分类： khkhjk

　　In terms of scale, Gree Electric lags behind Midea Group in air conditioning, small household appliances and diversified businesses, with a total revenue difference of 98 billion yuan in the first half of 2023. However, judging from many data, Gree still has its own advantages, such as abundant cash on the account and high gross profit margin of air-conditioning business.

　　author　|Lin Xia Xi

　　source　| City boundary

　　Revenue reached a new high in the first half of the year, and net profit did not return to a high point.

　　If one sentence is used to describe the semi-annual report of 2023 released by Gree Electric on the last day of August, it is that "all aspects are recovering, but many data are hidden".

　　Let’s look at the overall revenue and net profit performance-99.79 billion yuan and 12.35 billion yuan in the first half of the year, respectively. The former hit a record high, but the year-on-year growth rate was small, only 4.16%, while the latter maintained a growth rate of 14%, but it still did not reach the level of 2018 and 2019.

　　Such growth has not kept pace with the market.

　　Under the influence of El Ni? o phenomenon, there was a rare high temperature in the first half of 2023. Stimulated by this, although the real estate industry remained sluggish, the sales and retail sales of domestic household air conditioners increased by 12.72% and 16% respectively, which was much higher than Gree’s overall income and air conditioning income.

　　On a larger scale, Gree Electric, which lags behind the market, is also gradually falling behind in the world. According to the latest data, the threshold for entering the Fortune 500 in 2023 is 225.165 billion yuan, while Gree’s annual income in 2022 is 190.151 billion yuan, and there is still a certain gap. From 2019 to 2022, Gree Electric’s ranking in the Fortune 500 has also dropped from 414 to 487.

　　In terms of revenue composition, Gree Electric’s revenue of 99.79 billion yuan in the first half of this year accounted for more than 1% of the business, including air-conditioning business that contributed 70% of the revenue, eco-agriculture and green energy services that contributed 2.92% of the revenue (mainly including buses and energy storage equipment under Gree Titanium), and small household appliances that contributed 2.18%.

　　In addition, industrial products and other businesses contribute a total of 23.6% of revenue, which is actually quite eye-catching.

　　A small number of industrial products mainly include compressors, motors, molds, etc., which belong to To B business, while other businesses mainly focus on purchasing upstream raw materials, mainly to play the role of bulk purchasing and lowering prices. After purchasing, they are sold to upstream processing enterprises, with a gross profit margin of only about 2%, which mainly plays a role in expanding income scale from a financial point of view.

　　It is worth noting that although the overall income of Gree Electric reached a new high in the first half of 2023, if the "other businesses" that hardly make money are deducted, the total remaining income has not actually returned to the level of the first half of 2019, and the income from air conditioning business alone is even worse than that in 2018 and 2019.

　　In addition to self-comparison, we can better understand what such data means by horizontally comparing Gree Electric with its old rival Midea Group. In the first half of 2023, Gree lost 98.006 billion yuan compared with Midea Group’s total revenue of 197.796 billion yuan.

　　Fairer, if the "other income" of the two companies is deducted, Gree has fallen behind the United States by 100.969 billion yuan, which is the biggest gap in the main income of the two companies in history.

　　So where is the difference between the 100 billion yuan?

　　In terms of air-conditioning business, Gree has been at a disadvantage since 2020, and the gap has been widening in the past three years. The gap in the semi-annual report has expanded to 22 billion yuan; In the field of small household appliances, in the first half of 2023, Gree Electric’s income was only 2.177 billion yuan, while Midea Group’s income was 30 times higher than that of 68.136 billion yuan.

　　In addition to home appliances, Gree Electric’s industrial products, green energy and smart equipment businesses generated a total revenue of 8.7 billion yuan in the first half of 2023, which is about half of the revenue of Midea Group’s robots and automation systems.

　　It is worth noting that both companies are making efforts in the automation and intelligent production of To B, but the paths are different.

　　Judging from the semi-annual report, Gree Electric emphasized the technology and quality of core components such as compressors (core devices of air conditioners) and motors (power sources of electrical appliances), but Midea Group emphasized the complete solutions for different scenarios in the fields of medical care, entertainment and consumption.

　　If we distinguish between domestic and foreign income, after deducting "other business", Gree Electric’s domestic income actually lagged behind that of the United States 10 years ago, but the gap was small. Until 2023, the gap in the semi-annual report has expanded to 47.5 billion yuan, the highest in the past years, equivalent to 59% of Gree’s only beauty.

　　The bigger gap is overseas income. The gap between the two has expanded from 18.5 billion yuan in the first half of 2014 to 67.7 billion yuan in the first half of 2023. Gree’s current overseas income is only equivalent to 16% of Midea Group.

　　At least in terms of scale, Gree Electric has indeed fallen behind Midea Group in terms of air conditioning, small household appliances and diversified businesses, and the gap has also reached a new height.

　　"Sequela" of Dealer’s Rebellion

　　In addition to the overall performance, a series of subtle changes can be seen in the semi-annual report in 2023, which may be related to the "rebellion" of some dealers in Gree Electric last year.

　　In the first half of 2023, the sales expenses in Gree Electric increased by 71.01% year-on-year. The semi-annual report showed that it was mainly due to the increase in product installation and maintenance fees, but the air-conditioning revenue in the current period only increased by 1.82% year-on-year, which was in sharp contrast.

　　Although in absolute terms, the sales expenses of 8.41 billion yuan in the first half of the year are not the highest in the semi-annual reports over the years, it is the first time to look through the financial reports over the years, like in the first half of 2023, because of the installation and maintenance costs, the sales expenses have risen sharply.

　　As a leader in the field of air conditioning, the probability of a sudden surge in maintenance costs due to quality problems in the first half of the year is not great, so it is more likely that the installation costs have increased substantially. But why did the air conditioner sell less than 2% more, and the sales cost rose by 71% because of the installation cost?

　　In fact, the after-sales business of air conditioners has always been the responsibility of distributors all over the country. They also manage the air conditioner sales business and after-sales business including installation and maintenance in the corresponding areas. When installation services occur, the distributors will charge certain fees from the air conditioner manufacturers, and they will also charge customers aerial work fees, material fees and so on according to the situation.

　　In September, 2022, Gree fell out with dealers in Hebei, who published a Notice, describing a series of inside information that Zhuhai Gree headquarters shut down the after-sales service management authority of Hebei Gree Company, and after Gree Zhuhai Hengge took over the after-sales service in this area, it proposed sales performance tasks for maintenance points, changed the preferential policies that Hebei Gree used to provide such as free overhead fees and free punching fees, and so on.

　　After the two parties parted ways, the new distributor that Gree Electric was looking for in Hebei surfaced-Eye-searching showed that Gree Zhuhai Hengge Digital Technology Co., Ltd. mentioned in the Notice was previously owned by Zhuhai Hengge Trading and Jiangsu Saifu Green Food Development Co., Ltd., but the latter withdrew in May this year and Xiamen Saifu Trading Co., Ltd. became the new shareholder.

　　It is noteworthy that Liu Qiangdong and ZhangZetian once appeared among the shareholders of Jiangsu Saif Green Food, but they withdrew from the shareholders in 2020. The legal representative of Xiamen Saif Trade, the new shareholder, is Zuo Yujie, just like Jiangsu Saif Green Food.

　　According to the public information, Zuo Yujie has a close relationship with JD.COM. He used to work in JD.COM and still serves as the chairman of Runjing Information Technology Co., Ltd., which is the operator of JD.COM Wine World, and JD.COM Wine World is an omni-channel wine retail enterprise invested by JD.COM.

　　In addition to the 71% increase in sales expenses, the contractual liabilities of Gree Electric (that is, the advance payment paid by dealers) rose by 79.7% to 28.972 billion yuan at the end of June 2023, while the operating cash inflow increased by 40% to 127.9 billion yuan year-on-year. It can be considered that the changes in important distribution channels have brought a series of effects, that is, new dealers have large-scale purchase demand, which brings considerable cash flow and contractual liabilities, and at the same time corresponds to the regional after-sales service system.

　　In addition, considering the above indicators comprehensively, there is another possibility, that is, delaying the recognition of income and recognizing expenses in advance.

　　In this case, a considerable part of the goods have been sent to the dealers, and the payment has been received, and the installation has been completed after the sales by the dealers. However, Gree Electric did not settle this part of the payment with the dealers for some reason, which led to the fact that it is still reflected in the books as contract liabilities rather than income. However, the installation expenses that have occurred have already been reflected in the sales expenses because they need to be included in the corresponding period, which leads to a huge difference between the increase of income and sales expenses.

　　In either case, the high probability is related to the change of dealers, and it can also be regarded as the sequela of the "rebellion" of important dealers in Gree Electric in 2022.

　　Gree still has its own advantages.

　　Even if the overall performance lags behind Midea Group, many indicators in the 2023 semi-annual report are affected by changes in dealers, but from many data, Gree still has its own advantages.

　　The first is ample cash in the account.

　　At the end of June, 2023, Gree’s book cash and wealth management reached about 200 billion yuan, more than all the cash and wealth management on the books of Midea and Haier combined, but it should also be noted that 64.219 billion yuan of them were restricted funds.

　　At the same time, the gross profit margin of Gree Electric’s air-conditioning business returned to a high level of 35.69% in the first half of 2023. In the same period, Midea Group’s air-conditioning gross profit margin was only 23.29%, while Haier Zhijia’s was 28.62%, which was related to Gree’s greater focus on air-conditioning, which led to higher overall asset operation efficiency, as well as a certain cost advantage gained by centralized procurement of raw materials, which was of course a direct manifestation of its brand premium.

　　If we compare the per capita income and per capita profit, Gree Electric will be the highest in 2022. Because of this, although the total revenue of Gree Electric and Midea Group in the first half of the year is nearly 100 billion yuan, the difference in net profit is only about 6 billion yuan. Haier Zhijia, whose income is 32% higher than that of Gree Electric, has a net profit of only 73% of that of Gree Electric.

　　These all point to one of Gree Electric’s greatest advantages-that is, it can earn more money with higher efficiency in the established field of air-conditioning business.

　　However, the capital market of "voting with your feet" only gives Gree Electric about half of the current market value of Midea Group, which shows that it is not enough to have a strong ability to make money in one field, and the scale of revenue is also very important.

　　In contrast, Midea Group seems to have chosen another path.

　　Ten years ago, Midea Group began to lay out multi-category household appliances and overseas business. Although at a certain stage, the product lines were messy and redundant, it could be improved through necessary simplification and transformation. The longer-term significance lies in broadening the possibilities and having a greater first-Mover advantage in related tracks. Especially when the external environment changes, such advantages may bring subversive development.

　　It’s not that Gree Electric doesn’t want to embrace diversity and look for the second or even third curve, but the exploration in these years has not been smooth. Compared with the traditional thinking, the early smart phone project was flooded, but the unreliable Yinlong was chosen for the new energy grand track, and the small household appliances business was slow to progress because it entered too late, not to mention the overseas market that could not open the situation by adopting conservative strategies.

　　Interestingly, just like Midea Group, which has developed a number of business segments as the driving force for subsequent growth, He Xiangjian also retired early and chose Fang Hongbo as his successor. On the other hand, in Gree Electric, the issue of successor has been unresolved, and 69-year-old Dong Mingzhu is still closely bound with brand IP and active in front of the stage.

　　The difference between the two can also be seen from the age of management. The average age of 16 Dong Jiangao in Gree Electric (one of whom has no information) is 57 years old, and only one of them, Dong Mingzhu, has an annual salary of more than 5 million yuan, with a salary of 11.42 million yuan in 2022.

　　In contrast, the average age of the 22 directors of Midea Group is 50 years old, and 8 of them earn more than 5 million yuan a year. Among them, the chairman Fang Hongbo earned 11.3 million yuan in 2022, while the average age of the 21 directors of Haier Zhijia is 52 years old, and no one earns more than 5 million yuan a year.

　　Even if we only consider the air-conditioning business, it is not difficult for Gree Electric to maintain single-digit growth, and it is understandable to describe it as a relatively stable and solid manufacturing industry. However, in order to break through the existing situation and catch up with the rhythm of the times again, Gree obviously has to continue to look for its own possibilities.

(Disclaimer: This article only represents the author’s point of view and does not represent the position of Sina. com. )

　　Northeast Network August 22nd (intern reporter Liu Jingyao reporter john young Sun Yingxin) Blind roads and ramps on pedestrian roads, love seats on buses, elevators and handrails in stairwells, voice signal lights at intersections … The barrier-free facilities that can be seen everywhere in the city are always in the nuances, providing help for some specific groups. During the investigation and interview, the reporter found that there are still some problems in the barrier-free facilities in public places in Harbin, some facilities can not serve the purpose of facilitating others, and some places even have no barrier-free facilities.

　　At the stairs at the entrance of Nangang Bus Terminal in Harbin, a ramp is only an iron plate erected on the stairs. The steep slope is a great "challenge" for people who need to travel in wheelchairs. Inside the passenger station, the reporter found that the ticket window was set on the second floor, while the security check and pit stop needed to be carried out on the first floor. There was no straight ladder in the passenger station, nor was there a special barrier-free ticket window and security check channel.

　　On the sidewalks near the Lin Qiu business district in Harbin, but only 200 meters away, many blind roads are damaged, or horse gourd appears on the blind road. In the direction of Hongjun Street near Postal Street, the blind brick on the ground has already become blurred. How can a "flat" blind brick guide the blind?

　　When the reporter visited nangang district Library, he found that colorful blind bricks were stuck on the ground of the lobby on the first floor, and there was a reading room for hearing-impaired people on the first floor, which greatly facilitated the reading of special groups. However, there are still some problems. Although the first floor of the library is equipped with a bathroom dedicated to barrier-free people, when the door is opened, it is found that the toilet is full of sundries, and the words "No use" are stuck on the water tank. The bathroom on the third floor is not dedicated to barrier-free people. In the elevator room on the first floor of the library, there is a barrier-free passage on the right side of the three steps in front of the elevator, but two chains are tied above it.

　　Compared with the chaotic situation of Nangang Passenger Station, the barrier-free facilities of the newly built North Station of Harbin Station are relatively perfect. The neat and straight blind road at the entrance of the North Square leads directly to the ticket hall, the lower button position inside and outside the barrier-free elevator and the lower window design at the barrier-free ticket window can fully meet the needs of children and groups who need to travel in wheelchairs.

　　It is understood that China has strict standards for the design and specification of barrier-free facilities in urban roads and public places. However, recently, it was found through a reporter’s visit that there are many problems in barrier-free facilities in public places in Harbin, and "barrier-free facilities" will even cause greater obstacles.

　　In the work report made by the Seventh Congress of the Provincial Disabled Persons’ Federation, it is pointed out that the province will implement the Regulations on the Construction of Barrier-free Environment and persist in comprehensively promoting the construction of barrier-free environment in urban and rural areas according to law. In particular, we will strengthen the construction of barrier-free facilities in new and rebuilt public infrastructure and residential areas, accelerate the barrier-free transformation of public facilities such as government agencies, public services, public transportation, social welfare and communities, strengthen the construction of information barrier-free, set up barrier-free parking spaces in public parking areas according to regulations, and strengthen the daily maintenance, management and supervision of the use of barrier-free facilities.

　　Zhao Fenghe, president of the Heilongjiang Association for the Blind, said that barrier-free environment construction is not only related to the disabled, but also to the elderly and children. It can be said that it is related to every corner of every family life. I hope the relevant responsible departments will not regard barrier-free construction as a "weak job". He looks forward to a more humane and warmer barrier-free environment.

　　In late August, rumors about "Shanghai will implement a new housing credit policy from September" and "the credit policy will be tightened greatly" were circulated on the Internet. During this period, the Shanghai real estate market shook a lot, and the number of first-hand housing contracts increased all the way. Some media recorded the data of Shanghai Real Estate Trading Center. As of 16: 15 on August 30, 1,470 new houses were sold in Shanghai that day, exceeding about 400 sets at the same time as the previous day, and surpassing 1,000 sets for four consecutive days.

　　Because of the rumor that the "New Deal on Mortgage in September" stipulated that "after September, buyers who have been divorced for less than one year, the purchase restriction and loan policy should be handled according to the family situation before divorce", and even there was a wave of divorce in Shanghai, and the civil affairs department had to "limit the number".

　　On August 29th, the Shanghai Municipal Commission of Housing and Urban-Rural Development responded to the "rumor of the new housing credit policy" through the "Shanghai Release", saying that "no such policy has been studied", but the market has not cooled down, and the rumor is still being forwarded and spread at a geometric speed.

　　After the rumors appeared, the Shanghai police set up a task force to carry out investigations. On the evening of September 8, Shanghai police said that they had arrested seven people suspected of maliciously fabricating and spreading relevant rumors. At the same time, the Shanghai Netcom Office closed five WeChat WeChat official account according to law.

　　On September 10, the relevant person in charge of the Ministry of Housing and Urban-Rural Development said that such rumors mislead consumers, disrupt market order and have a bad social impact. Many departments in Shanghai have seriously investigated and dealt with it, which is worthy of praise.

　　Rumors get millions of forwarding readings.

　　According to the police investigation, at 11 o’clock on August 22nd, Shen, the sales manager of Shanghai Jinfeng Yiju Real Estate Consulting Co., Ltd., posted a message in the employee WeChat exchange group of the company for three consecutive times: "It has been notified that due to the recent high land auction price, the municipal party committee will hold a meeting of various departments next week, and it is planned to adjust the bank loan policy from September. Please urge to handle the loan contract that has not been completed as soon as possible. This time, the credit policy will be tightened greatly." The rumor was spread to the well-known forum "Fence Network" in Shanghai, which caused widespread concern.

　　On August 24th, Zhao, the district manager of "I love my family" real estate agency, and Zhang, a real estate salesman, also fabricated rumors in the WeChat group: "Urgent notice: I received a notice from the headquarters, and a new purchase restriction policy will be implemented in Shanghai from September 1st. The down payment for the first suite with loan records in China will be raised to 50%, and that for the second suite will be raised to 70%, regardless of local area, commercial and residential buildings, whether the loan is paid off or not, as long as there is loan records in China. Based on the online signing time, buying a house before September 1 is not affected by this policy. Customers who need to buy a house, please tell each other that time is limited. "

　　On August 24th, Ni Mou, an employee of an IT company in Shanghai, deliberately fabricated a similar rumor to "attract attention" and posted it on the well-known forum "Fence Network" in Shanghai, which was quickly forwarded by a large number of netizens.

　　These rumors quickly reached millions of readings and quickly fermented in the real estate market.

　　The rumour maker admitted to fabricating policies for promotion.

　　Why do these criminal suspects fabricate this information?

　　It is understood that Shen’s company mainly acts as a primary agent for real estate. According to Shen’s own memory, the annual business volume reached more than 2 billion yuan. Among the projects represented by Shen’s company, there are 145 houses that have paid the deposit or the down payment, but they have not made loans for a long time. Shen said, "You have to sign a loan contract to complete the sales task, otherwise you won’t get a commission." In order to "stimulate" customers to go through the formalities as soon as possible, Shen compiled a "notice of new mortgage policy". After the employee WeChat group released the so-called "notice", Shen asked his 18 salesmen to inform their customers and speed up the signing process.

　　On August 25th, Shen’s superior — — Yao, the regional director of Shanghai Jinfeng Yiju Real Estate Consulting Co., Ltd., made up the so-called "core content of the New Deal" after learning the above related rumors, and "the first set of houses and loans; Less than one year after the divorce, the content of "implementing the purchase restriction policy according to the family housing situation before the divorce" was "interpreted" and published in many WeChat groups such as the sales group of the real estate company, requiring its salesmen to contact customers quickly, speed up the signing progress and avoid the so-called "New Deal".

　　As soon as the news came out, it caused buyers to pay close attention. According to the police, before August 31, almost all the 145 houses that had paid the deposit but did not apply for loans had completed the loan contract.

　　Zhao and Zhang compiled the so-called "new mortgage policy" in the group to "stimulate" customers and "tighten the policy with loans and push hesitant customers".

　　Real estate agents will be severely punished for rumors

　　According to the police, after the rumors of the above three versions were distributed in large numbers, they were forwarded by netizens who were concerned about the property market and spread rapidly. After August 25th, a group of WeChat WeChat official account, such as "Directly Attacking Shanghai Property Market" and "Magic Watching the Property Market", spread the above rumors in large quantities, which directly led to consumers’ irrational seizure of houses and disrupted the stable and healthy development of Shanghai real estate market.

　　Yang Hongxu, deputy dean of Shanghai Yiju Real Estate Research Institute, believes that the spread of rumors in the real estate market mainly comes from two aspects. "On the one hand, it comes from real estate agents. Intermediary companies want to sell houses and force orders. Some people try to force customers to place orders through negative or positive policies; On the other hand, it is related to the irregular release of network information. Some websites or public accounts are eye-catching and exaggerate news, providing channels and platforms for the dissemination of false information. "

　　In response to this incident, people from the Shanghai Municipal Commission of Housing and Urban-Rural Development said that the information of government departments will be released through official channels such as official website, official media or holding press conferences. I hope citizens will pay attention to official sources and not listen to online rumors. Shanghai police said that cyberspace is not an extra-legal place, and the police will further unite with the network management department to resolutely crack down on rumors and rumors.

　　The relevant person in charge of the Ministry of Housing and Urban-Rural Development said that since the beginning of this year, the Ministry of Housing and Urban-Rural Development has deployed special rectification activities for real estate agents. Once verified, all real estate agents who fabricate and spread rumors will be blacklisted according to law to clear out the real estate intermediary market; For real estate intermediaries who fabricate and spread rumors and have serious circumstances, once verified, they will all suspend business for rectification according to law. In the next step, the Ministry of Housing and Urban-Rural Development should supervise the typical cases that have been strongly reflected by the masses and have outstanding problems, effectively maintain market order and protect the legitimate rights and interests of consumers.

　　On March 27th, Country Garden Service released the performance announcement for 2023. According to the announcement, in 2023, the service income of Country Garden increased from about 41.367 billion yuan in the same period of 2022 to about 42.612 billion yuan, an increase of about 3%.

　　The core net profit attributable to shareholders of the company is RMB 3.94 billion; The administrative expenditure rate was 9.1%, 1.2 percentage points lower than the same period last year.

　　By December 31, 2023, except for the "three supplies and one industry" business, the contract management area of Country Garden service was about 1.633 billion square meters, and the fee management area was about 957 million square meters; In addition, the contract management area and charge management area of property services in the "three supplies and one industry" business are 93.4 million square meters and 88.6 million square meters respectively.

　　Business development maintained a steady momentum and adhered to the "1+N+X" development strategy.

　　In 2023, Country Garden services maintained a steady growth trend in revenue, with annual revenue reaching about RMB 42.61 billion. In terms of business development, the company not only maintained a steady degree of marketization, but also further increased the proportion of third-party revenue, reaching a new high of about 96.9%.

　　In terms of income structure, Country Garden services continue to be optimized, and property management services continue to play a cornerstone role. Compared with the same period of last year, the income from property management services increased by about 8.1% year-on-year, reaching about RMB 24.70 billion, accounting for about 58.0% of the total income. At the same time, the proportion of non-owner value-added service income further decreased to 3.6%.

　　In recent years, Country Garden Service has performed well in financial management, continuously strengthened financial security, ensured a stable cash inflow, and provided a solid financial guarantee for the company’s business development. Its financial statements have been continuously optimized, its liquidity has remained good for a long time, its asset-liability ratio has gradually decreased, its interest coverage ratio has continued to increase, and its credit capacity has been further improved.

　　In terms of financial cash flow, as of December 31, 2023, the net cash from Country Garden Services’ operating activities in the past 12 months was about RMB 4.615 billion, a year-on-year increase of about 38.9%. At the same time, the company’s total bank deposits and cash amounted to about RMB 12.939 billion, up about 13.7% year-on-year, showing a sound financial position and good development momentum.

　　On the basis of maintaining a stable cash flow, Country Garden Services always attaches great importance to shareholder returns and is committed to protecting the interests of investors. Since listing, the total amount of dividends paid by the company has reached about HK$ 4.25 billion, and the total amount of shares repurchased by the company has reached about HK$ 1.10 billion. In addition, the Board of Directors proposed to declare 23-year final dividend and special dividend totaling 29.46 cents per share.

　　Looking back on 2023, Country Garden Services adhered to the "1+N+X" community value-added development strategy, and further focused on strategic business to strengthen capacity building.

　　Community value-added services have become a new engine to promote the sustained and healthy growth of Country Garden services. By building a professional talent team, expanding the ability of resource integration, combining with high-quality partners in various industries, and relying on the natural advantages of the property near the community scene, it is promoting the competitiveness of the core business of community value-added services in key cities across the country.

　　In 2023, Country Garden’s community value-added service revenue was about RMB 3.753 billion, accounting for about 8.8% of the Group’s total revenue.

　　Country Garden Service adheres to the "1+N+X" community value-added development strategy, further focuses on strategic business and strengthens capacity building. Country Garden service upgrades community media to integrated marketing, and builds a complete marketing link of "communication-experience-purchase-sharing" based on community scenes to create differentiated products with core competitiveness. The Group reached an integrated marketing cooperation with the cutting-edge intelligent cleaning appliance brand "within INXNI" and held over 800 experience activities in the community.

　　Country Garden Service cooperates with Guotai Liquor Group to create an immersive experience scene of liquor sales based on customer demand, and is committed to providing excellent products and services to consumers. Country Garden Service actively uses its site resources and service expertise in the field of property management to promote the innovative business model of clothes washing and maintenance stores, and plans to open 100 franchised stores this year to meet the growing market demand.

　　Driven by customer satisfaction, we will actively improve the service quality.

　　Customer satisfaction is an important foundation for the Group’s sustainable development. Country Garden services are driven by customer satisfaction and actively improve the service quality. Focusing on the service pain points, the Group has targeted to enhance the customer experience.

　　In 2023, Country Garden Service completed 24,000 potential risk source rectifications in the park; In terms of facilities and equipment safety, 2.433 million inspection and maintenance orders were completed, and 5.319 million repair orders were reported; Completed 13,000 large-scale fire drills and 11,000 elevator safety drills.

　　Country Garden Service has been committed to promoting community renovation projects to enhance customers’ life experience. Up to now, it has invested about RMB 400 million, covering 1,594 community projects. These projects include the overall renewal and improvement of community infrastructure, the upgrading of health and sports facilities, and the intelligent transformation of the community.

　　At the same time, Country Garden service has also increased its investment in scientific and technological intelligence. This includes AIoT services such as cleaning robots, equipment and IoT modules, IoT platforms and charging pile platforms, as well as self-developed IoT solutions such as man-machine collaborative operation and smart parking. These investments are aimed at improving service quality and management efficiency through digital and intelligent services.

　　With the residential business as the core, Country Garden pursues the high-quality development of the whole business, and the market expansion maintains a strong momentum. This year, the Group signed 1,556 new brand expansion projects, with an annualized saturated income of about RMB 3.726 billion. The Group makes full use of the geographical coverage advantages of the projects under management to expand its business globally. Among the newly-added outreach projects, 45% are located in first-and second-tier cities, while the new expansion projects in third-and fourth-tier cities account for 55%.

　　Looking forward to 2024, Country Garden services will continue to focus on community quality improvement and environmental transformation. The old facilities will be completely updated, and the ecological environment of the project will be rectified, so as to further improve the living experience of the owners and make the community glow with new colors. By optimizing basic property services and combining scientific and technological management and operation, Country Garden Service is committed to continuously improving customer service experience, striving to build a safe, green, intelligent, humanistic and convenient community environment, and turning owners’ yearning for a better life into reality.

Activity name

In 2024, the third round of "Love Mianyang Bashi Purchase" consumption subsidy-automobile trade-in activity (the first stage)

activity time

Subsidy time: May 1, 2024-June 30, 2024 (subject to the time of car purchase invoice).

Application time:In 2024fivemoon20sun(tentative, subject to the latest announcement if there is any change)-July 10.

Total funds

Total funds 5100,000 yuanDuring the validity period of the activity, the total amount will be controlled. Those who purchase first and successfully apply for it will get it first, while stocks last.

Subsidy standard

If you buy a new car by trade-in, you will be subsidized according to the invoice amount (including tax) of a single car, as follows: invoice amount of car purchase.100,000 yuan (excluding)-200,000 yuan (including), with a subsidy of 2,000 yuan; The invoice amount of car purchase is 200,000 yuan (excluding)-300,000 yuan (including), and the subsidy is 3,000 yuan; The invoice amount of car purchase is 300,000 yuan (excluding)-400,000 yuan (including), and the subsidy is 4,000 yuan; The car purchase invoice amount is more than 400,000 yuan (excluding), and the subsidy is 6,000 yuan.

Subsidy object

Scrapping or selling used cars in Mianyang (used cars need to be sold inRegistered in my name before April 30, 2024), and purchased a non-operating car with 7 seats or less.(new car), obtained the Uniform Invoice for Motor Vehicle Sales of Mianyang City (the competent tax authority of the invoice is the tax authority of Mianyang City), and registered as an individual consumer in my name. During the activity period, each consumer is limited to apply.1 car trade-in consumer subsidies, and not superimposed with other policies (in line with the countryprovinceBeneficiary country of policyprovincepolicy, according to the requirements of national and provincial policies to declare separately., countriesprovinceEnjoy this policy if it is not covered by the policy).

Application process

First, the application method

1. Download China Unionpay Quick Pass APP to complete real-name card binding authentication;

2. In the search bar of China Unionpay Quick Pass APP homepage, enter the "Sichuan Automobile Subsidy" search selection applet;

3. Click on "Automobile Subsidies in Sichuan" and select the "Love Mianyang Bashi Purchase" automobile subsidy column in Mianyang City (Tentative 5moontwentyOpen on the day);

4. According to different standards, enter different application channels to upload materials and fill in relevant information.

Second, upload information

(a) the old for the new (scrap) need to upload information.

1. Uniform Invoice for Motor Vehicle Sales;

2. New vehicle driving license;

3. Personal identity card;

4. Purchase of new car agreement;

5. Commitment letter;

6. Certificate of recycling of scrapped motor vehicles;

7. Motor vehicle cancellation certificate.

(2) Trade-in (selling used cars) requires uploading information.

1. Uniform Invoice for Motor Vehicle Sales;

2. New vehicle driving license;

3. Personal identity card;

4. Purchase of new car agreement;

5. Commitment letter;

6. Registration certificate for selling used vehicles;

7. Selling old vehicle driving license;

8. Transfer page of registration certificate after transfer (new buyer of used car);

9. New driving license after transfer (new buyer of used car);

10. Uniform invoice for second-hand car sales.

three, data review

If individual consumers choose the wrong grade, they will not pass the preliminary examination and need to apply for a new quota.

If the materials submitted by individual consumers do not conform to the specifications, they will be returned for revision in the preliminary examination stage and reserved for qualification. Consumers need toRe-provide the information as required within 3 working days. If the application materials that meet the requirements are not provided within the specified time, it will be regarded as giving up the subsidy participation qualification, failing to pass, and needing to re-apply for the quota.

The application status can be passed through China Unionpay Quick Pass at any time.APP "Sichuan Automobile Subsidy" applet application interface,View "My Application".

four, distribution and use

(1) Form of distribution

Subsidy funds will go through China Unionpay Quick Pass.APP red envelopes are distributed.checkAfter passing, it will be inWithin 15-20 working days (postponed on holidays and weekends), the subsidy funds will be pushed to the applicant’s China Unionpay Quick Pass APP red envelope account.

(2) Time of use

After the applicant’s red envelope arrives, it must be inWithin 60 daysuse,Overdue red envelopes are automatically invalidated.

Tips: Users must log in and pass in time."China Unionpay Quick Pass APP- My-Red Packet" to check the receipt of red packets and the expiration date.

(3) Mode of use

1. Credit card repayment. China Unionpay Quick Pass red envelopes can be used for my credit card repayment. In China Unionpay Quick Pass, I can bind the credit card I need to repay or enter the credit card number for repayment.

2. Online consumption. China Unionpay Quick Pass red envelopes can be directly used for various APP consumption deductions that open payment channels in China Unionpay Quick Pass. Such as State Grid, JD.COM, Taobao, 12306, Ctrip, CNPC Hospitality E Station and other apps. (Choose "China Unionpay Quick Pass" channel when paying)

3. offline consumption. China Unionpay Quick Pass red envelopes can be directly used for payment deduction of offline merchants. Such as Wal-Mart, Yonghui, Parkson, Hongqi Supermarket, PetroChina, Sinopec and other merchants (not supported by merchants using WeChat and Alipay personal transfer receipt codes).

See China Unionpay Quick Pass for more instructions.Instructions for the use of APP red envelopes.

matters need attention

(1) Individual consumers must purchase new cars from qualified Mianyang automobile dealers and obtain relevant information. Automobile dealers must truly publicize and guide individual consumers to upload information correctly. If individual consumers are damaged or disqualified from applying for subsidies, the relevant dealers will be responsible.

(II) Individual consumers shall conduct transactions in enterprises operating in mianyang used car or enterprises qualified for dismantling used cars in Mianyang shall scrap old cars (scrapping or selling used cars and buying new cars must be the same person) and obtain supporting materials.

(three) the old and new vehicles must beNon-operating vehicles with 7 seats or less.

(4)sell (to the state)Old cars need to be usedApril 30, 2024(inclusive)Pre-registrationIn my name.

(fiveThe materials submitted must be clear, complete, accurate and true, including China Unionpay Quick Pass registration information, invoice information of trading vehicles, vehicle driving license, certificate of recycling scrapped motor vehicles, certificate of cancellation of motor vehicles, and sale of used cars.Prove,The identity card of the owner must be the same natural person.

(5) The applicant shall be responsible for the completeness and authenticity of the application materials. Failure to provide complete and effective materials, can not get subsidies; Those who provide false information, maliciously apply for or defraud subsidies will be investigated for responsibility according to law.

(6) There is no restriction on the licensing of newly purchased vehicles.

(seven) each applicant is limited to apply for.1 time (single vehicle only).

counseling

If there is China Unionpay Quick Pass.If you have questions about the registration and use of APP, the use of red envelopes, data review, etc., you can call China UnionPay customer service number 95516 for consultation, or give feedback through auto dealers, or call the competent commercial department of the county (park) where the auto dealers are located for consultation.

Contact telephone number:

Gaoxin District (Science and Technology City Zhiguanqu) Service Promotion Bureau0816-2535864；

Economic development zone jingxinju0816-8130166；

Science and technology new area economy operation bureau0816-6334019；

Fucheng district bureau of commerce0816-2267405、0816-2267386；

Youxian district bureau of commerce0816-6030586；

Anzhou district bureau of commerce0816-4632855；

Jiangyou bureau of commerce0816-3365117；

Santai county bureau of commerce0816-2121220。

Telephone answering time is working days.9：00-12：00、13：00-17：00。

Mianyang Municipal Bureau of Commerce reserves the right to interpret the rules of this activity.

attachment1. List of automobile consumption subsidy enterprises in Mianyang in 2024

attachment2. Mianyang scrap motor vehicle recycling and dismantling enterprises list

　　BEIJING, August 28 (Xinhua) Du Wanhua, a full-time member of the Judicial Committee of the Supreme People’s Court, said today that the fourth judicial interpretation of the company law is not only a clear protection of shareholders’ rights, but also a corporate governance mechanism. The internal autonomy of the company, the judiciary can not intervene, including public power can not intervene; When the corporate governance mechanism is destroyed, the judiciary should intervene. For example, profit distribution, how much and how to divide it, is a problem of corporate autonomy, but if there is no division or deliberate division, which harms the interests of shareholders, the judiciary will intervene.

　　China News Service reporter Cice Li photo

　　On the morning of 28th, the Supreme People’s Court held a press conference, released the Provisions of the Supreme People’s Court on the Application of Certain Issues (IV) and answered questions from reporters.

　　A reporter asked: The core content of the Judicial Interpretation issued this time is to standardize corporate governance. What kind of significant impact will this Interpretation have on the legalization process of corporate governance after its implementation?

　　Du Wanhua said that the fourth judicial interpretation of the Company Law starts with the protection of shareholders’ rights. But it is not only the protection of shareholders’ rights, but also the corporate governance mechanism.

　　In fact, in accordance with the company law, including the General Principles of Civil Law promulgated in March this year, in the part of profit-making legal person, the company and the organization of its modern enterprise are specifically stipulated. Strictly speaking, the company law itself is an organization law. This organic law stipulates three major institutions, the first is that the authority is the shareholders’ meeting, and the second is that the executive body is mainly the board of directors and other senior managers. The third is the board of supervisors, some of which have no board of supervisors but only supervisors, but even a single supervisor appears in the name of a supervisory body.

　　The establishment of these three institutions constitutes the basic framework of modern enterprise system, and the current companies and the General Principles of Civil Law stipulate their responsibilities, rights and operations. If this regulation is strictly implemented, our modern enterprise system can be established.

　　But in real life, as I said when I answered the first question just now, there are 28 million enterprises in China, and only a few of them have been fully implemented according to the company system. This Judicial Interpretation starts with shareholders’ rights. At the beginning, it not only clearly protects shareholders’ rights in accordance with the provisions of the law, but also pays considerable attention to balancing the relationship between shareholders, shareholders and directors, including shareholders’ meeting and board of directors, and shareholders and the company. Shareholders’ rights should be safeguarded, but so should the company’s rights. Shareholders’ rights cannot be absolute, and the company’s rights cannot be absolute, so it should be protected according to the law.

　　He said that He Xiaorong, the president of the Supreme People’s Court, also talked about the balance of rights. In five aspects, such as resolution, legal right to know, profit distribution right, shareholders’ preemptive right and shareholders’ representative litigation, these aspects are all balancing the relationship between the two aspects. For example, shareholders’ right to know, some of which can be raised by shareholders, some of which need to be restricted, and if there are improper purposes, restrictions should be imposed.

　　Shareholder’s representative lawsuit does not mean that shareholders can sue at any time. If shareholders think that this interest is damaged, they must first request the board of directors and the board of supervisors to file a lawsuit. If the board of directors and the board of supervisors do not file a lawsuit, you can file a shareholder’s representative lawsuit, which has rights restrictions. Even if the shareholder wins the lawsuit on behalf of the lawsuit, this interest belongs to the company, not to yourself. Through these to illustrate a point, corporate governance structure is very important.

　　Du Wanhua emphasized that the purpose of judicial interpretation should not only clarify the operation of these major structures, but also clarify a viewpoint, that is, the relationship between corporate autonomy and judicial intervention.

　　In fact, the company law, including the relevant provisions of the General Principles of Civil Law, stipulates the principle of company autonomy, and the autonomous justice within the company cannot be involved, including public power. For example, how a company makes a decision, and the substantive content of making a decision cannot be intervened by the judiciary. If it is justified, how much of this money is used to distribute profits and how much is used as the development fund of future enterprises, which is the scope of family autonomy. Justice can’t get involved.

　　Under what circumstances does the judiciary intervene? When the corporate governance mechanism has been destroyed, the operation of this mechanism has been abnormal, and in this case, the judiciary should intervene.

　　The five aspects mentioned just now, such as making a resolution, the substantive content of the resolution is ignored by the judiciary in principle, but the procedure should be managed. The procedure of convening and the number of people voting do not conform to the law and the company’s articles of association. If not, it is up to you, but what is specifically done is within the scope of autonomy.

　　The right to know is also true. Under what circumstances, we only make some provisions on what shareholders should know and make some adjustments to the right to claim. The same is true of profit distribution. How much and how to divide it is a matter of people’s autonomy. However, if there is no division and deliberate division, which harms the interests of shareholders, we will take care of it and intervene in the judiciary.

　　The same is true of shareholder representative litigation. Here, we must make clear the autonomy of the company and judicial intervention, when the judicial intervention, and when the corporate governance mechanism is destroyed, and there is no way to repair itself, or even a corporate deadlock, so that the judiciary can intervene and restore its mechanism.

　　Du Wanhua finally said, of course, in the process of restoring the mechanism, it is necessary to balance the relationship between the various stakeholders within the company. In any case, we must grasp one point, and look at the problem from the viewpoint of materialist dialectics. No one’s rights are absolute, and no one’s freedom has boundaries and scope.