software products have been activated on 1.10 billion ** devices around the world." Chen Jinsong said that in the future, Meitu will continue to make efforts in the fields of intelligent electronic end points, community platforms and image processing to bring more beautiful enjoyment to the majority of users. (Intellectual Property News, Li Junlin)