Image source: ICphoto

Although there is still uncertainty about the listing at the end of the year, it has not affected the normal operations within Wanda Group.

Blue Whale Finance found through the official website of Wanda Group that since the beginning of this year, Wanda Group Chairperson Wang Jianlin has led a team to reconstruct the cultural tourism map in many places across the country, and has signed strategic cooperation with the governments of Luoyang, Henan, Deyang, Sichuan, Zhangjiajie, Shanxi Datong, Yichun, Heilongjiang, and other places to cooperate around the cultural tourism industry.

On August 3 this year, Wanda Group announced through its official website that it would rename its Wanda Cultural Group to Wanda Cultural Tourism Group. Blue Whale Finance recently learned from people close to Wanda that, unlike previous cultural tourism projects, the future Wanda Cultural Tourism will "abandon the weight and lighten the weight". Like Wanda Plaza, asset-light cultural tourism is the main direction.

Restart the cultural tourism industry

According to Wanda Group’s official website, Wanda currently includes business management groups, cultural tourism groups and investment groups. Among them, the business sectors of the cultural tourism group, in addition to film and television, sports, and baby king, there are also four cultural tourism projects and cultural tourism planning and design institutes. The four cultural tourism projects are Changbai Mountain International Resort, Wuhan Central Cultural District, Lanzhou Wanda City, and Yan’an Red Street.

The above-mentioned sources told Blue Whale Finance that Wanda Cultural Tourism is a business sector that Wang Jianlin has always wanted to do. After selling Wanda Cultural Tourism to Sunac, Wanda has not stopped expanding its cultural tourism projects.

In February this year, Wanda established a comprehensive strategic cooperative relationship with Luoyang, and took the Longmen Tourist Resort project in Luoyang as the first major cooperation project. On April 10, Wanda signed a contract with Sichuan Deyang for the Sanxing Lake Wanda five-star hot spring resort hotel and international cultural tourism project. On April 12, Zhangjiajie Tourism Group announced that it signed a strategic cooperation framework agreement with Wanda, and the two sides will cooperate on the Dayong Ancient City project. In June, Wanda signed a comprehensive strategic cooperation agreement with the Datong Municipal Government and Datong Cultural Tourism Investment Group respectively, mainly on the cooperation of Datong Ancient City. In August, Wanda signed a strategic cooperation agreement with the Yichun Municipal Government and Yichun Sengong Group to plan in-depth cooperation in the cultural tourism industry and other fields.

In addition, since the beginning of this year, Wang Jianlin has led a team to visit many places and exchanged discussions with local governments, including Pinggu District, Beijing, Changchun, Jilin, Libo County, Qiannan Buyi and Miao Autonomous Prefecture, Guizhou, and Suqian, Jiangsu. This year’s August-September is particularly concentrated.

According to the official website of the Yichun Municipal Government, on August 16 this year, Sui Hongbo, Secretary of the Yichun Municipal Party Committee, met with Wang Jianlin, Chairperson of Dalian Wanda Group, and the two sides exchanged ideas on cooperation in cultural tourism and other fields. Wang Jianlin said that Wanda will give full play to the successful experience in the development of the cultural tourism industry accumulated over the years. Relying on Yichun’s valuable resources and the upcoming high-speed rail era, it will actively plan for cooperation between the two sides, strengthen planning and design on the "ice and snow", and do a good job in innovative articles.

According to the official website of the Beijing Pinggu District Government, on August 26 this year, Pinggu District and Wanda Group held a symposium. Tang Hailong, Secretary of the Pinggu District Party Committee, hoped that Wanda would actively participate in the construction of the "Pingyu dual-use" rural revitalization Jinhai Lake core area. Wang Jianlin said that Wanda would give full play to its own advantages in cultural tourism, hotel operations, etc., and select a representative, exemplary and leading project group as soon as possible to study and formulate a planned operation plan to help the construction of the "Pinggu dual-use" core area with practical actions.

According to the official website of the Suqian Municipal Government, on September 5 this year, Chen Zhongwei, Secretary of the Suqian Municipal Party Committee, met with Wang Jianlin, Chairperson of Wanda Group, and Wang Jianlin said that Wanda Group will give full play to its own advantages, rely on Suqian’s superior ecological resources, and further increase cooperation in areas such as cultural tourism.

"Cultural tourism industry" is a common keyword mentioned by local governments and Wanda.

Wanda Tourism Industry was established in October 2013 and belongs to Wanda Culture Group. In 2014, Wanda Tourism revenue was only 7.50 billion yuan, but by 2016, Wanda Tourism revenue had reached 17.43 billion yuan, an increase of nearly 40% year-on-year.

Wanda’s tourism brand "Wanda City" has not only opened one after another across the country, but also began to enter overseas, signing two large-scale cultural tourism projects in India and Paris in 2016. Wang Jianlin said at the time that by 2025, 25 Wanda Cities will be opened worldwide, of which 5 will be opened overseas. "First, it is possible to gradually accumulate and become a leading brand in terms of business scale."

However, in 2017, due to financial problems, Wanda transferred 91% of the shares of 13 cultural and tourism projects to Sunac for 43.844 billion yuan, which was called "M & A of the Century".

It was the industry consensus at the time that Wanda would give up the cultural tourism industry, but Wanda said in a subsequent statement: "As China’s earliest pioneer in the cultural tourism industry, Wanda has always been optimistic about the development prospects of China’s cultural tourism industry. In the future, Wanda will continue to invest in the cultural tourism industry. Its cultural tourism group (including planning, construction and project management departments) will continue to be an important industrial group of Wanda for sustainable development."

Wanda said that it will continue to invest in the cultural tourism industry in the future, retain the backbone team of the cultural tourism industry, and reorganize the Cultural Tourism Planning Institute, Cultural Tourism Construction Center, and Cultural Tourism Management Company.

From the start of the Changbai Mountain cultural tourism project a decade ago, Wanda has never given up its ambition to expand the cultural tourism industry. The above-mentioned person familiar with the matter said that, unlike the previous "land acquisition-development" asset-heavy model, Wanda’s future cultural tourism industry will be mainly asset-light operation. "The land is still owned by the local government, and Wanda only manages and operates and exports brands."

It is reported that Wanda Neijiang Cultural Tourism City, located in Sichuan, is scheduled to open at the end of this year and will become an important tourist destination in Chengdu and Chongqing and a new business card for Neijiang City.

Whether it will go public at the end of the year is still up in the air

For enterprises, the asset-light model will undoubtedly greatly reduce the pressure on capital.

According to Wanda’s official website, as of December 31, 2022, 473 Wanda plazas have been opened across the country, and Blue Whale Finance has learned that half of them are asset-light projects. In addition, at the end of this month, Beijing will open two more Wanda plazas at the same time, both of which are asset-light projects.

On August 31, Wanda Commercial Management disclosed that the interim report of corporate bonds showed that the operating income in the first half of 2023 was 25.452 billion yuan, an increase of 4.30% year-on-year; the gross profit margin was 64.63%, an increase of 1.53 percentage points year-on-year.

Among them, the hotel operating business revenue rose the most significantly, up 103.84% year-on-year, with gross profit margin increasing by 17.67 percentage points. Other business revenue rose 3.05%, and gross profit margin increased by 2.1 percentage points.

Wanda Commercial Management plans to spin off the listed subsidiary Zhuhai Wanda Commercial Management’s total assets are 22.886 billion yuan, net assets are 7.233 billion yuan, the operating income during the reporting period is 27.12 billion yuan, and the main business profit is 12.984 billion yuan.

The net cash flow generated by Wanda Commercial Management’s operating activities in the first half of the year was 11.852 billion yuan, an increase of 41.6% year-on-year. The balance of cash and cash equivalents as of the end of the first half of the year was 14.692 billion yuan. As of the end of the first half of the year, Wanda Commercial Management’s consolidated interest-bearing liabilities were 141.283 billion yuan, of which the interest-bearing liabilities due within one year were 29.257 billion yuan.

After experiencing a period of debt repayment pressure, Wanda also ushered in good news. On September 12, a domestic debt "200,000 01" repo bond owned by Wanda Commercial Management has been repaid. The repo payment amount is 3.79 billion yuan, which is close to the full repurchase.

According to the announcement of Wanda Commercial Management, the bond code 175119, the issuance scale is 3.80 billion yuan, the bond maturity is 5 (3 + 2) years, the coupon rate is 5.58%, the issuance start date is September 7, 2020, and the maturity date is September 9, 2025 9 (postponed in case of holidays), but in the third year, that is, when it expires in 2023, the issuer has the option to adjust the coupon rate and the investor’s right to sell back.

The person close to Wanda said that after the completion of the bond sale and payment, Wanda Commercial Management has no public overseas debt maturity risk this year. "Wanda’s business model is very clear, the return on assets is expected to further improve, and there is little pressure on public market debt in the next few years."

However, whether Zhuhai Wanda Commercial Management can go public smoothly at the end of this year remains unresolved and remains the biggest hurdle facing Wanda.

Business Daily News (Correspondent, Yan Qiang, Trainee Reporter, Gu Shuichen) "The experience of driving the new car is very good. I feel that the braking performance and charging speed of the new car have been upgraded." Talking about the new taxi he bought, Ouyang, an old master with more than 20 years of driving experience, was quite excited.

Yesterday afternoon, the theme activity of Hangzhou’s most beautiful taxis helping a better life "Welcome July 1st" and the signing ceremony of the industry party building joint construction and the delivery ceremony of the new car of "oil to electricity" were successfully held. 100 Geely Automobile geometric A model new energy taxis were successfully delivered to the hands of Hangzhou taxi masters.

The "oil-to-electricity" project for taxis in Hangzhou began several years ago. In 2022, Hangzhou proposed that new and updated cruise taxis in the urban area must be new energy pure electric vehicles, and the vehicles should comply with the "Hangzhou Cruise Taxi Vehicle Technical Standards".

In this standard, specific requirements are made for cruise taxi vehicles to use new energy pure electric vehicles, with a wheelbase of not less than 2700 mm, a trunk volume of not less than 400 liters, and a mileage of not less than 400 kilometers under comprehensive operating conditions (except for electric pure electric vehicles).

Two years on, the project is progressing smoothly. The reporter learned that more than 8,000 cruise taxis have been updated in the city, and more than 6,500 in Shangcheng District, Xihu District, Gongshu District and Binjiang District. Hu Huijian, director of the taxi department of the Hangzhou Road Transport Management Service Center, said, "There are more than 14,000 taxis in Hangzhou, and the current proportion of new energy vehicles has exceeded 60%. We expect that in 2027, all cruise taxis in Hangzhou will be updated to new energy vehicles."

In addition to the delivery of new energy vehicles, the event also awarded the 2023 taxi industry "two excellent and one first" recognition to 23 outstanding party members who have achieved excellent results. The Party Committee of Hangzhou Passenger Taxi Industry Association, the Party Branch of Zhejiang Petroleum Company of China Aviation Oil Group, and the Sixth Party Branch of the Municipal Urban and Rural Construction Management Service Center also signed a party building and joint construction contract to gather the power of the charging and replacement industry and the taxi industry, and enjoy the privilege and empower high-quality development.

In addition, on the day of delivery, Hangzhou United Bank also launched the "oil to electricity" special project financial services, which helped transportation companies and car owners to realize the "oil to electricity" renewal and transformation of vehicles.

Chen Jian, a member of the party group and deputy director of the Hangzhou Municipal Transportation Bureau, and deputy secretary of the Party Committee of the Municipal Transportation Industry, said that next, it will also be committed to improving barrier-free travel services, ensuring that more than 500 barrier-free taxis are operated on the road, and further improving the Hangzhou Taxi 95128 hotline.

　　A former flight attendant passenger was killed, and then a Yueqing girl was victimized. Two murders occurred in just three months. Didi’s internal management was questioned, and it was interviewed and ordered to rectify by multiple regulatory departments in many places. Now, the regulatory storm that belongs to Didi has arrived. On the 28th, Didi Chuxing founder Cheng Wei and president Liu Qing issued an apology statement saying that the ride-hailing business model was reassessed and it would be offline indefinitely before the safety protection measures were not recognized by users.

　　Online insults of murdered girls

　　A man is under administrative detention

　　On August 24, Zhao, a girl from Yueqing, Zhejiang Province, was raped and killed by her driver on her way to Yongjia in Didi Hitch. Three months ago, in Zhengzhou, Henan Province, a flight attendant passenger was killed by a Didi Hitch driver. The two cases are the same, the same Didi, the same Hitch, and the same female passenger died.

　　After the incident, Didi claimed that "for all criminal cases that occur on the platform in the future, Didi will give compensation three times according to the standard of personal injury compensation stipulated by law". However, any compensation and accountability after the incident cannot restore the lost lives.

　　On August 27, the People’s Procuratorate of Yueqing City, Zhejiang Province approved the arrest of the alleged offender Zhong Yuan on suspicion of robbery, rape, and intentional homicide. After accepting the case materials submitted by the Yueqing City Public Security Bureau for approval of the arrest of the alleged offender Zhong Yuan on August 27, the People’s Procuratorate of Yueqing City found that Zhong Yuan’s behavior was suspected of robbery, rape, and intentional homicide, and met the conditions for arrest. According to the provisions of the first and second paragraphs of Article 79 of the Criminal Procedure Law of the People’s Republic of China, the decision to approve the arrest of Zhong Yuan was made according to law on August 27 and handed over to the public security organs for execution.

　　Previously, the Didi platform said in an apology and statement: "The license plate was forged offline by Zhong at the time of the crime." The alleged offender confessed that he had been running Didi Hitch with the license plate at the time of the crime since May and June last year. According to the police report, at the time of the crime, Zhong Yuan was driving a car with the license plate of Sichuan A31J0Z. When the police applied to the Didi platform for owner information during the case, they also got the license plate of Sichuan A.

　　The alleged offender, Zhong Yuan, also acknowledged that the Sichuan A31J0Z vehicle was the vehicle at the time of the crime. However, in an apology and statement issued by Didi’s platform, it mentioned that "the license plate at the time of the crime was forged offline by Zhong." In an interview with reporters, Didi did not explain.

　　Shenzhen police issued a police report on the evening of the 27th, saying that a man was detained by the police according to law for making some remarks in the QQ group that seriously insulted the girl who was killed by Yueqing Riding Didi Hitch.

　　According to reports, after the murder of the Yueqing girl on Didi Hitch, a QQ user nicknamed "Shenzhen-No Car" made insulting remarks about the murdered girl in the "Shenzhen Didi Exchange Group" QQ group of more than 1,000 people, which immediately aroused the indignation of netizens and has seriously caused adverse social impact. On August 27, the Shenzhen Internet police seized the suspect in an industrial park in Bao’an District based on a tip. After trial, Zhang Moujin (male, 22 years old) confessed to his illegal act of spreading insulting remarks online.

　　The public security organ reminded that online platforms are illegal, and citizens should take responsibility for their online speech. Words and deeds that insult others and disrupt social order on the Internet will be punished by law.

　　Hitch business offline indefinitely

　　According to the official Weibo news of Didi Chuxing platform, on the 28th, Didi Chuxing founder Cheng Wei and president Liu Qing issued an apology statement saying that Didi no longer uses scale and growth as a measure of the company’s development, and the business model of Hitch is reassessed. Before the safety protection measures are not recognized by users, it will be offline indefinitely.

　　The following is the full text of the apology statement:

　　Solemnly apologize

　　In the past few days, our hearts have once again fallen into incomparable pain and suffering. In just over three months, during the process of safety rectification of the platform, tragedy happened again. As the founder and president of the company, we are very sad and remorseful. Although all words are pale in the face of the lost lives, we still solemnly apologize to the victims, to the families of the victims, and to everyone. Sorry, we failed everyone.

　　When we set out six years ago, we firmly believed that we could use the power of technology to make travel better, but the tragedy we experienced made us realize that we lacked awe. Because of our ignorance and arrogance, we caused irreparable damage. We knew that in the end, it was our competitive spirit that overshadowed our original intention. In just a few short years, we relied on aggressive business strategies and the power of capital to run all the way to prove ourselves. But today, in the face of lost lives, all this false name has lost its meaning. Many colleagues began to waver, wondering if they were really doing the right thing, and the whole company began to deeply examine and even question whether our values were correct. Everyone was caught in the emotions of self-examination, self-doubt, and self-denial.

　　In this sad moment, the only thing we can do is to lead the team to face the pain, take responsibility, race against time and do our best to solve the problem, let the original intention return, and express our condolences in this way.

　　In the past few days, the team has repeatedly sorted out every detail of the case, and deeply reflected on the reasons and management issues behind it, and will implement actions in the following areas:

　　1. Didi no longer uses scale and growth as a measure of the company’s development, but takes safety as the core assessment indicator, and its organization and resources are fully tilted towards safety and customer service systems.

　　2. The overall function of the safety product is upgraded to optimize functions such as emergency help and itinerary sharing. For customer service complaints about personal safety, we will take a three-way connection to dial 110 to ensure that the relevant information is given to the police as soon as possible;

　　3. The Hitch business model is reassessed, and it will be offline indefinitely before the security protection measures are not recognized by users.

　　4. Work with the public security department to build a user security protection mechanism, respond efficiently to the needs of local public security departments in accordance with the law, and start testing the developed police self-service inquiry system.

　　Although safety work is never-ending, and although it is difficult for us to completely prevent people with ulterior motives from using the platform to do illegal things, we will do our best to protect passengers and drivers on the platform, so that the crime rate of the online ride-hailing industry continues to decrease, and cooperate with the police to bring all criminals to justice. I implore all sectors of society to supervise and criticize us, and always spur us on.

　　In the face of the loss of life, we have no excuses and once again offer a solemn apology to everyone.

　　Cheng Wei, Liu Qing

　　August 28, 2018

　　Order Didi to make a comprehensive rectification

　　data access supervision platform

　　On the afternoon of the 25th, after the Yueqing police arrested the alleged offender, the Zhejiang Provincial Transportation Management Bureau urgently interviewed the person in charge of the Zhejiang District of the Didi platform. In view of the major safety hazards of the Didi platform ride-hailing business, the Didi platform was required to rectify immediately, and its ride-hailing business in the Zhejiang area was suspended during the rectification period.

　　On the afternoon of the 26th, the Ministry of Transport, together with the Ministry of Public Security and the Beijing and Tianjin transportation and public security departments, conducted a joint interview with Didi Company in response to the above incident, ordering it to immediately carry out comprehensive rectification of the ride-hailing business, accelerate the compliance process, strictly abide by the safety bottom line, effectively implement the main responsibility of the carrier’s safe and stable management, protect the safety and legitimate rights and interests of passengers, and promptly announce the relevant rectification to the society.

　　On the 27th, Guangzhou, Shenzhen, Dongguan and other relevant departments in Guangdong Province all conducted interviews with Didi. Among them, the Guangzhou side stressed that the Guangzhou traffic department will strengthen the law enforcement linkage with the public security, market supervision and other departments, and take a "zero tolerance" attitude to resolutely investigate and punish all kinds of illegal acts such as illegal operation of online car-hailing and illegal operation in the name of Hitch.

　　Nearly 5,000 drivers in the city did not obtain relevant operating certificates, did not transmit data to government departments as required, and did not cooperate with the public security organs to check the driver’s background… Shenzhen multi-department ordered Didi platform to complete four comprehensive rectification work by the end of September, otherwise, it will take joint punishment, revoke the business license, and remove the APP from the shelves.

　　In addition, the Hubei Wuhan Municipal Traffic Commission and the Municipal Public Security Bureau jointly interviewed 9 online car-hailing platforms such as Didi Chuxing on the basis of the Wuhan Customer Management Office, and ordered the city’s online car-hailing companies to speed up the compliance process.

　　A few days ago, the Chongqing Municipal Transportation Management Bureau, the Municipal Traffic Administrative Law Enforcement Detachment, and the Municipal Public Security Bureau Public Security Corps Passenger Transport Detachment interviewed Didi Chongqing Branch and ordered it to obtain the legal business qualification for online car-hailing within a time limit in accordance with the requirements of the national and Chongqing road transportation laws and regulations. According to reports, since Didi entered the Chongqing market in 2014, it has not obtained the business qualification due to its failure to meet the relevant requirements of the national and Chongqing road transportation laws and regulations. In addition, according to the relevant requirements of the Ministry of Transport, the Chongqing Municipal Transportation Management Bureau has repeatedly asked Didi to connect its business data to the data platform of the management department for supervision, but Didi has not yet connected.

　　In addition, the Chongqing Municipal Traffic Law Enforcement Department has seized multiple cases of Didi drivers engaging in cross-regional illegal operations in the name of Hitch, and has interviewed Didi many times to order them to standardize and rectify, but with little success.

　　During the interview, the Chongqing transportation management department put forward a number of mandatory rectification requirements for Didi Chongqing Branch, requiring it to put the safety of people’s lives and property first, and obtain legal business qualifications within a time limit, including timely cleaning up of non-compliant vehicles and drivers on the platform, connecting vehicle and driver data within the scope of Didi Chongqing to the government supervision platform, establishing a passenger complaint platform and processing replies in a timely manner.

　　Comprehensive Xinhua News Agency, CCTV News, China News Service

　　"Benefiting from a number of policy supports in expanding domestic demand and promoting consumption, the consumer market continues to improve." Recently, media reported that 21 brokerages are optimistic about big consumption. Not long ago, Industrial Securities overseas consumer industry research analysts released an industry tracking report "KK Group: A Trend Retail Group Winning with Products + Stores + Digitalization", which has attracted much attention from the market. Data show that since KK Group submitted its prospectus, many brokerages have released industry research reports.　

　　The above report believes that China’s trend retail market will grow at a compound growth rate of 19.5% from 2020 to 2025, and the market size is expected to reach 475 billion yuan in 2025. With its advanced digital information technology system, KK Group has effectively realized the improvement of operational efficiency by optimizing location selection, product selection, logistics chain management, inventory management and other supply chain links, thus driving the steady growth of the company’s performance.　

　　The report shows that the compound annual growth rate of GMV of KK Group in 2018-2020 is 246.2%, and the GMV of its main brand KKV in the first half of 2019, 2020 and 2021 is 97 million yuan, 1.156 billion yuan and 1.367 billion yuan respectively.　

　　Trend retail, as a popular track of new retail, has been favored by capital in recent years, but the industry is facing challenges under the influence of the epidemic, and some companies have lowered their performance expectations. Can KK Group withstand the test of the epidemic and achieve steady improvement in performance in the face of adversity? Under the test of the epidemic, KK Group, which has impacted the "trendy retail leading" of Hong Kong stocks, has conveyed to the market and investors what kind of efficiency improvement methods?　

　　Optimize the supply chain to continuously reduce costs and achieve "zero supply and consumption" three wins　

　　Trend retail refers to a new retail model characterized by the unique concept and style of products, creative and fashionable entertainment functions in design, and immersive shopping experience.　

　　As a representative of the rapid rise of the industry, KK Group has created the ultimate aesthetic space design with the insight of the current Generation Z consumer’s main force on the appearance and social needs, opened up the self-communication of KK Group’s brands on social media, and "open source" for the company’s performance growth. At the same time, KK Group also achieved effective "throttling" by effectively managing the supply chain system. According to public data, KK Group’s management fees continued to decline from 2018 to 2020, reaching 29.9%, 24.2%, and 17.1% respectively. In the first half of 2021, the management fee was only 8.4%, a year-on-year decrease of 13.1 percentage points.　

　　KK Group said in the prospectus that the company has simplified the layers of the supply chain through a supply chain management system and manufactured its own-brand goods by sourcing directly from third-party brand partners or hiring OEM and ODM contractors to reduce supply-side costs.　

　　From the prospectus data, KK Group’s own brand products have seen significant growth in recent years. The proportion of the company’s revenue from purchasing its own brand products from OEM and ODM contractors has increased from 1.4% in 2018 to 13.4% in 2021.　

　　On the other hand, KK Group’s control of supply-side costs includes innovative mechanisms such as "buyout system, 0 mid-platform fees, and shortening account period".　

　　The "buyout system" refers to the direct purchase of products from brand suppliers by way of buyout for a certain product. For KK Group, this move can not only ensure the supply of products, but also reduce the operating costs of suppliers stably, allowing consumers to buy high-quality and cheap products.　

　　The "0 mid-platform fee" means that in the process of product selection, listing, and sales, suppliers do not need to pay entry fees, stacking fees, listing fees, promotion fees, and new product fees to KK Group, which allows suppliers to have more security in terms of capital flow, better investment in new product research and development, and effectively guarantees the SKU update frequency of KK Group.　

　　In addition, unlike the long account period of traditional supermarkets, the buyout system adopted by KK Group is mainly based on monthly accounts and has a short account period, which further relieves the financial pressure on suppliers. The results show that this new "zero supply" relationship can motivate suppliers to cooperate more actively with KK Group and provide more advantageous cooperation conditions. In addition, due to the joint efforts of KKV, THE COLORIST colorist, and X11 brands under KK Group, more and more brands are willing to launch new products, limited editions, or joint models in KK Group’s stores, which also attracts more brand loyalists and young consumers to pay, thus forming a virtuous circle in the new retail era.　

　　Industry insiders believe that KK Group’s optimization of supply chain management is a "win-win" model for the company itself and its suppliers, and this "win-win" zero-supply relationship will ultimately benefit consumers, truly achieving a "zero-supply-consumption" three-win.　

　　Technology deeply empowers and improves operational efficiency　

　　In order to further enhance operational efficiency, KK Group has also integrated technology and digitalization into the optimization and upgrade of the company’s supply chain management system.　

　　Since its establishment, KK Group has attached great importance to the bottom-level driving role of technology. Whether it is KK Pavilion, KKV, THE COLORIST colorist or X11, since the establishment of these brands, the company has made a strategic layout with technology to meet the trendy retail needs of young people "love beauty, love play and love life".　

　　In the supply chain system, KK Group has independently developed a number of new "sharp tools" that empower retail consumption by technology, such as the KPOS system that provides services for every key scene of store operation, the KVCM system that visualizes shelf display management, and the WMS system that provides warehouse operation management. Leading technology not only supports the company to analyze a large amount of product sales data, but also effectively assists it to effectively apply digital and intelligent methods in daily operations, thus effectively enhancing every operation link.　

　　At the product selection end, KK Group adheres to the "digital product selection mechanism", that is, the listing and removal of products are determined by big data, and the technical team behind it provides all-round support and guarantee for each single product, avoiding human intervention caused by subjective preferences and interests that may occur in the procurement process. On this basis, KK Group is able to achieve accurate selection and efficient update iteration of high-quality products.　

　　It is understood that KK Group adopts the "last elimination system" for its products, and the product update rate is as high as 30% -50%. The limited physical space continues to generate infinite vitality, and consumers can also have a better shopping experience, which brings about higher conversions. It is not difficult to see that KK Group’s early strategic investment in IT systems has begun to bear fruit, and the scale effect of KK Group is gradually emerging.　

　　With cost reduction and efficiency increase, the company’s profitability continues to improve　

　　For retail companies, maintaining optimum inventory levels is crucial to company stability, and KK Group cannot escape this. Thanks to the efficient supply chain system and logistics system, KK Group’s inventory turnover days have been significantly optimized.　

　　According to the data disclosed in the prospectus, as of June 30, 2021, the total inventory of KK Group reached 985 million yuan. This seemingly huge number is expected to be turned around in a few months through the company’s efficient supply chain system.　

　　At present, the company’s inventory turnover days have dropped from 301 days in 2019 to 150 days in the first half of 2021. At the same time, the proportion of the company’s inventory to the total value of current assets has also dropped from 52.0% in 2019 to 34.6% in the first half of 2021. Among them, the increase in supply chain cost reduction has brought about an improvement in inventory turnover.　

　　It is worth mentioning that some people in the consumer retail industry believe that, in light of KK Group’s emphasis on product display and space aesthetics, the company’s large inventory may be scattered among major stores, rather than centralized storage in warehouses.　

　　As of the end of October 2021, KK Group has 680 stores. According to this simple calculation, the inventory value scattered in each store is less than 1.50 million yuan, which is normal for offline stores with more than 20,000 SKUs.　

　　In fact, the benefits of an optimized supply chain management system are obvious to all.　

　　Its prospectus shows that in 2018-2020, KK Group’s GMV was 188 million yuan, 652 million yuan, 2.254 billion yuan, and the growth trend was obvious, while the GMV in the first half of 2021 almost caught up with the whole year of 2020, achieving 2.213 billion yuan; in addition, in 2020, KK Group adjusted ebitda to positive, achieving 68 million yuan in 2020 and 216 million yuan in the first half of 2021.　

　　It is worth noting that KK Group’s gross profit margin has also improved significantly, from 27.1% in 2019 to 30.4% in 2020, and further to 35.9% in the first half of 2021.　

　　In terms of sub-brands, since the successful incubation of KKV and THE COLORIST colorists in 2019, the operating profit and EBITDA have always been positive. Among them, KKV has performed well. In the first half of 2021, KKV achieved an operating profit of 140 million yuan, EBITDA reached 235.70 million yuan, and the EBITDA rate rose to 22.5% from 18.2% in the same period last year. These are mainly due to KK’s continuous optimization of the procurement process. Some third-party institutions believe that the GMV of KK Group is expected to reach 4.50 billion in 2021.　

　　In the opinion of industry experts, after the overall expansion of KK Group in recent years, its performance has not been dragged down, but has instead shown a healthy development trend. Regarding the IPO progress that the media has paid more attention to, Hong Kong capital markets professionals believe that due to the current semi-annual report data statistics node, the update of KK Group’s prospectus has been delayed. However, on the basis of the company’s stable performance growth, the continued optimism of the large consumer track, and the gradual recovery of the Hong Kong stock market in the second half of this year, I believe that KK Group will update the prospectus as soon as possible and continue its journey to listing.

　　

　　Andy Lau’s scene of jumping out of a helicopter in Black Gold is stylish and powerful, but he didn’t expect to get into a lawsuit.

　　

　　Making a movie 11 years ago damaged the helicopter.

　　After Andy Lau filmed Black Gold in Taiwan Province in 1997, he was accused of damaging the helicopter rented for filming. De ‘an Airlines, which rented the helicopter, went to court and sued Hua Zi, Yongsheng Entertainment Production Company (predecessor of China Star Group) and producer Wang Zhongzheng, demanding compensation of about 3 million Hong Kong dollars. The case was finally decided yesterday, and Hua Zi had to compensate about 1.3 million Hong Kong dollars for helicopter maintenance expenses. China.

　　According to Hong Kong media reports, Andy Lau and China Star were sued by Taiwan Province’s De ‘an Airlines for damaging the rented helicopter, demanding compensation of NT$ 12 million (about HK$ 3 million). The case was opened in the Shilin District Court of Taiwan Province in March 2004, and the lawsuit lasted for four years. The helicopter involved in the incident crashed before Penghu. During this period, the representative lawyer of De ‘an Airlines asked to summon Hua Tsai to Taiwan Province to appear in court, but the judge thought that other evidence was sufficient, so Hua Tsai never appeared in court for this purpose.

　　When the captain who was in charge of flying the helicopter testified in court, he said that he had told Hua Tsai not to touch the steering rod, but Hua Tsai still accidentally touched his ass during the filming, which led to the helicopter sinking and the rotor blades hit the curtain of the ground spotlight and were damaged.

　　The judge thinks that it can be concluded from the captain’s testimony that it was Andy’s negligence that caused the damage to the helicopter, so he only ruled that Andy had to pay more than NT$ 5.1 million (about HK$ 1.3 million) for the maintenance of the helicopter. However, because the helicopter was rented from Dean Airlines by Yongsheng Entertainment Production Company and Wang Zhongzheng, the agent of Johnny Mak Production Company, they did not fulfill their custody responsibilities. If they are willing to pay compensation on behalf of Andy, it is acceptable.

　　Miss Li, a spokeswoman for China Star, said on the phone: "The company is puzzled by this judgment. When shooting a scene that day, I hired a helicopter rental company to give guidance. I did everything on the helicopter and there is no reason to ask me to pay for it. This matter has nothing to do with the actors. I think the verdict is unreasonable and I will appeal. " Hua Tsai said through his assistant yesterday that he would not respond to the incident.

　　In addition, the new play "See the Dragon in the Three Kingdoms" starring Hua Tsai has exceeded HK$ 10 million in the box office less than a week after its release in Hong Kong, while China Mainland, China Taiwan Province and South Korea all ranked among the top three in the box office in the first weekend after the painting was opened. Director Li Rengang specially gave a banquet to celebrate the success, and Hua Tsai, VanNess Wu and Tommy Tam all attended. Hua Zai said that he had suggested to the director that he should play a number of characters from the Three Kingdoms, first playing Zhao Zilong, then Liu Bei and Guan Gong, to see how many he could play.

Editor: Zhou Zhongxiao

　 　 Movie Network News(Graphic Video/Hong Kong International Film Festival Report Team) Yang Mi and Zhao Wenzhuo starred in the film "The World Code of Great Wudang" (hereinafter referred to as "Great Wudang") on March 19 at the Hong Kong International Film and Television Exhibition. Yang Mi played a heavy role in the film, and his performance was quite eye-catching. On the same day, director Liang Baijian, Yang Mi and Fan Shaohuang attended the scene to tell the behind-the-scenes of the film.

Yang Mi Daxiu Wushu POSE exposes to crazy "beating" with Zhao Wenzhuo for 20 days

　 　 In the video behind- the-scene, I saw Yang Mi hanging Weiya with a whirlwind kick, the posture was quite professional and cool, and the director Liang Baijian also praised Yang Mi for his brilliant play, "The first time I saw Yang Mi do the action, I knew that she had no problem filming the play, and this time she played very well. Not to mention Fan Shaohuang, he is real kung fu, not acting."

　 　 Regarding the director’s praise, Yang Mi, who was filming a scene for the first time, modestly expressed his disdain, "In fact, my limbs are not very coordinated. I practiced for a long time, and I only achieved the current results with everyone’s help." Yang Mi also confessed that he was bruised all over his body, "The fight was really hard, and even the last leg could not move, but it was a small injury." Referring to the most impressive fight scene, Yang Mi said with a smile, "The fight with Zhao Wenzhuo, we played for 20 days, and there were many difficult places, and we had to fly down the stairs." Then, Yang Mi also played the POSE of a martial arts master.

Next page:Fan Shaohuang shows real kung fu on the spot, Yang Mi brings four movies to Hong Kong to become the "film king"

On February 23rd, Meizu Technology brought the latest warm-up information of the Meizu 20 series this morning, saying thatThe new machine is equipped with Flyme Magic Storage Master, support AI intelligent sorting of space debris,Fluent reading and writing for more than 36 months, to achieve "the space is well-organized, and the mobile phone is used for a long time".

At present, the Meizu 20 series has opened the "1 yuan advance booking" activity.After booking, you can enjoy 7 benefits such as 36 months long quality assuranceThe event will be held from February 21 to March 14.

The official data of Meizu shows that the Meizu 20 series is unbounded26 hours in advance to break through the 150,000 reservationAt the same time, the Meizu 20 series 1 yuan advance booking activity also landed on the Lynk & Co Tmall flagship store yesterday, and the two sides are closely linked

According to previous information, the Meizu 20 series mobile phone will be first equipped with a new generation of unbounded ecosystem Flyme 10, using the Snapdragon 8 Gen 2 chip, the intelligent thinking engine has been upgraded from "OneMind 888 +" to "OneMind 10.0", and it is equipped with 13 high-energy antennas, all of which use flexible straight screens.

IT Home has reported that the Meizu mobile phone with model number meizu m2392 has appeared on Geekbench, which should be the "Meizu 20" series model. The machine has a core solo running score of 1409, a multi-core running score of 4199, and a large core frequency of 3.19GHz. It is equipped with 12GB of memory and an operating system.

1905 movie network news On April 21st, the film was released in Beijing, attended by Yu Dong, president of Bona Film, Xiang Huaqiang, chairman of China Star Film, and Chen Lan, together with Jet Li and Zuo Zuo, and announced that the film will be officially released on July 29th. At the press conference, Jet Li recalled his co-production with China Star, and said with emotion that the most important value guarantee for co-operation with him is to safeguard the dignity of the motherland and territorial integrity.

　

"The Legend of the Gods" stars gathered in Jet Li to join hands with China Star again.

　

The story of the Romance of the Gods is widely known in China: Jiang Ziya assisted Zhou Shi (Zhou Wenwang and Zhou Wuwang) in the crusade against the wanton tyrant Shang Zhouwang, and people, immortals, demons and demons fought wits and fought bravely, and finally the gods returned to their places, making the world awe-inspiring. Jet Li, Fan Bingbing, Huang Xiaoming, Wen, Louis Koo, Angelababy, Jacky, Tony Leung Ka Fai, Summer Xu, Zu Feng and Chen Xiaochun were invited to perform in this film "Legend of Gods", with Xu An as the director and Ye Weixin as the producer. Xiang Huaqiang said: "It has its own world. We also have our own world of gods, so I spent a lot of money on costumes and landscaping, and made a lot of CG special effects. I hope it will be a family movie."

　

At the press conference, besides the 30-second trailer of The Legend of Gods, a wonderful video about the cooperation between Jet Li and China Star was also shown. This carefully edited video is a gift to Jet Li, the couple’s old friend. In the video, the wonderful moments of classic works such as Black Xia, which was co-produced by Jet Li and China Star, were flashed back. Jet Li couldn’t help looking back on the past years. "Speaking of which, the last time I worked with China Star, it was in 1998, which was already in the last century. After so many years, I am really happy to be able to catch up with my old friends today. "

　

Jet Li recalled the friendship with Xiang Huaqiang and emphasized the importance of patriotism.

　

It is understood that Jet Li’s participation in "The Legend of the Gods" is entirely due to Xiang Tai’s sentence, "Everyone is a friend for many years, not pointing a gun at his head like the legend." Xiang Tai also revealed that the age span of Jiang Ziya played by Jet Li is from two months to two hundred years old. "So everyone hopes to see Jet Li’s handsome appearance at the age of 17." Jet Li also recalled his friendship with the couple with great emotion: "They influenced my life’s values, that is, to safeguard national dignity and territorial integrity at all times. Everyone may think that they are legendary, but they are all very patriotic. In the past 30 years, we have experienced the tsunami together, and the One Foundation was also helped by them. Unlike the legend in the gossip, our friendship is very heavy. "

　

In the film, Xiang Huaqiang’s son plays a muscular version of Lei Zhenzi to the left: "He loves to help others, is also very honest and frank, is very filial, and is still a bit like me." To the left, Jet Li, the "Jiang Ziya" in the film, is also a life mentor in his life. "My martial arts study was influenced by Jiege. This time I saw him play Jiang Ziya, who is 200 years old. It was very hard to stick that beard. He was too dedicated." Jet Li said with a smile: "Dedication is dedication, but complaints are definitely flying all over the sky." Jet Li also said that he grew up from a little fat man to the left. "I have always advised him to learn more knowledge and become a boss in the future, but he won’t listen and must be an action star. I want to say let him practice wrestling. I didn’t expect him to persist for five or six years from the age of 25."