Ganzhou City, Jiangxi Province actively promotes the "integration of three areas" between Ganzhou land port and Ganzhou Comprehensive Bonded Zone and China (Ganzhou) cross-border electronic commerce Comprehensive Experimental Zone, and realizes the integrated development of "China-Europe trains and cross-border e-commerce". The picture shows the busy scene of land port Railway Station in Ganzhou. Photo by Zhu Haipeng (People’s Vision)

　　Pingxiang County, Xingtai City, Hebei Province vigorously expands the foreign trade export market, supports cross-border e-commerce enterprises to expand export scale, and promotes foreign trade enterprises to become bigger and stronger. The picture shows that the employees of a bicycle company in Pingxiang County are rushing to make baby carriage export orders recently. Photo by Chai Gengli (People’s Vision)

　　On November 24th, "the State Council’s Reply on Agreeing to Establish cross-border electronic commerce Comprehensive Experimental Zone in 33 cities and regions such as Langfang" (hereinafter referred to as "Reply") was officially released, agreeing to establish cross-border electronic commerce Comprehensive Experimental Zone in 33 cities and regions such as Langfang, Zaozhuang and Lhasa. So far, the number of comprehensive experimental zones in cross-border electronic commerce, China has reached 165, covering 31 provinces.

　　There are 165 cross-border e-commerce comprehensive test areas.

　　The "Reply" proposes to agree to Langfang City, Cangzhou City, Yuncheng City, Baotou City, Anshan City, Yanji City, Tongjiang City, Bengbu City, Nanping City, Ningde City, Pingxiang City, Xinyu City, Yichun City, Ji’ an City, Zaozhuang City, Jining City, Taian City, Dezhou City, Liaocheng City, Binzhou City, Heze City, Jiaozuo City and Xuchang City. This is the seventh batch of cross-border electronic commerce Comprehensive Experimental Zone established in China. Previously, the State Council has carried out the construction of cross-border electronic commerce Comprehensive Experimental Zone in 132 cities including Hangzhou, Ningbo and Tianjin in six batches.

　　Hong Yong, an associate researcher at the E-commerce Research Institute of the Ministry of Commerce, told this reporter: "In recent years, the model of cross-border e-commerce comprehensive test area has become more and more mature, and this year there has been a relatively rare ‘ Two batches a year ’ This also shows China’s determination to further expand reform and opening up. " After this expansion, there are 165 cross-border e-commerce comprehensive test zones in China, covering 31 provinces in China, and the cross-border e-commerce comprehensive test zones are moving towards the stage of inclusiveness.

　　In terms of geographical distribution, the cities where the 33 newly-established cross-border electronic commerce Comprehensive Experimental Zones are located have a good foreign trade foundation, and pay more attention to the central and western regions and border areas in geographical distribution, gradually expanding from the eastern and southern coastal areas to inland provinces, and extending from central cities and provincial capitals to second-and third-tier cities. Hong Yong pointed out that it is worth noting that this expansion includes Lhasa, Xizang Autonomous Region, which fills the gap that there is no cross-border e-commerce comprehensive test area in Xizang. After this expansion, Shandong Province has achieved full coverage of cities under its jurisdiction, becoming the fourth province in China to achieve full coverage of cross-border electronic commerce Comprehensive Experimental Zone. Previously, Zhejiang, Jiangsu and Guangdong provinces also achieved full coverage.

　　Copy and popularize mature experiences and practices.

　　According to the "Reply", the construction of a new batch of comprehensive test areas should replicate and promote the mature experience and practices of the first six batches of comprehensive test areas.

　　In terms of specific construction promotion, the Reply proposes to give full play to cross-border electronic commerce’s positive role in helping traditional industries to transform and upgrade, promoting the digital development of industries, promoting the optimization and upgrading of foreign trade, and accelerating the construction of a trade power. It is necessary to protect the rights and interests of personal information and create a good business environment for all kinds of market players to participate in market competition fairly.

　　Subjects at all levels should implement their responsibilities. The "Reply" requires that the people’s governments of relevant provinces (autonomous regions) should further refine the task of piloting first, highlight key points, be driven by innovation, give full play to the decisive role of the market in allocating resources, give better play to the role of the government, effectively guide social resources, rationally allocate public resources, and solidly promote the construction of comprehensive experimental areas. At the same time, the relevant departments of the State Council should strengthen coordination, guidance and policy support for the comprehensive experimental zone in accordance with the division of functions, and give full play to the demonstration and leading role of the comprehensive experimental zone. Efforts will be made to explore and innovate in the technical standards, business processes, supervision modes and information construction related to business-to-business (B2B) mode in cross-border electronic commerce, and more supporting measures will be studied and introduced to create a good environment for the development of the comprehensive experimental zone and better promote and standardize the industrial development of cross-border electronic commerce.

　　In addition, the "Reply" also proposes to further improve cross-border electronic commerce’s statistical system and implement supporting policies such as exempting cross-border electronic commerce’s retail export goods from value-added tax and consumption tax according to regulations. Enterprises can choose to collect enterprise income tax, and automatically apply cross-border electronic commerce’s retail import pilot policy to cities (regions) where the comprehensive experimental area is confirmed to meet the regulatory requirements by the local customs, and support enterprises to build and share overseas warehouses.

　　Add impetus to the steady growth of foreign trade.

　　In recent years, cross-border e-commerce has become an important starting point for stabilizing foreign trade and promoting consumption with the support of policies. In the past five years, the scale of cross-border e-commerce in China has increased nearly tenfold. In 2021, the import and export scale of cross-border e-commerce in China reached 1.92 trillion yuan, an increase of 18.6%, achieving continuous growth. In the first half of this year, the import and export volume of cross-border e-commerce increased by 28.6% year-on-year. Among them, the cross-border e-commerce comprehensive test area has obvious driving effect.

　　The relevant person in charge of the Ministry of Commerce said earlier that at present, the cross-border e-commerce comprehensive test zone in China basically covers the whole country, forming a development pattern of linkage between the land and the sea and mutual assistance between the east and the west. According to the previous comprehensive evaluation of the first five batches of cross-border e-commerce comprehensive test zones by the Ministry of Commerce, the first five batches of comprehensive test zones have vigorously promoted innovation in systems, management and services, and achieved remarkable results in construction, effectively helping foreign trade to maintain stability and improve quality.

　　The continuous expansion of the cross-border e-commerce comprehensive experimental zone will accelerate the pace of building a strong trading country. "The new cross-border electronic commerce Comprehensive Experimental Zone reflects the government’s emphasis on the new format of cross-border e-commerce, and hopes to help transform and upgrade traditional industries and promote the high-quality development of foreign trade through cross-border e-commerce." Hong Yong said, "We should accelerate the B2B model and support cross-border e-commerce brand building. Relying on ‘ 9710’ ‘ 9810’ Regulatory model, used car export pilot, etc., promote the integration of industries with international competitive advantages and cross-border e-commerce, optimize the international logistics channel of cross-border e-commerce based on China-Europe trains and new channels of international trade, and support the innovation of B2B export business of cross-border e-commerce. "

Since the film was born in 1895, commercial films have been closely related to Hollywood in the United States. The history of American movies accounts for almost half of the world’s movie history. Since the birth of a country appeared in 1915, American blockbusters have topped the global box office almost every year. Of course, their companies are basically American.

This paper counts the global box office champions from 1915 to 2023, which film company they came from, and the acquisition pattern and current situation between companies.

Text: clockwork

Typesetting: Yaoyao

Editor: Liu Xiaodai

Planning: Throw away the book editorial department

According to the final company statistics at this stage (August 2024):

Disney = Bowei Film Publishing Company *5+ Walt Disney Film *11+ Touchstone Film *1+ Marvel Film *2+ Twentieth Century Fox Film *1+ Lucasfilm *1=21 times.

MGM = MGM *12+ United States *1=13 times.

Warner Bros. = Warner Bros. *19+ New Line Pictures *2=11 times

Sony = Samsung Film Company *1+ Columbia Film Company *1=2 times.

The acquisition pattern and present situation between companies

01

Paramount, who won the most titles in 21 years, has maintained great competitiveness since its establishment in 1912. Except for the 1960s, every decade has its own ruling period. Its representative works are The Godfather, raiders of the lost ark, Mission Impossible, Transformers and Top Gun, and its single films include Titanic and Rear Window …

However, after 2014, I never won the annual championship again.

Paramount)1912 since 1912.

(acquired by Viacom in 1994)

1919《The Miracle Man》

1923 "caravan"

1926 The Mermaid of the South China Sea

The Adventures of Tom in 1930

1932 Shanghai Express

1933 I am not an angel

1947 "Golden Earrings"

1949 Samson and Sun Lida

1954 "Rear Window"

1956 Ten Commandments

1970 "Love Story"

1972 The Godfather

1978 Grease

Raiders of the lost ark in 1981.

1986 Top Gun

1987 fatal temptation

1989 Indiana Jones 3

1990 "Ghost"

1997 Titanic

2000 Mission Impossible 2

2014 Transformers 4

02

The second place is Disney Pictures for 14 times, but counting the companies currently acquired, it is also 21 times. Disney began to dominate the film industry in the 1990s, and Rowen, Pirates of the Caribbean, The Avengers, Star Wars and Avatar series have all been merged into Disney’s subsidiary.

Walt Disney Pictures)1923 since 1923.

1992 Aladdin

1994 The Lion King

1995 "Die Hard Rowen 3"

2006 Pirates of the Caribbean 2

2007 Pirates of the Caribbean 3

Toy Story 3 in 2010

2012 The Avengers 1

Frozen in 2013

2015 Star Wars 7

2016 Captain America: Civil War

2017 Star Wars 8

2018 Avengers 3

2019 Avengers 4

2022 Avatar 2

03

The third place is MGM 12 times, plus the acquisition of United States is 13 times. MGM’s peak was founded in 1924 to 1950s, and its representative works are Ben Xu, Rocky Series and Gone with the Wind.

MGM)1924-present)

1925 Flower of the Battlefield

1929 Broadway Melody

1934 The Veil

1936 La Traviata

1939 Gone with the Wind

1943 "The Biwing Birds"

1944 "Fire Tree and Silver Flower"

1948 "Flowers bloom and butterflies are full of branches"

1951 "The tyrant burned the city"

1959 Ben Xu

1976 rocky

1979 rocky 2

04

The fourth and fifth places are Twentieth Century Fox (acquired by Disney in 2019) for 12 times and Warner Bros. for 9 times (plus the acquisition of New Line Pictures for 11 times).

Twentieth Century-Fox Film Corporation from 1935 to the present.

(Acquired by News Corporation in 1985 and Walt Disney Pictures in 2019)

1958 South Pacific

1963 Cleopatra

1965 The Sound of Music

Butch cassidy and the sundance kid in 1969

Towering inferno in 1974.

1977 Star Wars

1980 Star Wars 2

1983 "Star Wars 3"

Independence Day in 1996

1999 Star Wars Prequel 1

Avatar in 2009

2022 Avatar 2

Warner Bros. (WBEI) since 1923

(acquired by AT&T in 2018)

1927 Jazz Singer

Sergeant York in 1941

1973 exorcist

Towering inferno in 1974.

2001 Harry Potter and the Philosopher’s Stone

2005 Harry Potter and the Goblet of Fire

The Dark Knight of Batman in 2008

2011 Harry Potter and Under the Deathly Hallows

2023 Barbie

05

Other global box office champion production companies are as follows:

Epoch Production Company 1915-[? Incomplete information]

(Only "The Birth of a Country" was produced and distributed, and the funds obtained were used to set up the Triangle Film Company)

The Birth of a Country in 1915

Triangle Film Corporation 1915-1922

(In 1917, the distribution network was acquired by WW Hawkins Company, and in 1918, the studio was acquired by Godwin Film Company [1/3 MGM].)

In 1916, "Clash with the Same Party"

Fox Film (1915-1935)

(In 1935, it merged with 20th Century Pictures to become 20th Century Fox Pictures)

1917 Cleopatra

American Film Reservation Office (FBO)1918-1929

(In 1928, the funds were merged into Radio and Television China Film Company)

1918 Mickey

United States Corporation (UA)1919-2019

(It was acquired by MGM in 1981 and officially discontinued in 2019)

1920 "All the way east"

1922 Robin Hood

1966 "Soul Desires spring night"

1971 The Violinist on the Roof

1976 rocky

1988 Rain Man

Metro Pictures)1915-1924

(Acquired by individuals in 1919 and merged into MGM in 1924)

1921 Four Horsemen of Revelation

First National Pictures 1917-1936

(It was acquired by Warner Bros. in 1929 and officially discontinued in 1936)

1924 "Seahawk"

True-life photo plays (1928-1934)

(Only the silent version of The Road to Ruin in 1928 and the audio version of the same name in 1934 were produced and released.)

1928《The Road to Ruin》

Universal (1912-present)

(acquired by MCA in 1962)

1931 Frankenstein

1975 jaws

1982《E.T Alien

1985 "Back to the Future"

1993 Jurassic Park

RKO Film Company (1929-1959)

(acquired by General Tire & Rubber Company in 1955)

1935 Politeness

1937 Snow White and the Seven Dwarfs

1940 Pinocchio

1942 Bambi the Deer

1945 "The Bell of Saint Mary"

1946 Song of the South

1950 "Fairy Journey"

1953 Peter Pan

Columbia Pictures Industries (1918-present)

(acquired by Sony in 1989)

1938 "Life is like a Dream"

1957 bridge on the river kwai

Lawrence of Arabia in 1962

1968 "Wonderful Girl"

1984 Ghostbusters

2021 "Spider-Man Heroes No Return"

Xinyi Rama Publishing Company (CRC)1966-1975

(It was acquired by Pacific Coast Theatre in 1963 and completely liquidated in 1978)

1952 This is the New Art Rama

Bowei Film Publishing Company (BVDC) since 1953

(owned by Walt Disney Pictures, officially renamed Walt Disney Studio Film in 2007)

1955 "Miss and the Tramp"

1960 Cape Paradise

1961 "101 loyal dog"

1964 "Happy Man"

1967 jungle book

True-life photo plays (1928-1934)

(Only the silent version of The Road to Ruin in 1928 and the audio version of the same name in 1934 were produced and released.)

1928《The Road to Ruin》

Universal (1912-present)

(acquired by MCA in 1962)

1931 Frankenstein

1975 jaws

1982《E.T Alien

1985 "Back to the Future"

1993 Jurassic Park

RKO Film Company (1929-1959)

(acquired by General Tire & Rubber Company in 1955)

1935 Politeness

1937 Snow White and the Seven Dwarfs

1940 Pinocchio

1942 Bambi the Deer

1945 "The Bell of Saint Mary"

1946 Song of the South

1950 "Fairy Journey"

1953 Peter Pan

Columbia Pictures Industries (1918-present)

(acquired by Sony in 1989)

1938 "Life is like a Dream"

1957 bridge on the river kwai

Lawrence of Arabia in 1962

1968 "Wonderful Girl"

1984 Ghostbusters

2021 "Spider-Man Heroes No Return"

Xinyi Rama Publishing Company (CRC)1966-1975

(It was acquired by Pacific Coast Theatre in 1963 and completely liquidated in 1978)

1952 This is the New Art Rama

Bowei Film Publishing Company (BVDC) since 1953

(owned by Walt Disney Pictures, officially renamed Walt Disney Studio Film in 2007)

1955 "Miss and the Tramp"

1960 Cape Paradise

1961 "101 loyal dog"

1964 "Happy Man"

1967 jungle book

Touchstone Pictures)1984-2016 (a subsidiary of Walt Disney Pictures, specializing in PG-13 and R-rated films)

1998 The End of the World

New Line Cinema)1967-2008

(Warner Bros. became an independent studio in 2008)

Lord of the Rings 2, 2002

Lord of the Rings 3, 2003

DreamWorks Pictures)1994 since 1994.

(Paramount took over the distribution business in 2006, Touchstone Pictures in 2009, 20th Century Fox in 2013 and Universal Pictures in 2016.)

Shrek 2 in 2004

Marvel Studios)1993 since 1993.

(Walt Disney Pictures, completely out of the control of Marvel Entertainment in 2015)

2012 The Avengers 1

2021 "Spider-Man Heroes No Return"

Huayi Brothers Media Corporation since 1994.

2020 The Eight Hundred

Summary of global box office champion film production companies

The director who won the most titles in the following year was Steven Allan Spielberg, who was the only one for five times. Next are Geroni Mi, Lusko and James Cameron.

The most popular movie series was Star Wars, which topped the list in six years, followed by The Avengers and Harry Potter, which won three years each.

It is worth mentioning that in 2000, China won the box office title for the first time, and it was John Woo’s Mission Impossible 2. By 2020, The Eight Hundred, directed by Guan Hu, was the first China film to win the global title.

Director and film series data summary

　　　　　　 CCTV News:Last year, the United States unilaterally withdrew from the comprehensive agreement on Iran’s nuclear issue, restarted sanctions against Iran, and recently increased its "extreme pressure" on Iran — — Faced with the aggressiveness of the United States, Iran has recently taken many measures to "defend against" the pressure from the United States.

　　　　　　 After the United States officially announced its withdrawal from the Iranian nuclear deal last year, it resumed economic sanctions against Iran. Among them, the sanctions against Iranian oil exports directly hit the lifeline of Iran’s economy. At the same time, the United States has continuously increased its pressure on Iran in other aspects, including classifying Iran’s Islamic Revolutionary Guard as a terrorist organization and sending more troops to the Middle East. In addition, after the recent oil tanker attacks in the Gulf region, the regional situation has become more complicated.

　　　　　　 On May 8 this year, on the first anniversary of the unilateral withdrawal of the United States from the Iranian nuclear deal, Iranian President Rouhani announced that he would suspend the implementation of some provisions of the Iranian nuclear deal and would not sell heavy water and enriched uranium to foreign countries. Iran hopes to negotiate Iran’s rights and interests in the agreement with other signatories in the Iranian nuclear deal within 60 days. If the demands are not met, Iran will no longer limit the product abundance of its uranium enrichment activities.

　　　　　　 On the 17th of this month, the Iranian Atomic Energy Organization issued a statement, announcing that Iran will break through the upper limit of 300 kilograms of low-enriched uranium by June 27th. According to the Iranian Atomic Energy Organization, Iran has increased its enriched uranium production capacity, but its products remain low in abundance. Analysts believe that the Iranian breakthrough in the Iranian nuclear deal is a new step, which is the latest counter-measure to constantly "exert extreme pressure" on the United States. Iran made this move at a time when the US-Iran relationship continues to be tense and the regional situation is complicated and changeable, probably to increase the bargaining chip with the United States.

1905 movie network news On March 29th, the suspense comedy released a special edition of "Surprise", which gathered all kinds of wonderful inside stories of "Surprise for Heaven" that were surprising, surprising, amazing and frightening. For the first time, the special edition exposed dirty makeup models, and a group of people or masks, masks, or hanging colors, all of which obscured their true looks, which made people wonder what kind of drama would happen between them.

The movie "Nothing can’t be solved in a hot pot" tells an absurd story full of suspense and joy: four strangers share the spoils in the backstage warehouse of the theater, and they are unexpectedly involved in a murder case. A hot pot in YOLO rolls with endless suspense, and greed and deception lead to a series of reversals. Finally, the special identity of the four people gradually surfaced, and the mysterious truth was also coming out … …

Layers of baggage! For a hot pot, Yang Mi was "black-faced" on the spot and Yu Qian almost "sacrificed"

In the special edition, Yang Mi said: "This is a very interesting suspense film with black humor!" It seems to be in line with her words, and then she will be "black face" all the time, wearing a thick black mask. Yu Ailei, who was opposite her, sincerely praised "Applause for you". It can be seen that Yang Mi’s performance was so subversive that her partners in the play such as Yu Qian, Yu Ailei and Li Jiuxiao had no expectation of it, and she was very happy to create a completely different role from before, because in her opinion, actors should try all kinds of challenges in order to constantly surprise the audience.

If Yang Mi is a "black face" in the whole process, then Yu Qian is a "green face" in the whole process. In the special edition, Yu Qian was severely splashed with green paint. In this regard, Yu Qian said with a lingering fear: "I didn’t sacrifice a lot for this play, but almost sacrificed!" And this is not Yu Qian’s biggest contribution in this movie. It is said that Yu Qian has many action scenes in this movie, whether it is beating people or being beaten, it can be said that it is one of the movies with the most action scenes since Yu Qian started filming. This desperate performance of "regardless of sacrifice" makes people want to know what kind of performance Yu Qian can contribute in the film.

Many surprises! Forced to "show meat" Yu Ailei Li Jiuxiao was shocked to "lose his voice"

The director said: "The whole creative process is full of novelty and fun." Yang Mi added: "It is full of imagination." It can be seen that everyone is very confident about the story. Tian Yu spoke out: "The director’s idea is very strange!" Why do you say that? Because the director seems to want Tian Yu to show more meat, Tian Yuju objected with both hands: "I have exposed it, and it can be ugly!" As a result of the angry words between the two sides, Tian Yu appeared in a very festive red autumn clothes and trousers costume, which immediately triggered thunderous applause and laughter from the audience.

Director Ding Sheng asked several leading actors to let go of their acting skills, trying to make every shot have an amazing pen. For such a creative process, Li Jiuxiao said: "I feel very exciting, and everything is different from what we thought before!" This leads to many times, people’s performance is not like acting. For example, Yu Ailei suddenly strikes the table, Yu Qian’s whole body is tingling, and Tian Yu is even more scared of the lines that must be silenced; And Li Jiuxiao’s one-way output also scared Yu Ailei to lose his voice, and repeatedly lamented that "the fate is ups and downs, and it keeps reversing!"

The suspense comedy "Nothing can’t be solved with a hot pot" will be released on May 1, so stay tuned!

CCTV News:When it comes to hypertension, many people used to think that it was a geriatric disease, but now the incidence of hypertension is obviously younger. The survey shows that in China, the prevalence rate of hypertension reaches 15% among people aged 35 to 44. Why are more and more young people suffering from high blood pressure?

Hypertension has obvious genetic tendency. According to research, if both parents have hypertension or one parent has hypertension, the incidence of children is 46% and 24%. When there are genetic factors, if we don’t pay attention to the influence of environmental diet on blood pressure, it will lead to hypertension.

Jiang Xiongjing, Deputy Director of Vascular Center of Fuwai Hospital of China Academy of Medical Sciences:Nowadays, young people, for example, have a lot of work pressure and rich nightlife, or their diet is unhealthy. Originally, their parents had high blood pressure, and he (originally) might get sick in his fifties and sixties, and he might start to get sick in his thirties.

Experts remind that high-salt diet, long-term excessive drinking, smoking, obesity, lack of physical activity, long-term mental stress and poor sleep are all high-risk groups of hypertension, and blood pressure should be measured frequently.

Jiang Xiongjing, Deputy Director of Vascular Center of Fuwai Hospital of China Academy of Medical Sciences:Young people’s hypertension really can’t come down after being discovered, so they should take medicine as soon as possible. This will protect his cardiovascular system, that is, let him not suffer from more serious diseases, such as myocardial infarction, stroke and aortic rupture, which can be avoided as much as possible.

Welcome to [Autohome Zibo Discount Promotion Channel] to bring you the latest car market trends. At present, high-profile models are launching an unprecedented promotion in Zibo. As a popular SUV, the BJ60 is now attracting car buyers with a cash discount of up to 30,000 yuan, and the minimum selling price has been adjusted to a very competitive 234,800 yuan. This undoubtedly provides consumers with an excellent time to buy a car. To seize this price reduction opportunity, get more detailed preferential information and real-time pickup price, please click "Check the car price" in the quotation form, and let professional consultants help you get the maximum car purchase discount.

The exterior design of the Beijing BJ60 highlights the hardcore off-road style. The front face adopts a large family-style air intake grille, with rough chrome-plated trim, showing strength and stability. The body lines are smooth, angular, and the overall style is both functional and aesthetic, which leaves a deep impression.

The Beijing BJ60 shows a hard and delicate side line design. The body length reaches 5040mm, the width is 1955mm, the height is 1925mm, and the wheelbase is 2820mm. This size makes it visually spacious and stable. The balanced layout of the front and rear wheel bases of 1620mm provides the vehicle with stable driving performance. The tire size is 265/65 R18, and it is matched with a delicate wheel rim design, which not only enhances the vehicle’s sense of mobility, but also ensures the grip and comfort of driving.

The interior design of the Beijing BJ60 is refined and practical, combining luxury and functionality. The steering wheel wrapped in leather provides a good grip and comfort, and can be manually adjusted up and down and front and rear to ensure the best operating space for the driver. A 12.8-inch large-size touch screen stands on the center console, with clear display effects and rich infotainment functions. It supports automatic speech recognition control, which is convenient for users to operate. As for the seats, the front seats are equipped with imitation leather material, which can realize 4-way adjustment, including front and rear, backrest, high and low and waist support. It also provides heating, ventilation and massage functions, providing a high-level comfort experience for the occupants. The driver’s seat also has an electric memory function, which is convenient for the driver to quickly adjust when different driving needs. In addition, the rear seats support backrest adjustment and can be reclined proportionally to provide flexible loading space. The overall interior design shows the high-end positioning and user-friendly consideration of the BJ60.

The Beijing BJ60 is equipped with a 2.0T turbocharged engine with a maximum power of 120 kilowatts, capable of delivering a peak torque of 400 Nm. The engine generates 163 horsepower and is paired with an 8-speed manual transmission to ensure smooth power transmission and driving experience.

To sum up, Beijing BJ60 has won the approval of car owners @Autohome owners with its atmospheric and calm exterior design. Although the evaluation of the exterior style varies, this does not prevent it from leaving a deep impression in the hearts of some users. Everyone’s aesthetics and needs are different. As @Chicken Thief 2014 said, "Radish and green vegetables, each has its own love", Beijing BJ60 is obviously satisfying some car owners’ pursuit of classics and practicality.

May 24, 2023, Shanghai, 2023 China International Agrochemicals and Plant Protection Exhibition, Fengbei Bio-booth. People’s visual data map

The once-shocking waste oil has been made into an "environmental good business" by this company, which is not only exported overseas, but also plans to be listed on the A-share main board.

Recently, the initial IPO application of Suzhou Fengbei Biotechnology Co., Ltd. (referred to as "Fengbei Bio") has been accepted by Shanghai Stock Exchange. This is a high-tech enterprise in the field of comprehensive utilization of waste resources, mainly producing resource products from waste oil. Waste oils and fats refer to animal and vegetable oils and various by-products and scraps of oils and fats that do not meet the edible standards and are produced in the process of catering service, food processing industry, oil refining and oil storage, and then become waste oil after flowing into sewers.

According to the prospectus, biodiesel is the best flow direction of waste oil at present. Biodiesel has low requirements on the index of raw material waste oil, covering almost all kinds of waste oil. Besides being used as biofuel, biodiesel can also be used to produce bio-based materials, with broad application prospects and strong economic benefits.

The fundraising project has been put into production.

According to the data in the prospectus, from 2020 to 2022 (referred to as the "reporting period"), the operating income of Fengbei Bio was 790 million yuan, 1.296 billion yuan and 1.701 billion yuan respectively, and the net profit attributable to the owners of the parent company was 48.9986 million yuan, 102 million yuan and 133 million yuan respectively.

Fengbei Bio’s main business income is mainly the comprehensive utilization of waste oil resources, supplemented by oil chemicals business. During the reporting period, the sales revenue of the comprehensive utilization of waste oil resources accounted for 69.93%, 77.81% and 79.53% of the main business income, respectively.

In addition, during the reporting period, the overseas sales revenue of Fengbei Bio was 163 million yuan, 446 million yuan and 672 million yuan respectively, accounting for 20.66%, 34.50% and 39.41% of the main business income respectively. Fengbei Bio’s export products are mainly used in the European market.

Fengbei Bio said in the prospectus that only a few large-scale enterprises in China have the ability to treat low-quality waste oil. For example, Zhuoyue Xinneng (688196.SH) is the largest biodiesel enterprise with the largest export volume in China, and its existing biodiesel production capacity is 500,000 tons. Jiaao Environmental Protection Co., Ltd. (603822.SH) is a large-scale and influential biodiesel producer with product quality conforming to EU EN14214 standard. Its existing biodiesel production capacity is 300,000 tons. The main products of Longhai Bio (836344.NQ) are biodiesel and plant asphalt, and the existing production capacity of biodiesel is 60,000 tons. At present, Fengbei Biodiesel has an existing production capacity of 90,000 tons and a production capacity of 350,000 tons under construction.

According to the data disclosed by Biofuels Annual-China, from 2020 to 2022, the output of biodiesel in China was about 1.28 million tons, 1.61 million tons and 2.14 million tons, while the output of abundant biomass was 50,000 tons, 75,000 tons and 90,000 tons in the same period, corresponding to the company’s biodiesel market share of about 3.91%, 4.66% and 4.21%. Fengbei Bio claims to be in the first echelon of the comprehensive utilization industry of waste oil resources in China.

It is reported that Fengbei Bio intends to raise 1,000,000 yuan in this IPO, which is mainly used to invest in "projects with an annual output of 300,000 tons of methyl oleate, 10,000 tons of industrial-grade mixed oil, 50,000 tons of agricultural microbial agents, 10,000 tons of compound microbial fertilizers and by-products of biodiesel 50,000 tons and glycerol 82,000 tons". In the future, with the investment projects raised by the funds put into production, the biological yield of Fengbei is expected to increase significantly. According to the data in the prospectus, according to the feasibility study report, on the premise that all economic factors are in line with the expectations of the feasibility study report, the company expects to increase its operating income by 3.944 billion yuan (excluding tax) every year after the project is fully put into production.

However, we need to be alert to the risks brought by overcapacity in the industry. Fengbei Bio emphasized that as several mainstream biodiesel enterprises have successively disclosed large-scale plans for biodiesel production capacity expansion, with the gradual implementation of new production capacity, there may be an overall imbalance between supply and demand in the future due to accelerated production capacity or production capacity exceeding expectations, which will lead to intensified market competition.

Before IPO, "cash out" exceeded 50 million yuan.

It is worth noting that before the IPO, Pingyuan, the actual controller of the company, and his spouse Han Linlin cashed in more than 50 million yuan by selling the equity of the controlling company to Fengbei Bio and paying dividends.

Pingyuan was founded in July 2014, and its predecessor was Fengbei Limited, which was positioned as the main body of research and development and mainly engaged in oil and fat chemicals related business; In the same period, Pingyuan developed the comprehensive utilization business of waste oil resources through its friends, Grease and Weige Bio, controlled by Han Linlin or his spouse, while Fuzhiyuan also engaged in the oil chemicals business like Fengbei Limited.

Before being acquired, Vig Bio, Fortune Source and Liangyou Oil were all controlled by Pingyuan or its Han Linlin. However, in 2018, Fengbei Bio said that in order to reduce related party transactions and horizontal competition, and further enhance business synergy, it announced the acquisition of all the shares of Weige Bio, Liangyou Grease and Fuzhiyuan.　

According to the information in the prospectus, before the reorganization, Han Linlin and Wei Liang (son of director Wei Guoqing) held 70% and 30% of the shares of Weige Bio respectively. In December 2018, Han Linlin transferred 100% equity of Weige Bio to Fengbei Co., Ltd. for 33.68 million yuan and Wei Liang for 14.4 million yuan.　

Pingyuan and Han Linlin hold 80% and 20% of the shares of Fuzhiyuan respectively. In December 2018, Pingyuan transferred its 100% equity of Fuzhiyuan to Fengbei Co., Ltd. at a price of 4,073,800 yuan and Han Linlin at a price of 1,018,500 yuan.　

Li Yin and Wei Liang hold 70% and 30% shares of Liangyou Oil respectively. Among them, the equity held by Li Yin was entrusted by Pingyuan for management reasons. In January 2019, Li Yin transferred 100% equity of Liangyou Grease held by Li Yin to Weige Bio at a price of 700,000 yuan and Wei Liang at a price of 300,000 yuan.　

After this time, Pingyuan and Han Linlin successfully cashed in 39.4723 million yuan.

In addition, it is worth noting that Fengbei Bio also paid a large dividend before the IPO. On March 4, 2022, Fengbei Limited held the first shareholders’ meeting in 2022, and deliberated and passed the proposal on profit distribution, with a total profit of 15 million yuan. At that time, Pingyuan directly and indirectly controlled 85.40% of the shares of Fengbei Bio, and the dividend amount was about 12.75 million yuan.

That is to say, before IPO, Pingyuan and Han Linlin made equity transfer and cash dividend, and the cash amount reached 52,222,300 yuan.

The asset-liability ratio is high

It is worth noting that the combined asset-liability ratio of Fengbei Bio is 34.67%, 36.20% and 45.25% respectively, showing the status quo of rising year after year. In this regard, Fengbei Bio said that the increase in asset-liability ratio during the reporting period was mainly due to the company’s new long-term loans for project construction investment in 2022, and the company’s asset-liability ratio remained at a reasonable level during the reporting period.

Fengbei Bio said that after the raised funds are in place, the company’s total assets and owner’s equity will increase substantially, and the level of asset-liability ratio will decrease, which will help improve the company’s debt financing ability, optimize the company’s capital structure and enhance its ability to prevent financial risks.

It is worth mentioning that Pingyuan, the actual controller and chairman of Fengbei Bio, directly held 59.78% of the shares, indirectly controlled 16.94% and 8.68% of the shares through Zhonghe Business and Fubei Huiying, and controlled 85.40% of the shares of the company in total. After this issuance, Pingyuan is still in an absolute holding position, which can have a significant impact on the company’s production and operation decisions.

Fengbei Bio’s external financing activities are not active. Before the IPO, only two external institutions were introduced. In December 2019, Yida Capital invested 20 million yuan through Yuquan Yida and 10 million yuan through Yangzhong Yida respectively, with an average holding cost of 3.48 yuan per share.

In December 2020, Shanghai Zhishi Enterprise Management Consulting Partnership (Limited Partnership) (referred to as "Shanghai Zhishi") subscribed for part of the registered capital with an average holding cost of 3.78 yuan per share. Between the two financing, the post-investment valuation of Fengbei Bio has increased from 370 million yuan to 400 million yuan, and there has not been much change.

According to official website of Yida Capital, Yida Capital was established by the internal mixed ownership reform of Jiangsu High-tech Investment Group, a well-known venture capital institution. Before the final IPO, Yida Capital held 5.34% of shares through Yuquan Yida and 2.67% of shares in Yangzhong Yida. Shanghai Yishi’s shareholding ratio is 4.92%.

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