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Special feature of 1905 film network The broadcast volume is 169 million, and the box office is 41.95 million!

At the time when the May 1 ST file of the cinema was in full swing, thriller and suspense online movies also made great strides online, setting a new record for the first month box office of a single platform and becoming the "first explosion" in the online movie market in 2021.

Coincidentally, another online movie "Bloody Unknown Chuan" in the same period also attracted attention from both inside and outside the industry. This military war film with the background of resisting US aggression and aiding Korea set a new record for many lists in the iQiyi station within 24 hours, and now the box office has exceeded 23.06 million.

At the same time,In the first quarter of 2021, the online movie transcripts were also freshly released, with 15 movies with box office exceeding 10 million, although slightly lower than 20 in 2020, but much higher than 6 in 2019.. With the arrival of the "May 1st File" and the admission of head films such as "The List of Gods: The Final Battle of Wanxian Array", it is expected that millions of box office camps will add new troops.

What are the new trends of online movie market in 2021 in the post-epidemic era? What explosion methodology can be found from the head films such as The Legend of the Hunter in Xing ‘an Mountains and The Unknown River in Blood?

01　The slotting effect is prominent

Looking back on this year’s Spring Festival file, the first "online movie Spring Festival file" has quietly taken shape while the cinema film has won a record of 7.84 billion yuan.

This concept was formally put forward for the first time by the Network Audiovisual Program Management Department of the State Administration of Radio, Film and Television and the Network Working Committee of the China Film Association in conjunction with iQiyi, Tencent and Youku, and released 43 film lists including directors, leading actors, self-directed and self-performed, and past cinema works.

In the end, the total box office of the Spring Festival online movies on the three platforms reached 48.736 million, and the effective broadcast volume reached 440 million times, an increase of 33.3% compared with 2020."Let me have fun" and "Fight Back", which ranked the top two in the box office in the first quarter, are also Spring Festival movies. The effect of the first online movie Spring Festival is remarkable.

After the Spring Festival, the "Qingming File" where The Legend of the Hunter in Xing ‘an Mountains and The Bloody Unknown River are located is also eye-catching.The concept of schedule suitable for the distribution of traditional cinema films is constantly infiltrating into the online movie market.

The Rabbit Cave Cultural Team, the main producer of The Legend of Xing ‘an Mountain Hunters, told reporters that this schedule was chosen mainly for the consideration of film tonality, and "thrillers conform to the atmosphere of Qingming archives", which also effectively filled the gap in thrillers of cinema films in this schedule, coupled with the blessing of small holidays, and created a number of box office records.

Zhang Yucheng, co-founder and vice president of content of Yingmei Media, the producer of "Bloody Unknown Chuan", analyzed.Behind the prominent effect of online movie schedule is the overall upgrade of online movie quality and quantity reduction. Only by constantly improving the production level and touching the emotional resonance can the audience’s expectations for the movie schedule be effectively met..

Not only the Spring Festival files and Qingming files, but also the May 1st files, summer files and National Day files of online movies are coming to the fore. On the one hand, it shows the "ambition" that online movies hope to be on an equal footing with cinemas. On the other hand, the platform and head production companies will also produce more high-quality films that meet the schedule attributes, and together they will make the "plate" bigger and fully release the popular schedule bonus.

02　Multiple themes attract incremental users

The diversification of content and theme has always been one of the major trends in the development of online movies, which is also confirmed by the box office transcripts in the first four months of 2021.

Although the films with box office exceeding 10 million still focus on the traditional box-office types such as action, comedy, fantasy and adventure, it is not difficult to find that the types of action and comedy are more and more popular, while the popularity of the "three illusions" that once exploded frequently has declined.

"Northeast Comedy" and "Let me have fun" topped the Q1 box office list.

At present, the Legend of Xing ‘anling Hunter, which is temporarily ranked at the top of the annual box office list, focuses on thriller+suspense. This composite type is not uncommon in online movies, but it has not been seen for a long time after the 2018 "Soul Ferry Yellow".

The Rabbit Cave Cultural Team explained:"The thriller genre has always been a relatively vertical product. Due to the long absence of the cinema, the audience has a strong need for this type."

Taking the benchmark series of domestic cinema thrillers as an example, the two parts attracted 11.62 million and 6.22 million people respectively, but after 2017, there will be no more thriller explosions in the cinema. The appearance of Xing ‘anling meets the long-standing demand of this audience.

After determining the thriller type track to meet the needs of the vertical class, the Rabbit Cave cultural team further chose to take the folk mystery as the starting point. "Legends such as’ Big Horse Monkey’ and’ Old Woman Eating Fingers’ are the childhood shadows of a generation.Compared with the general thriller theme, it has a broader audience base and is easier to attract incremental people to enter the venue.. "

If Xing ‘anling is deeply rooted in the thriller type, then Blood Without a Name can be regarded as a "pioneer" of online movies in the military war type.

The theme of military war is not the dominant theme of online movies for a long time because of its relatively high cost and difficulty in shooting and making, so the overlap between mainstream users of online movies and the audience of this theme is not high.However, the development team of Yingmei Media is interested in this type of differentiation advantage.

The data shows that the average age of the users watching "Blood Without a Name" is 37.7 years old, breaking through the relatively young audience circle of traditional online movies."Through the difference in subject matter and word of mouth, it has attracted an increasing number of people. From the perspective of platform data, it does have a good role in pulling new ideas."Zhang Yucheng said.

In his view, the creation of military war themes is not only a breakthrough in the homogenization of online movie themes, but also in line with the current mood of the times. As one of the main theme themes, it is easy to reach and mobilize a wider audience.

Since 2019, commercial blockbusters with the main theme that have won numerous successes in cinemas have gradually penetrated into the online movie market.Among more than 10 million works this year, there are also many main melody elements such as "Counter-Strike" and "Absolute Loyal National Interests".

After experiencing an explosive leap forward, the growth of online movies has entered a stable period.How to break through the stock crowd and find a broader audience, on the one hand, we should overlap, upgrade and innovate the traditional types, on the other hand, we should obviously mobilize the incremental crowd to enter the market by developing new types.

Last year, the rabbit hole culture produced a super high score of Douban 8.0, which can be regarded as a successful test of children’s education theme. "Young people can try animation and even science fiction."

In the future, Yingmei Media will continue to exert its strength in the diversification of types. If it is expected to be launched in the summer, it will focus on love, fantasy and comedy elements.

"The homogenization of the online movie market is very serious, but this kind of’ involution’ is more reflected in the middle waist content, and it has become a trend for the head content to choose multiple topics.The platform has also seen the dividend of diversified types. When the content and production are of high quality, with accurate marketing strategies, it will have a better chance to impress the vertical audience of this theme type.. "Zhang Yucheng said.

03　"Quality" is on the road

At the first China Online Movie Week in 2019, under the joint initiative of the three platforms, the word "big" was removed from "online movie" and used as the unified title of movies distributed through the Internet, which also marked the fast lane for online movies to enter high-quality products.

In 2020, a sudden epidemic has created unprecedented opportunities for the development of online movies.In 2020, among the online movies in Shanghai, a total of 79 movies earned over 10 million yuan at the box office, an increase of 41 movies over the same period of last year, and the box office scale of 10 million movies was 1.39 billion, an increase of 125% over the same period of last year.With the rapid expansion of the market, high-quality products have become an inevitable trend.

A large number of traditional film and television companies, professional production talents and head actors entered the game, forming a combination pattern of "net students+tradition".

In the first quarter of 2021, the box office runner-up "Counter-Strike" is the director’s debut of famous film and television actors, with remarkable star effect.

At the same time, in 2020, the proportion of films with an investment cost of more than 6 million will reach 34%, and those with an investment cost of less than 3 million will be reduced by 11%. Online movies have bid farewell to the era of "low cost". However, in the interview, several senior producers also said that in the case that the box office has a ceiling as a whole, it is not appropriate to unilaterally pursue high cost and large-scale production, but should pay attention to the return on investment.

Compared with creating visual wonders with high investment and strong special effects, more and more head creators now pay more attention to story polishing and content upgrading.

The producer, literary planner, director, Guo Yong and other creative writers of "Blood Without a Name" have rich experience in military film and television creation. This enables the team to complete a relatively excellent work with controllable cycle and cost.

“We clearly know that we won’t spend too much energy on special effects, because if the story or setting is not good enough, we can’t really impress the audience by relying on the accumulation of special effects.. Especially in the process of short video promotion, big scenes and action scenes are the first things that the audience will see. When they watch the propaganda and then watch the feature film, they expect not only the big scenes of the war, but also the deeper characters, emotions and resonance. "Zhang Yucheng concluded.

The creative team of The Legend of the Hunter in Xing ‘an Mountains also expressed a similar view. On the basis of the gradual maturity of the online movie manufacturing, at this stage, we are striving for the ability of meticulous work and theme upgrading. We should jump out of the traditional thinking of "doing it well for 6 to 10 minutes" and improve the story itself. "Now everyone is competing for the consumption time of users. Only high-quality content can bring greater innovation to the platform, not just relying on 6 minutes and 10 minutes."

Looking back on 2020, although the head films such as daoist magic, Ghost Story: Human Love, Ghost Blowing the Lantern in Longling Cave produced a big explosion with a box office of over 50 million, none of the Douban scores reached the passing line.

On the other hand, this year, the scores of two douban books, Xing ‘anling and Wumingchuan, both exceeded 6, although there is still room for improvement.However, it has gained the attention and recognition of more and more mainstream movie audiences, and is also conducive to constantly breaking through the circle and attracting incremental users..

At the spring festival release conference of online movies at the beginning of the year, it was once again pointed out that the high-quality content of online movies is still lacking."Reducing quantity and improving quality" will be the future development direction..

In the first quarter, Aiteng Yousan Platform launched a total of 160 new films, a decrease of 56 compared with the same period of last year. It is estimated that the number of new films in the whole year will decrease by more than 160 compared with last year. Under the call of "reducing quantity and improving quality", the head effect becomes more and more prominent, and the competition between waist and tail films will become more intense, and the survival of the fittest will become an inevitable trend.

Zhang Yucheng believes that,At this stage, to create online movie explosions, there are four elements: story, visual effects, actors and marketing, which are indispensable.In order to continuously export head works, we should also avoid blindly following the trend, deepen our fields of expertise, and cooperate with the most professional teams and creators of a certain theme type to give play to our core competitiveness.

From the barbaric growth in 2014 to the standardized operation, and then to the unprecedented development opportunities brought by the epidemic, the online movie market will continue to move forward in the direction of quality content, diversification of themes and evolution of business models in the future. The acclaimed and blockbuster explosions such as The Legend of the Hunter in Xing ‘an Mountains and The Bloody River are just the beginning.

In the new energy and new forces, NIO is the company with the greatest ups and downs, or even one of them.

In this year’s Hong Kong stock market, NIO is one of the few new energy vehicle companies whose share price has fallen. Since the beginning of the year, NIO’s share price has fallen by more than 24%, the ideal share price has risen by more than 80%, Xiaopeng has risen by more than 61%, and BYD’s shares have risen by more than 12%.

Behind the weakness of NIO’s share price, a very important reason is that in the current era of increasingly fierce competition for new energy vehicles, NIO’s overly expensive approach has added more uncertainty to it.

With the release of the third quarter report, this situation has changed. In the third quarter, NIO delivered 55,400 vehicles, an increase of 135.7% month-on-month, a record high, and gross profit margin increased by 4.8 percentage points month-on-month to 11%, exceeding market expectations (10.2%). NIO, who breathed a sigh of relief, rose nearly 10% two days after the release of the financial report.

More noteworthy than the financial figures is that NIO has finally begun to learn to save money, such as opening the power exchange alliance, abolishing non-core business departments, etc. But the crisis has not completely passed, and as new energy vehicles roll into the high-end car market, NIO will also face a new test.

This paper holds the following views:

1.NIO’s third-quarter results exceeded expectations, but it remains under pressure for the long term.In the third quarter, NIO deliveries and gross profit margins achieved rapid growth. But this largely relied on the untying of power exchange services and car purchases. Those who were unwilling to use power exchange services paid less, which stimulated sales. In July and August, NIO’s monthly sales were around 20,000 vehicles. But by September and October, NIO’s monthly sales had fallen back to about 16,000 vehicles.

2.NIO began to learn to save money.NIO eliminated redundant business, driving the proportion of sales and administrative expenses down 13.6 percentage points month-on-month. At the same time, NIO is also making active strategic adjustments and measures, such as opening up power exchange services to enhance scale effect and reducing vehicle manufacturing costs independently.

3.NIO is taking a big test in the high-end car market.All parties in the industry are collectively sprinting to the high-end car market. At the beginning of next year, Ideal and Xiaopeng will have new models priced at 300,000 yuan. And before the second half of next year, NIO will not have new models on the market. In the case of already declining sales of existing models, NIO’s competitive pressure will increase unprecedented.

01 Gross margin back in double digits

Gross margin has always been the most concerned indicator of NIO’s financial reports. Affected by factors such as falling sales volume and industry price wars. NIO’s business gross margin has stayed in single digits for three consecutive quarters. In the third quarter, NIO reversed this trend, and the automotive gross margin increased by 4.8 percentage points month-on-month to 11%, exceeding market expectations (10.2%).

NIO’s gross margin returned to double digits after three quarters, not only due to the decline in supply chain costs, but also due to the return of NIO’s sales volume to high growth.

The price of battery-grade lithium carbonate fell from 307,500 yuan/ton in July to 171,000 yuan/ton on November 1. Considering that the cost of batteries in pure electric models accounts for about 40%, the decline in battery prices will naturally bring about a decrease in car costs. NIO also mentioned in the third quarterly report that the company’s battery unit cost decreased in the third quarter.

At the same time, NIO sales also returned to high growth in the third quarter. In the third quarter, NIO delivered 55,400 vehicles, an increase of 135.7% month-on-month, and the delivery volume reached a record high. The dilution of amortized costs caused by the significant increase in car sales made NIO bicycle costs 7,000 yuan lower than in the previous quarter.

Among them, in the car sales structure, the ES6 with relatively high pricing has boosted sales by changing the model. Its sales share has increased from 25% in the last quarter to 50% in the third quarter, so that the average price of bicycle sales has increased to 314,000, an increase of 8,600 yuan from the previous quarter. The cost of each car has decreased by 7,000 compared with the previous quarter, but the price has increased by 8,600, so that the gross profit of each car sold by NIO in the third quarter is 35,000 yuan, which is 16,000 higher than the previous quarter.

Although the increase in sales volume and the increase in the proportion of high-priced ES6 have driven the improvement of the company’s gross profit margin. But in the long run, it is difficult to maintain the high growth of NIO sales. The reason is that the increase in sales in the third quarter was affected by the untying of power replacement and car buying services, and the disguised price reduction promoted the release of sales. In July and August, NIO’s monthly sales were around 20,000, but in September and October, the monthly sales volume had dropped to about 16,000.

Although the high growth brought about by the unbundling of power exchange services is a short-term event, changes in business strategy are having a profound impact on NIO’s profitability.

02 NIO starts to learn to save money

At the NIO Science and Technology Innovation Day two months ago, Li Bin said this: "Yesterday, He Xiaopeng asked a media person to tell me not to invest so much money, thank you, but NIO will continue to invest in the long-term."

Li Bin’s words were also in line with the outside world’s perception of NIO. Compared with other new forces, NIO would "burn money" more. But in the end, the situation was stronger than people.

In the third quarter, NIO’s sales and administrative expenses fell by 13.6 percentage points quarter-on-quarter. The decrease in expense ratio is due to NIO’s elimination of redundant business. "NIO will carry out adjustments involving organizational and resource investment directions, including reducing the redundant personnel and institutional settings by about 10%," Li Bin said in an internal letter in November. At the same time, NIO will also make adjustments to projects that have not been profitable for three years or have not contributed to the improvement of gross profit. Dolphin Investment Research forecasts that after the layoffs, it is expected to save NIO 10-1.50 billion per year.

Not only shrinking the business, NIO also adjusted its strategy. At the end of November, NIO successively cooperated with two major automakers, Changan and Geely, on the power exchange business. For a long time, due to the huge investment and the harsh requirements of the break-even point, the power exchange service has been a drag bottle for NIO’s profits. In the third quarter, the gross loss rate of the service business including the power exchange business reached -24%. That is to say, the gross profit earned by selling cars 350 million, all posted to the losses of other business 390 million.

After cooperating with car companies, the partners can not only share the investment pressure, but also increase the number of power exchange services per day at the power exchange station, improving the scale effect. Next, Li Bin also said that the possibility of independent financing of the power exchange business cannot be ruled out.

After rationally allocating non-core businesses, NIO also has more resources in the main automotive industry. Recently, it was reported that NIO has obtained independent production qualifications. If the news is true, it means that NIO’s seven-year OEM route has come to an end and it has become the last car company in the new force to obtain independent car manufacturing qualifications.

Not surprisingly, after obtaining the production qualification, it will be beneficial to the efficiency of NIO’s business. According to Li Bin, after purchasing the Jianghuai production line, the cost of independent production will decrease by 10%, and the gross profit margin of automobiles will continue to increase, reaching 15% in the fourth quarter.

Although NIO itself has started to learn to save money and is getting better and better, it is also facing new industry challenges.

03 The industry collectively sprints towards high-end cars.NIO faces new pressure

In NIO’s plan, the goal is to be China’s BBA and dominate the domestic high-end pure electric market for a long time. From the current point of view, this goal is progressing smoothly. From January to May this year, NIO’s market share of high-end pure electric vehicles with an average transaction price of more than 300,000 yuan reached 55.8%.

Although the performance is good, it may be difficult for NIO to continue to increase its share. Due to the different operating habits and aesthetic styles of consumers, cars are highly differentiated products. Toyota, the world’s largest automaker, has a market share of only 11%.

From the current point of view, NIO’s share in the high-end pure electric market has declined. In October, NIO’s share in the high-end pure electric car market above 300,000 yuan was 45.6%, a significant decrease from the first five months of this year. Another signal of bottleneck in the penetration rate of NIO’s high-end cars is that NIO will launch two sub-brands, Alps and Firefly, focusing on the market below 300,000 yuan.

At the same time, the new energy automobile industry has also begun to sprint to the high end collectively. According to later reports, next year, Ideal, Huawei, JK and other brands will launch products on the market with prices of 300,000 yuan and above.

In January next year, Xiaopeng MPV new car – Xiaopeng X9 with a pre-sale price of 388,000 began to be delivered to users. In the third quarter of this year, Xiaopeng bicycles cost an average of 196,000 yuan. In late February next year, the ideal first pure electric car priced close to the ideal Mega of 600,000 will also be delivered to users.

Interestingly, the timing of competing for high-end cars is precisely the empty window period for NIO products. NIO will not have new cars on sale until the second half of next year, and can only rely on the current eight cars on the NT 2 platform to sell. And two of the so-called main models – ET 5 and the new ES 6 – have obvious sales weakness. The fourth quarter sales guidance given by NIO 4.7-4 9,000, and it also shows a month-on-month downward trend. Before the second half of next year, NIO will only rely on stock car sales to deal with new high-end cars from brands such as Ideal and Xiaopeng. This means that the competitive pressure of NIO will increase unprecedented.

Although the unit price of NIO customers is higher, due to the crude development of NIO in the past, the gross profit margin of NIO is only 11%, coupled with the service business that has not been able to achieve profit returns, the overall gross profit margin of NIO is only 8%, which lags behind the gross profit margin of most mainstream new energy vehicle companies. Once NIO’s high-end market position is shaken, NIO will gradually lose its room to move around in the industry.

This also means that the danger of NIO is still not over. In the ever-fierce competition of high-end cars in 2024, NIO will enter a new round of life and death test.

On March 24, Meituan released the fourth quarter and full year results of 2022. The company’s various businesses continued to achieve steady growth, with annual revenue of 220 billion yuan (RMB, the same below), an increase of 23% year-on-year, and adjusted net profit of 2.80 billion yuan.

This year, Meituan deepened its "retail + technology" strategy and continued to increase investment in scientific research in key areas. The annual R & D expenditure increased by 24% year-on-year to 20.70 billion yuan, a record high.

At the same time, Meituan’s annual instant delivery orders increased by 14% year-on-year to 17.70 billion orders, of which the peak daily order volume of catering takeaway orders exceeded 60 million orders. The stickiness between users and the platform further increased, and the average annual transaction number of users reached 40.8, an increase of 14% year-on-year.

"In 2022, we will continue to provide hundreds of millions of consumers with assured goods and convenient services, and help millions of merchants use digital means to expand their online operations, which will drive more consumption and create more jobs," said Wang Xing, CEO of Meituan. "In the process of promoting the digital upgrading of life services and retail industries through technological innovation, we will continue to pay attention to the common interests and long-term development of platform participants such as merchants and riders, firmly fulfill platform responsibilities, increase investment in science and technology, continue to help the real economy, and make more contributions to the high-quality growth of China’s economy."

Enabling entities and core local businesses to thrive

As a technology retail enterprise, Meituan is continuing to leverage the advantages of rich application scenarios to fully meet user consumption needs through instant retail and high-quality online and offline supply. In 2022, Meituan’s core local business operating profit reached 29.50 billion yuan, an increase of 57% year-on-year.

Among them, the takeaway business insists on pursuing high-quality development, and consumers’ user stickiness has continued to increase in the past few quarters. Driven by this, the peak daily order volume of Meituan catering takeaway in 2022 exceeded 60 million orders.

The instant retail format using digital technology has further stimulated the potential of local consumption. In addition to food and beverage takeaway, the demand for instant retail such as medicines, flowers, daily groceries, branded cosmetics and mobile phones has grown rapidly. In the fourth quarter, the peak daily order volume of Meituan flash sale exceeded 11 million. Instant retail has also driven more local entities to embrace digital business methods. In 2022, there were nearly 300,000 convenience stores and small supermarkets related to instant retail on the Meituan platform, more than twice the number in 2019. The sales volume of merchants increased by more than 400% compared with 2019, and the variety of goods was three times that of 2019.

In terms of store-to-store business, Meituan has a rich and diverse range of life service categories and product matrices, as well as a strong consumer mind. To further stimulate the vitality of local merchants, Meituan has specially launched measures such as merchant traffic support and joint marketing programs, such as providing tailor-made tools for "time-honored" merchants to help them expand customer acquisition channels. In 2022, Meituan’s annual active merchants in stores maintained healthy growth, of which small store merchants increased by nearly 500,000 compared with 2021.

Meituan also gave full play to its supply-side advantages, launching a series of themed activities around key consumption nodes such as New Year’s Eve, New Year’s Day, and Spring Festival, to help local catering entities produce more "food". Taking Changsha as an example, from November 18 to November 30, 2022, Meituan joined tens of thousands of catering merchants to launch special activities to promote consumption and special night snacks, and selected more than 20,000 high-quality winter special packages, which stimulated the consumption vitality of the "night economy". Data show that the number of stores providing night catering services on the platform increased by 20% year-on-year in November.

In terms of new business, the efficiency of commodity retail business has been greatly improved. In 2022, the revenue rose to 59.20 billion yuan, and the quarterly operating loss narrowed by 32% year-on-year to 6.40 billion yuan. Meituan market and Meituan Preferred have ensured the stable supply of users’ daily necessities during the special period, and have also played a positive role in promoting the digital transformation of the agricultural industry.

Take multiple measures to jointly promote consumption recovery

In addition to mining user requests and providing a series of accurate and high-quality marketing activities to greatly boost consumer confidence, Meituan also undertook more than 80 government consumption coupon projects in dozens of provinces and cities such as Beijing, Tianjin, Hubei, and Shenzhen in 2022, and assisted the local government in issuing nearly 1 billion yuan of electronic consumption coupons, covering consumers’ all-round needs for "food, housing, travel, shopping and entertainment". Meituan data shows that among many consumption scenarios, the leverage effect of consumption coupons on in-store catering is the most obvious. During the event, the average daily transaction volume of participating merchants increased by 55% compared with the week before the event, and the average daily transaction volume of small and medium-sized merchants in Tianjin, Wuhan, Enshi, Yinchuan, Foshan and other cities increased by more than 100%.

Instant retail, characterized by minute-to-minute delivery, is a new trend in the retail industry, which makes technological innovation represented by drones expected to become the infrastructure for new business models in modern society. By the end of 2022, Meituan drone has been launched in Shenzhen and Shanghai, with routes covering 18 communities and office buildings, serving nearly 20,000 households. In the two years of normal trial operation, Meituan drone has completed more than 120,000 single delivery tasks, of which more than 100,000 orders will be completed in 2022.

"Meituan’s ability to effectively cope with external challenges and maintain growth momentum in 2022 is due to the strong resilience of the Chinese economy, the industry experience we have accumulated over the years, and the strong execution ability to adjust business strategies in a timely manner," said Chen Shaohui, Meituan CFO. "In the future, we will continue to consolidate the core capabilities of our main business and focus on new areas with growth and long-term returns. At the same time, we will insist on technological innovation to help the deep integration of the digital economy and the real economy, so as to help everyone eat better and live better."