On the evening of March 5, NIO released its full-year financial results for 2023, which were mixed.

I am happy that the revenue reached a new high. According to the data, in 2023, the total revenue of NIO increased by 12.9% year-on-year to 55.62 billion yuan. Among them, the sales of automobiles were 49.2573 billion yuan, an increase of 8.2% year-on-year. The increase in revenue was mainly due to the increase in sales of NIO in the past year. NIO delivered 160,000 new cars in 2023, an increase of 37% year-on-year. But this figure did not meet NIO’s original target of 250,000 vehicles.

Hefei Jianghuai NIO Factory

The worry is that losses have intensified. According to the financial report data, NIO’s net loss in 2023 was 20.72 billion yuan, an increase of 43.5% year-on-year; the adjusted net loss was 18.30 billion yuan, an increase of 51% year-on-year. During the reporting period, NIO’s gross profit margin and automobile gross profit margin both declined compared with the previous year. NIO’s gross profit margin fell from 10.4% last year to 5.5%, and automobile gross profit margin fell from 13.7% last year to 9.5%.

It is reported that in order to cope with market competition and expand sales scale, NIO will officially launch a sub-brand of 200,000-300,000 yuan mass market this year, code-named "Alps", the first model will be released in the second quarter of this year, and delivery will start in the fourth quarter.

NIO CEO Li Bin sees the new brand as an inflection point in NIO’s performance. He revealed that the first car of the sub-brand will compete directly with Tesla Model Y, and said that the cost will also be about 10% lower than Model Y. In addition, Li Bin said at the earnings conference that there will be more than 100,000 yuan of models listed next.

In terms of cash reserves, as of December 31, 2023, NIO held about 57.30 billion yuan in cash and cash equivalents. This was mainly due to two rounds of strategic investments totaling $3.30 billion by Abu Dhabi investment institution CYVN in the second half of last year.

However, NIO still has two huge bills to pay, a $29.77 billion payable and a $9.82 billion loan.

Previously, NIO has made it clear that the NIO brand will not release a new car in 2024, which means that before the first model of the sub-brand is officially delivered in the fourth quarter, the eight models currently on sale by NIO will still bear the responsibility of supporting NIO for a long time.

Looking ahead to this year’s Quarter 1, NIO expects its new car deliveries to be between 31,000 – 33,000 vehicles; revenue is expected to be between 10.499 billion – 11.087 billion yuan, and NIO brand gross margin will reach 15% -18% this year.

　　[Aika Automobile, Industry Information, Original]

　　Hengchi, a brand owned by Evergrande, recently posted a message on its official Weibo account about "recruitment of authorized agents".

　　For the standard of building a store, Hengchi Automobile requires an exhibition hall area of 200-300 square meters and a display area of more than 150 square meters. In terms of agent qualification requirements, Hengchi Automobile requires agents to agree with Hengchi Automobile’s business philosophy and sales model, be confident in the cause, and be willing to invest in long-term common development; Registered by the national industrial and commercial administration, with independent legal personality and legal business certificate, and the registered capital is not less than 5 million yuan; Have a venue to meet the business needs of Hengchi Automobile; Can form a qualified management team; Good business conditions and sufficient financial strength.

　　There are 18 cities for this investment promotion, namely Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Hangzhou, Chongqing, Xi’an, Suzhou, Wuhan, Nanjing, Tianjin, Zhengzhou, Changsha, Dongguan, Foshan, Qingdao and Haikou.

　　The sales model of Hengchi Automobile specifically includes three aspects: order-based sales and asset-light operation, requiring the exhibition hall to be small, precise and located in the automobile business district, and a unified retail price to ensure sales profits.

　　According to the progress previously revealed by the official, the work of the first car (|) is progressing smoothly, and the pre-sale is about to be fully launched. Xu Jiayin also requested that the mass production of Hengchi 5 must be completed before June 22, laying a solid foundation for the healthy and sustainable development of Hengda Automobile.

　　Editor’s comment:Entering the new energy vehicle market, Hengda seems to have been well-prepared again and again, but after the official sale of Hengda vehicles, we still don’t know the specific sales situation.

Highlights Review:

Hengchi 5 configuration information is exposed, listed or has been put on the agenda

Pioneer out, first to explore the store Hengchi Auto & real shot Hengchi 5

Hengda Automobile’s first model, Hengchi 5, officially rolled off the assembly line

　　On the morning of the 26th, it was revealed that the audience shouted refund for the #WubaiHefei concert. According to Nine Pai News Video, on November 24th in Hefei, Anhui Province, before the performance of the Wubai concert, many audience shouted "refund" because of unreasonable seating arrangements, which attracted widespread attention. On the 25th, an audience member said that he bought a VIP area of 1,280 yuan and was assigned to the V6 area. "The stage is recessed, and two large screens are added on each side. We can only see half of the stage on both sides of V5 and V6. The band behind us is basically invisible, and people can’t see it. The big screen looked up. Many fans said that they went to massage after watching it." It claims that the organizers did not inform them in advance of the risk of being blocked from view in zones V5 and V6.

　　Wubai concert scene. Video screenshot

　　This is not the first concert this year that has caused complaints because of the obstruction of the viewing location. Before this, the "pillar ticket" of Liang Jingru’s concert in Shanghai also attracted public attention. According to the upstream news, with the explosive recovery of the concert market this year, the old problems such as high-priced tickets, scalper tickets, and "pillar" tickets continue to appear, and with the "sinking market" of concerts, some chaos in concerts held in third- and fourth-tier cities has begun to appear.

　　The performance market will explode in 2023

　　According to statistics, the total box office of national commercial performances in the first half of 2023 increased by nearly seven times year-on-year, according to Beijing Youth Daily. According to data released by the China Performance Industry Association, the total number of national commercial performances in the first half of 2023 was 193,300, with a total box office of 16.793 billion yuan, an increase of 673.5% year-on-year. Recovery and growth have become the core keywords of the offline performance market. According to Crowley’s report data on the economic development of offline music performances in 2023, from February to March this year, the number of daily active users of Damai.com increased by 74% compared with the same period in 2019, 4 times more than the same period in 2022, setting a five-year high. During the same period, Barley sold 47,000 performances, which was 3 times that of 2019. The platform box office scale and ticket purchases increased by 127% and 87% respectively compared with the same period in 2019. The box office of offline music performances increased significantly.

　　According to media reports, the opening ceremony of the 22nd China Shanghai International Arts Festival Performance Fair and the 28th Yangtze River Delta Performance Fair, Liu Kezhi, president of the China Performance Industry Association, shared relevant data in his opening speech: In the first three quarters of 2023, the number of commercial performances (excluding entertainment venues) reached 342,400, an increase of 278.76% year-on-year; the box office revenue reached 31.54 billion yuan, an increase of 453.74% year-on-year; unique viewers 100 million 11.05 million, an increase of 532.6% year-on-year, showing the huge market vitality of the national performance industry. However, with the recovery of the performance market, the important segments of the concert market, such as high-priced tickets, scalper tickets, and "pillar" tickets, continued to emerge. With the "sinking market" of concerts, some of the concerts held in third- and fourth-tier cities began to show some chaos.

　　Big concertIt’s hard to get a ticket "the goods are not on the right board"

　　According to Jiupai News, after more than a month of warm-up, on the evening of July 21, the TFBOYS "Ten-Year Covenant" concert was officially announced. In the afternoon of the same day, the entry "TFBOYS Official Expo Online" was already on Weibo’s trending topic list. Shortly after the official announcement of the concert, the first row of tickets was marked to 200,000 by "scalpers", and the second and third rows were also 150,000 yuan each.

　　According to a number of "scalpers", compared with the sky-high price invitation letter, the auction is the most cost-effective way to buy TFBOYS concert tickets. According to the auction fee table of a "scalper", a ticket with the highest price of 2013 yuan for a TFBOYS concert costs more than 7,000 yuan, while a ticket with a face value of 806 yuan costs more than 3,000 yuan. On the eve of the ticket grab, many scalpers made it clear that the order has been saturated and stopped taking orders. "After tonight, I can’t accept the 10,000 generation grab fee, and the pit space is limited." According to reports, a "scalper" group composed of several hundred college students received more than 50 orders, and it cost 3,000 yuan to find a programmer to write a ticket grab program to prepare a machine and manual dual channel to grab tickets. Some scalpers even recruited temporary part-time shooters due to insufficient demand. If the 2013 yuan ticket price is successfully grabbed, there will be a commission of 3,500 yuan, with an average of 4-5 people grabbing a ticket.

　　Concert ticket purchase page. Network screenshot

　　And similar to the situation of the Wu Bai concert, according to the previous news Knews news, some audience reported that they spent thousands of yuan to buy tickets for Liang Jingru’s Shanghai concert, but after arriving, they found that their vision was blocked by the pillars around the stage, and watching the singer became a pillar.

　　According to reports, footage taken by Ms. Zhang, a Shanghai resident, at her concert on May 20 showed that she bought a ticket worth 1,299 yuan on the second-floor grandstand, and the pillar directly in front of the seat happened to block the singer. Coincidentally, Mr. Liu, who bought a ticket of 999 yuan, also encountered a similar situation. On the Internet, the topic of the two Liang Jingru concerts in Shanghai blocking the line of sight caused heated discussions, and hundreds of consumers who had the same experience launched rights protection. According to reports, Damai has communicated the matter with the project organizers; the concert organizer, Shanghai Rubik’s Cube Pan Culture Performing Arts Co., Ltd., said that during the ticketing stage, they did not know that there would be four pillars in the stage design; Xuhui District Consumer Protection Commission has intervened and interviewed the company, and will urge the formulation of a solution in the future.

　　According to Red Star News, on November 15, the lawsuit related to the "pillar ticket" of Liang Jingru’s concert in Shanghai was heard in the Meilong Court of the People’s Court of Minhang District, Shanghai. A total of 9 spectators filed a lawsuit against the concert organizer, Shanghai Rubik’s Cube Pan-Culture Performing Arts Co., Ltd. The court combined the nine lawsuits and has not yet pronounced a verdict. According to reports, on the issue of concert disputes, the Shanghai Consumer Rights Protection Commission has counted that since 2023, concerts have become a new hotspot of consumption, resulting in an increase in concert-related complaints. The Municipal Consumer Protection Commission has accepted more than 7,000 concert-related consumer complaints, including group complaints caused by obstruction of consumers’ seat views. Due to the difficulty in reaching a consensus between operators and consumers on the consequences of damage and liability for compensation, complaints about the occlusion of the concert line of sight are frequent and highly concentrated.

　　Liang Jingru concert scene. Video screenshot

　　As if it was a response to Liang Jingru’s concert "pillar ticket", according to the Yangzi Evening News Network, after the official announcement of Jay Chou’s 2023 Carnival World Tour Concert Hohhot Station, a "Special Ticket Announcement" appeared in the official ticketing channel Cat’s Eye Ticketing. On August 14, the organizer of this concert, Shanxi Xingtai Guangying Culture and Entertainment Co., Ltd. issued an announcement, saying that it would meet the needs of the majority of fans, so that more fans could experience the joyous atmosphere of the "Jay Chou Carnival Concert" Hohhot station on the spot, and reduce congestion outside the concert venue. After coordination and striving with all parties, the organizer will sell seats with special discounts due to poor visibility in the area blocked by the sound console. The organizers also stated in the announcement that the seats in this area are blocked to varying degrees, and it is impossible to fully see the whole stage. A large screen is set up behind the sound console for the audience to watch, and the special tickets will not be refunded or exchanged after purchase. What caused the audience’s heated discussion was that although it is a blocked ticket, it is also divided into three gears, which are divided into 600 yuan, 500 yuan and 300 yuan. "I never expected that this will be divided into gears?" Some fans complained.

　　How to protect the rights of "pillar ticket" and "wall ticket"

　　Zhang Ming, a lawyer and partner of Beijing Jingshi Law Firm, said in an interview with China News Agency that Article 8 and Article 9 of the Consumer Rights Protection Law stipulate that consumers have the right to know and the right to choose goods or services independently. Viewers have the right to know the true situation of the services available for the selected seat when purchasing tickets. If the ticket seller and the organizer do not distinguish the seats whose line of sight is blocked in advance by marking and reducing the price, consumers can exercise reasonable rights protection based on the Consumer Rights Protection Law.

　　However, Zhang Ming also admits that the current cost of protecting fans’ rights is too high. Although the price of concert tickets may be as high as thousands of yuan, from the perspective of litigation, the amount is still very small. Litigation itself usually requires the appointment of lawyers, and it also requires a long cycle and high cost. Therefore, few people choose to go to the court to safeguard rights litigation. Generally, they can only choose to negotiate, seek help from consumer rights protection organizations, or complain to administrative supervision departments.

　　Fu Jian, director of Henan Zejin Law Firm, believes that enjoying a complete audio-visual experience is the main right of concert ticket buyers and the main obligation of the organizers. Due to the failure of live performance equipment, the audience cannot hear the sound, or the performance cannot be seen due to occlusion, etc., the services provided by the organizers are defective, and consumers can ask the organizers to refund the tickets or refund part of the fees.

　　According to the Consumer Rights Protection Law, if the goods or services provided by the operator do not meet the quality requirements, consumers can return the goods in accordance with national regulations and the parties’ agreement, or require the operator to perform obligations such as replacement and repair, Fu Jian said. Consumers can communicate with the organizer to request compensation or refund. If the two parties cannot reach an agreement, they can report the complaint to the market supervision department or consumer association, or sue the court to claim their legitimate rights and interests.

　　In response to the provision that concert tickets are generally sold without refund, Fu Jian believes that the concert ticket purchase agreement belongs to the format clause, and the non-return and exchange once sold excludes the main rights of consumers. According to the provisions of the Civil Code, the format clause that excludes the main rights of the other party is invalid, and the concert tickets in the Interim Measures for the Return of Goods Purchased Online in Seven Days without Reason are not non-refundable goods. The platform unilaterally restricts the rights and interests of consumers to return and exchange tickets, which is a situation that aggravates the responsibility of the other party, and it is likely to be found to be invalid. However, considering that concerts have a certain timeliness, and the refund of tickets for upcoming performances is likely to affect secondary sales, it is reasonable to make restrictive provisions on refund.

　　The China Consumers Association also suggested that relevant performance ticketing platforms and organizers should consider how to better protect consumers’ rights and interests and improve consumer experience from the perspective of promoting the release of consumption potential, and reasonably formulate ticket return and exchange rules based on the principle of fairness and publicize them to consumers to ensure that consumers are fully informed and actively confirmed before purchasing tickets. If "no return, no exchange" tickets are launched, refundable tickets should be launched at the same time, and reasonable prices should be set for consumers to choose and arm’s length transaction.

　　On September 13, the Ministry of Culture and Tourism and the Ministry of Public Security jointly issued the "Notice on Further Strengthening the Standardized Management of Large-scale Commercial Performance Activities and Promoting the Healthy and Orderly Development of the Performance Market". It requires that performance organizers should establish a ticket refund mechanism for large-scale performance activities, set a reasonable level of ticket refund fees, and ensure the legitimate refund rights of ticket buyers.

　　A little more news:

　　The "sinking" concert market is full of slots

　　According to the China Performance Industry Association’s "National Performance Market Brief for the First Half of 2023", music performances in third- and fourth-tier cities will increase in 2023, and performance cities will extend from first- and second-tier cities to third- and fourth-tier cities. In this regard, People magazine interviewed five young people who watched concerts in their hometowns, and upstream news sorted out some of the characteristics displayed.

　　Handan: The stars converge like a rural stage

　　The interviewee, Ms. Wang, said that in June, Handan held another concert. The title seller of the concert was a well-known wine company in Handan. "This concert also gave away a lot of tickets. The school teachers will send it out, the surrounding residents will send it out, the wine will be sent out, and the developers will also send it out. I feel like I can’t wait for half of Handan City to go."

　　Music festival scene. People magazine

　　According to his introduction, maybe because of the gathering of stars, four hosts were arranged to join the show, "But I think this host is also strange. There are one and the other to make everyone shout slogans and advertising words, and the interaction is very embarrassing, a bit like that kind of rural stage."

　　Maoming: Pour Coke in a Coke bottle and sell it for 15 yuan

　　The interviewee, Mr. Li, said that he was more speechless about spending during the music festival. "Food and water are not allowed at this music festival, even umbrellas are not allowed. I brought an umbrella and it was taken away… The umbrellas sold in the booth are 50 yuan a piece." Mr. Li also said that when he was hungry, he and his colleagues went to buy beef instant noodles, even if the instant noodles were added with a few pieces of beef, it cost about 40 yuan. "I went to buy Coke, and the staff poured Coke directly from a large Coke bottle, added a few pieces of ice, and sold it to me for 15 yuan." In addition, at the end of the performance, Mr. Li and his friends drove away. When they arrived at the exit of the parking lot, they found a large area blocked. They scanned the code to pay the parking fee. As a result, the signal was very weak, and they could not pay the fee. There were no staff there to serve.

　　Guigang: The sound quality is too poor, and the stars sing with difficulty.

　　The interviewee, Ms. Luo, said that the only concert she saw this year was a star concert. She said that on the first day of the ticket release, she grabbed 388 yuan of tickets from the grandstand area. "It stands to reason that the tickets bought on the first day must be closer to the stage, but when we arrived at the venue, we were at the’top of the mountain ‘in the last row." Ms. Luo asked the people in front of the seat that they bought tickets only a week before the show started, which cost only 200 yuan, or locally. The infield is even more exaggerated, and the tickets of 1200 yuan can be bought for more than 500 yuan before the opening. "Although the venue is quite large, the stage is really too small, which I can tolerate. But the sound quality is really bad. The celebrities also sing very hard, and they feel a little unable to speak. "

　　Nanping: Order and Chaos star performance is sloppy

　　According to the interviewee, Ms. Zhang, the organizers of the concert did little publicity and did not have a guide sign. As the opening approached, people began to sit in the stadium one after another, but many people took free and discounted tickets. "The person next to me came after dinner, and he said that he drank some wine in the evening, and he still smelled of alcohol." Ms. Zhang said that the order was also a bit chaotic after the performance began. Some people left their seats and squeezed into the front row, and the security did not care. "My husband and I both felt that a certain star acted sloppily when singing, like completing a task. After singing, they left the stage without interacting."

　　A city in Hebei: Sponsor "bottle" ads are played throughout the screen

　　The interviewee, Ms. Zhang, introduced that after the opening of the "All Stars Concert", everyone began to shout "refund". When the first singer came out, everyone did not give face at all, and they were also shouting, "There were some artists singing in the middle of the journey. Obviously, they were frightened by this scene, and they did not interact much.

　　Wine ads scrolled on the big screen. People magazine

　　Ms. Zhang said that from the perspective of the scene, the lighting design is not very reasonable. People are sitting in the infield, and the lights are directly shining on people’s faces, which is very dazzling. "There are a few small screens on the stage, and four of them play animations of wine bottles throughout. When the artist sings, the’big wine bottle ‘is still rolling next to it, which is very eye-catching."

　　Upstream news is comprehensive from "People" magazine, China-Singapore Jingwei, Jiupai News, Beijing Youth Daily, Kan News, etc

　　On the evening of July 21, the 5th Jackie Chan International Action Film Week opened in Datong, Shanxi. Jackie Chan, the founder of Jackie Chan International Action Film Week and Xu Ke, the chairperson of the jury, led the jury to appear.

　　Tsui Hark served as the chairperson of the jury

　　After last year, Jackie Chan International Action Film Week has once again settled in Datong City, Shanxi Province, a famous historical and cultural city. The honorary selection section of the 5th Jackie Chan International Action Film Week "Iron Man" attracted 152 films from 36 countries and regions around the world. After a rigorous and professional selection, ten outstanding films from four continents and seven countries, such as "Big" People "," Unparalleled "and" Tifa is in trouble ", stood out and were successfully shortlisted for the final" Iron Man "honorary selection unit." Big "People" appeared at the opening ceremony as the opening ceremony of the exhibition film. On behalf of the crew, the director 500 expressed their excitement for the film being shortlisted for the "Iron Man" honor.

　　Each "Iron Man" honor will be selected from the 10 shortlisted films by the fifth Jackie Chan International Action Film Week jury. Tsui Hark will serve as the chairperson of the jury, and the Russian director Sergei Podlov, the New Zealand director Martin Campbell, the Canadian director Paul Haggis, the Japanese actor Katsuaki Kurata, the Thai director Prakia Pinkayo and the Chinese actor Xu Fan will be the judges.

　　During the 5th Jackie Chan International Action Film Week, all the "Iron Man" honorary shortlisted films will be screened to the audience. In addition, this film week will also bring 4 action film screening units of "Dragon Tiger Martial Artist", "Action Master", "Asian New School Jianghu" and "Women Hero".

　　Remember to "respect" the profession

　　At the opening ceremony, Jackie Chan International Action Film Week’s promotional film "Original Heart" was released. Directed by director Ding Sheng, "Original Heart" is a moving 70-second video that condenses Jackie Chan’s 65-year legendary life into a subtle insight. Jackie Chan sighs in the film: "I am 65 years old, I don’t want to stop, I just want to look back occasionally."

　　Jackie Chan admitted that although Jackie Chan International Action Film Week has gone through the difficult stage of its infancy, it is still a "child" at the age of 5, and the progress has been made thanks to the efforts of the staff and the support of peers, friends and fans. He said that the improvement of the scale and internationalization of the film week has made the review results more professional and credible, which can give due recognition to the colleagues who have worked hard in the field of action movies in the past year.

　　At the scene, Jackie Chan also sent Zhu Yilong his autobiography "Old Before I Grow Up" and the new album "I’m Still Jackie Chan", and he also hoped to share his life experience with everyone.

　　Implemented the "Ancient Great Wall Protection Plan" this year

　　Jackie Chan is not only committed to promoting the development of Chinese action movies, but also actively participates in public welfare undertakings. During the 4th Jackie Chan International Action Film Week held in Datong last year, Chinese filmmakers launched a large-scale public welfare poverty alleviation project "Poverty Reduction Tough Battle – Starlight Action" under Jackie Chan’s advocacy, actively implemented the national poverty alleviation policy, and allowed Da Ai to enter poverty-stricken areas, bringing real help to the people in poverty-stricken areas.

　　At the scene, Jackie Chan thanked all the "Starlight team members" for their achievements in the past year. Talking about the "poverty reduction battle – Starlight Operation", which has come to the second year, Jackie Chan said that this year’s "Starlight Operation" will be "Ancient Great Wall Protection Plan" as the theme.

　　The 100-person volunteer team of the "Ancient Great Wall Protection Project" also appeared on the stage, and together with the guests on the stage, under the leadership of the flag bearer, Ms. Yuan Jianqin, the ten most beautiful Great Wall guardians in Shanxi Province and the executive vice president of the Datong Great Wall Society, carried out a solemn flag-raising ceremony. Jackie Chan also led all the volunteers to solemnly swear to the cause of ancient Great Wall protection, and the oath of "The Great Wall will never fall" resounded on the scene. In the countdown sound of the audience, the 2020 "poverty reduction battle – Starlight Operation" was officially launched.

　　It is reported that the 5th Jackie Chan International Action Film Week launched a series of activities from July 21 to 27. Text/Our reporter Xiao Yang

[Click to watch the exclusive video]

Andy Lau is not a "godfather" in Beijing’s "Ring" and is not afraid of "debt"

　　　　　　　 Movie Network News(Photo/Qian Jia’s memoir/Xie Yawei) "I don’t like the title of’godfather ‘, and I feel that one day I will go to jail." On May 11, "The Ring" held a media meeting in Beijing. As an investor, Andy Lau appeared with Guo Zijian and Zheng Sijie, two new directors, and Lin Jiadong, the producer. Because of his dedication to the excavation and promotion of new directors in recent years, Andy Lau has been praised by the media as the "godfather" of the new director, but Andy is very resistant to this title, bluntly saying that he feels like a gangster. When talking about the new work he invested in, Andy Lau admitted that it is like his own child. As a parent, he must lead it out to meet people, otherwise it is likely that no one will pay attention. The film will be released simultaneously in mainland China and Hong Kong on June 4.

Andy Lau is unwilling to be a new director "The Godfather" to invest in new films "Not bad money"

　　　　　　　 "Crazy Stone" attracted much attention at the beginning of its release because Andy Lau was an investor, and then its own quality made the film "out of control" with Ning Hao and Huang Bohong. Andy Lau has paid great attention to and promoted new directors in recent years. As long as he likes the script, he will invest boldly, so that many newcomers can get a platform to show their talents. Therefore, he has been praised by the media as the "godfather" of new directors. Hearing this title, Andy Lau seemed a little disgusted, "I don’t like the title of’godfather ‘, I feel like I will go to jail one day, too much like a gangster." He said that he can only be regarded as a stalwart, but his strength is limited, and he is very happy that many big companies are now paying attention to new directors.

　　　　　　　 In the past, Andy Lau and Lin Jiadong acted in many movies as partners. In "The Ring", the relationship between the two people changed, one was the boss and the other was the producer, so "asking for money" became something Lin Jiadong had to do, "He is a good boss, I will ask him for money, and he was very happy when he signed the check." Andy Lau, the boss, did it very easily. He showed up once when the film was on, and never went to the set after that. "The total investment of the film 8 million, and their budget is very well controlled. After watching the first edited film, I gave them a little money to make them do better." It seems that Andy Lau, the boss, is indeed "not bad money".
　

　　On the evening of November 13, Alibaba submitted a listing prospectus to the Hong Kong Stock Exchange. The prospectus shows that the funds raised by Alibaba’s IPO will be mainly used to drive user growth and increase participation, help enterprises achieve digital transformation, improve operational efficiency, and continue to innovate. It mentions specific businesses such as Ele.me, Flying Pig, Youku, and cloud computing technology.

　　Industry experts point out that Alibaba’s return to the Hong Kong stock market not only allows it to develop its business through new fundraising, but also helps to enhance its influence in the Greater China region and promote the development of its business.

　　Alibaba data map, photo by Zhongxin Jingwei

　　Proceeds raised will be used in three ways, mentioning companies such as Ele.me and Youku

　　Regarding the use of the proceeds raised, Alibaba said that the company plans to use the funds from the global sale to promote the execution of the strategy in three areas: driving user growth and increasing engagement, helping enterprises achieve digital transformation, improving operational efficiency, and continuous innovation.

　　Among them, Alibaba specifically mentioned that the company will continue to expand and enhance life services through Ele.me and Flying Pig, and will continue to build digital media and entertainment services through Youku and other content platforms. In addition, cloud computing technology is also a key word that Alibaba has mentioned many times in its fundraising purposes.

　　However, the specific issuance plan has not been disclosed in the prospectus this time. According to previous media reports, Alibaba Group plans to issue 500 million new ordinary shares through the global sale and list them on the main board of the Hong Kong Stock Exchange. The issuance includes 500 million ordinary shares and an overallotment share that can issue up to 75 million additional ordinary shares. It is expected to be priced as early as November 20, Hong Kong time. The company’s fundraising amount may be between 100-15 billion US dollars, and the price range is calculated at a 4% discount to the US stock price, around 180 US dollars per share.

　　Ma Yun holds 6.1% of the shares, and the company implements a different rights structure for the same shares

　　In addition, the prospectus also disclosed Alibaba’s shareholding structure, with SoftBank holding 25.8%, Ma Yun holding 6.1%, Cai Chongxin holding 2.0%, other directors and senior management holding 0.9%, and other public shareholders holding 65.2%.

　　In addition, Alibaba also talked about the company’s partnership system in the prospectus. According to the prospectus, in July 2010, Alibaba officially established the Alibaba Partnership, which currently has 38 members.

　　According to the disclosure, the members of the organization only have a single class of shares, and each share corresponds to one voting right, but according to the Articles of Association, Alibaba Partners has the exclusive right to nominate (or in limited cases, great men) a simple majority of the board members. These rights are classified under different voting rights structures under the Hong Kong Listing Rules, so Alibaba is considered a company with different share rights structures.

　　In the second quarter, more than 60% of Alibaba’s revenue came from Tmall and Taobao.

　　On the evening of November 13, the prospectus disclosed by Alibaba in Hong Kong stocks shows that in the fiscal year 2019 (April 1, 2018 – March 31, 2019), the company achieved a total revenue of 376.844 billion yuan and a net profit of 80.234 billion yuan. In addition, from April 1, 2019 to June 30, 2019, Alibaba achieved a total operating income of 114.924 billion yuan and a net profit of 19.122 billion yuan.

　　In addition to disclosing financial data, Alibaba also showed its commercial version in the prospectus. At present, Alibaba’s main business includes core business, cloud computing, digital media and entertainment, and innovation business. Among them, core business is Alibaba’s main source of income. A total of 323.40 billion yuan in fiscal year 2019, accounting for 85.82% of total revenue.

　　In the core business, China’s retail business, dominated by Taobao and Tmall, generates the highest revenue. According to the financial report, during the three months from April 1, 2019 to June 30, 2019, approximately 66% of Alibaba’s revenue came from China’s retail business.

　　According to the prospectus, the core business can be divided into six specific business directions, namely China retail business (mainly Taobao and Tmall), cross-border and global retail business (Tmall overseas, Koala, AliExpress and South East Asia, Turkey, Pakistan and other countries and regions of the e-commerce platform), China wholesale business (1688.com and retail), cross-border and global wholesale business (alibaba.com), logistics service business (Cainiao network), life service business (Ele.me, word of mouth, flying pig).

　　In addition to its core business, Alibaba’s business also includes cloud computing (Alibaba Cloud), digital media and entertainment (Youku, UC Browser, Alibaba Pictures), and innovation (Autonavi, DingTalk, Tmall Genie).

　　Ali’s commercial version, the picture is taken from Alibaba’s prospectus

　　It is worth noting that in the prospectus, Alibaba also stated that the company has held a total of 33% shares in Ant Financial since September 2019. In addition, since June 30, 2019, Alibaba has made or plans to make equity investments in a total of 24 companies, with a total amount of 38.529 billion yuan.

　　Expert: Alibaba’s return to Hong Kong for listing will enhance the company’s influence

　　Yang Delong, managing director and chief economist of Qianhai Open Source Fund, pointed out to China New York Matrix that Alibaba’s return to the Hong Kong stock market has three major benefits, one is to make up for the regret of not being able to list on the Hong Kong Stock Exchange in the past, and the other is to achieve new financing. Finally, because Alibaba’s main revenue and profits come from China, listing on the Hong Kong Stock Exchange is conducive to further expanding Ali’s influence in Greater China and promoting its business growth.

　　In addition, for the possible impact of Alibaba’s listing on the market, Yang Delong believes that according to the current news, Alibaba’s listing on the Hong Kong Stock Exchange will raise 100-15 billion US dollars, which will become the largest fundraising in the history of the Hong Kong Stock Exchange. Therefore, in the short term, it may indeed bring pressure on the Hong Kong stock market to divert funds.

　　"But we can’t just see the role of capital diversion brought by Alibaba’s Hong Kong stock listing. As a representative of the new economy, Alibaba provides new investment targets for Hong Kong stock investors, which helps to attract some investors to invest, thus stimulating the active level of the Hong Kong stock market. In addition, with Alibaba’s return to Hong Kong stocks, it will sooner or later be included in the targets of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, which also provides a new opportunity for mainland investors, and may also bring new incremental funds to the Hong Kong stock market." Yang Delong said. (China-Singapore Jingwei APP)

　　(The views in this article are for reference only and do not constitute investment advice. Investment is risky, and caution is required when entering the market.)

　　January 5,The first pure electric model of the Galaxy series, the E8, was launched.

　　The listing of the new model did not stimulate the sluggish share price. On January 8, the share price fell 3.44% to close at 8.13 Hong Kong dollars per share.

　　Previously, Geely Automobile had announced sales for 2023Geely Automobile (including Geely, Lynk & Co,Ruilan brand) annual cumulative sales of 1.6865 million vehicles, an increase of about 18%. Among them,Car sales were 487,500, an increase of about 48% year-on-year. Cars accounted for 28.9% of Geely Automobile’s total sales in 2023. Although the proportion of model sales has increased, it is still slightly lower than the penetration rate of new energy passenger vehicles in the entire car market.

　　Previously, Geely Automobile had ranked first in sales of its own brands in China for many consecutive years, but its sales in 2022 wereBeyond that, the gap between 2023 and 2023 has been further widened. In addition, Geely Automobile has also been surpassed by Chery, which has soared in overseas sales. In 2023, sales fell to the third place of autonomous passenger car companies.

　　The transformation of new energy vehicles has affected Geely’s ranking among its own brands.

　　Although Geely is the first domestic automaker to carry out new energy transformation, it first released the Blue Geely Action Plan in 2015, but the plan ended in failure. Subsequently, Geely released the Blue Geely Action Plan for the second time in 2021.

　　In 2023, Geely launched the new energy brand series Galaxy, and successively released two plug-in hybrid models, the L7 and L6. The Galaxy E8 is Geely Galaxy’s first pure electric model and has high hopes.

　　As a new starting point for Geely’s new energy transformation, the market performance of the Galaxy series also tests the quality of Geely’s new energy transformation. After many failures in the pure electric market, Geely Galaxy E8 is a key product for Geely’s new energy transformation. Once this model does not achieve the expected market effect, Geely may once again fall into a passive position in the competition with competitors in the pure electric market.

　　"Price War"

　　Geely Galaxy E8, positioned as a medium and large pure electric car, has an official guide price of 175,800 yuan.

　　From the perspective of product level and price range, Geely Galaxy E8’s main competitors include BYD Han EV, 007, etc. Another possible potential competitor is the upcoming Xiaomi SU7, which Geely hopes to enter the mainstream pure electric market.

　　fromLooking at it, Geely Galaxy E8 hopes to challenge the current best-selling self-branded model in this segment, the BYD Han EV, with a lower price. The Galaxy E8 configuration is not low, but the official price is lower than the Han EV that has been on the market for more than three years.

　　In the pure electric market, Geely has no pricing power yet. Facing BYD, which has higher consumer awareness, fighting a price war is the key for Geely to get a certain share of the market.

　　Although the price of the Galaxy E8 is not expensive in terms of other competitors in the same level of market, as far as the Geely brand is concerned, the starting price of a car close to 200,000 yuan is a height that Geely has never approached in the era of fuel vehicles.

　　In the era of fuel vehicles, Geely’s core market is 100,000 yuan-level low-end models.

　　However, due toThe cost is high, the same level, the current price of electric vehicles is still higher than the fuel vehicle, Geely brand, can support the price of nearly 200,000 yuan, Geely has to face the challenge.

　　Of course, it should be pointed out that behind the "price war" of car companies is a "cost war", especially for the mainstream market, whoever has a cost advantage means who has more room to reduce prices.

　　At present, BYD’s core advantage is the cost-sharing ability brought by the larger market size. Geely’s main advantage is the platform advantage. The Galaxy E8 is built on the vast architecture, which can take advantage of the synergy effect behind Geely to reduce costs.

　　However, overall, Geely’s current situation in the pure electric vehicle market remains relatively passive.

　　Due to the large base of the fuel vehicle market, Geely cannot throw away the burden and embrace the transformation like BYD, but needs to grasp the base of the transformation more steadily and keep its share. Therefore, Geely needs to maintain a long-term approach.

　　However, in the face of intensified market competition and competitors’ marketing strategies, Geely also emphasized the differences with its competitors on several occasions at the press conference, emphasizing the value it brings.

　　On the same day, at the press conference, Gan Jiayue, CEO of Geely Automobile Group, said that building a car without common sense would not be successful, and it would be unsustainable to build a car without longevity.

　　"Although many trams are getting more and more expensive, the showmanship of dancing and turning around doesn’t really bring high value to users," Mr. Gan said.

　　Previously, the models that focused on promoting the "tank turn-around" function included BYD Looking Up U8 and 001 FR. Among them, Looking Up is the positioning million-level superThere is no direct competition between the brand and the Geely brand.

　　However, Geely Galaxy’s new energy transformation is not easy, and there is still no Geely Galaxy that can be called a hitType.

　　The Galaxy brand entered the market last year. After the delivery of the Galaxy L7, although the sales volume in the first three months continued to grow and quickly exceeded 10,000 units, after digesting the previous orders, the Galaxy L7 has fallen below the monthly sales threshold of 10,000 units since October last year, and there has been a continuous decline, and the product competitiveness is slightly insufficient.

　　Compared with BYD’s plug-in hybrid models of the same level, there is still a certain gap between the Galaxy L7 and L6, and the Galaxy E8 is equally difficult to shake up BYD.

　　"Involution"

　　From price to product, Geely has made no secret of its attitude of "rolling" with competitors.

　　Although the main purpose of the Geely Galaxy E8 is to increase its sales in the pure electric market, the launch of the E8 will inevitably bring internal competition.

　　In the Geely Automobile map, Geely, Lynk & Co, and Extreme Krypton all have corresponding pure electric products, plus smart, Polaris, Volvo, Extreme and other brands that are also owned by Geely Holding Group. "Having more children is easy to fight" is an important strategy for Geely’s market competition.

　　However, too many brands and disorganized play will also bring "involution".

　　In the product matrix previously planned by Geely Automobile, the polar krypton brand focuses on the market of more than 300,000 yuan, the main product of the Lynk brand is 200,000 yuan to 300,000 yuan, the main product of Geely Galaxy is 100,000 yuan to 200,000 yuan, and Geely Geometry is facing the lower price market.

　　However, the successive releases of Krypton 007 and E8 are obviously a departure from Geely’s previous seemingly clear plan.

　　The two cars are based on the vast architecture, positioning level is quite close, Galaxy E8 although the body is longer, but the wheelbase is shorter than the polar krypton 007. The price of Galaxy E8 is 175,800 – 228,800 yuan, the price of polar krypton 007 is 209,900 yuan – 299,900 yuan, the two prices have overlapped.

　　Geely claimed that Krypton was a brand, and the brand positioning between it and Geely Galaxy was different, and the target segments were also different. However, the product pricing that was being lowered to fight a price war was blurring the differences between the two brands. Moreover, the Lynk & Co brand also planned to launch pure electric products in the future, and the future positioning would also be very embarrassing.

　　Specifically, the Galaxy E8 launched two battery life versions of 550km and 665km, both of which use iron phosphateThe battery brands areAnd Quzhou Polar. And Polar Krypton 007 uses the rear-drive version of Quzhou Polar Iron Phosphate with a battery life of 688km, usingThe range of the Kirin version is 870km.

　　In addition, the entire range of Krypton 007 supports 800V architecture, while the E8 only supports 800V at the top, and the rest of the models are 400V. In terms of suspension, smart driving, and other configurations, the cost of Krypton 007 is higher than that of the E8.

　　From a certain perspective, the Galaxy E8 is more like a low-end version of "Extreme Krypton".

　　Although the positioning of the two cars is slightly different, the price difference between the two is not significant, and the target audience also partially overlaps.

　　However, whether for Geely Galaxy or Krypton, the Galaxy E8 and Krypton 007 are rather crucial products.

　　The Galaxy E8 is the first pure electric model of the Galaxy series, which will set the tone for Galaxy in the market competition. And the Krypton 007 is the key model for the Krypton brand to enter the mainstream market. Who can win or lose both? The market will give the answer.

　　The school season of major colleges and universities across the country is approaching, and Ele.me has released the "2019 College Student Takeaway Rider Group Insights" report (hereinafter referred to as the "Report"). It is understood that a total of 9,896 college students from all over the country joined Ele.me Hummingbird in the summer of 2019 to become part-time riders. Nearly 5 of them became sophomores and juniors, and more than 300 will start their graduate careers after the school starts.

　　The report shows that compared with "earning living expenses", "experiencing life" has become the main motivation for college students to choose to be takeaway riders. Nearly 40% of post-95s and 00s feel that their personality has changed after the experience, and they have learned to "communicate modestly" and "treat people gently". At the same time, nearly 20% of college students choose to go to a strange city and travel while delivering takeout.

　　The Ele.me report shows that 38% of college student riders said that choosing to work part-time as a takeaway rider in the summer is to experience life, and it is also a social practice. Many young people also expressed the hope to change their personality, contact more people, and discover unknown corners of the city by doing takeaway riders. Second, it is to subsidize living expenses, save money to buy things they like, or gain financial independence earlier.

　　According to the Ele.me report, 83% of college student riders said they were satisfied with "the income brought to me by being a rider." Among them, the monthly living expenses of more than 80% of part-time college students have increased to more than 2,000 yuan, the average monthly income has increased by 2 times, and many college student riders have a monthly income of nearly 10,000 yuan.

　　Outside of income, the biggest change most college students feel is their personality. Lin, a junior at Nanjing Agricultural University, recalls that the biggest change this experience brought to him was: "Know how to talk to others, know how to be gentle with others." These adults, who are rebellious in the eyes of 95s and 00s, learned how to communicate modestly and treat others gently by being a rider.

　　The short-term experience as a rider has changed the college students’ perspective on the takeaway industry. They have truly felt the value and change that the emerging industry has brought to merchants, users, and individual riders. Three quarters of them are very optimistic about the future of the takeaway industry.

　　The Ele.me report shows that more than half of college riders are still looking forward to choosing a career according to their major, but 10% plan to still work as a rider or food delivery service in the future. At the same time, they are also very much looking forward to inner improvement and growth through practical experience and their own strengths.

You can always trust Jiangsu Satellite TV’s New Year’s Eve stage!

On December 31, 2022, at 19:30, the 2023 New Year’s Eve Concert of Jiangsu Satellite TV, which integrates true singing, strength, technology and temperature, began to sing in a shocking manner at the Cotai Arena in Macau, achieving the record of leading the fault and four firsts.

This concert is guided by the spirit of the 20th National Congress of the Communist Party of China, with the theme of "Lighting up Happiness with Struggle", and takes the "we" in the struggle as the core theme, paying tribute to every struggling you, me, and him. The quality and creativity of the "Asia Top Show" will be continued, revisiting one classic old song after another, savoring one beautiful new song after another, drawing inspiration and strength from the memories of the past, and taking courage to embark on a new journey at a new starting point.

Struggle is the courage to move forward

"Struggle Narrator" takes the stage as the "finishing touch"

"Tonight, we use the New Year’s Eve concert to send our sincerest wishes to the audience and friends. May this winter be accompanied by warmth, and all the good things will come as scheduled in the spring of the coming year." At the beginning of the party, this warm and powerful greeting hit the soft hearts of the audience, highlighting the base color of the whole party that soothes and inspires people.

Jiangsu Satellite TV’s 2023 New Year’s Eve Concert takes the "us" in the struggle as the core main line, carefully choreographed and carefully depicted eight sections, and representatives from all walks of life formed the "struggle narrator" to open each section.

Yu Ruofei, a representative of the 20th National Congress of the Communist Party of China and the captain of the Gansu Blue Sky Rescue Team, told "Self-improving Us", "Moving China’s 2021 Person of the Year" Chen Beier told "We Walk Together", Huang Jialun, chairman of the Macao Patriotic Youth Education Association, shared "We Who Love Life", Tao Jianzhong, an aerospace expert, shared "We Who Dream of the Future", host Yang Lan showed "We Who Promote the National Style", and women’s volleyball world champion Zhang Changning showed "We Who Are Full of Youth". Their stories of struggle deeply moved every audience, and they bravely rushed to 2023 with a more passionate yearning for a better life!

As the "finishing touch" of each chapter, their struggle story also brings a more appropriate expression to the subsequent music.

For example, after Yu Ruofei shared his rescue story, Xue Zhiqian’s partner Guo Guanting sang the heart of the striver with a song "The Lone Brave", "Fight? Fight! With the humblest dream." Whether it is headwinds or desperate situations, you should strive to fight for yourself and your dreams.

Similarly, after Chen Bei’er shared her "infinite road", Alan Tam, Zhong Chuxi, Shan Yichun, and Zhang Chunye sang the firm determination of Hong Kong compatriots to stand with the motherland through thick and thin, and at the same time, it was in line with the hot event of the 25th anniversary of Hong Kong’s return to the motherland, which immediately raised the whole party’s intention.

Struggle is the charm of rooted professionalism

Bringing together the top singers in the Chinese music industry, presenting "Good job"

In this dizzying music extravaganza, the singers all offered "good jobs", bringing a sense of surprise that was "unexpected and reasonable".

As soon as the party opened, INTO1 sang the magnificent rivers and mountains of the motherland with a song "Mountains and Rivers Map", opened the prelude "We who are rushing to the mountains and rivers", and painted the magnificent mountains and rivers with music. The final "We who are moving forward bravely" was performed by Liao Changyong and Sheng Mei’s affectionate song "Pilot", praising the new era and new journey, and drew a perfect end to the party. Echoing each other one by one, INTO1 sang together the strong voice of "Contemporary China, the country is magnificent, the people are heroic, and the future is great".

Sun Nan used the two classic old songs of "See You or Don’t Scatter" and "As Long as You’re Better Than Me" to sing the warm emotions of people watching each other and supporting each other; Xue Zhiqian brought songs such as "Countless" and "What Do You Want Me to Do", and "Xue’s Love Song" gave people a delicate and warm inner touch; Zhang Jie sang many songs such as "Ten Years of Countermeasure", "Whose Tears Are Flying + The Most Familiar Stranger", "White Dove Swan", "Dragon Roar", singing the courage of dream chasers to move forward and be firm and fearless; Zhou Shen joined hands with "Plum Blossom Award" winner Wang Danhong and more than 20 Peking Opera actors, and a "Light" showcased the beauty of the quintessence of the country; Tan Weiwei made a high-pitched note, from "If There Is Afterlife" to "Shanhai" to the classic folk songs of Yuefu "The Song of the Emperor" sings the heroic spirit of bravery and fearlessness.

There are more Wang Junkai through Weiya, from the flash bridge to the main stage, blood singing "Thousand Miles Return" "We Will Rock You", bringing a "heaven to earth" music journey, #Wang Junkai single-handed hanging Weiya #topic also instantly reached the top and continued to top the chart, ranking first in the main search list of Weibo, becoming the first "explosive" topic of all New Year’s Eve parties; modern brother Liu Yuning wearing ancient costumes singing "Looking for One You", Zhang Yifan in a brilliant white dress danced, like a touch of shock in a beautiful love picture scroll. Li Yuchun continued the zero-point finale, singing "internal organs" in a hollow heart-shaped device, singing his hope and love for life in a gentle voice.

"It sounds so good" "It’s too burning"… Litchi New Year’s Eve has captured the hearts of countless audiences. On the last night of 2022, she offered deep and innocent feelings, presenting the "two-way rush" of traditional opera and pop music, singing a common heart and full of hope.

Struggle is the courage to dare to try

Virtual technology empowers "New Year’s Eve assists"

In order to present a "fantastic, interesting, magical and beautiful" New Year’s Eve party, this year Jiangsu Satellite TV also used virtual technology to provide blessings for artistic effects, explore the meta-universe gameplay, and realize the MAX of technological power.

For example, when G.E.M. Deng Ziqi was performing "Gloria", a sea of Wang Yang suddenly appeared on both sides of the stage. G.E.M. Deng Ziqi stood in the middle of a blue water and sang softly, the picture was beautiful.

Zhang Liangying gently sang "At Any Time", a huge phantom appeared on the stage, and the VR painting broke through the dimensional wall.

When Tan Weiwei sang "If there is an afterlife", the audience’s favorite "Big Blue Whale" also made a dreamy appearance. I saw it break out of the screen, presenting mysterious and peculiar visual effects.

This concert has created digital people for many singers, presenting a perfect blend of real people, digital people, virtual scenes, and real stages on the screen.

When Zhou Shen sang "TRY", there were many Zhou Shen on the stage, or bowed his head in thought, or hesitated, or courageously moved forward, presenting excellent visual effects. The most representative is Wang Yuan. When he sang "New Boy + I Can Light the Torch by Myself", he and his digital people formed a "five-person band", some playing the piano, some beating the drum, and some singing, achieving the wonderful feeling of "one person is a band". #Five Wangyuan #also topped the hot search list, becoming another main list for Litchi New Year’s Eve.

It is not difficult to see from the hot search topics such as #Liu Yuning New Year’s Eve Magpie Bridge Stage #, #Xue Zhiqian New Year’s Eve Air Walking The Most Beautiful Overpass #, #Xue Zhiqian Zhang Liangying High-altitude Glass Bridge Stage is very acceptable #, etc. As the core visual element, "bridge" makes the stage shine. This year, Jiangsu Satellite TV broke the tradition of single-layer stage for New Year’s Eve, innovatively designed a three-dimensional structure of double-layer stage, and used a giant arch bridge to span the first-floor stage to form a three-dimensional spatial effect, leading the "Asian Top Show" to advance again.

From the results, the stage creativity also gave the audience a new visual experience. More than 20 groups of artists brought more than 50 performances that night, each show was tailor-made and carefully crafted, with the blessing of creative dance art and virtual technology, presenting excellent visual effects.

Everything in the past is a prelude. 2023 has arrived. The new year will continue to "light up happiness with struggle" and create miracles with struggle.

Guo Shoujing Telescope in the Milky Way Galaxy. Photo by Chen Ying

Schematic diagram of the increase in the area of the silver plate. Courtesy of the National Astronomical Observatory
　　On August 7, the National Astronomical Observatory of the Chinese Academy of Sciences announced that the National Major Science and Technology Infrastructure Guo Shoujing Telescope (LAMOST), which is managed and operated by it, has successfully completed the first phase of spectral sky survey observation. The first phase of the survey released a total of spectral 9.01 million, including high-mass spectra (signal to noise ratio greater than 10) 7.77 million to determine the spectral parameters of 5.34 million groups of stars.
　　The number of spectra published by LAMOST is 1.8 times the sum of the spectra published by other sky survey projects in the world. The dataset (DR5) was released to domestic astronomers and international collaborators on December 31, 2017. In addition, since the first survey, 345 SCI papers have been published using LAMOST data and have been cited more than 3,000 times.
　　The boundaries of the galaxy have been greatly expanded, and the radius may reach about 100,000 light years
　　In the past few decades, astronomers have generally believed that the radius of the Milky Way is about 50,000 light-years. There is a rod-like structure near its center, with a disk-like structure outside (the Milky Way disk), surrounded by sparse stars (the Milky Way halo), and the sun is about 25,000 light-years away from the center of the Milky Way.
　　Previously, it was thought that the Milky Way disk had a clear boundary about 50,000 light-years from the center of the galaxy, at which the number of stars in the Milky Way disk plummeted, as if the Milky Way disk were cut off. But in recent years, some observations have found young stars belonging to the Milky Way disk beyond this boundary, which seems to suggest that the boundary of the Milky Way disk should be larger. However, to confirm this, more and more distant stars need to be counted.
　　At the end of 2017, researchers at the National Astronomical Observatory used LAMOST data to accurately count the number of stars in the outer reaches of the Milky Way galaxy by applying complex statistical methods, and successfully drew a cross-sectional map of the spatial structure of the outer reaches of the Milky Way disk.
　　Liu Chao, a researcher at the National Astronomical Observatory, said: "We can see from the figure that although the number of stars in the galactic disk decreases with the radius of the galactic disk, it does not stop at 50,000 light-years, but extends all the way to 62,000 light-year from the center. This is about a quarter larger than the radius quoted in textbooks."
　　In 2018, an international research team composed of researchers from the Canary Institute of Astrophysics in Spain and the National Astronomical Observatory of China further used the massive stellar spectra obtained from the LAMOST data and other related data to rewrite the size of the Milky Way disk again, and found that the disk-like structure containing most of the stars in the Milky Way may be much larger than astronomers previously thought, and the radius may reach about 100,000 light years.
　　"This study provides a new understanding of the star composition of the Milky Way disk and a more accurate measurement of the size of the galaxy," said Mr. Liu. "The constant rewriting of the size of the galaxy will prompt astronomers to re-examine the general laws of galaxy formation and cosmic evolution."
　　In addition, the researchers recalculated accurately based on the LAMOST data, rewriting the structural characteristics of the Milky Way halo and establishing a new structure of the inner flat and outer circle. Liu Chao said: "This clear evidence overturns the previous speculation that the stellar halo is a flat sphere with a constant axis ratio, and helps humans re-understand the formation history and evolution of the Milky Way stellar halo."
　　Measuring the orbital eccentricity and inclination of nearly 700 exoplanets for the first time, the solar system is not an exception in the universe
　　In this survey, researchers used LAMOST to measure the orbital eccentricity and inclination of nearly 700 exoplanets for the first time, and found that about 80% of the planetary orbits resemble the nearly circular orbits of the solar system.
　　Zhao Gang, a researcher at the National Astronomical Observatory, said: "This shows that the solar system is not a special case in the universe, but a representative one. To some extent, it enhances our confidence in finding another earth and extraterrestrial life."
　　Quasars are distant celestial bodies outside the Milky Way. Their energy comes from the huge attractive force released by the accretion of surrounding matter by the supermassive black hole at their center. They are important probes for studying the distant universe.
　　"More than 12,000 quasars have been found in the LAMOST spectrum, with an average redshift of 1.5 and a maximum redshift of 5," said Zhao Yongheng, a researcher at the National Astronomical Observatory. "In addition, the mass of the central black hole has been estimated based on these data. The discovery of these quasars will provide important help for the statistical study of large samples of quasars."
　　The sample of nearby host galaxies is a classic in the Large Scale Galaxy Spectroscopic Survey (LAMOST), which began in the 21st century. However, due to the effect of fiber collisions, the sample has a high degree of incompleteness on a small scale. These missing galaxies are observed as supplementary galaxy samples in the LAMOST survey.
　　Zhao Yongheng said: "Due to the wide range of the survey, the spectral measurements of nearly 10,000 supplementary galaxies were obtained in the first survey, and nearly 10,000 new pairs of close galaxies were confirmed. These close galaxies have important scientific value for studying the merger process of galaxies."
　　The researchers also used the LAMOST data to discover a new class of extrasolar planets – hot starfish, which share several hallmarks with hot Jupiters, providing key clues and new research directions for uncovering the origin of hot Jupiters and other short-period planets.
　　Dark matter accounts for more than 90% of the total mass of galaxies, but most of the distribution is very scattered, and the proportion of dark matter at the location of the sun is very low. This brings great difficulties to human direct detection of dark matter.
　　"We used the LAMOST data to re-estimate the density of dark matter near the sun, which is of great significance for finding dark matter particles and understanding the distribution of dark matter in the galaxy," Zhao Yongheng said.
　　In addition, using LAMOST data, researchers have also accurately estimated the age of millions of stars, increasing the number of star samples with accurate age by 1,000 times, providing basic data for the study of the evolution of the Milky Way; at the same time, measuring the magnetic activity index of nearly 6,000 sun-like stars, found that the sun has a level of magnetic activity comparable to that of super flare stars, confirming that the sun has the possibility of a super flare.
　　The discovery of a star with a lithium content about 3,000 times that of similar celestial bodies has doubled the international observation limit for lithium content
　　Old metal-poor stars, like cosmic "fossils," record the first history of the chemical evolution of the universe, and their analysis can enable "stellar archaeology" of the first generation of stars and the nature of the early universe.
　　Zhao Gang said: "We have found more than 10,000 metal-poor stars in the LAMOST spectrum with a metal content lower than one percent or even one ten thousandth of the sun, building the largest cosmic fossil sample in the world that is suitable for tracking and observation by existing large telescopes."
　　At the same time, the researchers also discovered a group of extremely rare small-mass metal-poor stars with lithium abundance exceeding the normal value by hundreds of times. Among them, one star has a lithium content about 3,000 times that of similar celestial bodies, which is the star with the highest lithium abundance known to mankind. The major discovery was published online in the international scientific journal Nature Astronomy on August 7 in the early morning of Beijing time.
　　Lithium is the key element connecting the Big Bang, interstellar matter and stars. Its evolution in the universe and stars has always been an important research object in the field of astronomy. However, the understanding of lithium in contemporary astronomy is still very limited. Giant stars rich in lithium are very rare, but they are of great significance in revealing the origin and evolution of lithium. Unfortunately, astronomers have only discovered a very small number of such celestial bodies in the past 30 years.
　　"This newly discovered lithium-rich star is located in the direction of Ophiuchus near the center of the Milky Way, about 4,500 light-years north of the Milky Way disk. After further study, we found that the lithium element of this star is likely to come from a special material exchange process inside the star." Dr. Yan Hongliang of the National Astronomical Observatory said. "This discovery changes human understanding of lithium in celestial bodies and doubles the limit of international observation of lithium content."
　　In addition, in the nearly 10 million spectra of LAMOST, researchers have found five hypervelocity stars in a haystack, and there are currently only more than 20 hypervelocity stars in the world.
　　Zhao Gang said: "They provide an important sample for further study of the formation mechanism of stars that are very fast and can eventually break free from the attractive forces of the Milky Way and’escape ‘the Milky Way."
　　(Originally published in People’s Daily 2018-08-08 12th edition)