Comments on the Management of Sanfu Outdoor Board of Directors in 2023

() The operating comments of the Board of Directors in 2023 are as follows:

  I. The industry in which the company is located during the reporting period.

  (a) the company’s industry

  1. Support policies have been introduced one after another, and outdoor sports industry has ushered in new opportunities for development.

  In recent years, the state has paid more and more attention to the overall development of outdoor sports industry, and successively and intensively introduced a number of supporting industrial policies. In July 2023, the State Sports General Administration issued the Work Plan on Restoring and Expanding Sports Consumption. The plan points out that restoring and expanding sports consumption should be given priority, and puts forward three main measures: increasing the supply of high-quality sports products and services, enriching sports consumption scenes and consolidating the foundation of sports consumption. The promulgation of the "Program" is of special significance for the recovery of outdoor sports consumption. In October 2023, the National Development and Reform Commission, the State Sports General Administration and other departments issued the Action Plan for Promoting the Construction and Service Improvement of Outdoor Sports Facilities (2023-2025). The plan proposes that by 2025, the supply and demand of outdoor sports facilities construction and service quality will be effectively connected, the participation groups will be more extensive, the competition activities will be more abundant, the professional talent team will continue to grow, and the safety supervision policy system will be more sound. A number of outdoor sports development highlands with good development foundation, complete service guarantee, strong local characteristics and excellent supporting industries have been formed nationwide, and the total scale of outdoor sports industry has been promoted to 3 trillion yuan.

  2. Outdoor sports groups tend to be younger, with strong consumption power and great communication influence.

  The trend of rejuvenation of outdoor sports industry is a remarkable market phenomenon, which mainly benefits from young people’s pursuit of a healthy lifestyle and their desire to explore new things. The White Paper on Trend of Outdoor Sports Industry of Taobao Tmall in Spring and Summer of 2024 shows that young people aged 18-29 account for nearly 40% of the outdoor sports market, and consumers of this age group have become the backbone of the market. In addition, the spending power of young people in outdoor sports is also constantly improving. The White Paper on Sports Development of Young People in China in 2022 shows that the average annual consumption of young people in China is 7,237.6 yuan, of which 18.1% spend more than 10,000 yuan. This increase in consumption level reflects young people’s attention to outdoor sports and their willingness to invest in it.

  As the main consumer in outdoor sports market, young people not only occupy an advantage in quantity, but also show a trend of youthfulness in consumption behavior and choice. Their participation and consumption behavior have played an important role in promoting the development of outdoor sports industry.

  3. The outdoor industry is experiencing explosive growth, and the market potential is huge to be tapped.

  With the popularity and diversification of outdoor sports, out shoes clothing and other related products have also ushered in a huge market demand. More and more consumers begin to pay attention to the functionality, comfort and fashion of outdoor products, which also brings more development opportunities for the outdoor products market. According to Hongze’s research data, in 2023, China’s out shoes clothing market has reached about 45 billion yuan, with a compound growth rate of nearly 20% in the past three years.

  On the one hand, the popularity of outdoor activities, such as camping, skiing, hiking and mountaineering, has promoted the penetration rate of outdoor activities, attracted more and more participants, and brought a steady stream of consumer demand for outdoor products industry. On the other hand, the phenomenon of "breaking the circle" of out shoes clothing has also contributed. Its application scene is no longer limited to professional outdoor activities, but expanded to urban business and leisure areas. This change not only expanded the audience of out shoes clothing, but also further tapped the market potential. Under the joint action of these two factors, the high prosperity of outdoor products industry has been continuously improved, and the market potential of outdoor products has been further enhanced.

  4. The consumer market continues to recover and rebound, and the market vitality continues to emerge.

  According to the data of the National Bureau of Statistics, the total retail sales of social consumer goods in 2023 was 47,149.5 billion yuan, an increase of 7.2% over the previous year, and the scale reached a record high. According to the retail format, in 2023, the retail sales of physical stores above designated size increased by 5.0% compared with the previous year, among which the retail sales of convenience stores, department stores, specialty store and brand stores increased by 7.5%, 8.8%, 4.9% and 4.5% respectively. In 2024, as the national economy continues to pick up and improve, relevant policies to promote consumption will continue to be effective, new consumption formats and new models will be gradually cultivated and expanded, the income of urban and rural residents will continue to grow, and the expansion of the consumer market will be consolidated and enhanced.

  (2) The market position of the company

  Since its establishment, the company has been deeply involved in the outdoor sports industry and committed to the upgrading of the outdoor sports industry. The company develops, produces and distributes high-function professional outdoor sports goods, continuously cooperates with local governments and sports associations, and steadily lays out the comprehensive quality education section for parents and teenagers, which has formed a good reputation and brand reputation in the industry. It is a leader in the development of outdoor sports industry in China and has been rated as "National Sports Industry Demonstration Unit" by the State Sports General Administration.

  

  II. Main businesses of the Company during the reporting period

  (a) the main business of the company during the reporting period

  The company’s main business is to develop and sell professional high-quality outdoor sporting goods, organize outdoor sports events, and build a comprehensive outdoor quality education experience platform for parents and teenagers. Through the integration of various business sectors, it provides consumers with all-round products and services, encourages and helps people to go outdoors, exercise healthily, and fully practices the life concept of harmonious coexistence between man and nature.

  During the reporting period, the company completed the acquisition of the 100% equity project of Shanghai Feiwa Trading Co., Ltd., which specializes in the distribution and agency of high-end hiking shoes brands and owns the exclusive agency of Italian handmade shoes CRISPI in China, obtained the exclusive sales and operation agency of HOUDINI, a representative brand of Nordic outdoor aesthetics, signed a joint venture agreement with Klttermusen AB, and completed the relevant registration procedures of the joint venture company in March 2024.

  In 2023, the company achieved an operating income of 846.4 million yuan, a year-on-year increase of 50.51%; The total profit was 31,377,800 yuan, a year-on-year increase of 192.68%; Among them, the net profit attributable to shareholders of listed companies was 36,534,000 yuan, a year-on-year increase of 210.91%. By the end of 2023, the total assets of the company were 1,105,053,600 yuan, and the net assets attributable to shareholders were 688,769,500 yuan.

  1. Focus on building the brand matrix of "own+exclusive agent" and complete the transformation from channel operation to brand operation.

  (1) Focusing on the brand positioning of X-BIONIC sports black technology, we will continue to deepen the product design and development, channel development and construction, marketing promotion and membership system development of X-BIONIC.

  "X" stands for technology, creativity, future and infinite possibilities, "BIONIC" stands for bionic technology, and X-BIONIC embodies the spirit of exploration, technology and passionate movement for dreams.

  During the reporting period, the company focused on X-BIONIC’s own brand operation business, integrating R&D, design, commissioned processing, channel construction, marketing and sales, and met different types of consumer demand through the channels directly operated by the company, such as shopping malls, ski resorts, outdoor multi-brands, multi-category collection stores, traditional and emerging e-commerce platforms and live broadcasts.

  The company continues to intensify research and development, adheres to the concept of combining X-BIONIC technology functionality with advanced fashion sense, and perfects and enriches various product lines based on product application scenarios. On the basis of the existing close-fitting products representing the professional height of the industry, the product R&D team continues to launch professional outdoor and functional business products, and has established in-depth partnership with international high-quality fabric suppliers such as GORE-TEX, Schoeller, Polartec, Pertex, Primaloft, Allied Feather and Down, etc., to jointly design and produce various functional products. Including all kinds of hard-shell jackets, soft-shell suits with different thicknesses, cotton-padded jacket, water-repellent down jackets, snowboarding suits, snowboarding suits, business jackets, business down jackets, business three-in-one down jackets, business down coats and other high-value products, as well as various trench coats, jackets, long and short T-shirts, sweaters, various hiking pants, business pants, running pants and other excellent products suitable for sale in spring, summer and autumn, covering outdoor climbing and hiking. Among them, the soft shell category with Schoeller soft shell material as the core has won special praise from users and great attention from the market, which has established the height of the soft shell industry that "not all soft shells are called Schoeller". At present, the category of X-BIONIC products has been basically completed and constantly optimized.

  In 2023, the company opened six X-BIONIC brand stores in Beijing DT51, Shenzhen Vientiane City, Changchun Vientiane City, Beijing Badaling Ole, Beijing SKP and Beijing Shi Jinglong Ski Resort respectively. By December 2023, X-BIONIC had opened 22 single-brand stores (including 10 shopping malls and 12 ski shops) and 30 outdoor channel brand stores (including 28 Sanfu comprehensive stores)

  X-BIONIC sponsors outdoor sports events and athletes by holding a number of brand and membership activities, and helps brand development in different fields. Invite champion users such as Xu Mengtao, Olympic champion of freestyle aerial skills, and Wang Xindi, world champion of freestyle aerial skills, to come to X-BIONIC Beijing SKP Winter Store to participate in Valentine’s Day activities, attracting many stars and sports bloggers to take photos and punch in the store to help X-BIONIC offline channel marketing; X-BIONIC Hangzhou flagship store and Changchun Vientiane City store opened, and invited international supermodel He Sui and short track speed skating Olympic champion Ren Ziwei to attend the opening ceremony and offline publicity activities respectively; The title is Chongli International Triathlon Challenge and the 24th Sanfu International Triathlon; Sponsored cross-country runners Wang Xun and Tony chen, and won the men’s and women’s championships in the 168 km group of the 2023 Suzaku 168 Super Cross-country Race respectively; Sponsored EMBA-A teams from cheung kong graduate school of business and China Europe International Business School to participate in the Gobi Challenge of Xuanzang Road, and won the Ge 17 championship and Ge 18 championship respectively; To pay tribute to the 70th anniversary of the first human summit of Mount Everest, X-BIONIC sponsored two female mountaineers, Gu Xiaoxi (the first person in Chongqing to reach the north slope of Mount Everest) and ISA, to successfully reach the top of Mount Everest, the world’s highest peak, in May 2023. Cooperate with Richie Jen, Kenny Lin, Jane Zhang, Jeff Chang Shin-Che, Zhang Lanxin, Zhao Lina, Huang Xiaolei, He Chong and many other stars and champions to publicize the brand. During the reporting period, we cooperated with more than 200 sports and fashionistas.Promote and plant grass for products on platforms such as Xiaohongshu and Tik Tok, and continuously deepen the brand power of X-BIONIC.

  Establish and improve the X-BIONIC brand operation team, including commodity department, exhibition department, training department, member marketing department, brand store sales management department, etc., to achieve refined operation management; At the same time, according to the different business districts and customers, we will implement differentiated and precise operations to improve store efficiency and service; The store display image is presented according to the quarterly theme and product style planning. Through the design of quarterly props and the monthly store display guidelines, the offline image is improved and unified management; Continuously improve the overall training framework and content, cover employees at all levels with the help of online platform, and improve the service level and customer experience of the store; We have carried out many interactive activities such as skiing, cross-country running and city running, which has increased the stickiness of members and the recognition of products. During the reporting period, X-BIONIC recruited 23,000 new members, accounting for 90% of member sales.

  In 2023, X-BIONIC achieved an operating income of 214,861,600 yuan, a year-on-year increase of 69.36%.

  (2) National exclusive agency brand

  The exclusive agency brands in China include Italian handmade shoes and boots brand CRISPI, Swedish classic brand Klattermusen, Nordic outdoor aesthetics representative brand HOUDINI, classic tooling shoes and boots brand DANNER, tactical backpack brand Mystery Ranch and professional out shoes brand LA SPORTIVA.

  1) Italian handmade ingenuity inherits the brand CRISPI of shoes and boots.

  CRISPI shoes adhere to the traditional Italian hand-made shoe-making technology, combining modern technology and Italy’s unique fashion taste. After entering the China market for 16 years, it has won the favor of the vast number of consumers in China with its "comfortable running-in" experience.

  During the reporting period, the company closely communicated with CRISPI brand, cooperated in new product research and development, adhered to CRISPI’s unique DNA, combined Italian handcrafted ingenuity with new shoemaking technology, and combined functionality, high quality and fashion sense with a full understanding of the China market. Based on product application scenarios and different usage scenarios of China consumers, the company improved the product line matrix and launched diversified exclusive and first-time high-quality products from China. Including MONACO retro version, MONACO low top, MONACO Martin boots, etc., the categories cover hiking, outdoor, fashion wear, sports and other scenes.

  In 2023, the company developed the CRISPI brand vision system and the use standard, completed the upgrading of 12 CRISPI brand image zones in the company’s multi-brand and multi-category comprehensive stores, and cooperated with 6 dealers to complete the upgrading of CRISPI brand image zones simultaneously.

  In terms of marketing, in addition to continuing the successful market operation mode in the past, we have conducted in-depth cooperation with many KOLs, professional, fashion media and outdoor mainstream media, and combined brand professionalism with fashion trends. The content of official account of CRISPI brand has been upgraded, which has more brand depth and tonality, increased the stickiness of fans, greatly increased the brand exposure in bilibili, Xiaohongshu, Tik Tok and other major platforms, and continuously expanded the brand volume.

  In 2023, CRISPI achieved an operating income of 79.77 million yuan, a year-on-year increase of 97%.

  2) Swedish classic brand Klattermusen

  During the reporting period, the Swedish classic brand Klattermusen performed brilliantly, with three single-brand stores and one pop-up shop in Hangzhou Tower, Shanghai Kerry, Beijing Guomao and Shenzhen Vientiane World Pop-up respectively. Continue brand exposure on social media platforms such as bilibili, Xiaohongshu and Tik Tok, and cooperate with many KOLs to promote and increase brand exposure and search popularity. Xiaohongshu, Tik Tok, WeChat WeChat official account and Weibo achieved double-digit growth, and opened Xiaohongshu Store and WeChat applet store, with the number of Xiaohongshu fans reaching 15,000.

  In 2023, Klattermusen realized an operating income of 117.33 million yuan, a year-on-year increase of 188%.

  3) HOUDINI, the representative brand of Nordic outdoor aesthetics.

  HOUDINI brand is committed to the concept of environmental protection, and the research and development of environmental protection technology fabrics has set a benchmark in the environmental protection field of functional outdoor clothing; Creating a product recycling economy model has won consumers’ recognition of the long-term value of HOUDINI products; The leading design concept of HOUDINI brand is different from the unique competitive advantages of other brands, emphasizing the philosophy of harmonious coexistence with nature. The product pursues minimalist design, adopts advanced and low-key Mo Landi color system, and is loved by many female consumers.

  In July 2023, the company and Houdini Sportswear AB Company formally signed the Exclusive Agency Agreement. In October, the first store of HOUDINI brand area image in China settled in Shanghai Sanfu Wanti Store, and then quickly opened HOUDINI brand area in Beijing Sanfu Xiangyun Town Store, Beijing Sanfu Madian Middle Store and Qingdao Sanfu Aofan Center Store, and in the second half of 2023, HOUDINI Tmall Flagship Store, HOUDINI JD.COM Flagship Store, Houdini Sports Outdoor Tik Tok Flagship Store and Houdini Outdoor Tik Tok Flagship Store were opened. In terms of wholesale, in 2023, we opened two HOUDINI brand area images in cooperation with distributors, and started to prepare the first self-operated China brand store of HOUDINI Shopping Mall, constantly expanding and improving the sales channels of HOUDINI brand.

  During the reporting period, HOUDINI and Polartec China held a business opening event, which successfully created a loud momentum for HOUDINI to enter China, conducted in-depth cooperation with many KOL, professional and fashion media and outdoor professional media, combined brand professionalism with fashion trends, greatly increased brand exposure in bilibili, Xiaohongshu, Tik Tok and other platforms, and continued to expand brand voice.

  DANNER, the classic American tooling shoes and boots brand exclusively represented by the company, represents the brand spirit of courage, tenacity and freedom, and is committed to providing customers with the best products with high-quality fabrics and techniques, which is the core of Danner’s 90-year inheritance and enduring; MYSTERY RANCH, the global leading brand of heavy backpacks, has won unanimous praise from the market and backpack users for its powerful backpack system, durable quality and unique design. LA SPORTIVA, a professional out shoes brand, is considered as a brand specially born for mountain sports, which is mainly suitable for technical mountain sports such as high altitude mountaineering, alpine climbing, rock climbing, skiing mountaineering and cross-country running. At present, DANNER, MYSTERY RANCH and LA SPORTIVA are mainly sold through e-commerce platforms such as Tmall, JD.COM and Tik Tok, and their product attention continues to increase and maintain steady development.

  2. Actively adjust the layout of sales channels, rapidly expand the sales business of emerging e-commerce platforms, optimize the product structure of multi-brand and multi-category chain retail channels, and promote the image updating and upgrading of offline retail stores.

  During the reporting period, the company actively adjusted the distribution of sales channels according to the changes of public consumption habits, focused on Tik Tok, Xiaohongshu and other emerging e-commerce platforms to create a traffic matrix, set up new multi-brand and multi-category comprehensive flagship stores in Xiangyun Town, Beijing, Lilac Town, Shenyang and Xinguang Tiandi, and built a single-brand collection store in Hangzhou Ping An Financial Center. (1) Through the combination of retail channels, it provided consumers with more convenient goods supply and optimized the shopping experience.

  The company attaches great importance to the business presentation of emerging e-commerce platforms, with outstanding results in the layout presentation of platforms such as Tik Tok, WeChat applet, Xiaohongshu and Aauto Quicker. It has successively opened and operated a number of live broadcast channels such as Sanfu outdoor franchise store, CRISPI official flagship store, klattermusen sports flagship store in mountain rat, HOUDINI sports outdoor flagship store, X-BIONIC sports outdoor flagship store, DANNER official flagship store, mysterious farm official flagship store, LA SPORTIVA outdoor flagship store, etc. The operation mode and services tend to be mature, and the performance continues to grow steadily. Adhering to the concept of "striving to provide users with quality products and worry-free services", the company’s online operation team actively improves the quality of online business, optimizes e-commerce related workflows, including page design, user pre-sales and after-sales services, logistics and distribution, and makes every effort to enhance users’ shopping experience in the whole process of selection, purchase and after-sales.

  In 2023, the number of public outdoor customers increased, mainly taking camping, light hiking, cross-country running, go on road trip and other outdoor activities, and these activities showed a continuous growth trend. In view of the demand of these products, the company increased the stocking of suitable products, increased the exhibition area of stores, and optimized and increased competitive brands, aiming at providing one-stop shopping service for outdoor sports enthusiasts.

  In the post-Winter Olympics era, ice and snow sports and ice and snow tourism continue to heat up. The company has opened 12 ski resorts in Beijing, Chongli, Jilin, Xinjiang and other high-quality ski resorts, with a full range of goods, including (single and double) snowboards, anchors, snowshoes, helmets, snow goggles, snow clothes and protective gear. And according to the needs of skiers, we constantly introduce new products, such as fast-wearing fixer, gloves with palm protection, XRD protective gear, shadow stone 360 and other products. Some ski resorts provide members with services such as storing snowboards, repairing and maintaining snowboards, and provide convenience for members.

  Offline stores attach importance to community activities and word-of-mouth marketing. In 2023, 183 community activities were organized, including hiking, camping, city running, cross-country running, CITY WALK, rock climbing and store sharing sessions. The number of offline retail members increased by 44,386, an increase of 43.6% compared with 2022. As of December 31, 2023, the total number of store members was 381,000, accounting for 82% of sales, an increase of 21% compared with 2022. The repurchase rate of members was 40.22%, an increase of 9% compared with 2022. The number of old members accounted for 52.9%, the number of new members accounted for 47.1%, the sales of old members accounted for 59.7%, and the sales of new members accounted for 40.3%.

  3. Quality-oriented construction of outdoor sports events.

  During the reporting period, the Sanfu event was dominated by its own boutique event IP, and continued to focus on triathlon and cross-country running. The X-BIONIC 2023 Chongli International Triathlon Challenge, the X-BIONIC 2023 China-Beijing-Tianjin-Hebei Triathlon and the 24th Sanfu Triathlon, the "Growth Medal" Little Triathlon Beijing Station and Xiamen Station, and the 2023 Dajingmen Ancient Great Wall Cross-country Race and adidas TERREX 2023 were successfully held. These events have attracted athletes and participants from all over the world, especially the Chongli 168 Super Cross-country Race. The race routes are specially designed according to the local natural environment, historical sites and cultural heritage, which is a combination of sports, culture and tourism. From 2,000 contestants in the first session to nearly 10,000 contestants this time, the total number of applicants exceeded 50,000 in seven years, which indirectly affected the participation of nearly one million people. Now it has become one of the largest, largest and most influential outdoor sports events with mass participation in North China and even the whole country, and was rated as the 2023 boutique event by Hebei Provincial Sports Bureau, which enhanced the company’s popularity and brand influence. In terms of competition organization, Sanfu competition pays more attention to the management process and details, strengthens the training of volunteers and staff, improves the overall service quality while ensuring the smooth competition process, and ensures the safety of contestants and spectators during the competition.Provide participants with a better competition experience; Form strategic cooperation with many media such as Little Red Book and Weibo to expand the exposure and influence of the event. Combined with the trend of cultural and creative works, the cultural and creative and public welfare products developed for the event activities have also been well received by the majority of participating enthusiasts and outdoor sports enthusiasts.

  During the reporting period, Sanfu Group Construction continued to deepen the field of high-end outdoor group construction of enterprises, seized the hot period of traveling group construction, and successively reached cooperation with Didi Chuxing, () and other companies. Combined with the current outdoor craze and exquisite lifestyle, we will formulate a new outdoor group building plan for our customers. Throughout the year, many projects were successfully held, such as 100-person desert Gobi hiking group building, 1,000-person camping family carnival day, and high-end customized travel group building. At the same time, combined with the current consumption concept of the crowd, the Beijing-Tianjin-Hebei small-scale enterprise group building was launched, and more than 200 group building projects such as "Olympus Fun Games", "Sanyuan and Warriors Challenge" and "Learning to Think Ten Thousand Meters" were successfully held, with more than 20,000 service enterprises, which was recognized and widely praised by the majority of corporate customers and industrial organizations.

  Beijing Sanfu International Dream Travel Agency, a wholly-owned subsidiary of the company, is responsible for the business of the activity department, undertakes the qualification training of outdoor tour leaders in chinese mountaineering association, and has hundreds of contracted tour leaders with outdoor qualifications all over the country. The business scope is mainly in Beijing, Chengdu and Shanghai, and at the same time, it recruits outdoor travel enthusiasts nationwide through online travel. During the reporting period, the activity department mainly took mountain outdoor travel as the carrier and some stores as the support, received more than 7,000 outdoor travel enthusiasts and released nearly 100 outdoor travel routes. Activities such as the New Year’s Eve in Wulanbutong, 300km cycling around Hainan Island, hiking on Wugong Mountain, and crossing the snow valley and snow country in Northeast China are highly praised by outdoor travelers. Sanfu outdoor activities are not only the choice of healthy lifestyle for outdoor travel enthusiasts, but also the messenger of green ideas. In the activities, we advocate and adhere to the principle of non-trace Shan Ye: do not use disposable goods, reduce garbage generation and take it all out of Shan Ye, reduce the impact on nature, and let outdoor enthusiasts re-understand the relationship between man and nature. Sanfu Activity Department, as one of the "departments closest to users", actively undertakes the responsibility of equipment recommendation officer. The product experience, feedback collection, experience in using outdoor products, knowledge popularization and other related exchanges of the company are widely spread in the activity community every day, which has made positive contributions to promoting the company’s brand, enhancing customer stickiness and improving the company’s products and services.

  4. Steady operation of comprehensive outdoor quality education for parents and teenagers.

  During the reporting period, the company smoothly operated the comprehensive quality education business of "Squirrel Tribe Parent-child Outdoor Paradise+Eagle Safety Education and Training +SANFO HOOD Wild Luxury Camp+Sanfu Little Warrior".

  Facing the fierce competition in the parent-child market, Shanghai Xile constantly seeks new breakthrough directions, and renews some original projects in different parks of "Squirrel Tribe". According to the actual situation, different parks introduce new projects such as glass water slide, go-karting, wooden house camp and scarecrow art festival, which brings diversity and rich experience to the products of "Squirrel Tribe". At the same time, thanks to the support of domestic youth quality education policies, the marketing promotion of "Squirrel Tribe" on traffic platforms such as Tik Tok and Xiaohongshu, and the renewal iteration of park projects, the number of visitors to the park increased significantly in 2023. Chengdu, Wuhan, Zhengzhou and Nanjing received a total of 601,200 tourists, up 25% year-on-year. However, bad weather (heavy rain in Wuhan and Nanjing), low-price competition and other market environments have also brought adverse operational impacts to the parks.

  Guizhou Eagle focuses on safety education, focusing on "making 300 million children safer" and creating "a place where all ages 0-99 need to study", and actively upgrades its brand and business. During the reporting period, Guizhou Yingji applied for and obtained two national utility model patent certificates of "Half-body Aviation Training Warehouse for Emergency Escape" and "An Emergency Escape Training Inclined Building" certified by China National Intellectual Property Administration; Hosting the "Sichuan and Guizhou Emergency Safety Education (Base) Development Forum" and establishing the Eagle Safety Education Research Institute, won the title of National Research Travel Base, the qualification of Guizhou Provincial Sports Tourism Demonstration Base, and the "Top Ten Pioneer Projects Award of Global Emergency Industry" and other qualification awards, which provided strong professional support for the subsequent research and development of related courses in the field of safety education and the re-optimization of the curriculum system. He has participated in many projects, such as the symposium on the mid-term evaluation report of the implementation of the national "14th Five-Year Plan" youth sports development plan and the on-the-spot investigation and investigation in Guangzhou enterprise base, which has enhanced the confidence and mission of the company’s employees, stimulated their enthusiasm and innovation, improved their personal professional knowledge and skills, and supported business development and development. In 2023, Eagle Safety Education completed 230 safety trainings and drills, with 70,056 person-times, an increase of 56% compared with 2022.

  During the reporting period, SANFO HOOD focused on the "camp+"operation mode, and newly established two boutique campsites, "Wild Camp" and "Plant and Planet Camp" in Beijing and Chengdu, respectively, combining camping with group building, scenic spots, Internet, farms, food and other activities to empower the brand. Committed to the quality education for young people, Sanfu Little Warrior cooperated with Chengdu Luhu Scenic Area for a brand-new upgraded version of children’s outdoor activities, and completed a good result of more than 1,000 families participating in a single event; The SANFO HOOD Wild Camp, which landed at the Beijing station of Sanfu Little Warriors, pioneered the concept of camping+competition, built a complete ecological chain of outdoor entertainment for users, and focused on users’ participation experience, which was well received by parents and families in Beijing. In 2023, the Sanfu Youth League was extended to the Youth Military Summer Camp/Winter Camp project. With mature systematic operation experience, new media matrix marketing methods and upgrading the inherent parent-child private domain traffic, nearly 1,000 groups of young families were successfully signed up to participate.

  5. Build an intelligent logistics supply chain system

  During the reporting period, in order to meet the rapidly growing demand for self-owned brand stocking, e-commerce and offline store delivery, Sanfu Supply Chain built an industry-leading digital warehouse by introducing advanced warehousing technology and equipment, providing important infrastructure and omni-channel supply chain services for all brands, departments and subsidiaries, realizing fast, safe and efficient transportation of goods, reducing inventory costs and brand operation costs, improving customer satisfaction, etc., thus promoting the development and competitiveness of all brands of the company.

  Through the above business segments, the company provides consumers with all-round products and services, builds an outdoor ecological platform with business users as the core, links people with outdoor brands, people with outdoor products, people with outdoor sports and people with outdoor education, and realizes customer group transformation among multiple segments, thus building a complete internal and external cycle of outdoor industry.

  (B) Analysis of business information of retail industry

  1. Store operation

  By the end of the reporting period, the company had opened 54 professional outdoor products chain stores in 17 cities, including Beijing, Shanghai, Nanjing, Hangzhou, Chengdu, Shenzhen, Shenyang, Changchun, Qingdao, Shijiazhuang, Suzhou, Wuxi, Zhangjiakou, Dalian, Jilin, Tonghua and Altay, with a total area of about 21,000 square meters.

  (1) Distribution of stores at the end of the reporting period

  Description: Ski shops in the above table refer to X-BIONIC single-brand shops opened in ski resorts.

  (2) During the reporting period, the situation of the top 10 stores with sales revenue.

  (3) Store business income

  In 2023, the company’s store business income was 417,065,900 yuan, accounting for 49.28% of the company’s operating income.

  (4) Store changes

  1) Opening new stores

  2) Close the store

  (5) Store efficiency information of comparable stores during the reporting period.

  1) Comparable stores refer to stores with comparable sales data for the same period in 2022 and 2023.

  2) The above does not include closing stores in 2023.

  3) Floor efficiency refers to the sales per square meter of business area during the reporting period.

  2. On-line sales during the reporting period

  During the reporting period, the company’s transaction volume on third-party online e-commerce platforms such as Tmall, JD.COM, Tik Tok and Micro Mall was RMB581,144,400, and its operating income was RMB325,856,300. Among them, thanks to the rapid development of interest e-commerce platform, the sales growth rate in Tik Tok is obvious. In 2022, the company official website linked the online sales to the third-party e-commerce platform where the company was located, and stopped selling.

  3. Procurement during the reporting period

  (1) Supply situation of the top five suppliers in each commodity category

  (2) Inventory management policy

  In terms of inventory management, the company has applied ERP invoicing management and WMS warehousing management system, which can know the inventory situation in real time, and the data of goods warehousing, warehousing and distribution, sales outbound and end-of-season inventory can be reflected in real time, and the sales and inventory data of various stores in the country and the inventory structure of various categories can be obtained at any time from the system; The company’s R&D department, product department and operation department will formulate the safety inventory of each category, and arrange the replenishment quantity in time when it is out of stock, so as to ensure the continuous supply of sales demand and avoid the stagnation of goods.

  (3) the policy of dealing with unsalable and expired goods.

  For unsalable goods, the company will take the form of opening outlet stores, big promotions in spring, summer or late autumn and winter, temporary sales, e-commerce platform channels, micro-malls and other forms for sale according to different situations; For expired goods, the shelf life management regulations shall be strictly followed, and the principle of first-in-first-out shall be guaranteed. For temporary goods, measures such as returning to manufacturers and bundling promotion shall be taken, and expired goods shall be destroyed and included in the loss.

  As for the impairment provision policy, it shall be measured at the lower of cost and net realizable value on the balance sheet date. If the inventory cost is higher than its net realizable value, provision for inventory depreciation shall be made and included in the current profit and loss. On the balance sheet date, if the factors influencing the previous write-down of inventory value have disappeared, the write-down amount will be restored, and it will be reversed within the amount of the original provision for inventory depreciation, and the reversed amount will be included in the current profit and loss.

  4. Warehousing and logistics during the reporting period

  The company has a supply chain company, with Suqian, Jiangsu and Sanhe, Hebei as the main storage and logistics bases, which are used to quickly turn around and store the full range of goods sold by the company’s own brands and agents, including outdoor clothing, shoes and socks, equipment and so on. The goods purchased by the company or the products commissioned for processing and production are first sent to the warehouse logistics base, and then transported to the store or the place designated by the customer through the third-party logistics company or the company’s logistics vehicles. During the reporting period, the warehousing expenditure was 2,624,200 yuan, and the logistics expenditure was 8,491,300 yuan, of which the self-owned logistics expenditure accounted for 1.64% and the outsourcing logistics expenditure accounted for 98.36%.

  5. Own brand

  During the reporting period, the company’s own brand business income was 253,399,200 yuan, accounting for 32.74% of the company’s main business income. Among them, the business income of X-BIONIC products was 214,861,600 yuan, up 69.36% year-on-year.

  

  Third, the core competitiveness analysis

  (A) the acquisition and operation of sports black technology brand X-BIONIC brought huge development space

  X-BIONIC has been widely recognized by many professional athletes in the world for its powerful black technology attributes. "X" stands for technology, creativity, future and infinite possibilities, "BIONIC" stands for bionic technology, and X-BIONIC embodies the spirit of exploration, technology and passionate movement for dreams. After acquiring the ownership of "X-BIONIC" and "X-SOCKS" brands in China, the company absorbed and integrated its advanced technology, accepted the popularity and reputation of its international brands, combined with international and domestic R&D and production capacity adapted to the market, and closely cooperated with major international suppliers of high-quality raw materials, relying on the company’s accumulation in the outdoor sporting goods industry for many years, achieving brand development, which brought huge development space for the company’s production and operation.

  (2) A complete outdoor industrial operation platform.

  By developing and selling high-quality outdoor sporting goods, organizing outdoor activities and organizing group construction, and building operators and linkers of parent-child and adolescent comprehensive outdoor quality education business segments, the company builds an outdoor ecological platform with operating users as the core, linking people with outdoor brands, outdoor products, outdoor sports and outdoor education, and realizing customer group transformation among different segments, thus building a complete outdoor industrial operation platform.

  (3) Outdoor multi-brand and all-category product structure

  Since its establishment in 1997, the company, as one of the early enterprises engaged in outdoor industry, has been deeply involved in the industry, established a lasting and stable cooperative relationship with hundreds of outdoor brands at home and abroad, understood the core advantages and applicable situations of different brands, different categories and different products, and formed a deep insight and understanding of product characteristics, thus providing professional and personalized product selection suggestions for different consumers in different scenarios and serving the user groups in depth. At present, the company has its own brands such as X- BIONIC, X-SOCKS, SANFO PLUS, ANEMAQEN, SANFO, KIDSANFO, etc. It is the exclusive agent of CRISPI, Houdini, Danner, Mystery Ranch and LA SPORTIVA classic international outdoor brands, and distributes 300+ outdoor famous brands with more than 8,000 SKUs. The product categories cover outdoor sports, daily business and leisure, etc. Some core brands are as follows:

  (D) Strong R&D capability of its own brand.

  With more than 20 years’ working experience and in-depth understanding of products and customers, the company has successively established a number of self-owned brands such as ANEMAQEN, SANFO, KIDSANFO, SANFO PLUS, etc., and has the ownership of IP China such as "X-BIONIC" and "X-SOCKS". The design R&D team consists of designers, pattern designers, material developers and other professionals, focusing on the control of key links such as pattern design, process optimization and production quality control. Focus on target market segmentation and diversified product design direction, constantly reform and innovate in fabric selection and functionality, and combine high-quality materials with advanced technology to empower sports and achieve a more comfortable, reassuring and cool brand experience.

  At present, the company has established in-depth cooperative business relations with international high-quality functional fabric companies including GORE-TEX, Schoeller, Polartec, Pertex, Primaloft, Allied, etc., which has laid a solid foundation for new product R&D, production and supply chain. Since the private brand products have been put into the market, they have gained a good market reputation, and the company’s core competitiveness and gross profit margin will be strongly guaranteed.

  (E) All-round distribution of sales channels

  The company has an independent team for expanding stores and a comprehensive evaluation system for opening stores. Combined with historical successful experience and business data, it evaluates and considers the region, consumption power, passenger flow, location, cost, return on investment and other aspects, scientifically calculates and deduces the profit model, selects excellent solutions, and strives to ensure the profitability of physical stores. Through offline channel coverage, online business development, group procurement promotion, event linkage and other means, we will comprehensively broaden sales channels and achieve online and offline coordinated development, which has strong industry influence in the professional outdoor field.

  (six) professional experience in organizing sports events and league building activities.

  Sports management subsidiary has been focusing on the promotion and popularization of professional outdoor sports for many years, and has won the title of chinese mountaineering association Demonstration Club and AAA outdoor sports club qualification for many years. It is a member of China Triathlon Association, Marathon Committee of China Athletics Association and International Cross-country Running Association. With the competition as the engine, the company is committed to leading Chinese people to develop a good outdoor sports lifestyle. At present, it has become a professional competition operation organization with large scale and strong technical strength in China, and its business ability is at the leading level in China from organization planning, route survey to guarantee implementation. The types of events cover daily training, entry-level events and long-distance super events, and there are many events with international brand influence such as Sanfu Triathlon and Chongli 168. The company has been fully recognized by members, contestants and outdoor sports enthusiasts in the event, and members have the characteristics of strong stability and high loyalty.

  The skill training subsidiary focuses on the in-depth development of enterprise group building business and occupies a leading position in the field of outdoor training for enterprises. After more than ten years of industry accumulation, a high-quality coach team composed of many professional senior coaches has been deposited, including many star coaches with national professional qualification certificates, more than ten years of experience and tens of thousands of training experiences. And has established a deep cooperative relationship with many high-quality camp resources with unique outdoor entertainment attributes. After more than ten years of deep cultivation and business expansion, the company’s customer resources have covered more than 20 industries, including the Internet, technology and finance, including dozens of Fortune 500 companies, listed companies and emerging Internet technology companies. High-quality customer resources, long-term strategic cooperation, strong faculty and all-round enterprise services have won a stable market share for the company and continued to drive business growth.

  (seven) mature parent-child adolescent quality education project operation management system.

  Shanghai Xile Subsidiary is the main operator of "Squirrel Tribe". After years of exploration and practice in outdoor sports, entertainment and education, it has taken the lead in establishing a standardized operation management process and curriculum research and development system in the industry, and has a strong first-Mover advantage in product design, management concept, safety awareness and daily protection. "Squirrel Tribe" has its own brand IP image, and radiates clothing, picture books, courses and other related fields. By optimizing iterations, it enhances IP influence, systematically exports management service capabilities to the industry through joining, and enhances the radiation radius of IP regions.

  Eagle Sports Subsidiary owns the brand of "Eagle Safety Education", focusing on youth safety education, integrating diversified contents such as earthquake prevention and disaster reduction, self-care and self-rescue, popular science safety, youth safety education and training, etc. It can simulate various disaster sites to carry out various forms of skills training such as disaster prevention and mitigation, emergency rescue and emergency rescue, and enhance the self-help and self-care ability of young people in emergencies through experiential training. It has profound experience and mature operation mode in the youth safety quality education industry. The outdoor safety base for disaster prevention and reduction in Yingji, Guizhou invested by Yingji Sports, has been awarded many honorary titles by Seismological Bureau of China, governments at all levels and superior units, such as National Popular Science Education Base for Earthquake Prevention and Reduction, Publicity and Education Base for Disaster Prevention and Reduction in Guizhou Province, Publicity Base for Popular Science Education in Guizhou Province, and Training Base for Youth Self-care and Self-help in Guizhou Province.

  By continuously expanding the quality education program for teenagers, the company has become one of the representative enterprises in the field of outdoor unpowered sports, natural history exploration and safety education.

  (8) High-quality and stable membership groups

  The company always adheres to the service tenet of "customer first", pays attention to the construction of customer information system, uses CRM customer relationship management system, integrates online and offline multi-channel resources, and carries out unified membership service and management. Actively cultivate new members, firmly maintain old members, increase value and optimize members’ rights and interests, and improve viscosity and repurchase rate; Establish accurate expansion of user portrait analysis needs; Provide timely and high-quality pre-sale, in-sale and after-sale services, pay attention to satisfaction feedback and follow up to enhance interaction; A loyal and stable membership base will help drive channel traffic and performance growth.

  (nine) high industry visibility and reputation.

  The mission of the company is to "encourage and help people to go outdoors, exercise healthily, and fully practice the life concept of harmonious coexistence between man and nature", and always adhere to the business concept of "honest management-guarantee after-sales" to provide consumers with multi-brand and all-category products. At the same time, in order to ensure the quality of service, the company has always adhered to the strategy of opening stores directly, and has established standardized management processes in product selection, store display, customer reception, professional explanation, inventory management, after-sales service, etc., fundamentally ensuring the unity and quality of foreign services. The company pays attention to establishing close cooperative relations with upstream and downstream enterprises and competent departments in the industrial chain, strictly fulfills commercial contracts, abides by business rules and business ethics, and has formed a good reputation and influence in the industry.

  In recent years, the company has won many awards, including typical enterprises of the Ministry of Commerce, high-tech enterprises in Zhongguancun, AAA-rated enterprises in Beijing, enterprises founded by Beijing Chengxin, demonstration units of Beijing sports industry, members of Beijing Zhongguancun Enterprise Credit Promotion Association, top 100 private enterprises in Beijing, top 100 small and medium-sized private enterprises in Beijing, pioneer of civilized units and workers in Xicheng District, and "100 most influential credit enterprises" in Zhongguancun Credit Cultivation Double Hundred Project. And ISO9001 quality management system certification, ISO14001 environmental management system certification, GB/T28001 occupational health and safety management system certification, etc.

  

  IV. Prospects for the future development of the company

  (A) the industry pattern and development trend

  1. Policies to support industry development

  In recent years, the state has issued a series of policies to support the development of outdoor sports industry, fully recognizing the important role of outdoor sports industry in promoting the development of national economy.

  In March, 2022, the general offices of the General Office of the Central Committee of the CPC and the State Council issued the Opinions on Building a Higher Level Public Service System for National Fitness, which clearly stated that it is necessary to build a multi-level and diversified sports event system, vigorously promote the development of outdoor sports, make a good plan for the development of outdoor sports industry, build a "three verticals and four horizontals" spatial layout of outdoor sports, and launch a pilot project to open natural resources to outdoor sports. The promulgation of the "Opinions" will further promote the substantial expansion of outdoor sports space for Chinese people and the promotion of outdoor sports duration.

  In July 2022, the General Office of the State Sports General Administration, the General Office of the Ministry of Education and the General Office of the Development and Reform Commission issued the Notice on Improving the After-school Service Level of School Physical Education and Promoting the Healthy Growth of Primary and Secondary School Students, guiding and supporting professional forces such as sports schools and sports clubs to enter the campus to carry out after-school sports services, promoting the implementation of the "double reduction" policy, and promoting the healthy growth of young people through various efforts.

  In November 2022, the Ministry of Culture and Tourism, the Central Civilization Office, the Development and Reform Commission and other 14 departments jointly issued the Guiding Opinions on Promoting the Healthy and Orderly Development of Camping Tourism and Leisure, proposing to promote the construction of public camps, expand the scale of public camps, improve service quality, encourage and support the standardized construction of operating camps, and improve the quality of camping products.

  In November 2022, the State Sports General Administration, the Development and Reform Commission and the Ministry of Natural Resources jointly issued the Outdoor Sports Industry Development Plan (2022-2025). According to the Plan, by 2025, the high-quality development of outdoor sports industry will achieve remarkable results, basically forming a development pattern of effective docking of supply and demand, coordinated development of industry and ecology, prominent brand of products and services, and continuous innovation of formats and models. Outdoor sports venues and facilities continue to increase, the popularity is greatly improved, and the number of participants is increasing. The total scale of outdoor sports industry exceeds 3 trillion yuan.

  In October 2023, the National Development and Reform Commission, the General Administration of Sports, the Ministry of Natural Resources, the Ministry of Water Resources, National Forestry and Grassland Administration and other departments issued the Action Plan for Promoting the Construction and Service Improvement of Outdoor Sports Facilities (2023-2025). The plan aims to meet the people’s growing demand for outdoor sports, improve the construction and service quality of outdoor sports facilities, and promote the high-quality development of outdoor sports industry. According to the plan, by 2025, the outdoor sports facilities in China will continue to increase, the construction of outdoor sports facilities and the supply and demand of service quality will be effectively connected, and the total scale of outdoor sports industry will reach 3 trillion yuan.

  2. General situation and trend of industry development

  Outdoor sports industry contains a wide range of connotations. In a narrow sense, outdoor sports refer to leisure activities in natural or semi-natural environments, including camping, outdoor adventure, cycling, mountaineering, skiing, self-driving cross-country and so on. In a broad sense, outdoor sports are more like a lifestyle, with elements of fitness, tourism, sports, entertainment and leisure.

  According to CCTV financial data, the number of people who regularly participate in physical exercise in China has exceeded 500 million, which fully proves the public’s enthusiasm and pursuit for healthy living and outdoor sports. According to the data of China Sports Daily, by the end of 2021, the number of people participating in outdoor sports in China has exceeded 400 million, and the trend of popularization, age-old and lightweight has emerged. Different kinds of outdoor sports such as mountaineering, rock climbing, hiking, cycling, ice and snow, camping, adventure, water and aviation have emerged in an endless stream, and the activity scenes have gradually extended, which is popular among young people with the characteristics of novelty, fun, low participation threshold and social attributes.

  According to the "2023 Outdoor Life Trend Report" published by Xiaohongshu, outdoor sports have gradually integrated into people’s daily lives and become a universal lifestyle. From January to October 2023, the daily activities of outdoor users increased by more than 100% month-on-month, showing the strong growth momentum of outdoor sports.

  Under the influence of the rising participation rate of outdoor activities, the market scale of outdoor products in China is expanding. In 2022, the market scale of outdoor products industry in China is about 197.1 billion yuan, and it is estimated that the market scale of outdoor products industry in China will further grow to 240 billion yuan in 2025.

  At present, China’s outdoor industry shows a rapid growth trend in many aspects, including the explosive growth of various outdoor activities, the expansion of market scale, the increase of facilities construction, the popularization of education and the maturity of sports events.

  (II) The company’s future development plan

  1. Stick to the brand development strategy, focus on brand operation, build organizational structure and team around each brand, and promote the success of each brand operation.

  At present, the company has laid out its own brand+domestic exclusive agent brand operation business, and the transformation from previous channel operation to brand operation has basically been completed. X-BIONIC, CRISPI, HOUDINI, Klattermusen, DANNER, Mystery Ranch and LA SPORTIVA are all developing rapidly according to the company’s overall strategic plan. In the future, the company will adhere to the brand development strategy, focus on the X-BIONIC brand, build an operational organizational structure around each brand, and carry out brand operation from brand positioning, product research and development, brand marketing, channel construction, membership system and other aspects to enhance the popularity and influence of each brand and increase market share.

  2. Combining with emerging consumption habits, create a new mode of three-dimensional channel operation.

  The rise of emerging e-commerce platforms has broken the traditional consumption pattern, and the live push consumption habit has taken shape. The company will combine the emerging consumption habits, radiate omni-channels through short video+live broadcast+social media, continuously improve the awareness and market popularity of all brands, and expand the time and space scope of all brand products. Under the line, we will rapidly expand single-brand stores in high-end shopping malls and business districts, steadily build interesting and experiential multi-brand and multi-category comprehensive stores, and quickly establish a distribution cooperation system; Ski shops are the layout of outdoor sub-industries. The company has opened a number of ski shops mainly selling X-BIONIC products in Beijing, Chongli, Jilin, Tonghua, Xinjiang and Chengdu, and will continue to open ski shops in many high-quality indoor and outdoor ski resorts in the future to continuously expand the market share of X-BIONIC products in the ski circle.

  3. Build a comprehensive outdoor quality experience education platform for parents and teenagers with mobile internet thinking.

  The company is committed to building a comprehensive quality education platform for parents and teenagers of all ages, which integrates entertainment experience, sports training, safety education, natural history education and outdoor skills training. With mobile internet thinking, it combines artificial intelligence, virtual technology, digital operation and other technologies to establish an advanced internet outdoor education system, linking interesting quality education games with parent-child paradise and rich professional safety education and research courses. Encourage young people to strengthen their bodies in nature, explore themselves, discover the world, enhance their leadership, master survival skills and safety knowledge, and comprehensively help parents and young people grow up healthily.

  (3) The company’s business plan

  In 2024, the theme of the company’s operation is brand operation, and the company’s organizational structure is greatly adjusted around brand operation, and various brand operation divisions and core operation teams are established. X-BIONIC, CRISPI, HOUDINI, KLattermusen, DANNER, Mystery Ranch and LA SPORTIVA realize the diversification of sales channels through the combination of offline, online and live broadcast, the combination of self-operated wholesale channels and the combination of single-brand stores and multi-product stores, and continuously expand the product strength, brand strength and channel strength of each brand, so as to enhance the company’s comprehensive competitiveness and continuously promote business development.

  1. Complete the organizational structure adjustment of each brand operation, and each brand can operate independently.

  2. Focus on functional textile frontier technologies such as technological material innovation and process innovation, strengthen the construction of product design and development team, and constantly explore, so as to continuously inject the vitality of technological innovation into the future development of X-BIONIC brand.

  3. On the basis of successful product planning, X-Bionic continues to iteratively improve and optimize products. Focus on continuous investment in professional outdoor and functional business series, especially for key categories such as close-fitting layer, soft shell, hard shell and functional trousers, and vigorously develop and promote them.

  4. Sponsor Zhang Shupeng, the first Asian winged fighter and paraglider world champion, to challenge the extreme sports of flying over Mount Everest; Named the 25th Sanfu International Triathlon, sponsored cheung kong graduate school of business, China Europe International Business School and other famous business schools to participate in the 19th Xuanzang Road Gobi Challenge; Set up X-BIONIC cross-country running team to participate in major cross-country running events around the world; In-depth cooperation with stars who love outdoor sports, create high-quality video content communication brands, and expand the brand power of X-BIONIC.

  5. Continue to increase investment in live broadcast platform, introduce AI technology and virtual reality technology, etc., to enhance users’ online shopping experience.

  6. Open about 10 X-BIONIC single-brand stores, 2-3 HOUDINI single-brand stores, 1-2 CRISPI single-brand stores and 1-2 multi-brand and multi-category Sanfu comprehensive stores.

  7. Expand the distribution channels of brands, increase the market exposure of brands, and expand the market influence of brands.

  8. Create an online outdoor comprehensive quality education platform on the Internet. Through creative outdoor activities, interesting game forms and systematic reward mechanism, encourage and help young people to keep fit in nature, explore themselves, discover the world, enhance their leadership, master survival skills and safety common sense. Through online and offline linkage, the company’s nature park will be built into a leading demonstration camp of comprehensive outdoor education system, providing one-stop solutions for physical fitness training, natural history exploration, survival skills and safety science training.

  (4) Possible risks

  1. Consumer market volatility risk

  At present, the domestic outdoor products consumption market is generally improving, but affected by the overall consumption environment, the uncertainty of the consumer market may have an adverse impact on the company’s operation.

  Countermeasures: Carry out all work around the annual business plan, promote omni-channel integrated development, control costs, control investment in non-main business areas, and minimize the impact of market environment fluctuations.

  2. The risk that the company’s operation falls short of expectations

  In 2024, the company will rebuild its organizational structure and team around the brand operation, which will bring a transitional period, and there is a risk that the operation will be less than expected.

  Countermeasures: stick to the brand operation theme focusing on X-BIONIC brand, focus on resources, continuously improve products, channels, markets and users, and strive to achieve the success of X-BIONIC brand and the overall brand operation of the company.

Blizzard, freezing rain, cold wave three warnings are issued together! Pay attention to prevention

The Central Meteorological Observatory continued to issue the yellow warning of blizzard, orange warning of cold wave and yellow warning of freezing at 06: 00 on February 21st.

Yellow Warning of Blizzard: There are blizzards in 7 provinces and regions including Shandong, Henan and Hubei.

The Central Meteorological Observatory continued to issue a yellow warning of blizzard at 06: 00 on February 21:

It is estimated that there will be heavy snow in parts of eastern and southern Shandong, central and eastern Henan, northern Anhui, northern Jiangsu, central and northeastern Hubei, northern Hunan and eastern Tibet from 08: 00 on February 21st to 08: 00 on February 22nd. Among them, there will be heavy snow (10-15mm) in eastern Shandong, eastern Henan, northern Anhui, northern Jiangsu, southwestern Hubei, northwestern Hunan and eastern Tibet. The depth of newly added snow in some areas above is 3 ~ 7 cm, and the local area can reach more than 10 cm.

Defense guide:

1. The government and relevant departments shall, in accordance with their duties, implement measures to prevent snow disasters and freeze injuries;

2 transportation, railway, electric power, communications and other departments should strengthen the inspection and maintenance of roads, railways and lines, and do a good job in road cleaning and snow melting;

3. Pedestrians should pay attention to cold prevention and anti-skid, drivers should drive carefully, and vehicles should take anti-skid measures;

4. Farming and pastoral areas and breeding industries should prepare enough feed to prevent snow disasters and freezing damage;

5. Reinforce temporary structures that are easily crushed by snow, such as scaffolding.

Cold wave orange warning: most of the south will cool down now, and some areas will drop by 12 to 18 C.

The Central Meteorological Observatory continued to issue a cold wave orange warning at 06: 00 on February 21:

Affected by the cold wave, it is predicted that the temperature will drop in most parts of southern China from 08: 00 on February 21 to 08: 00 on February 23, and the daily average or minimum temperature will generally drop by 6 ~ 12℃, and the temperature in the southeastern part of southwest China, southern and central eastern Jiangnan, and central and northern South China will drop by 12~18℃. Among them, the cumulative cooling range in parts of southeastern Guizhou, southern Hunan, northwestern Guangxi and central Jiangxi can reach more than 20℃. Around February 23, the lowest temperature line of 0℃ will be pressed south to the area from southern Jiangsu and Anhui to southern Hunan and southern Guizhou.

Defense guide:

1, the government and relevant departments shall, in accordance with their duties, do a good job in cold wave emergency work;

2. Pay attention to cold and warmth;

3, agriculture, aquaculture, animal husbandry, etc. should actively take anti-frost, freezing and other cold measures to minimize losses;

4, do a good job of windproof.

Frozen yellow warning: there are freezing rain or ice particles in parts of 8 provinces and cities such as Anhui, Hubei and Hunan.

The Central Meteorological Observatory continued to issue a frozen yellow warning at 06: 00 on February 21:

It is estimated that from 08: 00 on February 21 to 08: 00 on February 22, there will be freezing rain or ice particles in parts of southeastern Henan, central Anhui, northern Jiangsu, central, eastern and southern Hubei, northern Hunan, northwestern Jiangxi, eastern Guizhou and southeastern Chongqing, with freezing rainfall of 2-5 mm and local area of 8 mm or more.

Defense guide:

1, transportation, public security and other departments should do a good job in preparing for road icing in accordance with their duties;

2. The electric power department should prepare for the deicing of power facilities;

3. Take certain protective measures for crops, vegetables, flowers, fruits and forestry;

4. Pedestrians should pay attention to anti-skid when going out.

Original title: "Blizzard, freezing rain, cold wave three warnings are issued together! Pay attention to prevention "

Read the original text

A shocking scene! Mom was hit by a red light while riding, and the child was caught under the car.

  CCTV News:Road traffic safety cannot be ignored for a moment. Recently, another scene of shock occurred in Baoding, Hebei Province.

  A mother riding an electric bicycle, carrying her two children, ran a red light across the road and was knocked down by a car coming sideways. A boy was directly involved in the bottom of the car.

  At about 3: 28 pm on the day of the incident, at the T-junction of the traffic lights in Chen Zhuang, Wangdu County, a woman with two children was driving an electric bicycle from north to south. At this time, the traffic lights in the north-south direction were red. The woman did not stop and wait, but did not hesitate to pass the red light; At the same time, the signal light from west to east turned green. After the signal light turned yellow and the light flashed, a white car turned left and accelerated through the intersection, just colliding with the electric bicycle, knocking it down and rolling a boy in the car under the car. After the accident, the driver of the car immediately stopped to save people and reported to the police.

  Bai Qiumei, Hebei Baoding Traffic Police Detachment:There were three people riding the electric bicycle, mother and son, all of whom were injured to varying degrees. The boy in the back seat couldn’t afford to fall to the ground and was seriously injured. The vehicles of both sides of the accident were damaged.

  The ambulance arrived at the scene five minutes after the accident.

  In order to verify the situation, Wangdu traffic police retrieved the video footage of the incident. Through the video, it was found that women riding electric bicycles ran red lights, while white cars with left turns grabbed the lights and met non-motorized cyclists, which was the cause of the accident.

  Bai Qiumei, Hebei Baoding Traffic Police Detachment:The driver of the electric (self-propelled) car, Wang Mou, and the driver of the car, Wang Moumou, should bear the same responsibility for this accident, and the passenger is not responsible.

90 years ago today, Chinese appeared on the cover of Time for the first time.

        [Editor’s note]

        After Yuan Shikai’s death, the Beiyang Army split up, and warlords of various departments competed for the Central Plains. In September, 1924, the Jiangsu-Zhejiang War broke out, and the direct warlord led by Wu Peifu competed with the Anhui warlord for control of Shanghai. Before that, Wu Peifu had already won the victory over the Feng warlord Zhang Zuolin. In the eyes of westerners, Wu Peifu was undoubtedly the "strongest" in China at that time. On September 8th, Wu Peifu appeared on the cover of Time magazine, becoming the first Chinese to win this "honor".

        After that, Feng Yuxiang, Chiang Kai-shek, Song Meiling, Wang Jingwei, Song Ziwen, Mao Zedong, Zhou Enlai, Luo Ruiqing, Chen Yi, Deng Xiaoping, etc. appeared on the cover of the weekly magazine one after another, becoming face of china that attracted worldwide attention. Of course, these characters are key players active in China’s political field, but what did the American news media people see from them at the moment when they became cover figures? In the process of making cover characters, what did the micro-expressions of those characters express to the world?

        

The first Chinese on the cover of Time: Wu Peifu.

        

The captions under the photos are "General Wu" and "Biggest man in China". At that time, the Jiangsu-Zhejiang War broke out in southern China. The direct warlord led by Wu Peifu is fighting with the Anhui warlord for the control of Shanghai.

        

1920s: Who was the strongest in China?

        After Wu Peifu, Chiang Kai-shek, the second commander-in-chief of the Northern Expedition, appeared on the cover weekly of Time. In March, 1927, Chiang Kai-shek led the Kuomintang troops northward into Shanghai, in order to complete the complete reunification of the north and south of China. Of course, this is not easy. In 1929, the new warlords of the Kuomintang were in a scuffle again, filled with smoke. In 1930, Yan Xishan, Feng Yuxiang and Li Zongren jointly launched a war against Chiang Kai-shek, that is, the Central Plains War, which was the largest warlord melee in China’s modern history. As key figures in this period, Feng Yuxiang and Yan Xishan also appeared on the cover of Time magazine.

From left to right: Chiang Kai-shek, Feng Yuxiang and Yan Xishan.

        

1930s: Clouds of war were gathering, and the war was in chaos.

        Since his first appearance on the cover of Time in April 1927, Chiang Kai-shek, as the supreme leader of China, naturally attracted the attention of western media in the 1930s. During this decade, Chiang Kai-shek appeared on the cover of Time magazine five times, including two appearances with his wife Song Meiling. In addition to Jiang and Song, in 1934, Puyi was enthroned as the "Emperor of Manchukuo", which made him appear in Time magazine. On March 18th, 1935, Wang Jingwei became the cover of Time magazine.      

Chiang Kai-shek’s Face in Time

        

        The middle picture is: Chiang Kai-shek (November 9, 1936).

        Clockwise from top left to bottom right are: Chiang Kai-shek and Song Meiling (October 26, 1931), which is Song Meiling’s first appearance in Time; Chiang Kai-shek (December 11, 1933); Stalin, Emperor Hirohito, Puyi and Chiang Kai-shek (January 24, 1936) were caused by the military conflict between the Soviet Union and Japan on the border between China and Mongolia; Chiang Kai-shek and Song Meiling (January 3, 1938), this is the Chiang couple who appeared on the cover of Time magazine as the person of the year in 1937.        

Puyi (March 5, 1934)

       Previously, the Puppet Manchukuo was founded in 1932, and Puyi was promoted by the Japanese as the "head of state" and later called the "emperor". On March 1, 1934, Puyi held a ceremony to ascend the throne. A few days later, on March 5, the cover figure of Time magazine was Puyi.

        

On March 18th, 1935, Premier Wang appeared on the cover of Time magazine.

        In 1935, Wang Jingwei was appointed President and Foreign Minister of the Executive Yuan of the National Government of the Republic of China, ranking second only to Chiang Kai-shek. How is the relationship between China and Japan progressing? Is it war or peace? What’s his attitude?

1940s: The Anti-Japanese War was a great event, and the Kuomintang and the Communist Party were wrestling.

        In this decade, the war of resistance against Japan is undoubtedly the most important historical event. For Chiang Kai-shek, the Anti-Japanese War was arduous. After the victory of the Anti-Japanese War, how to promote the relationship between the Kuomintang and the Communist Party is also a problem. On September 3, 1945, Chiang Kai-shek appeared on the cover of Time magazine as a "winner" in the Anti-Japanese War. At that time, the issue of the Kuomintang and the Communist Party of China had attracted the attention of the world. As for December 1948, Chiang Kai-shek, who had just experienced the Liaoshen Campaign and the Huaihai Campaign, was once again on the cover of Time magazine, and the situation of the Kuomintang and the Communist Party was quietly reversed, which seemed to imply the coming of another era of Time magazine face of china.

In the 1940s, Chiang Kai-shek made three appearances on the cover of Time: June 1, 1942 (the stalemate stage of the Anti-Japanese War); September 3, 1945 (victory in the Anti-Japanese War); December 6, 1948 (during the civil war between the Kuomintang and the Communist Party, the Pingjin Campaign).        

From left to right: Chen Cheng (June 16th, 1941), Song Meiling (March 1st, 1943), Song Ziwen (December 18th, 1944), Chen Lifu (May 26th, 1947).  

Mao Zedong (7 February 1949)

1950s: The Face Assembly Number of Red China

        The Communist Party of China (CPC)’s first ten years in power. In 1955, Chiang Kai-shek appeared on the cover of Time magazine for the last time. The Communist Party of China (CPC), who opened another era for the cover figures of Time magazine, whether Mao Zedong, Zhou Enlai, Liu Shaoqi, Chen Yi and Luo Ruiqing, are all faces from "RED CHINA" in the eyes of Time magazine.

Chiang Kai-shek (April 18, 1955)        

Clockwise from top left

Mao Zedong (11 December 1950); "Communist" Zhou Enlai (June 18, 1951); "Zhou Enlai in Red China" (March 10th, 1954); Mao Zedong (December 1, 1958), in the upper right corner of the cover, quoted Napoleon’s words: China is a sleeping lion, and when she wakes up, she will shock the world.

On March 5, 1956, General Luo Ruiqing. Luo Ruiqing, the police leader of Red China, was then the Minister of Public Security.

Liu Shaoqi, 12 October 1959. There are two lines in the upper left corner of the cover: "red China’s first decade" and "work, purges, disintegration".

 

The 1960s: Unprecedented turmoil

On February 26th, 1965, Foreign Minister Chen Yi.

On September 9, 1966, Secretary of Defense Lin Biao. In the upper right corner, it says, "Chinese’s nightmare."

Mao Zedong, 13 January 1967. In the upper left corner, it says, "China is in chaos."

        

1970s and 1980s: Who was in charge of ups and downs?

On March 21st, 1977, the cover was a portrait of Mao Zedong and Jiang Qing. Title: Exclusive report: Mao’s wife tells her own story-from actress to queen.

 On February 3, 1975, Premier Zhou Enlai. The era of Mao Zedong is coming to an end, and China will face a new period of development, and Zhou Enlai will shoulder this heavy responsibility?

Deng Xiaoping, 19 January 1976. The title is "Deng Xiaoping, Zhou’s successor", and the top right corner reads: "China, friend or enemy?"

Mao Zedong, 20 September 1976. At that time, Mao had passed away.    

From left to right: Zhou Enlai (November 8, 1971), ping-pong diplomacy, China and the United States trying to adjust foreign relations; In 1972, Nixon visited China; Deng Xiaoping (February 5, 1979), China and the United States established diplomatic relations.     

From the late 1970s to the 1980s, Deng Xiaoping appeared frequently on the cover of Time. From left: On January 1, 1979, Deng Xiaoping was named the man of the year in 1978; 26 September 1983; 23 September 1985; On January 6th, 1986, Deng Xiaoping once again became the man of the year.

        
The cover of Time magazine on March 3, 1997. Half a month ago, Deng Xiaoping died on February 19th. 

Speed up the construction of a unified national market by making breakthroughs simultaneously.

The steady operation of the Three Gorges Project on the Yangtze River provides strong support for the implementation of the national major strategy of "transmitting electricity from the west to the east". Photo by Zheng Jiayu/Bright Picture

In the workshop of Harbin Boiler Factory Co., Ltd., workers are carrying out production operations. Xinhua news agency

Farmers in Tangshan Agricultural Park, Hebei Province drive agricultural machinery to sow peanuts in the fields. Li Xiuqing photo/bright picture

  A few days ago, "Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a National Unified Market" (hereinafter referred to as "Opinions") was released. The "Opinions" clarified the overall requirements, main objectives and key tasks of accelerating the construction of a unified national market from a global and strategic perspective, which quickly attracted social attention.

  At present, why should China speed up the construction of a unified national market? How to understand the national unified market? How to promote the "Opinions" to be implemented and see actual results?

  Promote China’s market from big to strong.

  Nowadays, people can buy special products from all over the country through online shopping platforms without leaving home; New formats such as 5G remote consultation allow more patients in remote areas to enjoy quality medical resources; Some auto parts manufacturers can directly transmit the technical drawings to the supplier’s production line & HELIP; …

  "It should be noted that the rapid development and extensive penetration of next-generation information technologies such as big data and artificial intelligence are destroying all kinds of market barriers and barriers, which is of revolutionary significance for building a unified national market." Wang Yiming, vice chairman of China International Economic Exchange Center, said.

  According to Zhong Maochu, a professor at the Institute of Economics of Nankai University, the national unified big market is a product such as land, labor, capital, technology, data, resources, and goods and services, which has formed an unmanned market among different regions, industries, groups, large and medium-sized enterprises, state-owned enterprises and private enterprises nationwide.

  In recent years, important progress has been made in the construction of the national unified big market, but there are still some problems that hinder the construction of the national unified big market in practice.

  Wang Yiming introduced that since the 18th National Congress of the Communist Party of China, China has adhered to the direction of socialist market economy reform, promoted market-oriented reform in breadth and depth, constantly improved systems of property rights protection, market access and fair competition, promoted price reform and market-oriented reform of important production factors such as land, capital, labor force, technology, knowledge and data, eliminated market barriers, and accelerated the formation of a modern market system.

  "The scale of China’s domestic market ranks among the best in the world, and the scale advantage of commodity market is obvious. The scale of capital, technology, data and other factor markets is expanding rapidly, but market segmentation and local protection are more prominent, market competition is insufficient, the development of factor markets is lagging behind, and the market operation efficiency is not high. The supervision method needs to be innovated." Wang Yiming said.

  In this regard, the "Opinions" propose to speed up the establishment of unified national market system rules, break local protection and market segmentation, open up key blocking points that restrict the economic cycle, promote the smooth flow of commodity elements and resources in a wider range, and accelerate the construction of an efficient, standardized, fair competition and fully open national unified market.

  As the relevant person in charge of the National Development and Reform Commission said, the Opinions provide a program of action for building a unified national market in the coming period, which will certainly have an important impact on deepening reform and opening up under the new situation, making better use of the tremendous advantages of exerting, consolidating and enhancing China’s market resources, and comprehensively promoting the transformation of China’s market from large to strong.

  Dong Yu, executive vice president of Tsinghua University China Institute of Development Planning, believes that at present, the difficulties and challenges in economic work are increasing. The central government’s layout will accelerate the construction of a unified national market, which will play a vital role in stabilizing the confidence of market players and thus stabilizing the overall development.

  Building a high-level market circulation system

  At present, some people have misunderstandings about the connotation, goal and realization path of the national unified market. For example, some people think that "building a unified national market means the return of the planned economy". This is a representative erroneous view.

  "We must realize that the biggest comparative advantage of China’s economic development today is its large-scale domestic market and strong domestic demand potential." Yao Jingyuan, a special researcher in the State Council Counselor’s Office, said that building a unified national market is not a return to the planned economy, but a strong support for building a high-level socialist market economic system.

  Chen Weiwei, an associate researcher at the Institute of Economic System and Management of the National Development and Reform Commission, said that the most striking feature of the planned economy is that enterprises produce according to the planned instructions, and their products are distributed and sold through unified channels. The purpose of building a unified national market is to get rid of market barriers and maintain fair competition. The logic behind it is to build a national big market with unified rules and regulations for all kinds of market entities and encourage diversified market entities to enter the market for fair competition; Industry authorities and local governments should not "bias", but really give "unique skills" and responsible enterprises a broader stage, and really let market price signals play a role in optimizing the allocation of resources.

  "It can be seen that building a unified national market is not about unifying market players, distribution channels, goods and services, market prices, and nationalization." Chen Weiwei said.

  Guo Liyan, a researcher at China Macroeconomic Research Institute, believes that a strong domestic market not only refers to a larger scale, but also refers to a modern market circulation system with more complete institutional rules, more optimized structural levels and stronger influence and attraction. This is the core energy to actively allocate domestic and foreign factor resources, a powerful engine to drive high-quality economic development, and a complete system to promote the dynamic balance between supply and demand of the national economy at a higher level and level.

  "China has obvious advantages of super-large scale and overall market, which is an important advantage and key support for China to actively participate in reshaping the global competition pattern." Guo Liyan said that the "key measure" to comprehensively stabilize the smooth circulation of the domestic economic system is to speed up the construction of a unified national market, further cultivate and stimulate the potential of the domestic market, and resist the challenges of external uncertainty with maximum certainty.

  Break all kinds of closed small markets

  "The market is the bridge connecting supply and demand, the space for enterprises to compete and play games, and the realization of products and services ‘ The most thrilling leap ’ 。” Chen Weiwei said that at present, China’s domestic market is large but not strong, and there is still great potential to be tapped. Building a unified national market can give full play to the advantages of China’s ultra-large-scale market, cultivate local world-class enterprises, attract resources with global advantages, and enhance the international discourse power of China’s market.

  In terms of the main objectives, the Opinions clearly state that the domestic market will continue to be efficient, smooth and scale-expanding, and a stable, fair, transparent and predictable business environment will be accelerated, so as to further reduce market transaction costs, promote scientific and technological innovation and industrial upgrading, and foster new advantages in participating in international competition and cooperation.

  It is understood that the National Development and Reform Commission and the General Administration of Market Supervision will work with relevant departments to establish and improve the departmental coordination mechanism to promote the construction of a unified national market and increase overall coordination. At the same time, clarify the phased work objectives, solve outstanding problems, and promote the reform measures to be effective as soon as possible.

  "The key is to persist in making breakthroughs at the same time and pressing ahead. For the outstanding contradictions and problems facing the reform, we must resolutely break it and escort the overall stability with the point of reform." Dong Yu said that in order to standardize market intervention and create a stable, fair, transparent and predictable business environment, it is necessary to truly implement the concept of taking the needs of market participants as the guide and practicing the principle of simplicity, create a good ecology for all kinds of market participants to invest and start businesses, and make the process of building a unified big market become a process of constantly standardizing government behavior and reducing market intervention.

  In Wang Yiming’s view, it is necessary to promote the construction of a unified national market through reform and innovation. To unify the rules of the market system, we should adhere to the problem-oriented principle and make innovations at the same time. We should not only deepen the reform, but also strengthen the unity of the rules of the system and the consistency of supervision and law enforcement on the basic components such as property rights system, market access, fair competition and market supervision, and also speed up the elimination of various regulations and practices that hinder the unified market and fair competition.

  Guo Liyan said that all localities and departments should improve their positions, focus on the overall situation, obey the overall situation, give full play to the advantages of the whole country in playing a chess game and concentrating on major events, and resolutely get rid of the wrong understanding and practice of "warlord separatism" among regions and engaging in local small circulation in their own way, get rid of all kinds of closed small markets, and open up the economic cycle between different regional spaces such as "blocks", "provinces" and "cities" and "urban and rural areas".

Sichuan cuisine has become the largest cuisine in China, and the number of stores has exceeded 320 thousand.

  On November 16th, the 6th World Sichuan Cuisine Conference officially opened in Guang ‘an, Sichuan. The conference released the Report on High-quality Development of Sichuan Cuisine Industry (2023). According to the report, by the first half of 2023, the number of stores in Sichuan cuisine had exceeded 320,000, far exceeding the number of stores in Guangdong cuisine, Jiangsu cuisine and other cuisines, and it was truly the largest cuisine in China. Spicy, spicy, green pepper and other flavors became consumers’ favorite flavors of Sichuan cuisine, which provided flavor guidance for the research and development of innovative dishes in Sichuan cuisine. It turned out that Sichuan cuisine was not just spicy. It is worth mentioning that in 2021, the Michelin list officially landed in Chengdu, becoming the fourth Michelin city after Shanghai, Beijing and Guangzhou. Do you like Sichuan food?

sc_20231118090032  Introduction of eight Chinese cuisines;

  The eight recognized cuisines in China are Sichuan cuisine, Guangdong cuisine, Shandong cuisine, Jiangsu cuisine, Zhejiang cuisine, Anhui cuisine, Hunan cuisine and Fujian cuisine.

  The eight major cuisines are permeated with the Confucian spiritual pursuit of "never tire of delicacy and delicacy". After hundreds of years of inheriting ancient methods and innovation, the cooking techniques are rich and the dishes taste mellow, which has laid a good foundation for Chinese food to be fine, moderate, delicious, beautiful and healthy.

  The characteristics of the eight major cuisines:

  Sichuan cuisine is spicy and delicious, with heavy oil and heavy taste;

  Cantonese cuisine is rich in color, smooth but not greasy;

  Shandong cuisine is fresh and tender, and the soup is thick and mellow;

  Su cuisine is fresh, crisp and rotten, with a sweet taste;

  Zhejiang cuisine is delicious, crisp and tender, and the food is as beautiful as its scenery;

  Anhui cuisine is simple in material selection and mellow in taste;

  Hunan cuisine is widely used, fragrant, fresh and sour;

  Fujian cuisine is mainly seafood, sweet, sour and salty.

one

Sichuan cuisine

Characteristics of Sichuan cuisine: spicy and delicious, famous for its rich, wide, thick and strong flavor. Enjoy the reputation of "one dish, one grid, one hundred dishes and one hundred flavors".

Representative dishes: kung pao chicken, shredded pork with fish flavor, boiled fish, pork slices for couples, etc.

  1, kung pao chicken, with chicken as the main ingredient, supplemented by peanuts, peppers and other accessories, tastes red but not spicy, spicy but not fierce, and the meat is smooth, with crispy peanuts, which makes people drool. Legend has it that this dish was handed down from Shandong in the Qing Dynasty, and it originated from the "Fried Chicken with Sauce" in Shandong cuisine.

  2. Fish-flavored shredded pork. This dish is made of shredded pork tenderloin fried with pickled peppers, ginger, garlic, sugar and vinegar. It is salty, fresh, sweet and sour, and the onion, ginger and garlic are rich.

  3, boiled fish, usually made of fresh grass carp, bean sprouts, peppers and other ingredients. It is characterized by "oily but not greasy, spicy but not dry, hemp but not bitter, and tender meat".

  4. Husband-and-wife lung slices are marinated with cow scalp, beef heart, beef tongue, tripe and beef as the main materials, then sliced, made with auxiliary materials such as Chili oil and pepper noodles, and poured with red oil. The taste is spicy and spicy.

2

Cantonese cuisine

Characteristics of Cantonese cuisine: the color is slippery but not greasy, and it pays attention to frying, frying, stewing, stewing, etc. The taste characteristics are cool, light, crisp and fresh.

Representative dishes: roast suckling pig, sweet and sour sweet and sour pork, lobster baked in soup and sweet and sour melon cups.

  1. Roasted suckling pig: It is characterized by crispy skin, tender meat and crisp bones, and it melts in the mouth, which is one of the Guangdong roast flavors.

  2, sweet and sour meat: golden color, crisp outside and soft inside, crispy skin and tender meat, sweet and sour taste. Enjoy a high reputation at home and abroad.

  3. Baked lobster in soup: a seafood dish with lobster as the main ingredient and broth, especially suitable for nourishing.

  4. Eight-treasure winter melon cup: Dice lean pork, chicken, ham, prawns, mushrooms, magnolia and scallops, add refined salt, monosodium glutamate, cooked lard and appropriate amount of water, and steam with high fire. This dish is clear and white in color, fresh and soft in wax gourd meat, and fragrant in flavor. It is a delicious seasonal delicacy.

three

Shandong cuisine

Characteristics of Shandong cuisine: strong and fresh flavor, preference for onion and garlic seasoning, especially for cooking seafood, various animal offal and soup.

Representative dishes: Jiuzhuan large intestine, stir-fried kidney flower, sweet and sour carp, fried sea cucumber with onion, fried clam with oil, stewed mullet egg soup, etc.

  1. Jiuzhuan large intestine is a representative dish of Shandong cuisine and a traditional famous dish in Jinan City, Shandong Province. It was initiated by the owner of Jiuhualin Restaurant in Jinan in the early years of Guangxu in Qing Dynasty. It was originally called "Braised Large Intestine" and later renamed "Jiuzhuan Large Intestine". This dish is ruddy in color, soft and tender in texture, and has five flavors of sour, sweet, fragrant, spicy and salty. It was rated as "Chinese food" and one of the top ten classic dishes in Shandong.

  2, stir-fried kidney flower, a classic dish in Shandong cuisine. The heat mastered when stir-frying kidney flowers is sweet and sour, which is the chef’s competition skill. This dish tastes particularly tender, and its lips and teeth are fragrant. It feels like slipping into the throat when eaten in the mouth, which is particularly refreshing.

  3. Sweet and sour carp, the most representative dish of Shandong cuisine. The shape fried by carp is like carp yue longmen, which is very beautiful. After the fish body is poured with juice, it looks particularly red and bright, and its taste is crisp, sweet and sour, which has been recognized by many people.

  4. Scallion-roasted sea cucumber is mainly made of water-soaked sea cucumber and green onion. The sea cucumber tastes soft and smooth, and the green onion is a specialty of Zhangqiu, and it tastes sweet. Sea cucumber is a kind of eight treasures, and it is also a very nutritious food, which has the functions of improving memory and preventing arteriosclerosis. So this dish is a delicious and healthy famous dish.

four

Jiangsu cuisine

Characteristics of Jiangsu cuisine: fresh, crisp and rotten, with a sweet taste. Cooking skills are famous for stewing, stewing and stewing, and attention is paid to mixing soup and keeping the original juice.

Representative dishes: Squirrel mandarin fish, duck blood vermicelli soup, Qingong meatballs, Nanjing salted duck, etc.

  1. Squirrel mandarin fish (Sweet and Sour Mandarin Fish) is a traditional local dish in Suzhou City, Jiangsu Province. When the fried mandarin fish (or mandarin fish) is served on the table, it is immediately poured with steaming marinade, and it squeaks, hence its name because it sounds like a squirrel. Emperor Qianlong once tasted this dish. This dish is characterized by crispy outside and tender inside, orange color, sweet and sour taste and pine red fragrance.

  2. Duck blood vermicelli soup is a traditional dish in Nanjing and an important representative dish in Jinling cuisine. Duck blood vermicelli soup is made of duck blood, duck intestines, duck liver, etc., and duck soup and vermicelli are added. It is popular all over the country because of its mild taste, fresh fragrance and smoothness, as well as the taste characteristics suitable for both north and south.

  3. Qingong meatball is a traditional Huaiyang dish. It was once a famous tribute in the Qing Dynasty, so it is also called "Qinggong meatball". It has been made for hundreds of years and is one of the top ten famous dishes in Jiangsu Province. It is characterized by smoothness, tenderness, elasticity, white soup and delicious taste. There is a saying that "falling on the ground and jumping a few times will make your mouth tender and fragrant". Eating meatballs often also has dietotherapy effects such as fitness and beauty, tonifying the middle energizer and benefiting qi, and improving immunity.

  4. Nanjing salted duck is a famous specialty in Nanjing and one of the important representatives of Jinling cuisine. Nanjing salted duck has a long history of making, and the salted duck skin produced is tender, fat but not greasy, delicious, fragrant, crisp and tender. In the season when osmanthus is in full bloom around Mid-Autumn Festival, the salted duck is the best in color and taste, so it is also called osmanthus duck.

five

Zhejiang cuisine

Characteristics of Zhejiang cuisine: fresh and tender, soft and smooth, mellow and glutinous, refreshing and not greasy.

Representative dishes: West Lake vinegar fish, Dongpo meat, Longjing shrimp, steamed meat with lotus leaf powder, etc.

  1. West Lake vinegar fish, alias uncle and sister-in-law Chuanzhen, is one of the top ten classic dishes in Zhejiang and four famous dishes in Hangzhou, belonging to hangzhou dishes. The vinegar fish in the West Lake began in the Southern Song Dynasty. According to legend, Zhao Gou, Emperor Gaozong, visited the West Lake by dragon boat, tasted its fish and praised it. Later, he was regarded as the "grandmaster" of the fish. This dish is bright red in color, tender and delicious with crab flavor, sweet and sour, and unique.

  2. Dongpo Meat, a famous dish in Hangzhou, is a return meat from Xuzhou, which is one of the "four treasures of Dongpo" in Xuzhou. According to legend, it was created by Su Dongpo. Dongpo meat is a dish with bright red color, half fat and half thin meat, fat but not greasy, and sweet and salty flavor at the entrance.

  3. Shrimp with Longjing, a famous traditional dish in Hangzhou, Zhejiang. This dish is fresh and soft, the shrimps are white and tender, the buds and leaves are fragrant, and the color is splendid. There is tea fragrance in the shrimp, and there is shrimp fresh in the tea, which has endless aftertaste. Longjing shrimp was rated as one of the top ten classic dishes in Zhejiang Province.

  4. Steamed pork with lotus leaf powder is a special traditional dish in Jiaxing City, Zhejiang Province, which belongs to Zhejiang cuisine. In the late Qing Dynasty, it was said that its name was related to the "Wind and Lotus in Quyuan" of the "Ten Scenes of West Lake". It is made of fresh lotus leaves from Hangzhou, fried rice flour and seasoned pork wrapped and steamed. The characteristics of steamed meat with lotus leaf powder, lotus leaf can cool blood and detoxify, the meat is crisp and rotten, the rice flour is soft and glutinous, and the meat is fragrant and fat but not greasy.

six

Hunan cuisine

Hunan cuisine is characterized by strong oil color, spicy, delicious and soft; The method of making is known as stewing, stewing, waxing, steaming and frying.

Representative famous dishes: fish head with chopped pepper, western Hunan Waipo, Jishou sour meat, Yongzhou blood duck, etc.

  1. Chopped pepper fish head, mainly made of bighead carp fish head and chopped pepper, and steamed with soy sauce, ginger, onion, garlic and other accessories. The dishes are bright red in color, rich in flavor and tender in meat. Fat but not greasy, soft and waxy, fresh and spicy.

  2. Pickled dried prunes (potherb mustard), dried radishes, Jiangdou Gan, shredded cabbage, etc. are used as the potherb in western Hunan, and white pepper (pepper), ginger, red dried pepper, vegetable oil, salt, garlic, chives, etc. are added and stir-fried to serve.

  Features: spicy and delicious, bibimbap is excellent, delicious and appetizing.

  3. Jishou sour meat is a dish made of fat pork. Materials include fat pork, refined salt, pepper powder, corn flour, dried red pepper, green garlic, peanut oil, vinegar and so on.

  Characteristics, yellow and spicy, slightly sour, fat but not greasy, unique flavor.

  4, Yongzhou blood duck, choose 2-3 kg of live duck, kill the duck blood for later use, and cut the duck into pieces. Add peanut oil in an iron pan. When the oil temperature is seven minutes hot, pour the chopped ginger, onion, garlic and dried red pepper into the wok and stir-fry until fragrant. Add eggplant pieces and coriander, then add duck pieces and stir-fry, and then add soup to stew. Collect juice, pour duck blood on it, stir fry, add cooking wine and pepper, pour sesame oil out of the pot.

  Features: This dish is bright in brown and black, red in black, spicy, fresh and tender, with heavy oil, salty and palatable, and is suitable with wine and meals.

seven

Anhui cuisine

Characteristics of Anhui cuisine: simple selection of materials and mellow taste. With ham as seasoning, crystal sugar is fresh, good at stewing and paying attention to pyrotechnics.

Representative dishes: Huizhou Stinkfish, Gourd Duck, Huangshan Fang La Fish and Huizhou Yipin Pot.

  1. Huizhou Stinkfish is a traditional dish in Huizhou. This "flavored mandarin fish" smells smelly, tastes fragrant, and the meat is tender, mellow and refreshing, keeping the original flavor of mandarin fish. Its production process is very particular, that is, fresh mandarin fish is marinated in a wooden barrel with light salt water at room temperature of about 25℃, and the fish body will give off a smelly smell. Then fry in oil pan, add pork slices and bamboo shoots, and braise in soy sauce over low heat until the soup is concentrated.

  2, gourd duck, belonging to Huaiyang cuisine, is a traditional Suzhou dish with a long history. Its dish is shaped like a gourd, the duck meat is soft and boneless, fat but not greasy, the stuffing is loose and waxy, and the taste is fresh, salty and mellow, which is very suitable for the elderly and children.

  3. Huangshan Fang La Fish is one of the traditional famous dishes of Anhui cuisine. Fang La, the leader of the Northern Song Rebel Army, used raw fish and shrimp to repel enemy soldiers. The locals created this dish in memory of him. This dish is mainly made of mandarin fish and shrimp, and is made by different cooking methods such as frying, sliding and steaming. It tastes salty and delicious, with sweetness in acid.

  4. Huizhou Yipin Pot is a special hot pot food that is often eaten in Huizhou in winter. Its ingredients are very rich, including shark’s fin, abalone, hen, etc. It tastes very delicious, with good color, fragrance and taste.

eight

Fujian cuisine

Characteristics of Fujian cuisine: seafood is the main raw material, paying attention to sweet, sour, salty and fragrant, and the color is delicious and fresh.

Representative dishes: Buddha jumping wall, shredded chicken bird’s nest, emerald pearl abalone and litchi meat.

  1. Buddha jumps over the wall, which is a famous dish among the top ten representative dishes of Fujian cuisine, so it will be served at many banquets, especially state banquets. Its ingredients are relatively expensive, such as abalone, shark’s fin and sea cucumber, but they are really delicious.

  2, shredded chicken bird’s nest, which belongs to a relatively high-standard dish, tastes light, but it tastes particularly delicious, and it is also particularly nutritious, which is very suitable for pregnant women and the elderly.

  3. Emerald Pearl abalone is a traditional dish in Fuzhou. With abalone and scallops as the main ingredients, it is made by seiko. Because it is shaped like jade, it is named jade pearl abalone. This dish is rich in nutrition, beautiful in shape, delicious in taste and expensive in materials, so it is naturally the top grade of the banquet.

  4. Litchi meat is one of the traditional famous dishes in Fuzhou and one of the five representative dishes of Fujian cuisine. It has a history of more than 200 years. Litchi meat is named after its tender and smooth taste, sweet and sour taste, and its shape, color and taste are all like litchi.

Original title: Sichuan cuisine has become the largest restaurant in China, with more than 320,000 stores.
Editor in charge: Zheng Lili

Sentence! Female students committed suicide by jumping into the sea by telecom fraud, and 7 defendants were brought to justice.

  CCTV News:From June to August, 2016, a telecom fraud gang committed fraud crazily. During this period, Cai Shuyan, a college student, committed suicide by jumping into the sea after being defrauded of tuition and living expenses of 9800 yuan. On the morning of 28th, the Intermediate People’s Court of Jieyang City, Guangdong Province sentenced seven defendants, including Chen Minghui, to life imprisonment and three years’ imprisonment.

  The court found through trial that from August 2013 to March 2014, Chen Minghui repeatedly hired Tang Xiaohui (sentenced) to pretend to be a variety show such as "Where is Dad?" and sent more than 730,000 false winning fraud messages to mobile phone users.

  From June to August, 2016, Chen Minghui recruited and assembled Fan Zhijie, Gao Xuezhong, Ye Qifeng, Xiong Yunjiang and others to form a criminal gang. By sending false winning information such as "Taobao" and "Run Brothers", he induced the winners who received the information to log in to the "phishing website" to fill in their personal information to receive the prize, and pretended to be a customer service staff to trick the winners into paying the "deposit" on the grounds of redemption. Pretending to be court staff and lawyers, it is a breach of contract that the "winner" fails to pay the "security deposit" or receive the prize as required. It is necessary to sue or have sued the "winner" and continue to pay the handling fee before withdrawing the lawsuit and obtaining the prize, threatening and luring, and defrauding the "winner" again, defrauding many people of property totaling RMB 1.041 million. Among them, Cai Shuyan, a student about to attend university, committed suicide by jumping into the sea after being defrauded of tuition and living expenses of 9800 yuan.

  The court also found that Lin Shiya knowingly engaged in illegal and criminal activities by Ye Qifeng and others, and still illegally entrusted him with point-of-sale terminal equipment (POS machines), which provided convenient conditions for him to cash in the stolen money. Knowing that others are engaged in illegal and criminal activities, Chen Liyi still sells several bank cards to others for fraud. In addition, Xiong Yunjiang was caught by the traffic police for drunk driving in Haikou.

  The court held that in the joint crime of fraud, Chen Minghui, Fan Zhijie, Gao Xuezhong, Ye Qifeng and Xiong Yunjiang, for the purpose of illegal possession, formed a telecom fraud criminal gang, used communication tools and online means to defraud an unspecified majority of people, and caused a student to commit suicide. The amount of fraud was particularly huge and the circumstances were particularly serious, all of which constituted fraud. Xiong Yunjiang also drunk driving a motor vehicle on the road, and his behavior constitutes a crime of dangerous driving, which should be combined with several crimes according to law. Knowing that others commit crimes, Lin Shiya has repeatedly provided point-of-sale terminal equipment (POS machines) to help transfer the proceeds of crimes. Knowing that others commit crimes, Chen Liyi still provides multiple bank accounts for others to transfer the proceeds of crimes, which has constituted the crime of concealing and concealing. According to the facts, nature, circumstances and the degree of harm to society of each defendant, the Intermediate People’s Court of Jieyang City, Guangdong Province sentenced the defendant Chen Minghui to life imprisonment, deprived of political rights for life and confiscated all personal property. The defendants Fan Zhijie, Gao Xuezhong and Ye Qifeng were sentenced to fixed-term imprisonment ranging from 15 to 13 years and fined for fraud; The defendant Xiong Yunjiang was sentenced to 11 years in prison and fined for fraud and dangerous driving. The defendant Lin Shiya was sentenced to three years’ imprisonment and the defendant Chen Lucy li was sentenced to one year and four months’ imprisonment and fined for concealing and concealing the crime. The defendants were ordered to jointly refund the fraudulent money to the victim.

Review on the Management of Dima’s 2023 Annual Board of Directors

() The operating comments of the Board of Directors in 2023 are as follows:

  I. Discussion and analysis of business conditions

  The company is a comprehensive development enterprise dedicated to the development of intelligent manufacturing sector with special purpose vehicle and robot manufacturing as the core, urban operation sector with real estate development and urban renewal as the core, and smart livelihood sector with property services and medical care as the core as the three business systems. Relying on the core technology and resource advantages of each sector, it is diversified and complementary, and cooperates to build an ecological capacity of "great urban service".

  In 2023, the operating income was 18.301 billion yuan, down 19.69% year-on-year, and the main business income of the urban operation sector accounted for the proportion.

  87.87%; The net profit attributable to shareholders of listed companies is-3.651 billion yuan; The asset scale was 56.489 billion yuan, a year-on-year decrease of 19.73%; Net assets were 8.071 billion yuan, down 35.12% year-on-year; Net operating cash was 1.116 billion yuan, a year-on-year decrease of 42.19%.

  -External environment for the company’s development in 2023:

  In 2023, the macro-economy stabilized and repaired, the per capita income rebounded moderately, the previous backlog of demand was gradually released, consumption recovered moderately, infrastructure investment maintained growth, and the annual GDP growth rate rebounded by 2.2 percentage points to 5.2%. As far as the real estate industry is concerned, although the policy of stabilizing the property market continued to be introduced during the reporting period, such as the central bank continuing to guide the downward trend of loan interest rates, the implementation of "recognizing houses but not loans", and loosening the purchase restriction policy in some places, residents are worried about the downward trend of house prices and the risk of delivery of some real estate enterprises, and preventive savings behavior still exists. In this context, according to the investment and sales data of real estate development in 2023 released by the National Bureau of Statistics, the supply and demand sides of the real estate market are still under pressure, and the data continues to decline. The national investment in real estate development decreased by 9.6% year-on-year; The newly started area of real estate decreased by 20.4% year-on-year; The annual sales volume of new commercial housing was 11.7 trillion, down 6.5% year-on-year;

  Among them, the sales of existing homes increased by 19.3% year-on-year, the sales of forward houses decreased by 10.8% year-on-year, the prices of first-tier cities declined year-on-year, and the prices of second-and third-tier cities rebounded year-on-year, but the absolute level was still low. Among the sources of funds for real estate development, 19.1 trillion yuan was put in place this year, down 13.6% year-on-year, and the overall operating pressure of the real estate industry chain was great.

  —— Company performance in 2023:

  Affected by the continuous downward trend of the overall market of the real estate industry, the sales prices of some real estate projects of the company have declined, so it is necessary to test the asset impairment according to the requirements of accounting standards and extract reasonable impairment reserves. The total loss of asset impairment and credit impairment is-2.911 billion yuan, resulting in the company’s profit loss; On the other hand, during the reporting period, the consolidated sales amount decreased by about 7.65% year-on-year, and the corresponding reduction in the payment amount put a great pressure on the development payment, which increased the operating costs and expenses of the project, extended the development and construction cycle of some projects, and may further reduce the project income in the future. On December 31, 2023, the balance of cash and cash equivalents in Dima’s consolidated balance sheet was RMB 1.300 billion, and bank loans and other loans due within one year totaled RMB 10.366 billion. Considering the liquidity risk, Lixin Certified Public Accountants, the company’s auditor, issued an unqualified audit opinion on the company’s 2023 financial report with significant uncertainties related to going concern.

  Under the pressure of declining sales of real estate business and repayment, the company continued to maintain liquidity stability by means of extension, interest rate reduction and interest payment first. In 2023, the company’s total interest-bearing liabilities were 14.377 billion yuan, down 8.11% year-on-year. The net cash flow generated by financing activities was-2.189 billion yuan, and the debt was still in a net repayment state, achieving a net operating cash flow of 1.116 billion yuan. In the face of huge liquidity pressure, all management and core employees always adhere to the principle of "not lying flat, surviving", strive to stabilize production and operation, and make every effort to ensure the progress and quality of project delivery to ensure financial security; Improve the company’s fund management ability and refined operation level, reduce costs and increase efficiency, and return particles to the warehouse; Optimize the organizational structure and performance, ensure the stability and efficiency of core backbone personnel, and polish stronger endurance and tenacity; According to the market and its own strategy, we will continue to flexibly change direction and speed, expand light asset business and non-housing business, find new directions, and gradually get out of the predicament.

  1. The layout of intelligent manufacturing business is "going out to sea" and actively expanding overseas markets.

  During the reporting period, while stabilizing the domestic market, Dima Industrial Special Purpose Vehicle gradually focused on overseas, explored and explored key markets, actively established stable sales channels and cooperative partnerships, enhanced the brand’s popularity in overseas markets, and laid the development foundation for the later "going out to sea" strategy. The company carefully incubates two robot brands, "Tingjie" and "Aoting", equips excellent R&D team, develops domestic and foreign sales outlets, builds a sales platform, and gradually realizes the all-round development of domestic and international two-way business through three intelligent products, namely orchard service robot, fire fighting robot and cleaning robot.

  2. Continue to empower smart people’s livelihood services to help future development.

  During the reporting period, the company’s property company, Tohara Hitoshi, increased its management area by nearly 20%, insisted on scientific and technological investment, built an all-round and three-dimensional safe and intelligent community, and continued to implement a diversified service format combination strategy covering residential, commercial, office buildings, government public buildings, industrial parks, hospitals, embassies, etc. In combination with the brand "Evergreen Society" of medical health care, we will focus on promoting the project landing and large-scale operation of the medical health care industry, focusing on the combination of medical care and health care, and developing an integrated platform for community home wisdom and old-age care with personalized needs of silver hair, so as to empower the smart people’s livelihood business to grow steadily in both directions.

  3. Expand the business of building, selling and servicing, and focus on light to seek a breakthrough.

  During the reporting period, in the face of the continuous downward pressure of the real estate market, the company made every effort to ensure the delivery of buildings, give full play to its competitive advantages in terms of product strength and online customer acquisition, expand light asset business such as agent construction and agency sales, establish an operating system for building and selling services, and strive to cross the industry turning point and painful period.

  4. Maintain credit stability and fully guarantee liquidity safety.

  During the reporting period, the company obtained the credit tracking rating from Far East Credit Rating Co., Ltd. to maintain AA+ and maintain the credit rating unchanged; During the reporting period, the company managed stably to guarantee delivery, and strived to extend the existing financing and renew loans. In mid-April, 2023, the asset-backed securities of the Sino-Thai Asset Management -SAC Building Trust Beneficial Rights Asset Support Special Plan were successfully renewed for three years, and the interest payment of the non-public issuance of special corporate bonds for housing leasing was completed, and investors did not exercise the option of selling back, which continued to gain the trust of financial institutions and the recognition of the capital market.

  5. Adjust and optimize the organizational structure to achieve high-efficiency management.

  During the reporting period, the company actively responded to the current market situation, continuously improved and optimized the internal organizational structure, achieved streamlined and efficient management, and further reduced costs and increased efficiency. In terms of organizational structure, during the reporting period, the company continuously made strategic adjustments, and completed a series of actions, such as organizational transformation, fighting capacity improvement, and stable efficiency improvement, to maintain the stability of core talents and ensure the salary, benefits and career development of core talents.

  (II) Key work in sub-sectors

  

  Ii. the industry in which the company is located during the reporting period.

  In 2023, the domestic and international environment is still complicated, and global geopolitical risks and the continuous interest rate hike by the Federal Reserve also bring about global capital market turmoil. The downward trend of exports and the adjustment of domestic real estate market have suppressed the recovery of domestic demand to a certain extent, which has brought different degrees of pressure on economic growth, employment and prices. China’s steady growth policy has continued to increase, and the overall economy has maintained a rebound momentum, basically in a stable range.

  1. Intelligent manufacturing plate

  1) Special purpose vehicle manufacturing

  From the perspective of special vehicle segmentation, the market share of new energy vehicles will continue to increase in 2023, from 25.6% in 2022 to 31.4% in 2023. With the technical progress and supply upgrade of new energy vehicles continuing to iterate, the subsequent special vehicle market will gradually continue to transform from traditional energy to new energy. The rapid development of the export of special purpose vehicles is also one of the important changes in 2023. In 2023, the export of special purpose vehicles was 36,000 units, up by 48% year-on-year. Although the demand for bulletproof vehicles decreased slightly due to the change of national payment habits, the overseas market space is still large. At the same time, at the moment when "safe production" is becoming more and more important, the market demand for public safety and emergency integrated vehicles such as fire fighting, medical treatment and emergency communication rescue is increasing, especially for special vehicles such as medical rescue, disinfection and prevention, and emergency communication. In addition, with the gradual recovery of residents’ service consumption and strong travel demand, the airport passenger traffic has improved significantly compared with 2022, which is also conducive to the normalization of the airport special vehicle market.

  2) Robot business

  In the past two years, with the support of industrial policies, industrial robots and service robots have developed steadily as a whole. The state has continuously improved the industrial policy of developing intelligent manufacturing, accelerated the intelligent transformation of traditional manufacturing industries, and encouraged and supported industrial enterprises to develop in the intelligent direction. Although the output of industrial robots decreased by 2.2% year-on-year in 2023, the Ministry of Industry and Information Technology, the Ministry of Science and Technology and other departments issued the "Robot Plus" Application Action Implementation Plan in 2023 to further support and promote the development of industrial robots. In 2023, the output of service robots increased by 23.3% year-on-year, and the market scale of new robots such as medical robots and fire fighting robots in service robots also gradually increased. With the continuous integration of new generation information technology, biotechnology, new energy technology, new material technology and robot technology, the function and performance of robots will be greatly improved, which will further promote the application and development of robots.

  2. Urban operation plate

  1) Real estate development

  In 2023, under the guidance of the general tone of "policy for the city", in addition to increasing the stability of the real estate market at the central level, local policies also continued to introduce large-scale favorable policies, including the first-tier cities with relatively tight previous policies, and also relaxed the policy of "recognizing the house but not the loan". Second-and third-tier cities also increased their support, including reducing the down payment ratio, lowering the mortgage interest rate, relaxing restrictions on purchases and sales, increasing the amount of provident fund loans, housing ticket placement, and housing subsidies. However, affected by residents’ wait-and-see mood, the overall real estate supply and demand remained weak throughout the year, and the market continued to decline.

  1. Development investment

  From the investment format, residential investment is still the mainstream. In 2022, the national investment in real estate development decreased by 9.6% year-on-year, of which residential investment accounted for 75.6%, and the amount decreased by 9.3% compared with the previous year, which was less than the non-residential investment such as commercial real estate (-10.5%). The planned construction area of residential land transactions nationwide decreased by 26.4% year-on-year. Under the background of weak real estate sales and tight capital turnover, the willingness of housing enterprises to take land has also decreased significantly.

  2, construction and new construction

  In 2023, the construction area decreased by 7.2% compared with last year, and the newly started area decreased by 20.4%, which was significantly larger than the overall construction area and real estate sales area. Under the background that real estate sales continued to weaken and the liquidity pressure of housing enterprises remained high, the decline in return on investment and the limited new financing were still suppressing the willingness to start new projects.

  3. Sales area, sales amount and average sales price

  In the whole year, the sales area and sales amount of new commercial housing in China were 1.117 billion square meters and 11.66 trillion yuan, respectively, down 8.5 and 6.5 percentage points from the previous year. The average price of sample residential houses in Baicheng is 16,185 yuan/square meter, which is basically the same as that in 2022.

  From the perspective of the region, real estate sales in various places continue to weaken, and the decline rate is obviously differentiated. First-tier cities just need to be relatively sufficient, and the decline in real estate sales in the eastern region is relatively small. The sales amount fell by 5.7% year-on-year, which is better than the national average, while in the central region,

  The sales amount in Northeast China decreased by 11.2% and 7.8% respectively.

  Generally speaking, the real estate market is under pressure from many sides, the house price and transaction scale are weak, the activity of supply side and demand side is low, residents have obvious wait-and-see mood, and real estate sales continue to weaken. However, in the long run, China’s residents’ balance sheets are relatively healthy, with a substantial increase in savings in the past two years, followed by a continuous increase in policies to stabilize residents’ expectations, and a more balanced new urbanization layout. The purchasing power of real estate accumulated in first-tier cities is expected to boost the gradual release of demand for housing in second, third and fourth-tier cities, and the demand for real estate needs to be stabilized.

  2) Urban renewal

  The construction of the "three major projects" such as the transformation of urban villages in 2023 is an important starting point for steady growth. In April and July, the Politburo meeting clearly emphasized actively and steadily promoting the transformation of urban villages in megacities. In July, the policy details were promulgated and the Central Economic Work Conference continued to emphasize that the central bank also added 500 billion PSL quota support, and urban renewal in various places is expected to accelerate. Some cities, such as Guangzhou, have tried first, and all localities have actively explored new modes and paths. "Government-enterprise cooperation" has become an important mechanism to promote urban renewal into the fast lane and help cities develop with high quality. Urban renewal has brought new development opportunities to the business management industry.

  3. Smart People’s Livelihood Plate

  1) Property services

  In 2023, the policy of "guaranteeing the delivery of buildings" was actively promoted, and at the same time, the increase in existing home sales also promoted housing enterprises to speed up the completion of existing homes. The completed real estate area increased by 17% year-on-year. According to the data of the China Central Index Research Institute, from the perspective of the management scale of listed companies in Hong Kong stocks, in the first half of 2023, the average management area of listed companies reached 140 million square meters, up 27.7% year-on-year, slightly higher than the same period last year.

  (24.4%)。 In terms of structure, according to the published data for the first half of 2023, the performance of central enterprises is still the most outstanding, with revenue increasing by over 20%, local state-owned enterprises increasing by 18.44% year-on-year, while private property enterprises are also relatively stable, with an average revenue growth rate of 6.7% year-on-year, which shows the overall situation of increased concentration and stronger players. At present, high quality has become the "main theme" of the industry. Under the background that the industry development returns to the essence of service, the differentiated service quality formed by property enterprises based on their own service capabilities is becoming an important factor in evaluating the development capabilities of enterprises. Improving satisfaction with quality service and winning the trust of owners is the consensus and trend of property service enterprises, and will lead the industry to develop in a healthier and sustainable direction.

  2) medical rehabilitation

  With the acceleration of China’s population aging process and the decline of working-age population, the dependency ratio of the elderly population has increased. According to the latest population data of the National Bureau of Statistics, by the end of 2023, the population of China aged 65 and over will be 220 million, accounting for 14.9% of the total population in 2022 to 15.4% in 2023, and the demand for old-age care will gradually increase in the future. At the same time, with the continuous improvement of per capita GDP, the consumption market of the elderly group has not only increased in volume, but also diversified in demand. Combined with overseas experience, the consumption tendency of the elderly is also high. At present, China’s pension-related enterprises are still in the process of continuous exploration and improvement, and the supporting professional medical service personnel, elderly health care products and mature market-oriented pension health care institutions are still lacking. At present, China has gradually formed the "9073" pattern of providing for the aged, that is, about 90% of the elderly are providing for the aged at home, about 7% rely on community support and 3% live in institutions, which will be gradually optimized with the improvement of the health care policy system and the formation of the industrial ecological system.

  

  Iii. Business of the Company during the reporting period

  During the reporting period, the company engaged in the following three business segments: intelligent manufacturing, urban operation and smart people’s livelihood:

  (A) intelligent manufacturing sector

  1, special vehicle manufacturing

  1) The performance is basically stable.

  Dima Industrial’s overall order revenue, gross profit and net profit decreased slightly compared with last year, achieving an operating income of 791 million yuan, a decrease of 17.70% compared with last year, and a decrease of 2.13 percentage points in gross profit margin. During the reporting period, with the change of payment methods, the demand for bulletproof vehicles declined, but the company’s fire protection market, emergency market, public security market and operator market still maintained the first market share; With the increasing demand of emergency special market, the order of large emergency communication vehicles increased by about 39.16% year-on-year; Orders for new energy vehicles increased by 177% year-on-year.

  During the reporting period, Dima Industry ranked among the top 100 private manufacturing enterprises in 2023, and won the titles of "Chongqing Technological Innovation Demonstration Enterprise", "Chongqing Enterprise Innovation Award", "Chongqing Artificial Intelligence Industry Development Alliance Governing Unit" and "Chongqing Excellent Private Enterprise", which is the recognition of Dima Industry’s technical strength.

  2) Continue to invest in innovation and develop new technologies.

  In the reporting period, the company carried out 36 R&D projects, including emergency communication, operation rescue, pure electric aircraft tractor, aircraft power supply vehicle, safety berthing system and mobile CT medical vehicle, and developed 18 new products, including extended bulletproof cash transport vehicle, nuclear and biochemical multifunctional detection fire truck, small equipment fire truck, ultrasonic inspection vehicle, mobile CT vehicle and multi-link extension mechanism.

  During the reporting period, the company applied for and authorized 101 patents, including 6 invention patents. The company independently developed and completed the first multi-functional nuclear and biochemical fire truck in China, which has the ability of nuclear and biochemical detection and decontamination; Two-stage/three-stage side pull realizes performance improvement and verification, and realizes product marketization; Pure electric aircraft tractor uses the latest three-electric integration technology to improve the stability of electrical system.

  In the aspect of joint research and development between schools and enterprises, the company cooperated with Chongqing University of Posts and Telecommunications to undertake the special key research and development project of Chongqing’s technological innovation and application "Research and Development and Application of Multi-modal Coordination and Transportation Control System for Special Vehicles in Typical Scenes"; In the national key research and development plan "Distribution and Detection of Covid-19 Variants of Sewage", which is led by the Physical Evidence Identification Center of the Ministry of Public Security and undertaken by many related research institutes, Dima Industry participated in the research and development of one of its sub-projects "Research on Integrated Automated Mobile Equipment for Covid-19 Detection and Analysis in Sewage".

  3) Build a quality management system and complete large-scale guarantee tasks.

  Dima Industry has further promoted the quality control system of the whole process, and established a series of detailed rules and standard control documents in the aspects of quality system construction and evaluation, product development, manufacturing process and supplier quality management, and quality assessment and post-evaluation. During the reporting period, the company provided 31 after-sales service technical support and guarantee for disaster rescue, large-scale activities and emergency drills in 21 provinces and cities, including escorting the launch of Shenzhou 16, Hangzhou Asian Games and Gansu earthquake rescue.

  4) Actively expand foreign business and realize the growth of export business.

  During the reporting period, Dima Industry focused on Africa, the Middle East and Southeast Asia, explored key markets, and landed in government projects in C? te d ‘Ivoire and emergency communication vehicle projects in Hong Kong Telecom.

  2. Robot business

  The company’s "Tingjie" and "Aoting" robot brands, product applications cover urban emergency management (fire protection, communication security, dangerous accident handling), agricultural operations, logistics operations, safety inspection and cleaning maintenance.

  1) Increase investment in scientific research and steadily realize product development.

  The company’s "Tingjie" fire-fighting robot inherits the advantages of Dima Industry in the fields of public security, emergency and communication for more than 20 years, and the sales orders of fire-fighting robots have been completed in batches, which has outstanding advantages such as large flow, strong power, high passability and explosion-proof safety, effectively improving rescue efficiency and ensuring life safety; Multifunctional riot detection robot realizes order contract; Pre-detection communication robots and other products were unveiled at the 11th China International Police Equipment Expo, which helped the smart police to build a visual, manageable and usable information capability and provided an integrated overall solution for police actual combat.

  The intelligent agricultural special robot developed by the company "Tingjie", with its self-developed "RCU" control platform technology, has created the industry’s top mobile chassis of the vehicle-gauge robot, and created an all-terrain chassis technology platform by using the design technology of balance, suspension and swing arm crawler wheel to meet the requirements of all-terrain robot operation. It has deeply explored the integration of modern agricultural needs and cutting-edge technology, and launched an agricultural plant protection robot with multi-function, modularization, high durability and easy maintenance.

  Aoting Robot, a subsidiary of the company, focuses on the research and development of waterless commercial cleaning robots. At present, it has applied for more than 66 intellectual property rights, and is committed to providing "clean+"intelligent solutions for customers in commercial and industrial fields, redefining the cleaning standards in the field of intelligent cleaning, and won the "INCLEAN Innovation Excellence Award of ISSA, a global cleaning association".

  2) Layout the international market and expand the global business.

  During the reporting period, the company officially laid out overseas markets, and its products were unanimously recognized by overseas customers. Aoting cleaning robot products have been exported to Singapore, Hongkong, Taiwan Province, Australia, Saudi Arabia and other regions. At present, the company has set up five sales and after-sales service centers in China, and there are 70+ service outlets in the country, with an accumulated service area of 11 million square meters and an accumulated service time of 66,000 hours.

  (2) Urban operation sector

  1. Real estate development

  During the reporting period, due to the continuous downturn of the market, the overall operating income of the company’s real estate was 15.742 billion yuan, down 22.03% year-on-year, and the gross profit margin was 12.47%, down 10.46 percentage points. Dongyuan Real Estate firmly guaranteed the delivery work throughout the year, maintained steady operation and liquidity safety, upgraded and adjusted the organizational structure, reduced costs and increased efficiency, refined operation, expanded the business of agent construction and agency sales, helped the development of light assets business, and fully responded to the systemic risks of the industry.

  1) Ensure the completion of the delivery work, operate steadily and practice long-termism.

  Dongyuan Real Estate combines the company’s actual situation and market environment, completes the development and construction of stock projects, improves the quality of projects and services, and ensures the timely delivery of projects. In the still strict market environment, the delivery of about 25,000 sets of 41 projects and 55 groups was completed in the whole year, and the number of delivery sets increased by about 4% compared with last year. In the whole year, 189 quality inspections were completed, involving 30 key projects, and the delivery quality of project facades and public areas was significantly improved compared with last year. During the reporting period, Dongyuan Real Estate continuously upgraded various management and control systems such as financing, investment, marketing, operation, etc., and strived to improve efficiency and quality in operation, and won the honors of "TOP50 Comprehensive Strength of China Housing Enterprises" and "TOP30 Brand Value of China Housing Enterprises".

  2) Vigorously expand the light asset business of "building and selling clothes"

  While stabilizing the basic operation of the re-investment project, we will establish an operating system for building and selling services, form a white paper and a management manual for building and selling services, and adhere to the strategic transformation of value creation, one policy, and assistance. During the reporting period, the company undertook a total of 14 construction and sales service projects, with a contracted amount of 283 million yuan, covering the whole process of agent construction, consignment, consulting, escrow, urban renewal and other types.

  The company actively tries to explore and implement the dreamer business model, inherits the excellent genes of Dongyuan Real Estate, integrates the advantages of Dongyuan Real Estate in product research and development, precision work quality and supply chain, and is committed to providing customers with the whole construction, main and auxiliary materials and home improvement services integrating design, customization, soft decoration and home appliances, and quickly completes the layout in more than 10 cities such as Chengdu, Chongqing, Wuhan and Mianyang, with a total of 143 sets of contracts signed, with a contracted amount of 12.24 million yuan.

  3) Product strength is continuously upgraded to realize value transfer.

  Dongyuan Real Estate continues the core service orientation of "customer value first", realizes the lean design of products, and deeply digs into the general layout and the ultimate value of individual products; Through the innovative "customer value group", we provide professional auxiliary support for accurate distribution of product value, realize seamless connection from market research to R&D, deeply interpret customer needs, tap product potential, and ensure that product value is delivered to marketing and customers without loss. During the reporting period, its projects won the honors of "Gold Award for Real-life Display of Asian Habitat Landscape Award", "Gold Award for Residential Landscape (Region) of the 10th Garden and Metallurgical Cup Professional Award", "Silver Award for Urban Renewal of Global Habitat Design Award" and "Silver Award for International Residential Building of London Design Award".

  4) Optimize internal structure and management system, and strengthen marketing management.

  Dongyuan Real Estate actively responded to market changes, adjusted its internal structure and business strategy, optimized its internal management level, and returned the particles to the warehouse to reduce costs and improve efficiency.

  In terms of marketing management, we will make full efforts to acquire customers, build and improve the marketing model and organizational ability of online customer acquisition, customer operation and maintenance, and self-expansion of customers, so as to increase efficiency and reduce costs. In the field of online customer acquisition, Dongyuan has built a customer acquisition team in Tik Tok, including sales and self-incubation. Based on the short-straight and double-opening customer acquisition model, the monthly turnover has broken 100 sets, accounting for 20% of the transactions; On this basis, the company created a series of professional classes of "Training in Actual Combat", which summarized and precipitated a set of actual combat tactics of the developer’s platform sales in Tik Tok, and successfully trained and exported the professional ability.

  2. Urban renewal

  Dongyuan Zhixin has the ability to develop and operate composite space, with both light and heavy assets. Relying on the comprehensive business management ability of investment, financing, construction, management and retirement, it focuses on non-standardized project scenarios and integrates the comprehensive services of urban renewal. At present, Dongyuan Zhixin operates 6 commercial projects with a total operating area of 391,000 square meters, covering shopping centers, office buildings and community businesses. During the reporting period, Dongyuan Zhixin adhered to the concept of organic renewal and long-term operation, continuously established its ecological capacity around "business+"products in the field of urban renewal, provided a good long-term asset management service plan for its clients’ assets, and became one of the "Leading Brands of China Real Estate City Renewal" in the 2023 China Real Estate Brand Value List of China Central Academy of Sciences.

  (3), wisdom and people’s livelihood plate

  1. Property services

  1) Diversified business development, continuous deep cultivation to achieve scale.

  During the reporting period, under the background of fluctuating macroeconomic environment and increasingly fierce market competition, Hihara Hitoshi continued to build a diversified service portfolio covering residential buildings, commercial complexes, Grade A office buildings, government public buildings, industrial parks, hospitals, embassies, etc., and achieved breakthroughs in many new formats such as universities, airports, State Grid, subways, troops, Asian Games venues, etc. By December 31st, 2023, Hihara Hitoshi had operated and managed 573 property projects in 76 cities in China, with a total construction area under management of about 60.2 million square meters, up about 19.0% year-on-year. During the reporting period, the company continued to pay attention to changes in market demand, coordinated and coordinated regional resource sharing and complementary advantages, strengthened the horizontal alliance between regional and professional BU, expanded the synergistic effect, broadened the market contact area, planned the high-quality market development structure, and continued to create a beautiful city.

  2) Continue to empower science and technology and build a digital system.

  During the reporting period, Hihara Hitoshi adhered to the investment in science and technology, and helped to build a digital system in many aspects, including East Station applet, material procurement platform, financial information system optimization, unified data platform construction, etc., and comprehensively laid out four intelligent sectors, namely "Smart Bank", "Smart Eye", "Smart Union" and "Smart Management", as well as the IOT smart community platform, integrating security precautions, video surveillance, online alarm, command and dispatch, and emergency management. The company embraces AI in an all-round way, makes use of large-scale model technology at home and abroad, and constantly explores the combination of AI and business in combination with business conditions. At present, it has been applied in two market management scenarios.

  3) Enhance brand awareness and service quality.

  Hihara Hitoshi continued to deepen the construction of the internal service system, and made continuous efforts in five categories: property renewal, on-site hardware, customer relationship maintenance, contact service and community activities. Enhance the deep link with customers through community activities such as old friends’ life festival and holiday festivals; Linkage platform, Mercure, renting and selling to create a community life market, providing owners with beautiful life services such as clothing care, purchasing daily necessities, maintaining household appliances, and renting and selling real estate; Continue to operate 400 call centers to conduct distributed full coverage research on all customers, so as to achieve normal customer service. During the reporting period, Tohara Hitoshi perfected and formulated such systems as "Reporting Management System", "Quality Management System" and "Quality Red Line and Management Risk Checklist", and won more than 20 awards such as TOP16 of comprehensive strength of China property enterprises in 2023, TOP15 of super service of China property enterprises in 2023, and Excellent enterprise of sustainable development of international property management services in 2023. In the customer satisfaction survey of Saiwei Consulting in Beijing in 2023, Hihara Hitoshi kept the top position in the industry with 91 points.

  2. Health care

  1) The company’s brand "Evergreen Society" strives to promote the project landing and large-scale operation of the medical and health care industry, and relies on four major pension products: home community, institutional pension, nursing and rehabilitation institutions and specialized institutions, focusing on the layout of high-end institutional pension and community home pension projects. The company has a pension service management information platform suitable for business management needs, which covers customer management, sales contract management and standardized evaluation of nursing level, and builds an intelligent management platform for all business information with modules such as operation, finance, medical service management, quality control and visual analysis (BI) of operation decision. Through the multi-scenario business practice of medical treatment+institution+community site+home medical care combined with four-level linkage mode, the integrated platform of community home-based smart pension-Changqing Community Care and Management Platform is developed to meet the individual needs of the elderly, which covers the functions of elderly management, home-based care bed construction, home-based care service, home-based smart security monitoring and management, meal assistance service, online service order placing, community home-based smart big screen and so on. During the reporting period, Changqing Society completed the formulation and training of version 1.0 of the standardized operation and management of cognitive disorders, and three institutions were certified as "cognitive friendly institutions"; Evergreen Society was selected as the 25th "China Kangyang Industry Operator with Comprehensive Strength" in Yihan Think Tank, and was shortlisted in the "List of Advanced Units and Advanced Individuals in National Pension Service to be commended" by the Ministry of Civil Affairs, and its two institutions were selected as "the first batch of smart pension application pilot demonstration in Chongqing".

  2) During the reporting period, Evergreen Society established two old-age care institutions in fengjie county, Chongqing. At present, it operates one vocational training school, 12 old-age care institution projects, nearly 50 community service stations, and more than 2,000 beds, serving more than 20,000 customers, with a stable business scale. In the education business, the company provides vocational skills training, and the training base covers an area of 2,100 square meters. It has become the training base and appraisal base of the National Vocational Skills Appraisal Institute of Chongqing Municipal Health and Wellness Commission, and cooperates with famous experts from domestic top three hospitals and famous doctors’ studios to focus the courses on professional training sheets in health fields such as Chinese medicine, health care, nutrition and health. In the field of education for the aged, "Evergreen Show" is a middle-aged model training brand under Evergreen Society Education, which mainly carries out catwalk training courses for middle-aged models and provides training and exchange services related to art, culture and public welfare.

  

  Iv. analysis of core competitiveness during the reporting period

  1. Intelligent manufacturing sector

  1) Competitive products and leading brand advantages

  Dima Industry is committed to building a leading special-purpose vehicle brand in China, focusing on the research, production and sales of high-tech special-purpose vehicles, and establishing a domestic first-class special-purpose vehicle production line and production technology management system. It is a service provider of special-purpose vehicles and emergency industries with great strength and scale. The company has more than 300 kinds of products, such as emergency rescue support, bulletproof cash transport, airport ground equipment, robots, mobile service equipment, smart cities, etc. Its series of bulletproof cash transport vehicles, emergency communication command, network and information security, emergency rescue, medical fire protection and other system integration vehicles rank in the leading position in the industry all the year round, and it is a leading enterprise in emergency communication and emergency support equipment and services in China. Airport ground equipment series is also very competitive.

  2) Advanced R&D technology and innovative ability

  Dima industry adheres to the innovative concept and continues to invest in research and development. The company actively enhances its independent R&D and innovation capabilities, and has the ability to pass the production qualification examination and intellectual property declaration. Dima Industry has continuously optimized its products and upgraded its production technology, broadened its product spectrum and actively developed new products. At present, Dima Industry and its subsidiaries have authorized and accepted more than 400 patented technologies and intellectual property rights, and have cooperated with universities and research institutions for a long time for special declaration. The company has set up an intelligent network development team. Through the product development and production of emergency communication command vehicle, super-large national emergency mobile command platform, emergency base station vehicle, logistics support vehicle, on-site disposal vehicle and other models, it is equipped with intelligent IOT systems with independent intellectual property rights, such as multi-vehicle interconnection communication system, centralized control system, multi-network unified communication system, remote monitoring system, front-line emergency command system, etc., to solve the practical needs of information interconnection for customers.

  3) Excellent quality control and after-sales service system

  Dima Industry optimizes the certificate issuing process, after-sales expense process and newly announced prototype inspection process, formulates the certificate issuing management system and the announced prototype inspection management system, and establishes the robot APQP system document; Through the supervision and audit of ISO9001, ISO14001, ISO45001, ISO27001 and after-sales seven-star management system, the three-level management mode of customer communication, feedback and complaint mechanism is adopted to ensure product quality in multiple dimensions. The company has GB/T27922 certificate of perfection of after-sales service system and GB/T22080 certificate of information security management system, which optimizes the PDI work of customers’ vehicles and improves the satisfaction of customers’ vehicles. The quality department and the service department form a regular communication mechanism, and through training, the service personnel and the quality management personnel form a collaborative process, so that the customer feedback can get the fastest response and feedback, and bring high-quality user experience to customers.

  4) Have a professional intelligent robot product line.

  The company’s robot business has a professional team. Relying on the laboratory resources of colleges and universities, Aoting Robot innovates and changes the commercial clean robot technology, and independently develops 10,000-centimeter SLAM navigation technology, clean adaptive pressure and speed technology and HIAT-3D-Fusion environmental sensing technology with 8 categories and 20 sensor integrations, which has achieved the leading generation difference technology in the industry and will gradually become a world-class excellent robot enterprise integrating production, research and research in the future. Tingjie Robot focuses on the field of special robots and service robots, and makes use of the advantages of integration, communication and large manufacturing system for more than 20 years to build a professional data service platform+intelligent emergency, intelligent security and intelligent agricultural special robots, develop common core technologies and product platforms such as human-computer interaction, motion control, sensory transmission, explosion-proof and bulletproof, and strive to become a service provider of special robot equipment and solutions.

  2. Urban operation plate

  1) Fine management of balance between supply and marketing, and gradual transformation of both light and heavy.

  Dongyuan Real Estate adheres to stable operation, ensures the delivery of products with high quality and good reputation in large quantities, runs through fine operation and safety management, dynamically reviews the ratio of storage to sales and balances the supply, marketing and storage structure based on inventory quantity, inventory structure, local market and actual flow rate; According to the rigid capital demand of the project, plan the supply rhythm, avoid the risk of supply interruption, make the project operation more reasonable and stable, and ensure the safe operation and stable development of the company. While stabilizing the basic operation of the re-investment project, we will quickly establish the operation system of building and selling clothes, which has the ability to expand and promote rapidly, and help the strategic transformation of both light and heavy.

  2) High-quality competitive advantage of total product strength

  Dongyuan Real Estate has always adhered to the product core orientation of "customer value first", and from the three dimensions of product, service and community operation, combined with the exploration and study of family and community life pain points and customer life needs, it has deeply explored the iterative upgrade of Dongyuan Real Estate products and services, forming Dongyuan’s unique big product brand. Ingenuity has created residential product brands such as "Printing the Yangtze River", "Printing", community-operated products and brands such as "Yuan-Ju Chang" and "Tong Meng Children’s Enjoy", and created a large productism with iteration, innovation, interconnection and co-creation, which is widely recognized by customers.

  3) Maintain matching enterprise management efficiency.

  Dongyuan Real Estate has an efficient and comprehensive enterprise management system, with clear organizational rights and responsibilities. In addition to the traditional "two management and two control", that is, managing plans, goods value, profits and cash flow, it has a professional and stable output, focusing on solving specific project problems, and can quickly penetrate and get through at the three levels of group, region and project, and make quick decisions and implementation, so as to avoid redundant processes and decision-making mechanisms from affecting business advancement. With the continuous deterioration and downturn of the market, the company can match the overall strategic deployment of the organization at each stage, clarify the key points, formulate strategies, and form a closed-loop iterative evolution of "organization-business-responsibility-landing" to meet the increasingly demanding requirements of the real estate market for the real estate operation system.

  4) Excellent corporate culture and talent team to maintain market competitiveness.

  Dongyuan Real Estate takes "for a new day" as its purpose, and has excellent employees and teams that meet the corporate cultural characteristics of "enterprising, keen and cooperative". It not only has high consensus, strong synergy and cohesion, but also has high pressure resistance and strong learning ability. Being able to keep up with the market’s rapid response and actively innovate and empower, it provides a talent guarantee for the long-term development of the company, and also provides an organizational guarantee for the promotion of the company’s competitiveness and corporate image.

  5) Ability and experience in urban renewal.

  Dongyuan Zhixin has the differentiated core competitiveness of complex space management and innovative content incubation, the ability of long-term operation-oriented planning design and the ability of full-cycle asset management to build urban renewal projects. According to the characteristics of the renewal business, the company re-planned and integrated the full-cycle business capabilities precipitated by previous organizations, and split them into different modules, such as policy consulting service, EPC management consulting, start-up and operation management, brand and content marketing service, asset planning and asset management advice, to meet the pain points of customers at different stages and in different scenarios.

  3. Smart People’s Livelihood Plate

  1) Rapid development of quality property management services

  Hihara Hitoshi is committed to being a multi-format comprehensive service provider in the city, creating a multi-service format covering residential buildings, commercial complexes, Grade A office buildings, government public buildings, industrial parks, schools, hospitals, embassies, etc., and adhering to the development strategy of "big property-full value", forming a business pattern of both residential and non-residential double tracks, and realizing the comprehensive service advantage of IFM (integrated facility management service) professional empowerment. Adhere to the market-oriented transformation, and constantly innovate the service mode. The service scope covers East China, West China, Central China and Southwest China, and provides customers with property city services, better life services and comprehensive services such as foreign affairs, science and technology, and medical care. The three business lines complement each other, which is conducive to the continuous growth of the management scale of Dongyuan Renzhi and the continuous expansion of the market territory.

  Tohara Hitoshi diligently explores customer needs, continuously improves the service experience, and meets customers’ differentiated needs in all directions through "Tohara", value-added service brands "Original Life", "Original Housekeeper" and innovative community operation products "Original Gathering". Hihara Hitoshi adheres to the service concept of "high growth+high customer satisfaction", always regards comprehensive residential services as the cornerstone of enterprise development, constantly improves property services and operational management capabilities, customizes value-added services around industry characteristics, and accumulates excellent reputation for property services and corporate honor; Hihara Hitoshi accelerates the development of non-residential business, explores value-added service opportunities for non-residential projects, innovates services and builds differentiated competitive advantages.

  2) Deeply cultivate the service and quality of old-age care.

  Di Ma Changqing Society has been deeply involved in Kangyang for many years, and has accumulated rich operating experience, and has a certain familiarity and sensitivity to the industry. As a comprehensive kangyang chain company, Evergreen Society’s four-level service circle, which combines medical care, old-age care institutions, community sites and home-based services, continues to deepen its layout to better achieve synergy and economic benefits. The company has diversified its business structure, with the old-age service as the core, and developed services related to big health vocational education and training, old-age education and silver hair consumption; Relying on Changqing Society’s professional and comprehensive service ability for the aged, it has developed from the center to the surrounding areas, reached in-depth strategic cooperation with the governments of the surrounding areas, civil affairs, health and health committees and other departments, and created benchmark pension projects by upgrading local pension facilities and services to meet the high-quality local pension needs of the elderly.

  

  V. Main operations during the reporting period

  In 2023, the operating income was 18,301,217,300 yuan, a year-on-year decrease of 19.69%; The net profit attributable to shareholders of listed companies was-3,650,897,900 yuan, down 4.40% year-on-year; The asset scale was 56,488,600,500 yuan, a year-on-year decrease of 19.73%; The net assets were 8,071,324,100 yuan, a year-on-year decrease of 35.12%; The net operating cash was 1,115,643,100 yuan, a year-on-year decrease of 42.19%. Among them, the main business income of the urban operation sector was 15,888,464,400 yuan, a year-on-year decrease of 22.37%, and the main business income of the intelligent manufacturing sector was 790,746,300 yuan, a year-on-year decrease of 17.70%.

  

  VI. The Company’s Discussion and Analysis on the Company’s Future Development

  (A) the industry pattern and trends

  1. Intelligent manufacturing plate

  1) Special purpose vehicle manufacturing

  The application of special purpose vehicles is extensive and professional, and there are many market segments. The operation requirements and demand of special purpose vehicles in different application scenarios are also quite different. At the same time, with the development of intelligent manufacturing, special purpose vehicles are gradually deeply integrated with advanced technologies such as new energy and intelligent networking. Since 2023, "going out to sea" has gradually become the positive development direction of various enterprises, and the automobile export in 2023 is also very strong, which also brings new ideas for the breakthrough of the special purpose vehicle market in the future. Under the background of increasingly diversified application fields and increasing global geopolitical uncertainty, the market demand for public safety and emergency integrated vehicles such as fire fighting, medical treatment, emergency communication and rescue is increasing due to the need of prevention and treatment of safety, health and natural disasters. It has great development potential for special purpose vehicle manufacturing enterprises with strong R&D strength and scale advantages, and can quickly and effectively integrate new energy, emergency safety, intelligent manufacturing, etc., and launch green and environmentally friendly emergency application products with high technology added value to meet market demand.

  2) Robot business

  In 2023, the Ministry of Industry and Information Technology and other 17 departments issued the "Robot+"Application Action Implementation Plan, proposing that by 2025, the density of manufacturing robots will double compared with that in 2020, and the application depth and breadth of service robots and special robots will be significantly improved, and the ability of robots to promote high-quality economic and social development will be significantly enhanced. With the continuous progress of technology and the continuous expansion of application scenarios, the development momentum and broad market prospects make it a strategic highland for countries to compete for. As an important branch of the robot industry, industrial robots are mainly used in the production lines of automobile, electronics, food, medicine and other industries. By improving production efficiency and accuracy, industrial robots can help enterprises reduce costs and enhance their competitiveness. With the continuous progress of artificial intelligence technology, service robots have also begun to rise rapidly, and their application scenarios are becoming more and more diverse, covering many fields such as family services, business services, medical care, etc. I believe that the application scope and influence of robots will be more and more in the future.

  2. Urban operation plate

  1) Real estate development

  In 2023, the overall real estate policy was favorable, but the performance of real estate sales remained sluggish, and customers took a wait-and-see attitude because of concerns about the delivery risk of faster houses and the risk of house prices. At present, the real estate policy has gradually shifted from demand side to stable supply. The Central Economic Work Conference once again emphasized actively and steadily resolving real estate risks, meeting the reasonable financing needs of real estate enterprises with different ownership equally, and promoting the stable and healthy development of the real estate market. In 2024, the Central Economic Work Conference and the National People’s Congress put forward clear requirements for optimizing the real estate policy and promoting the stable and healthy development of the real estate market, demanding to adapt to the development trend of new urbanization and the changes in the supply-demand relationship in the real estate market, speeding up the construction of a new real estate development model, increasing the construction and supply of affordable housing, improving the basic system related to commercial housing, meeting residents’ rigid housing needs and diversified and improved housing needs, helping to alleviate residents’ wait-and-see mood and promoting the normal release of stock savings. In the medium and long term, under the background of great changes in the relationship between new urbanization and real estate supply and demand, with the further optimization of the basic system of commercial housing, the orderly promotion of the "three major projects" such as affordable housing construction, "emergency and emergency" public infrastructure construction and village-in-city reconstruction, the new model of real estate development is expected to gradually become clear.

  2) Urban renewal

  The Outline of the 14th Five-Year Plan points out that it is necessary to further promote the new urbanization strategy with people as the core and implement urban renewal. In 2023, the Central Economic Work Conference also placed "new urbanization" in an important position in the new development model of real estate, and at the same time clearly emphasized the promotion of the urbanization rate of the registered population, which is still low at present. In the long run, China’s urbanization space is still large, and the deepening of industrialization has the effect of driving urbanization, and it can also bring about a smoother urbanization process of population flow. With the development of urban agglomerations, the second, third and fourth lines with good infrastructure, friendly business environment and affordable operating costs are expected to usher in more population inflows and industries in the future, bringing opportunities to the development and operation of commercial real estate in third-and fourth-tier cities. At present, all cities are actively promoting the formulation of supporting policies, steadily and orderly promoting urban renewal actions and promoting the implementation of urban renewal projects. How to highlight differentiation, individualization and customization in positioning and format, how to link service industries, effectively promote urban renewal, innovate value-added services, and meet market and consumer demand are the challenges that commercial operation management needs to face.

  3. Smart People’s Livelihood Plate

  1) Property services

  At present, the scale of enterprises in the property service industry is growing continuously, but the differentiation is also more obvious. The leading edge of head enterprises is further expanded and the market concentration is improved. Under the background that the real estate policy is gradually shifting to stable supply and promoting the policy of guaranteeing the delivery of buildings to stabilize the market players, a large number of pre-sold commercial houses are expected to be completed and delivered gradually, and industries with post-real estate cycle chain such as property services are expected to usher in a gradually better business environment. In addition, with the increase of per capita GDP, consumer service requirements will be further improved, and the attention to the quality of property services will be improved. How to continuously improve the overall value of property enterprises and meet the demand for consumer quality is the embodiment of the differentiated core competitiveness of enterprises in the future. The diversified development of services in the property management industry has brought challenges to the provision of full-process, integrated comprehensive services and the improvement of IFM (Integrated Facilities Management Service) capabilities. With the deep integration of artificial intelligence, big data, cloud computing, Internet of Things and other technology applications and property management, digitalization and intelligence have become the "accelerators" for property service enterprises to break the service bottleneck, which can help enterprises reduce costs and increase efficiency, improve customer experience and promote the stable development of enterprises.

  2) medical rehabilitation

  In 2023, China’s population will continue to show negative growth. Under the general trend of population aging, the demand for medical and health services will continue to grow. The "silver-haired economy" has also become an important development direction in the future. The policy has been focused on promoting the coordinated development of the old-age cause and industry, promoting the high-quality development of the old-age service system, and accelerating the improvement of the old-age service system and health support system with the coordination of home community institutions and the combination of medical care and health care. With the gradual improvement of consumers’ willingness and ability to pay for health care services, the diversified and high-quality pension products and services market will also usher in a period of rapid development.

  (II) Company development strategy

  Focusing on maintaining sustainable operation, the company actively changed to asset-light strategy, fully expanded and laid out smart manufacturing and smart people’s livelihood business, achieved synergy and stable development, and sought a long-term solution to liquidity.

  (A) intelligent manufacturing sector

  1, special vehicle manufacturing

  Dima Industry continues to strive to become a leading domestic and world-renowned expert in the field of special vehicles and an emergency management platform service provider. It has a number of product lines, including bulletproof, integration, aviation and medical care, covering hundreds of products in the fields of financial escort, public security, emergency, fire protection, electric power and civil aviation, and medical and health care. New energy is becoming the trend of the times. Facing the needs of the market and customers, Dima, as a brave innovator, quickly cut into the field of new energy, speed up product layout, and start the new energy transformation of all special products. Dima Industry will seek cooperation opportunities around advocating and practicing ESG development concept, developing and manufacturing intelligent new energy special purpose vehicle products, exploring digital products and solutions in the field of emergency intelligent special purpose vehicles, and promoting the healthy and stable development of the company.

  2. Robot business

  Based on years of accumulation in the fire protection industry, aiming at the pain points of fire protection customers, the company constantly meets customer needs, optimizes the construction of core teams and forms unique technical advantages. Relying on fire protection robots as the starting point, taking inspection robots as the basis and professional robots (special+service) as the direction, the company forms robot clusters, and utilizes the advantages and capabilities in property, industrial parks, community services and emergency industries to improve the service network and data-based capabilities. Build the core technology and product platform of robots, build a professional data service platform+smart emergency, smart security, smart agriculture and smart cleaning special robots, and become a supplier of intelligent robot equipment and overall solutions.

  (2) Urban operation sector

  1. Real estate development

  Facing the continuous downward pressure and challenges of the industry, Dongyuan Real Estate will continue to adhere to the long-term business philosophy, change its thinking and rhythm, reduce expenses, save costs, seek measures to reduce the burden of existing heavy assets, gradually shift to light assets, and maintain steady operation while maintaining the delivery part of the building. Fully lay out the business of "building and selling clothes", set up new business teams in each region, absorb business clues through the local resources, applicable play and experience of the region, and realize the expansion and rapid scale of the business of building and selling clothes with the help of the company’s leading product capabilities and sales capabilities; Optimize organizational structure, reduce costs and increase efficiency; Actively respond to market changes and expand new sales channels, and strive to ensure the safety of the company’s funds; Strengthen cash flow management, rationally optimize debt structure, and actively communicate with creditors to gain understanding and complete the extension and extension of corresponding debts.

  2. Urban renewal

  Dongyuan Zhixin is committed to becoming an innovative service provider of urban evolution and an explorer and leader of urban organic renewal. Relying on the whole chain capability system (district planning, product planning, development and transformation, multi-operation capability and asset management capability) of urban development plate and the experience of serving the customers of 10+ districts in succession, the company actively explores and practices long-term solutions for urban renewal with the main bodies of district renewal with high consensus (local governments and platform companies), including but not limited to consulting services, media content procurement, management output, entrustment and whole lease operation.

  (3) Smart People’s Livelihood Plate

  1. Property services

  The company’s property sector has always adhered to the service concept of "every moment of peace of mind", the vision of "becoming a respected urban renewal service provider with unique business value", the development strategy of "big property-full value", and the development characteristics of multi-format services, laying out four major areas of "residential comprehensive services, international comprehensive services, medical comprehensive services and urban comprehensive services" to expand the business portfolio and scale; The company will continue to empower technology, comprehensively sort out data assets, and combine big data related technologies to create a new generation of data middle platform, and sort out multiple business indicators from the aspects of market, operation, finance and human resources, laying a solid foundation for the overall digital operation and enabling the strategy to land; The company focuses on the life cycle needs of people and cities, and will continue to take customer satisfaction as the core, continuously upgrade the service quality, and provide more detailed, comprehensive, caring and efficient property services and value-added services for multiple customers; The company will continue to expand the business chain related to non-residential formats, build differentiated competitive advantages, build IFM (Integrated Facilities Management Service) capabilities, tap value-added service opportunities for non-residential projects, dig deep into customer needs, and innovate service models; The company will promote the transformation of organizational management and control mode to "platform+marketization" mode, continuously optimize organizational structure, strengthen personnel training and cultural identity to promote the company’s development.

  2. Health care

  The company’s health care business is based on the service ability for the aged, with the medical ability as the core support and the community home care business as the development focus. Through various operation modes and business forms, it continues to build a chain-type health care medical institution with a certain scale, helping to realize the ideal life in the hearts of more elderly people. Through the four-level linkage business model of medical care+institution+site+home, we will provide the elderly with all-round pension solutions covering basic services, nursing services, medical services, professional pension products and pension information, and actively explore opportunities in other pension fields such as silver-haired consumption, elderly education, vocational training and pension tourism.

  (3) Business plan

  The company focuses on stable operation, strengthens cash flow management, and ensures sound financial capital security; Change business ideas, actively change to asset-light strategy, fully expand and lay out smart manufacturing and smart people’s livelihood business, and provide more support for future sustainable development.

  (1) Intelligent manufacturing sector:

  1, special vehicle manufacturing

  1) Enhance the competitiveness of core products and ensure the steady improvement of performance.

  Stabilize the market share of core products such as bulletproof, emergency, communication, medical care, fire fighting technology and airport equipment, focus on "region-industry-products", break through market segments one by one, and increase sales and order volume; Improve high-quality operation efficiency, and strengthen cost optimization through the whole process of "design-supply chain-process-manufacturing" to reduce costs and increase efficiency; Strengthen the construction of quality culture, enhance quality awareness, optimize quality and monitor the process from the design-process side, win the market with high-quality products and services, and realize the growth of sales, profits and market share.

  2) Deepen the emergency industry and accelerate the transformation of new energy.

  Grasping the market demand, Dima Industry has upgraded to smart security equipment and platform service providers around the "M+AIoT+N" (mobile+intelligent Internet of Things+application scenarios) scheme, and promoted the double growth of enterprise quality and quantity. In addition to the existing electric cash-carrying vehicles and electric airports, in the field of integrated vehicles, the third-level side-pull communication command fire truck is equipped with Geely new energy chassis for the first time to build a fire emergency response command center for all disasters, and Dima Industry has started the new energy transformation of all products.

  3) achieve a breakthrough in "going out to sea"

  Combined with the international market demand and policy encouragement direction, we will vigorously promote the sales and business cooperation of special products in overseas markets, build and incubate business outlets, increase orders and market share, and tap new profit growth points.

  2. Robot business

  The company continues to strengthen the product line of robots, increase the innovative research and development of special robots such as fire fighting robots, plant protection robots and cleaning robots, break through the market and increase the market share. The company plans to establish strategic partnerships with local governments, enterprises and institutions to jointly promote the development of artificial intelligence and robot industry in the local area and build an integrated smart city technology and smart agriculture platform. At the same time, expand overseas market orders, comprehensively deepen the strategy of layout to the sea, and realize the all-round development of domestic and international two-way business with excellent product competitiveness.

  (2) Urban operation sector:

  1. Real estate development

  1) Adhere to stable operation and control operational risks.

  Dongyuan Real Estate will focus on continuous operation, continuously guarantee the delivery of part of the work, reduce costs and save all expenses; Strengthen the management of project sales and payment, meet the payment needs of loan repayment, taxes and project funds as much as possible, and rationally plan the project operation nodes to ensure that the efficiency of fund withdrawal matches the rhythm of fund payment, and improve the efficiency of fund use and turnover; Optimize the debt structure, continue to strengthen communication with financial institutions, strive for the understanding of financial institutions and obtain loan extension support, thus ensuring the company’s operation and liquidity safety.

  2) Reduce costs and increase efficiency, and improve internal management efficiency.

  The company will focus on "taking cash flow as the core, stopping falling and stabilizing, improving steadily and improving profitability" as the operating goal, and establish an organizational mechanism with shared capabilities, unified standards, rapid decision-making and dynamic strategies to improve the overall internal decision-making quality and operating level. Ensure that the inventory structure is reasonable, the personnel organization structure and structure are reasonable, and establish an operation control system with cash flow as the core to reduce costs and increase efficiency and reduce liquidity risks; Focus on the implementation of phased core tasks and objectives, optimize system construction, and continuously improve the quality and operational efficiency of corporate governance and control systems.

  3) carry out the revolution of online marketing system and realize the business expansion of building, selling and serving.

  The company upgraded its online marketing system, systematically improved its marketing capabilities, increased the proportion of self-acquired customers through public domain operation and maintenance, continuously consolidated the organization’s self-acquired customer capabilities, and made efforts in online, self-channel and customer operation and maintenance to ensure stable sales; Quickly shift the accumulated capacity of heavy assets business, and realize the expansion and rapid scale of construction, sales and service business by expanding the four aspects of city investment and agent construction, capital co-construction, variable co-construction and supplier co-construction, and gradually realize the rapid expansion of light assets business.

  2. Urban renewal

  Dongyuan Zhixin continuously incubates its own brands and IP ("there is a good market IP(“1891", and there are neighborhoods, etc.). Through the diversified business model of self-incubation, joint venture cooperation and ecological coordination, customers with district renewal and monomer renewal provide a one-case and one-policy asset management service scheme, which promotes continuous renewal and upgrading, injects vitality into the carrier and district, and helps the long-term operation of business management. The company continued to deepen organizational capacity building, and based on new market pain points and demands, improved the delivery of products and operational solutions of internal and external customers; Continue to expand the business scale of external customers, give full play to their own professional ability and business experience, form good cooperation with more government and state-owned platform companies, and build a win-win situation in the field of urban renewal.

  (3) Smart People’s Livelihood Plate:

  1. Property services

  As a comprehensive urban service provider, Hihara Renzhi Service actively responds to the uncertainty of the external environment, insists on market-oriented transformation, deeply cultivates core cities, expands business chains related to non-residential formats, innovates service models, builds differentiated competitive advantages, and continues to take "customer satisfaction" as the service yardstick, constantly promoting the professional, product-oriented, refined and intelligent development of services, and realizing double growth of income and profit. Dongyuan Renzhi Service will implement the amoeba business model, combine the business scenarios of first-line business units, build an independent business mechanism, enhance business awareness and stimulate business vitality. Driven by business objectives, we will establish a project classification management model, iterate operation management process measures, achieve lean management through management optimization, energy saving, intelligent equipment introduction, and optimization of management platform, and try to create a "highly integrated collaborative operation" model, integrate supplier resources, realize the promotion and application of business integration model, and improve service productivity. At the moment of new urbanization, Hihara Hitoshi will also actively resonate with the development of the city, explore the concept of sustainable development, promote the development of urban renewal to refinement, specialization, intelligence and low carbon, and realize the improvement of urban governance system and the improvement of management efficiency.

  2. Health care

  The kangyang business segment will continue to operate a new business mode of combining medical care with nursing care through the operation mode and business form of "hospital+nursing care institution+community site+home service", deeply lay out four service types of home community pension, institutional pension, nursing rehabilitation service and medical service, and explore the development of new business modes such as big health training school, market-oriented home rehabilitation service and community medical service. Continue to cultivate deeply in Sichuan and Chongqing, further improve the occupancy rate of existing pension institutions, improve the service level and satisfaction of institutional pension, gradually adjust and increase the proportion of nursing beds, and improve the overall income and profit level. Improve the supporting system of old-age care services, strengthen the systematization and standardization of operation, upgrade products and services, and enhance the brand influence of "Di Ma Changqing Society". In the field of silver-haired consumer business, Evergreen Society will open direct stores one after another, and combine community service stations, online platforms, old-age tourism and external cooperation to create private domain traffic belonging to Evergreen Society.

  (4) Possible risks

  1) Market risk

  In 2023, the optimization policies for urban policies were intensively introduced in various places, spreading from third-and fourth-tier cities to first-and second-tier cities, especially in first-tier cities, and the partial loosening of the purchase restriction policy played a positive role in the market recovery. However, the relationship between supply and demand in the real estate market has gradually changed from insufficient supply to insufficient demand. Investors are not confident about the future real estate development and worried about the risks of real estate enterprises. The overall investment and sales in the real estate market continue to decline, and enterprises with risks have emerged one after another, especially private real estate enterprises. In 2024,

  2) Liquidity risk

  Although the overall policy of real estate is getting better, the sales end of the real estate market has not been significantly improved, the hematopoietic function of housing enterprises has not been effectively restored, new financing is still difficult, and liquidity risks are greater, especially for some private enterprises, such as sales difficulties, financing difficulties and turnover difficulties. The operating pressure is increasing and the short-term liquidity risks are still outstanding.

  (3) Default and litigation risk

  In the case of difficult liquidity, with the overdue debt and the gradual increase of litigation, the judicial risk of debt also increases accordingly.

Reconstruct the supply chain in the new retail era and enhance the consumer experience.

  CCTV News:On October 21st, 2017, coincided with the grand opening of The 19th National Congress of the Communist Party of China, the 23rd China Yiwu International Commodities Fair, the largest commodity fair in China, was held in Yiwu, Zhejiang.

  This year’s Yiwu Fair has 4,100 standard booths, involving 14 major industries. Combining with the cultivation direction of emerging sectors, it has set up eight special areas, namely "Made in Zhejiang" theme area, standard Expo area, innovative design, smart lifestyle, fashion department stores, international brands, e-commerce and trade services, and women’s Federation handicrafts, with a total of 10 pavilions with an exhibition area of 100,000 square meters. It attracted more than 2,200 enterprises from 16 countries and regions including Australia, Japan, Brazil, Germany, Italy and France, as well as 24 provinces (municipalities and autonomous regions) in China.

  As an important supporting meeting in the 2017 Yiwu Fair, the "2017 China Retail Department Store (Yiwu) Purchasing Summit" was held simultaneously during this period. The summit was hosted by the Executive Committee of Yiwu International Commodity Expo in China, jointly organized by Zhejiang China Commodity City Group Co., Ltd. and IBMG International Business Management Group, and sponsored by Yiwu Mr. Huolang Trading Co., Ltd., and the conference received extensive attention and praise from the government, industry, news media and people from all walks of life.

  More than 200 enterprise bosses and senior executives from more than 50 retail enterprises, including national top 100 retail enterprises, listed companies and regional leading enterprises, led their professional purchasing teams to participate in the summit. In order to actively broaden the domestic sales channels of local suppliers in Yiwu, improve the purchasing efficiency and quality of participating retailers, and promote the in-depth cooperation between suppliers and retailers, the summit invited Mr. Li Sheng, deputy director of the Expert Working Committee of China Business Federation, Professor Wu Leijun, course director of SPACE China Business College of the University of Hong Kong, and other big coffee makers in the retail industry to conduct in-depth thematic discussions and share, and specially arranged a number of on-site retailers’ fair for high-quality goods, which promoted many categories such as household goods, imported goods, knitwear, toys, cultural offices and sporting goods. During the summit, the delegates also visited well-known local enterprises in Yiwu, and went deep into the factory to learn about commodity technology.

  Mr. Jiang Ming, President of China Business Federation, made an opening speech for the summit.

  In his opening speech, Mr. Jiang Ming, President of China Business Federation, said: Yiwu has changed from "buying and selling the whole country" to "buying and selling the whole world". This is a hot spot for entrepreneurship, a land of real miracles. Department stores cover a wide range of commodities, and have become synonymous with Yiwu. Yiwu International Trade City is one of the largest export bases of small commodities in China, and its market extroversion has reached 65%.

  The theme of this conference, "focusing on commodities, upgrading layout-supply chain reconstruction under consumption upgrading", fits the background of the retail industry environment, identifies the profit model, returns to the essence of retail, and locates customers with commodities. This summit will discuss how to rebuild the supply chain in the new retail era with the help of Yiwu’s advantages, new technologies and new theories, focus on market consumers, push forward with the pace of transformation of both domestic and foreign trade in Yiwu Fair, and strive for the healthy and rapid development of the retail industry and a broader future!

Protection is not as good as mRNA vaccine. What are the advantages of inactivated vaccine?

On December 30, 2020, Beijing Institute of Biological Products Co., Ltd. quietly published a short announcement in official website. According to the interim analysis results of Covid-19 inactivated vaccine phase III clinical trial, the safety of Covid-19 inactivated vaccine of China Bio-Beijing Company of Sinopharm Group was good after inoculation.After two doses of immunization, the positive conversion rate of neutralizing antibody was 99.2%, and the protective power of vaccine against diseases caused by COVID-19 infection (Covid-19) was 79.34%.

Prior to this, Pfizer and Moderna from the United States also released the research results of phase III clinical trials of their own mRNA vaccines, and the protective power was over 90%. In this way, our vaccines seem to have a little poor protective effect. But be careful,This is not because our technology is not good, but more because of the congenital difference between mRNA vaccine and inactivated vaccine.

Immune protection induced by inactivated vaccine is relatively weak.

Inactivated vaccine is a vaccine made by inactivating virus by physical or chemical methods. Compared with live virus particles, the immunogenicity of inactivated virus is relatively weak, and adjuvant is often needed.

In 2013, a study entitled "Characterization of immune responses induced by activated, live attended and DNA vacuums against Japanese encephalitis virus in mice" was confirmed by Japanese encephalitis virus.Compared with artificial attenuated live vaccine and DNA vaccine, the immune response induced by inactivated vaccine is relatively weak.

Figure 1. Heading of the article

The researchers divided the mice into four groups, injected with inactivated vaccine (INV), live attenuated vaccine (LAV), DNA vaccine (pCAG-JME) and control, and then detected the antibody level in mice. At the end of the experiment, the total antibody titer induced by inactivated vaccine was significantly lower than that of attenuated live vaccine group and DNA vaccine group.

Fig. 2 Antibody level pairs induced by three vaccines

The researchers also detected the levels of different subtypes of IgG induced in the serum of mice, and found that there were differences among the three vaccines. The inactivated vaccine mainly induced IgG type 1 antibody, while the attenuated live vaccine mainly induced IgG type 2a antibody, and the antibody levels of DNA vaccine were both high.

Fig. 3 Different IgG subtypes induced by three vaccines

The researchers also compared the levels of cytokines induced by vaccine and the levels of dendritic cells and Treg in detail, and there were some differences. Anyway,There are some differences in immune response induced by inactivated vaccine, attenuated live vaccine and nucleic acid vaccine. It is not surprising that the protective effect of inactivated vaccine is not as good as that of RNA vaccine.

Inactivated vaccine has the best safety.

Because the clinical data of phase III vaccine of Beijing Institute of Biological Products have not been published in any authoritative journals,Therefore, the safety of inactivated vaccine BBIBP-CorV in China, mRNA vaccine BNT162b2 in Pfizer and mRNA vaccine mRNA-1273 in Moderna Company are examined from the published phase I/II clinical trials of vaccines.Someone has made statistics on the safety data of phase I/II clinical trials of various COVID-19 vaccines, and all the data are shown in the following figure. After the first dose of mRNA-1273 vaccine was injected, the incidence of systemic grade I adverse reactions was 53.3%, grade II adverse reactions were 13.3%, local grade I adverse reactions were 73.3%, and grade II adverse reactions were 13.3%. After injecting the second dose, the incidence of systemic first-class adverse reactions was 20%, and the incidence of second-class adverse reactions was 80%. The incidence of local first-class adverse reactions was 66.7%, and the incidence of second-class adverse reactions was 26.7%. No adverse reactions above grade 3 were found locally or systemically.

However, after injection of Pfizer’s BNT162b2, the incidence of local or systemic adverse reactions was 41.7%, and the incidence of adverse events above grade 3 was 8.3%. For people aged 65-85, the incidence of local or systemic adverse reactions is 25%, and the incidence of adverse reactions above grade 3 is 8.3%.

The results of phase I clinical trial of domestic inactivated vaccine BBIBP-CorV in China show that the incidence of first-grade local or systemic adverse reactions is 33% for people aged 18-59, and that of second-grade adverse reactions is 13%. For people over 60, the incidence of adverse reactions is 29%, and there are no adverse events above grade 3. In the results of Phase II clinical trials, the incidence of Grade I adverse events was 15%, and the incidence of Grade II adverse events was 2%.

Fig. 4 Adverse reactions of various vaccines.

Judging from these data, among the three popular vaccines at present, the safety of inactivated vaccine in China is absolutely the best, not to mention the recent allergic storm of Pfizer vaccine, which has caused rare allergic reactions in dozens of people.

Domestic vaccines with 79% protection and no serious adverse reactions are absolutely safe and effective.Because China’s epidemic prevention and control work is very well done, we have to overcome many difficulties when conducting clinical trials of vaccines. After all, the epidemic situation in COVID-19 is well controlled and there is no condition for clinical trials, which is one of the reasons why the progress of phase III clinical trials lags behind others. We should see that even if our protection efficiency does not exceed 90% in the United States, inactivated vaccine obviously has advantages, such as it is safer and easier to store and transport. Although our protective effect is not as good as the two vaccines in the United States, it has reached the standard of vaccine approval, and the protective effect far exceeds 50%, which is trustworthy.