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　　　　　　 We got all the scripts for the "most beautiful performance" in 2018 a few days in advance. Only at the end of the story that belongs to Bo Huang, there is a short remark: I am still communicating with the actors and making changes.

　　The staff told us that Bo Huang felt that there was a little less "energy" in the character setting given at present, and the plot seemed to be more meaningful.

　　In the original story named "Bomb Dismantling", Bo Huang played a police officer who received an emergency bomb disposal task. Unfortunately, he lost his hand in the process of defusing the bomb. In 20 seconds, the bomb is about to explode. So, in the last 20 seconds of his life, he asked his colleagues to dial his wife’s phone number, explain what happened after his death, and spoke of his rare attachment and love for life, life and family.

　　Until the shooting day, Bo Huang was still grinding the script with director Frant Gwo.

　　According to the notice drawn up by the staff, Bo Huang’s filming of this group of films will end at about 14 noon, so we can take time off during the transition to prepare for the filming. The whole film was finished at about 20 o’clock in the evening.

　　However, there is no opportunity to "take time".

　　It’s just a scene of entering the bomb disposal site, and Bo Huang took six or seven shots back and forth. After that, I lifted the curtain of the monitoring room and sat next to the director to discuss the performance just now.

　　He is grinding the details carefully: would it be better to turn that action around a little? Will it be more natural to follow the wife’s name "Xiao Xia" after answering the phone? A makeup artist came to make up Bo Huang’s makeup, and he threw out a sentence without thinking: "Don’t suck oil, you have to spray more water on my face, which is in line with that (in the play) state."

　　The underground parking garage where the shooting is located is getting colder and colder. After an hour, we couldn’t stand the cold, and our down jackets were useless. Bo Huang, however, remained as a character as when he started shooting. After one shot, I will calmly ask, "Let’s have another one." Even if everyone can’t see the real panorama, he will try a few more with the director.

　　Bo Huang, Frant Gwo, two men, two cups of coffee, a few cigarettes, together, again and again what heated discussion, we can’t really hear. I saw that the two entered a state of ecstasy, saying a paragraph, shooting again, talking a few words, and then adjusting. The pictures in the lens, those plots seem to have subtle differences.

　　They didn’t have much rest, so they finished the "most beautiful" shooting in one go. However, even if it was finished in one go, it was nearly 23 o’clock when it was over.

　　Do you have to put so much energy into making a film for just over a minute?

　　"If you call this a’ beautiful’ performance, I will almost do it. You have to name it’ the most beautiful performance’, so what should I do? You have to have two more! " Bo Huang answered us humorously.

　　By the time we see the complete film, the whole structure is quite different from the original simple narrative. Bo Huang and Frant Gwo changed the title of the film to Thunder, in which the character became a middle-aged police officer who was tortured by a boring life and trivial family. Before the bomb was dismantled, the "thunder" (grumpy wife) at home was "exploding" and had a big fight with him; At work, he is faced with the dangerous situation that the real bomb will detonate; At the end, the bomb crisis was finally lifted, but it also means that he will continue to face the "dark thunder" from his family and life … The meaning is rich.

　　We marveled at their ingenuity in changing the story. Bo Huang just laughed and said, "Making the result better than the original is the meaning of the existence of actors."

　　Bo Huang: Laughing that he and Sina are 20-year-old "peers", sighing that what can impress the audience is "the most beautiful performance"

　　Sina Entertainment: Just finished filming the "most beautiful performance". Do you think it’s enjoyable?

　　Bo Huang: Of course, being addicted is not. There is no end to acting.

　　Sina Entertainment: Today, you cooperated with Frant Gwo, and the two of you seemed to be shooting high, and they kept shooting until the evening, in one go.

　　Bo Huang: We all have some plans. Because you have taken a lot of pictures here recently (referring to other "most beautiful performances" this year), just pat the really good-looking (actors). In our kind, we just want to make it fun. This time, it is quite interesting from the story of the performance to the conception, and it is called "Lei". It was just finalized here.

　　Sina Entertainment: The script I first saw was called "Bomb Dismantling", and I felt that version of the story was quite simple. But I did make a lot of adjustments these days.

　　Bo Huang: I just hope it’s better. Our role is to make the result a little better than before. This is the meaning of the existence of actors.

　　Sina Entertainment: Tell me the story of the final version?

　　Bo Huang: Anyway, we are all quite excited about the tune. In the end, it’s not just a bomb disposal story. There are some midlife crisis things in it. In fact, from the beginning, he was a police officer who was bored to death by his family. Then his wife called, listened to all kinds of complaints, and then rushed to the scene with emotions to clear mines. The situation at the scene is also very critical. After his efforts, the thunder didn’t come down, and it was about to explode. At the last minute, he called his wife again, explained a lot of trivial matters, and then waited for the last thunder. But the reverse is that in the end, the thunder didn’t explode and stopped at that moment …

　　Sina Entertainment: Is it an open ending?

　　Bo Huang: It’s not open at all, but that thunder didn’t explode. But at the same time, although you got rid of this mine, you buried a mine for the rest of your life. Because you told your wife a lot of things, and you’re still a grumpy wife, what do you think of that person’s later life (laughs)?

　　Sina Entertainment: We also watched your shooting just now, and you polished it very carefully. You have to take several pictures of a whole scene. So seriously involved?

　　Bo Huang: If you call this a "beautiful" performance, I can almost do it. You have to name it "the most beautiful performance", so what should I do? You have to have two more.

　　Sina Entertainment: Speaking of "the most beautiful performance", what is your understanding of these four words?

　　Bo Huang: This question is too big. You said that the sincere is also the most beautiful, the simple is also the most beautiful, the layered is also the most beautiful, and the amazing is also the most beautiful … Anyway, I think it is the most beautiful to impress the audience.

　　Sina Entertainment: A big theme of this year’s "most beautiful performance" is 20, which also means that Sina is 20 years old. What do you associate with the number 20?

　　Bo Huang: We are the same age (laughs). In fact, Sina and I are really maturing side by side. When I first entered this industry, Sina was just beginning, so I also witnessed Sina’s step-by-step growth. At that time, it was a blog, and then Weibo … was particularly like an old friend, because I usually read all kinds of news and many things were on Sina.

　　Satisfied with The Island’s box office word-of-mouth performance, I will make a "new director" plan in the new year.

　　Sina Entertainment: When you were interviewed in Golden Goblet Awards last year, you said that you didn’t want to become a standard part of the film market. Why did you feel this way at that time? What changes have you made for this?

　　Bo Huang: Parts are standard parts. What I mean is that the standard parts can be used when you bring them here. Anyway, you can cry and laugh. But I still hope that as an actor, I can have more creative and different things. Not only do I have changes and gains, but I also hope to surprise others.

　　Sina Entertainment: Look at what you said before, sometimes I feel a little numb to the performance and feel standardized. I’ve directed and performed my own works (The Island) this year. Have you found any excitement?

　　Bo Huang: I just found some difficulties. It’s good to have difficulty. I also saw some new problems of my own. I think it’s good to discover new problems, learn from each other and make progress. I’m afraid I can’t see it. This is terrible.

　　Sina Entertainment: Are you satisfied with the achievements of The Island released this year?

　　Bo Huang: I’m satisfied with what the outside world has given me, whether it’s achievements or word of mouth. But I am not so satisfied with myself.

　　Sina Entertainment: What level of feedback from the audience will make you feel that it is worthwhile to make this film?

　　Bo Huang: A large area of praise (laughs). It was the original intention of shooting at the beginning, and the audience saw most of it with a lot of thought. Including in the filming process, I even have some doubts, do you want to spend so much effort to make this thing? Some things are actually almost enough? Or some things I don’t have to go to such a difficult place to shoot? It might be much easier to operate in another place? Wait a minute. Looking back now, persistence is right.

　　Sina Entertainment: After The Island went online, many netizens also launched a lot of brain-opening analysis. Do you think this is the success of your own director? Leave a lot of room for imagination for the audience? Or do you think you’re being too vague? Will make the audience have the idea of 7788.

　　Bo Huang: The original intention was there, but there were some excessive ideas on the Internet, and I went deep into them. I also read them carefully and thought, Oh, that’s what I thought (laughs)? Actually, I’m leaving a lot of space for the audience. This film is allegorical, of course, to leave something for everyone. I hope that 40% to 60% of the film will be left to the audience to think about. It is a good thing that you can provide the audience with a fun to think. If you finish watching the movie, the light comes on, period. You should do whatever you want when you go out … At least that’s not what I want to make this time.

　　Sina Entertainment: It basically meets its own requirements.

　　Bo Huang: Not bad. Of course there are problems, but just forgive yourself. The first time.

　　Sina Entertainment: Will the next director’s work keep us waiting for another eight years?

　　Bo Huang: No idea. You have to find something that you think is fun and you really want to shoot. Think about it, if you want to make a fool of yourself for so long, what are you doing with it? Tired, and then I’m not happy anymore (laughs)!

　　Sina Entertainment: Everyone is also very concerned. What are you busy with in the second half of this year after The Island?

　　Bo Huang: I’m mainly starting to take the show. I owe you a meal for such a long time, so I "eat" it back. I thought I could have a rest, but I didn’t. But it’s ok, at least it’s much better than the horrible days of the previous stage (referring to the days when I filmed Crazy Alien, variety show and post-production for The Island last year).

　　Sina Entertainment: I just want to ask you, because you were in a very tired state last year. What do you think of this year?

　　Bo Huang: Better! After the release of The Island, at least the pressure is not so great, and I can get a whole sleep. I used to transfer to other jobs at 3 o’clock in the morning.

　　Sina Entertainment: Just now, I said that I also started to take the show. Pick a new role or go in the direction of competing with yourself?

　　Bo Huang: Yes. Of course, I also want to receive some roles that make me excited. On the other hand, I have also started to make some new director plans, and I think it is necessary to give some help to young directors now. If my performance can bring some good situations to these new directors, it is also in my consideration.

　　Sina Entertainment: So the next role has been decided, or are they all in the selection?

　　Bo Huang: Yes, it’s already on. No spoilers.

　　Sina Entertainment: Is it Bo Ge that we haven’t seen?

　　Bo Huang: That’s necessary. I want to show you the stills!

　　Sina Entertainment: When will this film be released?

　　Bo Huang: I have several. (Sina Entertainment: Shoot at the same time? ) Because I haven’t been filming for a long time, I owe it, so I have to have a certain sense of social responsibility (laughs).

　　[Test Drive Experience] What does ""mean? You can’t look it up in dictionaries of foreign languages because it is a self-made word. It comes from the Italian word "attention", which means "attention". Designers did it, and it was easy for ATENZA to catch people’s eyes in the street.

　　The news that domestic Mazda ATENZA may be listed this year is exciting. Mazda will launch a variety of models equipped with 2.0L and 2.5L to replace the imported version of 2.0L that was used to enhance the brand image in the previous period. Unfortunately, we can’t get more information about domestic ATENZA at present, and the 2.5L version I test-drive this time is a right-hand drive car that has been listed in Japan.This article not only has the feeling of test drive, but also my understanding of Mazda’s "creating a blue sky", andAnalysis of the market prospect of ATENZA,Many words, few pictures. If you really like this car, please read the text, not just the pictures.

● How important it is to attach importance to exterior design.

　　Exterior design is undoubtedly a compulsory course for a car. Today, cars are endowed with more and more attributes besides the means of transportation. Sometimes, they provide people with driving pleasure. Sometimes they are viewed as works of art; In China, owning a car is still considered by many people as a symbol of status and wealth.

　　ATENZA has the charm of catching people’s eyes, and you will definitely look at it more unconsciously. When I first saw it, the stunning streamline shape attracted me deeply, which was the same as when I first saw the new one. Both of these products gained great attention in the first time by their excellent exterior design, and ATENZA won various design awards including "World Model Design Award of the Year" and "Top Ten Ward Interior" this year.

　　In my opinion, Mazda ATENZA, as the third generation model, has made a breakthrough in design compared with the previous two generations (that is, mazda 6 and China, which are still on sale). I can’t help asking, what makes Mazda make great progress in design, and can our own brand cars replicate Mazda’s success?

　　Give designers the privilege alone.

　　I saw Mazda’s emphasis on design. At the welcome dinner of the test drive meeting, many Mazda executives were present, and all the leaders were dressed in formal clothes, leaving their heads behind. Only a seemingly young man, when he got up to say hello to everyone, wore a casual shirt and had a casual hairstyle. The car critic said: This is the chief designer of ATENZA: Mr. Yugu. When chatting, I was curious to know that Mazda gave designers special rights and allowed them to attend formal meetings and activities in casual clothes. This is a very interesting thing for Japanese who have always been rigorous and rigid.

　　Designers need inspiration, they can’t stick to a fixed mindset, they should have their own personality, including their clothes. This detail can reflect Mazda’s emphasis on design, which is the basis for a car company to design a car that most people are satisfied with.

　　The ATENZA 2.5L model I saw in Japan is no different from the imported domestic 2.0L model in appearance. They are all equipped with 19-inch wheels and double-outlet exhaust pipes. If you want to know the details of its appearance, interior and space, please click on the picture above to see the test drive article of imported models.

● My view on "creating a blue sky"

　　What is "Chuangchi Blue Sky"? To put it simply, it is Mazda’s latest car, and they are trying to produce cars that give consideration to energy saving and driving pleasure. Did they do it? I can’t draw a conclusion until ATENZA is fully tested. However, judging from our original test of Mazda CX-5, Mazda did reduce the fuel consumption level of the internal combustion engine by one grade, and improved the smoothness and response speed of the traditional AT gearbox a lot, which is a gratifying progress.

　　Related energy consumption

　　We live in an era of resource shortage and serious environmental pollution, and major car companies have taken countermeasures to reduce vehicle energy consumption and emissions, mainly small-displacement supercharged engines and new energy vehicles. Led by, everyone has launched their own models; In the recent past, and many car companies have come up with their own variety of electric vehicles; In our country, electric vehicles from other manufacturers have taken to many streets as taxis …

　　New energy vehicles are the solutions given by most car companies in the world, but Mazda’s future seems to be different. They expressed the view that at present, the cost of hybrid vehicles is too high, consumers need to pay too much for car purchase, and the charging efficiency of electric vehicles is too low to be popularized in a short time. Therefore, Mazda continues to cling to the internal combustion engine that most people are not optimistic about, hoping to explore the efficiency of internal combustion engines by reducing energy consumption. At least for now, they are still committed to the improvement and research and development of natural inhalation.

　　Mazda cars under the concept of Chuangchi Blue Sky may have some advantages in fuel consumption compared with many similar cars on the market, but their energy-saving effect is still far from that of many hybrid cars. In the face of hybrid vehicles, Mazda’s "Chuangchi Blue Sky" model has a price advantage. However, will an energy-saving consumer compare "Chuangchi Blue Sky" with "Hybrid"? Judging from the current situation, the answer should be no. Therefore, it is impossible and unnecessary for CX-5, ATENZA and the new cars to be launched soon to compete with hybrid vehicles. In the traditional power and transmission system models, achieving one of the best energy consumption levels, I think this is the greatest significance of "creating a blue sky".

　　Mazda will also launch a hybrid car next year.

　　Mazda revealed that it will launch a hybrid car next year. They also said that Mazda will not produce a special hybrid car, but develop a hybrid version based on existing models. It will be a hybrid car based on a new generation. According to Mazda’s philosophy, I guess this car will not be vigorously promoted in a short period of time. Mazda may just want to show its further development direction through this hybrid car. As for other conclusions, it is still too early to draw conclusions.

　　About driving pleasure

　　The driving pleasure of Mazda 3 is one of the best in the same price range, and Mazda CX-5, as the first model to enter China under the concept of creating a blue sky, has really let me appreciate the charm of Mazda’s new generation of products. As the new flagship of Mazda, what kind of performance will ATENZA have? What are its advantages and disadvantages in front of competitors? Let’s test drive first and then discuss it.

In today’s SUV market, the launch of Great Wall Motor has become the focus of many riders with its unique positioning and comprehensive strength. This model not only inherits the Haval brand’s consistent hard-core off-road genes, but also makes remarkable progress in comfort, intelligence and new energy, making it an all-round SUV with both tide and wild.

Haval’s second-generation big dog is positioned as a "3/4 scale tidal wild car". This unique positioning means that it not only has the comfort and convenience of urban SUVs, but also has the off-road ability beyond ordinary SUVs. The body size has reached the level of medium-sized SUV, with a length, width and height of 4705mm1908mm1780mm and a wheelbase of 2810mm, providing spacious seating space and sufficient storage capacity. Whether it is a family trip or an outdoor adventure, it can be easily handled.

In terms of power, Haval’s second-generation big dog offers two options: fuel version and plug-in hybrid version. The fuel version is equipped with high-efficiency 1.5T and 2.0T engines, matched with wet powershift, with abundant power and smooth shifting. The plug-in hybrid version combines the high efficiency of the motor with the strength of the fuel engine, achieving lower fuel consumption and longer battery life. NEDC has a pure battery life of 105km and a comprehensive battery life of more than 1,000 km.

In terms of intelligence, Haval’s second-generation big dog is equipped with a new generation of Coffee OS intelligent cockpit system, which supports intelligent voice interaction, multi-screen linkage and other functions, making driving more convenient and interesting. At the same time, the addition of L2 intelligent driver assistance system further improves the driving safety and convenience.

Generally speaking, Great Wall Motor-Haval Second Generation Big Dog has become an all-around SUV with its unique positioning, comprehensive performance, comfortable riding experience and intelligent configuration. Whether it’s a trendy urban youth or a cross-country enthusiast who loves to explore, you can find your own fun in this model.

　　() The Record Form of Investor Relations Activities was released on May 5, and the company was investigated by 78 institutions on April 29, 2022. The types of institutions are insurance companies, others, fund companies, overseas institutions, securities companies and sunshine private equity institutions.

　　The main contents of investor relations activities are introduced:

　　Main contents of the exchange: Chairman introduced the company’s operating results in 2021 and the first quarter of 2022. I. Operating results in 2021 In 2021, the company achieved operating income of 1.29 billion yuan, an increase of 122 million yuan over the previous year and a year-on-year increase of 10.38%; Realized a net profit of 154 million yuan, a year-on-year decrease of 14.29%; The non-net profit was 128 million yuan, down 14.90% from the previous year. The decline in net profit in 2021 was mainly caused by the increase in sales expenses and the increase in raw material procurement costs: (1) The increase in sales expenses: 16 million ladder media advertisements were put in this period, 15 million market expenses such as one-time bar code fees were increased due to the launch of new products, and 10 million live broadcast fees and commission fees were increased in the e-commerce model; (2) The procurement cost of some raw materials has increased greatly. In 2021, the average purchasing unit price of palm oil increased by 43.25% compared with the previous year (the impact cost increased by 33 million), and the purchasing price of melon seeds increased by 16.26% compared with the previous year (the impact cost increased by 6.3 million); The company has raised the price of its products in the second quarter. Overall, the price increase has covered the adverse effects of the rising cost of raw materials. II. Operating Performance in the First Quarter of 2022 In the first quarter of 2022, the company realized an operating income of 320 million yuan, down 5.19% from the same period of the previous year; Realized a net profit of 22.51 million yuan, a year-on-year decrease of 45.30%; The net profit after deduction was 24.3 million yuan, a decrease of 28.50% over the same period of last year.The main reasons for the decline in sales revenue in the first quarter of 2022 are as follows: (1) Due to the difference in Spring Festival time, the Spring Festival time in 2021 was later, which led to a larger base in the first quarter of 2021. At the same time, the Spring Festival in 2022 was ahead, and the dealers prepared the goods earlier, and some orders were reflected in 2021. (2) The epidemic spread in many places across the country, and the logistics in some areas was affected, which indirectly affected the delivery of some orders. The main reasons for the year-on-year decrease in net profit in the first quarter of 2022 are as follows: (1) the initial investment of Anyang subsidiary: the personnel cost, depreciation cost of plant equipment and trial production cost of new products increased by about 6 million yuan before the new products were officially put into production; (2) Impact of raw material cost: the purchasing cost of some raw materials has increased greatly. The average purchasing unit price of palm oil in the first quarter of 2022 increased by 35% compared with that in 2021 (the influencing cost increased by 6 million), and the purchasing price of melon seeds increased by 10% year-on-year (the influencing cost increased by 800,000); (3) Impact of non-recurring profit and loss: After negotiation between the company and Anyang tangyin county Natural Resources Bureau, 62 mu of land was recovered, and the corresponding government subsidies were recovered in the current period, affecting the profit of 4.55 million. Question and answer of investors

　　Q: What progress has been made in the cooperation between new product planning and channels this year?

　　A: In terms of new products, the company delayed the launch of new products in the first quarter due to the epidemic, mainly starting from April this year, and the sales of new products in Anyang also made some progress in April. We are also implementing channels, including some membership channels, and many companies have reached cooperation intentions, but they have not been put on the shelves because of time.

　　Q: channel positioning of flavored nuts?

　　A: Considering the difference of the taste nut products, the market is divided into two parts. First, the products such as walnuts, cashews and pecans, which are relatively inexpensive, are popular and have a wider choice of channels. About 6,000 stores are preferred for delivery; Second, products with relatively high prices, such as macadamia nuts and pine nuts, are preferred to be similar to the head channel of membership-based supermarkets. At present, regular nuts have been put on the market one after another to achieve sales, and high-end nut products are also being promoted. At present, the membership supermarket is relatively fragmented, and the early goal is about 200 membership terminal stores.

　　Q: How does the rising price of palm oil affect the company’s cost pressure?

　　A: Affected by the epidemic and international comprehensive factors, the price of palm oil continued to rise sharply this year, reaching a historical high, which led to an increase in the company’s costs. The company has an alternative in oil, that is, rice oil, which is rich in nutrients. This rice oil is a domestic high-end edible oil. The price is on the high side, but it is still lower than palm oil, which is currently at a high price. The company started to use rice oil as raw material this month, which can alleviate the pressure brought by the rising price of palm oil, and the price increase can also cover the increase of oil price.

　　Q: How should we analyze the impact of the new factory in Anyang on the company’s gross profit margin?

　　A: From the first quarter, the overall gross profit margin of the company is basically the same as that in 2021. In order to prepare for the production of new products in Henan factory, the company reserved more than 500 employees in the first quarter, and the personnel cost, depreciation cost of factory equipment and trial production cost of new products increased by about 6 million yuan before the new products were officially put into production. This part of the expenses was included in the management expenses in the first quarter, which had no impact on the gross profit margin in the first quarter. From the perspective of 2022, the gross profit margin of Anyang’s new products will be slightly lower in the short term due to the influence of personnel’s proficiency, equipment running-in and capacity utilization, but with the increase of our overall capacity utilization and orders, the latter gross profit margin will gradually change for the better, which is a gradual change process.

　　Q: How to launch the company’s new product investment plan under the epidemic environment?

　　A: The investment promotion is expected to last for 3-5 months. In April, the company held a video conference with the dealers who failed to hold the on-site new product launch conference, and the promotion of new products began to go on sale one after another. At the same time, the company’s relatively high-end products are also exploring the field of membership-based business, and constantly expanding various channels of cooperation. Due to the spread of the epidemic, the growth rate of new products may be slightly slow. The company is rebuilding its bulk counters, driving old products with new products, expanding weak markets, sinking and filling blank markets, so as to increase the company’s product coverage and bring income increment.

　　Q: Has the epidemic affected the consumption power of snack food?

　　A: At present, some different changes have taken place in the data of individual channels. Due to the decrease of business crowds and the fact that most of our products were packaged around some products in the past in the first quarter, the proportion declined slightly; At the same time, with the expansion of emerging channels and the shift of consumption scenes, our online growth rate is relatively fast, which has led to an increase in the proportion of sales. So there are some changes between channels, but the overall changes have little impact.

　　Q: Can the company’s personnel adjustment keep up with the development of the company’s business?

　　A: In the early days, the single scale of the company’s products was relatively small, and the sales used the "Datong Road" model to carry out business. With the continuous growth of the scale, the company needs some more flexible personnel composition, rationally adjust the sales staff and allocate the sales team, and build a more professional service team, mainly to do market refinement, that is to say, we should have specialties, such as membership-based supermarkets, direct sales channels, etc., in the organizational structure. Last year, we made a change and added a direct sales department. This year, we will continue to strengthen this area.

　　Q: What is the current expansion of dealers and the target for this year?

　　A: This year, the company combined product characteristics with the changing trend of channels, and implemented a product stratification marketing strategy. Around the regular counter, through the way of re-optimizing the combination of new and old products, improve the sales of bulk counters and attract more high-quality dealers; The relatively high-end category of flavored nuts will prefer the corresponding channels such as the head channel and high-end customization of membership-based supermarkets for investment promotion; Both the Direct Marketing Department and the Special Channel Department are currently conducting some separate investment promotion for different products. Direct marketing is one of the development priorities of the company this year, and it will actively embrace such channels as "snacks are busy" and have reached cooperation with them. At the same time, we have also strengthened the packaging customization of convenience stores. This year’s change is from the flat and single investment promotion in the past to the establishment of a customer layered marketing plan, determination of the customer direction of the product side, and implementation of the corresponding path play. It is expected that the number of dealers will gradually increase, and the number of customers in professional channels will increase year-on-year.

　　Q: What is the form of the counter that plans to sink the market this year?

　　A: In the past, most counters were combined in the form of beans, peanuts and corn, and the product matrix was not rich enough, which led to the sinking of channels. This year, we will regroup the bulk counters and replace some old products with rice products, crispy rice cakes and other series of new products from Henan factory, which is equivalent to expanding the categories of cabinets and is more suitable for medium-sized stores like 800 square meters.

　　Q: Did the epidemic in the first quarter and April affect the company’s shipment and logistics?

　　A: In the first quarter, due to the epidemic situation control and blocked logistics, the smooth flow of logistics was affected to some extent in some areas, and the delivery period of products was postponed. In this regard, the company has adopted the way of "one thing, one discussion", that is, the same logistics station designs multiple routes to ensure a higher logistics arrival rate. The flow of personnel has also been affected. The company adopts video conference and decentralized regional conference to understand the daily work progress and investment promotion to make up for the impact of the epidemic.

　　Q: What is the scale growth target of new products and flavored nuts in Anyang? What are the core competitive advantages of the two categories?

　　A: Anyang’s new products, such as potato chips, scallops and rice cakes, have a large market volume and sufficient market scale in terms of category scale. What we are talking about is mainly about our bulk cabinets. After these large items launched by the company form a better combination with the old products, the counter efficiency can be optimized. As of last year, we only had 8,100 counters, and there is still a lot of room for the growth of counters. Tasty nuts are actually a big track, and the company’s advantages in taste research and development accumulated over the years have been preliminarily tested by the market and received good feedback. The direction we are making is delicious taste nuts, and at present we have only tapped into a small part of the market. In addition, the market feedback of rice crisp products launched this year is better.

　　Q: What is the sales expenditure plan this year?

　　A: Offline: This year, the company mainly focused on expanding the market and increasing channel construction, and vigorously explored the blank market. There are many new products launched this time, so it is difficult to focus on an influential large single product for advertising in the short term, and then further plan according to market conditions later.

　　Online: Online channel is an important brand communication channel. The company plans to cooperate with the head anchor or talent, plant grass online and other ways to spread, focusing on crowd drainage and promoting products to achieve marketing purposes.

　　Q: What is the year-on-year change analysis of subdivided products?

　　A:

　　Take the old three as an example. From the 2021 annual report, there will be a slight decline. On the one hand, the company’s supermarkets account for a relatively large proportion, but the flow of people has declined, so sales have been affected. In addition, the company’s products include bean and fruit combinations, including green peas, broad beans and melon seeds. Some consumers tend to buy bean and fruit combination products, which is also reflected in the sales data of comprehensive nuts and bean and fruit products in the annual report. Then this year, we take measures to rebuild the bulk counter, so that new products can drive the sales of old products, expand the weak market, sink and fill the blank market. At the same time, we have also developed other different specifications that are suitable for various channels, and are no longer limited to the all-round expansion of supermarkets, so as to form a positive growth in the future.

　　Q: What measures does the company take to deal with the uncertainty of the epidemic?

　　A: First, the supply of raw materials, such as palm oil, is relatively influenced by the international market, and the company has adopted a rice oil substitution scheme; Second, other imported raw materials are widely distributed, and the general company will reserve two or even more suppliers; The third is to increase the raw material reserve strategy, lock in the prices of some raw materials, and the production costs of some raw materials can be effectively controlled. Generally speaking, the establishment of a multi-quality supplier system can provide guarantee for stable supply and good quality in the future.

　　Q: What is the plan of peanut category this year?

　　A: At present, our peanut channel is the same as the old three. In terms of planning, on the one hand, we should continue to improve the original peanut products, on the other hand, we should increase innovation and research and development. From the current competitive environment, there is no competitive peanut product yet, and there is no peanut product that can stand out in the market. We need to improve the product strength through innovation to drive the quantity of peanuts.

　　Q: At present, there may be a delay in the investment promotion plan. Do we have any measures to deal with it?

　　A: Last year, we originally made a large-scale investment promotion plan for the Spring Sugar and Wine Party and the Shanghai Chinese Food Exhibition, but the current epidemic situation is still very uncertain. If it is held later, we will continue to strengthen this one, but it is not limited to this one.

　　Now we are in the stage of regional investment promotion, mainly focusing on existing dealers. Just now, I also talked about the change of sales organization structure this year. In fact, the product structure has also changed, and the channels have also changed. For example, flavored nuts and bulk counters sinking into the blank market will be invited separately, and the number of terminals will also increase.

　　Q: About how many dealers are making new products in Anyang? Is there any restocking and repurchase?

　　A: At present, there are hundreds of dealers making new products in Anyang. At the end of February, we selected some existing head dealers to participate in the new product launch conference. Now we have only completed part of the investment promotion for new products in Anyang. Just now, we also said that a large number of planned national investment promotion was blocked by the epidemic, and now we are taking regional investment promotion measures. Dealers who have placed orders for Anyang products in April have also started to make up the orders.

　　Q: In addition to the old three kinds, tasty nuts and Anyang new products, will other categories be expanded in the future?

　　A: At present, there are still many product matrices involved in the leisure snack track.

　　The first idea around is counter efficiency. Products with good sales will continue to be made, and products with less expressive force will be replaced. We hope to keep 1-2 large categories in our counters every year, constantly optimize the product structure, combine them into a product matrix with strong market competitiveness, attract more high-quality dealers and enhance market coverage. This strategy has not changed, and we have been studying products. Second, we continue to create more subdivided categories besides the existing subdivided bean products. Tasty nuts and crisp are the other two subdivided tracks we have opened up. At present, there is no head enterprise in these two categories in the subdivided field. I hope we can extract them and build a certain scale to rise to brand. In addition, although the corresponding market of several sub-categories we have developed is relatively fragmented, each section will have its own characteristics, and the development requirements are not low, but it also reduces the difficulty of branding the developed market "Gan Yuan". In the past year, our product matrix has changed, and our product channels have also changed. Although the phased process will indeed be slower, including the cause of the epidemic, we are still very confident in the long run.

　　Q: At present, the income structure still accounts for the majority. From the perspective of the assessment objectives of the employee stock ownership plan, what is the future trend of the company’s income structure?

　　A: The old three did not sink the market well enough in the past. Later, I hope that the optimized product matrix this year will drive its growth space and gradually increase positively every year. For peanuts, flavored nuts, and pastries, we hope to create new increments. If the preparatory work is well prepared, this growth rate is still well-founded. At present, we are in the process of developing products and reforming channels, and then we will carry out specific product marketing work, so we set a growth target of not less than 20% in 2022;

　　The main business of Gan Yuan Food Co., Ltd. is the research, development, production and sales of snack foods. Now it has developed into a snack food production enterprise dominated by roasted seeds, nuts, nuts and cereal cakes. At present, its main products include melon seeds, broad beans, green peas, bean fruits and nuts. The company’s brand has a high popularity and reputation in the market, and has successively won many titles, such as "provincial leading agricultural industrialization enterprise", "vice president unit of nut roasted seeds and nuts committee of China Food Industry Association", "famous brand of Jiangxi Province", "specialized and special new small and medium-sized enterprises in Jiangxi Province", "demonstration enterprise of Jiangxi Industry and Information Technology Commission", "pilot demonstration enterprise of Jiangxi intelligent manufacturing" and "vice president unit of Jiangxi Food Association".

　　Details of participating institutions are as follows:

This is the highlight moment that Shawn can boast about all his life. At the Golden Eagle Festival Awards Gala in 2012, his partner Wang Terry sang a song that his father instantly made Chen Sicheng cry, which made Lin Yongjian cry red. However, few people know that this Wang Terry wrapped in pain and tears and the Divine Comedy actually made Shawn the biggest winner.

As this song quickly spread all over the network after its release, chopsticks brothers Shawn and Wang Terry, as singers, immediately became the biggest beneficiaries. When they were invited by major program groups to earn a lot of money, a catastrophe was quietly coming.

In the same year, a netizen suddenly broke out that the father who made the chopsticks brothers’ popularity soar was actually copying other people’s works. Later, some netizens released a thank you song written by a Japanese singer named Da Qiao in 2008.

Later, the controversy on the Internet grew louder and louder. In an interview, Wang Terry also hinted that this father’s song really borrowed from other singers’ works.

Once the news was sent out, Wang Terry became the object of criticism by many keyboard men, but what people can’t figure out is why only Wang Terry was scolded for the same song.

Later, netizens found the answer in the story behind Shen Ba’s father. After his father became angry, Chopsticks Brothers emphasized in an interview that the background of the Divine Comedy was Wang Terry’s loss of his cancer father, so that many netizens were full of pity for Wang Terry at that time. However, when they learned about the plagiarism scandal, they felt cheated, which made them even more angry.

Even if the news of Wang Terry’s father’s death is true, most people don’t buy it. On the other hand, Shawn, one of the chopsticks brothers, participated in the creation of this divine comedy, but he was always in charge of the MV part.

I know that Shawn was an art student at the Beijing Film Academy before cooperating with Wang Terry. Because he likes movies, he took courses about directors, but he usually lives only by contact advertising. But since he met Wang Terry, he has become a small director who can make his own movies. Although the box office is not as good as the first-line directors, some of them are even broadcast only on the Internet. However, with the popularity of several Divine Comedy songs by Chopsticks Brothers, Xiao Yang’s works have gradually become familiar to the outside world and even recognized by industry professionals.

Later, after a scandal broke out in Wang Terry and the Chopsticks brothers stopped releasing new works, Xiao Yang entered the film and television circle again. With his previous contacts and resources, he has taken several films of great directors in succession, which not only won the box office, but also won word of mouth, and was also angered by netizens for the actors who were delayed by singing.

I’m afraid Andy Lau’s most regretful man in my life is only Shawn. When filming this movie, Shawn was slapped 36 times by Andy Lau. Although the guilty Andy Lau apologized to Xiaoyang at the first time after the scene, Shawn’s disappointing face swelled up the next day, which further deepened Andy’s apology to Shawn.

In an interview on a red carpet, Andy Lau generously said that Shawn was his idol, but only Shawn knew what it would take to get Andy Lau’s approval.

However, with the success of Shawn, the attention of the outside world is not only on him personally, but also on his former good brother Wang Terry.

A song earns 580 thousand a day. Once chopsticks brothers, now one is worth more than 100 million yuan, and the other disappears. Can they go back? With a small apple popular all over the world, the brainwashing melody coupled with the magical dance makes this song as hot as Jiangnan style.

With this song, the Chopsticks Brothers have already won the prize and won the soft hand, and they have also entered the stage of the National Music Awards. At the hottest time, there were countless Shang Yan who took the initiative to find you. With the support of this song, the Chopsticks Brothers earned 580,000 yuan every day. They thought that they could bring more amazing works after this, but they didn’t expect the news that they parted ways.

For Xiao Yang, he has been a schoolmaster since he was a child, and he is good at all kinds of skills. At that time, with his superb painting skills, he was admitted to the director department of Beijing Film Academy, and after graduating from college, he shot many excellent works. Besides painting and filming, Xiao Yang still has an actor’s dream that has never been realized, so he has been satisfied with his achievements in music since the explosion of Little Apple, so he decided to go to the film and television circle again and no longer partner with Wang Terry.

Later, Shawn teamed up with Chen Sicheng and other leaders to shoot several super-high-reputation plays, and since then, he has become famous, and his pay has risen from the initial tens of thousands to hundreds of thousands or even millions.

Today, although his value is not as high as that of a top-notch star, he is already worth over 100 million yuan. On the other hand, his good partner, Wang Terry, seems to have no other thoughts except making music. After Shawn entered the film and television industry, he invested in several personal records, but almost none of them earned money back, so that he still owed a lot of money outside when he was over half a year old. Today, Wang Terry has rarely appeared in public. He was photographed by a reporter or supported Shawn’s new film. Two people who were originally at the same starting line did not expect that their status today was very different.

However, Wang Terry’s obsession with music is beyond the imagination of the outside world. Although there was no hope in her, she cultivated her daughter’s sensitivity to music when she was very young. After her daughter became an adult, Wang Terry sent him to the trainee camp, and when her daughter participated in the competition, Wang Terry also specially recorded a video to cheer her up.

Although he used to be a hot singer, but now things have changed, and now he is over 50 years old and has more energy to return to his family. Chopsticks brothers who once stood on the same runway now have their own lives. Xiao Yang and Wang Terry can’t go back, but the excellent works they left for the audience are always there.

Editor in charge:

　　The research report pointed out that the national real estate policy has been frequent recently, and soda ash, as one of the main varieties in the industrial chain of real estate completion, has attracted market attention. Recently, the continuous futures price of soda ash has increased significantly. Soda soda is one of the core varieties of real estate chain. In the past two years, the pattern of industry supply and demand has changed greatly, mainly reflected in the rapid concentration of industry production capacity to the first two enterprises and the rapid increase in the proportion of photovoltaic demand. The balance between supply and demand of the industry in the next three years is calculated. Generally speaking, it is considered that the comprehensive operating rate of the industry will remain above 85%, and the soda ash market is expected to remain active, and the overall situation will be easy to rise and difficult to fall. Industry head enterprises and related flexible targets still deserve long-term attention.

　　CITIC Jiantou | Soda: the core variety of real estate chain, there are still many opportunities under the new pattern.

　　Soda soda is one of the core varieties of real estate chain. In the past two years, the pattern of industry supply and demand has changed greatly, mainly reflected in the rapid concentration of industry production capacity to the first two enterprises and the rapid increase in the proportion of photovoltaic demand. We calculated the balance of supply and demand in the industry in the next three years. Generally speaking, we believe that the comprehensive operating rate of the industry will remain above 85%, and the soda market is expected to remain active, and the overall situation will be easy to rise and difficult to fall. Industry head enterprises and related flexible targets still deserve long-term attention.

　　Recently, the national real estate policy has been frequent, and soda ash, as one of the main varieties in the industrial chain of real estate completion, has attracted market attention. Recently, the continuous futures price of soda ash has increased significantly.

　　Although soda industry is a traditional industry, in fact, in the past two years, the supply and demand pattern of soda industry in China has changed greatly. On the occasion of the expected recovery of the real estate industry chain, this report mainly combs the supply and demand of the industry and the investment opportunities under this supply and demand background.

　　Supply side: Yuanxing and Jinshan lead the expansion of production, and the industry supply tends to be concentrated substantially.

　　In the past two years, the representative event of soda ash supply side is the concentrated expansion of production of head enterprises, in which 5 million tons of soda ash in Yuanxing Alashan Phase I began to be put into production gradually in 2023H2, and 2 million tons of soda ash was also put into production in Jinshan, Henan. The industry pattern has been greatly concentrated in the first two companies. In particular, Yuanxing Alashan is a natural alkali project, and its cost is obviously ahead of the industry average; Jinshan’s production capacity is combined alkali process, which also has a cost advantage compared with the ammonia-alkali process plant with the largest number of industries. Therefore, the industry cost curve has also changed greatly in the last two years.

　　Demand side: photovoltaic connecting rod demand support; Smooth end impact of flat glass link

　　Photovoltaic: the proportion of demand has increased significantly; Higher growth can be expected in 24 years. In the past two or three years, with the rapid expansion of the photovoltaic industry, the most significant change for soda ash is the significant increase in the daily melting amount of photovoltaic glass. As the vast majority of photovoltaic glass corresponding to the global installed capacity comes from China, in the medium and long term, the global installed capacity of photovoltaic glass is the most important factor (not the capacity of photovoltaic glass), as shown in the following figure. By 2024, the daily melting amount of photovoltaic glass has reached 100,000 tons/day, which is flat.

　　The daily melting amount of plate glass is close, which has become the most powerful support for the demand side of soda ash And in 2024, the global photovoltaic installed capacity is still expected to maintain a growth rate of around 25%, which will continue to push up the demand for soda ash.

　　Real estate: the completion of real estate fluctuates greatly, but the fluctuation of flat glass production is quite smooth, and because of the low base, even if the 24-year completion cycle is not good, it will not particularly impact the demand. The production of 1 ton of flat glass requires about 0.2 tons of soda ash, so the demand for soda ash at the real estate end is mainly reflected in the output of flat glass. However, the characteristics of flat glass that it is not easy to be cold-repaired, and once it is cold-repaired, it will be shut down for a long time determine that the starting load fluctuation of most production capacity in the industry is very small. As shown in the following figure, it can be seen that the fluctuation of the year-on-year growth rate of glass production in history is far less than that of the completed area of houses.

　　Even in 23 years, we also saw the reverse relationship between completion and flat glass output: the year-on-year growth rate of completion in 23 years reached +17%, but the year-on-year growth rate of flat glass was negative due to the high base in 22 years. In 24 years, the market generally expects the growth rate of real estate completion to turn negative, but we also have reason to believe that it is difficult for flat glass production to drop sharply under the 23-year base.

　　Balance between supply and demand: Below, we make a relatively simple calculation of the balance between supply and demand of soda ash-

　　(1) Capacity end: We assume that the large-scale production capacity under construction in soda ash industry, such as Yuanxing Alashan Phase II project, can be put into production as scheduled. And put in some small production capacity expectations (but irrelevant to the overall situation). Among them, there are two kinds of caliber: year-end capacity and annual capacity considering the release rhythm. If a certain production capacity reaches the end of June of that year, it will be counted as half of its total production capacity in the industry’s "annual production capacity considering releasing rhythm".

　　(2) Demand side: at the completion side, we assume that the decline in real estate completion in 2024 will bring about a decline in the output of flat glass of about 7%; On the photovoltaic side, we assume that the daily melting amount of photovoltaic glass will maintain a year-on-year growth rate of about 25% with the global photovoltaic installed capacity in 2024, but the growth rate will fall back to about 10% in 25 and 26 years. As can be seen in the following table, according to the above assumptions, even under the more pessimistic assumptions about the completion and flat glass (for example, assuming that the output of flat glass will decline by 12% in 2024), the demand for soda ash will continue to increase year-on-year in 24 years.

　　(3) In terms of inventory and import and export, it is assumed that the level of stability in normal years is basically maintained, which makes our attention focus on the long-term changes in the supply and demand pattern of the industry.

　　Based on the above assumptions, as shown in the following table, it is not difficult to find that if measured by the average operating rate of the industry, 2022 and 2023 will be the years with the tightest supply and demand in the industry, and the average operating rate of the industry is around 90%.In 2024, the expected growth rate of industry supply is greater than demand, and the industry pattern tends to be loose.

　　But even if the supply and demand of the industry tends to be loose, we think this does not mean that the soda industry is not worthy of attention. On the contrary, based on the following reasons, we believe that soda ash is still a high-quality plate worthy of continuous tracking in the next 2-3 years.

　　1. Head enterprisesThere is still a solid bottom profit, a low valuation level and a significantly improved dividend rate.

　　At present, the head enterprises in soda ash industry are not only producing 1.8 million tons of Zhongyuan Chemical and 5 million tons of Alashan soda ash, but also the total production capacity ranks first in the country. More importantly, as the only natural alkali manufacturer in the industry, the company has a high cost advantage in the industry. Under the background that the price of soda ash in 24Q1 has dropped obviously and the industry profit has deteriorated, there is still a profit level of 568 million yuan in a single quarter and 2.272 billion yuan annually. In the future, with the climbing of Alashan Phase I production capacity and the construction and commissioning of Alashan Phase II, there is still much room for improvement in production capacity, and the average cost per ton is expected to be further diluted.

　　On the other hand, it should be noted that the company greatly increased the dividend level in 2023, with the cash dividend amount reaching 1.119 billion yuan and the dividend rate (calculated by deducting non-net profit) of 46%. After the capital expenditure of Alashan Phase I and Phase II ends, the annual deduction of non-net profit and dividend rate may be further increased, and the feedback from potential shareholders is considerable.

　　2. It should be noted that the industry operating rate is still expected to be above 85% in 24 or 25 years, and the absolute level is still relatively high:

　　Our judgment on the supply and demand of the industry is based on the static analysis at the current time. However, unexpected supply and demand disturbances are likely to occur in actual economic operation. From the historical experience, when the comprehensive operating rate of the industry is above 85%, it actually has the basis for a substantial price increase with the cooperation of supply and demand. For soda ash, if there is an unexpected favorable supply and demand in 24 or 25 years (the real estate policy is more than expected, or the global photovoltaic demand is more than expected), there may be a sharp price increase in the short term.

　　Historically, according toIn 2018 and 2020, the comprehensive average operating rate of soda ash industry was around 83%, slightly lower than 85%, but there was a dramatic surge in the corresponding years.

　　3. The increasingly concentrated industry pattern will make soda ash easy to rise and difficult to fall, and the price may not really be close to the industry cost line for a long time:

　　When a subdivided commodity industry tends to be oversupplied, a simplified way of thinking is "marginal cost pricing", that is, the price is likely to fall to or even fall below the full cost of the industry’s marginal capacity. This rule has been verified in most chemical products in history. But on the other hand, it should be noted that when the industry supply is increasingly concentrated in the head enterprises, commodity prices often deviate from the above laws. Specifically, it is gradually showing the characteristics of "easy to rise and difficult to fall" and "natural bulls". The logic behind it is that the price leadership of the industry leader and the bargaining power relative to the downstream have been greatly improved.

　　In fact, in 2023, we have already seen such a situation. With the commissioning of the Alashan Phase I project in Yuanxing, the leading position was established, and the price of soda ash was obviously easy to rise and difficult to fall:

　　We believe that in 2024, although the supply and demand of the industry will continue to become loose conservatively, the price of soda ash is probably not "honestly lying on the marginal cost line". For the leading enterprises in the industry, it is also likely to form a more favorable situation than "completely competitive market and marginal cost pricing".

　　4, soda standard often has a high stock price elasticity:

　　Our discussion mainly focuses on the fundamental level. However, from the performance of stock price, due to the deep binding between soda ash and real estate demand in history, and the active trading of corresponding futures varieties, the stock price elasticity of soda ash is often in the forefront in the chemical industry when the real estate is highly concerned.

　　1. Risk of deterioration of supply and demand in the industry: The biggest risk of the industry is to calculate from the balance of supply and demand. In the next two years, the industry may continue to experience the situation that supply and demand tend to be loose. Of course, this does not mean that the head enterprises in the industry will have serious performance pressure.

　　2. Downside risk of real estate: At present, the real estate policy is making efforts nationwide, but if the real estate industry is not repaired as expected, especially if the completion end is significantly less than expected, it may have a greater impact on it.

　　3. Risk of coal price fluctuation: regardless of ammonia alkali, combined alkali and natural alkali, coal price constitutes a considerable part of production cost. Therefore, if the coal price is greatly increased, it may greatly affect the production cost of soda enterprises.

　　Huitong Finance APP News-On Monday (November 4), Malaysian palm oil futures closed up, mainly boosted by the trend of competitive vegetable oil market. The benchmark January palm oil contract (FCPOc3) rose by 23 ringgit, or 0.47%, to close at 4,891 ringgit (US$ 1,119.22 per ton). This increase is not large in today’s trading, but it is quite stable under the background of the current cautious mood in the market.

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