Qianwen's first AI hardware goes on sale today, and the G1 series is priced at 1,997 yuan after adding state subsidies. It is equipped with the latest Qianwen large model and supports core scenes such as high-definition shooting and AI translation. The whole machine only weighs about 40g and is similar to ordinary glasses.
Municipal Economic Development Zone accelerates the construction of the park
Promote the continuous agglomeration of industries
Achieve continuous improvement in development quality and efficiency——
Build a large platform for the park to achieve new breakthroughs in development
Build the main economic battlefield
Make the strongest sound in industry
In midsummer, industries gather in China (Bengbu) Sensing Valley, and the entire smart sensor industry chain industry system is accelerated;
Lingang Industrial Park rises from the ground, and a brand-new picture from scratch, from desolation to prosperity is slowly unfolding...
Walking through the various parks in the Municipal Economic and Technological Development Zone, key enterprises are developing at full capacity, and major project construction is in full swing. The vibrant scenes inside and outside the park make people deeply feel the power of progress and the pulse of development.
Aerial photography of China (Bengbu) Sensor Valley
Build a park and build a platform
Improve supporting facilities and optimize development environment
Under the scorching sun, on the construction site of the first phase of the China (Bengbu) Sensor Valley Central Innovation Park project, there are many tower cranes, machinery roaring, and workers working intensively at their respective posts, creating a bustling and busy scene.
China (Bengbu) Sensing Valley
"China (Bengbu) Sensor Valley is a special industrial park built by the Municipal Economic Development Zone. It is committed to building a domestic first-class and internationally renowned smart sensor industry cluster that is dominated by smart sensors and the Internet of Things industry and integrates R&D, design, manufacturing, packaging, testing and application in the sensor industry." Ge Duolei, deputy general manager of the Economic Investment Group, said that the park coordinates the industrial spatial layout in accordance with the "one valley and three parks" →→→
"One Valley"
China (Bengbu) Sensing Valley
"Three Gardens"
MEMS core device industrial park, science and technology incubation park, and central innovation park.
At present, the MEMS core device industrial park and science and technology incubator park have been put into operation, and the Central Innovation Park has been fully constructed. It has gathered 23 key enterprises such as the 214th Institute of Ordnance, Xindong Lianke, CMC Technology, Yuxin Semiconductor, and Jinggu Perimeter.
At the construction site of the first phase of the China (Bengbu) Sensing Valley Central Innovation Park, project leader Deng Bin told reporters that the project started in late April this year. It is expected that the main structure of the first phase factory building of approximately 110,000 square meters will be completed by the end of October this year, and will be equipped with water, electricity, gas, greening, roads, etc., making it easier for companies to move in and install production equipment as soon as possible, so as to achieve early production results.
"This is the province's largest single project after Anhui implemented the separate assessment and bidding model. The factory building can reach up to eight floors and is equipped with complete apartments and supporting facilities, which can meet all aspects of enterprise development needs." Ge Duolei said that after the first phase of the factory is completed, it can provide production sites for more than 10 high-tech enterprises.
Build parks and promote development
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In recent years, the Municipal Economic Development Zone has focused on park construction, actively built industrial platforms, provided park supporting facilities, and accelerated the professionalization of the Sensing Valley Central Innovation Park Phase I, Medical Device Industrial Park, Ningbo (Bengbu) New Materials Industrial Park, Science and Technology Innovation Industrial Park, Lingang Intelligent Manufacturing Industrial Park, Lingang Equipment Manufacturing Industrial Park, etc. In the construction of industrial undertaking platforms, infrastructure projects such as Fengyang East Road, Simazhuang Road, Zhihuai East Road, Comprehensive Pipe Gallery, and Wei 5 Road in Lingang Industrial Park have been fully accelerated, and supporting facilities such as resettlement housing and schools have been promoted simultaneously. Large-scale projects such as industrial platforms and park supporting facilities for water supply have supported the continued growth of fixed asset investment.
Under the favorable park environment, a number of key enterprises and projects have gathered in the park, injecting inexhaustible impetus into the development of the Economic Development Zone. Wang Jian, deputy director of the District Economic and Trade Development Bureau, told reporters that in the first half of this year, the regional GDP of the Municipal Economic Development Zone increased by 9.9% year-on-year, of which the secondary industry increased by 48.6% year-on-year, the added value of industries above designated size increased by 495.5% year-on-year, the output value of strategic emerging industries increased by 390.6%, and the added value of high-tech industries increased by 513.1%, ranking first in the city in terms of growth rate.
Employees of Bengbu Xici Technology Co., Ltd. check the operation status of the equipment
Grasping investment and extending the chain
“Business-based investment promotion” promotes industrial agglomeration
Xici Technology
CMC Technology is a magnetic sensor IDM company that masters the core capabilities of the entire industrial chain of magnetic sensor chip design, material preparation, wafer manufacturing, chip testing, and magnetic sensor module design and production. It has completely independent R&D, design and production capabilities in all core links. Its products are widely used in new energy electric vehicles, new energy power generation and other fields.
In 2018, companies were recruited from Ningbo to Bengbu. Zhao Qianyang, the person in charge of the company's general manager office, said that the reason why the company settled in the Economic Development Zone was because at the most critical moment for the company's development, the Economic Development Zone took the initiative and helped CMC Technology complete the acquisition of a world-renowned magnetoresistive sensor company in Germany, thus filling the shortcomings of the company's development, improving its core competitiveness, and realizing the company's layout in the global market.
Since settling in the Economic Development Zone, CMC Technology's annual sales revenue has increased exponentially, from 50 million yuan in 2019 to 150 million yuan in 2021. In the first five months of this year, the company's sales revenue has reached about 140 million yuan, and it is expected to achieve about 300 million yuan this year.
"From investment promotion to implementation, from factory location selection to environmental assessment approval, from policy implementation to difficulty assistance, the Economic Development Zone provides us with full-process services. As long as we have needs, they will solve them as soon as possible." Zhao Qianyang said that it is based on the Municipal Economic Development Zone In view of the good development environment in the district, CMC Technology, which was originally headquartered in Ningbo, completed the industrial and commercial change registration last year, changed Bengbu CMC Technology Co., Ltd. to its headquarters, gradually transferred the industry to Bengbu, and invited upstream and downstream enterprises to come to Bengbu for joint development. At present, the upstream company Zhongke Jiuheng Technology Co., Ltd. has been attracted by CMC Technology to Bengbu to jointly develop the sensor industry in the Economic Development Zone. At the same time, CMC Technology has also implemented a new production expansion project in the Sensing Valley and launched a science and technology innovation version listing plan, preparing to attract more upstream and downstream companies to gather in the Sensing Valley to support the development of Bengbu.
Using the park as a platform
Taking the industrial chain as the starting point
Guaranteed by quality service
The Municipal Economic Development Zone has attracted a large number of high-quality projects to settle in
According to Xiang Dinghui from the District Investment Promotion Bureau, in June this year alone, the Municipal Economic Development Zone signed eight new projects, including the new energy power battery Bengbu warehousing center, new energy power battery Bengbu intelligent logistics center, display panel driver chip COF process packaging and testing, Xianmi Intelligent Manufacturing New Intelligent Power Module (IPM) R&D and production base, Lingang Science and Technology Innovation Industrial Park, Economic Innovation Wanbei Maker Space, Lingang Intelligent Manufacturing Industrial Park, and high-efficiency source-network-load-storage-charging integration.
In the first half of this year, the district signed 23 new projects worth over 100 million yuan, with an agreed investment of 12.13 billion yuan.
BYD New Energy Power Battery Production Base Project
Excellent service emphasis
Everyone is a "waiter" and "propaganda"
"What should the enterprise's foreign technical personnel or temporary external personnel do if their residence period is about to expire? How should enterprise employees solve household registration and legal issues?" Jiang Zerui and Lan Changliang, members of the "Three Gangs" team of the Municipal Economic Development Zone, discovered during their visits to enterprises that since there are many migrant workers in the park, they often encounter various problems related to household registration and identity, which consumes a lot of energy from enterprises. After in-depth thinking, the district's "Three Gangs" team decided to innovate the way of assistance, actively connect with relevant departments and enterprises, and form a WeChat service group of "Three Gangs" personnel + enterprises + public security departments. When enterprises encounter problems, they only need to "shout" in the WeChat group, and personnel will respond immediately. They are guaranteed to handle the problems immediately, on-site, and to ensure satisfaction, and to support the development of the enterprise around the clock.
Meticulous service
Give the company a full sense of gain
In the circle of friends of the staff of the Municipal Economic Development Zone, you can often see various information about recruiting employees for enterprises. As long as companies have needs, the entire district is "waiters" and "propagandaists." This kind of multi-departmental linkage service for enterprises and the behavior of all employees to solve problems for enterprises has become the autonomous consciousness and daily habits of most staff in the Economic Development Zone.
Nian Fubin from the Science, Technology, Economic and Information Technology Bureau of the Municipal Economic Development Zone said that in the process of serving enterprises, the district strictly implements the guarantee mechanism, visits enterprises regularly, and promptly helps enterprises solve their needs in financing, technology, employment, sales and other aspects, so that enterprises can see the hope of starting a business. At the same time, we actively help enterprises apply for various honors such as Little Giant Enterprises and Individual Champion Enterprises, strive to allow enterprises to obtain more "brands", guide enterprises to develop in new directions of specialization, and allow enterprises to find their development direction. In addition, we proactively apply for various reward and subsidy policies for qualified enterprises, and implement the reward and subsidy funds as soon as possible, so that enterprises can taste the benefits of the policy, and use good services to help enterprises grow healthily.
On the one hand, provide good service
On the one hand, strengthen scheduling
The Municipal Economic Development Zone adheres to top-level scheduling. The management committee schedules investment promotion, project construction, economic operations and other work on a monthly basis, and supervises and supervises the completion of project construction progress, timely resolution of corporate problems, improvement of weak indicators of economic operation, start-up rate, warehousing rate, entry rate of newly introduced projects, etc., to ensure that all projects are completed, developed well, and achieve results.
at present
The first and second batches of the Municipal Economic Development Zone
Those who participated in the provincial centralized construction
China (Bengbu) Sensor Valley Central Innovation Park Phase I
Xici Technology Industrial Park Phase I
China (Bengbu) Sensor Valley Public Demonstration Platform and Demonstration Line
Waiting for 9 projects
All construction has started
Completed investment of 2.25 billion yuan
Accounting for 72.55% of the annual plan
In view of the current complex situation of the epidemic
The Municipal Economic Development Zone has also specially formulated
Emergency plan for epidemic prevention and control in the park
Efficiently coordinate epidemic prevention and control and economic and social development
Leading cadres at all levels are required to provide "one-to-one" protection for key industrial enterprises, guide and urge enterprises to promptly improve epidemic prevention and control plans, and implement prevention and control measures such as detailed temperature measurement and code checking, visitor registration, and disinfection protection, so as to strengthen the enterprise's epidemic prevention and control lines.
At the same time, the supervision work is refined, and in accordance with the requirements of "three questions, three inspections, and three clarifications", we implement one order per enterprise, supervision according to the order, and cancellation of the order, forming a closed-loop working mechanism of "guarantee-supervision-supervision-rectification-verification" to ensure that there are no dead ends in on-site inspections and there are no exceptions to immediate changes.
At present, the Municipal Economic and Technological Development Zone has printed clear sheets on epidemic prevention and control for enterprises and the "Notice on Further Strengthening Epidemic Prevention and Control Work" to remind enterprises to do daily health monitoring, setting up isolation observation sites, and management of outsiders, and further urge enterprises to strictly implement epidemic prevention and control measures and strive to create a safe and stable production environment.
The person in charge of the Municipal Economic Development Zone said
In the next step, the Municipal Economic Development Zone will conscientiously implement the important instructions and requirements of "preventing the epidemic, stabilizing the economy, and ensuring safe development", and in accordance with the relevant work requirements of the Municipal Party Committee and Municipal Government, continue to focus on the construction and development of the park, continuously strengthen services and dispatch, strive to introduce more enterprises, promote the speed and efficiency of existing projects, and provide strong support for the sustained, stable and healthy development of the city's economy.
On the evening of January 25, 2026, Huang Ying's "It's time for Ying to go - 2026 Music Concert" hosted by Yuanwang Technology came to a successful conclusion in a warm and cheerful atmosphere. This performance, which has the dual meaning of a birthday celebration and a music feast, lasted for more than two hours. It not only brought fans 16 song interpretations of different styles, wonderful interactive sessions and heart-warming blessings, but also connected Huang Ying's growth trajectory from her debut on the "Quick Girl" stage to the present, allowing "Yingshanhong" to witness the perseverance and transformation of a singer in her singing. Li Sheng and Li Yitong helped out as surprise guests and sang classics such as "Last Night Wind Tonight" and "Please Fall in Love with Me Like This" with Huang Ying. For Huang Ying, this performance is "not the end, but a new starting point."
The original intention is as solid as rock: the spiritual charm of folk songs is always present, and the first singing of new songs conveys the glimmer of light
At 18:00 that night, as the lights dimmed, the pilot film "It's Time for Ying to Go" slowly played on the big screen. Huang Ying took the stage in the dark and kicked off the performance with a powerful song "Beyond the Thorns, the Whole Sea of Flowers". This new song, the only "early audio-visual version" in the world, is exclusively sung for the birthday party. Her gratitude to fans and persistence in chasing dreams are integrated into every lyric. The official sound source was also launched online after the birthday party, giving the "Azaleas" the most precious birthday benefits. Immediately afterwards, "Don't Panic When the Sun Goes Down and There's Moonlight" soothes anxiety with a gentle and healing melody, while "Flower of Inheritance" highlights cultural heritage. The three songs are sung in succession, from a sea of thorns and flowers to spiritual comfort and cultural inheritance, quickly pushing the atmosphere of the scene to a climax.
As a talented singer who came out of the audition stage, Huang Ying's singing has always carried a unique mountain spirit, and folk songs are her signature label. At this concert, she presented a trilogy of Chinese-style songs "Ji Jian Shan", "Crazy Dream" and "Chan Wu", which perfectly blended traditional charm with modern music elements. The blessing of Chinese drums during the performance of "Ji Jian Shan" made the stage full of classical tension. The finale of the classic song "Azalea" instantly awakened the collective memory of the audience. In Huang Ying's clear and resonant voice, the audience stood up to sing the chorus. Time seemed to go back to when she first appeared on the stage. Her original intention has not changed and her feelings remain the same.
Friends walking together: Time tempers tacit understanding, and the two-way journey warms people's hearts
This carnival is also a "reunion of old friends". Huang Ying and Li Sheng, who met in a variety show more than ten years ago and exchanged contact information with each other's phone numbers, once again sang "Last Night Tonight" on the same stage. The tacit performance was ridiculed by the host Sun Xizhi as "a live version certified by long-time friends". From text messages and phone calls in the pre-WeChat era, to fighting side by side on the stage of "Sister Lang", to the warm chorus at this birthday party, the friendship between the two has become more mellow over time. Li Sheng also sent the most sincere blessings and expressed the most sincere expectations between old friends.
The appearance of another surprise guest, Li Yitong, injected more youthful vitality into the performance. The two sang "Please Fall in Love with Me Like This", which was full of sweetness. The bubble machine on the stage complemented the cheerful melody. Li Yitong's blessing of "as free and easy as the mountain breeze, as dazzling as azalea" not only fits Huang Ying's musical temperament, but also demonstrates the sympathy between the new generation of singers and their predecessors. "Go Away", sung by three people on the same stage, ignited the audience with its high-spirited melody, and the whole audience sang in chorus, vividly interpreting the theme of "departure".
Going both ways: Fans’ companionship provides confidence, and heart-warming interactions show true love
The companionship of the "Yingshanhong" people is Huang Ying's greatest confidence in persisting in her music dream. This carnival has multiple interactive links, making this two-way emotion even stronger. During the Truth or Dare session, Huang Ying randomly selected fans to ask questions and shared her feelings without reservation; Sister Lang's stage songs such as "If the Moon Has Not Come Yet" and "Big Mountain" were instantly recognized, showing the deep bond between fans and singers. The Polaroid autograph bonus session brought the lively atmosphere to its peak. Many lucky fans received autographed photos, and fans also sent their blessings, which was simple and sincere.
During the performance, two VCR clips brought tears to the eyes. "Huang Ying's Classic Debut Stage Review" took the audience to relive her transformation from a young newcomer to a mature singer, and every stage moment witnessed her growth and persistence; "Huang Ying's Daily Sharing" VCR allowed the audience to see her true and lovely personality off the stage, and the birthday blessing VCR recorded by friends off-site conveyed her feelings across mountains and seas, filling the scene with warmth. Huang Ying said frankly on stage: "This year has not been easy. It is your support along the way that gives me the courage to continue singing." This frankness and gratitude made many fans at the scene burst into tears.
A new journey begins: 2026 is full of energy and we look forward to reaching new heights on our music journey.
During the Talking session, Huang Ying shared her new plan for 2026. She said emotionally: "Every rain is made by you with me; every sun is lit by you!" The short words are full of gratitude to the fans and expectations for the future. In the subsequent dance solo session, Huang Ying showed off her versatile side, and her agile dancing won applause from the audience, making people look forward to her future diverse stages. The encore song "Hope You Are Loved by the World" brings a successful conclusion to this musical journey with a gentle melody, and also conveys her best wishes to the world and fans.
From her stunning performance of "Azalea" on the Kuainu stage in 2009 to her solo music concert today, Huang Ying has been on the music road for more than ten years. In her singing, there is the purity of the mountains, the persistence to pursue dreams, the gratitude to her fans, and the love for life. This "It's Time to Go" 2026 Music Concert is not only a birthday celebration, but also a review of original aspirations and the beginning of a new journey. As the theme of the concert says, 2026 has just begun. With the love and support of "Azalea", the expectations of old friends and her own persistence, Huang Ying will continue to bravely set off on the road of music, climb higher mountains, bring more high-quality works to the audience, and write a new chapter of her music.
Dad, Mom, I don’t want to work yet and plan to continue studying for a doctoral degree.
My daughter is studying for a master's degree in economics and management at Shandong University of Finance and Economics. We, the old couple, originally planned to let our daughter take the civil service and professional education exams, but she insisted on studying for a doctorate.
In the end, we respect our daughter’s wishes and support her in continuing to apply for doctoral studies.
The first school my daughter applied for was Wuhan University. The master's tutor advises caution, because the competition at Wuhan University is fierce, and there are many places available for master's and doctoral transfer students, so candidates from non-prestigious universities in other provinces have no advantage.
But my daughter still plans to give it a try. With two Chinese core papers published during the master's degree, the materials were reviewed and approved. A while ago, my daughter took the high-speed rail to Wuhan University to take the re-examination.
The re-examination was divided into a written test and an interview. My daughter performed well in the written test, but the interview was a bit nervous. Facing multiple doctoral supervisors, my daughter was a little stuck from the beginning of self-introduction. She originally remembered fluently, but her brain was a little blank. During the English Q&A session, I didn’t even understand the teacher’s questions, and I stumbled over my answers. The content of the PPT report was acceptable, but the teacher asked more in-depth questions. My daughter did not consider them in advance and the answers were not comprehensive enough. In the end, she was not admitted to Wuhan University.
The second university to apply for assessment is Shenzhen University. After learning from the failure of Wuhan University, this time my daughter fully communicated with her master's tutor, and contacted her doctoral tutor in advance through the master's tutor's network. She expressed her strong intention to study for a doctoral degree and further discussed her research plan during her doctoral period.
My daughter prepared all the application materials as required and mailed them to Shenzhen University.
I hope my daughter’s application to Shenzhen University will go smoothly this time.
Does your child plan to work directly after graduation this year or continue his studies?
Cryptocurrencies including Bitcoin fell as investor expectations for a rate cut from the Federal Reserve weakened. Bitcoin fell to $115,100, its lowest level since July 11. At the same time, Ethereum fell by about 2% and Ripple fell by more than 5%.
Bitcoin rose to an all-time high of $123,200 last week, continuing a steady upward trend driven by optimism about an improving U.S. regulatory environment and massive inflows into crypto investment products. However, Rachael Lucas, an analyst at cryptocurrency trading platform BTC Markets, said: “While the overall upward trend remains intact, momentum has weakened and traders have become more cautious.”
Data released on Thursday showed that the number of people filing for unemployment benefits in the United States for the week ended July 19 was 217,000, falling for the sixth consecutive week and still the lowest level since mid-April, lower than market expectations of 226,000 and the previous value of 221,000. In addition, the number of people filing for unemployment benefits in the United States fell slightly to 1.955 million in the week ended July 19, which was lower than market expectations of 1.96 million and the previous value of 1.956 million. Although weak hiring has made it difficult for many laid-off workers to find new opportunities, the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, indicating that labor market conditions remain stable. Better-than-expected employment data also provided reason for the Fed to continue to act cautiously.
In addition, the market's bearish sentiment is also reflected in the derivatives market. According to prime broker FalconX, an unidentified speculator paid approximately $5 million in option premiums on the Deribit exchange to purchase a batch of Bitcoin put options expiring on August 8 with a strike price of $110,000.
IG Australia analyst Tony Sycamore said: “We expect Bitcoin prices to continue to consolidate before remaining below the current monthly trend line resistance of approximately $125,000.” He said that this trend line was the key technical level that prevented Bitcoin from continuing to rise last week.
State Grid Corporation of China resolutely implements the decisions and arrangements of the Party Central Committee and the State Council on stabilizing growth and expanding investment, and continues to regard expanding effective investment as a key task in business development. On the basis of achieving a "fast start" in January, the State Grid Corporation of China took advantage of the momentum in February to accelerate the construction of power grids at all levels, and fixed asset investment achieved "acceleration". Statistics show that from January to February, a total of 75.7 billion yuan of fixed asset investment was completed, a year-on-year increase of 80.6%. The basic support of the power grid and the pulling effect of investment were significant.
The 1000 kV Yanwei high-voltage AC power transmission and transformation project under construction
Since the beginning of the year, State Grid Corporation of China has coordinated safety, quality and progress, vigorously promoted the construction of UHV and main grids, implemented a number of production technology transformation and distribution network infrastructure projects, continued to optimize the backbone power grid, ensured reliable power supply, accelerated the comprehensive green transformation, and injected strong impetus into high-quality economic and social development.
We will build strong projects such as ultra-high voltage and pumped storage energy. The "eight intersections and four direct lines" UHV projects under construction by State Grid Corporation of China and related flexible mutual aid projects, as well as 37 pumped storage power station projects, are progressing as planned. The State Grid Corporation of China has made advance plans for work resumption before and after the Spring Festival. From February 24, it dispatched a supervision team to the front line to carry out special supervision, supervise the comprehensive implementation of the "Five Basic Conditions for Resumption of Work" and standardized resumption procedures on site, and strictly carry out comprehensive capability assessments of work teams to ensure that all projects can resume work and production as soon as possible safely and efficiently.
Employees of Jiangsu Provincial Power Transmission and Transformation Co., Ltd. connect voltage transformers and arresters at the site of Yancheng Gaorong 500 kV power transmission and transformation project
The construction of power transmission and transformation projects from 35 kV to 750 kV has been steadily advanced and achieved phased results. State Grid Corporation of China has deepened the operation of hierarchical and classified management and escalation control mechanisms for projects, promoted the orderly approval and construction of projects, scientifically arranged project progress plans, and strived to achieve a balanced rhythm of tasks. In February, the Qujiang pumped storage 500 kV transmission project in Zhejiang and the main transformer expansion project of Fule 500 kV substation in Sichuan were put into operation. The 500 kV power transmission and transformation project of Aqi Beifeng Collection Station in Chifeng, East Mongolia and the 500 kV power transmission and transformation project in Xingbei, Hebei are being accelerated as planned.
In terms of power grid production technical transformation and distribution network infrastructure projects, State Grid Corporation of China plans overall arrangements for the year, strictly implements the work plan, implements classified policies to efficiently promote key links such as project procurement, construction, and settlement, promotes project progress in an orderly manner, and drives coordinated development of the entire chain and industry. As of March 6, State Grid Corporation of China has started 160,000 power grid production technology transformation and distribution network infrastructure projects, with a total investment of 33.73 billion yuan completed, a year-on-year increase of more than 150%.
State Grid Xinyuan Jiangxi Fengxin pumped storage power station upper reservoir construction area
The State Grid Corporation of China will conscientiously implement the spirit of the National Two Sessions, coordinate the annual investment plan, continue to accelerate the construction of power grids, give full play to the leading role of the industrial chain, effectively ensure national energy security, serve the green and low-carbon transformation, and provide dynamic support for achieving a good start in the "15th Five-Year Plan".
According to data predictions from the "2019 China Automotive Aftermarket Industry Research Report", the size of my country's auto aftermarket market in 2018 will reach 120 million yuan, which is about half the size of the U.S. aftermarket. However, the number of companies in my country's aftermarket has reached twice that of the United States, and the market share of 4S stores in China's market structure is as high as 77%, far exceeding the foreign level of about 30%.
Cluster Chebao, which 36Kr recently came into contact with, is an Internet empowerment platform for the automotive aftermarket industry. It helps auto service stores transform and upgrade through the S2B2C model to output standardization, digitization, informatization and intelligence, improve upstream and downstream efficiency of the industry chain, reduce costs, and improve user service experience. Its business areas include car beauty, repair, sheet metal painting, car modification, second-hand cars, car insurance inquiry, roadside assistance and other automotive aftermarket services.
There are a huge number of service providers in my country's automotive aftermarket, but the market share is still firmly occupied by a few brands such as 4S stores. Auto parts repair stores mainly exist in scattered forms such as mom-and-pop shops. Scattered B-end stores do not have symmetrical spare parts information and internal management capabilities, and customer retention rates are generally low. my country's current car ownership has increased year after year since 2010, reaching 250 million in 2019. However, because the warranty period of original parts is about 4 years, the growth of the automotive aftermarket will have a lagging effect. If individual stores want to seize the growth points of the automotive aftermarket in recent years, they urgently need stronger supply chain integration capabilities and corporate management capabilities to improve service quality. According to data from the "2019 China Auto Users Online Maintenance Report" compiled and released by Tencent, the market penetration rate of online car maintenance outside the 4S store system has reached 16% in 2018, far exceeding the 5% in 2015. The overall online channel in the auto maintenance market has shown a significant upward trend.
Cluster Chebao integrated system architecture diagram
Auto parts maintenance is an asset-heavy and highly regional industry. If an enterprise wants to expand and replicate quickly, it will face higher direct operating costs and restrictions on cross-regional expansion. Therefore, we have noticed that many after-market service companies expand their markets through franchises and joint ventures and export their production and operation models. Since its establishment in 2013, Cluster Chebao has mainly been engaged in self-operated store business and has been intensively deployed in Guangzhou. After integrating the supply chain and management system, Cluster Chebao focuses on the output expansion of the model. Due to the asset-heavy nature of after-market services, self-operated expansion is no longer the fastest way to implement it. It has begun to implement through franchise and joint venture platform expansion.
Cluster Chebao currently has 135 stores, 86 of which are directly operated stores. Combined with the agglomeration of the automobile manufacturing industry in Guangzhou, the initial cluster Chebao conducted self-operated store business through self-built intelligent warehouse distribution, logistics and direct sales supply chain models. At the same time, it developed an independent ERP system to link stores and headquarters, and independently developed an enterprise SaaS system for auto repair and auto parts. 36Kr once conducted an exclusive interview with Cluster Chebao after it completed its Series A financing in 2016 (for more information, please click here). At this time, the Cluster Chebao development center focused on the integration of the automotive aftermarket supply chain and the expansion of the direct operation model, and established a service platform for vehicle model data and accessories data.
Cluster Chebao S2B2C model diagram
In 2019, Cluster Chebao is already replicating the model and exporting the supply chain and management platform built by its 7 years of data accumulation. The average output value of a single store of its direct-operated stores is about 280,000 yuan. Currently, franchisees are concentrated in individual auto repair stores in Foshan, Guangzhou. Cluster Chebao is also gradually exporting its model through urban partners in Hunan and Guangdong provinces. Franchisees can obtain corresponding maintenance standards, supply chain, information systems, training, logistics and warehousing through the platform. After traditional small and medium-sized stores join the cluster car insurance platform, they still maintain their original brands and stores for operations.
Gao Qunqun, founder and CEO of Cluster Chebao, told 36Kr that Cluster Chebao’s empowered franchise model is the transformation and upgrading of existing stores. Franchisees will use its supply system, ERP system, SAAS system, training system, insurance platform, and second-hand car platform. The S2BSC model is different from the B2C platform. The B2C platform mainly obtains profits from selling auto parts, while the S2B2C model integrates upstream suppliers and downstream terminal auto service stores, and then expands it with value-added services in the aftermarket. Franchisees do not simply obtain the upstream supplier information of Cluster Chebao. They do not need to directly purchase auto parts. Instead, they obtain the goods and sell them through the Cluster Chebao platform. This can reduce the franchisee's operating costs and alleviate the franchisee's capital turnover problem. In terms of maintenance services, Cluster Chebao has established a remote technical diagnosis center to solve technical service problems for some difficult and niche vehicles. Currently, China-Taiwan data includes 308 vehicle brands and electronic catalog information of 1.6 billion parts.
Different from the traditional platform profit model, which mainly focuses on franchise fees, Cluster Chebao's existing model does not charge franchise fees, but obtains benefits through later service fees. Gao Cluster believes that the franchise service fee is more similar to a one-time deal, which will increase the cost of opening a small and medium-sized store and is not conducive to the joint growth of the platform and the store. In addition, Cluster Chebao hopes to lower the entry threshold by waiving franchise fees and reduce the initial investment pressure on store owners. Gao Cluster told 36Kr that Cluster Auto Insurance has reached an agreement with the Bank of China for a total credit of RMB 100 million for franchise stores, and each store has a loan limit of RMB 300,000.
Cluster Chebao's aftermarket service model was first promoted in Guangzhou and Foshan. It plans to establish 20 stores in large districts and about 10 stores in small districts and counties. Currently, there are 49 franchised joint stores. Cluster Chebao has applied for the school license of the "Guangzhou Cluster Car Insurance Auto Training Institute" in 2019, and plans to deploy a school on the automotive service industry chain in 2020.
Cluster Chebao’s franchise stores obtain customers through the following three methods:
1. Regional traffic. The regional attributes of offline stores in aftermarket services are relatively strong, and Gao Cluster believes that on-demand traffic will still be the first source of traffic for stores.
2. Import traffic from B-side partners. Cluster Chebao cooperates with insurance companies (People's Insurance Company of China, Ping An, China Life, etc.), automobile service companies (Sinopec), and financial institutions (China Construction Bank, ICBC, Postal Savings Bank, etc.) to achieve the purpose of traffic exchange. Cluster Chebao will serve as a landing point for road rescue, repair and maintenance, financial derivative services for insurance companies, and value-added services for oil companies. It will also reverse traffic exchanges for partner companies to provide insurance services, financial value-added services, etc.
3. Platform traffic diversion for clustered auto insurance self-operated stores. 36Kr learned that compared with the general repurchase rate of about 20% on industry platforms, the repurchase rate of Cluster Chebao’s current self-operated stores has reached 45%, with 1.12 million registered members on the platform, of which 420,000 are members who spend 1,000 yuan per year.
The automotive aftermarket has the characteristics of focusing on services, many processes, long chains, and strong regional characteristics. Chinese consumers attach great importance to brands, and the automotive aftermarket will further see a cluster of leaders in the future. The existing market is largely occupied by 4S stores due to consumers' maintenance period and brand dependence. However, in fact, the existing vehicle sales, inventory, turnover, capital, maintenance and other businesses of 4S stores are already separated, and the bundled sales model is also well known to consumers. In addition, 4S stores cannot perform cross-brand maintenance due to brand attributes, which actually wastes a lot of production resources and customer flow. my country's automobile market has gradually seen the separation of sales and after-sales.
In the auto parts field in the United States, there are already several unicorn companies with a market value of over 10 billion, such as Auto Zone, and in the maintenance services field, there are also leading manufacturers such as Valvoline. Internet unicorns such as Alibaba and Tencent have plans in the automotive aftermarket, but they are currently in a bottleneck period with poor customer stickiness. This also reflects that what the aftermarket lacks is not traffic, but how to retain users. The core contradiction in the industry still focuses on supply chain and service efficiency issues.
In China's automobile maintenance market, the independent aftermarket system accounts for as much as 75%. However, the independent aftermarket often uses auto parts that are not authorized by the original OEM for maintenance. Quality issues have also been criticized in the past few years. In recent years, the regulatory standards related to auto parts have been continuously tightened. Most auto parts are processed by several OEMs. Therefore, the gap between original parts and non-original parts is reflected in the price, and the brand premium is very high. The emergence of clustered auto parts platforms will bring more unified standards and pricing systems to auto parts manufacturers that are not authorized by the OEM. Platform operators will have higher bargaining power, which is something that scattered independent aftermarket service stores do not have. However, through platform layout, they can enjoy this level of benefits.
According to 36Kr, Cluster Chebao completed an angel round financing of 10 million yuan in March 2014; in January 2016, Cluster Chebao received a 100 million yuan Series A financing led by Shangxin Capital, with personal participation from Zhu Jia, managing director of Bain Capital; in June 2017, it received a 50 million yuan A+ round of financing from Pansheng Capital. In 2018, Baidu and Tencent invested in Tuhu car maintenance, which has demonstrated the enthusiasm of capital for this track. However, pure Internet companies do not have the ability to compete independently. Tuhu entered the market with tire products in the early days of car maintenance. It gradually expanded based on the online transaction + offline installation model and already has a very strong traffic pool. However, Cluster Chebao, through self-operated stores, replicates the model from the perspective of its own car owner traffic, warehousing and logistics, finance, auto parts supply chain and services, and seems to have broader experience in auto parts maintenance categories and implementation experience.
On the relevant track, there are also simple cars with car sales in the sinking market as the core selling point, as well as the chain brand Shenqi Online. At the beginning of its establishment, Cluster Chebao did not directly expand its platform similar to existing Internet car after-sales service providers. Instead, after several years of development of self-operated stores, it built its own supply chain system and management system, breaking away from the services of third-party auto parts centers. As more and more cars leave the 4S store maintenance period, the independent after-car service market is about to enter the stage of platform integration. The self-operated accumulation of Cluster Chebao will be the moat between it and the pure Internet platform.
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