Cctv news(News Network): Today (October 12th), the National Development and Reform Commission issued the Notice on Further Deepening the Market-oriented Reform of on-grid tariffs for coal-fired power generation. China will release all on-grid tariffs for coal-fired power generation in an orderly manner, and the floating range of transaction prices in the coal-fired power generation market has also expanded, marking another important step in China’s electricity market-oriented reform.

　　On the power generation side, the on-grid tariff of all coal-fired power generation will be released in an orderly manner, and all coal-fired power generation will enter the power market in principle. At the same time, expand the fluctuation range of market transaction price, and expand the fluctuation range of coal-fired power generation market transaction price from the current fluctuation range of no more than 10% and no more than 15% in principle to no more than 20% in principle, and the market transaction price of high energy-consuming enterprises is not limited by 20% fluctuation.

　　These measures will further drive the power generated by other types of power sources to enter the market, laying a solid foundation for fully liberalizing the on-grid tariff on the power generation side.

　　On the power consumption side, this reform clearly proposes to promote industrial and commercial users to enter the power market in an orderly manner, and purchase electricity at market prices. For industrial and commercial users who have not directly purchased electricity from the power market, power grid enterprises will purchase electricity on their behalf, and encourage local governments to implement phased preferential policies for small and micro enterprises and individual industrial and commercial households. At the same time, the supply of electricity for residents and agriculture is guaranteed by power grid enterprises, and the current sales price level remains unchanged.

　

Peacock: "Look, aren’t you tempted by my dazzling feather?"

　　The little panda thought to himself, "Is this peacock nearsighted? I am a panda, not a peacock! I don’t even want to open the screen, flatter me, go to hell. "

Peacock: "Hey? How did it get behind me? "

　　Panda: "Hey, hey, make you proud, make you happy, I’ll make a big surprise attack."

Oh, the little panda pounced on him: "Bite, I bite hard." See if you will flatter again next time? "

　　Peacock: "whoops, it hurts, it hurts!" "

In a scuffle, the peacock fled with its bald tail between its legs.

　　"In winter, peacocks open their screens, and they love pandas in disorder, but the other party doesn’t understand, which leads to disaster." At 3 pm yesterday, a funny scene was staged in Wuhan Zoo. The peacock was "hungry for food" and opened its screen to the red panda. As a result, it was attacked by the red panda.

　　According to reports, the Panda Pavilion in Wuhan Zoo is adjacent to the peacock breeding ground. Yesterday, the weather was fine. A male peacock led several female peacocks to fly over the fence with their heads held high, and came to the "neighbor’s" home for a walk.

　　At this time, the five little pandas in the Panda Pavilion are also basking in the sun. See "whispers" visit, they immediately gathered around. Seeing the little pandas gathered around, the male peacock was so excited that he opened his screen and shook his shiny tail screen at them.

　　Just then, an unexpected scene appeared. An adult panda named "Junjun" crept close to the peacock that was opening its screen, slowly walked behind the peacock, and "snapped" the peacock’s tail with lightning speed. The unsuspecting male peacock dropped a big pinch of hair from his tail and quickly fled with his companions.

　　"Peacock has learned a lot this time, so it’s time for him to do his duty." Chen Jun, a breeder of the Panda House in Wuhan Zoo, said that peacocks and pandas are neighbors, and peacocks occasionally invade the panda activity area for food, but this is the first time. The gonads in the male peacock secrete sex hormones, which stimulate the brain and unfold the tail screen. Peacocks are usually in estrus in March and April every year, but this time it may be that the tail feathers of male peacocks grow up and want to show off their beauty.

　　The red panda is a carnivorous animal, which is aggressive. Peacocks who grew up in the zoo often saw red pandas eating bamboo, grass, roots, etc. They didn’t know how powerful they were and mistakenly thought that red pandas were afraid to attack.

Editor: Zhou Zhongxiao

　　CCTV News:The Shanghai Education Examinations Institute announced on July 9 that in 2022, the grades of Shanghai ordinary high school academic level examinations will be inquired on July 15.

　　In 2022, the grading, score statistics and checking of Shanghai ordinary high school academic level grading examination have been completed. According to the Notice of the Shanghai Municipal People’s Government on Printing and Distributing Several Opinions on Further Deepening the Pilot Work of the Comprehensive Reform of the College Entrance Examination in this Municipality (Hu Fu Fa [2018] No.14) and the Notice of the Shanghai Municipal Education Commission on Printing and Distributing the Implementation Measures for the Academic Level Examination of Shanghai Ordinary Senior High Schools (Shanghai Education Commission Regulation [2018] No.6), the grade test results are presented in grades. According to the corresponding proportion of the total number of candidates (except those who missed or didn’t score) who obtained the effective results of the exam, the ranking is divided into five levels: A+, A, B+, B-, C+, C, C-, D+, D and E from high to low.

　　First, the results query

　　Examination results will be available from 18:00 on July 15th to 14:00 on July 30th. Candidates can visit the "Shanghai Recruitment Hotline" website of Shanghai Education Examinations Institute (www.shmeea.edu.cn) at that time, enter the inquiry system through the "Results Inquiry" column on the home page, and enter the 12-digit registration number on the admission ticket of my academic level examination [note: it is not the admission ticket number of the unified culture examination for enrollment of ordinary colleges and universities in Shanghai in 2022] and the last six digits of the candidate’s certificate number without letters when registering, so as to inquire about the grades of the subjects I participated in on June 18th and 19th this year.

　　In the query results, "/"means that you have not entered the exam of this subject, and "Q" means that you are absent from the exam. The exam results are subject to the transcripts received. Transcripts will be distributed to all districts in late July (students will be distributed by their middle schools, and other candidates will go to the district where they are enrolled to collect them).

　　Second, the results review

　　Candidates who are in doubt about their grades can apply for grade review from 10:00 on July 16th to 16:00 on July 17th through the "Grade Inquiry" column on the homepage of "Shanghai Recruitment Hotline" website of Shanghai Education Examinations Institute (www.shmeea.edu.cn). Each candidate can only apply for a grade review once. The performance review mainly checks whether there are any errors in each link of performance processing. The results of the review only provide the candidates with the grades of the reviewed subjects, and will not be re-marked, and the answer sheets will not be consulted.

　　Candidates can log on to the website again after 12:00 on July 18th to check the results.

Special feature of 1905 film network Shortly after the opening of the year, the film market became more and more lively, and the pattern of Spring Festival stalls was gradually formed.

After the file was finalized, the new work was without warning and took the lead in airborne years later; Join hands again and pick up the stick quickly; It is a climax to lose 100 pounds for the play; With the new work, it has been "killed" into the Spring Festival file for three consecutive years.

It’s only one month before the opening date of the Spring Festival in 2024 (February 10th), and whether there will be any films in the future has not been decided, but the current situation of "5 +1" (5 live-action movies+1 animated film) is the same as last year’s "4+2" battle, while the situation of live-action movies is the same as the "5+3" of the Spring Festival in 2022.

Besides Han Yan, Han Han, Jia Ling and Zhang Yimou have all hit the Spring Festival stalls more than once.

There is no need to repeat the box office of over 5 billion; From 600 million to 4.5 billion in Zhang Yimou, one is more stable than the other; Han Han scored over 1.7 billion and became a classic; The record of 2.2 billion has become the highest record of Ning Hao’s independent directed works.

Once upon a time, comedy movies seemed to be the core content of New Year’s Eve and Spring Festival files. With the arrival of other universal themes in Spring Festival files, comedy is no longer a special offer for Spring Festival files.

More than that, since the beginning of 2024, from the comedy dark horse in the beginning of the year to the "clash of the titans" in the Spring Festival.

Or, comedy will surprise the film market in 2024!

"Xi" in the Spring Festival file

From the six films currently scheduled for the Spring Festival, it can be seen that except the theme/genre of Viva La Vida by Han Yan is "plot, love, family", the other five films have more or less strengthened the "comedy" attribute.

The Movie Emperor, which was announced at the end of last year to be changed to the Spring Festival, has always highlighted the concept of "elegant comedy" and showed the audience all kinds of strange stories in the entertainment circle with a very playful style. At present, the multi-dimensional release of video materials, combined with the intertextuality of starring images inside and outside the play, also makes the film feel full of joy during the viewing process.

Not only the content of the film, but the label "Ning Hao" alone makes the comedy elements sublimate. Since his big-screen debut, he has started his own "Crazy Comedy", and subsequent films have laid the commercial value of Ning Hao’s comedies.

Only compared with other comedians, Andy Lau’s comedies are more driven by the plot and bring "laughter". The latest comedy work is a movie, which is also driven by the plot, and the self-response inside and outside the play is interesting.

The biggest attraction of Han Han’s Pegasus 2 is to cooperate with Shen Teng again.

As early as the writer’s time, Han Han was good at using words to show cold humor. After the transformation of the director’s identity, there are many such golden sentences in the film, which has become a unique "cold style." Especially after the polishing of four films, his comedy characteristics have become a symbol.

Actor Shen Teng is also a "comedian" with a very personal comedy style. In Shen Teng’s past works, his comedies always amuse the audience with exaggerated expressions and actions and nonsense language. Moreover, Shen Teng has a unique comedy personality because of his perennial personality. At the same time, the little people he interprets more can resonate with the audience.

In "Pegasus 2", his role continues the "timid" temperament in the previous work, and their unique comedy styles are further combined. With the addition of comedians such as "","Pegasus 2" is quite interesting.

Jia Ling YOLO must be one of the most watched movies at present.

The term "Jia Ling lost 100 Jin" frequently appeared in hot search topics, but what YOLO wanted to express was always more than that, and more was to return to himself. In this work, the cooperation of Jia Ling,, and, on the contrary, makes the comedy have a certain visibility.

Whether it’s Jia Ling’s sketches before Zhang Xiaofei, or the film Hi, Mom co-produced by two people, or Lei Jiayin and Zhang Xiaofei co-produced, the three-person comedy always uses accidents to drive details, and the core is a softer emotional side.

Especially, Jia Ling, as a female filmmaker, can always handle comedies subtly with great accuracy, and be close to life and emotions from a female perspective. From Hi, Mom’s yearning for her mother to YOLO’s self-realization, perhaps she will bring us another emotional resonance with tears in her laughter.

Viva La Vida directed by Han Yan became the only non-comedy film in this year’s Spring Festival. Even when the film was finalized, many netizens had doubts. Why do you want to watch a work with a certain sad background during the Spring Festival?

Part of the film is based on the documentary report "The most utilitarian marriage transaction, the most emotional eternal agreement". This story is not a tragic ending, and it may be able to feed you a valium pill.

Whether directed by Han Yan or produced by a producer, comedy is always a plus item of these works, especially the opening work of the trilogy of life, which is a proper comedy film.

At the same time, as one of the leading actors, most of the previous screen images were created by comedians. Perhaps his performance can also provide a certain bonus for the comedy performance of the film.

How to "smile"

Undoubtedly, the Spring Festival in 2024 will be a "multi-strong hegemony" situation.For the audience, they can walk into the cinema through the atmosphere of the Spring Festival, feel these wonderful films and enjoy the joy of the whole family.

As early as 2018, the Spring Festival was still a comedy feast. From then on, these classic comedy creators always produced a film for the audience. Until the military theme Operation Red Sea appeared in the Spring Festival file, the pattern of "comedy is king" seemed to be broken, and the Spring Festival file was no longer limited to comedies or special effects blockbusters.

It was that year that Operation Red Sea, as the only non-comedy film in the Spring Festival, found a breakthrough, and even went crazy after the festival, surpassing the films that were far ahead in the pre-sale stage.

The following year, the single theme type continued. During the schedule, The Wandering Earth countered the works such as Crazy Alien and Flying Life in one fell swoop and won the box office championship.

After two consecutive years of market performance, the Spring Festival stalls have been completely opened and entered the 2.0 era of heroes by quality. In the schedule, the particularity of the theme type is more likely to be concerned.

The theme type is no longer limited by the Spring Festival schedule, but it cannot be ignored that the celebration of the Spring Festival still allows the audience to have a special filter for this schedule. Even those who flaunt the comedy type are still criticized for their tragic ending on the first day of release, and eventually become regrets.

In the Spring Festival file in 2023, animated films were also relatively melancholy in temperament, and their performance was mediocre during the file period. It was not until after the screening that they achieved a turnaround against the wind by virtue of word of mouth and topics.

Although the choice of theme types of films becomes diversified, high-quality comedies are still the first choice for the audience.

In the Spring Festival of 2022, as the only pure comedy film, the film eventually became a dark horse; In 2023, "Man Jiang Hong", the main genre of "comedy suspense", still maintained a strong situation under the gathering of many types of themes, and won the box office championship.

Nowadays, at the time when Toshitabe comedies are assembled for the Spring Festival in 2024, it is the most crucial thing for each film to attract attention with its own particularity in the early publicity and get the audience’s "first ticket" in the pre-sale stage.

We expect these works to be recognized by the audience with high quality, win long-term opportunities, and gather gas together for the opening year of 2024!

Tanyue GTE plug-in hybrid and Weilai ET7, both of which are outstanding in the field of new energy, represent different design concepts and market positioning. Tanyue GTE, based on the body of traditional SUV, combines the mature plug-in hybrid technology of Volkswagen. Its power system consists of a 1.4T turbocharged engine and an electric motor, with a comprehensive maximum power of 155kW and a peak torque of 400Nm, which gives consideration to fuel economy and driving pleasure. In terms of battery life, it can travel about 50km in pure electric mode to meet the daily commuting needs, and there is no battery life anxiety in long-distance travel.

Weilai ET7 is positioned as a luxury intelligent electric car, equipped with front and rear dual motors, with a total power of 480kW, a peak torque of 850Nm, and an acceleration of 3.9 seconds, with strong performance. In terms of battery life, it is equipped with three battery packs with different capacities of 70kWh, 100kWh and 150kWh, and the longest battery life can reach 1000km, which completely solves the mileage anxiety. In addition, Weilai ET7 is also equipped with advanced automatic driving assistance system and rich intelligent technology configuration, bringing unprecedented intelligent travel experience to drivers.

Choosing the GTE plug-in hybrid means that it is more inclined to combine traditional driving experience with energy saving and environmental protection; Choosing Weilai ET7 is the exploration and pursuit of future travel modes, and enjoys the convenience and fun brought by cutting-edge technology.

I suggest you test drive these two cars yourself, feel their actual performance and differences, and then make decisions according to your own feelings and needs.

　　In the minds of many people, off-road is almost the same as personal extreme adventure and challenge. However, is it just two parallel lines between family and off-road? In fact, the yearning of family groups for off-road is equally passionate. Many parents are not satisfied with their children only learning about the world through books or screens, but hope to take their children to climb the hill to see the world, and to gain growth in exploring nature and challenging themselves. The birth of the second-generation Haval H9 perfectly meets this need, becoming a bridge connecting families and nature, allowing every family to join hands on a cross-country journey that goes as soon as they say it.

　　Now, this car is officially coming to the front of the stage. At the pre-sale conference of the second-generation Haval H9 held on August 25, the pre-sale price of the car was announced. It is reported that this pre-sale, the second-generation Haval H9 provides a total of three versions, including the exploration version, the expansion version and the polar version. The pre-sale prices are 205,900 yuan, 221,900 yuan and 235,900 yuan respectively. Now you can also enjoy limited-time car purchase rights when you place an order, which is a cash gift of 2,000 yuan for the purchase of the car, as well as a replacement subsidy of 20,000 yuan for the old owner of the H9 and a replacement subsidy of 15,000 yuan for other products or foreign products.

　　Focusing on family off-road needs, Haval opens up new family off-road categories

　　With the improvement of quality of life and the rise of outdoor activities, more and more families are beginning to re-examine and adjust their parenting methods. They are no longer satisfied with the shallow parent-child interaction of just walking in the city park or playing in the indoor playground on weekends, but hope to drive their children to explore a wider and more unknown natural world. This transformation is not only an innovation of the traditional leisure model, but also a new exploration and reconstruction of the parent-child relationship.

　　However, when it comes to cars suitable for family use, many people first think of "dad cars", which are often labeled as "refrigerators, color TVs, large sofas", focusing on the ultimate display of intelligence, comfort and luxury, focusing on satisfying people’s physiological experience. However, for families pursuing a hardcore lifestyle, children who have seen the world are stronger. The best refrigerator in the world should be a mountain spring, the most comfortable sofa is a beach and grass, and the best TV is a galaxy starry sky. Such families seek not only physical experience, but more importantly psychological satisfaction. They hope to drive an off-road vehicle that combines strength and comfort, take their children away from urban hotbeds and electronic pacifiers, and drive between the vast world, let them touch the temperature of the earth with their hands, and feel the speed and direction of the wind. During this journey, children will learn to observe, think and deal with challenges, and maintain courage and tenacity in the face of fear and difficulties.

　　A car that can carry a family off-road should not only have strong off-road ability and performance, but also have enough comfort to ensure that parents and children enjoy the journey all the way. And such off-road vehicles have always been blank in the market: light off-road is guaranteed in terms of comfort, but off-road strength is limited, often stopping before rugged, and the most beautiful scenery cannot be seen; although hardcore off-road can cross magnificent mountains and rivers, it is difficult to hide the bumps of the journey, and there is less comfort and comfort.

　　As a global SUV expert, Haval SUV has more than 30 years of deep accumulation in the off-road field, and has a keen insight and deep understanding of the Chinese off-road market. Combined with the growing demand of Chinese contemporary families for hard-core off-road experience, it has launched a "family off-road vehicle" specially tailored for family off-road – the second-generation Haval H9, which has opened up a new category of family off-road, solved the problem of taking children to explore a wider and more diverse world, and made up for the limitations of light off-road and the roughness of hard off-road.

　　When the whole family goes off-road, comfort is the top priority

　　Based on the off-road needs of families, the second-generation Haval H9 has made targeted improvements and upgrades, incorporating comfort design into every detail of the vehicle to create a more comfortable driving environment for the whole family.

　　In the previous long-term test of the second-generation Haval H 90,000, the comfort of this car was fully verified. During the journey, rough terrain and potholed road sections are commonplace, but the seat comfort of the second-generation Haval H9 gave all participants an unexpected surprise experience. It is reported that the seat is ergonomically designed, and the seat skeleton is designed with high strength, which effectively improves the support of the seat; at the same time, it adds a comfort sponge, using skin-friendly and environmentally friendly materials, which are delicate and smooth to the touch, and are more friendly to children with sensitive skin. This seat performance, coupled with the spacious space given by the 2850mm wheelbase, allows all passengers to find the most comfortable position during the journey.

　　In addition to seat comfort, the second-generation Haval H9 has also made great efforts in terms of tranquility. The car uses a variety of practical sound insulation and noise reduction technologies, such as double-layer laminated sound insulation glass, 34 laminated panels on the body design, and an optimized exhaust noise control system, which can effectively isolate external noise interference. On the long-term test line, strong wind is the norm, and Haval engineers have tested countless times, designing the A-pillar tilt angle to 39.3 ° golden angle of attack, referring to the streamlined characteristics of the dolphin’s head to reduce wind noise by 5%, even if the wind is raging outside and the sand is full of yellow sand, the car can still be relatively quiet.

　　In terms of riding comfort, the second-generation Haval H9 has also achieved the ultimate. Professional chassis tuning can better absorb the impact caused by bumpy roads, enhance the sense of rolling support, and even in desert cross-country, northwest Gobi, and various rugged terrain, there will be no "big boat" vertigo.

　　In the face of off-road challenges, reliability is the guarantee of freedom

　　Reliability is the base color of off-road vehicles. As a hardcore off-road vehicle specially designed for families, the second-generation Haval H9 shows super reliability and is not afraid to face the test of more than 30 kinds of terrain and landforms such as Gobi, desert and canyon in the long-distance survey.

　　With reliable power performance, you can reach more scenery and enjoy the same Moments. The second-generation Haval H9 is equipped with TOD intelligent four-wheel drive + Mlock mechanical lock, and can be equipped with front/rear axle electronically controlled mechanical differential lock. True three locks, the maximum wading depth of 800mm under no load, the ability to climb 100%, 7 driving modes and transparent underbody technology, these hardcore off-road equipment make the second-generation Haval H9 easy to deal with even in the face of complex and changeable terrain such as desert, Gobi, and mountains.

　　Safety is always Haval’s uncompromising bottom line. The second-generation Haval H9 adopts a non-load-bearing body design, two vertical and nine horizontal trapezoidal frame structure, and high-strength steel accounts for up to 99%. Even if it encounters a large impact force during the long test, the body is not easy to deform. In terms of active safety, the car integrates L2-level driving auxiliary features such as ACC full-speed adaptive cruise and ICA intelligent cruise assistance, which can automatically intervene at critical moments to reduce the risk of accidents. In short, the second-generation Haval H9 provides all-round protection for drivers and passengers participating in the long-distance test with excellent body structure and multiple safety protection designs.

　　In addition, whether a car is "reliable" enough is also reflected in the detailed design. The second-generation Haval H9 has been extremely polished in the front shock absorber support, body suspension, wheel hub bearing sealing design, etc. For example, the front shock absorber support has been strengthened. The second, third, and fourth body suspension have been upgraded from the compression type of the first-generation H9 to the shear type, and the three-lip sealing technology of the conventional third-generation wheel hub bearing has been upgraded to a four-lip + spring sealing structure. These measures enable it to enjoy the flying car to the fullest on the desert road, without worrying about the front shock absorber being "pierced", the violent roll when turning and accelerating, and the dust entering the wheel hub bearing.

　　Since its debut at the Beijing Auto Show, the second-generation Haval H9 has quickly attracted extensive attention in the industry and enthusiastic pursuit of consumers with its excellent product power and unique family attributes. In the subsequent Beijing Cloud Test Drive and Wanli Long Test, it has successfully pushed the market heat of this model to a new climax. Now, with the successful conclusion of the pre-sale conference of the second-generation Haval H9, the last mystery of this car has been revealed. It is reported that the second-generation Haval H9 offers three versions, including the Exploration Edition, the Expansion Edition and the Polar Edition. The pre-sale prices are 205,900 yuan, 221,900 yuan and 235,900 yuan respectively. Hardcore strength + sincere price, it is conceivable that the second-generation Haval H9 will set off a family off-road trend in the market, and the follow-up market performance is worth looking forward to. (Source: Great Wall Motors)

1905 movie network news Tsui Hark’s latest masterpiece is now in hot release, and the most "cool" blockbuster has swept the country, with a lot of word-of-mouth! The film has full praise on various online platforms, and has the best reputation for the same type of Chinese blockbuster. The movie story and special effects are perfectly combined, presenting the ultimate 3D visual effects and unique Oriental imagination. Tsui Hark’s ten-year peak work surprises the audience, and the audience praises it: "Tsui Hark is already a leader in the industrialization of domestic films." The "Five Wonders" in the movie shocked the audience, and the last 15 minutes of the "Angry King War" made the audience call "cool" and "exciting". In addition, the stars in the film also brought full highlights and offered exciting topics. In the film, Ma Sichun’s "Water Moon Makeup" is even more popular. Talking about the continuation of the series, director Tsui Hark revealed that there are three essential elements in the Di Renjie series of films, and also revealed that the audience will know more about the story behind Di Renjie in the future, and there may be emotional lines. During the hot release of the film, the audience can buy tickets at any time to experience the most shocking movie viewing experience of this summer! The Chinese blockbuster is worthy of heaven, and the summer is bursting with righteousness! It is worth mentioning that there are three Easter eggs at the end of the film, which the audience must not miss.

　

"Di Renjie’s Four Heavenly Kings" has a meteoric reputation! The audience praised "one ride to the dust, immersive"

The movie "The Four Heavenly Kings of Di Renjie" is being screened all over the country, offering the audience the most "cool" and shocking movie viewing experience! The movie’s reputation is flying, the ultimate oriental imagination, and the superb 3D visual effects surprise the audience, and the audience is full of praise: "Xu Laoge’s movies are only what you can’t imagine, and there is nothing he can’t do. It can be said that Xu Hark is already a leader in the creativity of the industrialization of domestic films." "Xu Hark’s imagination is perfectly integrated with the technology of the film industry, which is really great. The 3D screen perfectly presents the moves and weapons of martial arts, as if you are on the scene, and you can’t help but dodge it several times." This time, Di Renjie encountered a shocking crisis and was caught in a four-way struggle for the first time. The whimsical ideas in the story also convinced the audience. The audience commented: "The crisis is layered in layers, the mystery is wrapped in mystery, and the relationship between the characters is intricate but not complicated." "The orderly progression of the plot and the crime-solving link of stripping silk and draining cocoons are absolutely wonderful." It is worth reminding that there are three Easter eggs hidden in the subtitles at the end of the film, and the amount does not increase the price. The Easter eggs also reveal the hidden plot, so don’t miss it!

Before the film’s release, the world premiere was held in Suzhou, and "Di Renjie World" broke the dimensional wall and made a shocking presentation, which has never been seen before. The starring actors even appeared all over the country with the film, chatting and interacting closely with fans, full of highlights, bringing the hottest topic of this summer to the audience. Zhao Youting turned into a stable, accurate and ruthless "knife-replenishing madman", frequently complaining to his friends, and showed off "Di-style wit". Feng Shaofeng played Yuchi Zhenjin straightforward and fierce, but it was revealed at the press conference that he was told by the director that "Yuchi Zhenjin is a virgin" during the filming of the second film. The "natural and cute" Sha Tuozhong in the film is very popular with the audience, and Lin Gengxin’s generous humorous personality also sucks fans. There are frequent golden sentences in the exchange, and he responds to the generous joke of being peeked at by Shuiyue in the film. As an actor, there is no shame ". Ruan Jingtian reversed the aloof image in the film and confessed to fans that he" likes you very much ". In the film, Ma Sichun’s forehead is dyed with silver and his eyebrows are inlaid with silver nails, which makes fans shout" so handsome ";" Shuiyue makeup "has attracted imitation from netizens on Weibo and other platforms, and the makeup has a trend of sweeping the Internet; and in the communication with fans around the world, Ma Sichun personally created" Shuiyue makeup "for the audience on the spot. During the roadshow, Zhou Dongyu appeared in surprise, praising his friend Ma Sichun’s "zero true color" performance.

　

Tsui Hark’s ten-year peak work is shocked, and it is revealed that Di Renjie may have a relationship in the future

The movie "Di Renjie" series started eight years ago. From "Tongtian Empire" to "China’s First Detective", "Shendu Dragon King" to "Youth Tang Dynasty", the mysterious and treacherous world created by the Di Renjie series has fascinated fans. Today, Xu Hark returns with his latest masterpiece "The Four Heavenly Kings of Di Renjie". The film visual effects, stories and actions have been upgraded, surpassing the previous work, and it has been praised as the three best movies in the series, and even the best movie of Xu Hark in ten years, bringing full surprises to the audience!

Talking about the continuation of the "Di Renjie" series, director Tsui Hark shared the creative concept, saying that after Di Renjie became a series, there must be three elements that must be continued: The first is "refreshing and shocking strange case", from the corpse burning case, to the Dragon King case of the Divine Capital, to the soul-shifting case of the Heavenly King this time, it is better to be. The second is to show the audience a special design visually or in the plot, "For example, how should the villain design? Give them motivation, and some curious background. For example, in the second part, the villain wants to play tricks in the tea, and this time the Demon Sealing Race uses Wu Zetian’s fear of Di Renjie to commit crimes." The third is to let the audience know more about the story behind Di Renjie. "Each film will reveal some psychological states related to Di Renjie. For example," Dragon King of Shendu "introduces how he met his team and how he became a brother of life and death. This one is the dilemma he encountered after entering the career." Speaking about this, director Tsui Hark also revealed some prospects for Di Renjie’s future development: "In the future, we will also consider slowly putting in his emotional line. And these backgrounds affect the plot and case."

　　Directed by John Woo and starring stars such as Michelle Yeoh, Zheng Yusheng, Guo Xiaodong and Big S, "Sword Rain" will be released globally on September 28 after the Venice Film Festival at the beginning of next month. In the film, Guo Xiaodong is invited to play Zhang Renfeng, a legendary swordsman with stunts. He walks the rivers and lakes with a pair of swords in his hand, and often sees injustice. He is known as an elite talent among swordsmen. For this praise, Guo Xiaodong laughs that the elite man in his own heart should have a strong sense of responsibility to society and family.

　　This kind of understanding is exactly in line with Guo Xiaodong’s own image, and it is also a little similar to the Zhang Renfeng he played in "Sword Rain". As the descendant of a high-ranking official, Zhang Renfeng did not only pursue a comfortable life as an official like his father. In addition to reading poetry and books, he was also obsessed with swordsmanship. After many spring, summer, autumn and winter, he finally cultivated his profound skills. Zhang Renfeng’s cultural and martial arts characteristics made him valued by the court at that time. But he was dissatisfied with the villain in the dynasty, so he secretly launched a contest with evil forces…

　　It can be said that Zhang Renfeng, played by Guo Xiaodong, has a strong sense of social mission, which is also the characteristic of most elite men in today’s society. Guo Xiaodong was interviewed and talked about his understanding of elite men, which he understood as: well-educated, have their own career, and have achieved success in their own positions; pursue, have ideals, have certain economic ability and social status; have a sense of responsibility to society and family.

　　But on the way forward, there are many difficulties and dangers, and it is not so easy to live a free and confident life without being tempted by money and material things. But Zhang Renfeng, played by Guo Xiaodong, pursues freedom, always stands on the side of justice, and defends his purpose of learning the sword – that is, to destroy all darkness with the strongest strength, and to live a carefree life by looking down on fame and wealth.

[Text | Interface, Yuan Yingqi]

Nongfu Spring, which has repeatedly said that there is no need to list, finally decided to list on the Hong Kong Stock Exchange. The company that mainly produces "a little sweet" mineral water has a financing scale of no more than 1 billion US dollars, but it is a high probability event that it will enter the 100 billion market value club after listing.

We carefully read the prospectus submitted by Nongfu Spring to the Hong Kong Stock Exchange and found that the company had mixed feelings.

Nongfu Spring "not bad money"

Nongfu Spring was established in 1996, and its founder Zhong Liangyi holds 87.4% of the shares. The company’s main business contributes about 95% of the total operating income. The main products include drinking water, tea beverages, functional beverages and fruit juice beverages, accounting for 60%, 13%, 16% and 10% of the revenue respectively. Among them, drinking water and fruit juice beverages have grown rapidly.

Image source: Prospectus, Interface News Research Department

According to the prospectus, Nongfu Spring has maintained steady growth in the past three years. From 2017 to 2019, the income was 17.491 billion yuan, 20.475 billion yuan and 24.021 billion yuan respectively, with a compound annual growth rate of 17.2%. Nongfu Spring achieved net profit of 3.385 billion yuan, 3.612 billion yuan and 4.954 billion yuan in the past three years, with a compound annual growth rate of 21.0%.

Image source: Prospectus, Interface News Research Department

In 2019, the comprehensive gross profit margin of Nongfu Spring was as high as 55.4%. Mainly due to the gross profit margin of 60.2% of the largest drinking water product. The gross profit margins of other categories such as tea beverages, functional beverages and fruit juice beverages were 59.7%, 50.9% and 34.7% respectively.

In terms of net profit, the net profit rate of Nongfu Spring rose to 22.8% in 2019, of which sales expenses accounted for the largest proportion of the three fees. Specifically, sales expenses accounted for 24.2% of operating income, and the most important ones were transportation expenses and advertising expenses, which were 2.53 billion and 1.22 billion yuan respectively, accounting for 10.5% and 5.1% of operating income, respectively.

In terms of cash, Nongfu Spring adopts the first payment and then the goods transaction method, and the book receivables are very small. From 2017 to 2019, the company’s net operating cash inflow was greater than the net profit of the year, especially in 2019, the net operating cash inflow was as high as 8.73 billion yuan. From 2017 to 2019, the book structured deposits were 2.04 billion, 3.60 billion and 200 million yuan respectively. The average interest rate earned was between 4.0% and 4.9%.

The sharp decrease in cash in 2019 was due to the concentrated dividend of Nongfu Spring up to 9.50 billion yuan before listing. Among them, the major shareholders received 8.20 billion yuan. Previously, although Nongfu Spring also had annual dividends, the amount was 2-300 million yuan. And the total financing of Nongfu Spring is only 1 billion US dollars.It is certain that Nongfu Spring did not choose to go public because of a lack of funds.

What is the valuation after going public?

Master Kong Holdings, the equivalent producer of mineral water in Nongfu Spring, has been listed on the Hong Kong stock market. In 2019, Master Kong Holdings’ beverage business contributed HK $39.70 billion to operating income, which was greater than Nongfu Spring’s operating income. But net profit was only HK $3.72 billion, far less than Nongfu Spring’s 4.95 billion yuan.

At present, the market value of Tingyi Holdings is 77.20 billion Hong Kong dollars, corresponding to the price-to-earnings ratio of about 20.8 times in 2019. It is estimated that the total market value of Nongfu Spring after listing is at least about 130 billion Hong Kong dollars. In fact, Nongfu Spring is better than Tingyi Holdings in terms of profitability and growth, and the market may give a higher valuation.

According to the prospectus, the drinking water market is still in a stage of rapid development. According to Nielsen’s forecast, it is still expected to maintain a growth rate of about 10% in the next five years. Compared with the beer and condiment market, the drinking water market has more room. Based on the high concentration of the drinking water market, it is also possible to produce a leader with a larger market value than Budweiser Asia Pacific (1876.HK) and Haitian Flavor (603288.SH) in the long run. The average price-to-earnings ratio valuation of beer in the Hong Kong stock market is 30-40 times. The average valuation of soy sauce and vinegar in the class A share market is more than 40 times. Based on this, we have predicted the market value of Nongfu Spring.

Image source: Interface News Research Department

The troubles of Nongfu Spring

Although the situation is good, Nongfu Spring is not a smooth road.

First of all, the drinking water business depends on the source of water, and the bottleneck facing the long-term growth of Nongfu Spring is the limited source of water. According to relevant laws and regulations, units and individuals who directly extract water from natural resources (such as rivers, lakes and groundwater) need to obtain a water extraction license and pay a water resource fee. Enterprises need to extract water according to the approved annual water extraction plan. Moreover, mineral water has the dual attributes of water resources and mineral resources. The production of mineral water should also apply for a mining license according to law. In other words, the scarcity of water sources on the one hand helps enterprises to establish high industry barriers, and on the other hand restricts enterprises to expand production capacity. It is conceivable that with the development of the industry, there are fewer and fewer untapped water sources.

The situation of Nongfu Spring’s newly obtained water sources in recent years is not optimistic. At present, Nongfu Spring has a total of 10 water sources. The main production bases are still Qiandao Lake in Zhejiang, Changbai Mountain in Jilin, Danjiangkou in Hubei and Wanlv Lake in Guangdong, which were obtained before 2005. With the increase in environmental awareness, the water withdrawal from water sources obtained by Nongfu Spring in recent years has become smaller and smaller. In 2019, the newly obtained water withdrawal from water sources was only 504 thousand cubic meters per year. Although the approved water withdrawal from water sources currently owned by Nongfu Spring is much larger than the actual production capacity of the company, the company does not have the problem of insufficient water withdrawal in the short term. However, products concentrated in water sources in Zhejiang, Guangdong, Jilin and Hubei are also limited by the transportation radius.

Nongfu Spring has less water sources that can produce mineral water, which is not conducive to product upgrades in the future. In addition, the average ton price of Nongfu Spring drinking water has declined for two consecutive years, the company explained, because of the increase in sales of large-packaged drinking water with lower unit prices. In the short term, Nongfu Spring may face the risk of lower gross margins.

Due to the scarcity of domestic water sources, Nongfu Spring has begun to go overseas. Nongfu Spring has acquired Otakiri Springs, a New Zealand bottled water company. The prospectus revealed that Nongfu Spring will look for suitable acquisition targets in the future. However, the overseas market is more mature than the Chinese market, and the growth space is limited. The risk of "going out" is really not small.

Image source: Prospectus, Interface News Research Department

Secondly, Nongfu Spring also faces the problem of "succession". The company has five executive directors. Among them, the founder Zhong Shuzi currently serves as the chairperson and general manager of the company, with a shareholding of 87%. Appropriately reducing the founder’s shareholding ratio through listing can achieve the effect of optimizing the shareholding structure and reducing decision-making risks. At present, Zhong Shuzi is 66 years old and has been deeply involved in the operation of Nongfu Spring. Another executive director, Guo Zhen, deputy general manager in charge of the overall operation and production of Nongfu Spring, is also 62 years old. Zhong Shuzi, the son of Zhong Shuzi, is currently a non-executive director of the company and does not participate in daily operations. Zhong Shuzi joined the group in 2014 and is currently the general manager of Yangshengtang (Nongfu Spring Holding Company) Brand Center.

It is worth mentioning that at the same time as the listing of Nongfu Spring, another company controlled by founder Zhong Shanyuan, 603392.SH, landed on the class A share main board on April 29. The current market value is 6 billion yuan, and the daily limit has not been opened. In the Hurun wealth list in 2020, Zhong Shanyuan was listed with 14.10 billion yuan. With the listing of the above two companies, his worth is expected to rank among the top five on the rich list.