Regulations on the Implementation of the Budget Law of the People’s Republic of China (October 1, 2020)


Regulations of the People’s Republic of China on the Implementation of Budget Law

(1995year11moon22DecreeNo. of the State Council of the People’s Republic of China186No. release2020yeareightmoonthreeDecreeNo. of the State Council of the People’s Republic of China729No. revision)

Chapter I General Principles

Article 1 These Regulations are formulated in accordance with the Budget Law of the People’s Republic of China (hereinafter referred to as the Budget Law).

Article 2 The dispatched offices of local governments at or above the county level shall conduct budget management activities according to the authorization of the government at the corresponding level, which shall not be regarded as the first-level budget, and their revenues and expenditures shall be included in the budget at the corresponding level.

Article 3 The budget of the social insurance fund shall realize sustainable operation on the basis of actuarial balance, and the general public budget may appropriately arrange funds to supplement the budget of the social insurance fund according to needs and financial resources.

Article 4 The "departments" mentioned in the second paragraph of Article 6 of the Budget Law refer to state organs, armies, political party organizations, institutions, social organizations and other units that have a direct relationship with the financial department of the government at the corresponding level.

Article 5 The budgets of various departments shall reflect all budgetary funds allocated to the department and its subordinate units by the general public budget, government fund budget and state-owned capital operation budget.

The budget revenue of each department includes the budget allocation revenue and other income arranged by the finance at the corresponding level for this department and its subordinate units. The budget expenditure of each department is the expenditure corresponding to the budget income of the department, including basic expenditure and project expenditure.

The basic expenditure mentioned in the second paragraph of this article refers to the expenditure incurred by various departments and units to ensure the normal operation of their institutions and complete their daily tasks, including personnel funds and public funds; The project expenditure refers to the expenditure incurred by various departments and units to complete their specific tasks and career development goals.

The budgetary appropriation income of each department and its subordinate units at the corresponding level and their corresponding expenditures shall be reflected separately in the departmental budget.

The specific measures for the preparation and implementation of departmental budgets shall be stipulated by the financial department of the government at the corresponding level according to law.

Sixth general transfer payments to the public should be detailed to the region. The disclosure of special transfer payments to the public should be refined to regions and projects.

Government debt, government operating expenses, government procurement, financial special account funds, etc., are disclosed to the public in accordance with relevant regulations.

Department budgets and final accounts shall disclose basic expenditures and project expenditures. The departmental budget and final accounts expenditure shall be disclosed according to its functional classification; According to its economic nature, the basic expenditure should be made public.

The budgets, final accounts and statements of the subordinate units of various departments shall be approved by the departments.twentyDays by the unit to the public. The unit budget and final accounts shall disclose the basic expenditures and project expenditures. The unit budget and final accounts expenditure shall be disclosed according to its functional classification; According to its economic nature, the basic expenditure should be made public.

Article 7 The central and local tax sharing system mentioned in Article 15 of the Budget Law refers to the financial management system that determines the scope of central and local fiscal expenditures on the basis of dividing the powers of central and local governments, and divides the central and local budgetary revenues according to tax categories.

The specific contents and implementation measures of the tax-sharing financial management system shall be implemented in accordance with the relevant provisions of the State Council.

Article 8 Local governments at or above the county level shall, in accordance with the principle of central and local tax sharing and the relevant provisions of the higher-level government, determine the financial management system of the government at the same level for the lower-level governments.

Article 9 The term "general transfer payment" as mentioned in the second paragraph of Article 16 of the Budget Law includes:

(1) Balanced transfer payment;

(two) financial assistance to the old revolutionary base areas, ethnic minority areas, border areas and poverty-stricken areas;

(3) Other general transfer payments.

Article 10 The term "special transfer payment" as mentioned in the third paragraph of Article 16 of the Budget Law refers to the budgetary funds given by the higher-level government to the lower-level government in order to achieve specific economic and social development goals, and used by the lower-level government according to the purposes specified by the higher-level government.

The financial departments of governments at or above the county level shall, jointly with relevant departments, establish and improve the regular evaluation and withdrawal mechanism of special transfer payments. The special transfer payment after evaluation shall be dealt with according to the following circumstances:

(a) in accordance with laws, administrative regulations and the provisions of the State Council, it is necessary to continue the implementation, you can continue to implement;

(two) the relevant requirements of the establishment are changed, or the actual performance is far from the target, and the management is not perfect enough, which should be adjusted;

(3) If the foundation is invalid or abolished, it shall be cancelled.

Article 11 Budget revenue and budget expenditure shall be calculated in RMB yuan. Where budgetary revenues and expenditures are received and paid in currencies other than RMB, they shall be converted into RMB.

Chapter II Scope of Budget Revenue and Expenditure

Article 12 The term "administrative fee income" as mentioned in the first paragraph of Article 27 of the Budget Law refers to the income formed by state organs, institutions, etc. charging fees to specific objects in accordance with the provisions of laws and regulations and with the approval of procedures stipulated by the State Council, in the process of implementing social public management and providing specific public services to citizens, legal persons and other organizations.

The income from paid use of state-owned resources (assets) mentioned in the first paragraph of Article 27 of the Budget Law refers to the income from paid use of state-owned resources such as mineral deposits, rivers, sea areas, uninhabited islands and forests and grasslands owned by the state according to the law, and the income from state-owned assets that are included in the general public budget management according to the regulations.

The term "transfer income" as mentioned in the first paragraph of Article 27 of the Budget Law refers to the tax refund and transfer payment from higher authorities, the income from lower authorities, the transferred funds, and the free assistance from the non-affiliated government included in the transfer income according to the provisions of the Ministry of Finance.

Article 13 transfer expenditure includes the payment of higher-level expenditures, tax refund and transfer payments to lower levels, transfer of funds, and free assistance to non-affiliated governments listed in transfer expenditure according to the provisions of the Ministry of Finance.

Article 14 The budgetary revenue of government funds includes the revenue from various projects of government funds and the transfer income.

The budgetary expenditures of government funds include the expenditures of various projects and transfer expenditure corresponding to the budgetary revenues of government funds.

Article 15 The budget income of state-owned capital operation includes the profit income turned over to the state by wholly state-owned enterprises and wholly state-owned companies that should be included in the budget of state-owned capital operation according to laws, administrative regulations and the State Council regulations, the dividend income obtained from state-owned capital holding and shareholding companies, the transfer income of state-owned property rights, liquidation income and other income.

State-owned capital operating budget expenditure includes capital expenditure, expense expenditure, transfer of funds to the general public budget and other transfer expenditure and other expenditures.

Article 16 The budgetary income of social insurance funds includes various social insurance premium income, interest income, investment income, general public budget subsidy income, collective subsidy income, transfer income, higher-level subsidy income, lower-level premium income and other income.

The budget expenditure of social insurance fund includes various social insurance benefits expenditure, transfer expenditure, subsidy to lower level expenditure, upper level expenditure and other expenditures.

Article 17 The specific measures for the division of income and expenditure items between the higher and lower levels of local budgets, as well as the payment, return or transfer shall be formulated by the local government at the higher level and reported to the Standing Committee of the people’s congress at the corresponding level for the record.

Article 18 The specific measures for the division of income and expenditure items between the upper and lower levels of local social insurance fund budgets, as well as the solution and subsidies, shall be formulated by the local government at the higher level according to the overall level and reported to the Standing Committee of the people’s congress at the corresponding level for the record.

Chapter III Budgeting

Article 19 The draft budget referred to in Article 31 of the Budget Law refers to the budgets prepared by governments at all levels, departments and units that have not been examined and approved by legal procedures.

Article 20 The term "performance evaluation" as mentioned in the first paragraph of Article 32 of the Budget Law refers to a systematic and objective evaluation of the input, use process, output and effect of budgetary funds according to the set performance objectives and standardized procedures.

The results of performance evaluation should be used as the basis for improving management and compiling future annual budgets in accordance with regulations.

Article 21 The budgetary expenditure standards mentioned in the third paragraph of Article 32 of the Budget Law refer to the expenditure budgeting standards that are reasonably classified and stipulated separately, including basic expenditure standards and project expenditure standards.

The financial departments of local governments at all levels shall, according to the budget expenditure standards formulated by the Ministry of Finance, and in combination with the level of economic and social development and financial resources of the region, formulate the budget expenditure standards of the region or the corresponding level.

Article 22 The Ministry of Finance shall, every yearsixmoon15A few days ago, the specific matters of preparing the draft budget for the next year were deployed, and the report format, compilation method and submission period were stipulated.

Twenty-third central departments should be in accordance with the requirements of the State Council and the deployment of the Ministry of Finance, combined with the specific situation of the department, organize the preparation of the draft budget of the department and its subordinate units.

The central departments are responsible for reviewing the draft budgets of their subordinate units, compiling the draft budgets of their own departments, and submitting them to the Ministry of Finance for review in accordance with relevant regulations.

Article 24 The Ministry of Finance shall examine and verify the draft budgets of various central departments, and formulate the draft central budget in detail; Summarize the draft local budget or local budget, and compile the draft central and local budgets.

Twenty-fifth provinces, autonomous regions and municipalities directly under the central government in accordance with the requirements of the State Council and the deployment of the Ministry of Finance, combined with the specific conditions of the region, put forward the requirements of the administrative region to prepare a draft budget.

The financial departments of local governments at or above the county level shallsixmoon30A few days ago, the specific matters of preparing the draft budget for the next year in this administrative region were deployed, and the relevant report format, compilation method and submission period were stipulated.

Article 26 All departments of local governments at or above the county level shall, according to the requirements of the government at the corresponding level and the deployment of the financial department of the government at the corresponding level, organize the preparation of the draft budgets of their own departments and their subordinate units, and report them to the financial department of the government at the corresponding level for examination in accordance with the provisions.

Article 27 The financial departments of local governments at or above the county level shall examine the draft budgets of various departments at the corresponding level, specifically compile the draft budgets at the corresponding level, and compile the draft total budgets at the corresponding level. After being examined and approved by the governments at the corresponding levels, they shall be submitted to the financial departments of the governments at the next higher level within the prescribed time limit.

The draft general budget at the corresponding level or the general budget at the corresponding level summarized by the financial departments of the governments of provinces, autonomous regions and municipalities directly under the Central Government shall be submitted in the next year.onemoon10Recently reported to the Ministry of Finance.

Twenty-eighth financial departments of governments at or above the county level shall, when examining the draft budgets of various departments at the corresponding level, find that they do not meet the requirements of budgeting, and shall correct them; When compiling the draft general budget at the corresponding level, if it is found that the draft budget at the lower level does not meet the budget preparation requirements of the higher level government or the government at the corresponding level, it shall report to the government at the corresponding level in time and be corrected by the government at the corresponding level.

Twenty-ninth financial departments of governments at all levels shall solicit the opinions of tax, customs and other budgetary revenue collection departments and units when preparing the draft revenue budget.

Budget revenue collection departments and units shall, in accordance with the requirements of the financial department, provide the forecast of next year’s budget revenue collection.

Thirtieth the financial department in conjunction with the administrative department of social insurance deployment of the next year’s social insurance fund budget draft specific matters.

The social insurance agency shall specifically prepare the draft budget of the social insurance fund for the next year and report it to the social insurance administrative department at the same level for review and summary. The draft income budget of the social insurance fund shall be compiled by the social insurance agency in conjunction with the social insurance premium collection agency. The financial department is responsible for reviewing and summarizing the draft budget of the social insurance fund.

Thirty-first financial departments of governments at all levels shall, in accordance with the provisions of the budget law and these regulations, formulate rules for the preparation of the draft budget at the corresponding level.

Thirty-second departments and units in the preparation of the draft budget, should be based on asset allocation standards, combined with the stock of assets to prepare the relevant expenditure budget.

Article 33 The revenue compilation of the central general public budget includes the revenue of the general public budget at the corresponding level, the funds transferred from the state-owned capital operating budget, the local revenue, the funds transferred from the budget stabilization fund and other funds transferred.

The central general public budget expenditure includes the general public budget expenditure at the corresponding level, tax refund and transfer payment to local governments, and supplementary budget stabilization fund.

The limit of the central government’s debt balance shall be listed separately in the budget at the corresponding level.

Article 34 The revenue compilation of local general public budgets at all levels includes the revenue of the general public budget at the corresponding level, the funds transferred from the state-owned capital operating budget, the tax refund and transfer payment at the higher level, the revenue transferred from the lower level, the funds transferred from the budget stabilization fund and other funds transferred.

The contents of compiling general public budget expenditures at local levels include general public budget expenditures at the corresponding level, expenditures at higher levels, tax returns and transfer payments to lower levels, and supplementary budget stabilization funds.

Thirty-fifth central government funds budget revenue preparation content includes the income of government funds at the same level, the balance of the previous year, local income.

The budget expenditure of central government funds includes the expenditure of various projects of government funds at the same level, transfer payments to local governments and transfer of funds.

Thirty-sixth local government funds budget revenue preparation content includes the income of the government funds at the same level, the balance of the previous year, the income from the lower level, and the transfer payment from the higher level.

The budget expenditure of local government funds includes the expenditure of various projects of government funds at the same level, the expenditure of the superior, the transfer payment to the subordinate and the transfer of funds.

Thirty-seventh central state-owned capital operating budget revenue includes the income at the same level, the balance of the previous year, and the local income.

The budget expenditure of the central state-owned capital operation includes the expenditure at the corresponding level, the transfer of funds to the general public budget, and the transfer payment for specific local matters.

Thirty-eighth local state-owned capital operating budget revenue includes the income at the same level, the balance of the previous year, the transfer payment of specific matters by the higher level, and the income from the lower level.

The budget expenditure of local state-owned capital operation includes the expenditure at the same level, the transfer of funds to the general public budget, the transfer payment for specific matters at lower levels, and the expenditure at higher levels.

Article 39 The budgetary revenues and expenditures of the central and local social insurance funds include the revenues and expenditures specified in Article 16 of these Regulations.

Fortieth departments and units of the budget revenue preparation content includes the budget appropriation income, budget appropriation carry-over and other income.

The budget expenditures of all departments and units include basic expenditures and project expenditures.

The budgetary expenditures of various departments and units shall be classified into items according to their functions and into items according to their economic nature.

Forty-first governments at all levels should strengthen the management of project expenditure. The financial departments of governments at all levels shall establish and improve the evaluation system of project expenditure budget. All departments and units shall carry out budget review in accordance with the provisions of the financial department of the government at the corresponding level.

The project expenditure shall be managed by the project library, and the project warehousing evaluation mechanism and project rolling management mechanism shall be established and improved.

Article 42 The balance management mentioned in the second paragraph of Article 34 of the Budget Law refers to the management method that the State Council decides the scale, variety, term and time of issuing bonds within the balance limit of the central general public budget debt approved by the National People’s Congress; The so-called balance refers to the outstanding principal of the borrowed debt in the central general public budget.

Forty-third local government debt balance is subject to quota management. The government debt limits of all provinces, autonomous regions and municipalities directly under the Central Government shall be submitted by the Ministry of Finance to the State Council for approval within the total limits approved by the National People’s Congress or its Standing Committee, based on factors such as the debt risk and financial situation of various regions, and taking into account the needs of national macro-control policies.

The balance of government debts of all provinces, autonomous regions and municipalities directly under the Central Government shall not exceed the quota approved by the State Council.

Article 44 The scale of borrowing debts mentioned in the second paragraph of Article 35 of the Budget Law refers to the sum of the debt balance limits of local governments, including general debt limits and special debt limits. General debt refers to general bonds included in the general public budget for the development of public welfare undertakings, and loans from foreign governments and international economic organizations for which local governments have the responsibility to repay; Special debt refers to special bonds included in the budget of government funds for the development of profitable public welfare undertakings.

Article 45 The financial departments of the governments of provinces, autonomous regions and municipalities directly under the Central Government shall, in accordance with the local government debt limit issued by the State Council, put forward the debt limit arrangement scheme for the governments at the corresponding levels and for lending to the lower levels, and after reporting to the governments at the corresponding levels for approval, include the increased borrowed debts in the budget adjustment scheme at the corresponding levels and report to the Standing Committee of the people’s congress at the corresponding levels for approval.

The government that accepts the reloan and reloans to the lower-level government shall include the reloan debt in the budget management at the corresponding level. The government that uses reloan and bears the direct repayment responsibility shall include the reloan debt in the budget adjustment plan at the corresponding level and report it to the Standing Committee of the people’s congress at the corresponding level for approval.

The financial departments of local governments at all levels are responsible for the unified management of local government debts.

Article 46 the State Council may lend loans borrowed from foreign governments and international economic organizations to the governments of provinces, autonomous regions and municipalities directly under the Central Government.

Loans from foreign governments and international economic organizations that the State Council has lent to the governments of provinces, autonomous regions and municipalities directly under the Central Government should be included in the budget management at the corresponding level if the governments of provinces, autonomous regions and municipalities directly under the Central Government are directly responsible for repayment. If the governments of provinces, autonomous regions and municipalities directly under the Central Government fail to fulfill their repayment obligations on time, the State Council can deduct the tax refund and other funds to the region accordingly.

The governments of provinces, autonomous regions and municipalities directly under the Central Government may re-lend the loans from foreign governments and international economic organizations lent by the State Council to lower-level governments.

Article 47 The Ministry of Finance and the financial departments of the governments of provinces, autonomous regions and municipalities directly under the Central Government shall establish and improve the debt risk assessment index system of local governments, organize the assessment of the debt risk status of local governments, provide early warning to areas with high debt risks, and supervise the resolution of debt risks.

Forty-eighth governments at or above the county level shall, in accordance with a certain proportion of the estimated number of transfer payments in this year, issue the estimated number of transfer payments in the next year to the government at the next lower level in advance, and the specific issues shall be handled by the financial department of the government at the same level.

In addition to the transfer payment for special projects such as factual settlement, the proportion of the estimated number of general transfer payments issued in advance is generally not less than90%; The proportion of the estimated number of special transfer payments issued in advance is generally not less than70%. Among them, the special transfer payment allocated according to the project law should be clearly defined together with the projects organized and implemented in the next year.

Forty-ninth with the approval of the government at the same level, the financial departments of governments at all levels may set up budgetary working capital, and the amount shall not exceed the total expenditure of the general public budget at the same level.1%. At the end of the year, the financial departments of governments at all levels can recover the working capital of the budget and use it to supplement the budget stabilization fund.

Article 50 The term "carry-over funds" as mentioned in the first paragraph of Article 42 of the Budget Law refers to the funds that have not been implemented by the end of the expenditure year of the budgeted items, or have not been implemented for some reason, but need to be used for the original purpose in the next year; Carry-over funds that have not been used up for two consecutive years refer to the funds that have not been used up at the end of the next year.

The term "surplus funds" as mentioned in the first paragraph of Article 42 of the Budget Law refers to the remaining funds after the actual completion of budget revenue is deducted from the actual completion of budget expenditure and carry-over funds at the end of the annual budget implementation.

Chapter IV Budget Implementation

Fifty-first in the implementation of the budget, the main responsibilities of the financial department of the government:

(a) to study and implement fiscal and tax policies and measures to support the healthy development of economy and society;

(2) Formulating systems and measures for organizing budgetary revenues, managing budgetary expenditures and related finance, accounting, internal control and supervision;

(three) to urge the budget revenue collection departments and units to perform their duties according to law and collect budget revenue;

(four) according to the annual expenditure budget and the plan for the use of funds, reasonably allocate and allocate budgetary funds, and supervise the use and management of budgetary funds of various departments and units;

(five) unified management of government debt borrowing, expenditure and repayment, supervision of the use of debt funds;

(six) to guide and supervise all departments and units to establish and improve the financial system and accounting system, standardize account management, improve the internal control mechanism, and use the budget funds in accordance with the provisions;

(7) Summarizing and compiling the data of budget implementation by stages, analyzing the budget implementation, regularly reporting the budget implementation according to the requirements of the Standing Committee of the people’s congress at the corresponding level, the government at the corresponding level and the financial department of the government at the next higher level, and putting forward relevant policy suggestions;

(eight) to organize and guide the performance monitoring and performance evaluation of budgetary funds;

(nine) to coordinate the business work of budget revenue collection departments and units, the state treasury and other relevant departments.

Article 52 The financial special account referred to in the second paragraph of Article 56 of the Budget Law refers to the bank settlement account opened by the financial department for the management and accounting of specific special funds in accordance with the law or with the approval of the the State Council; The term "special funds" includes funds that can set up special financial accounts according to laws, loans and grants from foreign governments and international economic organizations, currencies other than RMB stored according to regulations, and other special funds that the Ministry of Finance, jointly with relevant departments, reported to the State Council for approval.

The opening and alteration of financial accounts shall be approved by the Ministry of Finance, and the cancellation of financial accounts shall be reported to the Ministry of Finance for the record. The People’s Bank of China shall strengthen the approval, management and supervision of banking financial institutions to open accounts.

The financial account funds shall be managed by the financial department of the government at the corresponding level. Except as otherwise provided by law, without the consent of the financial department of the government at the corresponding level, no department, unit or individual has the right to freeze or use the funds in the special financial account.

The funds in special financial accounts shall be brought into unified accounting by the financial department of the government at the corresponding level, and reflected separately in the budget implementation, final accounts and comprehensive financial report of the government.

Fifty-third in the implementation of the budget, the main responsibilities of various departments and units:

(a) to formulate the budget implementation system of the department and the unit, and establish and improve the internal control mechanism;

(two) according to the organization of income, strict expenditure management, the implementation of performance monitoring, performance evaluation, improve the efficiency of the use of funds;

(three) accounting for the economic business of the unit;

(four) to summarize the budget implementation of the department and the unit, and regularly submit the budget implementation report and performance evaluation report to the financial department of the government at the same level.

Article 54 The financial department shall, jointly with the social insurance administrative department and the social insurance premium collection agency, formulate specific measures for the income, expenditure and financial management of the social insurance fund budget.

The budget of the social insurance fund shall be specifically implemented by the social insurance premium collection agency and the social insurance agency, and the implementation shall be reported to the financial department of the government at the corresponding level and the social insurance administrative department in accordance with the provisions.

Article 55 The financial departments of governments at all levels, tax, customs and other budgetary revenue collection departments and units must organize budgetary revenue according to law, collect budgetary revenue according to the provisions of the financial management system, collection management system and centralized collection system of the national treasury, and pay budgetary revenue into the national treasury in a timely manner in addition to the budgetary revenue such as social insurance funds paid into financial special accounts according to law.

Article 56 Except for the budgetary revenues such as social insurance funds paid into the financial special account according to law, all departments and units that have the obligation to pay budgetary revenues must pay the budgetary revenues that should be paid into the state treasury according to the prescribed budget levels, government revenue and expenditure classification subjects, and the way and time limit for payment. No department, unit or individual may intercept, occupy, misappropriate or default.

Fifty-seventh financial departments of governments at all levels should strengthen the management of the allocation of budgetary funds and follow the following principles:

(1) Allocating funds according to the budget, that is, allocating funds according to the approved annual budget and spending plan. Except for the circumstances that expenditures can be arranged before the approval of the draft budget as stipulated in Article 54 of the Budget Law, no funds can be allocated without budget, useless funds plan, over-budget or over-plan, and no expenditures can be changed without authorization;

(2) Allocating funds according to the prescribed budget levels and procedures, that is, according to the application of the fund-using unit, according to the budget levels of the fund-using unit, the approved fund-using plan and the budgetary fund allocation procedures stipulated by the financial department;

(three) according to the progress of the disbursement, that is, according to the actual progress of the use of funds.

Article 58 The Ministry of Finance shall make reasonable arrangements for the variety, structure, duration and timing of issuing treasury bonds according to the limit of the central government’s debt balance approved by the National People’s Congress.

The financial departments of the governments of provinces, autonomous regions and municipalities directly under the Central Government shall, according to the local government debt limit approved by the State Council, make reasonable arrangements for the structure, duration and timing of issuing local government bonds.

Fifty-ninth transfer payment budget and fund allocation shall be handled by the financial department, and other departments and units shall not issue transfer payment budgets or allocate transfer payment funds to lower-level government departments and units.

Article 60 Governments at all levels, departments and units shall strengthen the management of budgetary expenditures, strictly implement budgets, abide by the financial system and strengthen budgetary constraints, and shall not expand the scope of expenditures or raise expenditure standards without authorization; Use funds in strict accordance with the expenditure purposes specified in the budget and arrange the expenditure schedule reasonably.

Article 61 The Ministry of Finance is responsible for formulating financial rules, accounting standards and accounting systems related to budget implementation. All departments and units shall, in accordance with the requirements of the financial department of the government at the corresponding level, establish and improve the financial system and strengthen accounting.

Article 62 The state treasury is a specialized institution that handles the receipt, division, retention, refund and appropriation of budgetary revenues. Treasury is divided into central treasury and local treasury.

The central treasury business is managed by the People’s Bank of China. Where there is no branch of the People’s Bank of China, the People’s Bank of China shall, after consulting the Ministry of Finance, entrust the relevant banking financial institutions to handle it.

The local treasury business is managed by the branches of the People’s Bank of China. Where there is no branch of the People’s Bank of China, the branch of the People’s Bank of China at a higher level shall, after consulting the financial department of the local government, entrust the relevant banking financial institutions to handle it.

Conditional townships, nationality townships and towns shall set up a national treasury. The specific conditions and standards shall be determined by the financial departments of the governments of provinces, autonomous regions and municipalities directly under the Central Government.

Article 63 The business of the central treasury shall accept the guidance and supervision of the Ministry of Finance and be responsible for the central finance.

The local treasury business shall accept the guidance and supervision of the financial department of the government at the same level and be responsible for local finance.

The local treasury business rules formulated by provinces, autonomous regions and municipalities directly under the Central Government shall be reported to the Ministry of Finance and the People’s Bank of China for the record.

Article 64 The state treasury at all levels shall promptly report to the financial department of the government at the corresponding level the daily, ten-day, monthly and annual reports on the receipt, release, disbursement and balance of budgetary revenues.

Article 65 The state treasury at all levels shall, in accordance with the relevant laws, administrative regulations, the State Council, the relevant provisions of the Ministry of Finance and the People’s Bank of China, strengthen the management of treasury business, and timely and accurately handle the receipt, division, retention, refund and disbursement of budgetary expenditures.

The state coffers at all levels and relevant banking financial institutions must abide by the provisions of the state on the payment of budgetary revenues, and may not delay or occupy budgetary revenues and treasury funds that should be paid into the state coffers.

Article 66 The state treasury at all levels must allocate funds on the same day on the basis of the appropriation voucher or payment and liquidation instruction issued by the financial department of the government at the same level, and timely transfer the funds to the account of the payee or liquidate the funds.

The state treasury at all levels and relevant banking financial institutions shall not occupy the budgetary funds allocated by the financial department.

Article 67 The financial departments of governments at all levels, departments and units collecting budgetary revenues, and the state treasury shall establish and improve the reconciliation system of budgetary revenues among themselves, and check the receipt of budgetary revenues and the allocation of treasury funds on a monthly and annual basis during budget implementation, so as to ensure that the collection and storage of budgetary revenues, the allocation of treasury funds and the inventory amount are accurate.

Article 68 Measures for refunding the central budget revenue and the revenue shared by the central and local budgets shall be formulated by the Ministry of Finance. Measures for refunding local budget revenues shall be formulated by the financial departments of the governments of provinces, autonomous regions and municipalities directly under the Central Government.

The examination and approval authority for refunding budgetary revenues at all levels belongs to the financial department of the government at the corresponding level. The withdrawal of the central budget revenue and the revenue shared by the central and local budgets shall be approved by the Ministry of Finance or an institution authorized by the Ministry of Finance. The withdrawal of local budget revenue shall be approved by the financial department of the local government or its authorized institution. The specific procedures for withdrawing funds shall be handled in accordance with the relevant provisions of the Ministry of Finance.

For refunding the budgetary revenue, it shall be directly returned to the applicant or individual for use in accordance with the provisions of the state. No department, unit or individual may intercept or misappropriate the money returned from the library.

Sixty-ninth governments at all levels should strengthen the management and supervision of the state treasury at the corresponding level, and the financial departments of governments at all levels should be responsible for coordinating the business work of the departments and units that collect budgetary revenue at the corresponding level with the state treasury.

Article 70 The regulations and documents formulated by various departments in the State Council shall conform to the unified provisions of the state, which involve matters such as reducing or exempting the payable budget revenue, establishing and changing income items and standards, dealing with confiscated property, standards and scope of expenditure, disposal of state-owned assets and income distribution, accounting and so on. Where the increase or decrease of fiscal revenue or expenditure is involved, the opinions of the Ministry of Finance shall be sought.

Article 71 The rules and administrative measures formulated by local governments according to their statutory authority shall not involve the reduction or exemption of the central budget revenue and the revenue shared by the central and local budgets, and shall not affect the collection of the central budget revenue and the revenue shared by the central and local budgets; In violation of the provisions, the relevant budgetary revenue collection departments and units have the right to refuse to implement, and shall report to the higher budgetary revenue collection departments and units and the Ministry of Finance.

Seventy-second governments at all levels should strengthen their leadership over the implementation of the budget, regularly listen to the reports of the financial departments on the implementation of the budget, and study and solve the problems in the implementation of the budget.

Article 73 The financial departments of governments at all levels have the right to supervise the work related to the budget management of various departments at the corresponding level and their subordinate units, and to evaluate and assess the budget implementation and performance of various departments.

The financial departments of governments at all levels have the right to supervise the collection of budgetary revenues at the corresponding level by the collection departments and units related to budgetary revenues at the corresponding level, and order them to make corrections in case of over-collection, early collection, reduction, exemption, deferment or refund of budgetary revenues in violation of laws and administrative regulations.

Article 74 The financial departments of governments at all levels shall report the budget implementation to the government at the corresponding level every month, and the specific contents, methods and time limit of the report shall be stipulated by the government at the corresponding level.

Article 75 The financial departments of local governments at all levels shall regularly submit the budget implementation of their respective administrative regions to the financial department of the government at the next higher level, including ten-day reports, monthly reports and quarterly reports on budget implementation, statistical reports on government debt balance, treasury funds reports and related written explanatory materials. The specific content, method and time limit for submission shall be stipulated by the financial department of the government at the next higher level.

Seventy-sixth tax, customs and other budgetary revenue collection departments and units at all levels shall, in accordance with the time limit and requirements stipulated by the financial department, submit the relevant budgetary revenue collection to the financial department and the superior competent department, with written explanations.

Tax, customs and other budgetary revenue collection departments and units at all levels shall establish an information sharing mechanism for revenue collection and management with relevant financial departments.

Article 77 All departments shall, in accordance with the time limit and requirements stipulated by the financial department of the government at the corresponding level, submit to the financial department of the government at the corresponding level reports and written explanatory materials on the budgetary revenues and expenditures of the department and its subordinate units.

Article 78 The term "excess revenue" as mentioned in the first paragraph of Article 66 of the Budget Law refers to the part in which the actual revenue of the general public budget at the corresponding level exceeds the budget revenue approved by the people’s congress at the corresponding level or its standing committee.

The term "short revenue" as mentioned in the third paragraph of Article 66 of the Budget Law refers to the situation that the actual completion of the general public budget revenue at the corresponding level is less than the budget revenue approved by the people’s congress at the corresponding level or its standing committee.

The actual completion and budget revenue mentioned in the preceding two paragraphs do not include transfer income and government debt income.

The deficits increased by the governments of provinces, autonomous regions and municipalities directly under the Central Government in accordance with the provisions of the third paragraph of Article 66 of the Budget Law can be balanced by issuing local government general bonds within the local government debt limit issued by the State Council.

In case of short revenue in the annual implementation of the general public budget of cities divided into districts and autonomous prefectures, balance of payments shall be achieved by transferring the budget stabilization fund or other budgetary funds and reducing expenditures; If the balance of payments cannot be achieved by taking the above measures, the current year’s budget can be balanced by applying for temporary assistance from the higher government, and the funds can be returned in the next year’s budget.

In the annual implementation of the general public budget at all levels, the actual implementation of the budget expenditure at the corresponding level is less than the total budget expenditure, which does not belong to the situation of budget adjustment.

If there is excess income in the annual implementation of the budget of government funds at all levels, it shall be arranged for use in the next year and given priority to repay the corresponding special debts; In case of short income, the balance of income and expenditure should be achieved by reducing expenditure. Unless otherwise stipulated by the State Council.

If there is excess income in the annual implementation of the state-owned capital operating budget at all levels, it shall be arranged for use in the next year; In case of short income, the balance of income and expenditure should be achieved by reducing expenditure. Unless otherwise stipulated by the State Council.

Article 79 After the annual budget is determined, if a department or unit changes its affiliation and causes changes in the budget level or budget relationship, it shall handle the budget and asset transfer accordingly while changing its financial relationship.

Chapter V Final Calculation

Article 80 The draft final accounts mentioned in Article 74 of the Budget Law refers to the annual implementation results of budgetary revenues and expenditures and balances compiled by governments at all levels, departments and units that have not been reviewed and approved by legal procedures.

Article 81 The Ministry of Finance shall, in the fourth quarter of each year, deploy the principles, requirements, methods and submission time limit for the preparation of the draft final accounts, and formulate the report formats of the final accounts of central departments, local accounts and other relevant final accounts.

The governments of provinces, autonomous regions and municipalities directly under the Central Government, in accordance with the requirements of the State Council and the deployment of the Ministry of Finance, put forward the requirements for the preparation of the draft final accounts of their respective administrative regions in light of the specific conditions of their respective regions.

The financial departments of local governments at or above the county level shall, in accordance with the deployment of the Ministry of Finance and the requirements of the governments of provinces, autonomous regions and municipalities directly under the Central Government, deploy the principles, requirements, methods and submission time limit for the preparation of the draft final accounts of government departments at the corresponding level and lower levels, and prepare the final accounts of government departments at the corresponding level, final accounts of lower levels and other relevant report formats.

Article 82 The financial department of the local government shall, according to the deployment of the financial department of the higher-level government, formulate specific methods for the preparation of the draft final accounts of the administrative region and the draft final accounts of various departments at the same level.

Each department shall, according to the deployment of the financial department of the government at the corresponding level, formulate specific preparation methods for the draft final accounts of its subordinate units.

Article 83 The financial departments, departments and units of governments at all levels shall, at the end of each budget year, clean up and verify the annual budget revenue, expenditure data and current accounts, and do a good job in reconciliation of final accounts data.

The data of final accounts shall be based on the verified accounting data of governments at all levels, departments and units, and shall not be replaced by estimated data, and shall not be falsified.

The final accounts of all departments and units shall show the carried-over and surplus funds.

Eighty-fourth units shall, in accordance with the arrangement of the competent department, carefully prepare the draft final accounts of their own units and report them within the prescribed time limit.

Each department shall, on the basis of reviewing and summarizing the draft final accounts of its subordinate units, together with its own final accounts income and expenditure data, compile the draft final accounts of the cost department with detailed explanations, and report them to the financial department of the government at the same level for review within the prescribed time limit after being signed by the person in charge of the department.

Eighty-fifth departments and units at all levels of budgetary revenue collection shall, in accordance with the requirements of the financial department, prepare annual income reports and relevant materials in a timely manner and submit them to the financial department.

Article 86 The financial departments of governments at all levels shall prepare the draft final accounts at the corresponding level according to the budget at the corresponding level, budget accounting data and other relevant materials.

Eighty-seventh after the implementation of the annual budget, the matters that need to be settled between the higher and lower levels of finance according to the regulations shall be settled at the time of final accounts.

The draft final accounts prepared by the financial departments of governments at or above the county level shall be submitted to the audit department of the government at the corresponding level for audit in a timely manner.

Article 88 Local governments at or above the county level shall, from the date when the final accounts at the corresponding level are approved.30Within days, the final accounts at the same level and the final accounts reported by the government at the next lower level shall be summarized and reported to the government at the next higher level for the record; Summarize the final accounts submitted by the government at the next lower level for the record and report them to the Standing Committee of the people’s congress at the corresponding level for the record.

The governments of townships, nationality townships and towns shall, from the date of approval of the final accounts at the corresponding level.30Within days, the final accounts at the same level shall be reported to the government at the next higher level for the record.

Chapter VI Supervisors

Article 89 Governments at or above the county level shall accept the supervision of the people’s congresses at the corresponding levels and their standing committees on the budget implementation and final accounts, and the governments of townships, nationality townships and towns shall accept the supervision of the people’s congresses at the corresponding levels and the people’s congresses at higher levels and their standing committees on the budget implementation and final accounts; According to the requirements of the people’s congress at the corresponding level or its Standing Committee, report the implementation of the budget; Seriously study and deal with the suggestions, criticisms and opinions of deputies to the people’s congresses at the corresponding levels or members of their standing committees on improving budget management, and reply in time.

Article 90 Governments at all levels should strengthen supervision over the budget implementation of lower-level governments, and stop and correct the acts of lower-level governments in violation of the Budget Law, these Regulations and national policies in budget implementation according to law; Take timely measures to deal with the problems in the implementation of the budget at the corresponding level.

The lower level government shall accept the supervision of the higher level government on the implementation of the budget; According to the requirements of the higher government, provide timely information, truthfully reflect the situation, and shall not conceal or make false reports; Strictly implement the relevant decisions made by the higher government and report the implementation results in a timely manner.

Ninety-first departments and their subordinate units shall accept the supervision of the financial department of the government at the same level on the work related to budget management.

The dispatched offices of the Ministry of Finance shall carry out their work according to the duties and authorization of the Ministry of Finance.

Article 92 The auditing departments of governments at all levels shall, in accordance with the law, supervise the budget implementation and final accounts at the corresponding level, as well as the budget implementation and final accounts of departments and units at the corresponding level and governments at lower levels.

Chapter VII Legal Liability

Article 93 The term "freezing, using or otherwise controlling the funds already paid into the state treasury in violation of the provisions of this Law" as mentioned in Item 6 of Article 93 of the Budget Law means:

(a) without the consent of the relevant government finance department, freezing and using the treasury funds;

(two) the budget revenue collection departments and units in violation of the provisions of the tax and other budget revenue into other accounts outside the state treasury;

(three) without the consent of the financial department of the relevant government or the institution authorized by the financial department, handle the disbursement and refund of funds;

(four) the treasury funds for other purposes;

(five) delay and occupy the treasury;

(six) occupy the budget funds allocated by the financial department of the government.

Ninety-fourth governments at all levels, relevant departments and units have one of the following acts, and shall be ordered to make corrections; The person in charge who is directly responsible and other directly responsible personnel shall be punished according to law:

(1) Borrowing debts beyond the general debt limit or special debt limit;

(two) in violation of the provisions of this Ordinance issued a transfer payment budget or transfer payment funds;

(3) Opening or changing accounts without authorization.

Chapter VIII Supplementary Provisions

Article 95 The comprehensive financial report of the government mentioned in Article 97 of the Budget Law refers to a report prepared on the basis of accrual basis, which reflects the overall financial status, operation and long-term financial sustainability of governments at all levels. The comprehensive financial report of the government includes financial statements such as government balance sheet, income and expense statement and notes to the statements, as well as comprehensive analysis based on them.

Article 96 The annual government investment plan shall be linked with the budget at the corresponding level. Government investment decision-making, project implementation, supervision and management shall be implemented in accordance with relevant administrative regulations on government investment.

The ninety-seventh article of this Ordinance since2020year10moononeIt will be implemented on the day.

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Hainan Meteorological Bureau issued a three-level rainstorm warning, and there was continuous heavy precipitation from the 22nd to the 24th.

  Cctv newsAt 06: 50 on October 22, 2023, Hainan Meteorological Bureau issued a three-level rainstorm warning: due to the easterly jet, in the past 24 hours, some towns and villages in Qionghai, Wanning, Qiongzhong and other cities and counties experienced precipitation of more than 100 mm, and it is estimated that in the next 24 hours, most towns and villages in Qionghai, Wanning, Qiongzhong, Tunchang and Ding ‘an will experience precipitation of 80-150 mm and local area of more than 220 mm. In addition, some towns and villages such as Baoting, Lingshui, Wenchang, Danzhou, Baisha and Sanya will have precipitation of 50-80 mm. Please take precautions.

  The Department of Natural Resources and Planning of Hainan Province and the Meteorological Bureau of Hainan Province jointly issued the meteorological risk warning of geological disasters at 10: 00 on October 22, 2023: According to the previous rainfall situation of Hainan Meteorological Observatory and the rainfall forecast for the next 24 hours, it is estimated that in the next 24 hours (from 12:00 on October 22, 2023 to 12: 00 on October 23, 2023), the whole territory of qionghai city will be in Longgun Town, Sangerluo Town, Beida Town and Qiongzhong County of Wanning City. Please ask the above-mentioned cities, counties, township governments and relevant departments to do a good job in geological disaster prevention.

  Weather reality

  Affected by the easterly jet, from 08: 00 on October 21 to 08: 00 on October 22, heavy rain to heavy rain occurred in some parts of eastern, central and northern Hainan Island, while moderate rain and local heavy rain occurred in other areas. The rainfall in 61 townships (districts) in 12 cities and counties of Qionghai, Ding ‘an, Wanning, Qiongzhong, Tunchang, Haikou, Wenchang, Lingao, Sanya, Sansha, Chengmai and Ledong exceeds 50 mm, and the rainfall in 31 townships (districts) in 7 cities and counties of Qionghai, Ding ‘an, Wanning, Qiongzhong, Tunchang, Haikou and Wenchang exceeds 100 mm.

  weather forecast

  Hainan Provincial Meteorological Observatory predicts that,From 22nd to 24th, due to the influence of easterly jet, there was persistent heavy precipitation in Hainan Island. On the 25th, the easterly airflow weakened and the whole island turned into scattered shower weather.The specific forecast is as follows:

  Land aspect

  From 22nd to 24th, affected by the easterly jet, there were heavy rains to heavy rains and local heavy rains in the eastern and central parts of Hainan Island, heavy rains and local heavy rains in the northern and southern parts, showers and local moderate to heavy rains in the western part. The highest temperature in the eastern half of Hainan Island is 23 ~ 27℃, and the lowest temperature is 19 ~ 23℃. The highest temperature in the western half is 26 ~ 30℃, and the lowest temperature is 18 ~ 25℃.

  It is estimated that the accumulated rainfall in Wenchang, Qionghai, Qiongzhong, Tunchang and Wanning will be 200-300mm from 08: 00 on October 22nd to 08: 00 on October 25th, the local area will be 450mm, Haikou, Chengmai, Ding ‘an, Baoting, Lingshui and Sanya will be 100-180mm, and the rest cities and counties will be 50-80mm.

  On the 25th, the easterly airflow weakened, and the whole island was cloudy with scattered showers. The highest temperature rose slightly, and the lowest temperature changed little.

  Ocean aspect

 From 22nd to 24th, the winds were 6-7 and the gusts were 8 in the Beibu Gulf, around Hainan Island, and near Xisha and zhongsha islands. Near the Nansha Islands, the wind is 5 ~ 6 and the gust is 7.

  On the 25th, the winds in the Beibu Gulf, the sea around Hainan Island, and the sea near Xisha, Zhongsha and Nansha Islands weakened to 5-6, and the gust was 7.

  The meteorological department of Hainan Province reminded

  (1) Due to the heavy accumulated rainfall in the early stage in the eastern half of Hainan Island, the soil moisture in some areas is close to saturation. From 22nd to 24th, there was continuous heavy precipitation in the eastern half of Hainan Island. Relevant departments need to continue to take precautions against secondary disasters such as farmland waterlogging, mountain torrents, floods in small and medium-sized rivers and geological disasters in this area, and strengthen risk prevention such as floodbridges, floodways and mountain roads.

  (II) Cities are prone to waterlogging risk, so it is necessary to pay special attention to the safety of underground facilities such as underground garages and underpasses, strengthen risk prevention in high-risk areas such as dangerous houses, slopes, simple sheds, rivers and hidden danger points of geological disasters, and strengthen supervision and hidden danger investigation in key places such as tourist attractions and construction sites.

  (3) It is necessary to strengthen the inspection of reservoirs, pay attention to the limited water level of reservoirs in flood season, and pre-discharge measures can be taken in time for high-level reservoirs.

  (4) Harvest mature late rice in time to prevent grain germination and rot caused by precipitation. After the rainstorm, the fields that plan to plant melons and vegetables will be drained in time to prepare for cultivation. Early-maturing litchi is easy to shoot autumn shoots after multiple rounds of precipitation, so fruit farmers should do a good job in controlling the shoots.

An electric car that is more suitable for a takeaway! Mz MIX, the No.9 electric vehicle, runs farther and more stably.

  Nowadays, two-wheeled electric vehicles are becoming more and more common. In addition to daily travel and transportation, some people use them as a tool to make money and make a living, such as the delivery staff who shuttle through the city every day. For these takeaways, a two-wheeled electric vehicle with excellent performance can improve their delivery efficiency and help them get more benefits in a limited time, and the No.9 electric vehicle Mz MIX is such a high-performance product.

  Mz MIX, the No.9 electric vehicle, has a long battery life and higher working efficiency.

  "Endurance" is a difficult problem encountered by the delivery staff at work. If there is no electricity in the electric car during the delivery, it is easy to attract bad reviews. Some takeaways will also consider the existing battery replacement service, but the power station replacement is not as popular as expected. Therefore, long-lasting battery life is standard for two-wheeled electric vehicles sold by foreign sellers.

  Mz MIX, the No.9 electric vehicle, meets this requirement very well. Its RideyLONG long battery life system has improved the battery life by more than 20%. Moreover, the takeaways can upgrade to the lead-acid battery of 72v32ah in the later stage according to their own needs, and the pedal battery compartment of this electric car can easily put in the large battery, so that they can run as far as they want.

  Mz MIX, the No.9 electric vehicle, rides stably and delivers meals without errors.

  The cake tilted on the way to the delivery, and the noodle soup was accidentally spilled … This should be the last thing the delivery staff wanted. Especially in the case of bad weather, mistakes are more likely to occur in rainy and snowy days. This not only requires the delivery staff to drive carefully, but also requires the electric car to be "stable".

  Therefore, Mz MIX, the No.9 electric vehicle, adopts a cradle-type high-strength double-tube carbon steel frame, which belongs to the same level chassis system as M95C, and is full of rigidity and toughness, making it more solid and stable to ride. Coupled with high-performance tires with excellent grip, it can avoid slipping even on wet roads, and it is smoother when cornering. In addition, the front and rear double disc brakes further improve the riding stability, make the brakes more sensitive and stable, and greatly reduce the probability of "accidents".

  In addition, the No.9 electric Mz MIX also supports the mole control function, and the automatic temporary parking function can be realized by deeply pinching the brake for 2-3 seconds, effectively preventing the car from slipping. TCS traction control system can improve the adhesion on slippery, snowy and other roads, and further improve the stability and safety when riding.

  Mz MIX, the No.9 electric vehicle, is intelligent and convenient, and the bill delivery is more efficient.

  For the takeaway, time is money, and every minute can’t be wasted, so every step and link in the delivery process should be as concise and efficient as possible. RideyFUN Air intelligent driving system of Mz MIX No.9 electric vehicle can be displayed on the dashboard, so that the delivery staff can clearly grasp the precise route and reach the destination faster without using the mobile phone to navigate, and it can also answer the phone without using the mobile phone, making it more convenient to contact customers.

  Not only that, it also supports keyless unlocking, and the takeaway can unlock when it is close to the electric car, and automatically lock it when it leaves. This further simplifies the process of car use, and the takeaway does not need to unlock or close the lock frequently, so the time saved can send more orders.

  It is not difficult to see that Mz MIX, the No.9 electric vehicle, fully meets the needs of the takeaway in all aspects, so that the takeaway can deliver the food to the ordering person faster and more stably, and it is the "right-hand man" and "golden partner" of the takeaway. More importantly, the price of this new national standard lead-acid electric vehicle is only about 4,000 yuan. I believe it is difficult to find an electric vehicle product with more outstanding comprehensive performance among its peers. If the delivery staff want to improve their delivery efficiency, consider Mz MIX, the No.9 electric car.

Challenge the benchmark KIA EV5 vs BYD Song PLUS EV

  [car home PK] BYD’s car sales have been too strong in the past two years. This year’s annual sales volume has a high probability of reaching 3 million units. This achievement depends on several popular models, among which BYD Song PLUS can be regarded as the benchmark model of this level in the compact SUV category. Kia EV5 is a new car just listed at Guangzhou Auto Show, and it is also the first domestic pure electric vehicle of Kia China. Like Song PLUS, it is a compact SUV. Today, let’s take a look to see if Kia EV5 has the strength to challenge the benchmark model!

Home of the car

  Kia EV5 only has three models of standard endurance version on sale, with the price range of 14.98-174,800 yuan. The long endurance version will be listed next year. The model selected in this comparison is the top model on sale, with the price of 174,800 yuan for the 2024 530 Land.

Home of the car

  BYD Song PLUS EV has a total of four models on sale, with the price range of 169.8-209.8 thousand yuan. The model selected in this paper is the second lowest model of the car series-the 2023 champion version of EV 520KM distinguished model, with the price of 179.8 thousand yuan.

Home of the car

  The appearance styles of the two cars are very different. The lines of Kia EV5 are tougher, and the square design also gives it a sense of volume and a stronger sense of volume as a whole. BYD Song PLUS EV is relatively graceful, with a soft feeling of ocean net model, and a feeling of one yang and one yin compared with Kia EV5.

  Up to now, the interior styles of the two cars are completely different from the simple styles that are popular nowadays, and they have the outline and design of the interior of traditional car companies. The dual screen design of Kia EV5 is a bit of a sense of science and technology, and in the interior design, the shape of Kia EV5 is also more layered.

Home of the car

  Compared with KIA EV5, BYD Song PLUS EV is relatively moderate in style and does not create too many layers. The rotatable screen in the middle is standard for BYD models, and everyone will not be too strange.

Home of the car

  In the intelligent cockpit, KIA EV5 uses a brand-new platform, the latest generation ccNC in-vehicle infotainment system, which was first applied in China, and cooperates with Baidu and Tencent, focusing on strengthening domestic localized software applications, including Baidu map, Baidu voice and some applications under Tencent. BYD Song PLUS EV uses DiLink in-vehicle intelligent system, which is functional enough for both cars. Kia EV5 has more mobile phone interconnection function and dual-area speech recognition, while BYD Song PLUS EV supports more remote control functions on the mobile APP.

  In terms of interior space, KIA EV5 has built itself into a "ever-changing intelligent cabin for life", and its space performance is better, including the front spare compartment and the rear compartment, which are more functional, with hooks and hidden compartments, and support for double partitions. In contrast, although the trunk space of BYD Song PLUS EV is flat, it lacks some small designs and variability.

Home of the car

  In terms of intelligent driving assistance, KIA EV5 supports L2-level driving assistance function. In terms of hardware, KIA EV5 is equipped with millimeter-wave radar. In terms of active safety, KIA EV5 is equipped with lane departure warning, active braking, front collision warning and other functions, which are quite comprehensive. BYD Song PLUS EV is only equipped with cruise control. If you want a higher-level driver assistance function, you can only buy a high-end model.

Home of the car

  In terms of power, the performance of the two cars is basically the same. The motor power of Kia EV5 is slightly higher, and the gap between the two cars in terms of cruising range is not big. In terms of batteries, both cars use lithium iron phosphate batteries.

summary

  Although BYD Song PLUS EV is the benchmark model of this level, and its sales volume is like a rainbow, Kia EV5, as a challenger, has also demonstrated its own strength and cost performance, more flexible and practical space performance, and tougher design, etc. These are the characteristics of Kia EV5. In the future, Kia will join hands with third-party platforms to build a basic charging network, which will increase the competitiveness of Kia’s electric vehicles. We will wait and see whether KIA EV5 can make a breakthrough in sales in the future.

Oriental Guoxin Annual Board Management Review in 2023

The content of the annual board of directors’ management review for 2023 is as follows:

  I. Industry situation of the company during the reporting period

  The company is required to comply with the disclosure requirements of "software and information technology service industry" in the "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 3 – Industry Information Disclosure"

  1. The digital economy promotes the optimization and upgrading of the industrial structure and reconstructs the global economic landscape

  As a new engine of global economic development in the 21st century, the digital economy is profoundly changing the social and economic form at an unprecedented speed and breadth. Relying on new generation information technologies such as big data, cloud computing, artificial intelligence, and blockchain, the digital economy presents a strong growth momentum and broad prospects. Today, major countries in the world regard the digital economy as the first choice for cultivating new economic growth points and seeking new competitive advantages. Our country’s digital economy has ranked second in the world, accounting for about 40% of the total economy.

  In 2023, China issued a series of important policies in the field of digital economy, aiming to promote the digital transformation and high-quality development of China’s economy by strengthening digital infrastructure building, promoting digital technology innovation and application, and ensuring data security and privacy. In February 2023, the CPC Central Committee and the State Council issued the "Overall Layout Plan for the Construction of Digital China", which made a comprehensive strategic plan for the construction of digital China. It requires all localities and departments to implement the work of promoting digital infrastructure building, digital transformation, and market cultivation of data elements in light of actual conditions. In January 2023, 16 departments including the Ministry of Industry and Information Technology, the National Cyberspace Administration of China, and the National Development and Reform Commission jointly issued the "Guiding Opinions on Promoting the Development of the Data Security Industry", which aims to strengthen data security protection, guide and support the orderly and healthy development of the data security industry, and set phased development goals. The Ministry of Finance issued the "Interim Provisions on Accounting Treatment of Enterprise Data Resources" in August 2023, marking the official entry of data assets into the financial statement system. It will be implemented from January 1, 2024. It aims to guide and standardize the management and accounting of data assets by enterprises. On October 25, 2023, the National Data Administration was officially inaugurated, tasked with coordinating and promoting the construction of data infrastructure, integrating, sharing, and exploiting data resources, as well as promoting the planning and construction of digital China, digital economy, and digital society.

  Looking to the future, the digital economy will restructure the global economic map, promote the optimization and upgrading of the global industrial structure by building a new business model and industrial ecology, and achieve higher efficiency and higher quality economic growth. Further break geographical restrictions, realize the global sharing of information resources, promote the process of global economic integration, and provide unprecedented development opportunities for developing countries. The digital economy will be deeply integrated into all walks of life, giving birth to many new industries, and greatly improving the efficiency of social operation and service level. The digital economy will also strongly drive social governance innovation. With the help of big data analytics, government decision-making will be more scientific and accurate. With the help of artificial intelligence technology, public services will be personalized and intelligent, and the quality of life of the people will be significantly improved. The digital economy, with its strong penetration and innovation, will play a decisive role in the future global economic and social development, and its development prospects are limitless. It has become a strategic highland that countries around the world are competing to pursue.

  At present, in the process of the development of our country’s digital economy, there are still "bottlenecks" – it is difficult to achieve cross-departmental, cross-system and cross-regional sharing in various fields. These data barriers hinder the process of digital transformation to a certain extent, and it is difficult to form an overall joint force. And using technological advantages such as big data to break down data barriers such as "data islands" and "data chimneys" is precisely the advantage of Oriental Guosen.

  The company has been deeply involved in telecom operators, finance, industry, government and other fields for more than 20 years, and has formed a complete cross-industry and cross-field big data comprehensive management capability. The massive processing capacity of data and reliable processing efficiency can also be used to deal with PB-level data with ease. The company will seize the opportunity and use its own advantages to help customers in various industries with digital transformation and the development of our country’s digital economy.

  2, artificial intelligence empowers thousands of industries, spawning new models and new business models

  Artificial intelligence is a strategic technology that leads a new round of technological revolution and industrial transformation. The artificial intelligence big model is the product of the combination of "big data + big computing power + strong algorithms", an’implicit knowledge base ‘that integrates the inherent essence of big data, and a carrier for realizing artificial intelligence applications. Promoting the integration of artificial intelligence and industry and accelerating the formation of new quality productivity is an important trend in current social development. In 2023, the general artificial intelligence model represented by ChatGPT set off a new round of artificial intelligence industry development wave in the world. In 2023, the scale of our country’s artificial intelligence core industry has reached 500 billion yuan, and the number of enterprises has exceeded 4,400. Among them, the artificial intelligence large model market size will reach 2.10 billion US dollars, an increase of 110% year-on-year. Looking forward to 2024, the artificial intelligence large model will enter a critical period of empowering thousands of industries, giving birth to new models and new formats of future industries. The artificial intelligence industry will maintain a high-speed growth and development trend, and gradually enter a new stage of deeply empowering vertical industries and frontier fields, which will effectively promote the construction of new industrialization and high-quality economic development. On March 5, 2024, Premier Li Qiang of the State Council proposed in the government work report that we should vigorously promote the construction of a modern industrial system and accelerate the development of new productivity. At the same time, deepen the research and development applications of big data and artificial intelligence, and carry out the "artificial intelligence +" action to create an internationally competitive digital industrial cluster. According to Sullivan Consulting, the global artificial intelligence market size will reach 615.80 billion US dollars in 2024, and China’s market size will exceed 799.30 billion yuan in this year. At the same time, it is expected that the global artificial intelligence large-scale model market size will exceed 28 billion US dollars in 2024, and the market size in China will reach 21.60 billion yuan.

  Dongfang Guoxin has independently developed a fully functional artificial intelligence product system and has mature applications in customers. In the future, Dongfang Guoxin will make full use of the company’s know-how advantages in big data technology and vertical fields to train more in-depth, more detailed, and more accurate industry large models and vertical small models in vertical fields and specific scenarios with massive high-quality vertical data sets, and make the models better and better in continuous optimization iterations, so as to help customers achieve product and business innovation and promote the continuous improvement of the AI ecosystem.

  3. The rise of intelligent computing power empowers the new wave of industrial digitalization

  With the rapid development and wide application of artificial intelligence technology, the demand for intelligent computing power is also growing rapidly. In order to meet the explosive computing power demand brought by AI large models, the proportion of intelligent computing power and supercomputing power will continue to increase in the future. The development of intelligent computing power benefits from many factors, including algorithm optimization, hardware performance improvement, and rich data resources. The development of intelligent computing power industry is of great significance for promoting the development of artificial intelligence technology, improving the production efficiency of various industries and promoting digital transformation. On February 19, 2024, the State-owned Assets Supervision and Administration Commission of the State Council held a special promotion meeting on "AI empowered industry rejuvenation" of central enterprises artificial intelligence. The meeting emphasized the need to consolidate the foundation for development, concentrate the main resources on the most needed and most advantageous areas, accelerate the construction of a number of intelligent computing power centers, further deepen open cooperation, and better play the role of cross-central enterprises collaborative innovation platform. MIIT CCID Consulting released the "2024 Hashrate Development Trend Insights Report" shows that in the next three years, China’s computing power scale will show explosive growth. It is expected that by 2026, China’s computing power scale will exceed 360 EFLOPS, with a three-year compound growth rate of 20%. IDC data shows that in the first half of 2023, China’s artificial intelligence server market reached $3 billion, an increase of 55.4% year-on-year. According to IDC’s forecast, during the period 2022-2027, the annual compound growth rate of China’s intelligent computing power will reach 33.9%, and the annual compound growth rate of general computing power will be 16.6% during the same period. It is expected that by 2030, the global computing power driven by artificial intelligence will increase by 500 times, and a 100 billion-level intelligent computing power blue ocean market has quietly opened.

  4. Advance technological innovation in depth and shape new development drivers and new advantages

  With the increasing emphasis of the state on the application and innovation of information technology, the Xinchuang industry has become an important force to promote the development of the digital economy. The development of the Xinchuang industry is an inevitable trend to establish an independent and controllable information technology infrastructure and standards. The application fields of the Xinchuang industry are extensive, including party and government, finance, telecommunications, petroleum, electric power, transportation, aerospace, hospital and education. With the continuous advancement of the construction of Xinchuang in various industries, Xinchuang products will penetrate more core business scenarios, which will bring huge market demand and development space for the Xinchuang industry. The national level and local governments have issued a series of policies to promote the development of the Xinchuang industry, including encouraging technological innovation, strengthening industrial collaboration, and optimizing the business environment. The implementation of these policies will provide a good development environment and strong guarantee for the innovation industry. In 2023, the Beijing Municipal Bureau of Economy and Information Technology issued the "Three-Year Action Plan on Building a National Innovation Industry Highland (2023-2025) ". By 2025, Beijing will take the lead in building a high-quality development system for the innovation industry with leading technology, enterprise agglomeration, outstanding programs and complete services, creating 100 innovation application scenarios, gathering 400 innovation enterprises, attracting and training 10,000 industrial talents, and the scale of the innovation industry will exceed 100 billion yuan. According to the Prospective Industry Research Institute, the market size of China’s innovation industry may reach 5.9054 trillion yuan by 2029. With the continuous progress of technology and the continuous expansion of the market, for example, the rapid development of new generation information technologies such as artificial intelligence, big data, and cloud computing will provide more powerful technical support and broad market space for the innovation industry, and the innovation industry will also usher in more development opportunities. Since its establishment, Oriental Guosen has always adhered to independent research and development and technological innovation, actively integrated into the innovation industry ecosystem, and helped enterprises with digital transformation. In the future, it will continue to contribute its own strength on the road of domestic production.

  5. Industrial Internet integration and innovation, injecting () into economic development

  The Industrial Internet is the product of the deep integration of new generation information technology and manufacturing represented by big data, cloud computing, artificial intelligence, 5G, and the Internet of Things. The development of the Industrial Internet has promoted the comprehensive breakthrough and iterative innovation of digital technologies such as 5G, cloud computing, big data, and artificial intelligence. The progress of these technologies has provided strong technical support for the application of the Industrial Internet and promoted the deep integration between industries. The Industrial Internet is an important infrastructure for the digitalization, networking, and intelligent development of the industry. The application of the Industrial Internet has been expanded to 45 national economic categories, covering more than 85% of industrial categories. Through new models such as digital management, platform-based design, and intelligent manufacturing, the digital level of all aspects of production and operation has been promoted. As a key foundation for the deep integration of the digital economy and the real economy, the Industrial Internet is a strategic infrastructure for new industrialization and the key to the accelerated formation of new quality productivity. The national level has attached great importance to the development of the Industrial Internet. A series of policy documents and measures have been issued, providing a strong guarantee for the development of the Industrial Internet. At the same time, with the increasing demand for digital transformation by enterprises, the market demand for the Industrial Internet will continue to expand.

  Dongfang Guoxin has a leading and perfect layout in the field of industrial Internet, and has been among the national industrial Internet dual-cross platforms for many consecutive years. In the future, the company will continue to promote the application and popularization of industrial Internet platforms, build platform ecology, and strive to become an industrial Internet platform with international influence.

  

  II. Main activities of the company during the reporting period

  Dongfang Guoxin is a high-tech software enterprise focusing on core technologies in the fields of big data, artificial intelligence, cloud computing, etc. The company’s main business is to provide customers with enterprise-level big data, artificial intelligence, cloud computing, industrial Internet and other platforms, products, services and industry-wide solutions. In terms of technology products, based on cutting-edge technologies such as big data, artificial intelligence, cloud computing, industrial Internet and 5G, we provide related technology products including data collection, data storage calculation, data analytics mining, data governance management and control, data application, cloud basic services and application development platforms; in terms of industry solutions, based on the company’s years of business experience, we provide customers in communications, finance, industry, government and public safety industries with a full set of solutions and technical services covering data, products, platform applications to services, to help customers form high-quality data assets, explore deep value of data, improve resource utilization and service capabilities, so as to obtain higher production efficiency and operational benefits, and help enterprises transform into digital intelligence.

  (1) The company’s main technologies and products

  1. Big data

  As a pioneer in the field of big data, Orient Guosen adheres to the development strategy of innovation and technology leadership, provides customers with efficient and reliable intelligent digital solutions, helps enterprises build a complete big data ecosystem, and helps them realize their digital transformation vision. Orient Guosen’s big data technology system covers data sensing and acquisition, storage computing, governance and control, application and operation.

  In terms of data awareness collection, Orient Guosen pushes data collection, processing and analysis to the edge of the network through edge computing platform and Cloudiip-Link gateway family products, reducing latency and improving business response speed.

  Big data storage computing capabilities include cloud-native multi-modal data infrastructure, CirroData database family products, and enterprise-grade HADOOP BEH products. These products use container technology to help enterprises establish cloud-native storage computing capabilities that are separated from storage computing, scalable, high-performance, highly reliable, and meet the requirements of Xinchuang, reducing infrastructure operation and maintenance costs.

  In terms of big data governance and control, Orient Guosen provides an enterprise-level data governance platform, guided by data standards, and realizes data asset operation and full value release through metadata-driven data modeling specification implementation, unified integration of polymorphic data, and effective data quality control.

  The big data application field includes data science platform and digital twin platform. The data science platform provides full life cycle management capabilities such as Excel self-service data exploration, visual drag-and-drop report development, AI model training/evaluation/reasoning, etc., to help enterprises quickly discover the value of data and intelligently drive business. The digital twin platform closely connects the physical world and the digital world by simulating real production and business scenarios, providing real-time data simulation and analysis capabilities.

  In terms of big data operation, Oriental Guosen provides a digital marketing and sales integration platform, using big data analytics, sales lead management, user portrait insights and other means to help enterprises accurately locate target customers, formulate personalized marketing strategies, and end-to-end tracking of lead execution to expand market opportunities.

  2, artificial intelligence and large models

  (1) Oriental Guoxin big language model

  Dongfang Guosen has built a comprehensive large-scale model ecosystem to meet various AIGC application scenarios. Provide users with an integrated large-scale model solution that integrates large-scale model training, engineering suites, applications and services.

  Large model training and promotion platform: provide bare computing power platform, training platform, inference platform, data annotation platform, comprehensively manage software and hardware resources, and open up all the processes of building large models in vertical fields;

  Big Model Engineering Suite: Provide a complete big model engineering suite, through dialogue engine, knowledge base engine, process configuration engine, capability integration engine, service open reference, to make up for the shortcomings of big model "illusion" and "bias", and improve the objectivity, accuracy and credibility of big model;

  Large-scale model applications: several large-scale model application products such as TuringMind, TuringLang, and TuringDocQA are used to solve industry problems for customers in several scenarios such as ChatBI, intelligent customer service robots, and document intelligent Q & A.

  (2) Oriental Guoxin visual model

  Based on the SAM (Segment Anything Model) basic model, BonSARM is developed for industrial fragmentation scenarios. It has the capabilities of small sample object detection, image analysis based on sample-free image segmentation, target object dense counting, and intelligent labeling of empowered samples. It solves the bottleneck of traditional model construction that cannot be modeled without target positive samples. It can effectively reduce the modeling cost of CV models and improve the application effect. BonSARM visual model has been applied to smart mine water exploration and drainage, bottom coal bunker plug identification, imaging analysis in ferrosilicon smelting furnace, industrial quality inspection sample classification and counting, customs smart supervision project container, cargo counting and many other scenarios.

  (3) AI core capabilities

  Data Science Cloud Platform is an end-to-end data science and AI platform for enterprises. It is a project-based closed-loop system that supports team collaboration. It provides full-process services from data access, data processing, exploration and analysis to model training, model evaluation, and model deployment. The platform encapsulates SPSS full native algorithms, mainstream open-source algorithm frameworks, and mature algorithms precipitated internally by Dongguoxin, making it easy to build and train enterprise-level data analytics models on a large scale. The company extracts the wide range of general requirements to build AI application products based on the results of years of deep cultivation in the AI field. CVLab provides a general vision algorithm model cloud API, covering text analysis, human-machine-non-recognition, security deployment and other scenarios; ISeeOCR realizes multi-class form structuring capabilities with the help of OCR engine; NLAP integrates general natural language algorithm models to provide visual pages, which are easy to use; BONSpeech packages automatic speech recognition and voiceprint recognition engines to provide services for audio-to-structured data.

  3. Cloud computing

  (1) Cloud business product line

  BONCLOUD, the cloud computing business of Dongfang Guosen, is a Cloud as a Service platform built on Dongfang Guosen’s years of cloud computing technology research and development and service accumulation, combined with high-quality data center resources. The company combines more than 20 years of experience in enterprise-level IT and big data services, and has a comprehensive layout in enterprise-level markets such as industrial Internet, government affairs, and finance. It can provide integrated, automated, and intelligent end-to-end delivery solutions from server cabinet leasing, bare metal to private cloud, public cloud, and hybrid cloud. Cloud business realizes global security monitoring and early warning, real-time risk discovery and precise threat positioning, guarantees system and data security, and professionally serves thousands of internal and external customers.

  (2) AI intelligent computing center product line

  Based on years of industry experience and cloud technology accumulation, as well as Beijing and Inner Mongolia and Lingle National Eastern Digital and Western Computing Hub node data center resources, Oriental Guoxin self-sustains more than 1500P of intelligent computing power resources, combined with existing cloud business R & D and operation team capabilities, and independently develops and builds AI intelligent computing centers. It has formed a large-scale intelligent computing power service capability, providing users in the field of AI intelligent computing with the intelligent computing power required for generative and discriminative model training, fine-tuning, and inference. Based on the company’s technological accumulation in the field of artificial intelligence, it can provide users with computing power rental services for generative and discriminative AI, large-scale models, meta-universe, high-performance computing, creative rendering, Cloud gaming, and many other usage scenarios. It can also package intelligent computing power hardware, training platform software, vertical industry large-scale models, and application software products into large-scale model all-in-one machine products, providing end-to-end intelligent computing application solutions and customized services.

  (3) Staff intelligent computing cloud product line

  For small and medium-sized enterprises, scientific research institutions, colleges and universities, individual developers and other C-end and B-end customer groups, we provide flexible elastic GPU computing power Cloud as a Service, which can use elastic GPUs to deploy applications such as AIGC, deep learning, Cloud gaming, rendering mapping, meta-universe, HPC, etc. Cost-effective, fast and flexible, and many application templates to provide computing power support for building artificial intelligence and literary images.

  Staff Intelligence is a cloud computing platform that provides developers with strong computing power, high elasticity, and low-cost computing power resources. It aims to build an ecosystem and empower developers based on software and hardware strength through its self-built AI computing power center and shared computing power resource model. As a cloud computing product specially designed for the field of deep learning, Staff Intelligence has received extensive attention for its high-performance computing, flexible resource scheduling, data storage and transmission optimization, and rich algorithm libraries. Staff Intelligence also provides automated model training and tuning functions, which greatly shortens the development and iteration cycle and improves the model effect and performance. Staff Intelligence can provide a variety of computing power options to meet the computing needs of different scales and requirements. Users can choose different computing power cloud packages according to their needs to achieve on-demand use, elastic expansion, and significant reduction in computing costs. When deploying deep learning models such as Stable Diffusion, the high-performance computing cluster of Staff Intelligence Cloud can accelerate the training and inference process of the model. Staff Intelligence provides powerful computing power and resource support for artificial intelligence and deep learning, becoming a key force driving innovation and application.

  Staff Smart Computing Product User Interface

  4. Industrial Internet

  Based on the innovative model of "big data + industry", Cloudiip integrates cutting-edge technologies such as artificial intelligence, cloud computing, Internet of Things, and mobile Internet, and integrates industrial data collection, access, computing, storage, service, development, and application. It provides industrial enterprises with solutions such as digital transformation, production control, process optimization, and intelligent manufacturing.

  The core products of the Cloudiip platform are all independently developed by the company and have complete autonomous and controllable capabilities. In terms of hardware, the platform provides 13 types of self-developed intelligent sensors, edge intelligent gateways, edge all-in-one computers, 5G core network and 5G access network, and realizes the independent ability of cloud, network, edge and end integration through the Oriental Guosen cloud platform. In terms of software, the IoT platform, big data platform, artificial intelligence platform, application development platform and analytical database contained in the Cloudiip platform have all been productized, and have formed an integrated service capability through deep integration.

  5. 5G communication

  Driven by the 5G + Industrial Internet Strategy and Development, Dongfang Guosen has independently developed 5G products such as 5G small base stations, 5G core networks, and 5G end points to provide 5G private networks for industry customers. In addition to providing traditional communication between people and people, it focuses on the collection and transmission of IoT sensor data and video data. Traditional PLCs, high definition cameras, AGVs, unmanned vehicles, drones, inspection robots, AR/VR equipment and other industry equipment, by embedding 5G modules or accessing 5G networks through 5G end points, transmit data to edge clouds or central clouds, combined with Guoxin’s industrial Internet platform Cloudiip and artificial intelligence platform, to achieve cloud-side network integration and intelligence, and provide 5G + industrial Internet industry application overall solutions.

  Dongfang Guoxin’s 5G products include three series: access network, core network, and industry-customized 5G end point (such as). In addition to traditional low-power base stations for indoor coverage and high-power base out-of-app for outdoor coverage, it has also developed special products in sub-sectors in depth to industry needs. For example, for coal mine scenarios, it has developed the first domestic intrinsically safe 5G integrated leather base station for mining, and for emergency vehicle/drone load/shoulder scenarios, a 5G portable base station that highly integrates 5G core network, 5G base station and dispatching unit. In addition, in order to meet scenarios such as offshore long-distance communication, a high-power 5G end point with a communication distance of up to 50 kilometers has been developed.

  (2) The company’s main industry applications

  1. Communication field

  In China Unicom, Oriental Guosen is the key IT support manufacturer for China Unicom’s digital transformation. With big data and intelligence as the core, the company undertakes the construction of Unicom’s data base to pull through global data such as enterprise operation, network, and management, so as to realize the smooth flow of the whole chain of data collection, integration, extraction, and service. On the basis of big data capabilities, the company has deeply participated in the intelligent operation construction of various business scenarios, actively introduced artificial intelligence technologies such as AIGC, and supported the implementation of digital transformation action plans including the public, government and enterprises, network, customer service, management, and process governance, and realized the intelligent operation of thousands of scenes and the high-quality development of Unicom’s business with "new quality productivity". In addition to the IT service model, Orient Guosen also provides business operation services to customers, which has become a new growth engine by increasing business metrics and collecting commissions.

  In (), Dongfang Guosen provides global digital transformation related solutions covering the BMODE domain to the group and provinces across the country. Based on the "digital platform", it customizes digital solutions for the group and provincial companies, with full capabilities from product delivery, data and business operation, system integration, and customized services. In terms of digital platform, it mainly consists of three parts: "data middle platform", "AI middle platform", and "central product platform". Relying on three middle platforms, it provides scenario-oriented digital intelligence solutions for marketing, enterprise management, and cloud network operation. Combining data and AI capabilities, it provides scenario-oriented digital intelligence solutions.

  In (), Dongfang Guosen has been deeply involved in the big data market of the group and provincial companies for a long time, and its business covers data warehouse, data mid-platform, business analysis, grid management, marketing services and other related projects and product delivery. At the same time, on the basis of consolidating its advantages in the field of big data, it actively expands the management domain (M domain) market, undertakes the localization transformation project of China Mobile’s centralized HR system, and realizes the localization replacement of the original foreign enterprise system. After years of deep cultivation, in the Chinese mobile market, it has explored three profit models: direct product installation, continuous development of customized software requirements, and DICT cooperative delivery, which has realized the healthy development of mobile market business and continued driving of internal and external industry markets.

  2. Financial sector

  In the financial field, Orient Guosen provides eight core solutions to help the digital transformation of Financial Institution Group and contribute to the integration of digital economy and real economy in our country. Orient Guosen has built a financial big data platform, financial big data application, mobile Internet financial platform, artificial intelligence platform, full interface regulatory reporting platform, comprehensive audit platform, financial cloud computing platform, Internet of Things industry and finance platform and other products and solutions in the financial field, successfully serving 300 domestic banks and Financial Institution Groups.

  In terms of financial big data, Oriental Guoxin has a full ecological product system of big data, among which the self-developed new generation of distributed cloud database CirroData, enterprise-level big data platform data cloud, enterprise-level data lake BELAKE, etc. are the core products of Oriental Guoxin, helping Financial Institution Group digital transformation; in terms of financial big data application, Oriental Guoxin provides large retail and large-to-public central product platform solutions for Financial Institution Group to digitally empower business; in terms of mobile Internet, Oriental Guoxin provides Financial Institution Group with a full range of solutions covering the front end of electronic channels, channel integration end, and Internet core system; in artificial intelligence, Oriental Guoxin Turing engine is oriented to Financial Institution Group provides easier data science operation experience, truly making artificial intelligence within reach, while Oriental Guosen is committed to the construction of a large language model ecosystem and its application in vertical fields such as finance; in addition, Oriental Guosen has mature products and successful cases in the fields of regulatory compliance, risk audit, cloud computing, Internet of Things, etc.

  In the insurance industry, the company sells software products, provides customized software development and services for insurance groups, life insurance, property insurance, credit insurance, reinsurance, and insurance intermediaries; and provides one-stop intelligent marketing platform SaaS services for insurance intermediaries. The company relies on its technical and business advantages in big data, artificial intelligence and other fields to help insurance customers practice digital transformation. The construction scope includes insurance core (underwriting, post-insurance), big data platform, data asset management, regulatory reporting, Customer relationship management, precision marketing and marketing automation, risk management, personnel assessment and evaluation, mobile exhibition, Client Server mobile application and other systems.

  3. Industrial field

  After a long period of cross-industry and cross-field practice, Dongfang Guoxin Industrial Internet Platform has become an industry leader. Its comprehensive service capabilities cover multiple fields, including ferrous metals, coal, electric power, oil and gas, new energy, mining, petrochemical, home appliances, heat and gas industries. At the same time, it also penetrates into many fields such as safety production, energy conservation and emission reduction, quality control, supply chain management, R & D design, production and manufacturing, operation management, warehousing and logistics, and operation and maintenance services.

  Through the application of intelligent technology, the Oriental Guoxin Industrial Internet Platform provides a series of solutions, such as intelligent coal mines, smart power plants, smart ironmaking, smart cement, smart energy, intelligent catalyst management, intelligent equipment inspection, intelligent product quality inspection, and intelligent manufacturing digital factories, etc., to achieve information collaboration, digital management, transparent display, and intelligent operation of industrial enterprises in production, safety, and operation.

  Through the Dongfang Guoxin Industrial Internet platform, enterprises can improve efficiency and productivity, reduce risks in the production process, improve product quality and management level, and help enterprises optimize production processes, improve resource utilization, and achieve a win-win situation for both economic and social benefits.

  4. Government sector

  Dongfang Guosen actively implements the digital China strategy in the government field, gives full play to the company’s big data technology and service advantages, and provides overall digital transformation solutions to government entities and large central state-owned enterprises driven by data elements. It consolidates the ability of an integrated digital base to fully support the digital government and enterprise digital transformation construction. In the field of government digitalization, the company builds an integrated government big data system, builds a vertical business application system in the government industry, and builds a new generation of digital government application system for leadership cockpit auxiliary decision-making. In the field of enterprise digital transformation, focusing on the comprehensive digitalization goal of enterprise operation and management, it creates a digital base that runs through the whole chain of production, R & D, management and operation for enterprises, accelerates the improvement of enterprise digitalization level, and escorts the digital transformation of enterprises. Focusing on city/park brain, government big data, municipal social governance, smart cultural tourism, safe campus, smart medical insurance, smart emergency, smart community, digital housing construction and other government industry solutions and application services, while continuing to carry out integrated affordable housing operation, enterprise digital base, enterprise digital brain and other business development, through project construction to provide customers with mature software platform products, customized industry application development services, data engineering services, has been achieved in Beijing, Shanghai, Tianjin, Jiangsu, Gansu, Heilongjiang, Anhui, Liaoning, Shenzhen, Dongguan, Xuzhou, Mianyang, Hohhot, Jinan and other more than 30 provincial and municipal governments and key enterprises across the country to achieve project landing and profit.

  

  III. Core competitiveness analysis

  The company is a technology-driven big data high-tech enterprise. Through continuous R & D investment, the company has enhanced the competitiveness of its software products and technical service capabilities for multiple industries. Through a series of core technologies such as big data, artificial intelligence, cloud computing, industrial Internet and 5G, the company has made Oriental Guosen a rare high-tech enterprise in the industry that uses independent research and development as a means to build a strong technological competitive advantage. The comprehensive application of these technologies has enabled Oriental Guosen to provide customers with more accurate, efficient, high-quality and intelligent services, winning wide recognition from customers.

  1. A complete and self-controlled industry-leading new generation of IT technology system

  Dongfang Guoxin has been focusing on the field of big data business for more than 20 years. Through 20 years of independent research and development, it has now formed five fully autonomous and controllable technology systems with data computing technology as the core. The company’s products have successfully replaced IOE products in many fields and have the strength to replace foreign software manufacturers.

  (1) Big data technology system: In the field of big data system and tool technology, the company has the ability to provide data platform construction and operation and maintenance services for customers with a large amount of data. The big data systems, databases, tools and application software stacks involved are all self-developed by the company; it has the technical accumulation of multi-modal data collection, storage, calculation and service, and can provide a variety of computing engine services for different application scenarios to meet different types and different timeliness data computing needs; it has enterprise-level data quality, data assets and data security management capabilities, and can realize multi-center data operation management across domains and computer rooms.

  In the field of big data application technology, it provides O2O () integrated, automated and intelligent big data application system construction services for enterprises with business as the core. It can quickly realize the business and data connection between the middle and back-end systems; standardize online business process formulation through software definition; help enterprises get through multi-channel product sales and service touchpoints through data-driven concepts and technologies; have online system development capabilities such as e-commerce platforms and mobile APP applications; have location-based service, docking with third-party payment, QR code and other capabilities; have large-scale information mobile APP application operation capabilities for end users.

  (2) Artificial intelligence technology system: for telecom operators, finance, insurance, industry, scientific research institutions and other enterprise customers, for data science and artificial intelligence application development is difficult, high cost, low efficiency, and the model can not be traced back to the source, data can not pass through, ability can not be called on demand, computing power can not be unified management and other issues, for data science and artificial intelligence algorithm engineers, data development engineers and business personnel to provide a one-stop collaborative multi-tenant cloud platform, open up communication and collaboration barriers between different types of work, improve data science, artificial intelligence application development efficiency. Realize low threshold and high quality development of deep learning models through automatic learning technology combined with low code; Use key technologies of high-performance communication protocols to improve the training efficiency of large-scale deep learning models; Automate adaptation of heterogeneous computing power on the cloud side through deep learning model compilation and tailoring technology implementation, and open up the automatic collaboration between cloud intelligence and edge intelligence. With video, image, text and voice artificial intelligence algorithm analysis and application system development and construction capabilities, it can be integrated with enterprise-level big data application systems and utilize artificial intelligence empowered applications.

  (3) Cloud computing technology system: Provide public cloud, private cloud, and hybrid cloud platform construction and operation and maintenance services for government departments and industry customers with big data management needs, and solve the problem of cloud application systems and big data. The company has the ability to build industry public cloud, enterprise private cloud and hybrid cloud; relying on self-built cloud computing data centers, it comprehensively provides standardized public Cloud as a Service products at all layers of IaaS, PaaS, and SaaS. Network resources are directly connected to national-level Internet backbone points in one jump, aggregating and dredging regional and even national inter-network communication traffic, which can provide high-quality network services for public cloud customers. Support bare metal service (Bare Metal Server, BMS), can provide exclusive GPU physical server on the cloud, and support ARM structure CPU server, providing abundant computing performance for key application systems, high-performance computing, AI and big data services. Help enterprises realize AppCloud rapid migration; China is the first to realize cloud-based heterogeneous data storage computing capabilities; China is the first to realize multi-tenant cloud-based application construction capabilities.

  Utilize cloud-native technologies to enhance the company’s existing big data, artificial intelligence, industrial Internet, and 5G communication software, and realize the SaaS transformation of data-driven tools and applications on Dongguoxin Cloud; integrate DevOps concepts and process management methods to provide developers, operators, and operators with a unified application assembly platform, simplifying and automating application release, delivery, and operation and maintenance management. Use the cloud link platform to monitor and analyze the health status of the above platform software and application operation, and analyze and predict problems in a link manner and provide effective solutions.

  (4) Industrial Internet technology system: Based on the innovative model of "big data + industry", and integrates cutting-edge technologies such as cloud computing, Internet of Things, big data, mobile Internet, artificial intelligence, etc. The platform integrates industrial data collection, access, calculation, storage, service, development, and application. It closely focuses on the concept of creating value for customers. Based on data, with equipment control and process optimization as the core, it has realized mature solutions covering cross-industries such as ironmaking, cement, power, energy, and manufacturing. At the same time, it covers industrial core areas such as material formulation optimization, production process management, equipment fault diagnosis, process optimization, product quality control, and service efficiency improvement.

  (5) 5G Technology System: Orient Guosen is facing the needs of 5G + Industrial Internet Strategy and Development, and independently develops 5G small base station, 5G core network, 5G edge equipment (intelligent gateway, robot), MEC edge computing platform. Provide 5G private network for industry customers through 5G small base station and 5G core network, use 5G edge equipment to realize the collection of sensor data and video data, and sink resources, computing and applications to the enterprise edge through MEC edge computing platform. Through 5G network, 5G edge equipment, MEC edge computing platform, combined with Guosen’s industrial Internet platform Cloudiip, realize the collaborative integration of cloud side network end, and provide 5G + industrial Internet overall solution based on 5G industry private network.

  2. Cross-industry massive data integration governance, processing and service capabilities

  As an independent third-party data processing and processing professional company, the Dongfang Guosen construction system processes an average of 3 trillion pieces of data per day, helping customers inquire about 70 trillion pieces of data. The largest scale of the big data platform nodes built exceeds 30,000, and the real-time response time reaches the millisecond level. Using the company’s self-developed data governance and service professional tool suite, as well as years of large-scale data warehouse modeling theory and experience, relying on the company’s CirroData line cloud database system and big data technology system, it is built into a "data cloud" platform product. Therefore, a complete cross-industry and cross-domain big data comprehensive management capability has been formed, with massive data processing capabilities and reliable processing efficiency. It can also handle petabyte-level data with ease, realizing the monetization path from big data technology to data value.

  3. Utilize new technologies and concepts to empower traditional industries

  (1) Closely integrate artificial intelligence with telecom operators, smart cities, finance and other business applications. Use machine learning algorithms to deeply analyze operational data, find business problems and adjust business strategies in a timely manner; use deep learning algorithms to strengthen telecom operators’ analysis of unstructured data, greatly reduce labor costs on the basis of ensuring accuracy, and improve the efficiency of telecom operators in IT, management, marketing, network, marketing and security. Combine artificial intelligence algorithms with urban scenes to make urban life safer and more convenient through video monitoring and recognition technology.

  (2) Deep integration of big data analytics mining and modeling capabilities with various industrial sectors.

  (3) Introduce low-code development concepts and technologies into the industrial Internet.

  (4) Use the online and offline dual platform mechanism to solve the problem of artificial intelligence scene fragmentation. Oriental Guosen timely launched two products, "Turing Federation" and "Turing Engine", to achieve artificial intelligence landing.

  4. Rich and diverse industry and field big data end-to-end solutions

  The company continued to deepen on the basis of the communication big data platform, and launched solutions for data mid-platform and AI mid-platform strategic planning on the basis of two products: "Data Cloud" and "Turing Engine"; dug deep into the value of data, and used artificial intelligence technology to empower customer business, forming a series of AI + business solutions such as AI + business decision-making, precision marketing, Client Server, network transportation, etc., to help operators continue to innovate in traditional business and improve the level of management, operation, and service refinement; in the field of finance and insurance, marketing cloud, customer insight, precision marketing, customer portrait and other systems have been fully realized and blossomed, successfully expanded a number of important customers, helped customers achieve digital transformation, and achieved a double breakthrough in depth and breadth In the field of civil aviation, the company has successfully landed on the airport intelligent data platform and civil aviation government information system, achieving breakthroughs in the field of civil aviation; in the port field, the dangerous goods management system and the port big data platform have landed in many important ports in the country to help customers improve the level of big data and intelligence; in the field of smart cities, it has continued to promote the implementation of IOC solutions. The project covers more than 20 key provinces, cities and regions across the country, and has successfully built benchmarking projects in the north, Shanghai, Guangzhou and Shenzhen; in the direction of digital government, it has obtained Huawei’s "Certified Service Solution Partner Preferred Level" (Preferred Level CSSP) and "Huawei Preferred Solution Partner" certification; in the field of public security, a major breakthrough has been made, based on the big data products and technology system of Oriental Guoxin It has achieved landing in the fields of public safety structured data processing and data application system, video big data and intelligent AI application system, combat command, public security management and "Internet +" policing, and fully serves the public security field "fight, prevent, manage, control and serve", laying a solid foundation for Dongfang Guosen to enter the public security field; Dongfang Guosen Cloudiip industrial Internet platform has been continuously selected as one of the top ten cross-industry and cross-field industrial Internet platforms in the country, and has undertaken the construction of multiple regional industrial Internet platforms. Successfully landed in professional fields such as metallurgy, electric power, energy, ironmaking, automobile manufacturing, and general equipment.

  5. High-quality customer base and rich industry experience and capabilities

  Dongfang Guoxin has been deeply involved in the field of enterprise and government informatization for more than 20 years. It has a deep understanding and rich experience in the business form, business needs and working mode of enterprises and government customers in various industries. The company is the first in the industry to realize the strategic layout of big data + industry. The business layout covers communications, finance, government, industry, public safety and other fields, and serves nearly 1,000 high-quality customers. The company serves more than 300 banks, and the mobile bank has the largest share in the country. Customers in telecommunications, finance, government and other fields have complex business and huge data volume. There are many IT systems. The trial and error costs of customer big data establishment are very high, so the requirements for big data manufacturers are extremely strict. After more than 20 years of tempering various large-scale informatization projects, Dongfang Guosen has established a complete three-level Client Server system, which guarantees the stable operation of customer projects from various aspects such as personnel organization, project process control, technical support, code and document standardization. At the same time, it has established a variety of service response methods, which can provide customers with remote technical support services, on-site technical support services, full-time technical teams, consulting services and other technical support services. Guarantee the high efficiency and high quality delivery of customer projects. With its leading technology and solutions, the company has played an important role in the business development of customers, won the trust and recognition of customers, and established long-term strategic cooperative relations with customers.

  6. New intangible assets

  As of the end of the reporting period, the company (including subsidiaries) has obtained a total of 1,200 software copyrights and 88 patents. During the reporting period, the company counted 90 new software copyrights and 15 new patents.

  As of December 31, 2023, the company’s significant national and industry qualifications were as follows:

  (1) Oriental Guoxin

  (2) Shanghai Yitong:

  (3) Yanhuang Nova:

  (4) Beike Yili:

  (5) Dongyun Ruilian:

  

  IV. Main business analysis

  1. Overview

  The digital economy has become one of the important strategic directions of the country. The state has formulated a series of digital economy development plans and policies and measures to support enterprises and industries to achieve digital transformation and improve production efficiency and competitiveness. The new round of scientific and technological revolution and industrial transformation has opened up a broader space for the development of Oriental Guosen. The company actively grasps the new opportunities brought by the development of the digital economy. With the company’s five major technical systems of big data, artificial intelligence, industrial Internet, 5G and cloud computing as the core, it adheres to technological product innovation, empowers the digital intelligence engine for industry customers, and helps the digital economy

  In-depth integration with the real economy, we strive to achieve higher quality, more efficient and more sustainable development between the company and our customers. During the reporting period, due to factors such as the macroeconomic and market environment, the delay, delivery and acceptance of bidding for some projects of the company were affected. The company was guided by market demand, gave full play to its core competitiveness, and actively grasped market opportunities brought by national policies and new technologies, achieving growth in revenue scale. The company uses cutting-edge technologies such as big models to comprehensively help operators achieve intelligent upgrades, such as building intelligent interactive robots with big models as the technical base, replacing manual customer service to solve most consulting problems, realizing self-service, helping enterprises upgrade customer service experience, improve service efficiency, and reduce labor costs; promote the business integration of AI technology and operators, and help operators build an efficient, economical and scalable AI ecosystem to improve business efficiency, reduce costs and improve user experience. In 2023, the company will achieve operating income of 1.077 billion yuan in the field of operators, an increase of 5.18% year-on-year, accounting for 45.20% of revenue. Financial technology has become an important driving force for the all-round development of the digital economy in the financial industry. The company continues to deepen the strategic layout of the financial industry. On the one hand, it does a good job in Client Server, establishes the reputation of the industry, and steadily expands financial marekt; on the other hand, it deeply cultivates the high-tech ecosystem of the whole chain, integrates innovative financial scenarios, and provides forward-looking digital transformation support for financial customers. In 2023, the company achieved operating income of 717 million yuan in the financial sector, an increase of 11.55% year-on-year, accounting for 30.09% of revenue; in 2023, affected by factors such as global economic weakness, trade friction and rising costs, the growth rate of the industrial sector slowed down and the profitability of enterprises declined. Despite the continuous strengthening of policy support and technological innovation, problems such as weakening market demand and overcapacity are still prominent. These factors led to a 14.26% year-on-year decrease in the company’s income in the industrial During the reporting period, the company increased R & D investment in artificial intelligence, cloud computing and other fields, promoted the implementation of new technologies in industry application scenarios, and strengthened market development. During the period, the cost increased year-on-year. In 2023, the company set aside 242.2901 million yuan in goodwill impairment provisions and inventory impairment provisions totaling 373.9358 million yuan.Impact on the company’s net profit. Although the company suffered a loss in net profit in 2023, the company’s net operating cash flow was 322 million yuan, which remained basically stable compared with the same period last year. The company attaches great importance to the cash generation ability of daily operating activities, and steadily promotes various strategic plans. By optimizing business processes, improving operational efficiency, and strengthening accounts receivable management, the company ensures healthy, stable and sustainable development. During the reporting period, the company’s main operations are as follows:

  (1) Strengthen business focus, deepen cornerstone business, and deeply empower customers to digitally transform

  1. Communication field

  (1) China Unicom

  Focusing on China Unicom’s digital intelligence transformation and high-quality development strategy, the company faces the group, accelerates the exploration and application of new technologies and new businesses, focuses on empowering first-line data as the core, focuses on strengthening the smart brain, improving smart operation, and realizing the three major projects of safe production. From the aspects of big data product system, high-quality data supply, and intelligent data application, it helps to promote China Unicom’s digital capabilities to be fully usable; for molecular companies, actively applies new technologies such as AIGC, builds customer-centric scenario-based operations and first-line empower support systems, and explores the innovative model of big data realization in the field of cooperative operation of operators to help customers achieve high-quality development. During the reporting period, the company gave full play to its advantages of high technological innovation efficiency and strong business innovation ability, focused on customer business pain points, fully combined with AIGC related technologies, quickly formed new product system capabilities for marketing, management, network, customer service, etc., and realized the market layout of 10 + provincial branches; optimized the operation system, dug deep into customer needs, and formed efficient operation and service capabilities. Create an integrated two-level production of big data production standard system, and build a "central kitchen + N" data service operation model.

  (2) China Telecom

  During the reporting period, the company fully focused on the digital intelligence transformation of China Telecom, seizing the core platform and application of digital intelligence transformation. On the one hand, accelerate the incubation and promotion of mature products, accelerate the mature application promotion of data mid-platform, AI mid-platform, and related marketing digitalization; on the other hand, increase innovation and research and development efforts, increase investment in cloud network self-intelligence, AI big model, etc., to achieve intelligent empowerment. The company established three professional lines of marketing, management, and network digital transformation. The marketing line has made progress in new projects in eight provinces; the management line has made breakthroughs in financial digitalization; the network line has also achieved zero breakthroughs in network data governance and cloud network brain. In addition, the company has made great progress in Anhui Telecom in terms of AI and large models; digital employees have been landed in Anhui and Guangdong; Cloud Network Zhixing Brain has successfully won the bidding and entered the implementation stage in Gansu; related digital operations based on digital home are in progress.

  (3) China Mobile

  During the reporting period, while stabilizing China Mobile’s core position in the field of big data, it successfully won the bidding for the fourth phase of China Mobile’s centralized human resources system, realized the full replacement of the products and capabilities of the three foreign companies, carried China Mobile’s 60 + branches, and 500,000 + employees’ human management, compensation, performance, training and other capabilities and services. The company deeply participates in the construction of China Mobile IT’s network-wide big data platform and distributed cloud-side collaboration platform, and participates in the core data collection, processing and service of B, O, M, and S domains. At the same time, the company’s enterprise-level HADOOP platform products are the core data warehouses that carry China Mobile’s network-wide B-domain data. The number of cluster nodes exceeds 3000 +, and the average daily operation volume exceeds 200,000 +. The network-wide content insight center built on the IT company’s cloud-side collaboration platform realizes the coordination of cloud-side scheduling, data, and services. At the same time, through the national co-construction and sharing strategy, the breadth and depth of platform analysis are improved, the capacity sharing and reuse of the whole network is realized, and new technologies, new capabilities, and new model incubation In 2023, the company will focus on the transformation of customer digital intelligence applications. Focusing on real-time marketing, grid operation, Client Server, smart management, and smart mid-platform for government and enterprises, it will continue to build big data + and AI + ecological projects, extend big data capabilities to business applications, and accelerate the digital intelligence transformation process of traditional business applications. Relying on the foundation and capabilities of the IT company’s network-wide big data platform, it will create a professional field data warehouse for traditional business applications, especially in the fields of Client Server, financial management, and internal audit. It has formed a number of excellent practices in headquarters-level smart applications. At the same time, combined with the empowerment of AI + business scenario model, it has achieved breakthrough results for related businesses, and quickly formed the first-mover advantage of headquarters benchmarking applications to provinces and rapid replication. At the same time, based on the deep cultivation and potential of China’s mobile market, the business has gradually extended to new areas such as management informatization, network management, government and enterprise services, market operation, and data operation.

  2. Financial sector

  (1) Banking industry

  During the reporting period, the company vigorously developed its financial digital transformation business, and combined with its own research and development advantages, it made important breakthroughs in the field of financial big data, big data application field, mobile Internet field, regulatory compliance field, and financial risk control field.

  In the field of localized distributed databases, the company’s self-developed distributed cloud database CirroData focuses on core technology innovation and fully adapts to the Xinchuang ecosystem. In 2023, while steadily improving the performance of CirroData-AP products, CirroData will help CirroData expand full-stack services and improve user experience based on HTAP. CirroData steadily expands the influence and share of the financial industry, and continues to provide stable database support capabilities for various important systems of many commercial banks.

  In the field of financial big data, the company has further deepened the continuous implementation of core products and solutions such as data warehouse, data mart, data lake, data governance, data assets, data mid-platform, and data cloud. In 2023, the company built a big data horizontal operation and maintenance project for a state-owned policy bank, which involved the operation and maintenance support of the whole big data system, which fully proved the integrity of the company’s big data product system and the comprehensive technical ability of big data horizontal operation and maintenance; In 2023, the company provided digital transformation support for the big data platforms of many commercial banks, built an enterprise-level label system and label platform in the financial industry, enriched the enterprise data system and empowered financial business scenarios; In 2023, the company vigorously expanded the market in the field of big data, achieved new cooperation with many commercial banks, and successfully signed a human resources pool framework agreement.

  In the big data application field, in 2023, the company focused on the public business sector, successfully achieved strategic cooperation with a number of city commercial banks, and built a public central product platform, including public bazaars, public labels, and public business mid-platform (public customer management and marketing), empowering commercial banks to digital transformation of public business; in addition, in the retail business sector, the company continued to expand the digital marketing market for retail customers, and successfully built and launched a marketing central product platform project for a large city commercial bank.

  In the field of mobile Internet, the company continues to maintain its market advantage, with the largest number of cumulative cases in the country. In 2023, it built or upgraded mobile Internet projects such as mobile banking, mobile marketing, and mobile BI for a number of Financial Institution Groups, and the market share continued to grow. Among them, it achieved a new cooperation with a foreign bank to build a mobile management platform project for account managers, empowering account managers to integrate and analyze customer data, follow up and deal with value business opportunities, and track the process of industry development and reach, driving the production capacity and efficiency of first-line marketing.

  In the field of regulatory compliance, in 2023, the company will continue to deepen the market of rural commercial banks and rural credit cooperatives, maintain the advantages of cooperation, and vigorously expand the urban commercial market.

  In the field of financial risk control, in 2023, the company has successively built a compliance inspection management system, an off-site compliance analysis and monitoring system (MAST), and an audit management system for a number of commercial banks, providing more comprehensive and standardized system service capabilities for the risk control management of commercial banks.

  During the reporting period, Shanghai Yitong, a wholly-owned subsidiary of the company, was the first to participate in the research and development of Hongmeng. After more than two years of Hongmeng native development and accumulation, it has the largest number of Hongmeng Yuan service project landing cases in the banking industry. In August 2023, Huawei released the preview version of Hongmeng HarmonyOS Next. During the same period, the company started the native development of HarmonyOS Next. In December, it released the full version of Ares 6.0 Hongmeng base, covering core products such as gateways, containers, and floors. At the same time, it signed a contract with Huawei to become the first batch of ecological market service providers in the financial sector. Together with Huawei, it promoted the construction of Hongmeng in the financial industry, including not limited to technical support, engineering machines, and innovative scenarios. At present, 7 banks have confirmed that Shanghai Yitong will implement Huawei HarmonyOS

  (2) Insurance industry

  During the reporting period, the company continued to optimize insurance data center, central product platform, and business front-end products and services to help insurance company customers with digital transformation. For life insurance company customers, upgrade enterprise-level data center, optimize data model and data service capabilities, improve data service response efficiency, and adapt to changing business scenarios; upgrade smart CRM products, in-depth analysis of customer contact behavior, build a customer life cycle labeling system, and help business departments to develop business marketing and renewal battles. For customers of property and casualty insurance companies, build anti-fraud applications for auto insurance claims based on Knowledge Graph to improve claims fraud identification rates and reduce fraud risks; apply AI models, drone information collection and other technologies to agricultural insurance underwriting claims to improve the processing efficiency of business personnel, help enterprises reduce costs and increase efficiency; promote the implementation of the application Security Gateway, avoid application system security risks, and improve development efficiency. For customers of credit insurance companies, continue to optimize the enterprise risk database, gradually implement the requirements of localized Xintuang, and enhance risk identification and management capabilities; deeply participate in the construction of a new system for core business process reengineering, and optimize and upgrade the rating service and limit management functions of complex business rules based on rules engines, helping customers further improve service efficiency.

  3. Industrial field

  (1) Industrial Internet platform Cloudiip continues to lead the way, accelerating the construction of localization adaptation capabilities

  In the selection of MIIT’s national-level cross-industry and cross-field industrial Internet platform in 2023, the Oriental Guosen Cloudiip platform continues to maintain its leading position, and Oriental Guosen has been among the national-level industrial Internet dual-cross platforms for many consecutive years.

  In the context of increasingly fierce global information technology competition, localization adaptation is a key part of ensuring national information security and promoting industrial digital transformation. During the reporting period, the Orient Guosen Industrial Internet Platform comprehensively accelerated the localization adaptation capacity building. The platform has carried out in-depth adaptation in domestically produced servers, operating systems, databases, middleware and other fields, realizing the full integration of Xinchuang technology, laying a solid foundation for the safety and reliability of the platform.

  (2) artificial intelligence models reshape platform capabilities, empowering the platform industry

  Orient Guosen’s expert team combines field theory and practical experience with big data capabilities and industrial Internet platforms to deeply expand industry applications and help enterprises transform their digital intelligence. In 2023, Orient Guosen achieved new breakthroughs in oil and gas, power energy, coal, cement and other industries.

  In the field of oil and gas, we have entered the offshore oil business market and carried out offshore oil business work in Tianjin and Qingdao. We have served customers such as CNOOC Xinke, Offshore Special Equipment, Offshore Lingang Construction, Offshore Qingdao Construction, and Offshore Installation Company. We have now carried out 14 large-scale projects and 22 small-scale projects of CNOOC, achieving from familiarity with the offshore oil business to supporting the core business segments of offshore oil.

  In the field of power energy, we provide integrated and comprehensive solutions for users on the power generation side of energy production, the power grid side of energy distribution, and the load side of energy consumption. In terms of smart power plants, we have successfully landed the Mengneng Construction Group project and promoted and applied it in many new power plants; in terms of smart chemical industry, we have achieved a breakthrough in the business model of the catalyst intelligent management system, and created a series of high-value big data optimization products such as the intelligent management platform of gasifier and the intelligent optimization platform of steam pipe network. In terms of new energy, we have deepened the promotion of green power transaction auxiliary decision-making, equipment health management, etc., and have precipitated many excellent industrial algorithms and industry applications. Its related products have been promoted and applied in customer sites such as () and Guodian Investment.

  In the field of coal, we continue to promote the deepening application of big data, artificial intelligence, and advanced control technologies in mine operation, production, safety, and other scenarios and product iterative upgrades. For the coal washing and processing process, we have created an overall solution for intelligent coal preparation plants, which provides strong support for safe production, accurate decision-making, and collaborative management of coal preparation plants, and has been applied in many coal preparation plants in the northwest region.

  In the field of cement, it fully controls users’ needs for basic data collection, process optimization and intelligent control, and comprehensive integrated intelligent decision-making assistance support in the industrial chain. It has been fully integrated and deeply connected with industry business technology and scene reality, and has been applied in () group, (), () and other projects. Among them, the Tapai Group project integrates big data and AI technology into production and operation management, so that the material flow, information flow, energy flow and capital flow of the production and operation process are coordinated and smooth, and an efficient, fine and intelligent production and operation management and control platform is built to comprehensively enhance the market competitiveness of enterprises.

  4. Government and other fields

  During the reporting period, the company overcame the impact of low government investment and informatization demand, continued to deepen the direction of digital government, innovated applications, and actively expanded the application solutions and scenarios of big models in digital government and enterprise digital transformation. On the one hand, it continued to deepen the digital base of digital government, integrated government big data, urban social governance and "one network unified management" and other digital government platform product solutions. It actively cooperated with large friends and played a major supporting role in the construction of digital Gansu, digital Longjiang, digital Xiongan, digital Chongqing and other project groups. Making full use of Orient Guoxin’s big data technology advantages, we continue to provide platform bases, government data governance, industry data application development and other services for the above digital government projects, and better promote the data "one-network sharing", business "one-network coordination", governance "one-network unified management", and matters "one-screen command" of various digital government projects, and achieve good social and economic benefits. On the other hand, actively build solutions in the main industries of digital government, including smart emergency response, smart housing construction, affordable housing supervision, smart community and other solutions. Through market independent development and alliance with friends and businesspeople, and in Inner Mongolia Xilingol, Ordos, Hulunbuir, Guangxi Housing and Construction Department, Sichuan Mianyang and other projects have been realized.

  In the direction of enterprise digital transformation, the company actively expands the cooperation between large enterprise customers such as central state-owned enterprises, jointly participates in the central state-owned enterprise information infrastructure, basic platform and major innovation application "uncovering the list", focuses on building enterprise digital base, enterprise brain, asset management, asset operation supervision and other core products and solutions, and has realized the implementation of projects in central state-owned enterprises such as Beijing Affordable Housing Center, China Railway Co., Ltd., China Petroleum Finance, Ordos Group, and Jinneng Group. Among them, digital base products, for enterprise group customers, realize the unified convergence, sharing and exchange, governance analysis, distribution services of core data such as investment, operation, engineering, production, supply chain, equipment, materials, safety, quality, etc.; enterprise brain products, for enterprise customers, "one map" to achieve operation management, engineering life cycle management, supply chain safety and stability analysis, resource and material scheduling, safety emergency command and other applications, to help enterprise customers digital transformation and new quality productivity development.

  (2) R & D innovation drives high-quality, sustainable development, and technology creates value

  1. Big model of artificial intelligence

  In 2023, Orient Guosen built a comprehensive large-scale model ecosystem guided by customer needs to meet various AIGC application scenarios. Large-scale model training and promotion platform: provide bare computing power platform, training platform, inference platform, data annotation platform, comprehensively manage software and hardware resources, and open up the entire process of building large-scale models in vertical fields;

  Large model engineering suite: Provide a complete large model engineering suite, which makes up for the shortcomings of large models such as "illusion bias" through dialogue engine, knowledge base engine, process configuration engine, capability integration engine, and service open engine capabilities, and improves the objectivity, accuracy and credibility of large models;

  And other large model application products, respectively in ChatBI, intelligent customer service robot, document intelligent Q & A several major scenarios for customers to solve industry problems. Among them, the operator management analysis assistant based on TuringMind has realized conversational data query and analysis. It can focus on thousands of business indicators in multiple directions, and realize multi-dimensional index query, multi-dimensional benchmarking, chart generation, report recommendation, root cause analysis and other capabilities to help users efficiently retrieve and intelligently analyze. At the same time, it can connect with business systems through plugins, connect with business capabilities, and improve analysis accuracy and business stability.

  In the visual model level, complete the development of the BonSARMV1.0 version of the Oriental Guoxin visual model, and currently have small sample object detection; image analysis based on sample-free image segmentation; dense counting of target objects; and model empowering intelligent sample labeling capabilities; BonSARM visual model can effectively reduce the construction difficulty and modeling cost of computer vision models for scenes with lack of target positive samples, unbalanced positive and negative samples, and severe long-tail scenes.

  2. Data Science Cloud

  Data Science Cloud is an artificial intelligence platform built by Oriental Guosen, which provides artificial intelligence capabilities for the automated production and operation of enterprises and realizes intelligent applications. During the reporting period, the company’s data science cloud products (Turing Engine) have achieved continuous breakthroughs in many fields with their excellent data analytics technology and AI modeling capabilities. They have been successfully applied to operators, finance, industry, education and other industries. They can efficiently extract valuable information from massive data, help customers solve the analysis and modeling problems of massive business data, provide strong support for enterprise decision-making, and help the new AI paradigm of enterprise business. In 2023, the company continues to optimize AI algorithms to improve the accuracy and stability of products. Synchronously strengthen cooperation with industry experts, combine business characteristics, customize more accurate model training solutions, and tailor solutions according to customer needs to meet customers’ personalized AI modeling needs.

  3. Cloud mobile phone products

  Cloud mobile phone is an application that simulates the mobile phone system. The cloud operation does not rely on the performance of the local mobile phone, does not occupy the local storage space, and realizes the use of one mobile phone as two. During the reporting period, Dongfang Guosen successfully won the bidding of China Mobile’s cloud mobile phone project. With the goal of creating a new switch for computing power services, it launched practical, easy-to-use and easy-to-use cloud mobile phone products, and realized the official launch of cloud mobile phone and its platform for commercial use. At the same time, with the surge in the number of users, the company actively promoted the iteration of platform capabilities and the transformation of the big cloud base, which laid a solid foundation for further improving the performance and stability of the platform. In January this year, the mobile cloud mobile phone was selected as the outstanding case of MIIT ICT 2023 and won the title of "

  4. CirroData database

  During the reporting period, while CirroData continued to improve and enrich its product line, it also continued to improve the ecological construction of domestic databases, accelerate the expansion of ecological boundaries, and build leading domestic database products with scientific and technological hard power. CirroData-OLAP distributed analytical database version continues to iterate rapidly, with high concurrency queries and significant improvement in computing performance; CirroData-OLTP V2.0, a distributed transactional database, is officially released, with both financial-grade high availability and extreme performance; multi-source heterogeneous data transmission services CirroData-DTS is officially released; time series database CirroData-TimeS has passed the China Academy of Information and Communications Technology "time series database basic capability special project evaluation"; Orient Guosen enterprise-level data lake platform (BELAKE) integrating Orient Guosen CirroData and BEH has been selected as the "Excellent Solution for Financial Xinchuang" in the Financial Xinchuang Ecological Laboratory; participated in the preparation of Beijing Financial Information under the guidance of China Financial Electronics Group The "Financial Industry Database Innovation and Development Report" sponsored by the Institute of Chemistry; the product was selected for the "Panorama of High-quality digital transformation products and services (2023) " by the China Academy of Information and Communications Technology; it was successfully shortlisted for the "Excellent Innovative Software Products 2022-2023" by the China Electronic Information Industry Federation.

  In terms of Xinchuang and intellectual property rights, CirroData has completed the compatibility and adaptation mutual certification with Tongxin UOS, Kydroid, openEuler, Hyperfusion, Hongqi Asianux operating system, Kunpeng, Haiguang, Shenwei, Loongson CPU ecology, CLP Jinxin omni-channel customer service platform software, and Fansoft Xinchuang reporting software mainstream platform. By the end of 2023, CirroData has obtained 17 patent authorizations and 32 soft works.

  In 2023, the CirroData database will deeply cultivate operators and financial marekt in new business directions such as intelligent mining, transportation, ports, ships, new energy, and digital government.

  5. Industrial vision intelligent analysis service platform BIVS

  During the reporting period, the company completed the research and development of V3.1.1 version of the industrial intelligent visual analysis service service platform in terms of the construction of the cloud-side collaborative solution of computer intelligent vision analysis service, and completed the construction of 51 new scenarios such as smart mines. Echong Group Baiyun Wusu Coal Mine, China Tax Coal Mine, China Broadcasting Online AI Quality Inspection and other projects have been efficiently implemented; the company’s customized development of edge intelligent equipment soft and hard integrated centralized management and control platform based on BIVS has been implemented in the third phase of the implementation project of Jinyu Mortar Information System, realizing the centralized IoT control of edge intelligent equipment based on the cloud-side collaborative solution. The group’s technical personnel will centrally manage each subsidiary, station, and base-side edge intelligent equipment in the cloud side Artificial intelligence remote landing application effectively reduces the bottleneck of the difficulty of landing intelligent devices on the edge of the cloud side collaborative solution; soft and hard integrated intelligent devices have been deployed in Dou Dian Base, Chengde Base, Handan Base, and Northwest Base.

  (III) The company has won several awards, and its brand reputation and influence continue to increase

  During the reporting period, the company and its subsidiaries won a number of honors, including being selected as the 2023 Beijing Digital Economy Benchmarking Enterprise, the 2023 Xinchuang Industry Leading Enterprise Top 100, the 2023 Beijing Private Enterprise Science and Technology Innovation Top 100, the 2023 Beijing Software Core Competitiveness (Market Application) Enterprise, the Top 100 Enterprise with Comprehensive Strength, the 2023 Software and Information Technology Service Famous Brand Enterprise Award, the National Intellectual Property Advantage Enterprise, the Beijing Intellectual Property Pilot Unit, and the Beijing Intellectual Property Advantage Unit. The "Power Research Big Data Value Operation System Based on Data Life Cycle Management" participated in the construction of Dongfang Guosen won the Academy of Information and Communications Technology 2023 big data "Galaxy" excellent case. Since the implementation of the project, it has been widely publicized and reported by authoritative media such as People’s Daily and Economic Daily.

  

  V. Prospects for the future development of the company

  (I) Company development strategy

  The digital economy has become a new engine for the growth of major economies around the world. With the arrival of the era of "digital economy and intelligent economy", data has become an important strategic resource for the country. With the continuous increase of policy support for the digital economy and other policies, the development speed of the industry will be greatly improved. As China’s digital economy further becomes bigger, stronger and better, Orient Guosen will continue to focus on big data, artificial intelligence, cloud computing, and industrial Internet fields, give full play to the demonstration and leading role of benchmark enterprises, and empower customers in various industries for digital transformation and high-quality development of the digital economy.

  (2) The company’s operating objectives and business development plan for 2024

  In 2024, the company will continue to adhere to the development strategy of business innovation and prudent management, adapt to changes in the economic environment, strengthen confidence, and continuously improve the company’s profitability. The company will focus on cutting-edge technologies, continue to deepen the application innovation of information technology, continue to deepen its advantages, accelerate the integration of big data, artificial intelligence, cloud computing, 5G and other technologies in the industry, and further implement the existing industry application scenarios to create a benchmark demonstration plan for the new generation of information technology, and actively promote the development of users’ digital transformation and industry digitalization and intelligent change. The company will vigorously expand the application of artificial intelligence in vertical industries in diverse scenarios, the value application of data elements and the new direction of intelligent computing power strategy, making it a new growth point for the company’s development, and continue to build the core competitiveness of Oriental Guosen. On the basis of strengthening the core cornerstone business, we will actively explore new business development models to achieve steady growth in performance.

  1, integration empowers, innovation breakthroughs, build a solid moat

  In 2024, the company will "focus" on core technology research and development, "deeply cultivate" customer business scenarios, "integrate" multiple technology applications, and "enhance" the digital intelligence transformation of government and enterprises. The company promotes integrated innovation research and development to form the company’s new product competitive advantage. Integrate the company’s existing big data single product to form a one-stop "staff" platform to solve customer processing demands for data; Integrate the company’s existing IT-CT-OT products and industry solutions, through platform + application, form a one-stop solution to the overall needs of industry customers Competitive advantage, deeply empower more users and play greater value.

  2. Accelerate the widespread implementation of large models and create a new chapter in the future of intelligent creation

  In 2024, the company will continue to focus on the vertical large-scale model field and strive to achieve more technological breakthroughs and innovations. The company will actively expand the market, find more partners, build large-scale model applications in vertical fields such as communications, finance, medical care, aviation, and government affairs, and continuously optimize model applications to improve user experience and create more value for users. Continue to invest in the product research & development and application landing of Turing engine, and establish cooperative relationships with more industry partners to jointly promote the development and application of artificial intelligence technology. At the same time, actively explore the deep combination of Turing engine and large-scale model technology to create a full process and full stack of new generation enterprise AI solutions.

  3. Accelerate the layout of intelligent computing and enrich the diverse intelligent computing product system

  In 2024, Dongfang Guosen will accelerate the expansion of computing power infrastructure building, continue to expand the business layout of toB and toC intelligent computing power operation, further expand the type and scale of GPU/AI accelerator resources, and cooperate with the northern computing network to promote the supply and demand cycle of computing power resources. Strengthen cooperation with domestic AI chip companies and domestic head base model companies, and widely carry out hardware adaptation of large models to form a larger-scale large-scale model and GPU/AI accelerator adaptation matrix. Provide richer PaaS capabilities for upper-layer applications based on computing power, and gradually form a computing power rental model for application traction. Integrate and continue to promote the iteration and sales of computing power toB and toC end products, computing power asset management and developer community services, and provide a powerful engine for the implementation of Orient Guosen’s "staff" large model and series of application products in vertical industries.

  4. Big models reshape the capabilities of industrial Internet platforms

  In 2024, Dongfang Guosen will continue to focus on the Cloudiip platform, and is committed to continuously deepening the professional depth and universal breadth of the platform. Further strengthen the localization adaptation capabilities of the platform, fully integrate into Xinchuang Encore technology, use artificial intelligence large-scale models to reshape platform capabilities, improve the comprehensive application level of platform data, and promote the platform to empower industrial digital transformation. At the same time, the company will continue to deepen and expand existing industries and fields, deeply connect with the scene-based needs of various industries, take technological innovation as the engine, increase the supply of scene-based lightweight solutions with short cycle and fast effect, create vertical innovative applications of artificial intelligence large-scale models, and carry out "artificial intelligence +" actions to promote the high-quality development of industrial digitalization and help explore new industrialization paths in various industries.

  5. Promote the release of data element value and explore the application of data element value

  Our country has accumulated a large amount of data in the process of digital transformation. A large number of data assets are concentrated in central enterprises and the government. Many data have been in an "undeveloped" state for a long time and have not been effectively used. As a leading big data technology and service provider in China, the company has been deeply involved in telecommunications, finance, government and other fields for more than 20 years. The company has been committed to exploring the value application of data elements. In 2024, Dongfang Guosen will rely on its own strong technical strength and innovation ability. Through in-depth analysis and mining of various data resources, it will provide enterprises with more accurate and comprehensive decision-making support. At the same time, it will actively expand the data application field, explore new products and new models of data business, and cooperate with all parties to jointly promote the high-quality development of the data elements market.

  6. Take multiple measures at the same time, lean management, and achieve quality and efficiency improvement

  The company has been seeking a balance between business development and prudent operation. "Take survival as the bottom line and pursue effective and sustainable development" is the company’s business strategy that has always been adhered to. In 2024, the company will continue to implement the business idea of "integration, focus, deep cultivation, and efficiency increase", continuously optimize the assessment management system, optimize the process, and continuously improve the internal information construction. It will provide digital operation services for all levels of operation units to improve the operation level. Strengthen the bottom line thinking of cash flow, and normalize the operation of risk internal control processes. Strengthen the emphasis on comprehensive budget management, strengthen the analysis and feedback of budget data, strengthen process control, and timely detect problems in the budget execution process. Improve the accuracy of the budget, ensure that the budget is consistent with the actual situation of the company, and provide strong support for the company’s decision-making. Strengthen the supervision and assessment of budget implementation to ensure the realization of budget goals. Refine job evaluation and assessment, control the scale of personnel, and reduce labor costs.

  7. Continuously strengthen the company’s internal control construction and improve corporate governance

  Improving corporate governance and strengthening internal control construction are important guarantees for enterprises to achieve sustainable development. The two complement each other and together form the cornerstone of stable operation and efficient management of enterprises. In 2024, the company will continue to establish and improve the internal control system, further clarify the responsibilities of departments and positions, strengthen the inspection and evaluation of internal control, identify problems in a timely manner and take measures to solve them. The company will further improve business processes, strengthen risk management, improve employee compliance and risk awareness, strengthen the supervision and management of key positions and links, and implement accountability mechanisms; strengthen the construction and publicity of corporate culture, and improve the professional ethics of employees; strengthen internal information construction, and use modern information technology means to improve the efficiency and level of corporate governance and internal control. By continuously improving the corporate governance structure and improving the level of governance, we can effectively protect the legitimate rights and interests of all shareholders of the company and create a more stable, transparent and sustainable development environment for the company.

Wanda "sold" again: Wang Jianlin transfers 49% stake in Beijing Wanda Investment

Wang Jianlin made another move!

According to the announcement on the evening of July 23, the shareholders of Beijing Wanda Investment Co., Ltd. (referred to as "Beijing Wanda Investment") changed, and the 49% stake of Wanda Investment was transferred to Shanghai Ruyi Film and Television Production Co., Ltd. (referred to as "Shanghai Ruyi").

Wang Jianlin’s transfer of a 49% stake in Beijing Wanda’s investment topped the hot search list.

This is the third time Wang Jianlin has sold assets since July. When the domestic film and television market is recovering, why did Wanda choose to sell the equity of Beijing Wanda Investment Company?

Wanda, which is on the cusp of the trend, has made a big move to sell assets.

People familiar with the matter told Surging News that the Wanda Group will use the funds sold to repay the principal of the $400 million debt due on July 23.

According to the announcement, on the evening of the 23rd, the consideration for this transaction surfaced. China Ruyi announced that on July 20, Shanghai Ruyi (the company’s controlled structural entity), as the transferee, entered into an equity transfer agreement with Beijing Wanda Cultural Industry Group Co., Ltd. to transfer its 49% stake in Beijing Wanda Investment Co., Ltd. for 2.262 billion yuan.

Before the transfer, Wang Jianlin and Wanda Group’s Beijing Wanda Cultural Industry Group Co., Ltd. jointly owned all the shares of Beijing Wanda Investment. After the transfer, Beijing Wanda Investment will be held 49.8% by Wanda Cultural Industry Group, 49% by Shanghai Ruyi, and 1.2% by Wang Jianlin.

Upon completion of the share transfer, Shanghai Ruyi will directly hold a 49% stake in Beitou. "Shanghai Ruyi currently has no intention of appointing directors to Beitou and has no intention of participating in its daily operation and management. Beitou will not be a subsidiary of the company and its financial results will not be consolidated into the company’s consolidated financial statements," China Ruyi said.

Analysts said that this time Ruyi Film and Television is willing to invest in Wanda Investment because of its stake in Wanda Film. At present, Beijing Wanda Investment’s foreign investment enterprises include Qingdao Wanda Cultural Investment Co., Ltd., Wanda Film joint stock company, and Beijing Wanda Film Distribution Co., Ltd.

Previously, Wanda Film transferred its equity twice in a row.

On the evening of July 11, Wanda Film announced that Beijing Wanda Investment intends to transfer its shares 180 million shares of the company to Lu Lili, the wife of the actual controller of Oriental Wealth, through the transfer agreement, accounting for 8.26% of the company’s total share capital, and the transfer price is 12.07 yuan/share.

On July 18, Wanda Film announced again that Beijing Wanda Investment and its concerted action Shanxian Rongzhi signed the "Share Transfer Agreement on Wanda Film joint stock company", Beijing Wanda Investment intends to transfer its holding of Wanda Film unlimited sale conditions 177 million shares (accounting for 8.14% of Wanda Film’s total share capital) to Shanxian Rongzhi, the transfer price is 13.17 yuan/share.

The above two Wanda Film equity transfers recovered a total of more than 4.50 billion yuan.

Wanda Film was founded in 2005 and belongs to Wanda Group. In the first half of this year, Wanda Film recorded revenue of 6.70 billion yuan to 6.90 billion yuan, an increase of 35.6% to 39.7% year-on-year; in terms of profit, the net profit attributable to shareholders of listed companies in the first half of the year was 380 million yuan to 420 million yuan, which was a turnaround from a loss of 581 million yuan in the same period last year.

Shanghai Ruyi, who entered the audience this time, is a dark horse in the domestic film and television industry in recent years. The company was established in 2013 and the actual controller is Ke Liming. In recent years, it has successively invested in films such as "Hello, Li Huanying", "Send You a Little Red Flower", "To Our Eventually Gone Youth", etc., and TV drama masterpieces include "No War in Beiping", "Langya List", "Biography of Miyue", etc.

This year, the box office hit "Vanishing Her" also participated in the investment. In addition, this year also led the investment of "Passionate" and "Keep You Safe". "Passionate", which will be officially released on July 28, is a film directed by Dapeng, starring Huang Bo and Wang Yibo, and starring Liu Mintao, Yue Yunpeng and Xiao Shenyang.

Ruyi Film and Television is a wholly-owned subsidiary of Hong Kong-listed China Ruyi. The second largest shareholder behind China Ruyi is Tencent.

On July 4, 2023, China Ruyi entered into a share purchase agreement with the subscriber to issue a total of 2.50 billion subscribed shares at HK $1.60 per share, raising a net amount of HK $4 billion, 90% of which is intended to be used for the development and expansion of the film and game business.

According to the announcement of the Hong Kong Stock Exchange, Tencent completed the subscription of Chinese Ruyi new shares through its subsidiary Water Lily on the same day, holding 2.546 billion shares, and the shareholding ratio increased to 25.45%, further solidifying the position of major shareholders.

Before that, the predecessor of China’s Ruyi was Hengteng Network. In October 2020, Hengteng Network suddenly announced that it would acquire Ruyi Film for HK $7.20 billion, and Ruyi Film was listed on the backdoor.

Hengteng Network is a joint venture between Evergrande and Tencent. Before the acquisition of Ruyi, Evergrande and Tencent held 55.6% and 19.32% of Hengteng Network respectively. Evergrande is the leading company and its main business is Internet streaming media platform.

According to Yicai, Wanda has frequently "raised funds", behind which its debt repayment pressure cannot be ignored. As of the end of June 2023, Wanda Commercial manages the stock of domestic open market bonds of 12.341 billion yuan, and the stock of overseas bonds is about 1.80 billion US dollars. Among them, Wanda Commercial manages a bond of 400 million US dollars with a maturity date of July 23.

In view of the debt repayment pressure of Wanda, the rating agencies such as Chengxin International, Fitch, Moody’s, and Standard & Poor’s have successively adjusted the rating/rating outlook of the joint stock company of Dalian Wanda Commercial Management Group.

S & P pointed out that after Wanda Commercial repaid the RMB 9.60 billion bonds due in April 2023, its combined cash balance fell from 30.50 billion yuan to 15 billion to 20 billion yuan by the end of Quarter 1 in 2023, so Wanda Commercial will face tremendous repayment pressure in the next 12 months. Of this combined amount, it is estimated that about 8 billion yuan to 10 billion yuan of cash is retained at the management level of Zhuhai Wanda.

Fitch said the downgrade was based on Dalian Wanda Commercial Management’s confirmation to Fitch that it had failed to pay the coupon on the $400 million bond due in 2025, which was due on July 20, 2023. Wanda said it expected to complete the coupon payment within a grace period. According to the bond prospectus, the issuer has a 10-day grace period before the default event is triggered.

Regarding the intensive adjustment of ratings, Wanda Commercial Management Group said that the company’s operations are stable and its profitability is good. The company will fulfill its information disclosure obligations in strict accordance with the provisions and requirements of relevant laws and regulations, and remind investors of relevant risks.

Xiaohongshu APP was removed from the shelf and was controversial because of grass writing and data fraud.

  The little red book, which claims to have 250 million users, is "yellow"

  The app that has made billions of dollars in 6 years was removed from the Android app store yesterday. Xiaohongshu said that he is communicating with relevant departments.

  There are frequent problems such as writing in grass, product fraud, etc. Some bloggers say that they have received money from merchants and wrote according to their requirements.

  On the evening of July 29, Xiaohongshu app was removed from several Android app stores, which triggered speculation.

  As a "lifestyle platform for young people and the entrance of consumption decision-making", in the past two years, negative news such as writing in grass, data fraud and e-commerce fakes have become common occurrences.

  Since May this year, in the face of controversy, Xiaohongshu has carried out self-rectification. It is not yet known whether this removal will help Xiaohongshu continue to scrape bones and cure poison, or become a straw to crush Xiaohongshu.

  6-year valuation exceeds billions of dollars

  Xiaohongshu was founded in 2013. Originally, it was a Haitao cosmetics platform with the nature of shopping strategy. As the e-commerce dividend period passed, Xiaohongshu turned into a young content sharing community.

  In 2014, Jie Lin began to contact Xiaohongshu. At that time, she felt that Xiaohongshu was "very tonal". "Everyone will publish high-quality pictures, share good things and makeup tutorials, as well as some food, travel and other content. Every time I brush it, I feel very ‘ Planting grass ’ 。”

  "Planting grass", in a group of young girls like Jielin who like to buy in buy buy, means that they are interested in new products. The e-commerce products in Xiaohongshu are also quite distinctive. "The title is often very interesting, which can highlight the selling points of the products, such as a Korean bird’s nest mask that was very popular at that time. The promotion language is ‘ Bird’s nest paste face slippery ’ Plus the price is reasonable, girls are easily tempted. " Jie Lin said.

  At that time, the little red book also had a function, which was "home page selection". Once, Jielin bought a big-name necklace. She took pictures and retouched pictures carefully. This beautiful "notes on planting grass" was really pushed to the home page and received more than 800 praises. Jielin was extremely happy. Since then, Jielin has released a lot of highly praised notes, and has also been to restaurants and hotels in online celebrity recommended by Xiaohongshu, becoming a loyal "sweet potato".

  At the beginning of 2018, after a wave of stars such as Jelly Lin, Stephy and Jiang Shuying settled in, Xiaohongshu developed rapidly, gradually moving from a small community to a public view, and some stars earned a lot of money by "bringing goods".

  By June of this year, founders Qu Fang and Mao Wenchao said in their internal letters that the monthly active users of Xiaohongshu had exceeded 85 million, with a total of 250 million users. In the Internet age, huge traffic is quickly transformed into benefits.

  Last year, Ali invested more than $300 million in financing to Xiaohongshu, when its valuation exceeded $3 billion. Not long ago, it was revealed that Xiaohongshu is negotiating the next round of financing of 500 million US dollars, when the company’s valuation may be higher.

  "No experience, all advertising"

  And gradually, Jielin began to abandon the little red book. First, a friend of hers said that buying a Japanese brand of cotton pad on Little Red Book was "a little yellow and softer" than bringing it back from Japan. Jielin found that there were many posts on the Internet that questioned the authenticity of the goods in Little Red Book, and she couldn’t help but put a question mark in her heart. In addition, the content of the homepage is becoming more and more "messy". The original friendly and sincere community atmosphere of "planting grass" has changed, and there is more noise: some users tirelessly publish pseudoscience or health rumors such as "growing 5 cm a month"; Others package themselves as winners in life. Jie Lin said: "You can often see headlines in Little Red Books, saying that in your twenties, you struggled to mention Porsche. When you click on it, it turns out that Wechat business wants to go offline."

  Chen Hao is also a loyal user of Xiaohongshu. "It was originally purely to buy some men’s skin care products and the like." Later, Chen Hao often posted selfies in Little Red Book. He was white, tall and handsome, and with long-term fitness, he had admired abdominal muscles. After a long time, more and more people paid attention to Chen Hao. Soon, some merchants found Chen Hao and hoped that he would try out and promote the products.

  "At that time, I felt that it was nothing more than writing a comment truthfully after the trial." But in fact, these evaluations are not completely truthful. Merchants will put forward some specific requirements and say that they can pay a certain amount of remuneration. "To put it bluntly, I still hope to just say that the products are good, so that others can ‘ Planting grass ’ 。”

  Chen Hao refused at first, but later found that the tone of many grass scripts was almost the same as what the merchants had previously proposed to him. Since many people have done this, Chen Hao has also begun to take orders. "Even if some samples don’t make me feel good, they will still be written and revised according to the content requirements and review of the merchants. As long as they pass, the fees will be obtained."

  Liu Dora is also an amateur beauty blogger of Xiaohongshu. Previously, some of her notes on grass planting were highly praised and popular, so they were quickly promoted. "Generally speaking, the more fans there are, the higher the income. For those who have only a few thousand fans like me, every time I write grass planting, the average income is one or two thousand, plus a set of trial products."

  Many users began to vomit, and the little red book "has no experience, all advertisements". Previous surveys have found that fake "notes on planting grass" have formed a complete industrial chain, and products can be published in the form of experience notes as long as they are sent by people. According to the number of fans who publish accounts, notes on planting grass are divided into master notes and amateur notes. The price of amateur notes is about tens of yuan, while the price of master notes with more than 10,000 fans fluctuates greatly, ranging from thousands to more than 10,000 yuan.

  Xiaohongshu said that he is communicating with the competent authorities.

  In addition to fraud, Xiaohongshu also caused controversy due to illegal content. At the beginning of this year, Xiaohongshu caused controversy over tobacco marketing for women. On July 29th, Southern Metropolis Daily reported that a large number of national illegal drugs, such as placenta, hyaluronic acid and whitening needle, flowed to offline unqualified medical institutions and visiting doctors through Xiaohongshu.

  According to Tianyancha data, the main operator of Xiaohongshu, Hangyin Information Technology (Shanghai) Co., Ltd., has nearly 20 administrative punishment records since 2016, most of which involve publishing false advertisements, deceiving and misleading consumers, and confusing the nature of goods.

  In order to standardize the operation of the platform and ensure the quality of content, Xiaohongshu has also made efforts. In May of this year, Xiaohongshu launched a rectification plan, which set entry standards for KOL (online celebrity blogger) on the platform. KOL who failed to meet the standards will not be allowed to receive advertisements privately.

  Lin Yun works in a skincare company in Guangzhou, and the company often needs to connect with MCN institutions and find a small red book talent to promote it. She obviously feels that since the beginning of this year, "the rules have changed, and all the advertising notes received by talents must be reported and restricted. Therefore, many talents are full of promotion at the beginning of the month, and everyone is grabbing good resources, which will definitely have an impact on us."

  The official did not give specific reasons for the removal of Xiaohongshu this time, but only said that it was communicating with relevant departments. Speculation is more direct — — False advertisements, vulgar content, and collection of user information … … These are the "crimes and punishments" of Little Red Book. There are even self-media reports that Xiaohongshu is involved in pornography. It is reported that in the near future, the Apple App Store may also deal with Xiaohongshu.

  Xiaohongshu said that since September 2018, content governance measures have been introduced from various levels such as platform rules, brand cooperation rules and user supervision. Including a comprehensive inventory of the content descriptions of cosmetics, health care products and food commodities according to the restrictions of advertising illegal words; Upgrade technical means and severely punish data fraud and false notes. Recently, the platform also launched the reporting and feedback mechanism of "Little Red Book Ecological Officer", which affects the display results of related notes by users voting on notes that cannot be clearly determined.

  Yesterday, Jielin opened a little red book that had been useless for a long time, and a "slimming note" popped up on the front page, "Slimming from 65 kg to 48 kg in 3 months? You see, these two contrast pictures of weighing scale, the blogger hasn’t even changed the shape of toenails and the color of nail polish, which is too insulting to IQ, "said Jielin, pointing out another stovepipe experience of actually promoting the" slimming bag "— — The blogger crooked the floor behind him. (The characters in the text are all pseudonyms) (Reporter Ryker Chan, Huang Xiaoxing, Yu Renfei)

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1-2 1-0!

Wonderful night of international football Tottenham leads the Premier League, the big black horse leads La Liga, Nice leads Ligue 1.

Recently, there has been an exciting wave of matches in international football, and several wonderful matches have caused a sensation around the world.

Among them, Tottenham, the leader of the Premier League, withstood the pressure in a thrilling game and beat their opponents 1-2, consolidating their leading position in the Premier League standings.

At the same time, there are also interesting situations in La Liga and Ligue 1. The big black horse rode the dust in La Liga and led the standings, while the Nice team made a leading position in Ligue 1 by virtue of its excellent performance.

In the Premier League, Tottenham played against a strong opponent.

After the start of the game, the two sides launched a fierce confrontation, and the situation on the field changed, and the audience stared at every move.

In the first half, Tottenham’s attack became more fierce, and the team took the lead with Sun Xingyu’s wonderful goal.

However, the opponent launched a crazy counterattack in the second half and once equalized the score. But the goddess of luck seems to be on the side of Tottenham, and harry kane’s goal at the last moment helped the team win the game.

This wonderful victory not only enabled Tottenham to lead the Premier League, but also demonstrated the team’s strength and teamwork spirit.

In La Liga, a big black horse emerged, attracting the attention of fans around the world with its amazing performance and unstoppable momentum.

Although the results have not been optimistic, this team broke expectations in the new season. With a strong lineup and teamwork, they launched an impact on the La Liga champion.

Their constant victories made them lead the standings and won wide acclaim.

The performance of this team has undoubtedly injected new vitality into La Liga, brought more competitiveness to the league and made the fans full of expectations.

In Ligue 1, Nice also showed great strength and dominance.

With their excellent overall cooperation and personal ability, they have won many times in the competition and achieved a leading position.

The team’s young lineup and excellent head coach have made them show unlimited potential and attracted much attention. The success of Nice team has also attracted the attention of Ligue 1. They have become a dark horse in the League and injected new vitality into the League.

Whether Tottenham leads the Premier League, the big black horse dominates in La Liga, or Nice leads in Ligue 1, these wonderful performances have amazed fans all over the world.

The success of these teams is inseparable from their persistence and teamwork spirit, and also reflects the charm and magic of football.

The fans’ attention and support for these games will continue to increase, which will also bring greater motivation to the team.

Generally speaking, this wonderful night of international football has brought many surprises and shocks to the fans.

The leading position of Tottenham, Big Black Horse and Nice Team not only represents their strength, but also represents their love and persistence in football.

The success of these teams is the result of the efforts and efforts of many players and coaches, and their hard work will also become an example for other teams to learn.

In the next game, we will continue to pay attention to the performance of these teams, expecting them to continue their leading position and bring more surprises and excitement to the fans.

At the same time, we also expect other teams to challenge the position of these leaders and inject more suspense and competitiveness into the league.

Whether it is Premier League, La Liga or Ligue 1, these wonderful games will become a feast that fans should not miss.

The charm and emotion of football will continue to be passed on, inspiring fans to persist in pursuing their dreams.

Disclaimer: If the content of the article involves the content of the work, copyright pictures or other issues, please contact the author of this number within 30 days. If the situation is true, we will delete the responsible article as soon as possible. The article only provides reference and does not constitute any investment and application suggestions.

Many places in South Africa have suffered from "water shortage" for more than 48 hours.

  China News Service, Johannesburg, March 7 (Reporter Damon) On March 7, local time, South Africa’s Rand Water Company confirmed that due to the continuous serious failure of regional pumping stations, large-scale water cuts occurred in cities or regions including Johannesburg and rustenburg recently, and the water cuts generally lasted for more than 48 hours.

  Eikenhof Pumping Station in the south of Johannesburg was struck by severe lightning on the 1st of this month, so the main units of the pumping station failed to supply power normally, resulting in the pump station having to stop running. On the 4th, the problem of the faulty pumping station escalated again, and its circuit system exploded, resulting in "water shortage" in most areas of Joburg and parts of surrounding provinces.

  On the evening of the 6 th, the Thornton area, the core financial center of South Africa, also suffered a large-scale water cut. As it is in midsummer and South Africa is experiencing a round of extremely hot weather, this large-scale and long-term water stoppage has caused dissatisfaction among all sectors of society. In order to maintain a normal life, people in areas where water supply is interrupted have to carry buckets at night and walk to temporary water supply points to queue up for water.

  On the 7th, Rand Water Company responded that the problem of the faulty pumping station was temporarily solved after the emergency operation of the emergency repair personnel, and most of the water-cut areas in Joburg, which was most affected, would resume water supply one after another. However, it will take some time to restore normal water supply in areas such as Rudput and Landborg, because the standby water source has been exhausted before. Rand Water Company promised that during this period, it will continue to send mobile water supply vehicles to the water-cut areas.

Baiguoyuan signboard Huahuang Golden Pineapple is officially mined and will be sold omni-directionally.

  

Winter goes and spring comes, pineapple is sweet, and it is the annual pineapple season. On February 29th, the mining ceremony of Baiguoyuan Company’s signature Huahuang Golden Pineapple was successfully held in Chengmai County, Hainan Province. After three years of marketing promotion, Huahuang Jinfeng pear has gained certain market recognition. At the mining ceremony, the host introduced the cultivation process and fruit highlights of this pineapple, and invited the guests present to taste it together. The follow-up Huahuang Golden Pineapple will soon be put on the shelves in Baiguoyuan.

  

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