Text |VCPE Reference Li Zixuan Zhou Jianyu

Editor | Li Youran

The tree attracts the wind, and the ecological chain laid out by Xiaomi for many years is controversial.

Recently, there are rumors in the market that the eco-IPO policy represented by Xiaomi has changed significantly. "At present, the projects involving Xiaomi’s industrial chain under review in science and technology innovation board and GEM have been investigated, and the IPO policy concerning Xiaomi’s industrial chain is limited."

In response, the CSRC responded on March 29th, saying, "I will pay attention to some articles about the significant changes in the IPO policy of Xiaomi’s industrial chain from the media. In this regard, we made it clear that we did not introduce IPO restrictive policies for enterprises related to Xiaomi industrial chain, nor did we carry out special investigations. "

Subsequently, Xiaomi also responded to this matter in its official Weibo, saying that "recently, a large number of distorted, fabricated and unfounded false rumors have been published by the media against our eco-chain and related investment business", and said that a lawsuit has been filed against it and a trial will be held in the near future.

Xiaomi has carefully laid out the ecological chain for eight years. Is the IPO of related companies blocked because of Xiaomi? Will the ecological chain layout touch the regulatory red line?

VCPE Reference (ID:vcpecankao) tries to find the answer through Xiaomi’s investment layout, its impact on the invested enterprises and the opinions of professionals.

01　We have invested more than 500 companies in 8 years, and our manufacturing is a good idea.

Xiaomi has been laid out for 8 years, and with the business adjustment in each period, a huge industrial ecological chain has been built.

At the end of 2013, Xiaomi started the "Eco-chain Investment Plan". According to the enterprise investigation, Xiaomi carries out ecological chain layout through three platforms, one of which is direct investment through Xiaomi and its Hanxing Venture Capital Co., Ltd.; The second is indirect investment through two private equity institutions wholly owned by Xiaomi-Tianjin Jinxing Venture Capital Co., Ltd. and Xiaomi Private Equity Fund Management Co., Ltd.; Thirdly, the investment is made through Xiaomi Changjiang Industrial Fund jointly initiated by Xiaomi and Hubei Changjiang Economic Belt Industrial Guidance Fund Partnership (Limited Partnership).

As for Shunwei Capital, which is often mentioned by the outside world, it is more like a financial return-oriented institution established by Lei Jun for his angel investment dream. Only when encountering a project with strategic value, the investment department of Xiaomi Group will join hands with Shun.

It is worth noting that Xiaomi’s different investment platforms have different emphases, which also shows that Xiaomi will adjust the investment layout according to business expansion in different periods.

In the early days, Xiaomi’s strategy focused on using mobile phones as Internet terminals to connect the needs of all parties. From this, we can see that the most invested areas at that time were cultural media, hardware and enterprise services.

Around 2013, Lei Jun saw the popularity of intelligent hardware, and intelligent life products became its more concerned subdivision track, such as Roborock (688169.SH), a sweeping robot manufacturer, and Zimi, an intelligent hardware manufacturer acquired by Xiaomi.

Since then, Xiaomi has invested in companies such as Iqiyi (IQ.US), Fun Headline (QTT.US) and Jinshan Cloud (KC.US) in cultural media and corporate services.

Hundreds of rivers end up in the sea, and several major investment sectors complement each other. Unconsciously, Xiaomi has woven a large and comprehensive investment ecological network.

According to the statistics of business cards, Xiaomi has made a total of 521 investments, involving 17 fields. Among them, the top three investment times were manufacturing, hardware and cultural media, with 94, 76 and 59 investment events respectively, accounting for about 18%, 15% and 11%.

Among them, in addition to the investment department of Xiaomi Group, the Xiaomi Changjiang Industrial Fund has the highest frequency at present, with a total of 123 investments in five years, mainly focusing on semiconductor, hard technology and other related fields, such as Weilan New Energy, a solid-state lithium battery developer, and Zonghui Xinguang, a photoelectric semiconductor developer, Sagitar Juchuang, a multi-line laser radar developer, and Black Sesame Intelligent, an autonomous driving computing chip.

In addition, Xiaomi Private Equity Fund, which was established less than one year ago, contributed 10 investments. With Xiaomi’s ambition to build a car, it invested in automobile-related enterprises such as Zhilu chilye, a new energy vehicle parts provider, Aitek Automotive Electronics, a high-end controller chip developer, Qixin Micro Semiconductor, and Internet of Things technology-related enterprises such as Youzhilian Technology and Jiangyan Intelligent.

However, as an Internet company with mobile phone, intelligent hardware and IoT platform as its core, Xiaomi’s investment field is slightly extensive, but its layout is still perpendicular to its main business field.

In terms of investment rounds, Xiaomi entered the market earlier, mostly in Angel Round, A Round and B Round, with 121, 86 and 61 investment times respectively, accounting for 23%, 17% and 12%. This may be related to "Lei Jun has a hobby of angel investment".

In general, Xiaomi’s seemingly complicated investment ecological chain actually has a clear strategic layout. Xiaomi has its own logic on how to divide the control and investment details in the main line.

02Nearly 30 companies went public, and many companies entered the countdown to listing.

According to incomplete statistics, at least 30 of the eco-chain enterprises invested by Xiaomi have successfully listed, and most of their businesses are distributed in the fields of intelligent hardware and advanced manufacturing, and a few are financial and entertainment companies, which are coordinated with the business layout of Xiaomi’s hardware, finance and Internet.

However, the stock prices of these companies after listing show a picture of ice and fire at home and abroad.

Perhaps influenced by geopolitics, listed companies in US and Hong Kong stocks have experienced different degrees of decline. As of the close of March 31st, the share price of ZEPP.US was 2.87 USD/share. When it was first listed, its issue price was 11 USD/share. VIOT.US also dropped from the issue price of $9/share to $1.85/share; PINTEC titanium (PT.US) even dropped from the issue price of $11.88/share to $0.59/share.

The poor stock price performance of listed companies in the ecological chain has also affected Xiaomi’s finance.

Previously, science and technology innovation board Daily quoted Luo Pan, a teacher in the financial field, as saying, "In recent years, the market value has been sharply adjusted back, which has seriously affected the fair value and further reduced the profit of Xiaomi".

According to Xiaomi’s latest financial report, by the end of 2021, Xiaomi had invested 390 foreign companies, while at the end of 2020, this figure was still 310, and at the end of 2019, it was 290. Despite the increasing number of foreign investments, the fair value of Xiaomi Group’s investment at fair value through profit or loss in 2021 was 8.132 billion yuan, a decrease of 38.3% compared with 13.2 billion yuan in 2020.

However, most companies listed in China have gratifying market performance. For example, as of the close of March 31st, the share price of No.9 Robot (689009.SH) doubled after its listing in science and technology innovation board, from the issue price of 18.94 yuan/share to 44.10 yuan/share; Lihexing (301013.SZ), listed on the Growth Enterprise Market, had an issue price of 8.72 yuan/share at the time of listing, and now it has risen to 18.9 yuan/share.

In addition, a number of Xiaomi Eco-chain companies are queuing up for IPOs in science and technology innovation board and Growth Enterprise Market, and many of them are only a short walk away from listing.

Weijie Chuangxin (688153.SH) has officially launched science and technology innovation board IPO subscription; The initial inquiry time of Fengxiu Technology (688279.SH) is April 6th.

In addition, Sitway (Shanghai) Electronic Technology Co., Ltd. also entered the countdown to listing. On March 29th, official website, the China Securities Regulatory Commission, approved that it would register the initial public offering of shares with Tewei science and technology innovation board in accordance with legal procedures.

Among the companies that have not yet been listed, there are also many star companies that Weilan New Energy, Weizhao Semiconductor, Aibi Intelligent, and Newlink are betting on.

Among them, Weilan New Energy, a developer of solid-state lithium batteries, has frequently received hundreds of millions of large-scale financing in recent years. The investors behind it include well-known enterprises such as Huawei, Weilai and Geely, and the latest valuation has reached 15 billion yuan. In addition, after the completion of the C round of financing in September last year, the valuation of Black Sesame Intelligence also reached nearly 2 billion US dollars (about 12.7 billion yuan). Newlink, an energy digital open platform, reported the news of listing in Hong Kong at the beginning of the year.

03How to hedge the layout ecological chain?

By combing the IPO situation of enterprises in the Xiaomi ecological chain, VCPE Reference (ID:vcpecankao) found that since 2018, companies have succeeded in IPO almost every year, but there are also cases where the listing is not so smooth.

Fun Sleep Technology passed the IPO review in 2021 and submitted for registration, and was inquired twice by the CSRC at the end of 2021 and the end of January 2022 respectively.

In an inquiry letter, the CSRC asked Fun Sleep Technology to explain "the reason why Xiaomi has always been the main sales channel, and the efforts to expand third-party online platforms and unrelated sales channels are relatively small, and whether there are related obstacles".

Subsequently, the CSRC sent a second inquiry, pointing out that "the company takes Xiaomi e-commerce platform as its main sales channel", asking the issuer to explain "whether there are any special treatment or preferential treatment in Xiaomi platform sales, promotion, rebate, etc." and it is necessary to "compare and analyze whether there are differences in the sales policies of the company on the main e-commerce sales platforms".

Then, is [eco-chain company terminating IPO] really related to [Xiaomi’s large-scale layout of eco-chain]?

Industry insiders told VCPE Reference (ID:vcpecankao), "The core of the’ independence’ problem in this case lies in the’ big customer’, that is, whether the order number of Xiaomi, a big customer, accounts for too much in the total transaction volume of the IPO reporting company. Faced with the question of’ independence’, the company should explain clearly the rationality of excessive customer concentration, the sustainability of the transaction and its own hematopoietic capacity. "

Another senior investment banker, Wang Jiyue, told VCPE Reference (ID:vcpecankao) that "the failure of IPO was caused by Xiaomi" was just the rhetoric of the defendant media.

In this case, under what circumstances will large companies cause the IPO of eco-chain related companies to be blocked?

Wang Jiyue believes that the crux of the problem lies in "whether the business volume brought by industrial linkage is sustainable, whether it is only to help the listing to rush performance, and how much impact it has on the industry." If before the IPO, the enterprise can fully disclose the financial data, put the risk warning in place and sort out the solutions clearly, this will not necessarily become a problem. 」

Song Qinghui, a famous economist, told VCPE Reference (ID:vcpecankao) that at the external public opinion level, as long as there is no major public opinion, it will generally not cause the IPO of Xiaomi Eco-chain related companies to be blocked; If the public opinion is out of control, it will not only affect IPO pricing, meeting and other procedures, but even lead to IPO "abortion."

With the fermentation of public opinion, there are rumors in the market that Xiaomi will touch the red line of antitrust.

In this regard, Wang Jiyue believes that "whether it violates the Anti-Monopoly Law depends on whether the core enterprises that lay out the ecological chain have a dominant market position. Xiaomi’s ecological chain layout is only an investment, not a holding type, and it is not exclusive, so it generally does not involve the Anti-Monopoly Law".

As for the "disorderly expansion" that makes people talk about it, Song Qinghui said: "The disorderly expansion of capital means that capital alienation makes capital deviate from its established track, causing great risks to economic and social levels and even endangering the stability of the overall situation."

Wang Jiyue believes that "the layout of Xiaomi ecological chain belongs to normal industrial linkage".

Finally, Song Qinghui emphasized that "the mass reaction triggered by one incident is actually revealing the hidden truth of society, which is worth pondering. The reason why Xiaomi sued a media for spreading rumors that Xiaomi’s eco-chain enterprises are restricted by IPO policy is mainly because the disorderly expansion of capital in recent years has endangered national security and the bottom of people’s lives. If it is not guided and regulated, it will definitely impact the economic and social development order, such as the development space of small and medium-sized enterprises being compressed and squeezed out.

What do you think of this public opinion event? Welcome to leave a message in the comments section.

According to the Insight Report of Insurance Market Segments released by the User Research Center of Shuidrip Insurance, more than half of users are willing to buy all insurance products on the Internet platform, and "claim", "product" and "brand" are the three most important aspects for users. This processing compensation includes "the authenticity of claims" and "claims service".

Some interviewed users said: "It is very convenient to buy insurance online and the communication is very efficient. However, in case of complicated situations when making claims, I still hope to have professional and reliable guidance, and it is better to take a trip offline. "

In order to solve the pain points of users’ claims, Didi Bao has continuously optimized its own assistance claims system. In September this year, it launched the "Water Drop Assistance Compensation" to comprehensively upgrade the compensation assistance service, helping users to compensate quickly and let users feel at ease.

It is worth noting that, in order to further enable users to have a better claim experience, the pilot project of offline assistance claims was officially launched in November this year, and the first city was selected in Beijing. At present, the first user who used the offline compensation service has received the claim payment, and a number of compensation cases are being promoted.

Get through the last mile of the compensation, and the water drop will help the compensation to expand the service to the offline.

In September this year, Didi went online to help compensate, and the eight co-compensation services were comprehensively upgraded. The platform assisted the comprehensive coverage of claims services-1) helping to intelligently summarize information; 2) help the initial judgment of responsibility; 3) help to speed up the aging; 4) help the elderly; 5) help to deal with disputes; 6) Help protect rights reasonably; 7) help risk review; 8) Help to customize on demand. In addition, the four tools of "Claims Help Card, Hospital Help Check, Claims Data Manager, and Help the Old to Pay Claims" have been launched to enhance the self-service claims experience for users.

According to the person in charge of the water drop compensation, after the online water drop compensation on the platform, the user experience has been greatly improved. Some users feedback that "these tools and services have enabled them to learn a lot about claims, and they are no longer unfamiliar with claims, and the efficiency of claims has also improved".

At the same time, the platform also found that some users are affected by various factors and have a strong demand for offline compensation. Most of these users are "elderly people, people who are lack of energy after illness and danger, and people who can’t understand the rules of applying for claims and can’t complete data collection for various reasons" and so on.

In order to get through the "last mile" of co-compensation, the pilot project of offline assistance for compensation was launched, and the first city was selected in Beijing.

The person in charge of the water drop help compensation said: "We cooperated with the company’s offline broker team to sink the claims offline, and provided online and offline linkage assistance claims service for users who have the demand for offline compensation services and the initial judgment of the case meets the pre-audit standards of insurance companies. The first pilot city is located in Beijing. Offline compensation is an important service for water droplets to help pay compensation in the next 2-3 years. In 2023, our offline compensation service will gradually expand to Wuhan, Shenzhen, Xi’ an and other cities. "

Implement "online? Offline linkage mode, offline compensation makes users more "specific" about the platform.

The phrase "claims are difficult and slow" cannot fully summarize the anxiety and helplessness of users when making claims. In this regard, Mr. Wang who lives in Beijing has a deep understanding.

Mr. Wang had an unfortunate cerebral infarction in 2021. After being rescued, he remembered that he had an insurance policy and contacted the insurance company with a try attitude. However, due to the serious illness at that time, the treatment also made him exhausted, and it was impossible to collect the claim data, so the claim was put on hold. When Shuidibao paid a return visit to users this year, Mr. Wang mentioned that "he had a cerebral infarction last year, but he didn’t know how to make a claim, so he didn’t pay for it." The returning visitor of Shuidibao immediately transferred Mr. Wang to the claims department for assistance.

Xiao Gao, a compensation consultant for Shuidi Gang, initially judged that Mr. Wang met the compensation rules according to the insurance policy and the information he had. He contacted Xiao Zheng, an offline agent in Beijing, and synchronized the sorted list of claims to Xiao Zheng. After Xiao Zheng visited Mr. Wang’s home, he found that Mr. Wang’s medical record was missing, and the payment bill was mixed with various payment receipts of other family members, which could not meet the requirements of this application. Then, Xiao Zheng accompanied Mr. Wang to the "beijing jishuitan hospital" where he went to see a doctor at that time, ran to many departments, printed all the information needed for claim settlement and sent it back to Xiao Gao. Xiao Gao initially judged that the information was complete. After communicating with Mr. Wang through Xiao Zheng, he filled in the information on behalf of Mr. Wang and completed the online report.

During the waiting period after submitting the information, Xiao Zheng visited Mr. Wang on behalf of Shuidi Bangbang to explain the related matters of claim settlement. Mr. Wang has no social security, and if the result is that he can compensate, he will also pay 60% of the compensation after deducting the deductible according to the contract. This makes Mr. Wang know fairly well. Due to the professional and sufficient preparatory work, the insurance company quickly started the investigation and review process. On November 8, Mr. Wang received a notice of closing the case and was awarded 95,000 yuan. At this point, Xiao Zheng made an interpretation of the claim report for Mr. Wang.

After receiving the claim payment, Mr. Wang customized a banner to give it to Shuidi to help pay for it in order to express his gratitude. Mr. Wang said: "Many people are prone to’ confusion’ in claims settlement. I am very grateful to the water droplets for helping me compensate and helping me solve my difficulties with practical actions! "

(Legend: Mr. Wang and the agent under the drip insurance line)

The person in charge of the water drop help compensation said: "For users, opening the offline compensation service can better help them complete the claim application and solve the claim problem. For the platform, online and offline linkage compensation can make users’ perception of the Internet insurance brokerage platform more concrete, thus promoting users to establish a long-term trust relationship with us. In insurance services, claims service is a very important part. Water droplets will continue to optimize the co-compensation service system and strive to give users a better claim experience! "

Middle-aged people tend to be more interested in sedate models. The atmospheric design and exquisite interior are the characteristics of such models, which are excellent choices for going to work or picking up children. As a medium and large car, there are many bright spots. Let’s take a look at it together.

Let’s take a look at the appearance of the extreme fox Alpha S. The front of the extreme fox Alpha S looks elegant and avant-garde personality. Then the spirit of the headlight design is adopted, which is quite classy. The car is equipped with LED daytime running lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing and so on. Coming to the side of the car body, the size of the car body is 4980MM*1960MM*1599MM. The car adopts avant-garde lines, and the side wall presents an elegant design style. With large-size thick-walled tires, the shape is quite cold. In the rear part, the overall shape of the extreme fox Alpha S echoes the front face, and the taillights are very individual and neat.

In terms of interior, the interior looks very young and individual, and the overall design is very individual. The steering wheel of the car is very young and made of genuine leather, showing a sense of atmosphere. From the central control point of view, the car decoration has a fashionable touch-control LCD central control screen, which makes the interior style impressive and conforms to the mainstream aesthetics. Let Xiaobian introduce the dashboard and seats. The car is equipped with a hard-core dashboard, and the information is easy to read and clear. The car adopts imitation leather seats, and the seats are wrapped in place, which further improves the comfort of drivers and passengers.

The polar fox Alpha S is matched with the gearbox, which is 252KW and 370N.m, and the power performance is good.

The car is equipped with car networking, driving mode selection, remote control key, Bluetooth key, interior atmosphere light, traction control (ASR/TCS, etc.) and other configurations, and the configuration has reached the mainstream level of the same level.

Such a car with the right price is enough to meet the daily practical needs, and it doesn’t take much thought to maintain it at ordinary times, and the cost performance is good. As long as you like it, go ahead and buy it.

[car home Chongqing Preferential Promotion Channel] Recently, large-scale preferential activities are being carried out in Chongqing, with the highest preferential range of 15,000 yuan and the lowest starting price of 122,200 yuan. If you are interested in this car, you may wish to click the "Check Car Price" button in the quotation form to get a higher preferential price.

The front face of Xingyue L is elegant and elegant in design, with a family-style straight waterfall air intake grille and chrome-plated decoration, showing a sense of luxury. The headlight group is sharp in shape and integrated with the grille, showing a modern feeling as a whole. The body lines are smooth, and the side is decorated with chrome trim, which improves the quality of the whole vehicle. The rear part of the car is simple and stylish, and the LED taillight group has high recognition when it is lit. On the whole, the design of Xingyue L not only shows a sense of strength, but also is full of fashion.

Xingyue L has a length, width and height of 4770*1895*1689mm and a wheelbase of 2845mm. With 245/45 R20 tires, it shows smooth body lines and atmospheric visual effects. The rim is 20 inches in size, which increases the overall strength of the car body. The front and rear wheel tracks are 1610mm, which ensures the stability and handling performance of the vehicle.

The interior design of Xingyue L adopts a simple style without losing the sense of science and technology, and the overall layout is reasonable, creating a warm and comfortable atmosphere. The leather steering wheel not only has a delicate touch, but also supports manual adjustment up and down and back and forth, ensuring the driver’s comfortable operation. The center console is equipped with a 12.3-inch high-definition touch screen, which integrates the functions of multimedia system, navigation, telephone, air conditioning and skylight control, and supports voice recognition control, which is convenient and fast. The car is also equipped with rich interfaces, including two USB and Type-C interfaces in the front row and two in the back row, as well as the wireless charging function of the front mobile phone, which meets the various needs of modern users. In terms of seats, Xingyue L is made of high-quality imitation leather. The driver’s seat has the functions of front and rear, backrest, height and lumbar support adjustment, and has heating, ventilation, massage and headrest speakers (driver’s seat only), while the co-pilot seat supports front and rear and backrest adjustment. In addition, the car also provides the memory function of the electric seat in the driver’s seat and the co-pilot’s seat, as well as the function of adjusting the backrest of the second row seat and tilting the rear seat in proportion, which improves the comfort and convenience of riding.

Xingyue L is equipped with a 2.0T L4 engine with 238 horsepower, with a maximum power of 175 kW and a maximum torque of 350 Nm. With an 8-speed automatic manual transmission, it provides abundant power output and a smooth driving experience.

Praised the appearance design of Xingyue L. He thought that the grille design was full of streamline beauty, and the overall look was the most beautiful he had ever seen in many models. Especially compared with Galaxy L7, Xingyue L made him shine at the moment.

The power is precious, and the value is higher. If it is the price, both can be thrown away. I will arrange it for you by the way today. Let’s find out together.

First of all, from the appearance point of view, the Volvo XC90 front shape is more exquisite, looks sporty. The headlights are comfortable, and the visual effect looks quite young. The car is equipped with LED daytime running lights, front fog lights, automatic opening and closing, adaptive far and near light, automatic steering, delayed closing, etc. Come to the side of the car, the body size of the car is 4953MM*1958MM*1776MM, the car adopts a personalized line, the side circumference gives a very simple feeling, with large-sized thick-walled tires, the shape is eye-catching. At the rear of the car, the rear of the car looks relatively young and personalized, the taillights are very delicate, and the overall layout is impressive.

Sitting in the car, the interior of the Volvo XC90 presents a beautiful design style, highlighting the layered effect. The exterior of the steering wheel of the car looks very good, and it is made of genuine leather material, giving a good grip experience. Let’s take a look at the central control, with a 9-inch touch LCD central control screen, the interior style is impressive and looks very stylish and simple. Finally, look at the dashboard and seats. The car is equipped with a simple dashboard, which is designed to be more atmospheric. The car adopts leather seats, and the seats are wrapped in place, which is basically enough for daily use.

The car is equipped with vehicle to everything, driving mode selection, remote control key, rear wipers, interior ambient lights and other configurations. The configuration is not bad, and there is no problem in meeting daily use.

After reading the above introduction, let’s make a summary. This level of model is usually the first choice for most people. Firstly, the price is not expensive, and secondly, the various configurations are quite complete, which is still worth buying.

　　On November 16, the Ministry of Industry and Information Technology officially announced the third batch of service-oriented manufacturing demonstration lists, and () was successfully selected as the "Third Batch of Service-oriented Manufacturing Demonstration Platforms" (48 in total) with "Service Platforms for Custom Furniture and Home Furnishing Solutions". This is also the first demonstration platform selected in the custom home furnishing industry.

　　O2O pioneers build a home furnishing industry chain service platform

　　Shangpin Home Delivery took the lead in entering the O2O field in 2009 and is a successful pioneer in the domestic mass customization home e-commerce field. Shangpin Home Delivery Service Platform has established a "solution library" of "room type library", "product library" and "home overall solution" based on the Internet real-time transaction and interactive design system, and improves consumers’ purchasing experience through cloud design, big data analytics and CRM. Consumers book designers’ door-to-door measuring rulers through the platform, and visit offline brick and mortar stores for visiting experiences to tailor home solutions. At the same time, combined with mobile Internet marketing, O2O sales and e-commerce platforms for home accessories, and the "large-scale furniture customization" system of Industry 4.0 intelligent manufacturing factories, seamless connection and full-process informatization have created a new business model of "C2B + O2O".

　　This platform has established the first truly integrated public service platform for the home furnishing industry chain and value chain, with the aim of enhancing consumer experience and providing a full range of services to consumers, sales enterprises, and home furnishing product suppliers. It emphasizes the personalized needs of consumers, realizes the integration of product users, manufacturing enterprises, and sales enterprises, and promotes the agglomeration of the home furnishing industry.

　　BIM technology revolutionizes the packaging model and consumer experience

　　In the consumer business field, Shangpin Home Delivery has launched BIM decoration technology to digitize each customer’s home space, and realize one-stop matching of all home categories through "what you see is what you get" design. Using BIM technology to preview the whole process of decoration in advance, avoid risks and improve efficiency, accurately count usage, and reduce material waste. Through the central tower desktop plan scheduling system and 5G digital construction site, large-scale and multi-link construction can be carried out in an orderly manner, thus effectively ensuring delivery time and delivery quality.

　　Digital intelligence capacity enhancement design value, build "design island" ecosystem

　　In the field of design services, Shangpin Home Delivery’s cloud design service platform integrates a large number of home designer resources, room type libraries, product libraries, and space solutions, greatly improving the designer’s work efficiency, and realizes intelligent design through a variety of iterative design software. It comprehensively promotes first-line acquisition of inspiration, online negotiation, mid-term follow-up, offline transactions, and construction delivery.

　　Based on the "new management" thinking of the Internet, Shangpin Homestead has also established a "design island" platform to create a novel and fun Internet office scene for tens of thousands of designers. Each designer has a design rank, and there are different points according to customer praise, performance, work attitude, etc. Points can be exchanged for different prizes, and at the same time, it also gives them spiritual motivation and value orientation. Designers are encouraged to study customer space solutions in depth, and use points to conduct transactions internally. Use the power of games to unite many designers scattered across the country, and use a new generation of favorite gamification systems to inspire creativity and a sense of belonging.

　　Deeply empower small and medium-sized home improvement enterprises to achieve a new business model of mutual win-win and symbiosis

　　In the field of industrial Internet, Shangpin Home Delivery launched "HOMKOO Decoration Cloud" to empower the home improvement industry and create a new business model of mutual win-win and symbiosis in the home improvement industry. Integrate the resources of the whole house decoration industry, through data intelligence, service integration, common quality assurance, centralized procurement of resources and SaaS tools, etc., to help small and medium-sized home improvement enterprises expand the whole house decoration business capacity, realize service model upgrade, reconstruct the industrial chain and value chain of the home improvement industry, improve industry efficiency, and help traditional home improvement enterprises transform and upgrade into innovative home improvement enterprises.

　　Shangpin home delivery also uses BIM installation technology to deeply enhance the management level of installation enterprises and project synergy capabilities, empower small and medium-sized home improvement enterprises, promote industrial chain integration, and build an industrial high-quality ecosystem.

　　After reaching a strategic cooperation with JD.com in June this year, through in-depth cooperation with JD.com in brand, traffic, supply chain, technology research and development, Shangpin Home Delivery will also strive to become a high-quality platform and service provider for consumers’ () shopping and home experience, and create higher customer value for consumers.

　　In addition, on November 1, Shangpin Homestead was also awarded the "2021 Guangzhou Private Leading Enterprise" by the Guangzhou Municipal Bureau of Industry and Information Technology.

　　Service-oriented manufacturing is a new manufacturing model and industrial form that integrates manufacturing and service development, and is an important direction for the deep integration of advanced manufacturing and modern service industries. As a service-oriented manufacturing demonstration platform, Shangpin Home Delivery will continue to accelerate the development of new business models and models of service-oriented manufacturing, effectively extend the industrial chain, enhance the value chain, and promote the improvement of manufacturing quality and efficiency and transformation and upgrading!

　　(The picture is authorized by Shangpin Home Delivery.)Use)

　　(Editor in charge: Zhu He)

As the saying goes, "Lantern Festival is held on the fifteenth day of the first month". As another major traditional folk festival after the Spring Festival, the main theme of the Lantern Festival holiday atmosphere is the word "noisy".

Lantern Festival viewing began in the period of Emperor Han Ming in the East. When Emperor Wen was in the Han Dynasty, the government ordered the 15th day of the first month to be officially designated as the Lantern Festival. The Lantern Festival in the Han Dynasty lasted for one day, which became three days in the Tang Dynasty and five days in the Song Dynasty. In the Ming Dynasty, the lights were lit from the eighth day until the night of the seventeenth day of the first lunar month, for ten days. In the Qing dynasty, the festival was shortened to four or five days.

During the Lantern Festival, festivals and customs all over the country are colorful and numerous. Here are 10 famous ones:

First, walk on stilts

Walking on stilts is a very old folk performance, which appeared as early as the Spring and Autumn Period. On the Lantern Festival, this kind of folk activity of walking on stilts is popular in many places. Stilts are usually made of wood. Make a support point in the planed wooden stick to put your feet, and then tie them to your legs with ropes. Performers can not only walk freely on stilts, but also do various difficult movements such as splitting forks, jumping on benches, dancing yangko, dancing knives and making guns.

Second, the lion dance

Lion dance is an excellent folk art in China. During the Lantern Festival or other assembly ceremonies, the folk will entertain by dancing lions. This custom originated in the Three Kingdoms period and was popular in the Northern and Southern Dynasties. It has a history of more than 1000 years.

Third, the flower viewing lamp

The custom of viewing lanterns on the Lantern Festival originated from the period of Emperor Han Ming. During the Yongping period, Emperor Hanming strongly advocated Buddhism and ordered "burning lamps for Buddha" in palaces and temples on the fifteenth night of the first month. Later, the custom of putting lights on Lantern Festival spread to the people in the court. Every time during the Lantern Festival, no matter the gentry or civilians, every household will hang lanterns and the streets will be brightly lit.

Fourth, playing dragon lanterns

Playing dragon lanterns, also known as "dragon dancing", has a history of more than two thousand years. Playing with dragon lanterns originated from people’s worship of dragons. In ancient times, people prayed for the blessing of dragons by dancing dragons, in order to have good weather and abundant crops in the coming year. The custom of dragon dancing has also been carried forward by overseas Chinese. Whenever China people have traditional festivals or major celebrations, they will dance lions and play dragon lanterns, showing a strong oriental atmosphere.

Five, yangko dance

In the Lantern Festival, simple northerners like to celebrate by dancing yangko. The style of yangko varies from place to place, including northern Shaanxi yangko, northeastern yangko, Hebei yangko, Shandong yangko and so on. Among them, the Northeast Yangko has the widest spread and the highest artistic level.

Sixth, solve riddles on the lanterns

"solve riddles on the lanterns", also called "playing riddles", is an activity added after the Lantern Festival. Lantern Festival is decorated with lanterns and colorful decorations, and solve riddles on the lanterns adds a lot of elegance to the festive day. Some people write riddles on paper, stick them on colorful lanterns for people to guess, and hang riddles with lights, so they are called "riddles".

Seven, rowing a dry boat

According to folklore, rowing a dry boat is to commemorate Dayu’s flood control. Rowing a dry boat is also called running a dry boat, which is to imitate the action of boating on land. The performers are usually girls, putting fake boats on their bodies and rowing, singing some local tunes and dancing while running. This is rowing a dry boat.

Eight, Ying Zigu

Zigu is a poor and kind girl in folklore. It is said that she is a concubine of a large family. Because the housewife was jealous, she was killed in the toilet on the fifteenth day of the first month. People sympathize with her and miss her, and in some places, the custom of "welcoming Zigu on the fifteenth day of the first month" appeared conveniently.

Nine, walking away from all diseases

In addition to celebrations, there are also some religious activities in the Lantern Festival, that is, "walking away from all diseases", also known as "dispersing all diseases", "baking all diseases" and "eliminating all diseases". The participants are mainly women, who walk together, or cross the bridge, or walk by the wall, or walk in the suburbs, with the aim of driving away diseases and disasters.

Ten, eat Yuanxiao

"Yuanxiao" is the name of northerners, while southerners call it "Tangyuan" and "Tangtuan". According to our traditional folk custom, every family eats glutinous rice balls on the 15th day of the first month every year. Because these names are similar to the pronunciation of "reunion", they go to the meaning of reunion, and hope that the whole family will be round and round, harmonious and happy on the night of the full moon in May.

CCTV News:In recent years, the momentum of the rapid expansion of off-campus training courses has not diminished, with students ranging from middle school students, primary school students to preschool children, among which subject training courses are particularly popular. In some big cities, more and more parents are involved in a battle called "Chicken Baby".

Here, "chicken" has changed from a noun to a verb, which means to "give the child chicken blood""Keep arranging extracurricular classes for children and keep taking off-campus exams. It seems that everything has naturally moved from school to off-campus. What is the original intention of parents?

In recent days, a series of exams from an off-campus training institution are being rolled out in some cities all over the country. The exams are aimed at students from kindergarten middle class to fifth grade in primary school. The subjects are Chinese, mathematics and English, and the exam methods are mainly online.Students who register for their summer and autumn classes this year should be selected and stratified. According to their grades, they will enter different classes from low to high difficulty.

Staff of an off-campus training institution:Our system is divided into three parts: excellent system, innovative system and interest system. In the preliminary round, diligence and sensitivity can be offered to every child in front of the screen.

This exam has aroused parents’ increasing concern and heated discussion. In some parents’ groups, everyone exchanged experiences and lamented the difficulty of the topic to see whose child was admitted to the highest class, and its fiery degree even far exceeded any in-school exam.

Mr. Wang, the candidate’s parents: My child took the exam from grade four to grade five. I can still do it at the initial test. I can’t answer many questions in the second test for a short time. I doubt how I got into the university myself.

Mr. Wang said that it is such an exam that the test difficulty is much higher than the school level. When the registration was released in early March this year, it was necessary to grab the quota.

Candidates’ parents, Mr. Wang:I grabbed the opportunity when I made up the second batch of newspapers, and I set the alarm clock at 12 noon.

Some parents told reporters in the interview that the reason why they want to participate in the selection of training courses is that they hope to skip the "allocation" and enter their favorite quality schools.

Reporter:What is the original intention and purpose of giving classes to children?

Parents of primary school students:I can’t help it. It’s like this now. If you don’t learn Olympic Mathematics, you will have no choice at the beginning of your junior high school!

Reporter:Isn’t it assigned?

Parents of primary school students:Yes, it is, but it will be too late for you to wait until you are assigned, and the selection has already been made before.

"early training" grabs opportunities, and the institution "going to school" creates anxiety.

As early as 2014, the Ministry of Education initiated the reform of compulsory education, and clarified the principle of "school enrollment and students’ enrollment nearby". But at the same time, a small number of high-quality schools are still allowed to carry out the "experimental project of early training of extraordinary children", that is, "early training". In the investigation, the reporter found that these training paths, which were originally designed for a very small number of truly gifted children, have become business opportunities for off-campus training institutions, and parents and children have been dragged in one after another.

Staff of an off-campus training institution:Now, the Education Commission has explicitly banned participation in that kind of cup, but there are still some. The cup that used to be a show has now become this camp, that camp, camp events and so on. Going to the camp is to take this kind of exam.

Staff of an off-campus training institution:Moreover, they sometimes refer to our grades when they are "trained early" and when they take exams.They will look at this when they choose, so I told you that no matter whether we think high or learn to think, you must take the large-scale exam as long as you are notified.

Some parents report that staff of off-campus training institutions often teach them "the classics of entering a higher school", suggesting that some schools have expanded the scope of "early training" or "recruit" high-quality students in their eyes, so long as they participate in their various "selections", they may be selected by middle schools. Because public schools reduce the burden, students’ test scores are not well differentiated, so their scores can be used as a basis.

Staff of an off-campus training institution:Look at your resume. Is it beautiful or not? If your resume is beautiful, you are nothing more than taking part in any cup and any exam. For example, both children got 100 points in the exam, but in English, he got the FCE (Cambridge First English Certificate Examination) certificate, and you got the PET (Cambridge English Elementary Examination) certificate. People will definitely want FCE. Now if you take English classes after class, you don’t have to learn school English.

Taking the test score scale officially released by Cambridge English General Test as a benchmark, we can see that KET corresponds to the domestic junior high school English level, PET corresponds to the domestic senior high school English level, and FCE is equivalent to IELTS score of 5.5— 7.0 points, reaching the level of studying abroad.

Staff of an off-campus training institution:A child came that day, anyway, he was very young, so he said that KET had passed, and then he had to prepare PET.

The introduction of other people’s children by training institutions is the most exciting thing for parents. In this way, many parents are involved in the ranks of English proficiency tests. In Shanghai, in order to compete for a KET/PET exam place, the registration fee for the exam was scrambled from 500 yuan to 4,000 yuan. In Beijing, it is a success to get an exam place in a foreign province and city.

Staff of an off-campus training institution:Last year, another one of us went to Hunan to take the exam.

Staff of an off-campus training institution:We still have people going to Yunnan here, so we’ll be satisfied if we grab them. Just take our children for a few days and take a two-day leave.

The chaos of off-campus training is frequent, and "shadow training" has a great influence.

Parents flooded into off-campus training and invested a lot of money and energy in order to win the "stepping stone" of a high-quality prestigious school with their beautiful resumes. The reporter learned that this "resume anxiety" has spread from the early stage of junior high school to preschool children in the early stage of junior high school.

Among some parents, there are many parents of preschool children sharing their experiences. I heard that some primary schools have also set up experimental classes for teaching reform, commonly known as "early training". They hope to enter this system through preschool training. The reporter’s investigation found that all major off-campus training institutions have launched advanced training for preschool children.

Customer service of an off-campus training institution:(Kindergarten small class) Mathematics is about learning seven abilities, learning mathematical sense, logical thinking ability, cultivating his spatial imagination, logical reasoning, etc. This is a mathematics subject, and then he will speak some reading comprehension of Chinese, learn simple articles for children to listen to, etc., as well as English, mainly starting from 26 English letters, and simple vocabulary.

Many parents will prepare resumes for their children to participate in the "early training". In a parent group, the reporter saw two resumes of preschool children. The first child can not only complete the mixed operation of addition, subtraction, multiplication and division within 100, but also attend the innovative class with the highest olympiad number in an institution. He also passed the English Cambridge KET exam and learned 2000 Chinese characters, even though he did not pass the sea election. Another child with a basic level passed the sea election, and the reason is that the latter one got 145 in the IQ test of the Chinese Academy of Sciences.

According to the method of group friends’ guidance, the reporter found the WeChat WeChat official account of "Zhongke Extraordinary Children", clicked on the appointment, and saw that the number had been fully booked by the end of May.

Reporter:I want to ask how old children can we test?

Staff of Institute of Psychology, Chinese Academy of Sciences:Over 5 years old, 130 points is extraordinary. From March to July now, it is the peak season. Many parents made an appointment two or three months in advance. In the past two years, after the IQ test was approved by the early training, there were many people who made an appointment.

Behind all kinds of off-campus training chaos, a large number of brushing questions and exam-taking skills have also become one of the main aspects of criticism. For example, in a class of "cube dismantling", the teacher directly summed up the problem-solving skills of how to judge that "the unfolded diagram of a cube cannot be formed" as "there is no field, no concave and no big right angle". Students know why, but they don’t know why, so they can answer the questions by mechanical memory. In a Chinese class in a training institution, the teacher even stylized writing and summed up the writing skills of "having images".

Zhang Yu, Vice President of Tsinghua University Education Research Institute:Extracurricular remedial classes also have a name, which is called "shadow education" in academic circles. It is like the shadow of formal education, because the existence of extracurricular remedial classes exists for students to achieve better performance in formal education, but I think it is actually not a shadow, it is another system, and it has actually seriously affected our formal education.

As early as 2018, the state has made it clear that it is resolutely forbidden to take exams, exceed the standard, advance training and be linked to enrollment. However, we can see that under the various packages of training institutions, advanced training is still active, and more and more parents and children are involved. In order to end the chaos in the off-campus training market, the fundamental solution is to block the entrance selection of high-quality schools by disguised examinations and competitions, and cut off the connection between off-campus training institutions and enrollment in primary and secondary schools.

Topic: picture channel

　　

　　As a leading enterprise in China’s real estate industry, Wang Shi, chairman of Vanke Group, is still at the cusp of fierce controversy, and Pan Shiyi, president of SOHO China, recently declared that many real estate companies in China will have drastic changes within 100 days and enter an unprecedented financing difficult period.

　　Once the viewpoint of "Hundred Days Drama Change" was thrown out, it immediately aroused unprecedented repercussions. What kind of tomorrow will China real estate industry face? Will housing prices fall in the "drastic changes" predicted by Pan Shiyi? How many housing enterprises will "die" in this cold?

　　On March 25th, when Pan Shiyi attended the Sina Real Estate Innovation Summit, he accepted an exclusive interview with the reporter of China Times to explain in detail the "Hundred Days Drama Change" released by him.

　　The sudden change of the situation leads to "a hundred-day drama change"

　　China Times: Why do you put forward the view that the real estate industry will face a "hundred-day drama change" at this juncture?

　　Pan Shiyi: At the end of November last year, the central government put forward a tight monetary policy, but the formulation at that time was still relatively general, and the international situation was still unclear at that time, and China’s monetary policy still had operational flexibility.

　　But this year, especially since February, the CPI has increased by 8.7% year-on-year, and the inflationary pressure is enormous. When answering a reporter’s question, Premier Wen Jiabao said that the first thing for the government this year is to control the CPI index to around 4.8% and GDP growth to 8%. To control inflation, we must implement a tight monetary policy.

　　The day after the Prime Minister made these remarks, the reserve ratio of the central bank was raised to 15.5%, which is already very high. At this time, the domestic situation has become clear, and the tight monetary policy is very clear.

　　Let’s take a look at the international environment. In the past two months, there have been some events and current situations, such as the Bear Stearns incident and the stock market crash, including the stock crash of overseas listed real estate companies, the failure of real estate enterprises to issue bonds and shares. There are more than 40 real estate enterprises that want to list this year.

　　However, led by Evergrande Real Estate, its IPO has been shelved. At this juncture, any IPO will go wrong. This is a landmark event, and the pipeline between the international capital market and China real estate is basically blocked.

　　China Times: Last year, you were still refuting Wang Shi’s "inflection point theory", and now you are proposing "a hundred-day drama change". Is it inconsistent?

　　Pan Shiyi: Up to now, my point of view has changed, because the situation changes every day, and I am constantly revising my point of view as the situation changes.

　　Last year, when I talked to Wang Shi about the inflection point, I listed the data to refute him. At that time, I didn’t expect the American economy to be so bad. I didn’t expect Bear Stearns to have an accident. I didn’t expect the subprime mortgage crisis to be endless. I didn’t expect the CPI index to rise to 8.7%.

　　Including the current point of view, I am not necessarily right. The real estate industry is 200 billion yuan a year. The domestic and international situation of such a big industry and market has changed too fast.

　　Diwang developers will be greatly adjusted.

　　China Times: Which real estate enterprises do you think will face the most severe challenges in this upcoming great change? Is it possible for small and medium-sized real estate enterprises in China to be integrated?

　　Pan Shiyi: The year before last, especially last year, many developers were irrational and bought many landlords. However, the real estate industry cannot do without the support of the financial industry and the capital market. If this support is disconnected or weakened, the real estate industry will face great adjustments. And the first to be adjusted are those real estate enterprises that expanded extremely last year and the year before, and they will face the biggest problem.

　　Some people say that I want to merge small and medium-sized enterprises, which is a wrong misinterpretation of my point of view. Some small and medium-sized real estate enterprises in China have not expanded, and the capital chain has been well arranged. When the winter comes, they will naturally not encounter problems. On the contrary, it is the developers who have expanded extremely in previous years who are most prone to problems.

　　China Times: Do you think that the real upheaval is those Diwang enterprises that emerged last year?

　　Pan Shiyi: It is an indisputable fact that the financial situation at home and abroad is tense, which leads to the lack of money in the real estate industry. But even for Diwang enterprises, every situation is different. There are pains, only you know.

　　Buying a house can resist inflation.

　　China Times: Do you think the house price will drop because of the "100-day drama change"?

　　Pan Shiyi: When it comes to "dramatic changes in a hundred days", this is a general concept, maybe two months, maybe four months. Speaking of this view, people are most concerned about the problem of housing prices, that is, the impact of drastic changes on housing prices-is it rising or falling? But we can’t look at the price for the sake of the price. Behind the price is the relationship between supply and demand.

　　We need to see if it has an impact on demand, and the control of mortgage loans will definitely have an impact on demand; Whether it has an impact on supply, if you have land, you can’t build a house without money, and supply also has an impact; Whether house prices are rising or falling depends on which is more affected, demand and supply, and whether the state of supply and demand can still be in a balanced state.

　　China Times: When developers encounter drastic changes, will they withdraw funds by reducing prices?

　　Pan Shiyi: Price reduction is not only a problem in the land market, but also a problem in the real estate market. From the perspective of the real estate market, in January and February this year, because of the turning point, the cold weather and weak demand, the transaction volume was falling, but from the end of February to March, the sales volume increased greatly, which proved that the demand was still strong.

　　Under this demand, developers will not reduce prices, but also see whether inflation can be controlled. If it can’t be controlled, I suggest that everyone should buy a house quickly. Only by buying a house can we resist inflation. This is a particularly simple truth. I think we should buy something valuable, and the house is the most valuable and valuable.

　　It will only develop in Beijing’s Third Ring Road.

　　China Times: How do you think real estate enterprises should cope with the coming challenges?

　　Pan Shiyi: For some enterprises that are short of money, when winter comes, they will either find a hole to drill down like frogs or fly away like migratory birds. The subprime mortgage crisis in the United States and China’s tight monetary policy are the signs of winter. At this time, we should adopt a strategy, transfer the land we have in hand, and exchange the projects in our hands for money to save our lives.

　　China Times: In this drastic change, will SOHO China use its 15 billion yuan to make a series of acquisitions?

　　Pan Shiyi: We still focus on acquiring land, not real estate companies. Because the management style and business model of other real estate companies are different from ours, it is difficult to integrate.

　　China Times: Where will your 15 billion cash be spent? Qianmen project?

　　Pan Shiyi: With the coming of winter, our cash of 15 billion yuan is not abundant, so we should do some projects with high profit rate, high return rate and good market foundation.

　　In November and December last year and January this year, we talked about some land projects in seven or eight cities across the country. In February, when winter came, we all withdrew to Beijing.

　　With 15 billion cash and 500 employees, according to our strategy, we should spend our limited resources on ideas. Where is the point? Just within the Third Ring Road in Beijing, Qianmen Project is one of them.

　　

Editor: Zhang Toya