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　　On March 19, Xiaomi Group announced its first annual report after listing, which also means that Lei Jun and Dong Mingzhu’s "1 billion bet" will be won and lost.

　　According to the annual report, Xiaomi achieved a total revenue of 174.915 billion yuan in 2018; previously, Gree said in the performance forecast that the total revenue in 2018 was between 200 billion and 210 billion yuan. Even according to the lower limit of Gree’s revenue, Lei Jun will still lose this "huge bet" by more than 25 billion yuan.

　　On March 20, when asked about the outcome of the "1 billion bet", Lei Jun replied: "I haven’t seen Gree’s official financial report, and she (Dong Mingzhu) has contacted me." At the opening of the market today, Xiaomi’s share price plunged after a slight increase of 0.82%. As of the closing price of 11.64 Hong Kong dollars per share, a decline of 4.59%. The latest market value is 2785.38 billion Hong Kong dollars.

　　mixed happiness

　　Xiaomi hands over its first annual report since going public

　　Xiaomi’s financial report shows that in 2018, Xiaomi Group’s revenue was 174.915 billion yuan (RMB, the same below), an increase of 52.6% year-on-year; adjusted Xiaomi Group’s net profit was 8.55 billion yuan, an increase of 59.5% year-on-year, higher than the 8.25 billion yuan expected by the market.

　　From the business sector, although Lei Jun stressed that Xiaomi’s layout is more diverse, but the smart phone business is undoubtedly still the main force, last year contributed 65.1% of the total revenue for Xiaomi, a total of 118.70 million sales, an increase of 29.8%; revenue of about 113.80 billion yuan, an increase of 41.3% over last year.

　　In its earnings report, Xiaomi quoted data from IDC Consulting (Beijing) Co., Ltd. as saying that the global smartphone market shipments fell 4.1% year-on-year last year. In this environment, Xiaomi’s mobile phone achievements are "rare in the industry".

　　In addition, Xiaomi’s internet services, IoT and consumer products businesses all grew significantly, with total revenue of 16 billion yuan and 43.80 billion yuan respectively last year, growing by 61.2% and 86.9% respectively.

　　In addition, Xiaomi’s internet services division increased by 61.2% year-on-year, contributing revenue of RMB 16 billion for the year. The revenue of the IoT and consumer products division was RMB 43.80 billion, an increase of 86.9% over last year.

　　"We can finally proudly hand in our first full-year answer sheet," Lei Jun said in an open letter to investors. However, the financial report also showed that the fourth quarter of Xiaomi Group last year was actually "a little bad". In the fourth quarter of 2018, Xiaomi Group’s revenue was 44.40 billion yuan, down 12.6% from the previous quarter, and its operating profit totaled 1.853 billion yuan, down 35.8% from the previous quarter.

　　Specifically, various business sectors also performed poorly in the fourth quarter. In particular, Xiaomi mobile phones, which are the main revenue force, performed poorly. In the fourth quarter, Xiaomi mobile phone shipments were about 25 million units, down 12% year-on-year, and the gross profit margin of the smartphone division fell from 8.8% in 2017 to 6.2%. In this regard, Xiaomi attributed the "product portfolio adjustment and change in product launch schedule" in the financial report.

　　In addition, it should be pointed out that Xiaomi has not yet announced the domestic shipments of Xiaomi mobile phones in this financial report, but IDC pointed out in the report that Xiaomi’s domestic shipments fell by 6% year-on-year in 2018.

　　Does the "bet" really matter?

　　Miss Dong and Rebs have already left separately

　　With the announcement of Xiaomi’s 2018 financial results, Lei Jun and Dong Mingzhu’s "1 billion bet" finally came to an end. In December 2013, the two participated in the "China Economic Person of the Year" organized by CCTV and jointly presented the award. Lei Jun took the initiative to tell Dong Mingzhu that within five years, if Xiaomi’s turnover can beat Gree, "then please prove that Dong Mingzhu Dong Zong lost me one yuan." Dong Mingzhu responded domineering, what is a good bet for a dollar? If you want to bet, you can bet one billion yuan.

　　At that time, Xiaomi’s momentum was strong, and this competition was full of suspense, which was a great deal of interest for the market. Data show that its revenue in 2013 was about 31.60 billion yuan, and Gree’s revenue was 120 billion yuan. Can the rising star of the Internet succeed in overtaking the big brother of the manufacturing industry? With the "1 billion gambling" becoming a hot topic, Lei Jun and Dong Mingzhu have also talked about it in public many times.

　　In December, during the 2018 annual meeting of Chinese business leaders, Dong Mingzhu said in an interview that Gree had basically won the bet, and because Gree is doing the real economy and Xiaomi’s Internet business is light on assets, the two are not comparable, and the gamble itself is not meaningful. But she also pointed out meaningfully: "At that time, the bet was based on different concepts. If we all gave up heavy assets, then light assets would not exist. The state emphasizes that the economy cannot be divorced from reality to fiction, and these four words are enough to explain the win or lose."

　　WeChat official account "Chang’an Street Governor" once analyzed that Gree and Xiaomi, one is a national leading brand of traditional manufacturing, and the other is the darling of the new economy in the Internet field. The competition between these two star companies is actually a kind of healthy competition, which will bring more innovation and development to enterprises and industries.

　　Now that five years have passed, Xiaomi and Gree seem to be gradually approaching each other on their respective paths. After starting with mobile phones, Xiaomi’s trend of diversified development has become more and more obvious. In July and December 2018, respectively, it launched Mijia Internet air conditioner and Mijia Internet washing and drying machine, expanding its business to Gree’s battlefield. Gree also began to target Xiaomi’s territory, releasing the first generation of smartphones in March 2015. Despite the poor sales, Dong Mingzhu did not admit defeat: "The outside world is talking about the failure of Gree’s mobile phone business, but in fact we have not fully disclosed it in the market yet."

　　The end of the "bet" may not matter to Dong Mingzhu and Lei Jun. They are both good at taking a longer-term view and setting "small goals" for the future development of the company. Lei Jun said in 2018 that he would lead Xiaomi to return to the top of the domestic market in the next 10 quarters and double the profits of investors who bought Xiaomi shares on the first day of listing. In November 2018, Dong Mingzhu said that according to the deployment, the operating income of Gree Electric Appliance (000651) will reach 600 billion yuan by 2023.

　　This also means that the future of millet and Gree’s battlefield will continue to overlap, this long-lasting battle is far more attractive than the "1 billion bet". 36Kr pointed out in the report that from the moment when mobile phone manufacturers and home appliance manufacturers have turned their attention to IoT, Internet of Things, and smart home, millet and Gree are destined to meet, which will be a more serious and cruel story than the "1 billion bet".

　　"Caijing" new media comprehensive collation, part of the content comes from Tiger Sniff, First Financial, 36Kr

　　　 This article was first published on WeChat official account: Finance and Economics. The content of the article is the author’s personal opinion and does not represent the position of Hexun.com. Investors operate accordingly, and please bear the risk.

On April 21, Hanzhong Food and Drug Administration, Inspection and Testing Center successfully passed the six-year CMA qualification re-evaluation and the on-site evaluation of expanded certification in 2024.

During the 2-day on-site review, the expert group conducted a systematic, comprehensive, objective and fair assessment and evaluation of the institutional setup, personnel skills, environmental facilities, instruments and equipment and management system of the Municipal Food and Drug Testing Center by means of on-site inspection, consulting materials, discussion and questioning, on-site experiments, spot-checking records and reports, and checking the status and files of instruments and equipment in use.

The expert group arranged a total of 238 field experiments, including 46 operation demonstrations, 119 witness experiments, 27 personnel comparisons, 21 standard-added recoveries, 2 method comparisons, 5 blind sample tests, 7 sample retests, 7 instrument comparisons and 4 report verifications, all of which achieved satisfactory results. All seven authorized signatories successfully passed the examination and were approved.

Finally, with the approval of all the experts, 237 product standards, 821 parameters and 582 inspection method standards in eight categories, including food, raw grain, oil, health food, traditional Chinese medicine, chemical medicine, cosmetics and clean environment inspection, were approved by the Municipal Food and Drug Testing Center. 827 parameters in the fields of traditional Chinese medicine, chemical medicine, cosmetics and clean environment detection.

The Municipal Food and Drug Testing Center will take this review as a new starting point, do a good job in the rectification and implementation of feedback problems, further improve the inspection and testing ability and management level, and provide strong technical support for the city’s market supervision.

Original title: "Hanzhong Food and Drug Testing Center successfully passed CMA qualification re-evaluation and on-site evaluation of expanded certification"

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　　Recently, the evaluation results of the 7th Top Ten Transmission of "Dragon Pan Cup" were officially released, and the 9AT transmission of Great Wall Motor was once again on the list, winning the top ten transmission in the world. This award not only represents that Great Wall Motor’s technological innovation in the field of transmission has once again been recognized by professional authorities in the industry, showing its leading strength in hard core, but also means that China automobile brands are constantly moving up in the field of high-end powertrain and entering the high-end market occupied by international mainstream brands. The award-winning Great Wall 9AT transmission is mounted on China’s first large-scale high-performance luxury pickup truck Shanhai gun, which meets the high-performance demand of global users for high-end pickup trucks. With the ultimate product strength, the popularity of Shanhai Gun continued to rise after its listing, fully empowering users to cross mountains and seas.

　　China’s first vertical 9AT fills the technical gap of high-order hydraulic automatic transmission.

　　Great Wall Motor 9AT is the first longitudinal 9AT transmission in China, which fills the technical gap of China automobile brand in the field of high-grade hydraulic automatic transmission. Great Wall 9AT adopts compact and efficient clutch design, self-developed structural scheme optimization program of hydraulic automatic transmission and intelligent integrated electro-hydraulic module to achieve the performance breakthrough of transmission. Under the condition that the size of the transmission is controllable, the transmission load capacity is up to 750N·m, which can match the torque requirements of different engines such as 2.0T, 3.0T gasoline engines or diesel engines.

　　Great Wall Motor 9AT transmission has a speed ratio range of 8.843, with dense gear ratios, better gear shifting smoothness, effective consideration of power and economy, and a gear ratio of 5.288 in the first gear, which has more sufficient torque output and stronger ability to get rid of difficulties in low gear. It can meet the power demand of users for high-end quality and hard-core cars in business, home, travel, cross-country and other full scenes, and is suitable for medium and large SUVs, pickups and cars with different performance.

　　In the field of pickup trucks, Shanhai Gun is the first to be equipped with the Great Wall 9AT transmission and matched with the 3.0T V6 engine that won the "Top Ten Engine of China Heart" in 2022, so as to build a high-performance and ultra-luxury high-end pickup truck in China, which conforms to the high-end demand trend of users for high-end power pickup trucks.

　　The perfect combination of hard-core off-road and smart luxury redefines the global performance luxury pickup truck.

　　As a masterpiece of category innovation of the Great Wall Gun brand in the era of 2.0, Shanhai Gun Passenger Edition was listed at the Guangzhou Auto Show in 2022, which filled the gap of high-end luxury pickup trucks in China with its three ultimate product strengths of "high performance, super luxury and super fun". 3.0T V6 dual supercharger engine +9AT transmission’s high-order powertrain endows Shanhai Gun with unparalleled crossing ability, changeable refitting ability, outstanding towing ability and full-scene leisure adaptability, which satisfies users’ longing for outdoor life and everything in the mountains and seas.

　　At the Guangzhou Auto Show in 2023, the performance version of Shanhai Gun was officially launched. It was also equipped with a 3.0T V6+9AT power combination, with a maximum net power of 260kW and a maximum net torque of 500N·m, making it a domestic power ceiling. As the real king of outdoor, Shanhai Gun Performance Edition perfectly integrates hard-core off-road and intelligent luxury, redefining the global performance luxury pickup truck.

　　Shanhai Gun Performance Edition is equipped with Borg Warner 4A+MLock four-wheel drive system, integrated with mechanical LOCK structure, and equipped with front and rear axle differential locks as standard. It is a real "three locks" with overall leading performance. It has nine driving modes, such as standard, snow, sand, 4L, rock and expert, to meet the needs of all-terrain driving, and also has off-road functions such as tank turning, off-road cruising and wading depth detection. AT the same time, Shanhai Gun Performance Edition comes with millions of off-road equipment, such as wading throat, 18-inch Bailuchi KO2 off-road AT tire, K-MAN nitrogen reducer and 12,500-pound T-MAX winch, to cope with complex off-road conditions calmly.

　　Shanhai gun performance version has the largest body in its class, close to the full-size level; The driving space is the largest, widest and most comfortable in its class. The elbow width in the car reaches 1.6 meters, and the electric adjustment of the rear seats is the first. The maximum backrest angle reaches 33 degrees, and the comfort is comparable to that of a large luxury SUV. Strive to build the most luxurious and quiet performance pickup truck within one million. Shanhai Gun Performance Edition comes standard with streaming media rearview mirror, 8155 chip, 12.3-inch instrument +14.6-inch floating central control panel, L2 intelligent driving assistance, 360 HD look around+transparent car chassis and many other scientific and technological configurations, and enhances intelligent driving with technology; Innovative use of double back wall design, back door seam moving backward, hidden door seam design, full sealing design between trunk and body, etc., through double-layer sound insulation glass, tail wing diversion and other blessings, NVH performance is far ahead.

　　In addition, the performance version of Shanhai Gun also has a variety of functional designs, which meet the ever-changing needs of outdoor life with ever-changing containers and universal modification. It is the first design in China that the rear tailgate is split+opened horizontally. There are 24 matrix anchors and 4 hooks reserved in the trunk, and the dual 220V power interfaces inside and outside the vehicle are intimately designed to help users play the life of pickup trucks in the whole scene. The original factory comes with C6 towing qualification, which meets the 3.3-ton trailer certification, and can tow RV, motorboat, yacht, etc., to unlock more creative ways for players.

　　At present, the sales volume of Great Wall pickup trucks has been the first for 26 consecutive years, and the global cumulative sales volume has exceeded 2.51 million. In 2023, the domestic terminal market share is nearly 50%. For every two pickup trucks sold in China, one is Great Wall.

　　With the leading strength of the world’s top ten transmissions and the hard-core strength of "bigger, stronger, more luxurious and more fun", Shanhai Gun Performance Edition will satisfy users’ longing for outdoor life and everything in the mountains and seas, and will also speed up the pace of going to sea, representing China pickup truck in the global market to fight the international mainstream brand, and pointing to the top three in the world, making China pickup truck popular all over the world. (Source: Changan Automobile)