If it is in South Asia, it may be even more difficult, because it is located in the tropics, and the temperature often reaches 50 degrees. Today’s India is a typical example. Anyone familiar with the local national conditions should know that the gap between the rich and the poor in this country is very large. There are only a few rich people who can use air conditioners. As for the poor, they can only find ways to escape the heat, such as buying ice cubes and soaking them in the Ganges water, or making simple straw air conditioners.

With the development of time, a kind of heat-reducing delicacy “watermelon pie” has also been born in the local area. This summer-specific fruit is extremely popular in many countries. India is no exception. Local vendors often treat They are cut into pieces and placed on the street for sale. People passing by also like to buy them and eat them, but for foreign tourists, they may be a bit repellent. What is going on?

In fact, anyone who has traveled to this country should know that the environment in India is very dirty, messy and poor. There are a lot of garbage piled on the roadside. Because of religious beliefs, people will not go to the bathroom at home, but will urinate and defecate outdoors. The Shanghui is full of unpleasant smells, and flies are flying everywhere, and these street foods will naturally suffer. In addition, the materials are not very hygienic, and diarrhea will inevitably occur after eating. The same is true for watermelon pie. In addition, because there is no good preservation technology, they are placed on the street carelessly, and dust and flies are allowed to fall on the top. Even if the price is cheaper, it will inevitably make people feel somewhat acceptable. No, it’s not just watermelon, like popsicle sugar cane juice, it also uses Ganges water, so don’t try it lightly for the sake of your stomach. Do you feel that you have gained knowledge when you see this? So what do you want to say about this? Welcome to leave a comment below!

Text/Song Gui

On June 11, Beijing time, Didi Chuxing formally submitted an IPO prospectus with the stock code “DIDI” to the U.S. Securities and Exchange Commission (SEC). The number of shares to be issued and the price range have not yet been determined, but according to industry insiders’ speculation, Didi’s US stock market value will reach 100 billion U.S. dollars.

Previously, “LatePost” reported that Didi might be listed on Hong Kong stocks in 2021. Later, Tencent reported that Didi had suspended its Hong Kong IPO plan and reconsidered listing on US stocks. The main reason was that the Hong Kong market gave a valuation cap of only 80 billion. US dollars, while the US market can give a valuation of 100 billion US dollars.

In the “2020 China’s Top 200 New Economic Unicorns” released by the analysis agency iiMedia Consulting, Didi ranked third, but its valuation is only 400 billion yuan, about 65 billion US dollars.

Since its establishment in 2012, Didi has raised approximately US$30 billion in financing. As can be seen from the Didi IPO prospectus, executives from SoftBank, Boyu Capital, Alibaba, Tencent, and Apple are all on the board of directors. Multiple rounds of financing make Didi’s valuation inevitably a drumbeat. Only a US$100 billion valuation can bring excitement to the capital.

But can Didi’s existing business support a market value of US$100 billion?

The annual revenue of the three major businesses is 141.7 billion yuan, and travel is the absolute main force

According to the prospectus, Didi currently divides its revenue into three major businesses, namely, China’s travel business, international business and other businesses. The revenue of the three major businesses in 2020 will be 133.6 billion yuan, 2.3 billion yuan and 5.8 billion yuan respectively.

Everyone is already familiar with China’s travel business, which is to provide shared travel services, drawing a commission from the driver. As of March 31, 2021, Didi has 377 million annual active users and 13 million annual active drivers in China. In the first three months of 2021, the average daily order volume of the Didi platform is about 25 million.

On a global scale, Didi Travel’s operating network covers nearly 4,000 cities, counties and towns in 15 countries/regions. In the past 12 months ending March 31, 2021, the total transaction volume of the platform reached RMB 244.2 billion.

From the data point of view, Didi is undoubtedly the hegemon in the shared travel field. How does Didi defend its dominance? On the capacity side, Didi currently has the largest car rental network in China. The prospectus shows that as of March 31, 2021, Didi has approximately 3,000 car rental partners and more than 600,000 rental cars. According to data from China Investment Corporation, drivers who use Didi’s car rental program can save about 20% of the average rental price of the top 10 popular models compared to drivers who rent directly from the rental company.

In addition to the cost of vehicle rental, Didi also cooperates with gas stations and maintenance shops to allow drivers to enjoy discounts on refueling and vehicle maintenance. As of March 31, 2021, Didi has more than 8,000 cooperative gas stations. At the same time, to supplement the energy of electric vehicles, Didi has built the largest charging network in China. According to the data for the first quarter of 2021, Xiaoju Charging (including cooperation) accounted for more than 30% of the total public charging piles nationwide, and Didi drivers can use preferential discounts.

Transport capacity is one of the foundations of shared travel services. Didi obtains transport capacity guarantee by providing convenient services and preferential resources to car owners. Other travel companies will not be able to catch up with the investment in this area in the short term.

The second is the platform’s scheduling algorithm. According to Didi’s prospectus, its core assets are supply and demand forecasting and driver and passenger matching algorithms, which can accurately predict supply and demand fluctuations through AI, and dynamically adjust driver-side incentives in response to fluctuations to achieve inter-regional driver and passenger supply and demand. Balance, increase the driver’s income per unit time, and reduce the average time for passengers to call a taxi.

At the level of user activity, Didi faces great risks. With the addition of ride-hailing applications such as Baidu Maps, AutoNavi Maps, Air Travel, etc., travel companies with abundant transportation resources, such as Shouqi Car-hailing, Xiangdao Travel, and 3T Travel, get rid of Didi’s traffic advantage. , Relying on a larger flow entrance to seize part of Didi’s market. Personally, I have stopped using the Didi app for a long time, but instead use the more convenient AutoNavi map to take a taxi. AutoNavi covers far more functions than Didi, which means AutoNavi users The opening frequency is much higher than that of Didi, and AutoNavi can use WeChat location sharing, and the ease of use is much higher than that of Didi, which only has a single function for taxis.

For express consumers, the attractiveness of subsidies and discounts is higher than waiting time. Moreover, as Didi’s subsidies for drivers decline, Didi’s capacity has also begun to decline, and the waiting time for taxis during peak hours is lower than other times. The advantages of travel companies are not obvious. Although all travel companies are not fighting subsidy wars anymore, in the future, once currency liquidity improves, new players enter the market, and the subsidy war ignites, Didi can only passively fight.

As Yuanchuan Technology Review put forward in the article “The “Deflation Squeeze Dividends” of Meituan’s Lying Win”, the giants that existed during deflation can use the advantages of scale to squeeze small players and take advantage of the gap to improve their operating conditions. It is only temporary. Once the currency trend changes, everyone will come back to fight for subsidies if they have enough ammunition again. It’s not that there are no more people who challenge the overlord, but they all choose to be the “Voldemort” waiting for the spring in this cold winter.

Therefore, I think that Didi’s core revenue source, that is, shared travel business, has its own core advantages, but these advantages cannot play a decisive role in the battle. In terms of long-term growth, Didi’s road ahead is not a smooth one.

Lack of imagination in other business markets

In addition to travel, Didi’s three major businesses have “other businesses”, namely shared bicycles and motorcycles, community group buying, intra-city freight, financial services, etc.

Since the establishment of Didi’s two-wheeler business unit in June 2019, it has two brands, Qingju Bicycle and Street Rabbit Motorcycle. In March 2020, the two-wheeler business unit was upgraded to an independent business unit. At present, the two-wheeler market is dominated by Haro (Ant Financial), Qingju Bicycles, and Meituan Bicycles. According to the prospectus, as of March 31, 2021, Didi has deployed 5.2 million bicycles and 2 million electric bicycles in 220 cities in China. The revenue of shared bicycles and motorcycles increased from 200 million yuan in 2018 to 1.5 billion yuan in 2019, and revenue in 2020 reached 3.2 billion yuan, a very rapid increase.

Community group buying and intra-city freight can only be regarded as derivatives of Didi Chuxing. Didi launched an intra-city freight service in June 2020. With the help of Didi’s shared travel platform algorithm, it can match transportation demand and shared travel demand, and increase the utilization rate of shared travel vehicles. According to the prospectus, from July 2020 to December 2020, within six months of the launch of intra-city freight business, Didi completed 11 million orders in eight cities.

Community group buying also uses the algorithm of the Didi shared travel platform to help residential areas deliver some fresh produce, household necessities and other necessities. This demand was generated during the outbreak of the new crown virus. At present, there are many domestic companies including Meituan and Pinduoduo. All companies have entered the game. However, this business is often criticized. The People’s Daily has also criticized by name, “Don’t just worry about the flow of a few bundles of cabbage and a few kilograms of fruit, the technology giants, the stars and the sea of ​​technological innovation, and the infinite possibilities of the future are actually even more exciting Emotionally”.

The financial business of Didi is hardly mentioned in the prospectus. The addition of financial lending services in the APP has basically become the consensus of domestic Internet giants, but currently only Ant Financial, JD Finance, and WeBank have large markets. Didi Chuxing Compared with other service apps, the frequency of users opening is not high, and the ride-hailing scene does not fit well with financial lending. Therefore, it is conceivable that the financial road is not suitable for Didi.

Other businesses basically carry Didi’s business exploration beyond its main business, but from the perspective of market size, these projects are difficult to support a greater imagination in the capital market.

Electric car Didi just taste it

It has to be said that electric vehicles are the most popular territory in the capital market at this stage. Weilai Automobile closed at $45.68 per share on June 11, with a total market value of $74.848 billion. And in the long run, it may only be a matter of time before Weilai Automobile becomes a car company with a market value of 100 billion U.S. dollars.

It is a pity that Didi wants to prop up its market value of hundreds of billions of dollars without taking advantage of electric vehicles. In fact, in addition to its three major businesses, Didi has four core strategic areas, namely shared travel, car service, electric vehicles, and autonomous driving. Even for electric vehicles, it has also given a clear time chart, including hydrogen fuel cell vehicles. All considered.

However, Didi’s participation in new energy vehicles at this stage can only be side-by-side. In 2020, Didi and BYD jointly launched the first car D1 for travel scenarios. So far, 1,000 D1s have been put into operation. In the D1 project, Didi mainly entered design requirements, and specifically customized and developed battery BMS systems and car-machine systems for shared travel scenarios.

In May of this year, Didi once again announced the cooperation with GAC Aian to jointly develop a pre-installed and mass-produced electric Robotaxi for shared travel scenarios. This will be the second time that Didi has cooperated with OEMs to build new energy vehicles. However, it is clear that the two vehicles were built with the focus on Didi’s shared travel business and did not take the opportunity to make more in-depth actions in the new energy vehicle market.

According to an insider of an auto parts supplier, people from Didi, Baidu, Huawei, and Xiaomi have been in contact with procurement matters before. The impression of Didi’s team is very professional, at least much more professional than the people at Huawei and Xiaomi. As the most recent Internet technology giant in the automotive field, Didi should have had the opportunity and ability to participate more deeply in the new energy vehicle chain, such as the research and development of three electric technologies, the supply of overcharging and point-switching technologies, etc., but it is subject to Didi missed the new energy vehicle track due to the operating and financial pressure of its main business.

Autonomous driving business: the ideal is full, the reality is skinny

Autonomous driving is an opportunity to match the shared travel business direction and face the wind. In 2016, Didi first recognized the deployment of autonomous driving. In 2019, Didi registered “Shanghai Woya Technology Co., Ltd.” in Shanghai and began independent financing. In the same year, it obtained Shanghai’s first batch of demonstration application licenses for intelligent networked vehicles. Currently, Didi Auto The driving team has a size of 500 people.

In June 2020, Didi began its Robotaxi trial operation in the Shanghai Jiading Intelligent Networking Test Area. Currently, there are about 36 Robotaxi modified by Volvo XC60 in operation in Jiading.

In terms of common indicators for measuring autonomous driving companies, fleet operation scale and total test mileage, Didi’s autonomous driving is not the first echelon, but Didi’s advantage lies in relying on a large number of shared travel vehicles to obtain a wide range of real road traffic data . As Didi’s irreplaceable core advantages repeatedly mentioned in the prospectus: “Our advantages are built on our experience in operating a shared mobility platform at tremendous scale as well as our massive repository of real-world traffic data, which is not easily replicable.”

Wei Junqing, CTO of Didi Autonomous Driving, previously stated that Didi is the only autonomous driving company in the world with data on hundreds of billions of kilometers. 50% of Didi’s online ride-hailing devices are equipped with orange vision recorders to collect real road conditions during driving, which can collect nearly 100 billion kilometers each year. This information will be used for the training of autonomous driving models.

In theory, Didi does have a unique advantage, with the ability to collect information beyond Tesla’s shadow mode, and data will be the food that feeds the evolution of the autonomous driving system. But this set of logic requires strong data sorting capabilities, data training models, virtual simulations, large computing power supercomputing platforms, and visual algorithm optimization and development capabilities as support.

The video collected by the sensor can only be called material, and only the information that can be used to train the automatic driving algorithm after effective processing can be called data. Faced with a large amount of material, it is very difficult for Didi to be logically self-consistent. It needs to find typical scenarios that are valuable for autonomous driving training from the huge daily information, and conduct targeted training on autonomous driving algorithms through virtual simulations. Such technologies need to be verified, which requires strong computing power. In order to process the massive data returned by vehicles, Tesla has developed a supercomputer Dojo that can support video-level unsupervised neural network training.

Therefore, although Didi has unique advantages, it does not mean that Didi has a shortcut to self-driving. In terms of fleet size, test mileage, coverage of cities, and even the number of patents, Didi’s current performance of autonomous driving cannot effectively help Didi to hold up a good-looking valuation.

With shared travel, new energy vehicles, and autonomous driving, Didi seems to have set foot on every tuyere, but it seems that it is unable to establish an absolute defensive barrier in every tuyere.

Do you think Didi can hold up a $100 billion valuation?

The root cause is believed to be 30 years of not trying to clear people’s doubts about vaccine side effects, according to the above article. Nikkei Asia 10/5. The landmark court ruling of 1992 During the 1980s, Japan possessed world-leading vaccine technology for the treatment of chickenpox, encephalitis, and pertussis. These technologies are licensed to the US and other countries. But vaccine development in Japan came to a near complete halt following a 1992 court ruling ordering the government to compensate people for side effects after vaccination. The Japanese people see this as a landmark ruling that opens the way for victims to seek compensation on a broader scale. A Japanese official injects a vaccine against Covid-19. Photo: Reuters. The Japanese government did not appeal the ruling. Vaccination was also no longer mandatory after the government revised the law in 1994. Since then, vaccination rates in Japan have declined as parents become more concerned about side effects. The AIDS crisis also has a negative impact. In 1996, a Japanese health ministry official was convicted of negligent manslaughter following a scandal involving HIV-contaminated blood products. Despite the government’s efforts to hold responsible, the incident still made officials in Japan feel that they would suffer the consequences if anything happened, while the politicians were unharmed. Gaps in policy Japan is currently facing a “vaccine gap”. In the US and Europe, the product licensing process takes only a few years, but in Japan it is more than 10 years. The Japanese Ministry of Health has issued a special license for the Pfizer vaccine to be administered to the elderly, but this licensing process only applies to foreign vaccines. Meanwhile, the US administration has accelerated vaccine development since the 2001 anthrax attack. When there is a public health crisis in the country, the US Department of Health and Human Services will coordinate with other agencies. research institutes and pharmaceutical companies to respond appropriately. The agency also supports development budgets, clinical trials, as well as emergency approvals. The global vaccine market is growing by nearly 7% per year. New vaccines are released every time a new deadly infectious disease emerges, such as Middle East Respiratory Syndrome (MERS) and Ebola. The mRNA technology used in making vaccines has been studied for the past 20 years and is being applied to fight Covid-19. But private companies in Japan can hardly solve this problem alone because of the lack of motivation to promote the development, purchase, or stockpile of vaccines. Japan currently does not have a domestically produced vaccine. Photo: AFP. “There is a gap in the vaccine because there is still a gap in policy,” said Tetsuo Nakayama, a professor at Kitasato University in Tokyo. One can mention the case of UMN Pharma, a Japanese biotech company that uses new technology to develop flu vaccines. UMN Pharma used to spend more than $100 million to build a manufacturing plant, but the company’s application for a license was rejected in 2017. The grounds for the rejection were that the product “lacked clinical importance” compared to vaccines. available. UMN Pharma currently has negative total assets and is owned by Shionogi – another Japanese pharmaceutical company. The vaccine made by UMN Pharma has been approved in the US. This has led one in the Japanese vaccine industry to question whether anyone still wants to make new vaccines in the country. Complicated legal regulations Technology and research talent are also flowing outside of Japan. “Japan has a lot of regulations but it has a weak support system,” said one virus expert. The country has only two research facilities that can handle the most dangerous viruses. But one of the two establishments has only recently reopened because it was previously opposed by the local people. Public Administration Reform Minister Taro Kono was appointed on January 18 as the person in charge of Japan’s vaccination campaign. Photo: Japan Times. Vaccine research in Japan is subject to complicated regulations by many ministries. Experiments involving gene editing are limited to the Cartagena Protocol. This is an international legal document on biosafety management with genetically modified organisms that Japan has approved. Meanwhile, Europe exempts pharmaceutical companies from applying the Cartagena Protocol. The United States has not yet ratified this document. Japanese manufacturers even ignore the domestic market. Takeda Pharmaceutical, for example, has no plans to license its dengue vaccine in Japan. The same thing happened with the vaccine made from tobacco leaves of Mitsubishi Tanabe Pharma company. In the immediate future, Tokyo has quickly appointed a minister in charge of the Covid-19 vaccine. But products made by AnGes, Shionogi, and other Japanese companies are not expected to be approved before 2022.

【Wise Observation Report】As an outstanding female entrepreneur in China and even in the world, Dong Mingzhu not only makes Gree bigger and stronger, but also often makes Gree search hot for free with his sharp complaints. Regardless of Dong Mingzhu’s personal style of doing things, his experience in the workplace is of great help to the current workplace people, especially young people.

A few days ago, Dong Mingzhu participated in the recording of the variety show “We Are New to the Workplace”. In the show, Dong Mingzhu turned into an interviewer to provide interns with suggestions and opinions. Moreover, in the program, Dong Mingzhu also put forward some suggestions about the workplace, “Dong Mingzhu from the media” also summarized the 10 core points of which are:

Destiny is changed on our own. What we should think about is what I can do, what I have achieved, and what else should I do;

Work regardless of gender, our career choices are related to our brains, we should use a professional perspective to correctly evaluate ourselves;

Being excellent comes at a price, and what you pay can make you a better person;

As long as young people have a tolerant heart and a long-term interest in learning, no matter if you encounter setbacks or difficulties, you will face it bravely;

Don’t avoid the opportunity to express the problem, otherwise you will avoid yourself;

A person’s success is not absolute, one must first assume the responsibilities of his position;

Don’t take relatives as the relationship, nor friends as the relationship, take his ability as the standard, ability is very important;

Not only think about what can be learned from the company, but also what it can bring to the company;

You don’t have to obey absolutely, you can refute if you are wrong;

Really good companies do not do things by drinking and inviting guests to dinner.

To be honest, Dong Mingzhu’s ten suggestions seem to be okay in general, and some of them are very good. For example, destiny is changed by yourself, excellence is costly, and do not avoid the opportunity to express problems, etc. And so on, can really calm down some impetuous young people, don’t be arrogant and eager to pursue superficial success. When you first enter the workplace, you should settle yourself and make yourself more outstanding.

However, there are some suggestions. Zhiguan believes that Dong Mingzhu is only starting from the perspective of his own leadership. As an intern who has just entered the workplace, unless he has a strong background, he can only think about it in his heart. For example, you don’t have to obey absolutely, you can refute this one if it’s wrong, let alone an intern, even the old fritters in the workplace dare not refute the leader like this. Of course, Dong Mingzhu, as the person in charge, can refute anyone at any time. From her point of view, there is indeed no problem. I don’t know, Dong Mingzhu still remember the scene where the employees he met while riding the elevator saw him and ran away.

Objectively speaking, Dong Mingzhu’s first impression is that he is “dominant president”. Even in the show, he will show his truest side and not be artificial. This is rare among Chinese entrepreneurs, and it is also a valuable place for Dong Mingzhu. For the selection of employees, Dong Mingzhu also has his own set of methods. Before that, she said that I would never want anyone who quit in the home appliance industry.

In Dong Mingzhu’s view, there are two reasons why the job-hopping person deviates from the original company: one is that he does not agree with the original corporate culture and feels that the original corporate culture is not good; the second is that his personal ability is not good. Those two kinds of people cannot penetrate into a company with a strong culture like Gree.

By the way, in the end, Dong Mingzhu’s 10 workplace advices are still very pertinent, at least not wrong. After all, Dong Mingzhu said before that he couldn’t do anything wrong, including making a mobile phone before. Dong Mingzhu didn’t seem to feel that he was doing something wrong.(Text / Wisdom Observation)