分类： jherigjtf

　　According to previous years’ practice, analyzing the current economic situation, Politburo meeting of the Chinese Communist Party, which will deploy economic work in the second half of the year, is expected to be held in the near future, and what attitude it will make on the regulation of the property market, or set the tone for the market trend in the second half of the year.

　　Some insiders believe that the differentiation characteristics of the domestic real estate market are increasingly obvious, and policy control tends to be strengthened in some areas. It is expected that the policy will adhere to one city and one policy in the third quarter, and some areas may continue to tighten, which will have an inhibitory effect on market transactions in some overpriced cities. Housing enterprises need to flexibly formulate strategies for destocking.

　　Five of the seven meetings involved real estate.

　　Since July 2017, Politburo meeting of the Chinese Communist Party, with economy as the main topic, has been held seven times. Except for the two meetings on October 31, 2018 and December 13, 2018, the other five meetings made important statements on the real estate market.

　　For example, on July 31, 2018, Politburo meeting of the Chinese Communist Party made up his mind to solve the real estate market problem, adhere to the policy of the city, promote the balance between supply and demand, reasonably guide expectations, rectify the market order, and resolutely curb the rise in housing prices. Accelerate the establishment of a long-term mechanism to promote the stable and healthy development of the real estate market.

　　The latest one was April 19th, 2019, when Politburo meeting of the Chinese Communist Party demanded that the house be used for living, not for speculation, and that a long-term regulation mechanism of "one city, one policy, one policy according to the city and the main responsibility of the city government" should be implemented.

　　This is also the second half of 2018, after failing to mention the real estate content twice in a row, Politburo meeting of the Chinese Communist Party revisited the slogan of "housing and not speculating". In the industry’s view, this move is also expected.

　　In the first quarter of 2019, due to the expectation of policy relaxation, the actual easing of funds and the actual downward trend of credit interest rates, the real estate market showed a warming state, and the property market "Xiaoyangchun" started to increase, and the wave of land grabbing in hot cities resumed.

　　In this context, Politburo meeting of the Chinese Communist Party once again mentioned that housing is not speculation, which shows that he is paying close attention to the warming of hot cities’ markets, breaking the previous expectation that hot cities will relax restrictions on purchases and loans, and also to prevent risks such as rising prices in the real estate market.

　　After Politburo meeting of the Chinese Communist Party set the tone of property market regulation in April this year, the regulation policies of subsequent ministries and local governments followed.

　　Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that in the first half of 2019, the national real estate regulation and control policies reached 251 times, up 31% year-on-year compared with 192 times in the first half of 2018.

　　"Real estate regulation and control policies have shown a significant tightening trend since mid-April. In the past two months, real estate has been regulated for nearly 100 times, and the density is at the highest stage in history. " Zhang Dawei said.

　　On the day of Politburo meeting of the Chinese Communist Party (April 19th), according to the requirements of monthly analysis, quarterly evaluation and annual assessment determined by the scheme of long-term real estate mechanism, the Ministry of Housing and Urban-Rural Development gave early warning tips to six cities with large fluctuations in house prices and land prices in the first quarter of 2019.

　　One month later, on May 18th, in order to further implement the main responsibility of the real estate market in regulating cities, the Ministry of Housing and Urban-Rural Development gave early warning tips to Foshan, Suzhou, Dalian and Nanning, four cities where the price index of newly-built commercial housing and second-hand housing has increased greatly in recent three months.

　　The Ministry of Housing and Urban-Rural Development requires all localities to resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council, always adhere to the positioning that houses are used for living, not for speculation, further strengthen market monitoring and analysis, solve problems in market operation in time, and earnestly implement the requirements of stabilizing land prices, housing prices and expectations to ensure the stable and healthy development of the real estate market.

　　Suzhou, which was warned by the "yellow card" of the Ministry of Housing and Urban-Rural Development, upgraded its real estate control measures twice in a row on May 11th and July 24th this year.

　　Why should Suzhou continuously upgrade its regulation? The Supplementary Opinions on Further Promoting the Sustainable and Healthy Development of the City’s Real Estate Market issued by Suzhou Municipal People’s Government emphasizes that the regulation and upgrading of the property market is based on "persistence ’ A house is for living, not for speculation ’ Positioning, the implementation of stable land prices, stable housing prices, stable expectations, curb speculative real estate speculation, and reasonably guide market expectations.

　　The one-day tour of Kaifeng property market policy sends a signal to the outside world that regulation will not be relaxed easily. On July 19th, Kaifeng Housing and Urban-Rural Development Bureau issued a document to adjust the property market sales restriction policy, which was considered as a loose regulation implemented by third-and fourth-tier cities due to the downturn of the property market. However, one day later, Kaifeng Housing and Urban-Rural Development Bureau itself announced the cancellation of the document.

　　On July 20th, Kaifeng Housing and Urban-Rural Development Bureau said that due to its decision to "adjust the trading time limit of newly purchased commercial housing and cancel the filing restrictions", it did not conduct sufficient market research and demonstration, and lacked sufficient pre-judgment and evaluation of the possible market impact, so it revoked this decision and withdrew the relevant letter.

　　Suzhou’s upgrading regulation and one-day tour of Kaifeng’s loosening policy have different measures, but the logic behind them tends to be the same: the current property market regulation is easy to tighten but difficult to loosen.

　　Yan Yuejin, research director of the think tank center of Yiju Research Institute, said that Suzhou’s policy overweight is similar to Kaifeng’s policy of loosening restrictions on sales, that is, housing and not speculating is the policy logic in the second half of this year, and there is no possibility of relaxation. Relevant market participants must fully realize the importance of stabilizing the market at present. The introduction of similar policies has also formed good conditions for the subsequent control of investment speculative demand and stable expectations.

　　In the second half of the year, housing enterprises will reduce prices and promote sales?

　　The fluctuation of the real estate market in China is closely related to the policy adjustment, and it also provides a basis for the next policy adjustment.

　　Guo Shiying, an analyst at Zhuge Housing Search Data Research Center, told CBN that if we want to predict the follow-up policy direction, we should first pay attention to the changes in the two major indicators of real estate prices and transaction volume. "Stabilizing land prices, stabilizing housing prices and stabilizing expectations" will still be the main tone of regulation.

　　Statistics from the National Bureau of Statistics show that from January to June, the sales area of commercial housing nationwide was 757.86 million square meters, down 1.8% year-on-year, and the decline rate was 0.2 percentage points higher than that in January to May. Among them, the residential sales area decreased by 1.0%. The sales volume of commercial housing was 7,069.8 billion yuan, up by 5.6%, and the growth rate dropped by 0.5 percentage point.

　　In 2018, the national sales area of commercial housing exceeded 1.7 billion square meters, a record high. Even though the sales area in the first half of 2019 decreased by 1.8% year-on-year, the total volume was still at a high level in recent years.

　　On July 15th, Mao Shengyong, director and spokesperson of the National Statistics Department of the National Bureau of Statistics, said at the press conference of the State Council Office that the current real estate market is generally stable in terms of housing price, real estate investment, real estate sales, construction area and land transaction. From the next stage, on the one hand, urbanization is still advancing, and there is still a need for improvement, which is a support. On the other hand, the concept of "housing without speculation" is more and more deeply rooted in people’s hearts, emphasizing "policy based on the city" and emphasizing the main responsibility of the city government. These two factors are combined, and it is possible to stabilize land prices, house prices and expectations in the real estate market in the next stage.

　　Yan Yuejin said that the first half of this year is an important stage to actively implement the policy of "stabilizing housing prices and stabilizing expectations", and the phenomenon of high housing prices in some cities has also been well curbed. Of course, in the actual process, some supporting houses such as well-occupied school districts still have speculation, and some sales that seem to have reduced prices also have illegal charges. Similar situations require continued strengthening of house price control, especially in the third quarter of this year. The policy is further tightened. For related housing enterprises, they may take the initiative to reduce prices and promote sales in the third quarter.

　　He believes that the policy in the third quarter is mainly tight, which may also have an inhibitory effect on market transactions. Judging from this, the possibility of rising residential inventory will increase, and some housing enterprises also need to flexibly formulate strategies for destocking.

　　Although the overall sales decline has narrowed, which is close to the same period last year, the regional differences in the domestic real estate market have gradually increased. From the sales area of commercial housing, the local property market is uneven, with some doubling (Beijing) and some falling by more than 50% (Hainan).

　　According to the data provided by Zhuge’s housing search, from the perspective of the new housing market, cities at all levels have different performances, with the first line rebounding, the second line stabilizing and the third and fourth lines cooling down. In the first half of 2019, the total transaction volume of commercial housing in three first-tier cities in Beishang and Shenzhen was about 12.54 million square meters, a year-on-year increase of 43.89%. The transaction area of second-tier representative cities was about 114.1 million square meters, up 0.71% year-on-year, and the overall transaction scale remained stable. The transaction area of the third-tier representative cities in the first half of the year was about 55.77 million square meters, down 16.07% year-on-year, and the year-on-year decline was the most significant among all cities.

　　In addition to the decline in transactions, the current decline in the real estate market in third-and fourth-tier cities is also reflected in the reduction of land transfer. For some third-and fourth-tier cities that rely heavily on land transfer, the pressure to develop the economy is increasing, and the impulse to adjust the property market regulation policy may become stronger.

　　Guo Shiying said that although the central government has always emphasized "one city, one policy, one policy for each city", the local dominance and the regulation direction of local cities have always been guided by the central goal. Under the guidance of the central goal, cities can fine-tune the current urban policies in order to stabilize the development of the real estate market. As for the types and degrees of policy adjustments, they need to be determined according to the development characteristics of current cities.

　　CCTV News:According to the website of the Central Meteorological Observatory, due to the influence of strong cold air, it is estimated that from 08: 00 on January 22 to 08: 00 on January 25, the temperature in most parts of central and eastern China will drop by 6 ~ 10℃, and the temperature in northern North China, eastern Northeast China and eastern Jiangnan will drop by 12~14℃, exceeding 18℃ in some places. There are 4 ~ 6 winds and 7 ~ 8 gusts in these areas, western Gansu and western Inner Mongolia. In the next two days, there will be small to medium snow or sleet in northern Xinjiang, southern Gansu, central and eastern Inner Mongolia, northern and eastern North China, eastern Huanghuai, eastern and southern Northeast China, and there will be small to moderate rain in eastern Southwest China, Jianghuai, Jianghan, Jiangnan and South China from 22nd to 23rd.

　　There is strong wind and cooling weather in the central and eastern regions.

　　Influenced by strong cold air, it is estimated that the temperature will drop by 6 ~ 10℃ in most parts of central and eastern China from 08: 00 on January 22 to 08: 00 on January 25, while it will drop by 12~14℃ in northern North China, eastern Northeast China and eastern Jiangnan, with local winds exceeding 18℃. There are 4 ~ 6 winds and gusts of 7 ~ 8 in these areas, and some areas in western Gansu, western Inner Mongolia and Ningxia. There are 6 ~ 8 winds and 9~10 gusts in most offshore areas of China. The lowest temperature in the process appears on the morning of 24th to 25th, and the lowest temperature line of 0℃ will be located in the east of Yunnan, south of Guizhou and north of South China.

　　Among them, from 08: 00 on January 22 to 08: 00 on January 24, the temperature in parts of northern Xinjiang, eastern northwest, south-central northeast, North China, Huanghuai, Jianghuai, northern and southwestern Jiangnan and central South China will drop by 6 ~ 8℃ successively, and the temperature in parts of central and southeastern Inner Mongolia, eastern Jilin, Liaoning and north-central Shanxi will reach 10 ~ 14℃, accompanied by 4℃ in these parts. There are 6 ~ 8 winds and 9~10 gusts in the northern and eastern seas. The Central Meteorological Observatory continued to issue a cold wave blue warning at 06: 00 on January 22.

　　National gale cooling forecast chart (08: 00 on January 22-08: 00 on January 25)

　　National Minimum Temperature Forecast Chart (08: 00 January 22-08: 00 January 25)

　　National gale cooling forecast chart (08: 00 January 22-08: 00 January 24)

　　There is little to medium snow in the northeast of northern North China.

　　In the next two days, there will be small to medium snow or sleet in northern Xinjiang, southern Gansu, central and eastern Inner Mongolia, northern and eastern North China, eastern Huanghuai and eastern and southern Northeast China. In addition, from 22nd to 23rd, there were small to moderate rains in the eastern part of southwest China, Jianghuai, Jianghan, Jiangnan and South China.

　　In addition, since the 24th, there has been continuous snowfall in western Tibet, with heavy snowstorms on the line from Pulan to Nyalam.

　　Specific forecast for the next three days

　　From 08: 00 on January 22 to 08: 00 on January 23, there were small to medium snow or sleet in parts of north-central North China, south-central Northeast China, western and southern Gansu. There is light rain in parts of eastern and southern Jianghuai, southern Jianghan, eastern Southwest, south of the Yangtze River and most parts of southern China. There are 4 ~ 6 winds in parts of central and western Inner Mongolia, Liaodong Peninsula, Hexi in Gansu, Shandong Peninsula and northern Zhejiang. There are 6-8 grades and 9-10 grades of north-northeast winds in Bohai Sea and Bohai Strait.

　　National Precipitation Forecast Chart (08: 00 January 22-08: 00 January 23)

　　From 08: 00 on January 23 to 08: 00 on January 24, there were small to medium snow or sleet in parts of western mountainous areas of southern Xinjiang, southeastern Hebei, northern Shandong and northern Guizhou, and there was heavy snow (5 ~ 6 mm) in the local area. There are light rains and moderate rains in parts of the central and eastern Jianghuai, Jiangnan, the eastern part of Southwest China, and most of South China. There are 4 ~ 6 winds in parts of the south of Northeast China, North China, Huanghuai, northern Jiangnan, northern South China and southern coastal areas. The Bohai Sea, the Bohai Strait, most of the Yellow Sea, most of the East China Sea, the Taiwan Province Strait, the east of Taiwan Province, the northern part of the South China Sea and the Beibu Gulf will have northerly winds of 6-8 grades and gusts of 9-10 grades, among which the winds in parts of the Taiwan Province Strait and the east of Taiwan Province can reach 9 grades and gusts of 10-11 grades.

　　National Precipitation Forecast Chart (08: 00 January 23-08: 00 January 24)

　　From 08: 00 on January 24 to 08: 00 on January 25, there were small to medium snows in parts of mountainous areas in northern and western Xinjiang, western and southern Tibet, and heavy snowstorms (10 ~ 19 mm) in parts of western Tibet. There are light rains or showers in parts of the eastern part of Southwest China, southern Yunnan, Hainan Island and Taiwan Province Island. There are 4 ~ 6 winds in parts of north-central North China, Shandong Peninsula, Liaodong Peninsula, eastern and southern Jiangnan, and southern coastal areas of South China. The Bohai Sea, the Bohai Strait, most of the Yellow Sea, most of the East China Sea, the Taiwan Province Strait, the east of Taiwan Province, the northern part of the South China Sea and the Beibu Gulf will have northerly winds of 6-8 grades and gusts of 9-10 grades, among which the winds in parts of the Taiwan Province Strait and the east of Taiwan Province can reach 9 grades and gusts of 10-11 grades.

　　National Precipitation Forecast Chart (08: 00 January 24-08: 00 January 25)

Wonderful and funny jokes: 1. Last night, I enjoyed dinner at a barbecue stall on the roadside, sitting next to two 14-and 15-year-old boys. One of them asked, "shall we drink beer or red wine?" Another replied, "Let’s taste red wine today!" I thought to myself, these two boys are quite emotional. However, the following words surprised me. The boy who asked questions loudly said to the waiter, "Two bottles of iced black tea!" "

Wonderful funny jokes: 2. My cousin is lively and active, with short hair and a boy-like personality. Her name is Yuge. A new colleague, a handsome boy, came to her unit recently, which is very popular. Cousin always looks for opportunities to gather in front of others and help new colleagues get familiar with the environment. At the beginning, the handsome boy always said: thank you for your song! Cousin sounds very kind. After a few days, everyone became familiar with it and called her "brother" directly. Cousin realized that the little handsome guy thought she was a boy!

Wonderful funny jokes: 3. Did my mother finish reading it? Hold? Mother’s heart fades and cuts quietly? Still? Xin Shu k? Pray for us to eat ω? Cut? Is it dangerous to look at the eyes from the fairy? ? э Danger? ? ээ Wei Que takes 6 sou Jia Mi Meng ┳ gluttonous burden? Hey? ? Qiang rabbit paralysis? Excuse me.

Wonderful and funny jokes: 4. Once I was drinking with my friends, I drank it from afternoon to evening, and when I couldn’t drink white wine, I switched to red wine. Finally, I raised my glass to invite my friends, holding the wine in one hand and patting him on the shoulder with the other. I was about to talk from the bottom of my heart when he spit all the red wine in his mouth and not absorbed. He paused for a second, holding his head and crying. That was sad. I said helplessly, "didn’t you just throw up all over me? It’s okay. Don’t cry." He looked up and said to me, "X, I vomited blood. I must be terminally ill …" I was speechless at that time!

Wonderful funny jokes: 5. Once I quarreled with my wife, I slapped her on the spur of the moment. Later, he was called by his father-in-law to lecture. Father-in-law angrily scolded: "what kind of man is a man who hits a woman?" If you are really capable, hit my wife! "

Wonderful funny jokes: 6. Why are other people’s wives so gentle and so innocent girl? Look at the shopping mall over there. There is a beautiful woman in the waiting chair who is gently wiping the sweat from her husband’s forehead. Suddenly, there was a strong rush behind me, and my ass was actually kicked: What are you looking at, I’m not enough for you? Take the bag and be honest. . The same woman, why is the gap so big?

Wonderful funny jokes: 7. Today, the stock market plummeted, and my mood was not very good. When the husband came home to open the door, he found that his wife ran to the bathroom in a panic, feeling that there was something to hide from him. He ran to the bedroom and saw that the window was open and there was a man hiding outside. The husband was so angry that he pushed the man down from the 20th floor! Five minutes later, the wife came out after pulling her stomach, leaned out of the window and asked her husband, "Where’s the master who repaired the air conditioner?"

Wonderful funny jokes: 8. I have been in love for 5 years and have just given birth to a baby boy this year. When I was just pregnant, my morning sickness was so serious that I dreamed of upgrading to a family of three every day. I was extremely happy. As a result, when the baby was born, my mother took care of me and let me go back to my mother’s house on the day of the baby’s full moon banquet! Don’t you feel guilty? Aren’t you afraid of nightmares when you sleep at night?

Wonderful and funny jokes: 9. At a class reunion, everyone was drunk, supported each other back to the dormitory, and fell asleep. In the middle of the night, I got thirsty and poured water. I vaguely saw a red dot on the ground and thought, "Who threw a cigarette butt without stubbing it out?" I stepped forward and stamped out the cigarette butt, and then went back to sleep. The next morning, I heard someone ask loudly, "Who crushed my mobile phone charger?"

Wonderful funny jokes: 10. After returning from a business trip, I tried to open the door with my fingerprint, but there was no response. So I changed my fingers and tried … I tried all ten fingers, but it still didn’t work. I was busy calling my mother to ask what was going on. Mother said loudly, "Why did you open the door? We deleted your fingerprints, don’t come back! " I suddenly felt very helpless and said to my mother, "I just want to make sure that the door lock is normal." Mom continued: "Your father and I are going to make up for our honeymoon these days, for fear of hitting you!" Don’t make light bulbs for us either! "

# Funny moment # # Funny # # Funny jokes #

The launching ceremony of "Sports for Life" public welfare action was held in Shanghai recently. Adidas Sports (China) Co., Ltd. donated 5 million yuan to amity foundation to support the development of rural sports. As the project sponsor, the national primary school football team from Longjing, Shiqian County, Guizhou Province and the Adidas volunteer team staged a wonderful public welfare football match, spreading sports enthusiasm and conveying sports spirit.

In order to steadily promote sports to help rural revitalization, the State Sports General Administration and relevant departments jointly issued the "Guiding Opinions on Promoting Sports to Help Rural Revitalization" to accurately guide and help rural sports development and provide strong support for rural revitalization strategy.

Adhering to the initial intention of "changing life through sports", Adidas joined hands with amity foundation and Xinhua News Agency News Information Center to launch the public welfare action of "changing life through sports", bringing together various forces to jointly promote sports to help rural revitalization.

Gather various forces to jointly promote sports to help rural revitalization.

In the next three years, public welfare actions will focus on the theme of "Sports Helps Rural Revitalization", and carry out a series of sports and cultural public welfare actions in schools in Ruijin, Jiangxi, Shiqian, Guizhou and Xinhe, Hebei, which are assisted by Xinhua News Agency, based on the empowerment of sports associations, physical education teachers, scientific sports and the dissemination of sports spirit.

In order to better support the development of rural sports, the public welfare action expert group of "Sports for Life" went to Shiqian, Guizhou, Ruijin, Jiangxi and Xinhe, Hebei for field trips to learn about the development of campus physical education class, students’ sports time and interest, and the school sports environment, so as to help rural areas improve students’ sports conditions according to local conditions, support more children to feel the fun of sports, and change their lives through sports.

In rural campus, football and basketball are deeply loved by students, and the football club activities of the school and the football and basketball leagues of students in counties and cities are also in full swing. In the "Empowering Sports Associations" section, Adidas will provide equipment support such as uniforms and training equipment for student sports associations to encourage children to enjoy the fun of success in sports. In the process of comprehensively improving the efficiency of physical education classroom and extracurricular sports, improving the skills and curriculum organization level of rural physical education teachers plays an indispensable role. In the "Empowering Physical Education Teachers" section, the team of experts from the School of Physical Education Science of Nanjing Normal University will carry out training for physical education teachers to popularize the necessary knowledge of coaches and referees. At the same time, it also uses its global resources to provide opportunities for outstanding rural physical education teachers to participate in international high-level training.

In order to spread the concept and method of sports scientifically, in the section of "Empowering Scientific Sports", the team of experts from the Institute of Psychology of Chinese Academy of Sciences conducted research on the relationship between rural children’s sports and physical and mental development, cognitive level and other factors, scientifically demonstrated the positive role of sports in children’s physical and mental development, and supported the full development of campus sports activities. Encouraging rural children to participate in sports activities cannot be separated from the concern and support of society in many aspects. In the "Spreading Sports Spirit" section, we will actively spread and popularize the concept of scientific sports, help more rural sports workers improve their professional level, and encourage children to develop the habit of insisting on physical exercise.

Editor-in-Chief: Chen Hua

Source: Author: Yao Qinyi

Live on November 8th In an interview with titan sports, Capello, a famous Italian coach who once coached Jiangsu Suning, talked about his views on China football.

-You have coached star players like teixeira in Suning, and also coached many China players, including some international players. What’s your impression of China players?

I always had the feeling that when I saw those China players, they looked great. But when foreign aid arrived, they seemed to get worse in speed and technology. It stands to reason that with such a huge population base, supplemented by care and determination, China football should produce great stars. You are great at all sports, why not football?

A huge difference between China football and Italian football is that foreign aid can make everything different in the China League; Not in Italy.

Of course, for China football, foreign aid still plays a role: playing with better players will help you become better. Similarly, Serie A teams need to adapt to a faster pace when they play in the Champions League. Once upon a time, Italian football was at the top of the world. The root cause was that the best players played in Serie A at that time. They improved the rhythm of the whole league, so everyone played better.

-I don’t know if you remember that Min Kim Zai once played for the Super League, but it was after you left Jiangsu. Naples, where Min Kim is located, has not only performed well in the league, but also demonstrated its full dominance in the European War.

Italian football is growing. Don’t forget that we won the European Cup last year. Naples is amazing as well as surprising. This club knows how to find good players. Min Kim and Kvaratskheliya, two Serie A players, have the strength to be top stars in any league, because they have both strength and skills, are extremely focused in the game and are gifted! Don’t forget, they are still very young.

(Nanling cries and cries)

Author | Liu Ran

Title map | IC photo

# This article belongs to Tiger Sniff’s newly launched column "Shiny IPO". This column aims to pay attention to the newly listed companies this season, dismantle their industrial and investment values, and provide the public with a more comprehensive and accurate commercial interpretation, including articles, long pictures, short videos, live broadcasts and other forms.

The perfect diary, which is only three years old, has been on the stage of the New York Stock Exchange with the title of "the first domestic beauty".

On the evening of November 19th, Perfect Diary’s parent company, Yixian E-commerce, successfully went public with the stock code "YSG" and the issue price was US$ 10.5. Then it opened up nearly 70% and its share price closed at US$ 18.4 on the first day. As of press time, the market value of Yixian e-commerce exceeds 13 billion US dollars.

From the establishment of the brand to the first place in Tmall makeup, and then to the listing, the perfect diary has a smooth journey. Of course, there is the help of capital behind this. Since 2018, Yixian e-commerce has maintained the rhythm of financing at least once a year. This year, it won two financing in the unit of 100 million US dollars in April and September respectively. On the list of investors, there are many head institutions such as Zhenge Fund, Gaochun Capital, Gaorong Capital and Houpu Investment.

Why can Perfect Diary, together with other "online celebrity" cosmetics, stand out from the encirclement and become a phenomenal brand in the domestic beauty market, which has been shifted by the brand will of Europe, America, Japan and South Korea? This not only depends on the label of "domestic products" and capital, but also is considered as the victory of the new marketing era. In the media group interview on the evening of listing, Huang Jinfeng, founder and CEO of Yixian E-commerce, did not deny this initial impression, but he also said that according to the model of Yixian E-commerce, after the initial investment, there will definitely be a return period in a certain period of time in the future.

Therefore, how should we define the perfect diary? What kind of challenges does Yixian e-commerce face after listing? How far can the dividend in the new traffic era help it go? These problems are still worthy of further study.

Yixian e-commerce has come to this day, and this "diary" has actually been written to the first few pages.

First, do you make money with cost-effective beauty?

Within two years, the valuation of Perfect Diary once rose from $1 billion to $4 billion, and its value soared four times. It was not until the prospectus was published that the results of this dark horse in the beauty industry finally revealed the mystery: the revenue increased significantly from 640 million yuan in 2018 to 3.03 billion yuan in 2019, an increase of 377.1% year-on-year; The net income in the first three quarters of 2020 was 3.27 billion yuan, a year-on-year increase of 73.2%.

There is no need to repeat the story of the rise of the perfect diary. With the mature Internet infrastructure, social and short video platforms have brought new traffic dividends, and platforms such as Xiaohongshu, Tik Tok, bilibili and Tmall have become the promised land of the perfect diary.

According to the prospectus, Yixian e-commerce is the first beauty brand to use online KOL on a large scale. As of September 30, 2020, there were nearly 15,000 KOLs cooperating with Yixian e-commerce, including more than 800 KOLs with more than 1 million fans.

Up to now, Yixian E-commerce’s products often appear in various KOL video and live broadcast rooms. Even if you have never used its products, under the education of various forms of advertisements on these platforms, you may also call out the names of explosive products, such as animal eye shadow disks, feather satin powder cakes, Odin eyeliner, cat and mouse blush.

The perfect diary has really gone out of a different way from the so-called big-name beauty cosmetics. With the characteristic labels of "cheap", "good-looking" and "fast on the new", it quickly seized the cognition of the post-95 users who were active in Xiaohongshu, Tik Tok and bilibili.

The renovation of the Perfect Diary is very fast. When Li Jiaqi pushed the new feather satin powder in the live broadcast room, the popularity of the geographical eye shadow tray actually just passed less than half a year. According to the data in the prospectus, in the whole year of 2019 and the first three quarters of 2020, Yixian e-commerce launched more than 1,500 SKUs in eye makeup, lip makeup, foundation makeup, cosmetic tools, gift boxes and skin care categories, and it can complete the whole process of a new product from concept proposal to development and launch within 6 months, while international brands usually need 7-18 months. Behind this speed, the perfect diary adopts OEM/ODM mode, that is, under the impetus of data, it is jointly developed and produced with manufacturers.

Because of this model, the gross profit of Yixian e-commerce is not disappointing, and its gross profit margin in 2018, 2019 and the first three quarters of 2020 is between 63% and 64%. (Of course, the gross profit of the beauty industry itself is not low. According to public information, the gross profit margin of Estee Lauder in the third quarter of this year was 76.8%, and the gross profit margin of L ‘Oreal in the first half of this year was around 73.1%. In contrast, Yixian e-commerce is not high. )

Generally speaking, in the prospectus, Perfect Diary defines itself as a "DTC(Direct-to-Customer)" brand. In the early stage, we made explosive products through a lot of online publicity and online celebrity KOL endorsement, and sold them through online channels.So that the brand can directly establish marketing and transaction contact with customers without channels such as distribution/consignment and store manager, and form an efficient feedback mechanism and data center.

In 2018, 2019, the first nine months of 2019 and the first nine months of 2020, the proportion of net income generated by Yixian e-commerce through DTC channels reached 91.1%, 88.1%, 88.7% and 86.7% respectively. In the whole year of 2019 and the first nine months of 2020, the number of DTC users of Yixian e-commerce was 23.4 million and 23.5 million respectively, up by 236.3% and 50% year-on-year.

The construction of digital middle platform based on social platform marketing to lay out a controllable supply chain system is the main reason why Yixian e-commerce stands out in the current beauty field.

This is the initial victory of the perfect diary.

As a new brand that has just experienced from 0 to 1, the bright performance growth rate is eye-catching and makes the capital crazy. And at this speed, the perfect diary also ushered in its anxiety.

Second, the anxiety of traffic stars

Although the highlight moment has arrived and the gross profit margin is not ugly, in fact, Yixian e-commerce is still in a state of loss as a whole.

DTC mode saves the cost of agents and other intermediate links for Yixian e-commerce. Yixian e-commerce has achieved a certain degree of profit before 2019, but by 2020, its adjusted net loss in the first three quarters exceeded RMB 1 billion.

In addition to the impact of the epidemic, the main reason for turning from profit to loss in the first three quarters of 2020 is the continuous investment of Yixian e-commerce in brand building-behind the track of high-speed driving, it is the great cost of maintaining the brand.

According to the prospectus, in order to vigorously promote its brands such as Perfect Diary, Little Odin and Wanzi Heart Selection, in the first three quarters of 2020, the sales and marketing expenses of Yixian E-commerce have reached 2.033 billion yuan, accounting for 62% of the revenue (the average gross profit margin in the same quarter is 63%), while in 2019, the proportion was only 41%.

These cost data seem to prove the general recognition of the perfect diary-its rise is equivalent to the victory of marketing.

Concerns from the outside world have emerged. Brocade, the analysis platform of listed companies, said that such losses are not common in beauty listed companies. For example, Yujiahui, Polaiya and Marumi, which have already become A-shares, are relatively stable in the first three quarters of 2020, and their net profit performance is much better when the revenue scale is 1 billion yuan and 2 billion yuan. At the same time, the article said that under such a loss, it is difficult to further increase the scale of the perfect diary because of the small differentiation of beauty products and the small overall growth rate of the industry.

Marketing and traffic have become people’s first impression of the perfect diary, which is a sharp double-edged sword.

We should know that Perfect Diary is almost synchronized with the rise of Little Red Book, Tik Tok and bilibili, which makes Perfect Diary seize the opportunity of this wave of traffic dividends, and because it makes full use of private domain traffic, it firmly holds the post-95 users in its hands with "face-to-face" service. However, omni-channel marketing has now become an e-commerce event, and channels and traffic centers will continue to change and shift. Only relying on traffic dividends to promote brand development may have a very limited effect.

For brands,Clever marketing methods and traffic effects can bring immediate growth effects, but relying on them alone can not create long-term brand value.Specific to the industry, beauty is an industry with low technical threshold and prevailing OEM. Compared with the ability of self-production and independent research and development owned by big brands, the threshold of OEM/ODM mode is much lower. At the same time, under the emerging traffic brought by new social platforms, the reproducibility of OTC brands is also increasing. It can be said that the perfect diary will face more homogenization competition, and the investment in marketing may be more.

For such "cross-examination", Huang Jinfeng finally made his own response.

He said that this year’s marketing costs have risen. The first reason is that many offline stores have been opened this year, and the rents of offline stores and employees’ salaries have still been paid during the epidemic. Second, Odin Jr. and Wanzi Xinxuan are still in their high-speed growth period, and they are in a big investment stage.

At the same time, in Huang Jinfeng’s view, every brand will have an investment period, and then it will enter a stable stage of profitability, and the return of Yixian e-commerce will be faster than that of traditional brands. "Our business model is slightly different from traditional brands. Traditional brands will take longer to build brands, and we can make brands grow faster based on the user-centered and Internet-based model. After the user purchases the product, his data models of repurchase rate, retention and product recognition can be calculated. After the initial investment, there will definitely be a payback period in a certain period of time in the future. " He said.

As for the next, Huang Jinfeng believes thatWhen the market is facing great challenges and changes, it should continue to invest.: "At this stage, Yixian’s e-commerce strategy is very clear. We will never back down and insist on investing. Although we are still far from the international beauty giants today, to be honest, we still have self-knowledge in our hearts, but when it is time to fight, we will never admit defeat, and we must invest when we invest. "

Obviously, in the short term, the perfect diary still can’t get rid of the label of "marketing". In order to get out of it faster and create greater value for the brand, the perfect diary is trying to start from other aspects.

Third, the challenges that face us

Yixian e-commerce is now releasing new signals and trying to add more keywords. Their direction is nothing more than high-end, multi-brand, multi-category and offline layout. Everything has just begun.

In October 2020, Yixian e-commerce announced the acquisition of a majority stake in Galénic, a high-end beauty brand under Pierre Fabre Group of France. And this business may officially kick off the "acquisition" trip of Yixian e-commerce.

Pierre Fabre is one of the largest dermatology and nursing groups in Europe, and it also owns brands with high reputation in skin care products such as Yayang. Official website of Galénic shows that the price of its products is about 20 ~ 100 euros, which is higher than the price of 49 ~ 129 yuan of Perfect Diary.

Huang Jinfeng explained that this "acquisition" is not a 100% acquisition, but a joint venture company has been established between the two parties. This is because the company will go to skin care products and high-end routes in the future, and it still needs to learn a lot. Pierre Fabre has invested in product research and development for many years, so I hope they can bring more help in research and development and production.

The acquisition of Galénic brand is obviously to supplement the shortcomings of the high-end product line and skin care products of Yixian E-commerce, and continue to export freshness to users, and then supplement their R&D and production capabilities with the deep cooperation with Pierre Fabre.

Yixian e-commerce has realized that a single category and brand image does not have long-term competitiveness, and it is best to become a beauty group with multiple categories and brands to cope with different market needs and time changes.

You know, before Galénic, Yixian E-commerce had three brand matrices, namely Perfect Diary, Little Odin and Wanzi Heart Selection, which basically covered the lower price range of makeup and skin care products, butWhat supports the achievements of Yixian e-commerce is actually only the main force of the perfect diary.

According to the prospectus, in the first three quarters of 2018, 2019 and 2020, the sales contribution of Perfect Diary accounted for 100.0%, 98.3% and 82.1% respectively, and the sales of Odin Jr. and Wanzi Xinxuan accounted for less than 20%. Just like the popularity and reputation of their products, most of them are concentrated on makeup categories such as eye shadow and lipstick at present, and the presence of skin care products is not high.

"Multi-brand" is the only way for most beauty groups to maintain their vitality. After all, a huge product matrix means more market share, endless explosions, and more stable vitality. At the same time,The interaction between high-end brands and low-end brands can also make the revenue and profit sources more diverse and healthy.According to public information, L ‘Oré al Group currently has 36 mature brands, including top brands such as helena rubinstein, and first-line cosmetics/skin care brands such as YSL, Giorgio Armani and Lancome.

The rapid upgrading speed of the beauty industry leads to high time cost of independent research and development, especially the threshold of high-end beauty and skin care products is much higher than that of beauty products. Such slow efforts are difficult to meet the growth goals of Yixian E-commerce today, and the efficiency of achieving the goal through acquisition is also much higher.

The trend of "high-end" has also gradually appeared in the marketing level of perfect diary. The spokespersons of Perfect Diary used to be young idols and traffic stars. Until October this year, Perfect Diary took Zhou Xun, who had endorsed Audi and Chanel-related products, as the first global spokesperson, and at the same time used European and American singer Poke Ye as the brand ambassador of Perfect Diary, emphasizing research and development stories while launching new products and endorsing the premium of the brand.

"For Yixian, it is a challenge to enter the skin care category and take the high-end route, but we are full of confidence." Huang Jinfeng said.

In addition to more levels of brands and categories,I’m afraid the perfect diary now needs more diversified sources of income.

At present, the sales of Yixian e-commerce still rely on the e-commerce platform. According to the prospectus, in the first three quarters of 2019 and 2020, the sales of its online platforms accounted for 96.7% and 91.3% respectively. At the same time, the main online sales channel is Tmall.

This situation leads to the fluctuation of its sales with the off-peak season of e-commerce. For example, its sales in shopping festivals such as "618" and "Double Eleven" account for a large part of Q2 and Q4. In such a special period of e-commerce sales, the perfect diary needs to prepare more inventory and higher marketing budget than usual, thus raising the operating cost.

Dependence on a single sales channel has become an urgent problem to be solved. Therefore, the offline store that traditional brands love has also become one of the new stories to be told in the perfect diary.

Up to now, Yixian e-commerce has about 218 stores online, covering more than 100 cities. Feng Qiyao, president of the new retail business unit, is responsible for the offline layout of the company. Facing the reality that Yixian e-commerce relies on online channels, he responded that as a beauty company that started from e-commerce, Yixian has been involved in offline business for less than two years, so the current income ratio does not explain the problem, but he has always believed in the importance of new retail to enhance user value.In the future, we will make great efforts to invest offline, and we will remain self-employed rather than joining in order to establish a moat of brands in the future.

Shanghai Perfect Diary Cosmetics Store, picture from IC photo.

However, offline stores are different from the good times online. This is a business that tests the management and expansion ability of stores, which will also bring new pressure to the future operation of Perfect Diary.

Fourth, fight for the right to speak

Yixian E-commerce in the spotlight has attracted the attention of all startups and investment companies, not only because it has flourished as a new brand in just three years, but also behind it represents the future of this wave of new beauty brands.

There is more than one "perfect diary".

Often appearing on the list of e-commerce platforms and in major KOL live broadcast rooms, there are Hua Xizi, who is often compared with Perfect Diary, and domestic brands such as Tangduo, Winona, Mary Daijia, Zhiyouquan, Yuze and HomeFicialPro. On the other hand, Lin Qingxuan, Dai Chunlin, Xie Fuchun, Baique Ling, Marubi and so on, who also rely on e-commerce platforms and marketing to "renovate" their brands.

According to public information, the sales of Huaxizi are expected to be close to 3 billion by the end of the year, and the momentum of Huaxizi is not weak in terms of the exposure of social platforms, sales growth rate and double eleven.

Facing the competition of similar brands under the same banner of "domestic products", the perfect diary after listing needs to strengthen the moat and maintain the market advantage. There will be a lot to see in the competition between them.

butHu Wei believes that, in essence, the competition of domestic beauty brands has actually reached the stage of competing for definition and leading "Chinese aesthetics".Whose products can take the lead in winning young people in China and even in the world will lay the foundation for competing for the right to speak as a beauty leader.

More domestic brands often choose to interpret their brand image in Chinese style, and instill an emphasis on aesthetics in this generation of young people. Among them, Hua Xizi chose the cuckoo with oriental face as the image spokesperson, and at the same time deliberately emphasized the Chinese style and ethnic minority elements in products and packaging, and promoted it overseas. The marketing action of its new gift box set in overseas KOL was quite frequent. The perfect diary emphasizes "developing products based on the facial and skin characteristics of Asian women", trying to define the beauty needs of these post-95 s.

However, the young groups they are targeting are actually the ones that international brands are eyeing now.

International brands have lowered their posture. Who makes China market become the largest and most competitive beauty market? Yang Donghao, CFO of Yixian E-commerce, gave a data: 60% of the growth in the beauty field in the next 5-10 years will come from China. "He who gets China gets the world." Huang Jinfeng also said that this year’s "Double Eleven" has become a very important node in the field of beauty. Because of the epidemic, the investment of international beauty giants in China reached its peak this year.

Despite the rise of domestic products, they still have to face some realities: according to public information, 80% of the cosmetics market in China is still occupied by overseas brands, and domestic brands are mainly concentrated in the low-end market.

And most of the domestic brands that have survived from the only market often have a common fate-to become flat substitutes from big-name foundries, or "stepping stones" on the road of "cost-effective girls" to big brands. Standing at the top of the pyramid of earning money and brand value are always international big-name products: they all have a fixed class and consumer groups behind them, and the higher the brand, the less mobile its user class is.

The beauty market as a whole is still in the hands of international brands, and the data comes from Tmall and public information.

Perfect diaries have come to people’s field of vision with new ways of playing, and the opportunity of domestic beauty products market has surfaced behind the popularity.

"China must have a chance to give birth to a new L ‘Oreal." The dialogue between Huang Jinfeng, the founder of this perfect diary, and Zhang Lei, Gaoyan Capital, is often circulated in public reports. However, Chen Yuwen, co-founder of Yixian E-commerce, once told China Entrepreneur Magazine, "If one day, we have the opportunity to become a leading group in China Beauty Group, in fact, we don’t want to be L ‘Oreal in China, we hope to be a perfect diary of the world."

Caution in words can’t stop people from comparing domestic brands with international brands.The next situation of the perfect diaries will become the vane of whether domestic beauty brands can make their mark.

The perfect diary is ahead of the road to listing, but it is a difficult problem for domestic beauty brands to seize the right to speak from mature beauty brands, and they are still at the same starting line. It’s not easy to create and lead a new trend. Before oriental aesthetics goes international, the premise is to ensure that it can cater to young people’s aesthetics for a long time, so that the unconventional "online celebrity products" can become enduring classic brands.

In the final analysis, whether the brand can last for a long time depends on whether the product is easy to use.

If you are optimistic enough,Perfect diaries still hope to become synonymous with oriental make-up, and rank among the first-line beauty brands with the reputation of domestic beauty. It’s just a long road.

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Speaking of badminton, I think everyone is familiar with it. Even if you are not a badminton fan, you will often see players in various sports venues or squares, and you will be right.Lindane, Li Zongwei.When famous players hear about it.

However, even fans who often play ball may not have noticed it.Details of badminton flight.

Why is badminton designed like this? Does it always fly with its heavy ball head facing forward? How far can badminton fly? Does it spin when it flies?Presumably these questions have aroused everyone’s curiosity, so let’s walk into the text together ~

Part 1: Flip of Badminton

Anyone who has played badminton will notice a phenomenon, that is, when the ball flies towards you, it is almost always.Ball head in frontThe gesture. Put yourself in the other’s shoes, and your opponent will certainly see the same phenomenon. Then there is only one possibility, that isAfter each side hits the ball, badminton will turn over.Then turn around and fly back. The question is, is the U-turn completed at the moment of hitting the ball? Maybe we take it for granted.

Fig. 1 (a) a snapshot with an initial velocity of about 18.6 m/s and an initial angular velocity of about 206 rad/s (with an interval of 5 ms); (b) Snapshots with an initial velocity of about 10.4 m/s and an initial angular velocity of about 28 rad/s (interval of 6.5ms). | The picture is from the literature [1]

Unfortunately, the answer is not like this. As shown in the above picture, the moment of hitting the ball is basically atAbout 1msIt’s done, but it’s usuallyAbout 20msThe ball can be turned over. And then go through itDamping oscillationIn order to make its ball head point in the direction of speed. In order to show this process more intuitively, we draw the relationship between the ball head pointing and the speed direction in Figure 2.Angle φEvolution over time. amongτ, τ and τThey respectively represent the time from the first turning to the ball head facing forward, the damping oscillation time and the characteristic time to reach stability.

Fig. 2 Evolution of included angle in two cases. | The picture is from the literature [1]

It can be seen that after 0.1-0.15s, badminton seems to have a forward posture, so except for some special hitting situations, weIt is difficult to capture with the naked eye.The process of rapid turnover adjustment of badminton after hitting the ball. So … Does this flip behavior of badminton have anything to do with its own structure?

Fig. 3 Force analysis of badminton when traveling | The picture is from the literature [1]

The answer is yes. Badminton byCork ball head and skirt structure made of goose feather/duck feather or plastic.Composition, in which the ball head is heavier and the skirt structure has a larger cross-sectional area. We might as well abstract this feature as identified by B and C in the figure.Large mass and large cross-sectional areaSkirt area andSmall mass and small cross-sectional areaThe ball head area of.

When flying, assuming that the direction of the ball head is not consistent with the direction of the speed, and there is an included angle φ, the air resistance acting on B and C will generate a moment with the center of mass G as the reference point respectively. On the one hand, the skirt structure has a large cross-sectional area and air resistance.FBigger, on the other hand, BG is longer than GC, so the ball will inevitablyRotate counterclockwise around the center of mass until the ball head points in the direction of speed..