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The video number began to ride the wind of live e-commerce and entered the e-commerce field. Obviously, the video number has achieved good results in the field of live e-commerce. However, there are still many aspects to be considered in the development of video number. What will be its future development? Let’s look at the author’s analysis.

Since the beginning of this year, benchmark cases of video numbers have emerged one after another: Langzi, a high-end clothing brand whose GMV has increased by about 6 times year-on-year, Alice Clothing Alice, a women’s clothing brand whose GMV was as high as 55 million yuan in February, only laid out the video number this year, and the monthly GMV was stable at tens of millions in Yunnan Yiyao tea industry … ..

In addition, the data of WeChat open class shows that last year, the overall live broadcast sales of video numbers increased by more than 8 times year-on-year, which can be described as a rainbow under the wind.

Moreover, less than half a year ago, the video number was also designated as "the hope of the whole factory" by Ma Huateng, Chairman of Tencent’s Board of Directors. Subsequently, Liu Chiping, president of Tencent, also mentioned that the video number is gradually cutting into the field of live e-commerce through live broadcast, "there is a lot of space here".

However, Wu Cong (a pseudonym), a senior e-commerce practitioner, is not in a hurry to catch up. He has "two faces" to the video number. On the one hand, he thinks that mature brands deserve the All in video number, but on the other hand, his newly-started perfume brand has chosen to "stay put" and stick to the traditional e-commerce position.

Everything should start with the ecological characteristics of the video number. "The core attribute of the video number is the private domain, and the public domain traffic is small. It’s like, you opened your store in an office building instead of a busy road, a small brand that no one knows about, how many people can go to the office building to find you? After all, different brands are suitable for doing different things at different stages. "

At the same time, according to his observation, among the active businesses in the live broadcast circle around him, although about 60% of the businesses are doing video numbers. However, among them, only 10% of the merchants may have the ideal transaction volume, and more of them just "occupy the pit" and did not spend much energy on operation.

"In fact, the learning cost of video number is quite high, and the ecology is different from other platforms, so the gameplay naturally needs to be re-explored," Wu Cong said.

So, what is the difference between the video number ecology? What opportunities can merchants meet here? What challenges do you face? What do those who have made money do? With these questions, Caijing Story chatted with a number of e-commerce practitioners.

One of the main players of the video number is the mature brand in Wu Congkou.

For example, clothing brands Langzi, Li Ning, Gloria, beauty brands Nature Hall, Winona, Mystery of Sea Blue, jewelry brand Zhou Dasheng, etc., all started the normal live broadcast operation on the video number.

At the same time, brand merchants are also highly valued by the platform, and the platform will tilt the traffic for them.

From April to May this year, WeChat released and upgraded the "Incentive Plan for Brand Merchants with Video Number", giving multiple rights and interests incentives to qualified brand merchants, including rewarding traffic coupons, reducing a certain percentage of technical service fees, and promoting priority participation channels.

Some brand businesses have made initial growth in the video number.

For example, the high-end clothing brand Langzi, during June 18 this year, its video number GMV reached more than 12 million, exceeding the target by 20%.

"Since the normalized daily broadcast began in October last year, the GMV contributed by video numbers has grown rapidly, accounting for a small proportion of the overall online GMV". The person in charge of Langzi’s new retail told Caijing Story.

Another example is hippocampus, a photography brand. On June 18th this year, its video number GMV was originally set at 6 million, but the actual results far exceeded expectations. After the first live broadcast sales exceeded expectations by 200%, the closing night sales directly exceeded 10 million.

Brand merchants have advantages in making video numbers. The core factor is that mature brands have enough user awareness, and often have completed the original private domain accumulation, which can more easily incite the ecological value of video numbers and WeChat.

At present, WeChat has connected the video number with other public and private domain contacts such as WeChat official account, applet, enterprise WeChat, circle of friends, search and search, and can link to the video number on private domain contacts such as WeChat official account, applet and enterprise WeChat. At the same time, when the video number is broadcast live, it can also guide users to pay attention to corporate WeChat and precipitate it into the private domain.

This means that brand merchants can start live broadcast based on their own private domain.

Both Langzi and Haima have observed that most customers in their live broadcast rooms come from private domain broadcast reminders, and the proportion of private domain transactions is higher than that of other platforms such as Jikuai.

The accumulation of private domain was not built in a day.

Two or three years ago, Langzi began to encourage store shopping guides to introduce customers into corporate WeChat, and now it has become a normal operation. At the same time, its WeChat official account and short videos have been outputting content that highlights the tonality of the brand, and have accumulated many followers. These private domain assets help it trot in the video number.

However, private domain is an efficient path for Nuggets video number, but it is not the only path.

In addition to brand merchants, some small and medium-sized merchants without private domain foundation "have a unique way" and rely on the natural flow dividend of the new platform to lay a solid foundation. These traders include white-brand merchants, individuals or teams with sources of goods.

Lin Shen, the video number e-commerce trader, is one of them. In April of this year, Lin Shen made a sunscreen clothing category in the video number. Instead of making short videos, he only relied on the live broadcast to naturally stream the number. In one month, he achieved the classification of the video number sunscreen clothing, and the GMV of the highest day reached 100,000 yuan.

The core of this model is to choose the corresponding seasonal explosives+preemptive admission, without considering the long-term operating value of private domain, and paying more attention to attracting new traffic with "explosives".

"At the end of the day, what you eat is the free traffic bonus of the video number," Lin Shen said frankly. "It is very difficult for you to go to Tik Tok to play like this now, because free traffic is hard to get. The video number at this stage is like Tik Tok around 2021. The live broadcast has just started, and many people still don’t know how to do it. In another year or two, this opportunity may be less on the video number. "

Lin Shen relies on natural flow to be "small and broad", while others are even more "fierce" and rely on paid investment to incite the commercial traffic dividend of video numbers.

This is the case with Yunnan Yiyao Tea Industry, which just entered the video number this year and completed the cold start with the mode of "paid streaming+live broadcast". At present, the monthly GMV of its video number is stable at tens of millions.

According to Tencent’s advertising public information, the peak ROI of Yiyao tea industry can reach 1:5, and the comprehensive investment of single live advertising is about 200,000 yuan, which can produce GMV of about 1 million yuan.

Not only kiln tea industry, according to Gong Haihan, CEO of video number digital marketing and industrial service provider BaiZhun, in the first half of this year, many tea merchants made money by relying on similar models.

The core factor is that the target customers of tea have a certain fit with the people with video numbers. According to QuestMobile《2022 cmnet Annual Report, users of video numbers after 60 s and 70 s account for 28.2%, that is, people over 50 years old account for about one third. The users of Yiyao tea industry are concentrated around 45-50 years old, and even users over 65 years old.

QuestMobile

In addition, the incoming people are not so crowded, and the traffic dividend is still there, so the ROI of investment flow will have a chance to reach a higher level.

According to Gong Haihan’s observation, in April and May this year, when more tea merchants flocked to copy this model, the competition became fierce and the bidding cost became higher, resulting in the gross profit margin of some tea merchants reduced from 70%-80% in February and March to 40%-50%. "But even so, the gross profit margin is still high."

It can be seen that whether it is a brand business that relies on private domain cold start or a small and medium-sized business that relies on traffic bonus to make a situation, it all cuts the characteristics of video number. The former is an inherent ecological attribute with sustainability, while the latter is a dividend at a specific stage with a window period.

Compared with the characteristics of traffic bonus with window period, the video number is more worthy of exploring its inherent ecological attributes, which is its core competitiveness in competing with the ecology such as Shakuai Taotao.

The consensus of many e-commerce practitioners is that public-private domain linkage is the biggest differentiation advantage of video number, and the key benefit for businesses is that they can do long-term brand management based on this.

On the one hand, the strong private domain attribute of video number provides merchants with the grip of stock users.

A senior IP operator believes that platforms such as Tik Tok are doing public domain traffic business, and the initiative of traffic is in the hands of platforms. Merchants should constantly obtain new traffic from it, then quickly realize it, and then use the money earned to obtain new traffic, and so on.

In the video number, businesses can accumulate their own user assets, and link WeChat official account, corporate WeChat and other contacts to manage the entire life cycle of users, such as encouraging users to buy again and call back lost users.

The hippocampus has a good understanding of this, and its positioning of the video number is to make an old customer repurchase. Hippocampus divides users into four grades, from low to high: fresh people, enthusiasts, insiders and artists, which will continue to guide users to upgrade through the operation methods such as video number live broadcast room welfare.

This has also brought it a higher repurchase rate and customer unit price than other platforms. Some users have even repurchased the hippocampus video number for 6 ~ 7 times, and the customer unit price of the video number users is also higher than that of other platforms by about 50 yuan.

The same is true for Langzi, whose video number is mainly for customers to buy again, while the positioning of platforms such as Tik Tok is for innovation. Because the old customers in private domain know and trust the brand, the repurchase rate of video number users is higher than other platforms, but the return rate is lower than other platforms, and the customer unit price is also considerable. "The main seller can’t sell regular-priced goods at less than 10% off the tag price". The person in charge of Langzi’s new retail told Caijing Story.

The essence of the improvement of this series of indicators is to reduce costs and increase efficiency.

"The cost of maintaining old customers is always lower than that of acquiring new customers. In the past, reaching old customers was very passive, so we could only send a text message. Now the whole e-commerce tool of WeChat is mature, which can activate transformation, then pull new products and repurchase them, forming a virtuous circle, which reduces the cost of brand acquisition in disguise," Wu Cong said.

According to the White Paper on Insight into the Growth of Mobile Application Operation in 2022 released by iResearch, in 2021, the per capita customer acquisition cost of domestic head Internet companies has reached 572 yuan, 8.5 times that of seven years ago-the public domain customer acquisition cost continues to rise, which makes the video signal with strong private domain characteristics extremely irreplaceable.

According to Gong Haihan’s observation: At this stage, many businesses can get positive feedback of profits on video numbers, but in Tik Tok, except for super-head businesses, it is basically difficult to get a balance between GMV and profits. "After all, a large part of the profits made in Tik Tok will be converted into high traffic purchase fees."

On the other hand, video number also has public domain traffic, and it has great potential. After all, behind it is WeChat, which has more than 1.3 billion monthly activities, representing almost all Internet users in China.

At this stage, the video number provides two important graspers to help merchants to incite public domain traffic:

1. First, leverage the public domain with the private domain. Video number has introduced a 1:1 public domain traffic subsidy, that is, every time a merchant guides a private domain user into the live broadcast room, the platform encourages at least one public domain user to the merchant;
2. Secondly, relying on WeChat’s unique acquaintance social relationship recommendation, more public domain users can be reached.

The person in charge of Langzi’s new retail has a lot of experience in this regard: "Traditional marketing channels, such as online e-commerce and offline stores, all have certain communication barriers, but relying on WeChat’s social relationship link, brands can break this marketing boundary and realize the spread and destruction in different social circles."

Yiyao tea industry has had relevant practice. Under the guidance of anchor and after-sales, the live broadcast traffic brought by its users in the circle of friends can reach 30% of the total traffic.

As a result, a virtuous circle of "private domain incites public domain-public domain is transformed and precipitated into private domain-then incites public domain" is established.

Baizhun "2023 VideoNo. Business Ecological Development Report"

In addition, the video number is also suitable for an important position for brand promotion.

For example, hippocampus thinks that compared with other platforms, users with video numbers have more patience to calm down and read, watch and listen, and hippocampus will also rely on video numbers to tell brand stories and member stories, so as to draw closer emotional links with users.

The person in charge of Langzi’s new retail also said: The video number has a long board in the promotion of large-scale brands and the creation and dissemination of grass-growing content. On the basis of WeChat official account’s graphic and other forms, it complements the effectiveness of brand integrated marketing and can transmit the brand value for a long time, which is an unparalleled advantage of other short video platforms.

Based on the above characteristics, the brand can do long-term business in the video number, not just short-term business.

Coins always have two sides, and the differentiated characteristics of video numbers "complete" businesses, but also bring certain challenges.

For novices, it is not easy to find out the gameplay of video number public-private domain linkage. How to get through the multi-flow contacts of WeChat ecology? How to do user life cycle management? How to maintain a quality community? The test is the comprehensive operational capability.

"The difficulty of making a video number is superimposed. Shooting a video+doing a live broadcast+maintaining a group consumes only a lot more energy than other platforms. Take the community as an example. It is not easy for people to talk, praise and buy things in the live broadcast room every day. It is not just to send a notice or a coupon, "Wu Cong lamented.

In addition, the video number continues the "weak operation" style of WeChat, and almost no official operation activities are seen. There is no full reduction and full gift, and there is no subsidy of 10 billion yuan. This is hard to say right or wrong, but it is a challenge for businesses. Without the baton of the platform, I don’t know how to work hard.

The official attitude is not to disturb, the tools are given to you, and how to use the initiative is in your own hands. Wu Cong said.

This determines that making a video number is a slow process of "accumulating food and slowly claiming the king", which requires patience.

Gong Haihan quite agrees with this. "The learning difficulty of video number is higher than that of other platforms. It takes at least six months to one year from entry to maturity." According to his observation, many brands have spent 20% of their budget on video numbers this year, not to sell many goods in the short term, but to find a feel as soon as possible.

In addition, the video number is now in the climbing stage of content and commercialization, and the basic systems such as data tags are not as mature as other short video platforms, which will affect the accuracy of public domain traffic distribution and commercialization.

For example, according to national business daily, it is reported that after trying to stream video signals, the hippocampus found that the user conversion rate brought by streaming is less than 10%, so it is better to shake the pitch.

Due to the consideration of user experience, the opening of video number to public domain traffic is bound to exercise restraint, which leads to the fact that although video number has a certain public domain traffic dividend, the total scale is still small, and it is impossible for merchants to "buy money" to rush GMV.

This can also be felt from the gap between the overall GMV of video number and other platforms.

According to Tech Planet, GMV, a live e-commerce company with video number, was estimated to be between 40 billion and 50 billion last year. According to the estimate of "Dianshubao", a large database of e-commerce of NetEconomy, Social Security, during the same period, the GMV of Tik Tok e-commerce live broadcast was 1.5 trillion yuan, that of Aauto Quicker e-commerce live broadcast was 900 billion yuan, and that of Taobao live broadcast was 770 billion yuan.

The GMV of the video number live e-commerce does not match the size of its users. According to the data released by Quest Mobile, as of June 2022, the number of monthly users of video number has exceeded 800 million, which is comparable to that of Jikuai. In the same period, the number of monthly users in Tik Tok was 680 million. According to the financial report, in the first quarter of 2023, the average monthly active users in Aauto Quicker were 654 million; However, on the live GMV with goods, there is still a long way to go between the video number and the fast shake.

At the same time, some infrastructures that can help businesses to operate finely also need to be improved.

For example, the hippocampus said: I hope that the video number live broadcast room can add small details such as the recommendation of the hot list, and the platform can help to make live star recommendations and help brands expand their marketing; Langzi hopes that the live broadcast diagnosis function will be added in the background of the video number to improve the live broadcast operation effect; A head sportswear brand revealed that it hoped that the review speed of the video shop would be accelerated to improve the flexibility of the operation such as changing the price of the live broadcast room. "Sometimes it takes several days for a commodity to be put on the shelves for review, and the operational efficiency is not high enough."

Of course, it is foreseeable that the optimization of these details is only a matter of time. Lin Shen feels that the optimization speed of video number is very fast this year, and many rigid requirements are basically completed, such as the transportation insurance function of video number shop launched in June.

Caution in rhythm is also the active choice of video number. Liu Chiping once said: E-commerce with live video number should be "step by step".

Generally speaking, the advantages of the video number are very bright, and the challenges brought to the merchants are also very clear. The temptation and challenges are all there. Do you want to do it?

Gong Haijun’s suggestion is, "Because the WeChat behind the video number can’t be ignored, the video number can be sold, and it can also be used for brand promotion. Giving up the video number is equivalent to giving up the window to communicate with users." Wu Cong suggested: "It’s not bad to wait until the brand development stage and category attributes are evaluated first."

In this regard, perhaps everyone has their own answer.

1905 movie network news Produced by Huang Baiming, directed by Lin Delu, and starring Louis Koo, Chilam and Li Xinyue, the crime action film exposes a group of beautiful stills, which once again explains the theme of money and desire in the film. The film tells the story of Lu Zhilian (Louis Koo) and Liu Baoqiang (Chilam) investigating corruption and money laundering cases respectively. With the deepening of the investigation, they find that the two cases are inextricably linked. Li Xinyue plays Leng Yan beauty Zhao Meixin as a clue to money laundering, and fights with Lu Zhilian and Liu Baoqiang to achieve her goal.

　

Leng Yan beauty Li Xinyue challenges to play the beauty villain

In the stills, Li Xinyue looks sexy and beautiful in appearance, but in fact, she is strong in heart. She uses steel wrist to outsmart Louis Koo and Chilam for money laundering, which is the clue of the whole film. Li Xinyue, who appeared for the first time, wore a deep V-red dress, showing off sexy and charming curves, and her gestures were full of amorous feelings. Her eyes and expressions are fascinating, and netizens shouted: "This is a picture that makes the audience feel unfinished." The other one is cool, capable, handsome and sharp with a gun, which is in stark contrast to the original glamorous shape. This is her first challenge to play a female role, and she has experienced many gun battles and action scenes. In the set tidbits exposed before, she made a move and a style crisp and neat, showing good strength, which greatly praised the producer Huang Baiming.

It’s the first time to cooperate with the Hong Kong crew. In order to get into the shooting state quickly, Li Xinyue can finally communicate fluently with the crew by learning Cantonese by himself. What’s more worth mentioning is that in order to shoot a good gun battle scene, "Desperate Three Mothers" Li Xinyue began to prepare at three o’clock in the morning for several days, and started shooting at six o’clock, which was finally perfectly presented.

　

Controversy continues. Li Xinyue is dedicated to his role and is not afraid of bad words

From the gold digger Zhang Baobao in the hit drama "in the name of people" to the femme fatale Zhao Meixin in "Anti-Corruption Storm 3", the roles played by Li Xinyue are all controversial, and she also has her own set of theories about the role selection. Li Xinyue admits that when choosing roles, she will check the script layer by layer, and the first choice she values is — — Don’t repeat past roles, but pursue your own acting breakthrough. In the face of the audience’s bad comments on the role, Li Xinyue said that he didn’t care about these controversial remarks, because the audience’s abuse of the role and the discussion on the Internet also proved that the role he created was successful.

It is reported that the film "Anti-Corruption Storm 3" will meet the national audience on September 14th.

　　How to choose a career is a realistic problem faced by young people in the graduation job-hunting season. Whether you should care about your salary in your first job will always be a topic that everyone enjoys discussing.

　　It is not difficult to find that experienced seniors in the workplace often warn young people not to care so much about wages when looking for a job. Young people have no bargaining power at all, but they should pay more attention to what they can learn from their first job. But many young people don’t agree with this view. Work is to survive. How can we not value wages?

　　From the standpoint of both sides, both views have their rationality. For people who have come to the workplace, especially workers who have entered a mature stage in their career development, they often look at problems from a macro perspective — — The whole process of workplace development. Mature professionals will generally go through the laws and processes of initial stage, growth stage and maturity stage of their career development. Freshmen college graduates are like a blank sheet of paper, with little work experience, so naturally they have no "qualification" to talk about prices.

　　In fact, judging whether the first salary is more or less is just like a steelyard. Only by determining the "fixed star" can we really measure it.

　　For young people, most of them look at problems from the immediate interests and micro-perspectives. Every young man who goes to work, the first thing he faces is the problem of survival. When entering the society, there is no savings, and the immediate salary is often equal to the rent and basic living expenses. Except for those young people with relatively good family conditions, how can they not struggle with their own "cash-strapped"?

　　Whether you have career experience or not also means the difference between looking backward and looking forward, which will bring different feelings of certainty and uncertainty. Most mature workers have experienced years of hard work in the workplace, so it is easy to look back at their past life experiences, so as to see clearly the track of their progress and have a clearer understanding of their own abilities. Career development has entered a relatively stable and mature stage, which brings more certainty. When young people just enter the workplace, there are still some unknowns about what job is really suitable for them and how long a job can last. The road ahead still faces a lot of confusion and uncertainty.

　　Undeniably, the earnest admonitions of the predecessors in the workplace imply an expectation for young people, so we might as well look farther, and even have a moral requirement of "being down to earth". However, young people’s thoughts are also diverse. Those who agree with this value will naturally resonate, while young people who don’t think so will have a feeling of "standing and talking is easy".

　　In fact, separating "salary" from the specific job-hunting context, conducting isolated discussions, and even subjectively persuading young people not to care about salary when looking for a job undoubtedly has a certain preset position and one-sidedness. On the one hand, most young people who choose jobs are rational people, and money is certainly a very important indicator. Many people choose jobs not only by looking at this unique indicator, but also by comprehensively considering the cost performance and personal development prospects of a job. On the other hand, the pricing of a job is related to factors such as industry, enterprise and specific post, and it can give a higher price, and its enterprise threshold and post requirements will not be too low. As the saying goes, you can’t do porcelain work without Jin Gangzuan, and there are screening conditions for high-paying jobs. Not all young people can easily do it, and personal abilities and job requirements must match each other.

　　In addition, some young people attach great importance to wages, which may have something to do with the current ecological environment of some industries where "pay and return are disproportionate". Everyone hopes that their value can be recognized. However, the management and culture of many enterprises lack human care, "selling cabbage with money and selling white powder", overtime without overtime pay, and the 996 working system have become the norm in some industries. In this case, many internal expectations of young people are out of reach, so they can only turn to the core indicator of "money" to make up for those reluctant efforts by raising their wages.

　　In the final analysis, from the perspective of young people, there is certainly no only answer to how important the salary of the first job is. Everyone has his own understanding of work, and the specific situation in which everyone lives is also very different. Although young people who have just graduated have no bargaining power, it does not mean that they have no right to choose. It is understandable to make self-interested trade-offs and decisions for the sake of maximizing personal interests. Moreover, each young person’s ability is different. There are also "gifted teenagers" with an annual salary of one million yuan in this society. Although they are only a very small group, they don’t need to be simply defined by the so-called experience of their predecessors.

　　Of course, for many graduates, staying on campus for a long time and lacking practical knowledge of society does not rule out that some young people lack self-knowledge and overestimate their abilities. However, ungrounded and blind self-confidence can’t stand the torture of time and reality after all, and practice will eventually give everyone a more vivid lesson. We should know that the work situation and choice opportunities that everyone faces are dynamic, and how strong their own abilities are can only be proved by accepting the test of reality. It takes a certain amount of time to accumulate. Young people will gradually understand and position themselves through a period of "trial and error", and everyone will have to bear a responsibility for their own choices, even pay a certain cost or price.

　　Paul Hu (Ph.D., Nanjing Normal University) Source: China Youth Daily.

1905 movie network news On March 18, local time, in new york, USA, the film "The Great Eleanor" was filmed in the Apple Store and directed.Scarlett JohanssonStarringJune SquibbShow up. My widowed sister appeared in military green overalls, with a low ball head and a mask to cover her face.

As early as 2009, Scarlett Johansson tried to pick up the guide tube and filmed a short film "A whore". The filming of The Great Eleanor is her first challenge to direct a feature film. The film tells the story of 90-year-old Eleanor Morgenstein who left Florida after her friend died and went to new york to try to rebuild her life.

As for the actors, in addition to june squibb who appeared on the set, Chevat Echofor, Eileen Keliman and others also joined in.

Special feature of 1905 film network An inspirational story film directed by Fei Yu and starring Shi Junxian was released nationwide on April 20th. The film tells the story of a pair of little sisters and girls in the village deep in the mountains of Yunnan, who formed a football team, taking the roof as the stadium and grapefruit as the football, running and kicking the ball between the roofs, holding the light on the way to chasing dreams, and constantly experiencing and growing up.

During the screening, the film won unanimous praise from the audience, and also won the 2023 Golden Rooster Dawn Honor Award and the special recommendation award of the jury of the 34th China Golden Rooster Film Festival Venture Capital Conference.

This issue invites director Fei Yu, actor Tang Liangfeng and Shi Junxian, who coaches the girls in the film, to comment on this upcoming film Rooftop Football.

A football dream in a mountain village

The movie Football on the Roof is set in a village in Dashan, Yunnan Province. The girls use grapefruit as balls and run on the undulating roofs to send and receive each other. Despite the poor environment and difficulties, they are still devoted and enjoy it.

Ayimei, the protagonist of the film, is full of enthusiasm at a young age, full of love for football and the firm belief that "where there is a will, there is a way", leading the girls in the village to form a football team. Under the guidance of frustrated coaches and hard training day after day, the girls kept growing up against the wind and finally boarded a bigger stage.

In order to form a team, Ayimei made great efforts. Without a team member, she hugged her sister’s thigh and asked for help. If you don’t have a team uniform, you can sew it by hand. No one is optimistic, just train hard and respond to others’ questions with the victory of the game. It seems that no difficulty can make Ayimei discouraged, and the driving force behind all this stems from her yearning for her mother and wants her mother to see herself in the big game.

"Rooftop Football" shows the children in mountain villages’ pursuit of dreams, their longing for the future, and their spirit of persistent struggle despite hardships. Through football, a national sport, the film contrasts the struggle of small people with the hardships of life, and depicts a picture of life full of struggle and hope.

Football dream extends from movies to life.

The sportsmanship and strength born of football began in movies and has been continued in real life. Tan Xinyu, a young actor who plays Aiduo in Rooftop Football, didn’t know how to play football at first, but her participation in the film made her become attached to football, which opened the way for her. Now Tan Xinyu is a member of the Yunnan Youth Football Team and previously represented the team in the third China Youth Football League in 2024.

From the football "Little White" who can only bounce the ball, to the football teenager who can represent his hometown, the football match on the screen has ended, but the real football career has just begun. As the film poster wrote, "Standing on the roof to see the world", starting from the roof, with a small football rolling, life goes higher and further.

The story of the film shines into reality through the actor’s life, which also shows the high pursuit of authenticity in the film Football on the Roof. Around playing football, the film designed many amazing scenes through imaginative creativity. In order to realize these pictures, the young actors have been training for two months. Director Fei Yu said: "I don’t want to play fake ball, I will ask the actors and photographers to cooperate perfectly. Whether these children can play football or not can’t fool the audience. "

The creative team responded to the online evaluation.

The film met the audience, and some viewers have posted some voices and comments after watching the film on the Internet. Let’s see how the creators responded!

"As far as I’m concerned, is it ok? Very cute sister, full of charm when playing football, but the story is really a bit too logical. "

Director Feiyu: Thank you for your valuable advice. Maybe there are still some places I need to improve myself in experience and creation. Next, I will also think, reflect and improve myself, so that my future works can be better.

"I really like the performances of amateur girls, and there is an original ecological texture that sincerely touches people’s hearts. The simple vitality shown on the white face is not exquisite enough to surpass the girls like porcelain dolls in the city."

Little actor Tang Liangfeng: Ayimei is a girl who lives in the mountains. She shows me that she is very tough. I love playing football myself. Like Ayimei in the play, we are all dream catchers in our dreams.

The "roof" is not only a training ground under your feet, but also a dream on your head. There can also be a football dream team in the mountains, supporting each other and fighting together. This is the real sportsmanship.

Coach Shi Junxian: In fact, football needs mutual support and help, and team spirit should be respected, because no matter how strong a person is, only with the help of the team can he succeed.

Starting from Golden Rooster Venture Capital, we are about to land in the national cinema. The movie Rooftop Football, like its own story, grows against the wind and goes higher and further.

1905 movie network news On September 23rd, the national campus roadshow of the movie "Who doesn’t say our hometown is good" came to Changchun Station. Directors Yan Fei and Peng Damo made a surprise appearance with starring Shen Teng, and watched the unit story of "Magic Pen Liang Ma" with the audience in advance. Many viewers were moved by the warmth shown in the film, and cried when they laughed bluntly. At the scene, the creators also shared many interesting things behind the scenes, and the laughter was frequent and the atmosphere was happy. A classmate also put on the big goose doll costume of Liang Ma (Shen Teng) in the film, and together with Shen Teng, she restored the classic movements in the film.

My People My Homeland is directed by Zhang Yimou as the chief producer, Ning Hao as the chief director, Zhang Yibai as the chief planner, and five stories are directed by Ning Hao, Xú Zhēng, Chen Sicheng, Yan Fei & Peng Damo, Deng Chao & Yu Baimei respectively. Nearly 100 actors will take part in the show and will be released nationwide on October 1, when they will celebrate the Mid-Autumn Festival with the national audience.

Shen Teng’s witty remarks set off the roadshow. Yan Fei and Peng Damo visited the real village secretary.

The unit story "Magic Pen Liang Ma" directed by Yan Fei and Peng Damo is starring Shen Teng and Mary, starring Wei Xiang, Zhang Yiming and Yoko Ramo, and featuring Han Yanbo, Zhao Tieren, Zhao Haiyan, Pan Binlong, Huang Cailun, Sun Guiquan and Tao Liang. The story revolves around Liang Ma, a painter who volunteered to be a village cadre, and tells a ironic but warm and moving story. Before that, Yan Fei and Peng Damo had been working together for more than ten years. When asked about their new feelings about this cooperation, they teased each other about "it’s good not to fight", and Shen Teng quipped that "feeling is more annoying to each other", which caused laughter at the scene. The re-cooperation between Shen Teng and Mary is also a highlight of the film. Shen Teng said with a smile, "We have been looking for opportunities to cooperate again. Thanks to the two directors, we can meet again.".

In the eyes of director Yan Fei, whether the story can impress people is an important criterion for choosing a script. This time, I created the story "Liang Ma" because it has tears and smiles, and "try my best to make the audience happy". Director Peng Damo admits that what interests him most is to go back to the Northeast to shoot his hometown, "to show the beauty of hometown to everyone". In order to be close to the truth, Yan Fei and Peng Damo interviewed many real village first secretaries in Jilin and Liaoning before writing the story, and learned a lot about the real situation of rural construction. The two directors felt that "they all have their own lives, but they also gave up a lot and paid a lot." In the countryside, it is the grassroots workers like Liang Ma who are silently dedicated that make countless people’s hometowns rejuvenate and become better and better.

　

Students dressed in goose dolls restore classic scenes. Northeast villagers laugh and cry, "complaining" that they haven’t seen enough.

In The Magic Pen Liang Ma, Ma Liang, dressed in a doll costume of Goose, and his pregnant wife Qiu Xia took a group of warm pregnancy photos in a sunflower field. This loving scene impressed many viewers. At the post-screening exchange scene, a boy dressed in Liang Ma’s same Goose Doll costume made a surprise appearance, and together with Shen Teng, he restored the classic picture of "top belly" in the film, which was a wonderful frame.

In addition to the interesting interaction, the audience did not hesitate to praise the film. Some people said that "with warmth in the comedy, I laughed and shed tears", some people couldn’t hide their excitement that "it was very good and very touching, thank you for creating such a film", and some even bluntly said "I haven’t seen enough". The interactive scene was lively, and a student of the Game Academy "confessed" the creation on the spot and wanted to join the ranks of comedians. There is also the audience’s heroic words "Come to Qiqihar to invite you to eat barbecue"! Show the humor and enthusiasm of the fellow villagers in Northeast China, and everyone expresses their love and support for the film and the main creators in their own way.

My People My Homeland is created by the "China Comedy Dream Team" formed by nine directors and nearly 100 powerful actors. Through five story units, it will present a comedy feast for the national audience on National Day to satisfy the pride of Chinese’s hometown! The movie pre-sale is in full swing, and the first-day pre-sale box office broke 10 million, ranking first in the first-day pre-sale box office of the National Day file.

　　[car home Information] On August 27th, after the (|) listing conference, we interviewed He Xiaopeng, Chairman and CEO of Xpeng Motors, who revealed the future planning information of MONA series in Tucki and related brand news. It is worth mentioning that, after the interview, it said that Tucki MONA M03 will definitely exceed 10,000 units in 52 minutes.

　　Tucki MONA M03, positioned as a compact car, has launched three models with the price range of 119,800-155,800 yuan. Among them, the Max version will be delivered after the Spring Festival in 2025, and the remaining two configurations will be delivered in September this year. At the same time, the AI Hawkeye Vision Scheme based on Lofic architecture, the world’s first, will be the first to be carried to Tucki P7+ model, which will be launched in the fourth quarter of this year. At the same time, the pre-sale of Tucki’s flying car "Land Carrier" will be completed in the fourth quarter of this year. It is worth mentioning that Tucki’s second-generation humanoid robot will be unveiled on Science and Technology Day on October 24th.

　　Regarding product planning, the official said that MONA is a new series and will not become a brand independently in the future. Moreover, the series mainly focuses on the automobile market within 200,000, mainly targeting young users. This is also one of the reasons why the interior and exterior color schemes of MONA M03 in Tucki have no targeted price increase options. It is worth mentioning that the MONA series will launch more models in the future, but it will not be more than 4 models.

　　In terms of MONA M03 in Tucki, the official believes that the 515 long battery life version and the 620 long battery life version are mainly aimed at the consumers who pursue cost performance, and account for 50%-60% of the total sales, while the 580 long battery life Max version is mainly aimed at the users who pursue intelligent driving, accounting for about 40% of the total sales. In addition, the official also revealed that Xpeng Motors will only focus on the automotive sector in the future, and will not lay out business sectors such as mobile phones. For more information about the brand, we will continue to pay attention. (Text/car home Zhouyi)

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Attached interview QA

　　Q: Hello, General Manager Tucki, General Manager Li and Yang Zong. In view of the price of MONA M03 in Tucki, will there be great pressure on the follow-up delivery and production capacity in Xpeng Motors? Will you be more prepared this time?

　　He Xiaopeng: The delivery of MONA M03 in Tucki will undoubtedly be the most fully prepared by Xpeng Motors so far. When Tucki G6 went public, our main problem was the challenge brought by the capacity bottleneck. With the listing of MONA M03 in Tucki, we not only optimized the production capacity, but also prepared for the long-term "steady and far-reaching" development. In my opinion, long-term stable development is more important than the peak generated by a temporary "explosion".

　　Q: Since the lidar can also be used as a navigation function, will other models in Xpeng Motors remove the lidar? What is the difference between the models with lidar and those without lidar in the future?

　　Li Liyun: The core advantage of the end-to-end big model is that it reduces the single dependence on lidar and emphasizes the integrity and lossless fusion of information. Therefore, whether there is a laser or not, we have two sets of hardware and a set of software to update and iterate synchronously, which can provide users with the best experience regardless of the city, high speed or "door-to-door" intelligent assisted driving. With the continuous progress of technology, I think lidar still plays an indispensable role in the pursuit of L4-class autonomous driving, and its high-precision detection ability provides an important guarantee for safe driving in complex scenes. However, in the daily urban driving scene, although active sensors can indeed enhance safety, it is not a necessary condition to realize the urban navigation function.

　　He Xiaopeng: We will soon launch a brand-new Tucki P7+ model, which will adopt the design strategy of no lidar or light radar. At the same time, in the process of vehicle replacement in the future, we will gradually follow this concept.

　　Q: When Xiaomi SU 7 was released before, many Tucki fans were disappointed that Tucki didn’t catch up with this wave of traffic. This time, what was the transition process, whether it was that Tucki and Lei were in the same frame before the release or that many rice noodles were familiar with during the release? I want to know something about it.

　　He Xiaopeng: Xpeng Motors is actively seeking change. In the past two years, we have made a lot of self-examination and adjustment, and strengthened and supplemented some things that we thought were right, but we didn’t do enough. Of course, manager Lei also gave us a lot of advice, especially thanks to manager Lei!

　　Q: Tucki is always good. Today, the listing price of MONA M03 in Tucki is really strong. Will this price bring pressure to costs and profits?

　　He Xiaopeng: First, all pricing strategies in Xpeng Motors should ultimately achieve a reasonable profit, which is the basis of everything. Second, in the current market environment, user demands are very important. Therefore, when setting the price, our priority is how to give back to the majority of car owners. Through a lot of technological innovation, we have successfully achieved cost control. As I said just now, we have done a lot of homework on the energy management of the whole vehicle, which can achieve longer battery life with less batteries and achieve lower costs. As I said before, it is necessary to make a car with excellent product strength and affordable car purchase cost, and it is absolutely positive gross profit.

　　Q: Does Tucki MONA M03 have four models? Will its pricing squeeze the research and development or pricing space of subsequent models?

　　He Xiaopeng: I’m sorry you made a mistake. You said MONA, not MONA M03 in Tucki. You asked about product planning and price pricing, which we don’t talk about. What I can tell you is that it is not four models, and there are not so many models in MONA series. Thank you.

　　Q: The intelligent driving function of the Tucki MONA M03 Max version you just introduced does not appear XNGP. Is the intelligent driving system of this car the same as the existing intelligent driving system in Tucki? Will the end-to-end system distract our R&D efforts?

　　He Xiaopeng: We can only make an intelligent driving system.

　　Q: Two days ago, Tesla pushed FSD v12.5 for the hardware equipped with HW3.0 released in 2019. Everyone lamented that it was getting better and better. The shelf life has now reached 5 years, but the computing power of HW3.0 was only 144TOPS. So now there is a concept-it is not bad to achieve high-level intelligent driving on the platform with high computing power, but it is the embodiment of ability to achieve end-to-end on the previous platform with low computing power. What does Xpeng Motors think of this view? Are there any plans to add more functions to the platform with less computing power in the future?

　　Li Lijun: Our team recently experienced Tesla’s FSD v12.5 in a very, very deep way in the United States, but it may be a slightly higher hardware configuration model. In my opinion, we should first focus on making the core self-developed technology as easy as Tesla, and improve it with exponential experience. After the evolution of the upper limit of the ability is fast enough, you can definitely go back and forth to a slightly lower hardware to empower. So I believe there is an order in this matter-first break through enough heights to show our true abilities, and then empower us downward.

　　He Xiaopeng: The G9 in Tucki was launched in 2022. All our autopilot upgrade plans will be upgraded for several years in the future, and they can all be the same.

　　Q: Xpeng Motors released the Turing chip in Tucki. I want to ask first, why did Xpeng Motors make the chip? Second, can you introduce the process technology of the chip? PPT says "one top three". What does this mean? In addition, Tucki Turing chip is oriented to L4 level. When will it be mass-produced or commercialized? Will our advanced autopilot chip and NVIDIA’s chip form a competitive relationship?

　　He Xiaopeng: First, I think that companies that are determined to make a difference in AI in the future may all have non-universal chips, that is, proprietary AI chips like Turing chips in Tucki. Second, we don’t intend to introduce the process to the outside world, because we actually value its ability more. Thirdly, as for "one chip tops three", we think it reaches or even exceeds the capabilities of the three chips we use now in terms of proprietary capabilities. Fourthly, we expect Xpeng Motors to use NVIDIA and its own chips in the future to jointly build the whole system of Xpeng Motors.

　　Q: Does it mean that it won’t be used until L4?

　　He Xiaopeng: It means that the chip can be used from L3 to L4, not just for L4. L4 At least 2 pieces should be used for redundancy.

　　Q: You are a cross-disciplinary serial entrepreneur. If you go back ten years, would you still choose to build a car? Has Xpeng Motors grown into what you once thought it would be?

　　He Xiaopeng: First, I will definitely choose to build a car, but the way and path of building a car will change. Second, I think it is enough that some macro ideas can be realized. I seldom consider micro or short-term ideals.

　　Q: At present, MONA M03 in Tucki has published little about the rhythm of mass production and delivery, and other versions have not yet published specific information. What are the difficulties?

　　He Xiaopeng: We announced today that the MONA M03 Max version of Tucki will be delivered after the Spring Festival, and other versions will be delivered from September.

　　Reporter: He is always the first brand among the new forces to celebrate its 10th anniversary. In the story just told, apart from the $200 million invested by himself, what other core decisions made Tucki become the winner of today’s new forces?

　　He Xiaopeng: What kind of role is the most important? The difference with most new car manufacturers or entrepreneurs is that I am a technical product manager, or I am a product manager who is partial to software and Internet technology. Therefore, when I think about Xpeng Motors autopilot, intelligent cockpit, AI and other topics, the weight of software and AI has always been relatively high. I think that the weight of AI in car purchase decision will be close to 50% in the next decade, but in the last decade, the most important factors in car purchase decision are a series of factors such as car size, power and safety.

　　Q: Excuse me, Mr. Yang Guang, Tucki always said that Tucki MONA M03 is the first car in the new decade, which is very important. Are you ready for this? Are there any goals and how to achieve them?

　　Yang Guang: Whether it is product research and development, market release, and maintenance of public opinion, including subsequent production, sales and service, all these have been fully prepared. Our goal is to sell more than 10,000 yuan a month or even more. Subsequent products are also in intensive research and development, and are fully prepared.

　　Q: You mentioned that Xpeng Motors will be positioned as "AI Automobile Company" in the next ten years. It should be the first time that I have heard the positioning of "AI Automobile Company" as a company directly. What kind of consideration is this based on? Can you elaborate on it? Thank you.

　　He Xiaopeng: Most autobots or Internet users recognize the importance of AI in the future development. But some people think this is a marketing gimmick. I think we need to implement AI planning into specific details from the perspective of company, team management and actual projects, and put it in the same important sequence as automobile product planning. So today is just the beginning, and we still have a lot of work to do later.

　　Q: Tucki always mentioned Xpeng Motors’s "sharpening the knife without cutting the wood by mistake", and Juan Ma, a former Ferrari, joined Xpeng Motors as part of the "sharpening the knife". How long will it take to see the model products designed by Juan Ma? In addition, will he participate in the subsequent product design of MONA series?

　　He Xiaopeng: We call him "Lao Hu" internally. Lao Hu is now in charge of all the cars and three design teams of Xiaopeng. Both MONA series and the modification of existing cars are within the control range of Lao Hu. It takes almost two years for a car to go from design to appearance. I expect that you will see the models designed by Lao Hu from beginning to end in 2026, but he will also participate in the modification of the existing models in the middle. Thank you.

　　Reporter: Recently, many new car-making forces or domestic high-end brands have begun to devote themselves to extended range, and Xpeng Motors has similar technical reserves. Will Xpeng Motors brand launch extended range products in the future?

　　Tucki: Next time we plan to share our views with you in 1024. Our views are not exactly the same as those on the market now.

　　Q: I would like to ask Mr. Tucki, the MONA series in Tucki, to pay special attention to the problem of ensuring delivery. What specific measures have been taken to ensure delivery?

　　He Xiaopeng: There are many things to be done to ensure delivery. For example, in the supply chain, the quantity and quality of all partners should be OK. Second, the quality of design, research and development, manufacturing and overall service all provide delivery guarantee. In addition, the upstream and downstream of the whole system, including channels, delivery, and qualifications in different places, are all done in detail, which can better ensure the delivery of MONA M03 in Tucki. Moreover, we have designed three types of SKUs, including Tucki MONA M03 515 long battery life version, Tucki MONA M03 620 long battery life version and Tucki MONA M03 580 long battery life Max version. The difference between the first two types of SKUs is mainly battery life, one is 620 kilometers, and the other is 515 kilometers. Everything else is the same. All these designs are for easier delivery. After the user places an order, the big difference is the color and battery life, so the production is very simple. These are all things to ensure delivery, thank you.

　　Q: Just now, you mentioned that you can’t have shortcomings if you want to be a successful enterprise. What shortcomings do you think Xpeng Motors has now and how to fill them?

　　He Xiaopeng: Not all enterprises need no short board. Many enterprises only need long board. Automobile is a bitter industry, which is why it is like this. Regarding Xpeng Motors, we have done a lot of things recently. For example, in the field of design, we have made up a whole large team and rented a building in Shanghai for this team. Second, Xpeng Motors used to think too much about technology, and then about user experience, but I don’t think enough about business, so this year it began to focus on commercialization. Third, vertical management is a challenge for an increasingly large enterprise; But to be a long-term enterprise, horizontal management, horizontal specialty and horizontal business are also very complicated. Now, we are crazy about doing things in horizontal business, but this is not all. In order to truly become a great enterprise in the next decade, we must constantly temper our organizational ability. We have begun to make many adjustments to the framework, which is earlier than the layout of friends and businessmen, and we see a different future.

　　Q: From the beginning of Tesla’s price reduction in January last year, the price war in China automobile market has been going on for 20 months. Some time ago, BMW launched the insured price plan, and there are signs of a truce. You said in the video a few days ago that it is expected that the automobile price war will be more intense in the first half of next year. How did you make this judgment? When is the price war expected to end? Will it last until there are only seven mainstream automobile brands left in the China market?

　　He Xiaopeng: I think the bloody competition will be at least in 2026 and 2027. The downward trend of fuel vehicles in 2025 and 2026 may be fiercer and faster than that in 2024. Some fuel vehicles that look good and expensive are actually not expensive, and they have enough ability to go down. But I’m not sure whether I will fight or how I will fight. Thank you.

　　Q: Do you think Tucki MONA M03 pricing volume is not a volume? What do you think of the domestic involution competition in this price war? Do you think the more you roll, the better, or is it a kind of internal friction? Thank you.

　　He Xiaopeng: I have never supported volumes. I think it is most important to make the products well.

　　Q: There were several distinct views at the press conference just now. For example, you mentioned that the overseas sales volume will reach 50% in the next decade, and you mentioned that Xpeng Motors ranks first in the sales volume of vehicles with more than US$ 30,000 in the European market. It seems that Xpeng Motors’s overseas sales volume has exceeded 10% in the second quarter of the financial report. What is the future realization path in combination with your 50% in the next decade?

　　He Xiaopeng: Right-hand-drive vehicles will be pushed in many European countries, such as Britain, in addition to New Matai. It is very difficult to do globalization. The first is to be long-term and the second is to win with the local people. We hope to take the high-quality development route, go intelligent, do energy management and overcharge in the past, and do something different in the local area. This year, Xpeng Motors will enter nearly 30 countries, quite a few of which are in Europe, and we will make one step at a time. This year, our internal goal is to have a 50% share of overseas markets. Just now, my colleague gave me a note, which made me very happy. The sales momentum of MONA M03 in Tucki is very rapid. He thinks that it will greatly exceed expectations before the end of the interview, and the large order before the end of the interview will exceed 10,000 units.

　　Q: For the three models of MONA M03 in Tucki, what is the proportion of the Max version of MONA M03 580 with long battery life in Tucki? Which model do you expect to sell better? In Tucki’s AI system, we can see that the base has AI chips, AI big models, AI robots, flying cars and AI cars. What percentage do you think robots and flying cars account for, and what kind of ratio will it be in terms of investment in the future? Thank you.

　　Yang Guang: Tucki MONA M03 and Tucki MONA M03 Max are two completely different groups of customers. Customers who buy Tucki MONA M03 pay more attention to cost performance, and they can have basic intelligent functions, accounting for about 50%-60%; Customers who buy MONA M03 Max from Tucki pay special attention to technological intelligence, accounting for more than 40%.

　　He Xiaopeng: AI Robot is an internal company in Tucki, and we have invested a lot of resources. The power team is not only doing the power of cars, but also doing the power of robots. For example, in the aspect of autonomous driving, we are not only doing the global autonomous driving in China, but also doing the autonomous driving of robots. So it actually uses an infra system, so in the field of AI robots, the most important investment is in organizational capacity building, which is the most important thing for the whole company.

　　Q: At the financial report meeting, I said that I am optimistic about Robotaxi, but I am not prepared to re-operate. How do you understand it? There is another one. What kind of possible cooperation can we have with the public?

　　He Xiaopeng: The most important thing for us is to do a good job of the car, and the operation is still entrusted to Didi, Gaode or other overseas partners. We don’t do the operation. In addition, we will announce what we have with the public, but we can’t announce what we have talked about. Thank you.

　　Q: Today, I talked about plugging and unplugging the dashboard for 599 yuan. Besides, there are many very good surroundings, which reminds me of Xiaomi. Have you consulted with Mr. Lei or Xiaomi before, and have you worked out a bigger perimeter, such as mobile phone planning?

　　He Xiaopeng: No, we only do things around the car. There are many things around the mobile phone, but there are many things around the car. Don’t do too much.

　　Q: At the press conference, you said that the pricing of MONA M03 in Tucki was still under discussion in the morning, so what was the logic for the final pricing to be less than 120,000 yuan? Is there any synergy between its cost control and Volkswagen’s supply chain embodied in MONA M03 in Tucki? Thank you.

　　He Xiaopeng: Let’s talk about the second question first. Is there any synergy in the mass supply chain? There must be. Different cars are very different, but they all have great value. The price of MONA M03 in Tucki is the price we set after considering and balancing the overall situation of the market and the users’ perspective.

　　Q: When I just booked the car, I found that the color matching of the exterior and interior was free. What was the consideration? Why doesn’t Zhijia have Pro?

　　Yang Guang: The color is mainly based on our target audience. Mr. Lei also thought about this problem when he was making a car. Now, as long as there are few colors on the market, he will increase the price. However, our target group is concentrated in young people, and we definitely want more beautiful colors. We hope to reach users simply. All exterior and interior colors are standard, and there is no price increase.

　　Li Lijun: With the empowerment of pure vision and end-to-end big model, we hope to provide the most intelligent and door-to-door intelligent assisted driving experience at the most affordable price for users, so users can enjoy high-order intelligent driving experience at a low price.

　　Q: We mentioned earlier that the threshold for smart cars is over 150,000. Is there a price threshold for Xpeng Motors’s end-to-end technical solution? To what extent can the second technical reserve support end-to-end model achievement?

　　He Xiaopeng: That was said about three years ago. Originally, it was about a 150,000-class intelligent driving car. No one could make it, because if the function was made, the price had to be kept down. So I’m more happy that we have done what we couldn’t do three years ago today.

　　Li Lijun: The end-to-end threshold is not the price threshold. End-to-end will change the intelligent iterative mode or behavior mode and the paradigm of research and development. In the era of traditional rules, designing an algorithm, building a model and making some changes by a team can get quick results. But it’s a bit like a stopgap treatment, that is to say, if perception is not good, make the perception model better; If the planning fails, design some algorithms for the scene. However, today, when users can experience high-level intelligent driving ability in an all-round way, and the whole country can drive it better and better, the requirements are different. End-to-end will make the whole chain longer. We invest 3.5 billion AI every year, which requires a lot of precipitation and time, whether from the construction of computing power or, more importantly, data collection.

　　He Xiaopeng: Let me give you an example. In the past, Tier 1 for autonomous driving wrote rules. It could put a rule in different cars and use it with some modifications. That is to say, Tier 1 has a higher lower limit and a lower upper limit. But in the end-to-end system, the upper limit is very high, and if it is not done well, the lower limit is also very low. In such a system, once the end-to-end is more mature in the future, taking Xpeng Motors as an example, it will become more and more difficult for Tier1 to provide rules methodology for autonomous driving partners from the end of this year to next year, which will force more and more manufacturers to independently research or deeply research this system.

　　Q: Now the price of MONA M03 in Tucki has dropped to over 100,000. What does Tucki think of the user demand in this price range and what are the unique advantages of MONA M03 in Tucki?

　　Yang Guang: In the past, cars were basically mature network cars in this price range, as well as A-class cars and A0-class SUVs. Tucki MONA M03 first reached the best experience area of this class. This car not only has the style of coupe, but also has the shape of hatchback, which realizes both strong applicability and usage scenarios. In the price range of 100,000-150,000, we will compete with all types of cars and strive to establish differentiated car purchase choices among young post-95 users.

　　Q: I’d like to ask about pricing. Why is there such a big difference in pricing between Tucki MONA M03 580 Long Life Max Edition, Tucki MONA M03 620 Long Life Edition and Tucki MONA M03 515 Long Life Edition? How to consider the pricing of the three configurations?

　　He Xiaopeng: Because the R&D and cost of these models are very different, the reason why the 150,000-class model can’t be achieved is because it requires high-level intelligent driving.

　　Q: President Tucki mentioned at the press conference that there will be a new beginning in the next decade. This time, he chose to launch the MONA M03 model in Tucki because he saw the consumer demand of young people. Excuse me, why did you meet the car demand of young people in the first place? How different is this price and design from the previous P series models? What adjustments will be made to Xpeng Motors’s future market strategy?

　　He Xiaopeng: MONA is a series of Tucki brands, and its main force is all within 200,000. This series is young. I always think that high-frequency users who use data in smart phones are often low-frequency users who use voice, that is, people who use a lot of online data traffic don’t make many calls, while those who make a lot of calls don’t use the Internet much, but they haven’t been verified. According to the same assumption, the younger users of smart cars should like intelligence, but I’m not sure whether it is. Just now, a media teacher mentioned why the price difference is so big, because the cost of intelligence is very high, the cost of hardware is also high, and the cost of research and development is higher.

　　Q: I saw netizens comment that Tucki MONA M03 is the youth version of Xiaomi SU7. What do you think of this problem?

　　He Xiaopeng: We didn’t think so, because they are two cars of different grades. We expect to make the configuration of 200,000 yuan less than 200,000 yuan, which is different from Xiaomi SU7.

　　Q: Just now, the big brother took a note to share the big order, which is expected to exceed 10,000 units before the interview is over. Now many people in the circle of friends and riders are drying orders, which should far exceed this value. I wish MONA M03 in Tucki a big sale. In terms of intelligent driving, will intelligent driving hardware solutions, such as Turing chips, be carried on the models of partners, such as Volkswagen?

　　He Xiaopeng: First of all, it is a huge workload for Turing chips to meet the internal needs of Xpeng Motors. We have to do a good job internally. For example, our AI robot uses Turing chips. Turing chip has to run different big models including end-to-end autopilot, and there are many big models to run, so there are many challenges to face. We must do our own work first, thank you.

　　Q: The first question is that there is a consensus in the industry that smart driving will go through the stage from usable to easy to love. At present, Xpeng Motors has reached the level of ease of use. When will it reach the stage of love of use, or when will the whole industry reach this stage? Second, Xpeng Motors has started to develop its own chips, and mentioned that going to sea in the next decade will be a big move. However, from the current geopolitical point of view, it is not very good. What preparations has Xpeng Motors made for the future development of its own product chips?

　　Li Lijun: How to use it from easy to love is actually very simple, that is, the end-to-end AI big model. Share a data with you. After the latest Tucki AI Tianji 5.2.0 system is launched, there are several core indicators, including mileage penetration rate, travel penetration rate, user penetration rate and other data. It can be clearly seen that the end-to-end large model empowers the Tucki MONA M03 software to improve the silky degree by more than 20%, and the processing capacity of narrow roads, U-turns, roundabout and other places that used to be difficult with rules has been greatly improved. Therefore, everyone has reached a consensus that the intelligent driving experience is the only way from usable to easy to love. You can continue to pay attention to our new version, and under the empowerment of the end-to-end big model, we will introduce our better door-to-door XNGP experience to users.

　　He Xiaopeng: As for the chip going out to sea, the whole world was considered at the beginning of the design, and the second is that all the capabilities meet the requirements of various countries, and these two aspects are done in accordance with relevant constraints.

　　Q: Two small problems. First, the MONA series in Tucki has maintained a high degree of popularity since its release. I feel that Tucki has greatly improved its marketing. After the listing of MONA M03 in Tucki, are there any other actions to keep the heat up? Second, at the beginning of the year, Tucki always mentioned to build a system, and an important aspect is the marketing system. From MONA series’ actions to Tucki’s frequent appearance in the live broadcast room, and then to the 10th anniversary celebration, we can see that Tucki has made great progress in marketing. So, what adjustments has Xpeng Motors made since the beginning of this year?

　　He Xiaopeng: These two issues are related to marketing. In fact, they are chicken and egg. For example, when we look at the actions of MONA series in Tucki, we feel that the marketing in Xpeng Motors has changed, which means that we have made some adjustments, and we are on the way and getting better and better. Secondly, as I said just now, Xpeng Motors will pay more attention to commercialization, which includes marketing ability. Therefore, including marketing ability, further changes in organization, process and tool series will continue and get better and better.

　　Q: Today, some media reported the news that Tucki is going to build a factory overseas?

　　He Xiaopeng: I’m not building a factory overseas, but I’m looking at my partners overseas. It would be better if you worked with a partner.

　　Q: About your entrepreneurship, I shared the mental journey of Xpeng Motors’s tenth anniversary entrepreneurship on the spot today. What are the most impressive moments and the brightest ones?

　　He Xiaopeng: I’ve talked about many moments today. The highlight moment, for example, the G6 photoelectric test in Tucki impressed me the most recently, but I couldn’t finish it. Finally, I was able to push the cart after it was finished. It was very happy to find the cart for the first time. Another example is the moment when Tucki G9 was released in September 2022, and the moment when Xpeng Motors went public on August 27th, 2020, which impressed me deeply. Thank you.

　　Q: Why doesn’t Tucki MONA M03′ s little P jump out when it’s called, like other models, and no little P image appears on the car?

　　Yang Guang: We have two kinds of cars, one is the cockpit of Tucki MONA Youth Edition, and the other is Tianji. These two functions are similar, but each has different characteristics. Small P is a symbol in Tianji system.

　　Q: If ten years of starting a business is regarded as a course, do you think you have achieved the goal of this decade, Mr. Tucki? What is your goal for the next decade?

　　He Xiaopeng: In the last decade, smart electric vehicles were made, and 10,000 or 100,000 vehicles were sold, all of which were constantly broken down. In the next decade, I want to make AI cars well. In the future, I think cars in cities should be unmanned, cars between cities should fly at low altitude, and short-distance vehicles and service tools in the future should be robots. These three visions will be realized even for more than ten years, and maybe they can be done in the next decade.

"I bought 100,000 yuan of wealth management products at Evergrande, and I will pay another 8,000 yuan this month, and I will come back half." Yu Xiansheng, an investor in Changsha, Hunan Province, said that he had paid back 40,000 yuan for five months in a row. The plan he chose is to pay back 8,000 yuan per month. If all goes well, he will be able to fully recover the principal by the end of this year. As for the previously agreed high interest rate, it has long been out of his consideration.

Yu Xiansheng consciously more lucky. However, he also said that many friends who have invested more than 1 million yuan are still worried. What they expect is that Evergrande’s cash flow can return to blood and they can return to their capital as soon as possible.

In addition to Evergrande, real estate financial products such as Sunshine City, Baoneng Group and Hongkun Group are also exposed to risks. Many investors expect these enterprises to return their blood and return their own capital.

Whether it is selling assets or financing, housing enterprises with huge financial pressure must find more ways to get money in order to survive.

Photography: Xiao Yi, chief photojournalist of China Economic Weekly.

The three red lines are not loose, and banks are cautious in lending.

On the evening of June 20th, China Evergrande announced that it was actively promoting the restructuring, and the company expected to announce the preliminary restructuring plan before the end of July. At the same time, Jiakaicheng (000918.SZ) announced that Guangzhou Kailong, a Evergrande department, planned to sell its 2.11% shares in Jiakaicheng for a total consideration of 77.9 million yuan.

This is the latest action of Evergrande to sell assets back to blood. Since its explosion, Evergrande has been looking for buyers all over the country, not only to sell its shares in listed companies, but also to sell its real estate development projects. On May 26th, China Evergrande sold the rights and interests of Ningbo City Light Project for RMB 1.347 billion, of which about RMB 294 million was used for the project funds of Evergrande and other projects in Ningbo.

It is one of the main ways for Evergrande to save itself by paying debts with houses to offset the project cost. The vice president in charge of credit in Hunan Branch of a commercial bank revealed that Evergrande’s assets in Hunan are actually good, not insolvent. However, the key to recovery is that Evergrande can restore its financing ability, banks are willing to lend money, and project sales can be repaid.

This is very difficult. A researcher from a real estate research institute said that at present, local governments all over the country have introduced many policies to rescue the real estate market, and the overall funds have gradually become loose. However, the three red lines have not been loosened, and banks will still be under pressure to lend money to enterprises that have stepped on the red lines, and they will be very cautious.

In August, 2020, the central bank and China Banking and Insurance Regulatory Commission launched the "three red lines and four grades management" method for housing enterprises, and according to different financial indicators, housing enterprises were divided into four grades: red, orange, yellow and green. The "three red lines" include: the asset-liability ratio of real estate enterprises excluding advance receipts shall not be greater than 70%; The net debt ratio of housing enterprises shall not be greater than 100%; The cash short-term debt ratio of real estate enterprises is less than 1. The scale of interest-bearing liabilities of "red file" housing enterprises shall not be increased, and the annual growth rate of interest-bearing liabilities of "orange file", "yellow file" and "green file" housing enterprises shall not exceed 5%, 10% and 15% respectively. This policy was fully implemented in 2021.

Since then, reducing the leverage ratio from red to green has become one of the goals of all housing enterprises. Judging from the 2021 annual reports of listed real estate enterprises, enterprises that still stay above the red line and yellow line, such as Jianye Real Estate, Zhengrong Real Estate and Greenland Holdings, always have various negative news.

Jianye Real Estate was once the largest real estate enterprise in Henan. On June 1st, Jianye Real Estate (0832.HK) announced that Hu Baosen, the chairman of the board, transferred 29.01% of the shares of Jianye Real Estate to Henan state-owned enterprises. In addition, there is a convertible bond transaction. If the debt-to-equity swap is triggered, Henan state-owned enterprises will become the largest shareholder of Jianye Real Estate.

The takeover of state-owned enterprises is a big move to save Jianye real estate and stabilize market confidence. At present, in the real estate sales sites of state-owned enterprises and central enterprises, property consultants must emphasize the credit endorsement of state-owned enterprises when promoting projects.

However, for Lin ‘an, who has already taken the real estate of a project in Changsha, Greenland’s "state-owned enterprise" aura is not so dazzling. He said, there is really no way, the green space has been delayed for a long time, and after taking the house, it can be realized in the future.

Many owners of Changsha Intercity Space Station are even more anxious. Part of the first phase of the project has been handed over to the building, and some of them are waiting to resume work. The owners have blocked the sales department from time to time. However, some owners said that Greenland is a state-owned enterprise and the funding problem should be solved.

According to the financial report of Greenland Holdings, its single largest shareholder is Shanghai Greenland Investment, which is an employee stock ownership platform with Zhang Yuliang, the chairman of Greenland Holdings, as the core, holding 27.31%. Shanghai Real Estate Group and Shanghai Chengtou Group under the State-owned Assets Supervision and Administration Commission of Shanghai jointly hold 46.37% of the shares of Greenland. Nevertheless, the two Shanghai state-owned enterprises are not acting in concert. At present, Greenland Holdings is a mixed-ownership enterprise with no actual controller.

By the end of the first quarter of this year, Greenland had 65.68 billion yuan in monetary funds and 93.02 billion yuan in short-term debts to be repaid.

At the end of May, Greenland Group extended the bond with a coupon of 6.75% and a maturity of US$ 500 million on June 25, 2022, saying that due to the epidemic situation and sales situation, the company had problems in cash flow, and the company planned to arrange enough high-quality assets to pay its debts. It planned to sell assets of 200 billion yuan in three years, with an annual interest rate of 50 billion to 70 billion yuan, including self-sustaining businesses, office buildings and hotels.

　"Green file" enterprises are also under pressure, and housing enterprises are under great pressure to pay their debts in the short term.

Among the "green file" housing enterprises, except for central enterprises such as Poly Development, China Shipping and China Resources Land, Longhu Group is undoubtedly a leader and is regarded as a benchmark for private enterprises with sound financial conditions. In 2021, the net debt ratio of Longhu Group was 46.7%, the asset-liability ratio after excluding advance payment was 67.4%, and the cash short-term debt ratio after excluding pre-sale supervision and restricted funds was 3.88 times.

Nevertheless, in the mayor’s mailbox of official website, Changsha municipal government, and the column of people’s voice on the local media Red Net, there are reflections about a project of Longhu Group waiting to resume work. However, some owners of Longhu said that fortunately it was Longhu, and the house they bought could be handed over smoothly.

According to public reports, in May this year, three leading private housing enterprises, Country Garden, Longhu Group and Midea Real Estate, were selected as model housing enterprises by the regulatory authorities and successively issued RMB bonds.

"Economic Daily" reported that in the financing process of housing enterprises, the financial department actively promoted commercial banks to issue real estate development loans reasonably, focusing on supporting high-quality real estate enterprises to acquire high-quality projects of dangerous and difficult real estate enterprises through M&A loans and bond issuance. Since 2022, 70 real estate enterprises have issued debt financing instruments of 147.5 billion yuan in the inter-bank market, corresponding to a net financing of 45.4 billion yuan, and the inter-bank bond market has continued to support real estate enterprises to continue financing.

According to some market research institutions, from January to May, other funds in place, including financing methods such as housing enterprises issuing bonds in the open market, fell by 12.7% year-on-year to 232.1 billion yuan. Among them, it was only 33.9 billion yuan in May, which continued to decline from the previous month. This shows that the current domestic loans of housing enterprises and other funds in place are still in a downward trend, which shows that the financing difficulties of housing enterprises still need to be improved.

According to Kerry’s statistics, from June to July, the maturity of domestic and foreign debts of 200 core housing enterprises was about 175.5 billion yuan, accounting for 61% of the maturity in the second half of the year. Among them, the overall debt due by private housing enterprises in the past two months was about 117.8 billion yuan, accounting for 67% of the total scale.

On the one hand, there are three red lines for real estate enterprises, on the other hand, there are two red lines for real estate loans set by the central bank and China Banking and Insurance Regulatory Commission in December 2020, which set the upper limit of real estate loans and the upper limit of personal housing loans respectively. The proportion of real estate loans should not exceed 40% for large banks, 27.5% for medium-sized banks and 22.5% for small banks. The proportion of individual housing loans should not exceed 32.5% for large banks, 20% for medium-sized banks and 17.5% for small banks.

The above-mentioned bankers frankly said that in the past, there was an upper limit for policy requirements and risks should be controlled; Now, in a weak market, banks should take the initiative to control risks and dare not substantially increase loans to real estate.

Some developers said that "the water has not yet flowed here" and the financial pressure is great.

(The original title is "The three red lines have not yet been loosened, and the developer:" Water "has not yet flowed here")