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Preface to Watchtower Finance: A company that has had negative operating cash flow for two consecutive years shows profits on its books; a company that claims to be technologically advanced has two founders who left because they were "not optimistic about its development." What kind of risks are hidden behind Shangshui Intelligent’s IPO prospectus?
Watchtower Finance learned that the road to listing of Shenzhen Shangshui Intelligence Co., Ltd. (hereinafter referred to as "Shangshui Intelligence") has been full of twists and turns. In June 2023, the company submitted an application to the Shanghai Stock Exchange Science and Technology Innovation Board for the first time, but voluntarily withdrew it in June 2024. In June 2025, the company changed its route to the Shenzhen Stock Exchange GEM and launched another attack.
Watchtower Finance found that in the second application, the amount of funds raised by Shangshui Intelligent was significantly reduced from 1.002 billion yuan to 587 million yuan, almost halved. What kind of change in business situation is hidden behind this drastic reduction in the amount of funds raised?
1. Hidden business risks: excessive bundling of BYD
Shangshui Intelligent was founded in 2012. It is mainly engaged in intelligent equipment business, focusing on core process links such as micro-nano powder processing and powder-liquid precision measurement.
On the surface, the company's technology is leading and it is the world's first company to create a "circulating high-efficiency pulping system". However, the lifeblood of this technology company is highly dependent on a single customer.
From 2022 to 2024, Shangshui Intelligent's sales proportion to BYD will be 49.04%, 48.39% and 65.78% respectively. That means nearly two-thirds of the company's revenue last year came from BYD.
More importantly, BYD is not only the company's largest customer, but also a shareholder holding 7.69% of the shares. This dual role makes people have to pay attention to the fairness of the transaction.
In 2022, BYD became a shareholder of the company through the transfer of old shares and capital increase. At this time, Shangshui Intelligent's sales to BYD also began to increase significantly.
2. The tortuous road to listing: the performance fluctuations behind the halved fundraising amount
Shangshui Intelligent's IPO road has been quite tortuous. The company initially applied for the Science and Technology Innovation Board in June 2023, but voluntarily withdrew its application in June 2024.
Shortly after the withdrawal, the company quickly turned to the GEM in June 2025 to launch an attack. In the second application, the amount of funds raised was significantly reduced from 1.002 billion yuan to 587 million yuan, a drop of 41%.
Behind the significant reduction in fundraising is the fluctuation in company performance. From 2022 to 2024, the company's operating income was 397 million yuan, 601 million yuan and 637 million yuan respectively, but the net profit fell from 234 million yuan to 153 million yuan, a year-on-year decrease of 34.9% in 2024.
What is more noteworthy is that the company's net cash flow from operating activities in 2023 and 2024 has been negative continuously, reaching -72.5658 million yuan and -15.3959 million yuan respectively.
With net profit exceeding 150 million yuan, operating cash flow continues to be negative. This contrast points to possible hidden dangers in the company's revenue quality and repayment ability.
3. Financial puzzle: the truth behind profit loss and soaring debt
There are many seemingly contradictory aspects in Shangshui Intelligent's financial data.
The company's gross profit margin is significantly higher than the industry average. From 2022 to 2024, the company's main business gross profit margin is 48.10%, 57.08% and 48.72% respectively, while the industry average is 34.87%, 33.26% and 32.10% respectively.
High gross profit margin should be a reflection of competitive advantage, but the company's inventory turnover rate is far lower than the industry average. In 2024, the company's inventory turnover rate will be 0.37 times, while the industry average is 1.07 times. This combination of high gross profit and low turnover often means that the company may exchange special preferential terms for high-margin orders.
Even more worrying is the change in the company's debt structure. From 2022 to 2024, the company's interest-bearing debt surged from 14.3716 million yuan to 146 million yuan, an increase of more than 9 times. Long-term debt, in particular, has soared from almost zero in 2023 to 130 million yuan in 2024.
The combination of soaring debt and persistently negative operating cash flow suggests the company faces significant financial risks.
4. The founder quits: a warning sign that he is not optimistic about the company’s future.
There are obvious hidden dangers in the corporate governance structure of Shangshui Intelligence. The actual controller Jin Xudong controls a total of 51.15% of the company's voting rights through direct and indirect methods, forming a "one-share-dominated" power structure.
What is even more concerning is the large-scale exit of the company’s founding team. Two of the three founders have exited completely. As co-founders, Yan Yongjun and Zhang Shubo chose to transfer all equity and exit the company in 2020.
In addition, in August 2022, Wu Juan, then director and general manager of Shangshui Intelligent, also chose to resign. A large-scale exit of the founder team may hint at deep governance or strategic differences in the company.
5. Hidden dangers in asset quality: high inventory and payment collection difficulties
There are obvious hidden dangers in the asset quality of Shangshui Intelligence. At the end of each reporting period, the company's inventory book value accounted for more than 45% of current assets, reaching 63.42% in the first half of 2025.
High inventory means that a large amount of funds are tied up, and at the same time, there is a risk of price decline. By the end of 2024, the company's inventory price reduction provisions had reached 37.2232 million yuan.
More importantly, most of the company's inventory consists of "issued goods," that is, equipment that has been delivered but has not been accepted by customers. In the first half of 2025, the proportion of shipped goods in inventory was as high as 68.26%.
This inventory structure means that the company has a large amount of equipment that has been delivered for use but has not yet received final acceptance from customers. Not only does it occupy a huge amount of funds, it also faces the risk of customers delaying or rejecting acceptance.
At the same time, the company's accounts receivable aging structure is deteriorating. In the first half of 2025, the proportion of accounts receivable with an aging of 2-3 years has reached 13.45%, and the proportion of accounts with an aging of more than 3 years has reached 12.66%.
The increase in long-aged accounts receivable indicates that the company's ability to collect payments is weakening and it may face greater risks of bad debts.
6. Investment projects: the gap between prospects and reality
Shangshui Intelligent's IPO fundraising projects include high-precision intelligent equipment South China headquarters manufacturing base construction projects, R&D center construction projects and supplementary working capital.
The company needs to explain the rationality and necessity of large-scale expansion of production capacity given the existing capacity utilization rate.
According to financial data, the amount of the company's projects under construction has increased abnormally. In 2024, the company's projects under construction were 190 million yuan, an increase of 1087.94% from the beginning of the period. In the first half of 2025, the projects under construction reached 325 million yuan, which far exceeded the scale of fixed assets.
Behind this abnormal change, it may mean that there are artificial adjustments in the time when the company's projects under construction are transferred to solid state, or there are flaws in project budget management.
In addition, the company plans to invest 209 million yuan in the construction of R&D centers. But in May 2025, the company appointed Zhang Qing, deputy general manager and chief technology officer.
The technical person in charge was changed on the eve of the IPO, and the person in charge had served in many companies such as Evergrande New Energy and Lixin Energy. Its stability and continuity of R&D direction are worthy of attention.
7. Fundraising doubts: doubts about the authenticity of funding needs
In Shangshui Intelligent's IPO fundraising plan, 150 million yuan will be used to supplement working capital, accounting for 25.6% of the total fundraising amount. The company explained that this was to "optimize the financial structure and enhance the company's financial strength."
However, Watchtower Finance found that the company's recent operating cash flow has continued to be negative, and the asset-liability ratio is high. From 2022 to 2024, the company's asset-liability ratio is 86.59%, 72.70%, and 68.46% respectively, which is significantly higher than the industry average of 42.89%.
However, the prospectus shows a contradictory phenomenon: while claiming that it needs to supplement working capital, the company has implemented cash dividends twice in 2022 and 2024, with a total dividend amount of 24.1571 million yuan.
An obvious logic is: since you have money to pay dividends, why do you need to raise funds from the market to supplement liquidity? This phenomenon of borrowing money with the left hand and distributing money with the right hand can hardly help but raise questions about the urgency and authenticity of fund-raising, and it is bound to become the focus of regulatory attention.
What's even more interesting is that the company's fundraising projects are exactly the same as those in the previous Science and Technology Innovation Board IPO, but the total amount of funds raised has been significantly reduced by 415 million yuan. Among them, the supplementary working capital project was reduced from 200 million yuan to 150 million yuan, the base construction project was cut from 506 million yuan to 228 million yuan, and the research and development center project was reduced from 296 million yuan to 209 million yuan.
8. Related transactions: interest arrangements behind deep bundling
The related-party transactions between Shangshui Intelligent and BYD present some characteristics worthy of attention.
Before BYD took a stake, the company's sales to BYD accounted for 31.73% and 56.48% respectively from 2020 to 2021. After BYD takes a stake, this proportion will further rise to 65.78% in 2023.
The company explained that the reason for BYD's investment was "recognition of the company's investment value" and "strengthening the synergy between the upstream and downstream of the industrial chain." However, this transaction structure in which customers first acquire shares and then increase their business share inevitably raises concerns about its commercial rationality.
In addition, about 5% of the company's revenue comes from new material preparation smart equipment, but this part of the business revenue has shrunk significantly from 11.3574 million yuan in 2022 to 2.9779 million yuan in 2024.
The business is highly concentrated on related-party transactions with a single customer, while the development of emerging business sectors is weak. This business structure may affect the company's future independent development and market competitiveness.
9. Reliance on tax incentives: the invisible pillar behind performance
Shangshui Intelligent's performance relies heavily on tax incentives. From 2022 to 2024, the tax preferential amounts enjoyed by the company are 10.9668 million yuan, 82.6287 million yuan and 27.2018 million yuan respectively, accounting for 9.82%, 30.53% and 15.86% of the total profit for the current period respectively.
In 2023, more than 30% of the company's profits will come from tax incentives, which is an unusually high proportion. This means that without the tax benefits, the company's profits in 2023 will be slashed by nearly a third.
Fluctuations in tax incentives also directly affect the stability of company performance. In 2023, the company received an immediate refund of value-added tax as high as 53.3613 million yuan, a surge of more than 50 times from 1.0648 million yuan in 2022.
But by 2024, this amount will plummet to 11.5487 million yuan. Large fluctuations in tax benefits have led to roller coaster changes in the company's net profits.
If tax incentives change in the future or the Company no longer qualifies, it will have a material adverse impact on its profitability. Watchtower Finance believes that Shangshui Intelligent's prospectus shows the image of a technology company at a crossroads: on the one hand, it has original technology and rapid growth performance; on the other hand, it cannot hide the hidden worries of being highly dependent on large customers and continuing to have negative operating cash flow.
The GEM Review Committee may pay special attention to: whether the long-term deviation between operating cash flow and net profit indicates hidden risks in revenue quality; whether reliance on BYD constitutes a major dependence; and how to protect the rights and interests of small and medium-sized shareholders under the "one-share-dominated" structure of the actual controller.
From the perspective of Watchtower Finance, the IPO process of Shangshui Intelligence is not only a test of a company's survival, but also a barometer for observing the health of companies in China's new energy industry chain.
References:
1. Official website of Shanghai Stock Exchange
2. Shenzhen Shangshui Intelligent Co., Ltd. Prospectus (Draft) (Updated on September 30, 2025)
3. Shenzhen Shangshui Intelligent Co., Ltd.'s initial public offering prospectus (application draft) on the Science and Technology Innovation Board (updated on June 30, 2023)
Mining Cost Management and Profit Improvement Training Introduction to this training The theme of this training is "Mining Cost Management and Profit Improvement", which is designed to help mining companies improve their cost management capabilities and maximize profits. The training content mainly includes basic knowledge of cost management, mining cost structure, cost control strategies, ways to improve profits, etc. The training will introduce the basic knowledge of cost management, including the concept, classification and calculation methods of cost. By having an in-depth understanding of the components of costs, students can better grasp the key points of cost management. The training will provide a detailed analysis of the components of mining costs, including direct costs and indirect costs. Through in-depth analysis of mining cost components, students can clarify the proportion of various costs in the total cost, which will serve as the basis for cost control. Next, the training will introduce cost control strategies, including budget control, cost reduction and cost optimization. By learning these strategies, students can master how to control costs under different circumstances and achieve cost minimization. The training will also explore ways to improve profits, including increasing production, reducing costs, optimizing sales channels, etc. Students can learn these methods and find effective ways to increase corporate profits. This training will use a combination of theoretical explanations and case analysis to allow students to deepen their understanding of cost management and profit improvement through practical cases based on theoretical learning. During the training process, interactive sessions will also be arranged to encourage trainees to ask questions and share experiences to improve the training effect. Through this training, students will be able to master the basic knowledge of mining cost management, understand the cost structure, learn to apply cost control strategies, and explore ways to increase profits. Ultimately, companies will achieve effective cost control and profit maximization. This training will provide enterprises with a complete mining cost management and profit improvement plan to help enterprises stand out in the fiercely competitive market. All students are welcome to participate enthusiastically and jointly enhance the competitiveness of my country's mining enterprises. The following are the main contents of this training 1. Training background In recent years, competition in my country's mining market has been fierce, and companies are facing the dual dilemmas of cost pressure and declining profits. In this context, mining companies urgently need to improve their cost management levels in order to maximize profits. This training aims to help mining companies solve the problems of cost management and profit improvement, and enhance their market competitiveness. 2. Training Purpose The purpose of this training is to enable students to master the basic knowledge of mining cost management, understand the cost structure, learn to use cost control strategies, and explore ways to increase profits. Through training, trainees can improve their cost management capabilities and maximize corporate profits. 3. Training content The content of this training includes basic knowledge of cost management, mining cost composition, cost control strategies, ways to improve profits, etc. Specific content includes: Basic knowledge of cost management: introduces the concept, classification and calculation methods of cost, and helps students establish the basic framework of cost management. Mining cost composition: Detailed analysis of the composition of direct costs and indirect costs enables students to clarify the proportion of various costs in the total cost. Cost control strategies: Introduces methods and techniques of budget control, cost reduction and cost optimization, helping students master effective ways to control costs under different circumstances. Ways to improve profits: Explore methods such as increasing production, reducing costs, optimizing sales channels, etc. to help students find breakthroughs to increase corporate profits. 4. Training objects The objects of this training are mainly managers, financial personnel and related technical personnel of mining enterprises. Through training, trainees will be able to improve their cost management capabilities and create greater value for the enterprise. 5. Training methods This training is conducted by combining theoretical explanations and case analysis. Theoretical explanations help students establish a cost management knowledge system, while case studies enable students to apply theoretical knowledge to practical work. Interactive sessions were also arranged during the training process to encourage trainees to ask questions and share experiences to improve the training effect. 6. Training time This training is scheduled to be conducted within an appropriate time period to ensure that students can fully participate without being disturbed by their daily work. The training time is moderate in length, covering all necessary knowledge points without causing excessive fatigue to the trainees. Through a carefully designed schedule, we ensure that students can use this time efficiently and improve their cost management capabilities. 7. Training assessment and evaluation The assessment and evaluation of this training will be comprehensive and strict. Assessment methods include classroom participation, case analysis, knowledge tests and practical application reports. Trainees need to demonstrate their understanding and application capabilities of cost management and profit improvement in all aspects. Those who pass will receive corresponding certifications, proving that they have mastered the necessary knowledge and skills. 8. Training Expectations This training expects trainees to have an in-depth understanding of all aspects of mining cost management and master practical cost control and profit improvement strategies. It is expected that students can actively participate in the training, make full use of the interactive sessions, and communicate in depth with lecturers and other students. Through training, it is expected that trainees can improve their professional capabilities and contribute to the company's cost control and profit growth. 9. Training Results This training will bring significant results to the trainees. Participants will be able to: Clearly understand the concepts and importance of mining cost management. Accurately identify and calculate various costs and master the essentials of cost composition. Apply cost control strategies to effectively reduce costs and optimize resource allocation. Explore ways to increase profits and formulate corresponding strategies and plans. This training not only improved the students' professional knowledge, but also enhanced their practical operation capabilities. Through training, trainees can provide strong support for the sustainable development of enterprises and occupy a favorable position in the fierce market competition.
Recently, Shanghai Dalwei Trading Co., Ltd., a company owned by Lin Ruiyang and Zhang Ting, was investigated for suspected pyramid schemes. In response, "TST Court Secret" responded that Shanghai Dalwei is a legally operating company. Since its establishment, it has always followed government guidance, adhered to legal operations, and paid taxes in accordance with the law.
In response to TST, relevant personnel from the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City said in an interview with the media that they had received a large number of reports from the public claiming that the "TST Court Secret" was suspected of pyramid schemes. After investigation, the Yuhua District Municipal Supervision Bureau determined that Shanghai Dalwei, the parent company of "TST Court Secret", was suspected of pyramid schemes. The reason is that Dalwei has the three characteristics of a pyramid scheme, namely the pyramid structure of recruiting people, paying entry fees and team remuneration. Relevant personnel also revealed that the case has now entered the audit stage, and the next stage involves penalty decisions and penalty amounts, which is expected to take several months.
This also means that relevant parties and enterprises still have differences on whether it is suspected of pyramid schemes. However, for things like pyramid schemes, no matter which company is investigated, even if there is irrefutable evidence, the company being investigated will think that it is not a pyramid scheme. Because once it is proven that it is a pyramid scheme, the punishment will be very severe. If the amount involved is too large, the relevant persons will also be held criminally responsible.
As for "TST Court Secrets", whether it is suspected of pyramid schemes certainly does not depend on the company or the staff of the market supervision department, but must be based on the facts. Judging from the reactions of netizens, it seems that they agree and support the actions of the market supervision department. They feel that "TST Court Secret" is a pyramid scheme organization and has been a pyramid scheme for a long time. However, why it has only attracted attention now, and it is not the Shanghai market supervision department, but a district-level market supervision department in Shijiazhuang City, Hebei Province, is indeed worth pondering.
The fact is that it is indeed difficult to file a case for pyramid schemes. Because the marketing methods introduced by some "smart" companies and "smart" people are all on the fringes of the law, claiming that they are pyramid schemes, and the evidence given is not very strong. It's not a pyramid scheme, the behavior is a pyramid scheme. How to make a reasonable and legal determination is quite difficult.
Judging from the factual determination of the "TST Court Secret" by the Yuhua District Market Supervision Department, it should fall into the category of pyramid schemes. Recruiting people, paying entry fees and team remuneration all have the basic characteristics of pyramid schemes and have the basic meaning of pyramid schemes. There should not be much problem in identifying its pyramid schemes. At most, there are more bunkers covering the surface, making it more difficult to distinguish. Even so, it does not affect the market supervision department’s determination that “TST Court Secrets” is suspected of pyramid schemes.
More importantly, according to the information provided by the Yuhua District Market Supervision Bureau, after an inquiry into Dalwei's bank account, it was also discovered that the company used financial institutions to set up bank accounts to transfer and hide large amounts of market funds. In order to prevent heavy losses to the country, the Yuhua District Market Supervision Bureau applied to the court to take property preservation measures in accordance with the law and froze the company's 600 million yuan in funds.
Here, we hope that the Shanghai Municipal Market Supervision Department will also intervene in the investigation of this case, because the parent company of "TST Court Secret" is Shanghai Dalwei Company, and the response of "TST Court Secret" only said that Shanghai Dalwei Company is a legally operating company, and did not say whether the branches of Dalwei Company are also operating legally. Even if Shanghai Dalwei Company operates legally and its subsidiaries are engaged in pyramid schemes, it is actually Dalwei Company that is engaged in pyramid schemes, and it only retains the legal appearance of a parent company, which is a more terrifying and abhorrent behavior. Therefore, it is necessary for the Shanghai Municipal Market Supervision Department to cooperate with the investigation in order to find out the situation of this company.
The harm of MLM is considerable. If it is not controlled when it can be controlled, and investigated and banned in accordance with the law, once the bubble bursts and the capital chain is broken, the consequences will be disastrous. Therefore, while Dalwe Company still has financial strength, it is very necessary and urgent to investigate whether the company is suspected of pyramid schemes as soon as possible.
(Author Tan Haojun)
Submission email: qilupinglun@sina.com
01Basic concept of restoration of rights
Overview of ex-rights, ex-dividends and restoration of rights
Before discussing the restoration of rights, we have to mention the concept of ex-rights and ex-dividends in dividends. Ex-rights and ex-dividends are a way for listed companies to pay dividends, but this method will lead to a corresponding decrease in stock prices. Since there will be an obvious gap in the stock price after ex-rights and dividends, in order to correct this price gap, the concept of restoration of rights came into being.
The importance of restoration
Restoration, simply put, is to adjust the stock price to eliminate the impact of ex-rights and dividends, so that the stock price can more truly reflect the actual value of the company. This adjustment process not only corrects the price gap, but also provides investors with a more accurate reference to the stock price, helping them make more informed investment decisions.
02The difference between pre-restoration and post-restoration
Restoration is the process of restoring rights and interest to the stock price and trading volume. With this fix, we can draw a more accurate chart of stock price movements based on the actual rise and fall of the stock, and ensure that trading volume is compared on the same equity scale. Restoration is mainly divided into two methods: pre-restoration and post-restoration:
Calculation and application of former restoration rights
Before restoration, the calculation formula is: price after restoration = (price before restoration - cash dividend) ÷ (1 + share change ratio). In this way, changes in the stock price before and after ex-rights will be taken into account, allowing investors to have a more comprehensive understanding of the historical trend of the stock price.
Provide a more comprehensive historical trend analysis to facilitate technical analysis. In technical analysis, the former restoration of rights provides a clearer perspective, because the latest actual stock price is used, and the trend of the K-line and the moving average maintains continuity, which will not interfere with the market observation.
Calculation and application of post-restoration rights
After restoration of rights, the calculation formula is: price after restoration of rights = price before restoration of rights × (1 + share change ratio) + cash dividend. This method focuses on correcting the post-ex-dividend stock price to ensure continuity with the pre-ex-dividend stock price, thereby providing investors with a smoother stock price reference.
Give an example to illustrate how reinstatement is calculated. Post-rights restoration takes into account the stock price correction after ex-rights. The price after such processing may deviate from the actual transaction price, but it can more accurately reflect the growth in the true value of the stock and the actual rate of return obtained by investors.
03Summary and investment application
In the real stock market environment, stock price fluctuations are closely related to the company's stock bonuses, dividends, and overall operating conditions. Investors not only need to understand historical data, but also need to have a deep understanding of the importance of the concept of restoration. Although historical price data provides us with a reference, relying solely on these data without a deep understanding of the industry and company is not enough. Therefore, investors need to comprehensively use their "valuation" capabilities to judge whether a certain stock has investment value.
There is no shortage of stunning faces in domestic entertainment in 2026, but only Liu Yifei can be regarded as the anchor in the long river of aesthetics. At the age of 38, the most dazzling thing about her is no longer the appearance of the fairy sister, but the magnanimous confidence that she will not cater to, will not compromise, and "I will love whoever I am." She filmed last year and only lasted 47 days. She has never been a bad Buddhist, she just spent all her time on the right place. The picture of a student born in Sanlitun flooded the Internet, with his hair rolled up casually, rice grains stuck to the corner of his mouth, and the phone case even cracked, but it was called by netizens "a blurry picture to confer a god".
No one saw her carefully commenting on the script the night before, and no one paid attention to the wrinkled "White Paper on Sleep Quality of Urban Women" in her assistant's bag - it was the information she had been chewing for more than half a year in order to play Huang Yimei well.
She has been working with Bulgari for five years. She has tried on 13 haute couture dresses, and once asked the designer to modify it three times just to adjust the curvature of a cuff. Others say she is picky and squeamish, but she is the only one who understands that comfort is never something that can be endured, but that standards are engraved into every detail in advance. Her bland phrase "That's just me, I love whoever" was never inherently willful. After being called "facial paralysis" in 2004, I secretly practiced micro-expressions with a teacher for half a year; in 2017, I turned down two S+-level dramas and went to Iceland alone for 42 days to memorize the wind, watch the speed of clouds, and calm down to experience life itself; for "The Story of Roses", I turned down all variety show invitations and soaked in the Guomao cafe every day to observe the real appearance of passers-by answering phone calls, deleting WeChat messages, and rubbing their temples. She has never been aloof when she refuses a script that pays tens of millions of dollars.
When the other party invited her to play the role of "Silly Baitian who goes bankrupt blindly because of love," she only asked seriously: "Girls these days, don't they check the other party's credit first before going bankrupt?" With one sentence, the whole audience was silent.
Later, some people said that the LV event style was "overturned", but the number one comment in the comment area was: "She even overturned, and she is so beautiful that I want to save the picture as a screensaver."
We ordinary people cannot learn from her life of living in an old castle and raising cats, but we can learn from her and draw a clear bottom line for ourselves in life. Just like some people refuse a part-time job that pays 800 a day but has to be on call 24 hours a day. It's not that they don't love money, but they don't want to rent out the right to use their lives for meaningless consumption.
We can also start to repair our own "underlying code": watch less short videos and spend more time with family; write your dreams into your schedule and replace perseverance with perseverance; even when cooking a bowl of instant noodles, remember to add an egg, because the body is the only system that cannot be outsourced.
Liu Yifei's longest window period is 905 days, and the shortest gap period between joining the group is 734 days. This is not slow, but every step is based on the rhythm of life that has been calibrated by oneself.
She has spent twenty years teaching people no shortcuts to becoming famous. She only proves one thing: when your judgment is faster than hot searches, your rhythm is more stable than KPIs, and the way you eat spring rolls without makeup is more memorable than a retouched picture. "Love so and so" is not a hard word, it is the sound of a person's inner system operating stably. She is 38 years old, acting seriously and living a quiet life. Drinking red dates and longan tea, at your own pace, calmly and at ease.
From Zhao Ling'er, Xiao Longnu to Huang Yimei, she has never relied on luck to win, but has always been loyal to herself, taking her time and living a life that countless people yearn for.
My name is Lu Songsong, click on the avatar above and welcome to follow me!
There is big news in the micro-business circle recently: TST, the largest micro-business in China, was announced by the Shijiazhuang Industrial and Commercial Bureau, saying that a hearing will be held on whether TST is a pyramid scheme, and Zhang Ting and her husband have already been named.
Gong Wenxiang, a well-known self-media person, commented: TST is the largest micro-business in China. I know it very well because I have opened a forum with 3,000 people for 8 consecutive years. The Chinese micro-business rankings published every year always rank TST as the number one in China, even though he never sends anyone here. TST has a total of 3 million agents, and its annual turnover can indeed reach 30 billion. Moreover, it pays 2.1 billion in taxes every year. The amount of taxes paid in Shanghai is second only to SF Express. That's how powerful it is. But now the State Administration for Industry and Commerce has entrusted the Shijiazhuang Taxation Bureau to investigate him.
Gong Wenxiang’s judgment is: Shijiazhuang Industrial and Commercial Bureau should still recognize TST as a pyramid scheme and impose a fine of 10 billion yuan.
On November 8, TST Zhang Ting said: Wait for a fair ruling and believe in the motherland. Zhang Ting forwarded her lawyer's Weibo, mainly stating: 1. The whistleblower is not from Shijiazhuang, and the Shijiazhuang Market Supervision and Administration Bureau has no jurisdiction. 2. The electronic version of the reporting materials does not meet the legal evidence requirements.
The most important thing is: Thousands of comments are from tst agent, supporting her.
This year TST went to Malaysia and shouted "I am resurrected". Although they have just come to Malaysia, the Zhang Ting couple who have "opened up the world" obviously have a greater appetite. Lin Ruiyang said directly: "I want to put my heart in ASEAN", and even falsely claimed that people can "do 1.3 billion yuan a year."
In 2017, Lin Ruiyang looked forward to the company's future at the TST Micro-Business Conference: "There are 400 million young and middle-aged women in China. Each micro-business agent can survive by developing 8 customers. So for women alone, China can have 50 million micro-business agents, and we only have 920,000 now."
It is understood that there are 5 core whistleblowers in "TST Court Secrets". Among these 5 whistleblowers, Ms. Li is the core whistleblower. Ms. Li's husband, Zhu, was once an agent for the brand "TST Court Secret". He was sentenced to 7 years in prison for a criminal case involving "TST Court Secret". The people who caused him to be imprisoned were Zhang Ting and his wife.
Let's just say that it seems that this matter is still quite complicated. Since the husband of the reporter is one of Zhang Ting's franchisees and was sentenced to seven years for making a mistake, it seems that the reporter's behavior is understandable. After all, his family has been affected. The key to the problem now is whether it has a direct relationship with Zhang Ting's company...
On November 8, 2022, the entry #张婷婷婷与狠狠狠的LPHearing Ended# rushed to the hot search list. Just a few days ago, the news of the hearing was also on the Weibo hot search list. Lawyers who participated in the hearing said that during the final statement, the case handlers insisted that it constituted a pyramid scheme, while Zhang Tingfang’s attorney believed that it did not constitute a pyramid scheme and suggested that the case be withdrawn. Later, Zhang Ting posted on Weibo: I am waiting for a fair verdict and believe in the motherland.
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