Angelababy in the picture is wearing a black shirt, and her long soft hair is flowing with the wind. Although her eyes are closed, her beautiful features are also fascinating. The gorgeous lipstick also makes her look more feminine. Wearing a black dress and standing on the edge of the red water waves, she also gave people a feeling of looking forward to the return of Yiren.

She put on colorful clothes, lying on the red carpet, her hair also coincided with the black pattern, and her big watery eyes looked particularly clear and agile. When he leaned back, the slender swan neck and charming jaw line also successfully grabbed the spotlight.

Angelababy is wearing a green tube top dress, and her beautiful figure is also enviable, and she has to sigh for her super plasticity. When she changed into a white self-cultivation T-shirt and matched with a floral dress, she also has a strong fashion charm. Standing in the corner, I wonder if she feels warmer?

Compared with Angelababy’s career, I believe that the marriage relationship between her and Huang Xiaoming has been more concerned in recent times. Since the two have not interacted with each other for a long time to spread dog food, they are frequently exposed to news of their divorce. This also makes many netizens believe this.

In this regard, the two did not respond in a high-profile manner, but quietly showed their affection through small details, which also conformed to Angelababy’s wish during the interview not long ago. Recently, Huang Xiaoming will also wear a ring specially when attending events or participating in variety shows to make people understand her marital relationship.

Not only that, on the day of the Dragon Boat Festival, Huang Xiaoming also posted a photo of rice dumplings on his personal social platform, and accompanied the text: “Dragon Boat Festival is safe and healthy, guess whether it is sweet or salty?” And he also made a special effort. Three rice dumplings were put on, which seemed to imply that their family of three was still very sweet.

In any case, Huang Xiaoming and Angelababy are now also focusing on their careers, and look forward to in the near future, they will show their affection in the same frame again, and use practical actions to break all kinds of rumors!

[Disclaimer:ThepicturesinthetextarefromtheInternetifthereisanycopyrightpleasecontacttodeleteit!】

That day, Duoduo wore a long loose white sweater with black fitness shorts and Martin boots. A pair of long legs are thin and straight, very eye-catching. This dress is casual and simple, but it is decorated with double-layer gold necklaces, adding a sense of hierarchy and fashion, just like a female celebrity. I have to say that her aesthetic is still very online.

Many heads wear blue-gray baseball caps and masks, black canvas bags, shoulder-length short hair tied into a low pony tail. She talked with a mobile phone in one hand, and passed the security check with a suitcase in the other. She became mature as an adult.

The 15-year-old Duoduo has become a slim girl, standing straight while waiting for the security check, with a small face, an uneven body, and an outstanding temperament.

After the security check, I took off my mask. Under the lens, many people have fair and delicate skin, delicate facial features, and collagen on their faces. She wears light makeup on her face, her earth-toned eyeshadow is very temperamental, and her eyes are black and white, which can be said to be a good prospect for entering the entertainment industry.

After the picture was exposed, many netizens felt that they were getting more and more beautiful, from small beauties to big beauties. Some people say that although she did not make her debut, her hot search and attention has surpassed many 18-line stars. I don’t know if Huang Lei wants to take his daughter into the entertainment industry.

Not long ago, Sun Li showed a lot of scenes of rehearsal with He Jiong on social platforms. It feels that it has been three years since the last performance of “Book of Water”. I saw many people wearing loose tops, tight pants, and neat low pony tails. Whether watching the script alone or playing with He Jiong, they are very serious. When he lowers his head and smiles, he is restrained and gentle, with a good temperament.

There are also many stills on the Internet wearing stage costumes, a light blue tunic dress, the bows on the braids are the same color, and the orange lipstick is very gentle and looks much more mature than girls of the same age.

I have to say that Huang Duoduo is of high value and has inherited the excellent genes of her parents. In addition, she has been exposed to drama since she was a child and has collaborated with professionals such as He Jiong. She has a wealth of knowledge and experience, and it can be said that she won at the starting line.

Since participating in “Where Are You Going, Dad”, Duoduo, like other second-generation celebrities, has attracted everyone’s attention. At the same time, controversy arose due to makeup and hair dyeing. But now most netizens are very tolerant and many have grown up, so there are many likes on the Internet.

A lot of word of mouth soon healed, but her mother, Sun Li, was ridiculed for overturning. Not long ago, Sun Li showed a dance video on social platforms. She wears a baseball cap calmly and dances hip-hop with her two partners. But the level of the three people is not on the same level at all. Many netizens mocked her folk style of hip-hop.

The netizen’s comment was not malicious, but was hacked and deleted by Sun Li. After the relevant entries were posted on the hot search, everyone complained about why they couldn’t talk about folk dance, and they couldn’t talk about dancing well. Public figures are still so ignorant. But there are also netizens who feel that their territory is their own, and everyone has the right to delete and block blacks.

It has to be said that Huang Lei’s family members are all “bloodly” physiques, which will always cause controversy and hot searches. If Huang Duoduo enters the entertainment circle in the future, there will be no shortage of attention and traffic.

That day, Duoduo wore a long loose white sweater with black fitness shorts and Martin boots. A pair of long legs are thin and straight, very eye-catching. This dress is casual and simple, but it is decorated with double-layer gold necklaces, adding a sense of hierarchy and fashion, just like a female celebrity. I have to say that her aesthetic is still very online.

Many heads wear blue-gray baseball caps and masks, black canvas bags, shoulder-length short hair tied into a low pony tail. She talked with a mobile phone in one hand, and passed the security check with a suitcase in the other. She became mature as an adult.

The 15-year-old Duoduo has become a slim girl, standing straight while waiting for the security check, with a small face, an uneven body, and an outstanding temperament.

After the security check, I took off my mask. Under the lens, many people have fair and delicate skin, delicate facial features, and collagen on their faces. She wears light makeup on her face, her earth-toned eyeshadow is very temperamental, and her eyes are black and white, which can be said to be a good prospect for entering the entertainment industry.

After the picture was exposed, many netizens felt that they were getting more and more beautiful, from small beauties to big beauties. Some people say that although she did not make her debut, her hot search and attention has surpassed many 18-line stars. I don’t know if Huang Lei wants to take his daughter into the entertainment industry.

Not long ago, Sun Li showed a lot of scenes of rehearsal with He Jiong on social platforms. It feels that it has been three years since the last performance of “Book of Water”. I saw many people wearing loose tops, tight pants, and neat low pony tails. Whether watching the script alone or playing with He Jiong, they are very serious. When he lowers his head and smiles, he is restrained and gentle, with a good temperament.

There are also many stills on the Internet wearing stage costumes, a light blue tunic dress, the bows on the braids are the same color, and the orange lipstick is very gentle and looks much more mature than girls of the same age.

I have to say that Huang Duoduo is of high value and has inherited the excellent genes of her parents. In addition, she has been exposed to drama since she was a child and has collaborated with professionals such as He Jiong. She has a wealth of knowledge and experience, and it can be said that she won at the starting line.

Since participating in “Where Are You Going, Dad”, Duoduo, like other second-generation celebrities, has attracted everyone’s attention. At the same time, controversy arose due to makeup and hair dyeing. But now most netizens are very tolerant and many have grown up, so there are many likes on the Internet.

A lot of word of mouth soon healed, but her mother, Sun Li, was ridiculed for overturning. Not long ago, Sun Li showed a dance video on social platforms. She wears a baseball cap calmly and dances hip-hop with her two partners. But the level of the three people is not on the same level at all. Many netizens mocked her folk style of hip-hop.

The netizen’s comment was not malicious, but was hacked and deleted by Sun Li. After the relevant entries were posted on the hot search, everyone complained about why they couldn’t talk about folk dance, and they couldn’t talk about dancing well. Public figures are still so ignorant. But there are also netizens who feel that their territory is their own, and everyone has the right to delete and block blacks.

It has to be said that Huang Lei’s family members are all “bloodly” physiques, which will always cause controversy and hot searches. If Huang Duoduo enters the entertainment circle in the future, there will be no shortage of attention and traffic.

The feudal power system established by the Qin dynasty laid the basic foundation for the political structure of later Chinese feudal dynasties. In addition, the policies and systems that divided the country into districts, districts and hukou at that time also had a great impact on the development of the next generations. When posterity looks back on Qin Shi Huang’s journey to unify China from a modern perspective, they must also recognize that this glorious path has timeless inspirational power. The Qin people were originally just horse breeders for the Zhou royal family, then rose to the status of vassals in the Zhou Dynasty (795 BC-771 BC). So why is it that Qin Shi Huang – the king of an ordinary vassal state – was able to unify the six countries and become one of the greatest emperors in Chinese history? Historians say that the secret lies in the weapons of the Qin army: The Qin army possessed powerful weapons, far superior to other vassal countries. Prior to the unification of the six states, the kingdom of Qin was a prosperous vassal state through the reform of the “Transformation of Shangyang” (implemented twice in 356 BC and 350 BC). This reform greatly increased the productivity of Qin society and promoted the development of weapons to a certain extent. Experts said that in the excavation sites of the terracotta army, bronze weapons account for a very large proportion. While the forging and metallurgical technology of the other vassal countries were still quite backward, the state of Qin – a country that valued weapons – had made great progress in this field. Earn copper The bronze swords unearthed next to the terracotta warriors are the clearest evidence of the advancement in forging and metallurgy techniques of the Qin Dynasty. After research, it was found that these bronze weapons were superior to the other six vassal states, the main reason being that the Qin state at that time had mastered the method of making alloys. Their craftsmen also tried to apply the proper proportions of alloys to the military field. Some experts believe that the ratio of copper to tin in the weapons of the Qin army at that time was very reasonable and scientific, especially the tin content was much higher than before, helping bronze weapons. of the Qin army was much harder and sharper. It can be seen that these swords not only have anti-rust treatment, but their length is also about 20 cm longer than swords in other countries. Qin Crossbow The second most notable weapon is the Qin crossbow. The Qin crossbow was developed by the Qin state on the basis of the bow and arrow, but its damage is far beyond the ordinary bow and arrow. Conventional bows and arrows have a limited range, low accuracy, and can only shoot one shot, so soldiers are easy to fall into the attack range of the draft. To improve this problem, the Qin crossbow was born. Through a series of design reforms, the Qin crossbow’s hit rate has been greatly improved. Furthermore, crossbow design parts and components are also standardized and uniform across the country. As a result, when a weapon is damaged, it can be quickly replaced or repaired to immediately return to combat. In addition, the Qin crossbow also has a user-friendly design, minimizing the possibility of soldiers injuring themselves. Three-sided arrow Another notable weapon is the three-pointed arrow that the Qin army used. Thanks to the excellent craftsmanship of the Qin Kingdom craftsmen, this arrow has extremely strong penetrating power. It possesses a unique three-sided design that reduces drag to a minimum after firing. This is also a weapon that other vassal countries do not have. Precisely because of possessing weapons much more sophisticated than those used by the armies of other vassal states, New historians argue that the Qin Dynasty possessed “divine objects” that should not have existed at the time. In addition, the principle of standardizing the manufacture of weapons throughout the territory of Qin also helped soldiers improve their combat capabilities. It can be seen that at that time, the Qin Dynasty was ahead of other vassal countries in both economic and technical aspects. It is not surprising that the Qin Kingdom became the ultimate victorious state and unified China.

“Investment Times” researcher Lu Gong

Founder Huang Guangyu returns. Can Gome Retail Holdings Limited (00493.HK, hereinafter referred to as Gome Retail) return to its original market position?

On the evening of April 7, 2021, Gome Retail held a global investor conference call. The founder Huang Guangyu, who has been silent for 12 years, made his public debut for the first time and attended the meeting. On the same day, the Gome stocks went viral, and Gome retail rose more than 10%.

However, starting from the next day, Gome’s retail stock price has fallen all the way down. As of the close on April 13, the stock closed at HK$1.31, a 21.6% drop from the closing price on April 7.

It is worth noting that a few days before the conference call, Gome Retail just disclosed its 2020 annual performance report. According to the report, Gome Retail’s full-year operating income in 2020 further narrowed to 44.119 billion yuan, a decrease of more than 15 billion yuan compared with the same period of the previous year; the net loss attributable to the parent also expanded to 69.94 billion yuan from 2.59 billion yuan in the same period of the previous year. 100 million yuan.

The former Gome retail has long occupied the top position of home appliance chain stores, until 2008, its performance plummeted. Suning.com (002024.SZ), the emerging e-commerce platform Tmall, Jingdong (JD.O), and Pinduoduo (PDD.O) continue to expand. After entering 2017, Gome Retail, which relied on offline and continued to shrink revenue, also fell into a loss situation, and lost nearly 15 billion yuan in just four years.

Whether Huang Guangyu’s return will lead Gome retail to turn losses into profits and restore its original market position is still unknown. In response to the relevant situation, the “Investment Times” researcher e-mailed the outline to Gome Retail, but as of press time, no response has been received.

Loss of nearly 15 billion in four years

As a giant of China’s home appliance retail chain, Gome Holding Group owns 5 listed companies. Among them, Gome Retail is expanded on the basis of Gome Electric, and it is also the company with the earliest listing time and the largest volume among the Gome listed companies.

It is worth noting that the special circumstances of the founders in 2008 caused a major blow to the Gome Holding Group and its subsidiaries. Since then, Gome retail has gradually fallen into a downturn. Coupled with the impact of the epidemic in early 2020, Gome’s retail performance continued to decline.

According to the company’s 2020 performance report data recently disclosed, its 2020 revenue has further narrowed to 44.119 billion yuan, a decrease of 25.83% from the same period of the previous year; the net loss attributable to the parent has increased by 170.05% year-on-year, from the previous year. The 2.59 billion yuan in the same period expanded to 6.994 billion yuan.

It is worth noting that this is the fourth consecutive year that Gome Retail has lost money.

“Investment Times” researcher combed the company’s financial report data in recent years and noticed that from 2017 to 2019, Gome retail lost 450 million yuan, 4.887 billion yuan and 2.59 billion yuan respectively. In addition, in 2020, it lost nearly 14.921 billion yuan in four years. At the same time, the company’s revenue scale has also narrowed from 71.575 billion yuan in 2017 to 44.119 billion yuan in 2020.

In addition, although Gome Retail’s marketing expenses and administrative expenses will decrease in 2020, the year-on-year decrease is 24.28% and 14.91% respectively, but since the decrease is not as fast as the company’s revenue in the same period, the company’s sales cost in the same year accounted for the company’s total revenue. The proportion of the same period last year increased by 5.01 percentage points from 84.68%, reaching 89.69%.

The comprehensive gross profit margin of Gome Retail also fell by 5.01 percentage points from 15.32% in the same period last year to 10.31%. Regarding the decline in gross profit margin, Gome Retail explained in its financial report that it was mainly due to the company’s large-scale promotion through different online and offline channels and live broadcasts during the epidemic. He said that in the second half of 2020, the company’s gross profit margin has gradually picked up.

Gome Retail’s net profit attributable to its parent in the past two decades

Data source: Wind

Market share is less than 6%

“Investment Times” researcher noted that as early as 2010, Gome Retail tried to deploy the e-commerce field and launched its e-shopping website Gome Online Mall. Two years later (2012), it acquired the e-commerce site Couba.com.

However, since Gome Retail appeared on the market in 2012 and lost money for the first time, it chose to focus more on the offline home appliance business. Although in 2013 Gome Retail officially announced the integration of Gome’s online shopping mall and Cooper, and renamed it Gome Online, for a long time thereafter, the company still focused its main battlefield on offline sales and increased its expansion. The number and scale of stores. As for online sales, they only play a role in supplementing the company’s offline stores.

At the same time, the e-commerce track is getting crowded day by day. Alibaba (BABA) has successively deployed in retail, finance, logistics and other fields; JD.com focuses on building supply chain and logistics to prepare for subsequent e-commerce sales; Suning.com is also accelerating online and offline integration and mutual empowerment. Fully transform the online platform.

Gome Retail, which missed the opportunity to enter the e-commerce platform track, began to devote itself to new retail in 2017, and successively proposed the “6+1” new retail strategy and Gome’s “Home·Life”. In the first half of 2018, the “Shared Retail” strategy was launched.

However, traffic is not on the side of Gome retail. According to data from the China Electronics and Information Industry Development Research Institute, in the first three quarters of 2020, JD.com is still the leading retailer of household appliances in China, with a market share of 26.67%; Suning.com and Tmall have 20.98% and 15.40% of the market respectively. The proportion is closely behind; and Gome retail only gets 5.18% of the market share.

Today, Gome Retail’s revenue in 2020 is even less than 20% of Suning Tesco and less than 6% of JD.com. According to financial report data, Suning.com and JD.com achieved operating income of 259.459 billion yuan and 745.8 billion yuan respectively in 2020.

In addition, the market value of Gome Retail’s company has also been left behind by new and old competitors. As of the evening of April 13, 2021, the market values ​​of JD.com, Pinduoduo and Suning Tesco were as high as US$123.314 billion, US$165.738 billion and US$64.146 billion respectively. At this time, the market value of Gome Retail was only HK$31.221 billion.

Can the original market position be restored?

In the context of market share being squeezed, Gome retail is back on the line of layout.

Entering 2020, Gome Retail first teamed up with Pinduoduo and JD.com to try to promote the online transformation of Gome Retail through their platform traffic advantages; later, they tested the “full-chain business model” and launched the “store” channel on the Gome APP. , Cooperate with CCTV, live broadcast the goods.

Under the influence of the epidemic in early 2020, the home appliance retail industry has been hit harder and its performance has slowed overall. According to the “Report on China’s Household Appliances Market in 2020”, the retail sales of the household appliance market in 2020 decreased by 6.5% year-on-year to 833.3 billion yuan. Among them, the sales of home appliances in offline channels dropped sharply by 21.13% year-on-year to 413.4 billion yuan; while the retail sales of online home appliances increased by 14.48% year-on-year.

At the same time, in 2020, the proportion of online retail in the retail sales of the overall home appliance market will increase from 41.17% in 2019 to 50.4%. This is the first time that the annual penetration rate of online retail has exceeded 50%, and it is evenly matched with offline home appliance retail channels. Therefore, it has also strengthened Gome’s determination to reorganize its retail online and transform and upgrade. The founder Huang Guangyu also proposed “strive to restore the original market position within the next 18 months.”

However, it should be noted that for the above-mentioned frequent online transformation of Gome Retail, industry analysts believe that the cooperation between Gome Retail, JD.com and Pinduoduo is likely to further segment the company’s online traffic. Coupled with the continuous mergers and acquisitions of offline channels by online retail giants in recent years, it may further erode the offline market share of Gome Retail. From this point of view, Gome still has a long way to go in reorganizing online, offline, and driving transformation and upgrading.