Monthly Archive: June 2021

Three Trees Announces Evergrande’s 51.37 Million Yuan Bills Overdue

In an announcement issued by Three Trees, it was mentioned that many developers including China Evergrande Group had overdue notes, among which the amount of overdue notes of Evergrande reached 51.370600 yuan.

That night, Sankeshu issued the “Response Report on the Feedback of Sankeshu Coatings Co., Ltd. 2021 Non-public Issuance Application Documents (Revised Draft)” and responded to the CSRC regarding its “planned non-public issuance of 3.7 billion yuan in funds” Feedback from the meeting.

In the “Company’s provision for bad debts for overdue bills receivable” section, Sankeshu stated that in the first quarter of 2021, due to the difficulty of capital turnover of individual large real estate developers, the company’s bills receivable became overdue. As of the end of March 2021 , The overdue amount of the company’s bills receivable totaled 53.6372 million yuan. Among them, China Evergrande’s overdue bills amounted to 51,370,600 yuan, and the repayment amount of 2,251,200 yuan as of May 31, 2021, China Evergrande’s overdue bills accounted for 95.77% of its total overdue bills; China Fortune Fortune’s overdue bills amounted to 1,484,400 yuan, As of May 31, 2021, the repayment amount is 600,000 yuan.

Three trees said that during the reporting period, the overdue status of the company’s bills receivable was concentrated in March 2021, with a total overdue amount of RMB 51,097.2 million, accounting for 95.26% of the total overdue amount. As of the end of May 2021, the company has successfully recovered some of the above overdue bills, with a cumulative repayment amount of RMB 3,933,400, and the remaining overdue bills are still in the process of recourse.

Regarding the overdue payment of China Evergrande, on the evening of the 29th, Evergrande told The Paper (www.thepaepr.cn) that the bill had already been redeemed this month. Evergrande’s response did not specify when the bill will be redeemed this month.

At 23:00 on the 29th, The Paper contacted Zhu Qifeng, Vice President and Chief Financial Officer of Three Trees, and Zhu Qifeng also replied that the bills were redeemed in June this year, but they did not specify the specific time for redemption. Zhu Qifeng did not respond to why this announcement was issued in the case of bill redemption.

Evergrande Group issued a statement on its official website on June 7, responding to the unpaid Evergrande commercial ticket. The Evergrande Group stated that the group attaches great importance to and arranges the redemption of a small number of commercial bills in individual project companies that have not been redeemed in time. At the same time, Evergrande Group also stated that, at present, the production and operation of Evergrande Group are normal. In the past 25 years since its establishment, there has been no case of late payment of loan interest and overdue principal return.

Official information shows that Sankeshu was founded in 2002. The company’s business includes interior and exterior wall coatings, waterproofing, thermal insulation, flooring, auxiliary materials and construction. In 2016, Sankeshu was listed on the Shanghai Stock Exchange and listed on the A-share main board. Headquartered in Putian City, Fujian Province, Sankeshu has established centers in Shanghai, Guangzhou, and Beijing, and has 13 production bases under construction in Fujian, Sichuan, Henan, Tianjin, Anhui, Hebei, Guangdong, Hubei, and Jiangsu. It has become a wholly-owned and controlled enterprise group of 29 companies.

As of the close of the 29th, Three Trees reported 182.6 yuan per share, an increase of 1.46%, and a total market value of 68.7 billion yuan.

Under the strong market demand prospects, many people entering the industry chain

In the first half of this year, the prices of silicon materials and wafers in the upstream of the industrial chain have risen one after another, putting greater pressure on mid- and downstream companies. The stabilized prices of silicon materials indicate that the contradiction between the upstream and downstream of the industrial chain has eased. The 21st Century Business Herald reporter also noticed that recently, the price of silicon wafers announced by Zhonghuan (002129), a supplier of monocrystalline silicon wafers, in June was also lower than a month ago.

“With the commissioning of new silicon wafer production capacity, the price of silicon wafers may fall in the short term. However, whether it can eventually be transmitted to more upstream silicon materials, which will cause the price of silicon materials to fall, may still be difficult.” One person is reluctant. The named new energy industry analyst told the 21st Century Business Herald reporter that it is worthy of affirmation that the previous fierce industry chain game situation is breaking.

Silicon material prices stabilized at high levels for two consecutive weeks

The price data released by the Silicon Industry Branch shows that this week, the domestic single crystal compound feed price range is 208,000-22.1 million yuan/ton, and the average transaction price remains unchanged at 217,200 yuan/ton; the single crystal dense material price range is 20.5-21.9 RMB 10,000/ton, the average transaction price remained unchanged at RMB 213,400/ton.

The analysis of the Silicon Industry Branch pointed out that there are three reasons for the continued stable operation of silicon material prices this week: First, as of this Wednesday, the polysilicon companies have not signed long-term orders for July, and they still focus on the implementation of pre-orders, with only a small amount. Loose orders and urgent orders are traded, and the price of replenishment orders remains stable before the market trend is not finalized. Second, the operating rate of first-line silicon wafer companies has decreased, which has caused the impact of the reduced production to gradually transition from excess demand to the balance point of supply and demand. The shortage of supply has been greatly eased, and the price of silicon wafers from major tier-one manufacturers has begun to decline, making it difficult for polysilicon prices to continue the upward trend. Third, in late June, new silicon wafer production capacity such as Beijing Express, Gaojing, and Hongyuan have been completed and put into production, and demand for silicon materials has increased. As well as the expectation of stable supply, it is also difficult for polysilicon prices to enter the downward channel instantly.

The last price increase of domestic polysilicon materials was half a month ago. In the week of June 16, the average domestic single crystal double-investment material transaction price and the single crystal dense material average transaction price were fixed at 217,200 yuan/ton and 213,400 yuan/ton, respectively. In the current week, the price increase of polysilicon materials continued to narrow.

The 21st Century Business Herald reporter learned that as downstream manufacturers adjust the operating rate and other methods, to change the current tight supply and demand imbalance of silicon materials. In terms of actual effects, after the demand for the reduced production part was suspended, the supply-demand relationship of silicon materials showed an inflection point, which temporarily slowed the trend of continued rise in silicon material prices.

In the first half of this year, the contradiction between the upstream and downstream of the domestic photovoltaic industry chain was officially made public with the release of a company’s report materials. On June 9, the China Photovoltaic Industry Association organized a symposium on hot and difficult issues in the photovoltaic industry. At the meeting, battery cell manufacturer Aixu Group criticized the phenomenon of irrational rise in the price of domestic silicon materials, and suggested that relevant state departments intervene in investigations and interview the companies involved.

Subsequently, for this symposium, the China Photovoltaic Industry Association issued a document calling for companies to “consciously resist excessive stockpiling of polysilicon and silicon wafer products, news about price drive ups, and speculative behaviors that do not require their own production and operation. Consciously resist cell modules.” The misbehavior of malicious competition, such as low-price dumping at the link, brought the price of silicon materials back to the normal range as soon as possible, and jointly promoted the healthy and sustainable development of the industry.”

Taking this event as a turning point, the price of domestic polysilicon materials subsequently narrowed their growth rate and entered a stable operation channel at a high level.

However, the industry is not optimistic about whether the price of silicon materials can be reduced accordingly. “Although the downstream measures to reduce purchases and reduce operating rates have forced silicon materials to stop rising, and have achieved certain results, the current shortage of silicon materials has not been substantially reversed.” The aforementioned analyst told the 21st Century Business Herald reporter. , It is even more impractical to expect to drop to last year’s level.

The newly released research report of China Everbright Securities also pointed out that there is a certain probability that the silicon material quotations in July will decrease due to the actual demand decline and bottom-up transmission. However, after the installation demand is expected to be repaired, the new and old production capacity of silicon wafers will be superimposed on the window period. The overall demand for silicon materials is still relatively strong, and the room for silicon material prices to fall is limited.

Zheshang Securities speculates that “silicon material prices may stabilize at a high level and stop rising”. “At present, it seems that silicon materials do not have inventory pressure. Therefore, price adjustments on the silicon wafer end will not be transmitted to the silicon material end too soon. It is expected that the price may remain stable at the current high level for the time being.”

Wafer prices may start a short-term decline

On the evening of June 29, Zhonghuan issued a price announcement for monocrystalline silicon wafers in June, which signaled a price cut.

The price shows that among the 170μm-thick silicon wafer products, G12 is 7.53 yuan/piece, M6 is 4.72 yuan/piece, and M1 is 4.62 yuan/piece. Compared with the last published price on May 31, the prices of G12, M6, and G1 with a thickness of 170μm were lowered by 8.4%, 9.55%, and 9.74%, respectively. In response to the reason for the adjustment of the silicon wafer quotation this time, Zhonghuan explained that “the recent global photovoltaic module installed capacity is weak, and the cost of downstream cells and modules is high.” In an interview with the media, a relevant person in Zhonghuan said that if the price of the industrial chain continues to remain high, the target for downstream installations may be lowered.

According to data released by the National Energy Administration a few days ago, as of the end of May this year, the installed capacity of solar power generation was 260 million kilowatts, a year-on-year increase of 24.7%. Compared with last year’s 250 million kilowatts of installed capacity data, it means that in the first five months of this year, the newly installed capacity of domestic photovoltaics was only less than 10GW. A few days ago, industry organization IHS Markit predicted that China’s new photovoltaic installations this year would be 61GW. In contrast, the current domestic construction of new photovoltaic installations has slowed down.

However, the domestic photovoltaic market is not short of incremental space. Recently, in order to accelerate the development of rooftop distributed photovoltaics, the National Energy Administration issued the “Notice on Reporting the Pilot Program for the Development of Rooftop Distributed Photovoltaics in the Whole County (City, District)” (hereinafter referred to as the “Notice”), which opened a new Trillion market size.

According to the “Notice”, the total roof area of ​​the party and government organs in the pilot counties (cities, districts) of the project application can be installed with photovoltaic power generation; the total roof area of ​​public buildings such as schools, hospitals, and village committees can be installed with photovoltaic power generation The proportion is not less than 40%; the total roof area of ​​industrial and commercial plants can be installed with photovoltaic power generation proportion not less than 30%; the total roof area of ​​rural residents can be installed with photovoltaic power generation proportion not less than 20%.

CITIC Securities estimates that the domestic market for household photovoltaics exceeds 1 trillion yuan. According to the agency, according to the current domestic rural housing sites with about 100 million self-built roofs, 50% of which can be developed, and household installed capacity of 5-10KW, the potential market size of domestic household photovoltaic typical scenarios is about 250-500GW, but it has The development scale accounts for only about 10%. In addition, according to Soochow Securities’ calculations, assuming that the whole country is a pilot, according to the requirements of the pilot, the total total space of distributed photovoltaic on the roof of the country exceeds 600GW.

With the strong market demand prospects, the industry chain has entered the market. Take the silicon wafer link as an example. Since last year, companies such as Beijing Express, Gaojing, and Hongyuan have aggressively deployed the monocrystalline silicon wafer field, which has greatly increased the production capacity of this link.

A reporter from the 21st Century Business Herald learned that recently, the new silicon wafer production capacity of the above-mentioned companies is being put into production one after another, and the supply of silicon wafers has increased. Among them, Gaojing’s 15GW silicon wafer project was officially put into production on June 18, and Jingyuntong’s 12GW silicon wafer project was ignited and put into production on June 23.

Wall Street expects that U.S. stocks will continue to rise in the second half of the year.

As U.S. stocks are about to end the first half of 2021 with double-digit gains, trading enthusiasm on Wall Street can be said to be on the rise, and many strategists have also predicted that it will be driven by strong corporate earnings and economic growth. , US stocks are expected to rise further in the second half of the year.

The S&P 500 Index hit a record high for the fourth consecutive trading day on Tuesday, which is also the 33rd record closing high set by the index during the year. After only half a year, the number of new highs in the S&P 500 Index has been the same as that of 2020.

“Strong growth, strong yields, persistently low interest rates, a hypnotized bond market.” Ethan Harris, head of global economic research at Bank of America, said. “Fed Chairman Powell has done a good job of smoothing out the volatility of the bond market, so it is now the blonde girl period of the stock market.”

Judging from the gains during the year, thanks to the ultra-loose monetary policy, the recovery of the US economy and strong corporate profits, the S&P 500 index has risen sharply by nearly 14% so far this year. According to the statistics of LPL, when the S&P 500 index rose more than 12% in the first half of the history, its performance in the second half of the year was often stronger than in normal years—the average increase could reach 7.1% and the median increase Can reach 9.7%.

However, although the probability of US stocks maintaining an upward trend in the second half of the year is not small, it may also be quite difficult to want to be as strong as the first half of the year. Many Wall Street strategists mentioned the following two major risks that the market may face in the second half of the year:

The first to bear the brunt is undoubtedly the Fed’s policy shift. Some people in the industry worry that once the Fed starts discussing plans to slow down bond purchases in the second half of the year, the market may fall into turmoil as a result. The reduction of QE is seen as the first step for the Fed to withdraw from the extraordinary easing policy implemented during the epidemic. Although the specific timetable is not yet clear, many Fed observers expect that the Fed will start discussing this issue at the Jackson Hole seminar at the end of August.

The second risk is also related to the Fed-that is, the worry that the current high inflation data will not be as fleeting as Fed officials expected, and rising prices may become a bigger problem for the US economy. What is more worrying is that the higher-than-expected rise in inflation data is also expected to accelerate the Fed’s interest rate hikes. The current mainstream expectation of Fed officials is that interest rate hikes will begin in 2023.

The most critical point in the second half of the year: September

In the eyes of many industry insiders, the most critical month for the US financial market in the second half of the year may be September. This is not only because the Federal Reserve, which has just concluded the Jackson Hole Global Central Bank Annual Meeting, may have entered a period of policy change; at the same time, the extended unemployment benefits in the United States will also end that month, and the performance of economic data around this period will be particularly affected. Eye-catching.

Bank of America’s Harris pointed out that the economy still needs to continue to show signs of improvement within a few months, whether in the labor market, or in terms of supply shortages and bottlenecks. Recent employment growth has been strong, but not as strong as expected because employers are still complaining about labor shortages.

“It’s a bit like you already have a free summer pass. The market is accepting any data, whether it’s core inflation, salary or job vacancies. And September will be a crucial month for everyone. If there is not yet When you start to improve, it will no longer be a blonde girl scene,” Harris said.

For many Americans, September will be the day when the previously extended unemployment benefits will finally expire. At the same time, children will return to school, and parents will be free to return to the workplace. From a logical point of view, the labor shortage of many American companies is expected to be alleviated by then.

In addition, another important factor affecting the global market in the second half of the year will still be the evolution of the epidemic. The recent spread of Delta mutant strains has caused economic stagnation in many parts of the world, especially in Asia. However, most people are not so worried about the epidemic right now.

Peter Boockvar, chief investment officer of Bleakley Global Advisory, said, “The market does not currently care about mutant viruses because we know that as long as the more vaccinations we get, the better we can deal with it.”

The fatal “Kryptonite” of US stocks: inflation

In contrast, Boockvar believes that the market is more concerned about inflation and how global central banks will respond.

Just as the “Kryptonite Stone” in the DC superhero movie is Superman’s nemesis, it seems that inflation performance will also become the fate of US stocks. Boockvar pointed out, “For me, inflation is the kryptonite of the market. The question is whether we can get rid of it, or how to deal with it when we see inflation data continue to be hot. If you start to see August and September Data from October and October still show that inflation remains high, so the Fed may have no choice but to start reducing the scale of bond purchases by then.”

According to data released earlier this month, the U.S. CPI rose sharply by 5% year-on-year in May, officially entering the “five era”. This was the largest increase since oil prices soared in 2008, and was well above the Federal Reserve’s 2% average inflation target. .

At present, the reason why US stocks can continue to rise in a high-inflation environment is that investors expect more than 40% of profit growth this year, and they also believe what the Fed said: the rise in inflation is only temporary. So far, many companies have been able to pass on their higher costs to customers. However, when all this is difficult to eliminate, investors will undoubtedly begin to worry about a sharp drop in profits.

Scott Wren, senior global strategist at Wells Fargo Investment Institute, said, “At the moment people are still not worried that inflation will take root for a long time. This is quite surprising to me because we can already see a lot of high inflation data. But the market still hasn’t seen much turbulence. If you look at the 10-year U.S. Treasury yield and where the stock market is currently, you know that the market has not yet begun to pay for long-term inflation.”

The benchmark 10-year U.S. Treasury yield was reported at 1.48% on Tuesday, and is still well below the high of 1.775% in March. Bond yields are inversely proportional to prices, so investors have been buying bonds and stocks at the same time. Harris pointed out, “What really worries the market is whether there is more evidence that inflation will continue. If so, the Fed can talk about austerity as much as it wants, and everyone knows that they must start as soon as possible.”

Of course, even if the Fed starts to slow down its bond purchases in the second half of the year, the stock market may still rise. Wren said, “I think the pressure within the Fed has actually been increasing. When Powell and his closest colleagues tried to postpone the launch date as much as possible, about half of the committee members were ready to take action. From a market perspective. Seen, this is not a real big risk for the Fed. Everyone knows that they must reduce the scale of bond purchases at some point… The big event is that the Fed will eventually raise interest rates.”

The bank account suddenly increased by 50 billion US dollars, and the American couple became the 25th richest in the world.

According to a report from the New York Post on the 29th, a couple in Louisiana, the United States, became the 25th richest person in the world in less than 4 days because of a sudden increase of US$50 billion in bank accounts.

Data map: Darren James
In an interview with Fox News, the 47-year-old real estate agent Darren James said that when he returned home earlier this month, his shocked wife handed his phone over to show him the bank shown on it. Balance information. When talking about this sudden huge wealth on the 27th, James said, “After clicking on our account information, there are 50 billion U.S. dollars in it. All we were thinking at the time was,’Who will knock on our door?’ Because We don’t know such a rich person.”

He admitted that he had guessed that a “rich uncle” may have left them the money, and if this is true, then the couple will be ranked higher than Nike on the Forbes billionaire list. Co-founder Phil Knight and his family.

 

The James and Mrs. James’ bank account was over 50 billion US dollars, and the bank subsequently stated that it had resolved the problem.
James said, “It feels great to see so many 0s in my account. I mean, I belong to a comma club, not three commas.” He means that his bank account balance is usually Thousands of calculations, not in units of billions.

According to the report, James and his wife saw an additional $50 billion in their account on June 12, when they immediately called Chase Bank, but the money remained in their account until the bank resolved the problem on the 15th.

James said in an interview, “I’ve been a billionaire for four days. It’s a cool feeling, even if you can’t do anything with it. We know that (the money) is not ours. It’s not us. Earned, so we can’t do anything with it. We can’t spend this money, it’s theft.” It is understood that James had previously worked in law enforcement.


Data map
James said that he heard that as many as 150 people across the United States encountered similar “mysterious deposits” at the same time, which made them worry about the safety of their accounts. Earlier, a woman in Florida stated that when she wanted to withdraw $20 from an automated teller machine (ATM), she was surprised to find that her account balance was nearly $1 billion, and then she tried to find someone to help her with the money. Go back.

Chase Bank stated that the problem of the James couple’s account balance has been resolved. A spokesperson for the bank said in a statement, “More than a week ago, we encountered a technical failure that affected a limited number of accounts. This issue has been resolved and these accounts now show accurate balances.”

But James pointed out that the bank hadn’t told him how the error happened, and he wanted to know if his wife’s account was stolen. He added, “I want to know why this happens, which reminds you of the security of your account.

With hundreds of billions of huge profits in the market, why can’t medical and beauty institutions still make money?

With hundreds of billions of huge profits in the market, why can't medical and beauty institutions still make money?

China’s medical and beauty market, which is neither medical nor beauty, is like a giant deformed child suffering from all the industrial diseases of medical, beauty and even Internet advertising. Every pore of it can be summarized as “chaos” — upstream raw material market is full of parallel goods; In the middle reaches of the medical and aesthetic institutions, illegal employment, lease of qualification certificate, and over indication of medication; Downstream channel providers “dare to blow anything” and marketers’ false advertisements are flying all over the world.
As the cash entry of the whole industrial chain, medical and aesthetic institutions directly face consumers, which is the most important link in the whole industrial chain. It is also the focus of medical and aesthetic chaos. It is the biggest, most painful and most conspicuous focus of this deformed child.
Another symbiotic word of chaos is profiteering. However, since the end of 2018, medical and beauty institutions have ushered in a wave of bankruptcy, and even many people in the industry believe that medical and beauty has entered a “recession period”.
The plastic surgery department of public hospitals and the large-scale chain medical beauty group have a better life, but for the small and medium-sized private institutions, which account for 75% of the formal market, the brand effect and capital appeal are not as good as the former two, the bargaining power of raw materials is not high, the customer acquisition cost increases sharply, the market supply exceeds demand, the homogenization competition is fierce, and the living environment is getting worse and worse.
According to tianyancha data, 2030 of the newly established medical beauty enterprises between June 2020 and June 2021 have been cancelled.
To make matters worse, the “current” informal institutions are still rampant, which use fake and inferior products and instruments, have no certificates or qualifications, and even can not be supervised. According to the market research statistics of CCTV, the market scale of domestic formal medical and American institutions is about 87.8 billion yuan, while the black market scale is about 136.7 billion yuan.
The market of medical and American institutions is in a sea of blood.
Two days of ice and fire: the track is worth trillions, but the medical and beauty institutions are difficult to make profits
The bright future of the medical beauty market always begins with “the penetration rate of medical beauty in China is far lower than that in the United States, Brazil, Japan and South Korea”.
In the past decade or so, China’s penetration rate of medical beauty has increased from 1.5% to 3.6%, but it is far less than that of the world’s major medical beauty countries – about one-third of that of Japan, one-fifth of that of the United States, and one sixth of that of South Korea.
This seems to be a market with unlimited potential and unsatisfied demand – the current market size is 200 billion. If the penetration rate catches up with Japan, it will be 600 billion. If it catches up with the United States, it will be trillion.
In the eyes of many people, Yimei is indeed “a huge profit”. The factory price of hyaluronic acid, which costs more than ten yuan, is several hundred yuan, and the net profit is more than ten times. When it comes to the end consumers, it becomes thousands or tens of thousands of yuan.
“Breast prosthesis for breast augmentation costs tens of thousands of yuan. If you think about it carefully, what’s the value of two pieces of silicone?”.
Windfall profits, or imagined windfall profits, attract all walks of life and all kinds of capital to share. After the three giants of raw materials gathered in a shares, the accumulated market value exceeded 100 billion yuan. Many real estate developers, Chinese medicine enterprises and clothing brands entered the market with high profile. Baidu, meituan, Ali and Jingdong all have medical beauty business segments, and the vertical medical beauty platform is booming.
In May this year, at the annual performance presentation meeting six months after the transformation of real estate company aoyuanmeigu into medical beauty, Hu ran, its president, said, “don’t underestimate the determination of real estate developers to enter the medical beauty industry.”
The other side of the hot track is that the medical and beauty institutions, as the cash entry of the whole industry chain and directly facing consumers, are getting more and more difficult.
A practitioner analyzed to eight point health news: “the whole industry, so many chains, the outside world seems to be a whole, in fact, all of them are known in the industry, the profits are all in the upstream, in the channel… The new growth speed of medical and beauty institutions is faster than the development speed of audience demand.”.
Eight o’clock health news learned from many channel hospitals that 50% to 80% of the income of these channel medical and beauty institutions went to downstream channels such as beauty salons, bars and KTV. “The little brother in the bar, by pushing our little sister to make chest, nose and eyes, soon opened a Mercedes Benz… If you don’t give it, someone will give it.”.
The days of hospitals and clinics in offline channels are becoming more and more “difficult”. People in the marketing department are pulling customers like wolves. “A marketing department officer of a channel hospital told badian Jianwen that there are more than 300 marketing department employees in the hospital with less than 400 people, and the whole marketing department can share 13% of the income.
“Looking at the running water is very high, in fact, the Dean doesn’t make money.” 50% is given to the channel, 12% to the marketing department, and the remaining 30% covers rent, doctors, money consumption and other expenses. Due to the shortage of high-quality doctors in the market and great competition, the investment of plastic surgeons is also a large cost to the hospital.
Shi Jiyong, a former senior manager in Guangzhou and Shenzhen, told badian Jianwen that doctors in the industry “for 1-5 years” belong to licensed doctors, with an average salary of 20000-50000, doctors in charge for 8-10 years basically range from 80000 to 120000, and vice senior doctors for 15-20 years range from 150000 to 180000. “Monthly salary”.
The situation is still changing in a more difficult direction, “young sisters are all on the Internet, and the clients brought by beauty salon owners are older, with a poor foundation, not suitable for medical beauty projects.”.
The direct guest hospital embracing the Internet is also on the inside roll. Before 2017, the ratio of operation to production can reach 1:6 – spend 1 million to buy advertising for marketing, and finally get 6 million revenue. Now, it is almost common for many medical and aesthetic institutions to “1:1.5” and contribute more than half of their income to internet medical and aesthetic platform for marketing.
The fierce competition makes the hospital have to take the path of small profit but quick turnover. The marketing department and marketing personnel are crazy to solicit customers, and the backstage doctors as tool people can only follow.
“The right to speak lies in the director of operation and consultation. Doctors are only responsible for taking money for surgery.” Doctors are not gods, working long hours, fatigue work for a long time, the risk of accidents will increase, “but there is no way, the salary is high.
“Our principle is that no one will die, and the president will deal with any dispute”. Once there is a dispute, “give money or repair for free, as long as it can’t be passed on” – the high cost of dispute settlement has almost become a part of the cost of medical and aesthetic institutions.
The sudden epidemic situation has brought greater impact to medical and aesthetic institutions. “Compared with last year, large head agencies have only achieved revenue balance, and the performance of a large number of small and medium-sized institutions has shrunk by 10% to 20%, or even more,” Xinxing, founder of new oxygen, said at an award ceremony
“There is no epidemic, and the medical and aesthetic market has reached a turning point.” after the resumption of work, although the high growth rate of the medical and aesthetic market is expected to return to a high level, practitioners of many medical and aesthetic institutions told badian Jianwen that they will not live better in 2021, only more difficult.
From blue sea to blood sea
A senior practitioner recalled that before 2016, this was not the case at all. At that time, the medical beauty market was in short supply and the industry information was not transparent. “Customers asked doctors for surgery.”.
The “direct customer hospitals” distributed all over the country, with a little marketing and advertising, have a considerable income“ The “channel hospital” is not bad either. Beauty salons, KTV, bars, foot washing cities and other life beauty agencies that have accumulated “high-quality and high-end consumers” have continuously sent customers to them.
At that time, even if the downstream life beauty agencies were given 20% or 30% of the profits, the channel hospitals could still make a lot of money.
Many practitioners still recall the prosperous scene of that year, “if they couldn’t earn money at that time, they were embarrassed to say that they were in the medical and aesthetic circle.”.
Looking back, a few things happened in 2016 did lay the seeds for the subsequent changes in the medical beauty market.
In 2016, China’s medical and beauty industry suddenly became a hot spot, and A-share enterprises such as Lanzi and Suning global came in for large-scale mergers and acquisitions. With a valuation of 500 million, Lanzi acquired two brands of Milan Baiyu and Jingfu, creating the most expensive acquisition case in the history of Chinese medical and beauty institutions.
In the same year, the Wei Zexi incident began to affect the cooperation mode between Baidu and Putian.
In the same year, Xinxi began to set up a diary audit team, completed round C investment, and the Internet channel, which mainly focuses on Meditech, began to mature.
Few people realize that the supply and demand of the whole market has quietly changed《 Gong Wei, editor in chief of Meiye observation, pointed out in a research report that since 2015, “China’s medical beauty seems to have entered a state of oversupply.”
Changes in the market are reflected at the end of the year. According to a person in the industry, in 2016, only in Hangzhou, the performance of Putian medical and aesthetic institutions was almost wiped out. Although there was “over marketing”, Putian medical and aesthetic institutions were still a regular force among the medical and aesthetic institutions with mixed advantages and disadvantages at that time.
As a result, in the new year, in 2017, the wind direction suddenly changed, capital stopped to enter the medical beauty market, and the growth rate of the medical beauty market itself also slowed down significantly. Many insiders “obviously felt that the market could not rise.”.
The declining performance makes every medical and aesthetic institution feel a sense of crisis. The balance of the past has been broken. “Between institutions, they begin to grab doctors and customers, and the relationship between supply and demand has been reversed – doctors ask customers to do surgery.” the inner volume begins and is getting more and more serious.
In 2017, an industry observer with the pseudonym of Meiya wrote in China Medical Cosmetology magazine: “before 2016, everyone (Putian Department of Hangzhou) tacitly adhered to a tacit price agreement. At that time, although the price war in the nearby Shanghai Medical Cosmetology market had been broken, regional centers like Hangzhou were still going their own way, It’s all right. ” However, after the baidu Wei Zexi incident, the performance of Hangzhou Putian medical beauty was blocked, and the performance pressure broke the previous delicate price alliance, “the fierce low price war was finally staged in Hangzhou.”
In 2018, Venus, founder of new oxygen, publicly said that medical and beauty institutions are losing money on a large scale, and only 30% of them are profitable. Yang Xiaojiao, director of gengmei business, said in an interview with Chuangye bang, “in 2018, the elimination rate of medical and beauty institutions was 10% ~ 20%, and the turnover rate also increased by about 30%.
Yimei neijuan: price war, Aihong
Medical beauty entered the era of involution, the first performance of price war, price war can be fought for two reasons: first, the technical barriers are not high, making the projects of various hospitals extremely similar; Second, there are many institutions. For example, in 2016, Hangzhou, with a female population of less than 5 million, had nearly 900 medical and beauty related enterprises.
Price war, is the industry shuffle the conventional path. But for the medical and beauty industry, the biggest variable comes from the Internet.
At the beginning of the establishment of the internet medical beauty platform, they were all under the banner of increasing industry transparency and eliminating information asymmetry. They present the doctor’s reputation and project price to consumers, and they break the information barrier between institutions and consumers, which benefits consumers and the direct customer hospitals which have no ready-made channels. The latter begin to embrace the Internet, and medical institutions and Internet platforms quickly enter the honeymoon period.
However, the good time is not long. When the Internet platforms have gathered a large number of users, completed the enclosure, and started to cash in, the game becomes a business bidding for advertising space. In 2017, the information service revenue of new oxygen, a four-year-old medical beauty vertical app, exceeded the scheduled service for the first time, and its main business turned to marketing.
“Originally everyone had their own habitat”, but when a large number of users gathered on the Internet platform, the battlefield shifted to the Internet. A person in the industry introduced the impact of the Internet on medical beauty.
If customers want to get customers on the Internet, medical and beauty institutions have to pay for the platform to buy services. In order to improve the conversion rate, they have to spend more money to buy the most popular keywords and the most prominent advertising space. When doctors’ IP addresses are all packaged and institutions are all making money at a loss, calling for low price promotion, consumers think that the doctor’s reputation will be better if the advertisement is the most prominent, The more cost-effective that is.
“People always dream of cheap and good”, in order to please consumers, but also as profitable as possible, marketing becomes extremely important, even can decide life and death. A person in the industry in Jiangsu and Zhejiang told Jianwen, “good marketing talents are more in demand than doctors.”.
Marketing geniuses adopt some ingenious routines, and “price war” becomes “superficial price war”.
A senior practitioner told badian Jianwen, “on the Internet, 880, 1000 and 2000 double eyelids can be found everywhere. Actually, when I go to the hospital, I say it doesn’t include removing skin and fat. It’s common to add 2000 yuan casually, or upgrade the project to get a packaging project 6800.”. The cost of surgery on the Internet is to compare the price, “hanging sheep’s head to sell dog meat is also a last resort.”.
In order to seize the market, Putian hospital does not grudge marketing costs, and as long as the passenger flow is large, the final benefit is not a problem.
It’s risky to rely on advertising and marketing for drainage. “Only people click the link or just come to consult and chat with you. In the end, no one will do the project, and the money has to be given to the platform.”.
In addition to being led by downstream channels and marketers, medical and beauty institutions also lack bargaining power in the upstream raw material market. China’s medical beauty market concentration is low, even the head chain, occupies a small market share, and small and medium-sized private institutions that do not know each other and compete with each other are more scattered.
Li Bin, executive director of China Plastic Surgery Association, vice president of Beijing Plastic Surgery Association and chairman of United Lige medical and beauty group, angrily mentioned in an article that “after the price war of China’s medical and beauty industry, Aihong is a piece of cake; However, the upstream manufacturers are still making a lot of money, fighting against each other in the medical and beauty institutions, standing on the sidelines and enjoying themselves at ease. ”
83.7 billion regular medical beauty vs 136.7 billion black medical beauty: bad money is driving out good money
In addition to the internal volume of the industry, another trouble faced by a medical and aesthetic organization in China is the gray medical and aesthetic organization that uses three kinds of non equipment and consumables, has low qualification and low cost, and can deceive customers by exaggerating false propaganda.
Gray medical beauty, generally legal and non-compliance. The fierce competition makes the medical beauty have to rack their brains to develop new markets, and even some legal institutions have begun to take risks, playing some edge ball.
The demand of Chinese medical beauty market is largely driven by marketing.
It is difficult to obtain new customers, so we should try to create new projects and tap the new needs of old customers. It is also these marketing geniuses who, with limited raw materials, have brought out countless wonderful medical and aesthetic projects, such as fairy ear, calf muscle block, eyelid down, etc., creating new demands in the weak market.
When the market of young women is saturated, we should try to expand other consumer groups.
Employees of a channel hospital told badian Jianwen that for the elderly consumers who are inconvenient to promote medical and aesthetic surgery, they have prepared “blood evolution, stem cells and liver detoxification”.
According to more beautiful statistics, in recent years, private plastic surged by 105%, “this is a new blue ocean.”.
More and more male medical beauty projects are gradually developed
Compared with the formal and semi formal institutions, the illegal and unethical black medical beauty has more obvious advantages in new business development. In the name of joining in, eight o’clock Jianwen contacted a sales promoter of light medical beauty products. The other side said, “you can start a business after 10000 yuan, and you can work after half a day’s training. You don’t need to open a shop or any qualification, and you don’t have any other investment except agency fees.”.
The products promoted by the company are “quantum instruments” and “atomizers” produced by a “high-end foundry” which has become a regular company.
Quantum instrument with their products, can “fill, wrinkle, enhance, dissolve fat.”. Among them, the filled products are mainly “glucan” and “glucopolypeptide” which are “safer” than hyaluronic acid.
“This product is small. You can put it in your bag. You can ask customers for door-to-door service or open a room. You can do it on weekdays and weekends. You can even chat with customers on the road.”. And the income of this line, can develop offline, still can find a shop to enliven

How is “women’s Maotai” refined?

How is "women's Maotai" refined?

In A-share market, Maotai is a bull stock that is not allowed by the benevolence.
Maotai is favored by investors from all walks of life. Besides the strong brand influence and unique brewing technology, there is also an important reason, that is, the super high gross profit rate. According to the data disclosed in its financial report, the gross profit rate of Maotai liquor products in 2020 is 93.99%, and the cost of each bottle of feitianmaotai is only more than 100 yuan. However, the retail price is suggested to be up to 1499 yuan / bottle, and some market terminals can even sell to the high of RMB 3400 per bottle.
However, with such a business, its profitability is not less than Maotai, the industry leader’s recent share price has also been rising. Because women are the main audience, many people call it “women’s Maotai” – a business called hyaluronic acid.
So, how did hyaluronic acid emerge? How much investment value does it have in the future? This article will try to make an answer.
one
Before discussing hyaluronic acid, it is necessary to briefly introduce “beauty economy”.
Everyone has a love for beauty, which is the same at all times and all over the world. As early as more than 2000 years ago, the great philosopher Aristotle once said to his disciples, “a beautiful face is a recommendation that works better than any letter of introduction.”; In our country, there are immortal legends of the four beauties and the eternal sentence of “looking back at the beautiful life with a smile”; Today, in the Internet era, in the popular “three fight”, the “beauty can’t fight the character, the character can’t fight the feelings”, the “beauty” is in the first place, even the love between men and women should say “starts from the beauty”.
Many evidences show that high face value will produce “premium effect” and bring many additional benefits to its owners.
According to the study of economist, power often belongs to leaders with higher appearance. Whether in gorilla community or in western developed countries today, leaders should reach the highest level of their career, and their appearance (including height, muscle, voice tone) and achievement are equally important; Daniel Homer, an American labor economist, pointed out clearly in his article “beauty and labor market”, that the positive correlation between the face value and the total income of the whole life labor force is strong, and there is both ugliness penalty and beauty premium in the society; A South Korean study, the cosmetic effect of marriage and labor market, confirmed that the highest male income was 15.2% higher than that of the men with middle appearance, and 11.1% higher for the women with the highest appearance value.
The above evidence tells us that “eating by face” really makes sense. People with high face value tend to get more attention and opportunities, and then grow faster and develop better. However, in real life, not everyone is born beautiful. Coupled with the change of people’s ideas and the improvement of their income level, a series of consumer activities and commercial behaviors around the appearance value begin to rise, which is called “appearance value economy”.
At first, the main category of “beauty economy” was various cosmetics, skin care products, map repair software and beauty cameras. However, in recent years, with the improvement of Internet social media penetration, the demonstration effect of star net popularity is becoming stronger and stronger, and the demand for “sun printing” on various platforms is becoming increasingly strong. At the same time, it also makes many people feel a bit anxious about face value and aging.
In this way, more and more people are really willing to pay for “beauty”. In addition to daily skin care, stability maintenance and color makeup, many women and some “exquisite” men are also keen to invest in non-surgical light medical beauty projects, including laser, radio frequency, injection filling and so on.
Compared with the traditional skin care products, the effect of “upgrading” the skin value by means of light medical beauty is more immediate. Compared with surgical plastic surgery, these non-surgical light medical beauty projects have faster recovery time, lower price and risk, so they are more easily accepted by consumers, and the market demand is also booming. According to the data from iResearch, the proportion of light medical beauty market in the overall medical beauty market is significantly higher than that of surgery cosmetic market, which is about 65% – 70%, and the annual composite growth rate is also higher than the overall growth rate of medical beauty market.
In this context, hyaluronic acid, the most popular project in light medicine and the United States, has become a hot spot in the industry.
two
Once upon a time, hyaluronic acid was exclusive to a few high-income people. Big s once said: “if there is no hyaluronic acid, many female stars will not survive.” However, in recent years, hyaluronic acid has gradually entered the public field of vision, and more and more by those who have the pursuit of “beauty” and “young” appeal of ordinary consumers.
Hyaluronic acid (HA), also known as hyaluronic acid (HA), is distributed in the human dermis. It has good filling effect and biocompatibility. It can not only fill the concave part, smooth the wrinkles, modify the facial contour after injection into the skin surface, but also provide nutrition for the skin, and make the skin more moisturized and smooth. Because of these characteristics, hyaluronic acid has been widely used in water supplement, filling, wrinkle removal and other light medical beauty projects, and its market scale is also expanding. The data show that the market scale of hyaluronic acid in China has increased from 4.52 billion yuan in 2015 to 13.6 billion yuan in 2019, with an annual composite growth rate of 27.5%, and it is expected that the market size will reach 15.46 billion yuan in 2021.
For a long time, China’s hyaluronic acid market has been dominated by international brands, with more than 60% of the products from imports. In 2019, LG Chemical and American eljian accounted for 42% of the total. However, in recent years, local brands are rising day by day. With the continuous optimization of production process and product quality of domestic hyaluronic acid, and the continuous improvement of consumers’ recognition of domestic brands, the domestic substitution process of hyaluronic acid will be further deepened in the future.
Among the local brands, the “three giants of hyaluronic acid” represented by Aimco (300896.sz), Huaxi biology and haohaisheng group are the most competitive. Data show that the market share of the three has increased from 20.5% in 2016 to 28.1% in 2019. Among them, EMC’s market share rose rapidly from 5.7% in 2016 to 14% in 2019, while Huaxi biological market share rose from 7% to 8.1%.
It is worth mentioning that the business layout of the three companies is different in the following areas: Aimco focuses on medical beauty filling products, Huaxi biological business involves medical terminal products, functional skin care products, raw materials products, etc., while haohaisheng Department covers four fields: Ophthalmology, plastic and wound protection, orthopedics, anti adhesion and hemostasis. Due to the layout of hyaluronic acid business, the three companies have shown a strong growth trend, especially in the capital market.
Take Emmy as an example. According to the financial report data, the operating income of EMMC reached a growth rate of 44.6% from 2015 to 2020. Although affected by the epidemic in 2020, the company is under pressure in operation, but with the rapid increase of income such as hi body products specially for neck line hyaluronic acid products, the company still achieved a total operating income of RMB 709million, an increase of 27.2% year on year; The net profit attributable to the parent company was RMB 440million, an increase of 43.9% year-on-year. It is because of the outstanding performance in performance and growth that Amex shares soared 187.56% on the first day of its listing on the gem. In the following three or four months, AMEX’s share price has been soaring all the way, rising from 340 yuan / share on September 28, 2020 to 1331 yuan / share at the end of February 2021, with no two winds. Today, EMC has exceeded 140billion yuan in market value, and has become a bull stock in A-share market.
In addition, Huaxi biology and haohaisheng family also perform well in the capital market, and this is no longer to be covered.
three
Is hyaluronic acid a good business? The answer, of course, is yes. In addition to the factors mentioned above, such as the increase of residents’ income, the change of ideas, and the acceleration of domestic substitution, there are also the following “three highs”, which make hyaluronic acid a business that can “lie down and make money”:
First, high gross profit rate.
At the beginning of this paper, Maotai has played a key role in making Maotai the first share in China, with a gross margin of more than 90%. However, compared with Maotai, the level of the profiteering of hyaluronic acid is not inferior to that of Maotai. The data show that the gross profit rate of EMC has been higher than Maotai since 2019, even reaching an amazing 92.5% in the first quarter of 2021, while that of Huaxi biology and haohaishengke has reached almost 75%.
In addition, the prospectus data show that the unit cost of the product of polyuric acid is more than 30 yuan, but the unit price is more than 2500 yuan; Haohaisheng family a product of hyaluronic acid with a cost of 19.22 yuan, the unit price of sales can reach 285.35 yuan, and the gross profit rate is 93.26%. In reality, a hyaluronic acid product flows into distributors, downstream hospitals, medical and beauty institutions, etc. along with the industrial chain. In the circulation layer by layer, it is inevitable to increase the price again and again.
But even so, the market demand for hyaluronic acid is still very strong, especially those women who love beauty. So it seems that it is not too much to call hyaluronic acid “the Maotai of women”.
Second, high repurchase rate.
Injection of hyaluronic acid is not once and for all. Its effect usually lasts for half a year to one year. If it is not injected again, the skin of consumers will become loose, dry and dull. For those who pursue beauty, once they experience the moisture, luster and elasticity of their skin, they are easy to rely on or even addicted to it, and it is difficult to accept the appearance of skin deterioration, “from frugality to luxury, from luxury to frugality”, so they can only buy repeatedly.
This is of course the best thing for businesses. The original gross profit margin is high enough, and more and more customers continue to buy again. The rich profits and stable and sufficient cash flow naturally have a solid guarantee, and also provide a strong momentum for the continuous improvement of the company’s competitiveness and the development and growth of the industry.
Third, high access threshold.
According to the State Food and drug administration, hyaluronic acid injections for medical beauty are recognized as three types of medical devices in China – the highest level of medical devices, specifically referring to those implanted into the human body, used to support or maintain life. These medical devices are potentially dangerous to the human body, with the highest degree of risk and the most strict supervision, Whether it is production or operation, it is necessary to obtain the registration certificate of medical devices, the production license of medical devices and the business license of medical devices issued by relevant departments. The product is approved for a long time, with large cost and high access threshold.
According to the statistics of the Oriental Securities Research Report, at present, less than 20 companies engaged in hyaluronic acid business in China have qualifications. In this way, the market position of the leading enterprises in the industry has been consolidated because of the higher access threshold, and has become their own “moat”.
Looking forward to the future, the market prospect of hyaluronic acid in China is broad: on the one hand, China has 1.4 billion people and the largest middle-income group in the world. The continuous improvement of consumption capacity will inevitably lead to further release of the potential of medical and American demand, which provides a huge demand base for the development of the hyaluronic acid industry; On the other hand, compared with the developed countries such as the United States, Japan and Korea, the penetration rate of China’s medical and American is still significantly lower, and the permeability of hyaluronic acid is less than 0.2%, and the per capita diagnosis and treatment times are only 1 / 6-1 / 4 of that of developed countries, which indicates that there is still a big room for the improvement of the market of hyaluronic acid in China in the future.
Therefore, hyaluronic acid is a well deserved sunrise industry and golden track, which has great investment value in the long run. Miss Maotai’s friend, should not miss the glass uric acid tuyere this time?
It is necessary to remind that the valuation of hyaluronic acid company is generally too high, and the PE of EMC is about 250 times, that of Huaxi biological is nearly 200 times, and that of haohaishengke is close to 100 times. Throughout the hot sectors of the A-share market, no matter the biopharmaceutical or consumer goods industry, or the daily chemical industry, its PE is generally 30 ~ 50 times, far lower than the “three giants of hyaluronic acid”. Therefore, when investing in this golden track, we must pay attention to avoid risks.
four
The hyaluronic acid industry is not without any problems. At present, the biggest pain point is that driven by high profits, the whole medical and beauty industry is full of chaos.
On the one hand, the organization of “black medical beauty” won the host.
For a long time, the cases of plastic and beauty failure have been reported frequently. All the parties are sorry for life, which is closely related to the proliferation of “black medical beauty” institutions in the market. Dongguan Securities Research Report shows that in 2019, there are more than 80000 black institutions without medical and beauty qualification in China, about 6 times of the number of formal medical and aesthetic institutions, accounting for 86% of the total number of medical and American institutions. Many of these “black medical beauty” institutions do not even have the basic knowledge of disinfection and drug management, so it is difficult to guarantee their health and safety, which has led to many tragedies. According to data, there are more than 40000 medical accidents in China alone, with an average of 100000 people dying or maimed due to “black medical beauty” every year.
Second, the supply of professional doctors is insufficient.
Generally speaking, it takes 5-8 years to train regular doctors, and the high profits of the industry lead to the frequent emergence of “black doctors”. According to the calculation of irey consulting, the number of regular practitioners in medical and American industry in China in 2019 is about 38300, accounting for only 28% of the total practitioners in the industry; The statistics of China Integration Association also show that the number of illegal practitioners in China is at least 100000, and 14% of the legal doctors are operating in non-compliance. All of these aggravate the industry risk.
Third, the quality of injection and equipment is not up to standard.
Because of the characteristics of easy to carry, fast flow and strong secrecy, the phenomenon of fake and smuggling of medical beauty injection is common. According to the data of iResearch, 2 / 3 of the medical and American injection in China is water and fake, so the safety problems can not be ignored.
Not only that, photoelectric equipment also has problems. According to the data of irey consulting, 11% of the optoelectronic equipment of legal medical and American institutions in China are aquatic goods and fake goods, while 90% of the photoelectric equipment of illegal medical and American institutions are fake goods, mainly because of the strict control and high price of regular photoelectric equipment.
The existence of the above problems makes the medical and American industry a high incidence of market complaints. According to the data of China Consumer Association, the number of complaints in China’s medical and American industry was 6138 in 2019, compared with 483 in 2015, which increased by more than 12 times in just four years, which seriously restricted the development of the industry.
Because of this, the industry supervision is becoming more and more strict
In March 2019, 8 departments including the national health and Health Commission jointly carried out special medical treatment actions;
In November 2019, medical cosmetology was included in the national supervision and spot check and the special rectification work of medical chaos jointly carried out by eight departments;
Recently, 8 departments such as the national health and Health Commission decided to jointly carry out special renovation work on the fight against illegal medical and beauty services from June to December 2021, aiming to further improve the legal practice awareness of beauty medical institutions, strengthen the quality and safety management of medical services, prevent medical disputes and safety risks, and severely crack down on illegal medical and beauty activities
In the short run, the regulation of regulatory authorities may have a certain impact on the industry. However, after adjustment and dynamic rebalancing, the market demand will gradually shift to genuine and legitimate medical and beauty terminals, and the development of the whole industry will become more and more standardized. With the decrease of medical accidents and industry disputes and the increase of public trust, the industry on the right track will usher in further expansion of the market

After bitcoin China, Xu Mingxing’s exchange applied for cancellation

After bitcoin China, Xu Mingxing's exchange applied for cancellation

After bitcoin China announced its full exit from bitcoin related trading business recently, Xu star’s exchange applied for cancellation.
Source: one picture network
On June 28, the reporter of Beijing business daily noted that Beijing lekuda Network Technology Co., Ltd. (okcoin, hereinafter referred to as “lekuda company”) recently added the cancellation record information. Due to the resolution of dissolution, it is proposed to apply to the company registration authority (Haidian District, Beijing) for cancellation of registration. The creditor shall report his / her creditor Xu Xing to the liquidation group within 45 days from the announcement.
According to the industrial and commercial information, the legal representative of lekuda company is xuxing, with a registered capital of 11.5 million yuan. Its business scope includes enterprise management consulting, investment management, Internet information service, etc., and is a wholly-owned subsidiary of Beijing Oukai Lianchuang Network Technology Co., Ltd. According to Tianyan, okcoin is a bitcoin trading platform, which has professional K-line market display, international matching algorithm, Planning Commission, price limit / market price trading and other services.
In response to the cancellation, Beijing Business Daily reporter asked okex for confirmation, the latter responded that the move was a normal subject adjustment, and lekuda company was not the main company of okcoin, but a subsidiary of the European Science cloud chain.
For specific reasons, Beijing Business Daily reporters further asked for confirmation from the European coyun chain, but also denied by the other party. Relevant staff of the oucoyun chain said that the two companies, okoyun chain and lekuda, have no equity relationship, and it is understood that the measure is only a normal adjustment of business entities.
Although the two sides hold a separate word, the reporter of Beijing business daily noted that as early as october2020, okex staff had made a statement to reporters that “okcoin belongs to the European science and cloud chain group, and is a licensed exchange for overseas compliance”;
As for the connection with okex, the ruling of Hangzhou intermediate people’s Court of Zhejiang Province in may2020 shows that the okex trading platform is made up of www.OKCoin.cn A website that has been registered abroad from the development of the website, and www.OKCoin.cn The ICP filing registration subject of the website is lekoda company, indicating that lekoda company is related to okex trading platform.
Jiangzhaosheng, director of block chain research and researcher of digital assets research institute, believes that “lekuda company was an operation company of okcoin before September 2017, but transferred to overseas entities after the overall liquidation in September 2017. Although lekoda previously held okcoin related trademarks, it should have no direct relationship with the main business of okcoin exchange. “.
In jiangzhaosheng’s view, the dissolution of the cancellation is okcoin in the face of a new round of domestic regulatory pressure, efforts to clear domestic virtual currency related entities. On the one hand, it is to meet the trend of domestic supervision, transfer the related business of virtual currency transaction overseas, and on the other hand, it is also for the smooth development of business of relevant entities in domestic blockchain technology service.
The relationship between the three is still in disorder.
In the industry’s view, from the event of okcoin application for cancellation and the announcement of full exit from bitcoin related transaction business by bitcoin China on another exchange, the space for the currency circle exchange to conduct business in China has been further narrowed under the situation of strict supervision.
On June 24, bitcoin China officially released a news saying that “the shares of zg.com, a Singapore trading platform invested by btcchina in january2019, have been fully acquired by a Dubai encryption fund in may2020. Bitcoin China actively responded to national policy and closed trading platform business as early as september2017. This sale of the target shares means bitcoin China fully exits bitcoin related business in response to national policy.
Suxiaorui, a financial technology expert, said that the company was cancelled by lekuda company, an exchange under Xu Xing, or was intended to cut domestic institutional entities to mitigate regulatory risks. The main body of previous user lawsuits was lekuda company. After applying for cancellation, it means that if there is a dispute between the virtual currency investment user and the institution, it will be difficult to safeguard their own rights and interests in China, And this also shows that the risk of subsequent currency speculation is further increased.
In the follow-up forecast, most people in the industry believe that the follow-up supervision will continue to add code for upstream mining business and the most core trading business.
“Since the operation entities of the 2017 rectification exchange have been established overseas, and their businesses are not open to Chinese mainland users, the current regulators have not yet fully implemented the currency exchange. However, under the new round of strong supervision, the first step will be to cut off the channels for domestic investors to participate in the exchange of virtual currency transactions from the perspective of bank entry and OTC transactions. Thus, the paper completes the renovation of the virtual currency transaction.
Whether the exchange is directly comprehensively renovated in the future may depend on the implementation of the current measures. ” Jiang said. Undoubtedly, the current regulatory approach has greatly influenced the trading volume of the exchange. Many exchanges have no longer provided relevant services to domestic investors, and some exchange apps can no longer be opened.
Suxiaorui believes that under the situation of strict supervision, the space for the currency circle exchange to conduct business in China is narrowed further. Meanwhile, banks and Payment institutions have issued a voice on comprehensive investigation and strike governance of virtual currency transactions, which means that the link of funds for currency firing is constantly limited; In the future, we should continue to improve the level of science and technology and monitoring model, and strengthen the recognition and risk control of virtual currency transactions.
Su Xiaorui expects that the subsequent currency circle will gradually transfer to underground or overseas areas, and the virtual currency hype will not bring practical value to the real economy service. It is suggested that the institution should shift its focus to the research and development and application of blockchain technology, which can reduce the regulatory risk and meet the future development direction of financial technology.
Reporter: Yiyue Pinyu, liusihong

With a market value of 1.15 trillion, Ningde times signed a supply agreement with Tesla! Musk and Panasonic, who abandoned who?

With a market value of 1.15 trillion, Ningde times signed a supply agreement with Tesla! Musk and Panasonic, who abandoned who?

The agreement with Tesla (tsla. NASDAQ) made Ningde era (300750. SZ) rush to microblog hot search again.
On the evening of June 28, Ningde Times announced that the company signed an agreement with Tesla on June 25 to supply lithium-ion power battery products to Tesla from January 2022 to December 2025. On the same day, the share price of Ningde times reached a record high, once exceeding 500 yuan / share, and finally closed at 493.9 yuan / share, up 3.71%, with a total market value of over 1150.3 billion yuan.
According to the announcement, Ningde times signed a supply framework agreement with Tesla this time, and the final supply situation of Tesla will be determined by the way of order. Therefore, the impact of the signing of the agreement on the company’s future business performance depends on the specific order situation of Tesla, which is uncertain.
Power battery business is the cornerstone of Ningde era, contributing the most revenue and profit for the company. According to the financial report data, in 2020, the sales revenue of Ningde times power battery system was 39.425 billion yuan, an increase of 2.18% over the previous year; During the reporting period, the sales volume of lithium-ion batteries of the company was 46.84gwh, a year-on-year increase of 14.36%, of which the sales volume of power battery system was 44.45gwh, a year-on-year increase of 10.43%.
It is worth noting that Tesla has just recalled more than 280000 electric vehicles, including model y and the best-selling model 3. On June 26, the official certification microblog “Tesla customer support” of Tesla motor (Beijing) Co., Ltd. issued an article saying that due to the possibility that the active cruise control function may be mistakenly activated by the driver and there are potential safety hazards in extreme cases, Tesla took the initiative to file the recall plan with the State Administration of market supervision.
Cooperation upgrading
In Ningde era, any news related to Tesla will stir up the sensitive nerves of the market.
As early as June 7, it was reported that Tesla was preparing to use LG Chemical NCMA four yuan lithium battery in domestic model y models. The nickel content of the battery is as high as 90%, and the cobalt content is expected to decrease significantly. On June 3, Reuters quoted people familiar with the matter as saying that Ningde times plans to build a new large power battery plant in Shanghai to provide half of Tesla’s batteries for electric vehicles and roof energy storage worldwide.
According to reports, the rumored annual capacity of the Shanghai factory will reach 80gwh, while the current capacity of Ningde times is 69.1gwh, and 77.5gwh is under construction.
On June 8, Reuters reported again that apple, the mobile phone manufacturer, is negotiating with Ningde times and BYD to supply batteries for its electric vehicle project. The negotiation between apple and the two companies is at an early stage, and it is still uncertain whether a substantial cooperation agreement will be reached. On the above two pieces of news, the reporter of time weekly asked relevant people of Ningde times for confirmation, but the other side did not comment.
The story of Ningde era and Tesla can be traced back to 2018.
In July 2018, Elon Musk, the founder of Tesla, flew to Shanghai to sign the landing agreement of Tesla’s Shanghai factory. During the signing of the agreement, musk secretly met with Zeng Yuqun, chairman of Ningde times, but they did not reach any substantive agreement.
A year later, during his participation in the “2019 world Artificial Intelligence Conference” in Shanghai, musk once again met with senior leaders of Ningde era, including Zeng Yuqun. Different from the last time, Panasonic, the power battery supplier, refused to invest in the construction of a battery factory in Shanghai and broke up with Tesla. At this time, only four months before Tesla’s Shanghai factory was put into operation, Tesla urgently needed a new power battery supplier to ensure the smooth start of production.
The meeting only took more than 40 minutes, and Zeng Yuqun and musk basically finalized their cooperation intention. In the view of industry insiders, Ningde era has been deeply bound with Tesla ever since.
On February 3, 2020, Ningde Times announced that Tesla will purchase lithium-ion power batteries from Ningde times, and the supply period is from July 1, 2020 to June 30, 2022. However, the cooperation belongs to cooperation, and the agreement does not impose any constraint on Tesla’s purchase volume. The specific purchase situation will be determined by Tesla in the form of order according to its own needs.
Compared with the agreement signed in 2020, in the latest agreement disclosed by Ningde times, except for the extension of supply time, the rest of the contents have not been changed.
There is a market view that the name of the agreement between Ningde times and Tesla has changed from “production pricing agreement (China)” to “production pricing agreement”, the cooperation framework has removed “China”, and it is expected that this supply agreement will cover the world.
According to the Research Report of Everbright Securities, Ningde era, the domestic power battery leader, has entered the global supply chain. Its installed capacity in 2020 will reach 25% of the world’s total, basically ranking first in the world with LG new energy.
(image source / Vision China)
Panasonic 400 billion yen clearing Tesla
Tesla is so anxious to sign a contract with Ningde times, or it has something to do with Panasonic, the main supplier of primary batteries.
Panasonic’s fiscal year 2020 report released on June 25 shows that by the end of March this year, Panasonic had cleared all its holdings of Tesla shares and cashed out about 400 billion yen (about 23.236 billion yuan). In response, Panasonic said, “it will not affect the cooperative relationship and is continuing to maintain a good relationship.”.
In 2009, Panasonic signed the first supply contract with Tesla. Soon, Panasonic began producing power batteries for Tesla Model s. In 2011, Tesla and Panasonic signed a supply agreement for 640 million 18650 batteries. In 2013, the two sides renewed the agreement to increase the supply of power batteries to 1.8 billion.
Panasonic used to be the only battery supplier of Tesla. In addition to selling products to Tesla, the purchase of Tesla stock is the most impressive investment of Panasonic in recent years.
In 2010, Panasonic bought 1.4 million Tesla shares at a price of $21.15 per share, with a total transaction price of about $30 million. From the outbreak of new energy industry in 2020, Tesla’s share price can reach as high as $900 / share. Even taking into account the Tesla split, Panasonic’s earnings are still more than 100 times. Matsushita vice president Keiji Sato once said, “we and Tesla are not a community of common destiny, but different companies. We will judge calmly. ”
On the one hand, the relationship between Ningde era and Tesla is getting closer, and on the other hand, Panasonic is clearing its position in Tesla stock. The subtle relationship between the three can not help but cause market discussion.
According to Guosen Securities, Ningde times has a market value of less than 50 billion yuan since it was listed on the gem at the beginning of 2018, and by the end of May 2021, it has exceeded one trillion yuan. The market expectation has been gradually raised, and it has increased nearly 20 times in three years. Ningde times has become the “wind vane” of the industry by taking advantage of new energy.

It’s about your car and your purse! In July, the new rules came into effect

It's about your car and your purse! In July, the new rules came into effect

Beijing June 29, Beijing, China new network client – Implementation of the national six emission standards for heavy diesel vehicles, appropriate relaxation of conditions for special hardship personnel, and full coverage of the reform of “license separation” nationwide… In July, a number of new regulations will be implemented, which may affect your car and money bag!
Data map: vehicles pass the high-speed toll station in an orderly manner. Map provided by Henan Provincial Department of transportation
Implementation of the six emission standards for heavy diesel vehicles
According to the announcement on the implementation of the six emission standards for heavy diesel vehicles jointly issued by the Ministry of ecological environment, Ministry of industry and information technology and the General Administration of customs, the national six emission standards for heavy diesel vehicles have been fully implemented throughout the country since July 1, 2021.
It is prohibited to produce and sell heavy diesel vehicles that do not meet the national emission standards (the production date shall be subject to the upload date of the vehicle certificate, and the sales date shall be subject to the date of the sales invoice of the motor vehicle). The imported heavy diesel vehicles shall meet the national emission standards (the import date shall be subject to the date of arrival marked by the import certificate of the goods).
The extension of motor vehicle recall from safety recall to emission recall
The regulations on the administration of vehicle emission recall jointly issued by the State Administration of market supervision and administration and the Ministry of ecological environment shall come into effect on July 1. Under the following circumstances, motor vehicles will be recalled due to emissions.
1、 The air pollutants discharged by motor vehicles exceed the standard due to design and production defects;
2、 The air pollutants discharged by motor vehicles exceed the standard due to the non-compliance with the specified requirements of environmental protection durability;
3、 Due to the design and production reasons, there are other non-compliance with the emission standards or unreasonable emission of motor vehicles.
The regulations clearly state that if the motor vehicle manufacturer or operator violates relevant provisions, the market supervision and administration department shall order it to correct and be fined not more than 30000 yuan.
The location of electronic technology monitoring equipment shall be announced
The newly revised administrative penalty law of the people’s Republic of China will come into effect on July 15.
If the illegal act involves the health and safety of citizens’ lives, financial safety and has harmful consequences, the period of recovery shall be extended to 5 years.
In order to control, mitigate and eliminate social hazards caused by the major infectious diseases and other emergencies, the administrative organ shall punish the acts against the emergency response measures quickly and seriously according to law.
If the administrative organ collects and fixes the illegal facts by using electronic technology monitoring equipment in accordance with the provisions of laws and administrative regulations, it shall pass the legal and technical examination to ensure that the electronic technology monitoring equipment meets the standards, is reasonably set and marked clearly, and the place of setting shall be announced to the society.
Data: the electronic screen exposure in Kunming Street is not polite for zebra crossing vehicles. Photo by Ren Dong, China News Agency reporter
The reform of “separation of license and license” has been carried out throughout the country
From July 1, the management of the full coverage list of business license items involved in enterprises shall be implemented nationwide. The reform of the examination and approval system shall be carried out in accordance with four ways: directly canceling the approval, changing the approval to the record, implementing the notification commitment and optimizing the approval service. Meanwhile, the pilot reform will be further strengthened in the free trade pilot area, and the simple, efficient, fair and transparent shall be established by the end of 2022 The industry standard rules of lenient entry and strict control greatly improve the convenience and predictability of market participants.
Fully implement the system of notification and commitment of tax certification matters
The State Administration of Taxation issued the “implementation plan for the full implementation of the notification and commitment system of tax certification matters”, and formally implemented the notification and commitment system of tax certification matters on July 1.
The State Administration of Taxation, in accordance with the improvement of the Department information sharing and administrative assistance mechanism and the level of supervision ability after the event, expands the scope of application of the notification commitment system of tax certification matters in a timely manner, and further promotes the complete cancellation of relevant tax certification matters. The tax bureaus of all provinces, autonomous regions, municipalities directly under the central government and cities specifically designated in the state plan may, on their own, announce and decide not to ask for the relevant supporting materials and letter of commitment for the tax certificates that have been obtained through information sharing and can be checked immediately, and report them to the State Administration of Taxation for the record, so as to replace the supporting materials with the inspection results.
“One car, one vote” for motor vehicles
The measures for the use of motor vehicle invoices jointly formulated by the State Administration of Taxation, the Ministry of industry and information technology and the Ministry of public security shall be implemented on May 1 and shall come into effect on July 1.
When issuing unified invoice for motor vehicle sales, the following rules shall be followed: the unified invoice for motor vehicle sales shall be issued according to the principle of “one vehicle one ticket”, that is, only one unified invoice for motor vehicle sales can be issued for a motor vehicle; The column of “taxpayer identification number / unified social credit code / identification number” in the unified invoice of motor vehicle sales shall be filled in by the seller according to the actual situation of consumers; If a consumer loses a unified invoice for motor vehicle sales and cannot apply for a tax declaration or registration of motor vehicle purchase tax, he shall apply to the seller for re issuing the unified invoice for motor vehicle sales; If the printed content of the unified invoice for motor vehicle sales is out of line or out of line, if the content is clear and complete, it does not need to be returned and reissued.
Information chart: People’s Bank of China. Photo by Zhang Xinglong, a reporter from China News Agency
The license issued to the bank insurance institutions is integrated into three categories
The measures for the administration of the license of the bank insurance institutions shall come into effect on July 1.
The license issued by the CBRC to the banking insurance institutions is integrated into three categories: financial license, insurance license and insurance intermediary license, and the applicable objects of various licenses are clarified.
Unified license records. The license shall contain the following contents: name of the organization, business scope, date of approval, address of the organization, date of issue of the license and issuing authority.
Information disclosure is seriously illegal or banned from the market for life
The revised regulations on the prohibition of entry into the securities market (hereinafter referred to as the provisions) issued by the CSRC shall come into effect as of July 19.
The regulations clearly state that the prohibition of trading refers to the activities of prohibiting the direct or indirect trading of all securities (including the share of securities investment funds) listed or listed in the securities exchange site, and the maximum duration of the prohibition is not more than five years.
In terms of applicable circumstances, it is clear that the serious violation of information disclosure and adverse effects are listed in the life-long ban market situation, and it is also clear that the prohibition of trading is applicable to the illegal acts that seriously disrupt the order of securities trading or fair trading.
Conditions for the identification of extremely poor personnel should be relaxed appropriately
The newly revised Measures for the identification of special hardship personnel shall come into effect as of July 1.
The measures moderately expanded the types and grades of disability of “no working ability”. On the basis of the original recognition that “first and second level intellectual, mental and first-class disabled persons” were disabled by labor, the “three-level intellectual, mental, secondary and first-class visual disabled” were added, which stipulated that the above-mentioned disabled persons should be considered as non working ability.
The measures improved the conditions for the identification of “no source of living”, and the specific conditions for identifying the “no source of living” of the special needy were that their income should be lower than the local minimum living security standards, and the property met the property conditions of the local special-aged personnel.

The national development and Reform Commission says the electricity price of residents is low! Electric power leading stock price increases 10 times, the plate is about to explode?

The national development and Reform Commission says the electricity price of residents is low! Electric power leading stock price increases 10 times, the plate is about to explode?

This year, the electric power industry has received a lot of information, which has caused fluctuations in the capital market. Here comes the list of companies with record share prices.
On June 24, the Chinese government website published a message from the national development and Reform Commission (NDRC) in response to netizens’ comments on “it is suggested to improve the step tariff system for residents and encourage urban and rural residents to use more clean power resources”, which aroused market concern.
The national development and Reform Commission said that for a long time, China has tried out a lower electricity price for residents, and the electricity price for residents is significantly lower than the cost of power supply, because industrial and commercial users bear the corresponding cross subsidies. Compared with other countries in the world, China’s residential electricity price is low, while the industrial and commercial electricity price is high. In accordance with the requirements of further deepening the market-oriented reform of electricity price, the next step is to improve the residents’ step price system, gradually ease the cross subsidy of electricity price, make the electricity price better reflect the cost of power supply, restore the commodity attribute of electricity, and form a residents’ electricity price mechanism that more fully reflects the cost of electricity, the relationship between supply and demand, and the degree of resource scarcity.
In order to encourage urban and rural residents to use more clean power resources and less coal for heating, the opinions on the price policy of clean heating in northern China (fgjg [2017] No. 1684) clearly states that the areas suitable for “coal to electricity” should improve the peak valley time-sharing price system on the sales side, optimize the ladder price policy of residential electricity, and vigorously promote the market-oriented trading mechanism, Reduce the cost of electricity for clean heating.
In fact, the notice on the action plan for deepening the price mechanism reform in the 14th Five Year Plan period issued by the national development and Reform Commission on May 25 has clearly pointed out that the electricity price reform will continue to be deepened during the 14th Five Year Plan period, and the price formation mechanism of provincial power grid, regional power grid, inter provincial and inter regional special projects and incremental distribution network will be further improved, so as to speed up the rationalization of transmission and distribution electricity price structure. We will continue to deepen the market-oriented reform of on grid electricity prices for coal-fired power generation, gas-fired power generation, hydropower and nuclear power generation, improve the price formation mechanism for wind power, photovoltaic power generation and pumped storage, establish a new energy storage price mechanism, steadily promote the reform of sales electricity prices, orderly promote the entry of operating power users into the electricity market, and improve the residential ladder price system.