TrendForce data shows that global smartphone production will reach 1.254 billion units in 2025, with Apple and Samsung tied for first place. Due to the soaring memory prices, production is expected to be reduced by approximately 10% in 2026, posing a dilemma for brand manufacturers.
This article was first published on the public account.
Investors should all know that A-shares include the Shanghai and Shenzhen stock markets and four major sectors:
Shanghai Main Board Shanghai Science and Technology Innovation Board Shenzhen Small and Medium Enterprises Board Shenzhen GEM
Among them, there are no thresholds for the main board and the small and medium-sized board. Once you open a securities account, you will have trading permissions.
As for the mass entrepreneurship and innovation sectors (the GEM and the Science and Technology Innovation Board), trading permissions can only be opened after meeting conditions.
Why should we open mass entrepreneurship and innovation?
First of all, there are many opportunities for mass entrepreneurship (and of course higher risks), and the market performance is outstanding.
As mentioned in the previous article, regarding sector performance: Science and Technology Innovation Board > GEM > Small and Medium-sized Board/Main Board, I will not go into details here.
If you are interested, you can read: "Still Focusing Only on the Shanghai Composite Index?" The index is up 30%, but you may know nothing about it."
Secondly, dual innovation stocks account for half of the market. Without permission, new revenue will be significantly reduced.
This point of view has been analyzed in many new articles and has been demonstrated with actual data.
If you are interested, you can read: "Never win the new game?" Data analysis found that these 3 tricks can significantly increase the winning rate》
Mass entrepreneurship and innovation opening requirements
The requirements for GEM are:
Participated in securities trading for at least 2 years and had average daily assets of more than RMB 100,000 in the 20 trading days before the authorization was granted.
The requirements of the Science and Technology Innovation Board are:
Participate in securities trading for at least 2 years and have average daily assets of more than RMB 500,000 in the 20 trading days before the permission is granted.
Generally speaking, there are trading experience requirements: two years of trading (counting from the first transaction).
The other is the asset requirement, which requires a certain amount of average daily assets for 20 trading days.
The requirement for the GEM is 100,000, and the requirement for the Science and Technology Innovation Board is 500,000.
Open at 0 cost
Regarding the trading experience requirement, there is no good way. You must wait for two years.
The only thing you can do is to conduct a transaction as soon as possible after opening an account.
As for asset requirements, there is a lot of room for flexible operation.
The assets only need to meet the conditions. The assets can be stocks, convertible bonds, funds, cash or financial management, etc. The average assets of the previous 20 days are required to meet the conditions. If you have enough money, you can do it in one day (2 million will be released for one day)
Some people think 100,000 or 500,000 is too much, and they don’t have that much money.
In fact, there are many ways, and it all depends on human effort.
Once the time conditions are met, the cost of initiating mass entrepreneurship and innovation is very low, or even zero cost.
Nowadays, in order to attract account openings, many brokerages will launch high-yield financial services exclusive to novices.
For example, the annualized return of Moubao Securities in August 1st issue was 5.08%.
This rate of return can cover the general cost of capital, and it can achieve mass entrepreneurship and innovation rights at zero cost.
Click until now. If you still don’t understand, let’s chat privately...
Risk warning: Any opinions, analysis and predictions in this article do not constitute investment advice. The contents are personal opinions and are for reference only. Investors must be responsible for any investment decisions they make independently.
The concept of political performance is a concentrated expression of the world view, outlook on life, values and views of power, status and interests of party members and cadres in their work and entrepreneurship. It is a fundamental issue related to the party spirit. When Comrade Xi Jinping was working in Shanghai, he required leading cadres to handle "ideological concerns, power concerns, social concerns, family relations, and life concerns" and calculate "interest accounts, legal accounts, and conscience accounts." "Passing the test" is the prerequisite guarantee for practicing the correct view of political performance, and "keeping accounts" is an important method to test the effectiveness of political performance. "Passing customs" and "keeping accounts", one internal and one external, complement each other and together constitute the methodology of the Chinese Communists' correct view of political achievements in the new era. "Passing" aims to build a strong ideological dam and maintain a healthy atmosphere; "keeping accounts" focuses on weighing the pros and cons, clarifying behavioral boundaries, and ensuring that every decision and every work is in line with the party's purpose, national laws and people's expectations.
1. “Passing the test” is the prerequisite for the concept of political performance
The Communist Party of China has always emphasized that party members and cadres should sharpen their original aspirations and fulfill their mission while "passing the test." As early as January 1963, Comrade Zhou Enlai proposed that leading cadres should live well in the "five tests" of "ideology, politics, life, family and society", which laid an important foundation for advancing party building in the future. The Party's theoretical innovations come from the same source. In August 2007, Comrade Xi Jinping asked leading cadres at all levels in Shanghai to conduct "ideological relations, power relations, social relations, family relations and life relations", further enriching the contemporary connotation of this tradition. The "five levels" constitute a solid line of defense for party members and cadres to cultivate their moral integrity and start their own business. Each level contains profound political requirements and practical standards.
"Ideology" is related to the future and destiny of the party. The key is to adhere to ideals and beliefs unwaveringly. General Secretary Xi Jinping pointed out, "Leading cadres should take tempering their party spirit and improving their ideological consciousness as a lifelong task, and they should live, learn and cultivate until they are old." Party members and cadres must firmly grasp the correct political direction, keep a clear head and a firm political stance in the face of major issues of right and wrong, and continue to improve their political judgment, political understanding, and political execution. The essence of "power relations" is to correctly handle the relationship between public and private. The Communist Party of China is a party that serves the people wholeheartedly. It must adhere to the principle of using power for the people, limited use of power, fair use of power, and use of power in accordance with the law to ensure that power is "public". "Social relations" requires party members and cadres to treat social interactions with caution, speak and behave in compliance with standards, and purify the "social circle" and "life circle." To choose good friends, you must stick to the bottom line of principles and maintain an image of integrity. "Family relations" are related to the effectiveness of family tradition construction and are a practical test faced by leading cadres. They must strictly manage family members and cultivate good family traditions. "Life-related" reflects the moral character of party members and cadres. If you don’t sweep one house, how can you sweep the world? We must pay attention to small things and details, and be cautious about independence, desire, and subtlety. As the ancients said, "I examine myself three times a day," I can maintain my true self even in private and when no one is around. These "five levels" are interrelated and in-depth, and together guide party members and cadres to create achievements in transforming the subjective world and the objective world, ensuring that the cause of the party and the people is passed down from generation to generation and has a permanent foundation.
2. “Accounting” is an important method to test the effectiveness of political performance
"Accounting" is the recording, inspection and value evaluation of the performance practices of party members and cadres. To be a "clear person" in politics, we must be wary of the "muddleheadedness" of party spirit cultivation. What Chinese Communists need to remember is by no means an account of personal gains and losses, fame and fortune, but an account of benefiting the people, career development, and historical sedimentation. Success does not have to be mine, success must be mine.
Calculate the "interest account" well and adhere to the fundamental position of people's supremacy. People's livelihood is no small matter, and the branches and leaves are always related to feelings. The core of the performance concept is for whom the performance is created. A correct view of political performance is based on a correct view of interests. The key to calculating the "interest account" well is to clarify and handle the relationship between personal interests and collective interests, local interests and overall interests, and current interests and long-term interests. Our party has no special interests of its own, and all its work must take the fundamental interests of the overwhelming majority of the people as the highest standard. The fundamental criterion for testing political performance is whether it does practical things and solves problems for the people, and whether it gives the people a real sense of gain, happiness, and security. The eight words "safety and warmth" and "emergency, difficulty and worry" must be engraved in the hearts of party members.
Calculate the "legal accounting" and establish the behavioral principles of using power in accordance with the law. The rule of law is the cornerstone of governing and rejuvenating the country, and is also a solid guarantee for creating political achievements that can withstand testing. The rule of law protects Chinese-style modernization. To calculate "legal accounts" well means to have a deep understanding of the rigid constraints of legal disciplines, and to be clearly aware that any so-called "political achievements" that deviate from the track of the rule of law and violate disciplinary rules are not only ineffective, but also harmful. Party members and cadres must always be in awe, strictly constrain the exercise of power within the institutional cage, and ensure that every work can withstand legal and disciplinary inspection.
Calculate "conscience accounts" well and abide by the political character of loyalty to the party. Serving as an official for one term and benefiting one party is the conscience and responsibility that party members and cadres should have. China's excellent traditional culture advocates "honest and honest officials", and its core is the call for the moral conscience of those in power. For Chinese Communists, conscience is closely linked to the cultivation of party spirit and official and political ethics. Calculating the "account of conscience" is essentially to protect the spiritual high ground of Communists and to always maintain their utter loyalty to the Party and their deep feelings for the people. Party members and cadres must always ask themselves whether they have truly fulfilled their original mission and whether they have fulfilled their duties with a clear conscience.
"Accounts of interests, legal disciplines, and accounts of conscience" are interconnected and internally unified. They jointly guide party members and cadres to establish and practice a view of political performance that meets the requirements of the party, the needs of the times, and the expectations of the people. They use a clear-headed "bookkeeping" concept to ensure that political performance does not deteriorate or be biased, and solidly promotes the stability and long-term development of the cause of the party and the people.
3. Promote party members and cadres to establish and practice a correct view of political performance through "passing accounting"
Establish and practice a correct view of political performance, educate and guide party members and cadres at all levels, especially leading cadres, to persist in seeking truth from facts, carry out work according to local conditions, and do more to lay the foundation, increase stamina, and benefit the long-term. We should establish the orientation of emphasizing both demonstrated performance and potential performance, improve the differentiated assessment and evaluation system, streamline and optimize assessment indicators, and guide cadres to face contradictions, solve problems, and promote development. "Passing" and "accounting" are dialectically unified and complementary to each other. "Accounting" is the touchstone of "passing". Only by calculating the "three accounts" can the quality of "passing" be purified.
The correct view of political performance lies in grasping the key word "people". From what Xi Jinping said when he was in the Liangjiahe Brigade of Wen'anyi Commune in Yanchuan County, Shaanxi Province, "Going to the countryside must pass five passes: flea pass, food pass, life pass, labor pass, and ideological pass." General Secretary Xi Jinping has repeatedly emphasized: "Communists must remember that benefiting the people is the greatest political achievement." Adhere to the people-first stance and require party members and cadres to pass the "five tests" well, always put the people at the top of their hearts, ensure that power is always used for the benefit of the people, and win the trust of the people with good style. Party members and cadres must always keep in mind that where there are people's needs, good deeds can be done and performance can be created. Whether performance is good or not depends on the actual feelings of the masses and is judged by the masses.
The practical requirement for a correct view of political performance is hard work and hard work. General Secretary Xi Jinping pointed out: "Establish a correct view of political performance, insist on being based on reality and scientific decision-making, insist on long-term perspective and lay a solid foundation, persist in doing practical things, strive for practical results, and prevent formalism and bureaucracy." Party members and cadres must carry forward the spirit of nailing, observe the actual situation, take practical measures, and seek practical results, and resolutely put an end to the slogan-style, statement-style, and packaged implementation practices. They must say what is urgent and do it quickly, maintain strategic focus on long-term tasks, and work hard for a long time.
Establish and practice a correct view of political performance in cultivating party spirit. A correct view of political performance requires party members and cadres to not only do practical things that the people can see, touch, and benefit from, but also pave the way for future generations, lay the foundation, and do good things that will benefit the long-term. The fundamental guarantee for a correct view of political performance is a strong party spirit. General Secretary Xi Jinping pointed out: "In the final analysis, party spirit plays a decisive role in establishing and practicing a correct view of political performance." This important discussion profoundly reveals the essence of the view of political performance. Party members and cadres must regard strengthening party spirit as a lifelong task, thoroughly study and implement Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, cultivate the party spirit of communists, and constantly improve political judgment, political understanding, and political execution. They must consciously accept inner-party supervision, mass supervision, and public opinion supervision, promptly discover and correct deviations in their work, and always be fearful, warned in words, and restrained in deeds.
"Passing customs" and "keeping accounts" complement each other and are practiced both internally and externally, profoundly revealing the inherent unity of moral cultivation and entrepreneurship in the Chinese Communists' correct view of political achievements. "Passing five passes" is the foundation for establishing political ethics and establishing political achievements, which is related to the correct direction, stable stance, clean environment, strict family tradition, and clean ethics; "calculating three accounts" is the standard for observing actual performance and verifying results, demonstrating the foundation of values, the rope of law, and the purity of original intentions. The two are integrated and jointly build a complete practical logic for party members and cadres in the new era to fulfill their missions and create achievements.
The journey in the new era is grand and the mission lies on our shoulders. Party members and cadres should always bear in mind General Secretary Xi Jinping's earnest instructions, regard "passing the test" as a lifelong compulsory course, and use "keeping accounts" as a mirror for daily improvement. It is necessary to cultivate political loyalty with party spirit, lay a solid foundation for the people with a pragmatic style, and shoulder the important responsibilities of the times with excellent skills. Only in this way can we always maintain our true character despite the test of wind and rain, make contributions in great practice, create excellent achievements that can truly withstand the test of practice, the judgment of the people, and the precipitation of history, inject great power into promoting the great cause of national rejuvenation, and write a new chapter that is worthy of the party, the people, and the times.
(The authors are respectively the deputy dean of the Institute of Discipline Inspection and Supervision of East China Normal University and an assistant researcher at the Party Regulations Research Center of East China Normal University)
There hasn’t been a purely commercial documentary in the market for a long time.
In this regard, Leng Yan would like to start this article by borrowing a passage from the opening sequence of "The Age of Torrents".
"It's time to re-evaluate the world. After three long years, the ice is now unblocked and everything is flowing again... Standing at the crossroads of revaluation, full of questions and eager for answers."
On February 16, the business observation documentary "Turrent Times" was launched on Tencent Video.
The program was developed by Eureka Studio, the production team of "Mask Hunter" and "Thirteen Invitations". Li Xiang, a top financial reporter, was invited to serve as the soul of the whole film. He cut into five major contemporary issues such as live streaming, coffee industry, and new consumption, and led the audience to explore from Li Xiang's first-person perspective.
The exploration of "Turrent Age" ushered in a double harvest of popularity and reputation.
In the first episode of the broadcast, the sentence "If the artist doesn't understand, don't do live broadcasts" made "Torrent Era" directly top the hot search on Weibo.
Subsequently, topics such as "Why are there so many Internet celebrity shops in Changsha" and "Anfu Road residents complain about Internet celebrity street photos" triggered by the program have also continued to arouse heated discussions, and have appeared on major lists such as Weibo and Sina News.
As of the end of the season, "Turrent Era" has reached the top 10 most influential variety shows on Weibo and scored 8.5 points on Douban.
While congratulating, Leng Yan is also full of curiosity about "The Age of Torrents".
When talking about business in the new year of 2023, what should we talk about?
Leng Yan wants to see with everyone how "The Age of Torrents" answers this question.
How to enter the "rapid era"?
As an observer of the show, how can Li Xiang start observing and enter the turbulent business world? This is the first problem the program faces.
Looking at it coldly, the answer of "The Age of Rapids" is, don't rush in.
The entire film of "The Age" begins with an incongruous observation.
The first episode, "Live Wave".
In front of me is the busyness, noise, shouting and sudden surprises in the live broadcast room.
On the other side, as the protagonist of "The Torrential Era", the interviewer Li Xiang was slightly embarrassed.
"I checked, they are not a combination (band), called Fahrenheit."
Compared with directly commenting on the commercial behavior of live broadcasts, "Turrent Times" retains Li Xiang's most direct reaction at the moment. At that moment, his closest understanding of what was happening in front of him came from the Internet query he just made.
Then, at the beginning of the main film, there was another heated debate.
At a working meeting of Yuanwang Technology, CEO Xie Rudong was sharply criticizing employees without mercy. Li Xiang, on the other hand, was among them, saying nothing, looking directly at Xie Rudong and everything in front of him, silently observing.
In just a few minutes, the sense of distance and strangeness presented by "Turrent Age" is obviously more direct to the heart than a quick one-on-one approach.
In fact, for observation programs, Leng Yan always adheres to the point of view that a real observation must also be an emotional progression.
In "Rush Times", the show fully presents such emotions.
Being abrupt and at a loss is the most real state when people stand in the "rapid era" and suddenly face the "rapid".
The subsequent calm observation is the attitude that Li Xiang and "The Rapids Era" want to establish: first directly experience the impact, then remain calm and independent, and then enter the "rapid".
After clarifying his attitude, as a professional financial reporter, the effectiveness of observer Li Xiang's professionalism began to show.
We will find that as a business observation documentary, "The Age of Rapids" is far more than just "observation".
From a cold perspective, what "The Age of Rapids" pursues is not a meticulous observation, but "fierce collisions" in the observation.
In the third episode, the program explores Changsha’s “new consumption”.
Faced with Cha Yan Yuese, the absolute shining star in the tea industry in recent years, Li Xiang talked with its founder Xiaomai. Li Xiang did not focus on understanding the family history of Cha Yan Yuese, but went straight to the "small shop mentality" of Cha Yan Yuese's operations and discussed its pros and cons.
As an experienced business reporter, Li Xiang perfectly captured the key points of the conversation.
Use sharp topics to break the situation, and use a "collision" attitude to pry open the "thoughts and thoughts" of the guests in each issue. Li Xiang gave each guest a "business issue" that was most suitable for discussion. And this also allows "The Age of Rapids" to successfully avoid falling into the trap of success studies often found in commercial documentaries, that is, telling "different but similar" business stories one after another.
At the same time, the initiative of "The Rapid Times" also stems from observer Li Xiang's impulse and curiosity about the business itself.
When it comes to live streaming and opening clams, we need to follow along to catch and open clams.
To explore new purchases in the store, ask the clerk for some work clothes and go with them for delivery.
In the process of active participation, "Rush Times" builds a real, natural and dynamic dialogue.
This kind of conversation can be under the street lights while walking home after the live broadcast, or on the way to deliver goods together.
Participants are fully engaged but also completely relaxed.
In addition, what is a bit unexpected for Leng Yan is that "The Age of Torrents" specifically shows a lot of behind-the-scenes discussions between Li Xiang and the production team in the finished film. Such clips are actually extremely rare in commercial documentaries.
In this regard, Lengyan specifically asked Ou Daming, the chief director of "The Age of Torrents".
"When previous ideas or perceptions change, how do you present this change? How do Li Xiang and the team solve the problem? Or how do everyone unify their thoughts or debate a certain issue? This in itself is also a way for everyone to understand a certain issue together."
Why is "The Age of Torrent" so frequently on the hot search list and triggering discussions? Leng Yan got a clue from director Ou Daming's answer.
"Finding issues that the audience is curious about and breaking the circle" is the default production idea in current documentary production. However, "The Age of Rapids" takes a step further: bringing the audience's curiosity into it.
From the initial observation, to the communication and interaction with every guest on the show, to the final production, "The Age of Torrents" has always followed the most authentic cognitive process.
If it's awkward or out of the blue, feel free to reveal your emotions. If a new perspective emerges, discuss it immediately. In a way, "The Age" captures the essence of observational documentaries: the audience never wants to see a story about "observation," they want to "observe together."
"Essays" of the times when form is scattered but spirit is gathered
In the program introduction, "The Torrent Times" defines itself as an "author-style" business observation documentary, which follows the first-person perspective of business observer Li Xiang to record and narrate.
As for the definition of "authorial style", Leng Yan is a little curious.
If it is an "author-style" documentary, then what kind of "style" does "The Times" use for "writing"?
Ask and answer yourself. For Leng Yan, "The Age of Rapids" is closer to an "essay" from the business era.
First of all, it is the bold "shape dispersion".
Taking the first issue of "Live Broadcast" as an example, the program uses three levels to construct a content narrative.
The first level is the undoubted giant wave in the live broadcast industry. The top anchor who brings in tens of millions of goods in a single game and the "highest building of the e-commerce company" behind him. Every move they make can easily change the industry.
On the second level, there is the sudden rise of the central anchor "Little Bear Haunted" and the Kaibeng anchor Haiba with monthly sales of 7 million. In the turbulent times, they struggled to seize the opportunity and break through with all their strength.
On the third floor, there are new anchors learning to set up lights on the roadside of Hangzhou Vientiane City. It’s hard to say whether they still have a chance to win the market in the current red ocean of live broadcasting, but whether they are driven or coerced by the times, they are still moving forward bravely.
Follow up with the second episode, "Coffee Surrounding".
The program originated from exploring the role of business in rural development. During the observation of the role of planters, village party secretaries, brand purchasers, coffee tasters and other links in the industry chain, it came across the commercial constraints that are difficult to break through in the periphery of coffee planting.
The third episode, "Continuous Consumption". In this episode, the rapids are more rapid.
The small mom-and-pop shop has grown into an absolute hit in the tea industry, but the once "full" super Wen Heyou Chuxiang encountered a crisis. At the same time, backed by mature strategic planning capabilities, Ningji opened 800 stores during the epidemic with lightning speed and gained a firm foothold.
In just a few years, major new consumer brands have entered the market with different identities and started competing.
In the program, when Li Xiang was asked "Whether perspective is more important or rigor is more important," Li Xiang gave this answer: "Anything that is particularly beautiful must omit a lot of complexity and richness in it, because it must be a line to be beautiful. It has a sense of conflict, but it is never that simple."
Li Xiang finally chose "rigor", and "Turrent Times" also respected rigor and the "complexity" of the business world.
We will find that there is no protagonist in "The Age of Rapids" who can "represent the industry" to tell his "one line" story alone. On the contrary, the show tries its best to focus on the stories of every participant in the business world.
Coincidentally, this design gives "Turrent Age" a strong sense of flow.
In other words, to a certain extent, it shows us the essence of the business world: it can give anyone an opportunity, but it is also ever-changing and people dare not stop for a moment. Before the wave actually hits, you never know where you will be, you don’t know who you will become, let alone who will replace you.
Every participant in "The Age of Rapids" is moving forward bravely on his own track, but they also influence each other and are interlocking.
"Xing San" and then "Shen Gather".
At a superficial level, every episode of "The Rapids" attempts to use the universal logic of business operations to decipher the unchanging truth behind the "turbulence" in various industries.
In the first episode, faced with the breakthrough of live broadcast and the reshuffle of the industry, Li Xiang mentioned the common theorem "Innovator's Dilemma" in the business world.
In the fourth episode "The Center of the Universe", Li Xiang thought about the issues of "commercialization" and "localization" regarding the business changes on Anfu Road.
In the latest episode of "Through the Cycle", starting from the old restaurant where Li Xiang has eaten for more than ten years, to theater management, and then to the old car company Audi, Li Xiang explores the secrets of "everlasting business" and "industry cycle" at the intersection of various industries.
In each issue, "Turrent Times" starts from each enterprise and individual, trying to weave a complete picture of the industry, and then re-examines it using the theorems that run through the business world, allowing the audience to suddenly have the enlightenment that "you can see the whole thing at a glance."
And when the audience thinks about it a little more, they will find that the rapid torrent at this time is just a recurring moment in business history.
As a result, the satisfaction of having just realized the truth collided fiercely with the insignificance of "a drop in the ocean", and "The Age of Rapids" created a unique sense of satisfaction for commercial documentaries.
However, on a deeper level, what is really attractive about "The Age of Turbulence" is its attempt to explore the individual choices and emotions behind the times.
The end of the third episode, "Continuous Consumption," is Leng Yan's favorite sequence.
After recording the fierce competition among new consumer companies for an entire period, the director team chose to focus on a football match in a restaurant and bar.
After the game ended, Li Xiang strolled on the street, and the background sound continued the commentary when celebrating the victory during the game broadcast: Argentine poet Borges once said that any destiny, no matter how complicated and long, is actually only reflected in one moment, that is the moment when people completely wake up to who they are.
A very poetic scene allows us to get a glimpse of the value choices hidden deep in "The Age of Torrents".
In the final analysis, the so-called "rapid era" is a "wave" created by each individual. The story of business must ultimately be about the choices of "people".
"The Age of Rapids" perfectly implements the title of the opening chapter: weak grass does not grow in the desert, and there are no nameless people in the sea.
Either they are the pioneers who actively promote the industry wave, or they are overwhelmed by the heat wave of the industry and even feel at a loss.
The people who are making decisions are the "souls" that keep the commercial torrent flowing forever. "Turrent Times" is a program that has moved Leng Yan very much since the beginning of the new year.
Even while writing this article, Leng Yan revealed a lot of emotion between the lines of his objective analysis.
When communicating with the creative team of "The Age of Rapids", producer Liu Dongxiao's words touched Leng Yan very much: We are both in the wave and the ones who make the wave.
The same is true for the creation of documentaries. For creators, real creation is never just about how to record the "wave", but about trying to walk into the "wave" and become "wave makers" together.
Thanks to IT House netizen Si Wenfeng for submitting the clue!
According to IT House news on March 9, CATL announced that the company will achieve operating income of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%. Net profit was 72.201 billion yuan, a year-on-year increase of 42.28%. Net cash flow generated from operating activities was 133.2 billion yuan, a year-on-year increase of 37.35%.
CATL will achieve lithium-ion battery sales of 661GWh in 2025, a year-on-year increase of 39.16%. The sales volume of power and energy storage batteries were 541GWh and 121GWh respectively, ranking first in the global market share.
IT House noticed that CATL also released a profit distribution plan for 2025, which plans to distribute a cash dividend of RMB 69.57 (tax included) to all shareholders for every 10 shares.
In 2025, the company will not convert capital reserve funds into share capital and will not issue bonus shares. The company's 2025 cash dividends include annual cash dividends and special cash dividends. The total cash dividends distributed account for 50% of the net profit attributable to shareholders of listed companies in the 2025 consolidated statements. It aims to actively respond to relevant policy directions and effectively give back to investors. However, a special reminder is that this dividend plan does not mean that the company will pay dividends at this fixed ratio every year in the future. Given that the company is still in the stage of rapid industrial development and future capital expenditures are uncertain, the dividend plan for future years will be determined based on the specific conditions at that time. Investors are advised to pay attention to investment risks.
CATL also said that in order to meet the company's production, operation and business development needs, optimize the debt structure, and reduce financing costs, the company plans to register and issue bonds of no more than 40 billion yuan.
On February 22, the China Securities Regulatory Commission issued six administrative penalties involving insider trading, market manipulation and other illegal activities.
Specifically, five people were punished for insider trading in Hengyi Petrochemical Co., Ltd. (hereinafter referred to as "Hengyi Petrochemical"). Among them, Lu Changshui and Zhang Weiyang were fined 25.95 million yuan by the China Securities Regulatory Commission. Six people were fined for market manipulation. Zhang Shunping was fined the most for using a securities account group to manipulate 11 stocks. The China Securities Regulatory Commission ordered Zhang Shunping to deal with the illegally held securities in accordance with the law and fined him 83.4 million yuan.
Teng Biyan, director of the Office of the Punishment Committee of the China Securities Regulatory Commission, said at a press conference recently that the China Securities Regulatory Commission focuses on key cases such as information disclosure violations, severely punishes violations, adheres to the "zero tolerance" crackdown, and effectively makes administrative law enforcement "thorny". In the next step, the China Securities Regulatory Commission will continue to maintain the main tone of "strict" administrative law enforcement, strictly pursue legal responsibilities for illegal activities, strictly standardize and precise law enforcement for market manipulation, insider trading and other behaviors, and help maintain fair trading order.
Three insider trading cases
All involve Hengyi Petrochemical
Three of the six fines were insider trading cases, all related to Hengyi Petrochemical.
Back in 2017, in March of that year, Zhejiang Hengyi Group Co., Ltd. (hereinafter referred to as "Hengyi Group") set up a merger and acquisition fund to acquire the assets of bankrupt enterprises in the chemical fiber industry through project companies. Hengyi Petrochemical has successively signed an "Entrusted Management Agreement" with the project company, stipulating that Hengyi Petrochemical will provide management and consulting services for the project company's production and operation activities. Within 18 months from the signing of the agreement, if the project company meets the conditions for acquisition by a listed company, Hengyi Petrochemical will have the right of first refusal.
Subsequently, the acquisition continued to advance. Guosen Securities proposed a plan for Hengyi Group to acquire 100% of the equity of the project companies Hangzhou Yijing and Jiaxing Yipeng, and then Hengyi Petrochemical would issue shares to Hengyi Group to purchase assets and raise supporting funds, and successively formed mergers and acquisitions and restructuring projects The team stationed at the site to carry out initial project due diligence and form and report a feasible project plan. Hengyi Group entrusted Ruihua Institute, Zoomlion Asset Appraisal to Shuangtu New Materials to conduct audits and evaluations, and continued to conduct audits and evaluations for Jiaxing Yipeng and Taicang Yifeng.
Until April 3, 2018, Hengyi Petrochemical announced the "General Risk Warning and Trading Resumption Announcement on the Issuance of Shares to Purchase Assets" and the "Plan for the Issuance of Shares to Purchase Assets and Raise Supporting Funds and Related Transactions (Revised Draft)". The company's stocks have resumed trading since the market opened on April 3, 2018.
The China Securities Regulatory Commission determined that the issuance of shares by Hengyi Petrochemical to purchase 100% of the equity of Jiaxing Yipeng, 100% of the equity of Taicang Yifeng and 100% of the equity of Shuangtu New Materials, as well as supporting fund raising and related transactions, constituted inside information. The inside information was formed no later than early October 2017 (i.e. no later than October 10, 2017) and was made public on April 3, 2018.
According to the investigation by the China Securities Regulatory Commission, Huang Mouchen is the deputy general manager of the Zhejiang Branch of China Cinda Asset Management Co., Ltd. (hereinafter referred to as "Cinda Asset"). Cinda Asset Zhejiang Branch and Hengyi Group negotiated the establishment of a merger and acquisition fund to integrate the upstream and downstream industries of the chemical fiber industry. The project was led by Huang Mouchen. Huang Mouchen and others were aware of the information that Hengyi Group repurchased 100% of the equity of Taicang Yifeng and injected it into Hengyi Petrochemical. They were insiders of the information and knew the information no later than November 2017. During the sensitive period of the inside information, Chen Jianping had a phone call with Huang Mouchen, an insider of the inside information, on December 27, 2017. Chen Jianping borrowed 80 million yuan and controlled the use of six securities accounts (hereinafter referred to as the "account group") including "Chen Jianping" for insider trading in Hengyi Petrochemical. In the end, he made no profit but lost money. The account group's loss amounted to 18,571,725 yuan. The China Securities Regulatory Commission decided to impose a fine of 600,000 yuan on Chen Jianping.
The inside information in the other two tickets was also related to phone calls. According to the investigation by the China Securities Regulatory Commission, Lu Changshui and Qiu Moulin are related. Lu Changshui worked for Hengyi Group in the early days. The office of the company founded by Lu Changshui is in the same office building as Hengyi Petrochemical. During the sensitive period of the inside information, Lu Changshui had phone calls with insiders of the inside information, Qiu Moulin, Ni Moufeng, and Shen Moqiang. Lu Changshui had many phone calls with Qiu Moulin on December 14 and 24, 2017; Lu Changshui and Ni Moufeng had many phone calls with each other on December 8, 10, 21, and 28, 2017; Lu Changshui and Shen Mouqiang had multiple phone calls with each other on December 1, 11, and 20, 2017.
Lu Changshui and Zhang Weiyang are classmates in the CEO class of Cheung Kong Graduate School of Business and have many contacts. At the end of 2017, Lu Changshui, Zhang Weiyang and others met at a class reunion and discussed Hengyi Petrochemical. The China Securities Regulatory Commission determined that Lu Changshui and Zhang Weiyang jointly committed insider trading in Hengyi Petrochemical, and that the "Zhang Weiyang" securities account was operated by Lu Changshui on Zhang Weiyang's behalf. The two parties did not sign a written agreement, but only agreed verbally that if they made money, they would share some of it with Lu Changshui, and their economic interests were related. Zhang Weiyang sometimes logs in to his account through the website to take a look. The securities account of "Zhang Weiyang" purchased a total of 5,050,050 shares of Hengyi Petrochemical on December 19, December 22, December 27, December 28, and December 29, 2017. After calculation, the amount of illegal gains from Hengyi Petrochemical by Lu Changshui and Zhang Weiyang from insider trading was 12,975,052 yuan. The China Securities Regulatory Commission decided to confiscate the illegal income of Lu Changshui and Zhang Weiyang of 12,975,052 yuan, and impose a fine of 12,975,052 yuan on Lu Changshui and Zhang Weiyang.
Miao Linghong and Shao Linping are husband and wife. They live together and form a community of interests. During the sensitive period of the inside information, Shao Linping had multiple phone calls with Qi Mou'er, the insider of the inside information, on December 25, 2017. Shao Linping asked Miao Linghong to pay attention to and trade Hengyi Petrochemical. After calculation, Miao Linghong controlled the use of two securities accounts, "Miao Linghong" and "Weng Mouna", and the amount of illegal income was 279,537 yuan. The China Securities Regulatory Commission finally decided to confiscate the illegal income of Miao Linghong and Shao Linping of 279,537 yuan, and imposed a fine of 279,537 yuan on Miao Linghong and Shao Linping.
Use account groups to manipulate 11 stocks
More than 80 million yuan was fined and confiscated
The CSRC also announced three cases of market manipulation. Among them, Zhang Shunping was punished the most for using a securities account group to manipulate 11 stocks. The China Securities Regulatory Commission ordered Zhang Shunping to deal with illegally held securities in accordance with the law and fined him 83.4 million yuan.
The China Securities Regulatory Commission found out that from June 26 to September 29, 2017, Zhang Shunping controlled and used 27 securities accounts to influence the trading prices and trading volumes of seven stocks including Vignas, Jin Qilin, Kanglonda, Tieliu Stock, Red Dragonfly, Sun and Moon Stock, and Peacebird by concentrating capital advantages, continuous trading, and false declarations. ; From March 6 to April 27, 2018, Zhang Shunping controlled and used 39 securities accounts. By concentrating his capital advantages and shareholding advantages, he continued to buy and sell securities, conduct securities transactions, false declarations and other means among the accounts he actually controlled, affecting the transaction prices and trading volumes of 4 stocks, including Qin'an Shares, Shanghai Yahong, Hengrun Shares, and Zhongma Transmission. To sum up, from June 26, 2017 to April 27, 2018, Zhang Shunping controlled and used the account group to manipulate 11 stocks including Vignas, making a total profit of 20,850,067 yuan.
The China Securities Regulatory Commission determined that the above-mentioned behavior constituted manipulation of the securities market, and finally decided to "penalty three for every violation" and confiscated Zhang Shunping's illegal income of 20,850,067 yuan and imposed a fine of 62,550,203 yuan.
In another market manipulation case, the China Securities Regulatory Commission found that Tan Cunling, Chen Bin, and Shan Kai had manipulated the stock price of Beijing Leadman Biochemical Co., Ltd. (hereinafter referred to as "Leadman").
Specifically, according to the existing evidence of the China Securities Regulatory Commission, Tan Cunling controlled 33 securities accounts including "Tan Cunling", Chen Bin controlled the use of 3 securities accounts including "Dai Moufeng", and Shan Kai controlled the use of 3 securities accounts including "Yan Mouliang", taking advantage of capital advantages and holdings. During the manipulation period, Leadman's stock price rose by 37.38%, while the GEM Composite Index fell by 15.45%. During the manipulation period, it deviated from the corresponding sector's Composite Index by 52.83%. After calculation, Lidman lost a total of 38,222,159 yuan in transactions in the above 39 accounts.
Tan Cunling and Chen Bin have a close relationship and had frequent WeChat and phone calls during the operation. At the same time, Chen Bin had close phone calls with Shan Kai, and others accused Shan Kai of trading Leadman in accordance with Chen Bin's instructions. The China Securities Regulatory Commission believed that the above-mentioned transactions constituted manipulation of the securities market and decided to impose a fine of 1.2 million yuan on Tan Cunling; a fine of 1.2 million yuan on Chen Bin; and a fine of 600,000 yuan on Shan Kai.
Two people manipulated 113 securities accounts
No profit but loss
Wang Yingyan, then chairman of Meishang Ecological Landscape Co., Ltd. (hereinafter referred to as "Meishang Ecology"), received a fine of 13 million yuan for manipulating his own stock, Meishang Ecology.
According to investigations by the China Securities Regulatory Commission, from June 12, 2018 to July 3, 2020, Wang Yingyan and Ji Yun actually controlled 113 securities accounts including "Wu", concentrated their capital advantages and shareholding advantages, continuously traded in Meishang Ecology, and manipulated Meishang Ecology. During the manipulation period, the price of Meishang Ecology deviated from the relevant index many times. For example, from June 12, 2018 to March 21, 2019, the Meishang Ecological stage increased by 34.60%, deviating from the GEM Composite Index (down 0.97%) by 35.57% during the same period. The account group bought a total of 3140873757 shares and sold 3138440957 shares. After deducting commissions and related taxes, the account group suffered a total loss of 237996091 yuan.
The China Securities Regulatory Commission believes that the above-mentioned behavior constitutes manipulation of the securities market. Wang Yingyan and Ji Yun collaborated and cooperated with each other in the process of manipulating the Meishang ecosystem, and are joint illegal entities. Among them, Wang Yingyan was the initiator and decision-maker of the manipulation. She arranged the trading margin and was responsible for the borrowing of some accounts. She played a leading role and should bear the main responsibility. Ji Yun was the perpetrator of the manipulation and was responsible for the borrowing of some accounts. He should bear secondary responsibility. It was decided to impose a fine of 8 million yuan on Wang Yingyan and Ji Yun, of which Wang Yingyan was fined 5 million yuan and Ji Yun was fined 3 million yuan.
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