Citizens are buying TV sets (photo by reporter Gao Qian)

The public is buying a refrigerator (photo by reporter Gao Qian)

　　Editor’s Note: A few days ago, the Provincial Department of Commerce and other 19 departments jointly issued the "Implementation Plan for Promoting Trade-in of Consumer Goods in Henan Province", which will focus on the implementation of three major projects: trade-in of automobiles, trade-in of household appliances and "rejuvenation" of home improvement and kitchen and bathroom. As soon as this news came out, it was widely concerned by consumers. What are consumers’ expectations and concerns? What is the situation of the consumer market? The reporter interviewed this.

　　New kinetic energy-

　　Find a "home" for waste materials

　　In life, many people have seen such a scene in residential areas: old toilets, old furniture, waste household appliances, etc. are abandoned beside the trash can, waiting for someone to take them away. What should I do with these big household items? Is there a smooth recycling channel? Yesterday, the reporter started an interview.

　　The netizen had the experience of handling large household items. He told reporters that his old house needed to be renovated and he wanted to get rid of some old things. But because of the high floor and no elevator, things were bulky and heavy, and many masters who collected waste products were unwilling to pick them up. Selling these things not only won’t get money, but also requires paying a "disposal fee". "In the end, I had to bundle things that can still be used at home and can be sold with these items, and some people reluctantly agreed to clear them." This netizen is emotional.

　　With the continuous improvement of living standards, citizens’ demand for integrated upgrading of large household items is constantly increasing, and where to go for the eliminated large household items has become a difficult problem. "The public area in the hospital is limited. If these large items are discarded in the hospital, it will not only occupy the road, but also increase the burden on sanitation workers. I feel guilty in my heart, and I am afraid of causing conflicts in my neighborhood. I really hope that the relevant departments can provide a’ home’ for the eliminated household items. " The netizen said "the flag is victorious". "The electronic components in some household appliances will release harmful substances after aging and expiration, causing invisible harm to the human body." Ms. Shi, who is engaged in the environmental protection industry, said that she had done market research, and many residents did have the demand for recycling large household items.

　　The reporter learned that due to the lack of convenient recycling points, these eliminated large household items were either discarded at will or dismantled by some illegal dismantling points. An old man who walks the streets to recycle old household appliances told reporters that these old things are worthless, and washing machines, old computers, etc. are tens of dollars regardless of good or bad. Dealing with these things takes up space and time, and he takes them back and sells them in parts.

　　Previously, the relevant ministries and commissions of the state jointly issued the Notice on Encouraging Household Appliance Manufacturers to Carry out the Action of Responsibility System for Recycling Targets, and put forward a series of policies to encourage household appliance manufacturers to implement recycling. Nowadays, many home appliance manufacturers are carrying out "trade-in" activities, and some enterprises can even provide disassembly services for free.

　　For a long time, the recycling level of large household items is low, the management is not standardized, and the necessary recycling facilities are lacking. The "last mile" of recycling has never been opened. Recently, the Henan Provincial Department of Commerce and other 19 departments jointly issued the "Implementation Plan for Promoting Trade-in of Consumer Goods in Henan Province", which mentioned that the recycling network of household appliances should be upgraded, and the construction of recycling outlets, sorting centers, dismantling facilities and other projects should be supported to improve the efficiency of recycling, transit and distribution. The staff of an environmental protection enterprise in our city told the reporter that they have paid attention to this problem and are considering establishing a recycling channel and management system with some qualified enterprises to realize the reduction, harmlessness and resource disposal of large household items.

　　Automobile energy conversion-

　　Double subsidies are more favorable.

　　Automobile consumption is an important part of household consumption. At present, the automobile trade-in project has begun. What is the trend of the consumer market? What new weather has it presented? On May 11th, the reporter went to the automobile market in northern Henan for an interview.

　　There are used car trading places in the market, and more are new car sales stores. In a new car sales store at the entrance of the market, different styles of cars are parked. Duan Wenbin, the manager of the automobile sales and marketing department, is sorting out the automobile sales information. He said: "The new round of automobile trade-in has begun, which will definitely drive the automobile market consumption. We have prepared enough sources to meet the diversified needs of consumers as much as possible."

　　On May 7, the "Implementation Plan for Promoting Trade-in of Consumer Goods in Henan Province" jointly issued by the Provincial Department of Commerce and other 19 departments mentioned that from May 7 to the end of this year, individual consumers will be scrapped with fuel vehicles or new energy passenger vehicles with national emission standards of Grade III and below, and they will be subsidized by 10,000 yuan for purchasing new energy passenger vehicles; For individual consumers, the fuel vehicles with national emission standards of Grade III and below will be scrapped, and the fuel passenger cars with a displacement of less than 2.0 will be subsidized by 7,000 yuan. At the same time, cities and counties are encouraged to give subsidies to consumers who replace old cars with new ones, and the provincial finance will give appropriate awards; Encourage automobile production enterprises and sales enterprises to independently carry out second-hand car replacement subsidies and superimposed preferential profit-making activities.

　　"In fact, we have always had replacement subsidies for car buyers. Old cars are exchanged for new ones, cars of the same brand are subsidized by 5,000 yuan, and subsidies of different brands are 3,000 yuan. Consumers can enjoy subsidies as long as they provide transaction tickets." Duan Wenbin said that now, government departments also have subsidies, coupled with corporate concessions, consumers can save a lot by exchanging old ones for new ones.

　　What style of car is more popular with consumers? Duan Wenbin pointed to a small new energy passenger car and said, "It must be a new energy passenger car, especially this small one, which saves energy and is convenient to park in the urban area." Yan Dong, a staff member of an automobile sales department who specializes in selling new energy passenger cars, also told reporters: "It is precisely because of the good market prospects of new energy passenger cars that the manufacturers we sell cars changed from fuel vehicle production to new energy passenger car production last year. Moreover, adding intelligent technology and intelligent management, such as autonomous driving technology, to new energy passenger cars is very popular among young consumers. "

　　Cui Zhifeng, a consumer who has transferred to several car stores, is a "post-00" and is preparing to change to a new car. He said: "New energy vehicles are the first choice. I prefer to be intelligent and have a better driving experience. Let’s take a look around today and exchange our old car for a new one in a couple of days. "

　　How to apply for car trade-in subsidy? The reporter learned that consumers can enter the application through the website of the "National Automobile Circulation Information Management" system or the "Car Trade-in" applet.

　　Replacement of home appliances-

　　Merchants let the market get hot.

　　"Trade-in" is not a new term for the home appliance market. The difference is that more businesses have joined the trade-in activities this year. On May 11th, the reporter visited some appliance stores in our city.

　　The reporter saw that many merchants have advertised "trade-in", and almost all the home appliances in the store have billboards. In the corridors and aisles, the slogan of "trade-in" can be seen everywhere. A staff member told the reporter: "Many commodities can be’ trade-in’. This year, there are more commodities participating in the activities and the publicity is stronger. Generally speaking,’ trade-in’ can be deducted from 200 yuan to 300 yuan, and you can participate in activities regardless of the brand or quality. Some merchants don’t even take away the old machines, and then make profits for consumers. "

　　The reporter found that in addition to trade-in, merchants also launched other promotional activities, and some brands launched "group purchase coupons" benefits. After consumers receive coupons online, they can also purchase new products by superimposing in-store promotional activities; Some brands offer services such as "10-year warranty" and free cleaning; Some products focus on intelligence, and users can control them remotely by connecting their mobile phones. Nowadays, intelligent household appliances such as "washing machine+dryer", dishwasher and sweeping robot have entered more and more families. A salesperson told the reporter: "According to the needs of consumers, merchants will launch different products, some of which are economical and applicable, and some of which can meet the needs of high-quality life, but overall, green and energy-saving products sell best."

　　"Come in and have a look, this is our new TV set. Its biggest highlight is’ seamless adsorption’, separated design and stereo surround, and the picture and color are even less, which can meet the needs of family viewing. " The clerk said to the consumers who are buying TV sets, "The promotion activities during the May 1 ST period are still going on. As long as they really want to buy them, the price can be negotiated again." "Now many consumers value cost performance, and similar products with low price, good quality and high energy efficiency are more popular." A citizen who just bought a TV set told reporters.

　　So, which home appliances do consumers most want to join the trade-in activity? The reporter learned that some consumers hope that the trade-in activities of large household appliances such as refrigerators and washing machines should be implemented so that consumers can really get benefits. Another part of consumers said that the upgrading speed of large household appliances is slow, and it is more affordable for small household appliances to join the activities. "Before replacing the old electric baking pans at home, 50 yuan changed the price for a new one. Small household appliances are broken, which costs a little more to repair, but it is a pity to throw them away. This kind of activity is quite good. " Citizen Gao Min said. Ms. Dong, a citizen, said that there are many broken small household appliances at home. If different types of small household appliances can be exchanged for each other, it would be better to buy the products they need.

　　Home improvement kitchen and bathroom "rejuvenation" new-

　　Green, intelligent and energy-saving become the first choice.

　　With a gentle kick, the toilet lid automatically rises, freeing hands; With a wave of your hand, the range hood hidden in the hanging cabinet can be lowered; Remote control operation, the mattress bends into an S-shape, which makes the body fit and relax … Nowadays, green, intelligent and energy-saving products emerge one after another in home stores. Will the home market be "rejuvenated" with the current trade-in craze? On May 13th, the reporter visited some home markets in our city.

　　On the morning of the same day, in a home improvement building materials market in the middle section of Wenming Avenue, the reporter met Ms. Niu, a citizen. "I just bought a new house for my child in March this year, and now the hard clothes will end immediately." She is consulting the whole house customization and told reporters. After a few days of shopping, she realized that there are a lot of wardrobe plates, such as density board, particle board, pine board, multilayer board and solid board, which are dazzling. "The child will get married at the end of the year, so in the choice of building materials, my biggest requirement is that the environmental protection level should be high. This is the case with wardrobes and cabinet plates, as well as the previous latex paint."

　　In addition to the popularity of green building materials, smart and energy-saving products have also become popular choices for consumers. In a bathroom shop on the first floor of the building materials market, the latest smart toilets were put in a conspicuous position. "At present, the best selling in our store is the smart toilet. In the past, most young people liked it, but now the customer base is wider. Many middle-aged and elderly people change their clothes and choose smart or light smart toilets. " Zhi Hong, a salesperson of the store, introduced it. Now the smart toilet is no longer "unattainable". You can buy a light smart toilet with heated seat and automatic lid lifting for more than 2,000 yuan, and the price is similar to that of ordinary toilets. "Our smart toilets and light smart toilets are both water-efficient secondary, and its sensing device will discharge water according to the load-bearing time, providing consumers with quality life and saving water at the same time." Zhihong said.

　　Kitchen and bathroom is the core area of the family and an important functional area. In addition to the renovation of new houses, many consumers who renovated old houses also started from the renovation of kitchen and bathroom. Ms. Gao, who lives in the Laker Triangle, originally bought a second-hand house, which was already decorated when she bought it. "I didn’t redecorate because of the limited budget. Now that I have a little more money, I want to clean up the kitchen. " Ms. Gao, who is choosing a gas stove, said that at present, the cupboard has been replaced at home, and then a set of more energy-efficient stoves and range hoods should be selected.

　　During the interview, the reporter learned that some businesses have launched trade-in activities, and at the same time, businesses are still continuing the "May Day" discount and various combination package promotions. "I saw the trade-in implementation plan issued by the province on the Internet, and I hope that businesses can launch related activities as soon as possible. In this way, the merchants will make some profits and the government will subsidize them. We can also upgrade our consumption and enjoy a higher quality smart home. " Ms. Niu said.

　　What did you get in exchange for the old one?

　　A few days ago, the Provincial Department of Commerce and other departments jointly issued a document to promote the full implementation of trade-in of consumer goods in Henan Province, focusing on the implementation of three major projects: trade-in of automobiles, trade-in of household appliances and "rejuvenation" of home improvement and kitchen and bathroom. Our city is also promoting this work. What changes have been brought to our production and life by the trade-in of consumer goods?

　　Trade-in of consumer goods has brought about an improvement in people’s quality of life. In the new round of trade-in activities of consumer goods, the new products replaced tend to be new energy passenger cars, green smart home appliances, smart electronic products, smart homes and other new products. These new products focus on green and intelligence, bringing convenience and intelligence to people’s lives, especially some aging smart products, which enhance the well-being of the elderly. Trade-in of consumer goods leads the new consumption fashion and improves the quality of life of the people.

　　Trade-in of consumer goods has brought a new look to the consumer market. Consumers can exchange old products for new ones and enjoy a certain amount of subsidies at the same time. Subsidies stimulate market consumption, which is bound to set off a new round of consumption boom. Consumer goods, such as automobiles, home appliances, home improvement, kitchen and bathroom, which are included in this trade-in subsidy, are an important part of residents’ consumption and are also bulk consumer products. Subsidies from government departments and concessions from some enterprises will certainly stimulate the consumer market and then set off a consumption boom.

　　Trade-in of consumer goods brings about the recycling of resources. At present, after automobiles, household appliances, home improvement, kitchen and bathroom and other household products are abandoned, some residents can’t find special recycling channels, and waste products will be littered, which may bring pollution to the environment. After the unified recycling of waste products, possible environmental pollution is avoided, moreover, waste resources can be recycled, and the quality and level of economic cycle are greatly improved.

　　Trade-in of consumer goods has brought about high-quality economic development. Green and intelligence are the vane of the consumer market. Stimulated by the trade-in policy, green and smart products favored by consumers are bound to be popular. This is conducive to promoting investment and promoting enterprises to produce more green and intelligent products, thus promoting the continuous increase of the proportion of advanced production capacity and bringing more high-quality durable consumer goods into residents’ lives. This can also promote local industries to climb "high", make efforts to "new", go "green" and make great strides towards high-quality development.

　　Trade-in of consumer goods has brought a new look to consumers’ life and consumption market. Relevant departments of our city should speed up the introduction of relevant policies so that consumers can enjoy the policy dividend as soon as possible and bring new atmosphere and changes.

　　(Reporter Deng Wei, Gao Qian, Li Hui)

Illustration Wang Chen Jun

　　Transfer money during love, do you need to return it after breaking up? Buying a wedding room and registering your girlfriend’s name is a gift or a joint house purchase? Buying a car before marriage is a bride price or a gift. Can I ask for a return after breaking up? Recently, Haidian court tried many such cases, and the judge explained them in detail and gave a prompt.

　　Case:

　　Forced by his girlfriend to write an iou? If "coercion" is not proved, it will be returned.

　　Xiao Na said that during her love with Xiaolei, Xiaolei borrowed 600,000 yuan from her on the grounds of revolving business, and then repaid 30,000 yuan. In July 2015, Xiaolei issued a debit note to her, promising to repay it at maturity, but failed to fulfill the repayment promise after the expiration. She repeatedly urged for no results, so she sued Xiaolei for repaying the loan principal of 570,000 yuan and paying interest.

　　During the trial, Xiao Na submitted the IOUs and transfer records to the court. The content of the loan shows: "Xiaolei borrowed 600,000 yuan from Xiaona today, and has already paid back 30,000 yuan, leaving 570,000 yuan to be paid off before October 2015. On July 30, 2015, the borrower Xiao Lei. " According to the personal account statement of Xiao Na Bank, Xiao Na transferred RMB 600,000 to Xiaolei from 2014 to 2015 by mobile phone.

　　Xiaolei recognized the transfer record, but said that he and Xiao Na were originally in love, and they often transferred money to each other during their love. He did not borrow money from Xiaona. The two parties originally planned to hold a wedding in August 2015, but a few days before the wedding, Xiao Na and several people forced him to write this IOU.

　　The court held that according to the evidence submitted by Xiao Na, it can be concluded that there is a private loan relationship between her and Xiaolei, and Xiaolei should fulfill the repayment obligation, but the failure to repay all the loans so far has constituted a breach of contract. Xiaolei claimed that the IOU was issued under the coercion of Xiao Na, but no evidence was provided, so the court refused to accept it. Finally, the court ordered Xiaolei to repay Xiao Na’s loan of 570,000 yuan and pay corresponding interest.

　　The judge suggested that the lender should keep the payment voucher.

　　Hu Meiqing of Haidian Court said that it is very common for lovers to transfer money to each other. After the relationship ends, it is not uncommon for one party to advocate "transferring money to borrow money" and sue. Because many lovers write IOUs to each other for emotional reasons, but no loans actually occur, it is more complicated to identify such loan relationships.

　　Is it a loan relationship to transfer money during the relationship? The judge believes that the party who advocates the establishment of the loan relationship generally bears the burden of proof on whether the loan relationship is true and the actual delivery of the loan. Therefore, it is particularly important for lenders to keep relevant payment vouchers. Borrowing between lovers, it is best to leave traces by means of transfer, etc., and at the same time pay attention to keeping the bank’s running water and transaction records. If you need to pay a large amount of cash, you should keep the bank’s withdrawal records, and if necessary, you should ask the other party to issue an iou or sign a loan agreement.

　　Case:

　　Before marriage, the court awarded 50% of the property rights under the name of one registered person.

　　Another pair of lovers, Zhou Yang and Li Ting, have been dating since they were in college, and they broke up in 2015. In October 2012, the two parties jointly invested to buy a house in Haidian District, Beijing. Because Zhou Yang was not qualified to buy a house at that time, they negotiated and signed a sales contract with the real estate company in the name of Li Ting. After that, Zhou Yang paid the down payment of 1,588,519 yuan, the purchase price of 160,000 yuan, and Li Ting paid the remaining house price of 440,000 yuan. The house was registered in the name of Li Ting. On June 30, 2016, after obtaining the qualification to buy a house, Zhou Yang contacted Li Ting to handle the house transfer, but Li Ting ignored it. Zhou Yang found out that she planned to sell the house through an intermediary company.

　　In this regard, Zhou Yang believes that the joint purchase of a house by both parties and Li Ting’s unauthorized sale have seriously infringed on their legitimate rights and interests, so he sued his ex-girlfriend and demanded that the house be divided according to law, with himself and Li Ting accounting for 78.3% and 21.7% respectively.

　　However, Li Ting said that the house was registered in her personal name and belonged to personal property, and Zhou Yang had no right to divide it; Moreover, the purchase price paid by Zhou Yang is a gift to her, and there is no common property between the two parties.

　　During the trial, both of them said that they intended to buy a house as a wedding room, but later they broke up due to emotional reasons, and the house has been occupied by Li Ting. The court held that it was an act of jointly purchasing property with marriage intention to jointly invest and buy a house in the name of Li during their love. Now the two sides have failed to get married and end their love relationship, and the purpose of buying a house has been impossible to achieve. Although the property right is registered in the name of the woman, it should still be recognized as common property. In the end, the court ruled that the house was jointly owned by two people, with each party holding 50% of the property rights, and Li Ting assisted Zhou Yang in the registration of the property rights.

　　The judge suggested that buying a house together during love is regarded as common property.

　　It is more and more common to buy a house jointly before marriage. Hu Meiqing believes that houses, cars and furniture jointly invested by both parties during the period of love should be regarded as common property. At the termination of the joint ownership relationship, the division of the joint property shall be handled according to the agreement if there is an agreement, and if there is no agreement, the factors such as the contribution of the co-owners, the contribution to the joint property and the actual needs of the co-owners in production and life shall be considered. In order to avoid disputes in the future, we should be cautious in buying a house together during the period of love. We can sign a capital contribution agreement in advance to stipulate their respective shares, and at the same time, we should keep relevant evidence such as bank transfer records and payment vouchers.

　　Case:

　　Buying a car, registering in the name of the prospective mother-in-law, breaking up, and the court awarded the refund of the car.

　　A couple decided to get married. Li Wen said that he spent 226,856.9 yuan to buy an SUV as a wedding gift at the request of his girlfriend Zhang Xia. Because they were not qualified to buy a car in Beijing, they registered the car in the name of Zhang Xia’s mother Wang. However, the two sides broke up soon due to personality and other reasons. Li Wen’s request for Zhang Xia to return the car purchase fee was rejected, so he sued Zhang Xia’s mother and daughter for returning the engagement price of more than 230,000 yuan.

　　During the trial, Zhang Xia’s mother and daughter argued that there was no engagement between Li Wen and Zhang Xia, and the vehicle involved in the case that Li Wen invested and registered under Wang’s name was not an engagement bride price. Because of their long relationship, Li Wen mentioned breaking up many times. Before buying a car, Li Wen broke up with Zhang Xia again. This time, he proposed to buy a car for Zhang Xia to make up for his feelings. Moreover, when buying a car, the old car under Wang’s name is discounted to 8000 yuan, so the newly bought car also has Wang’s rights and interests, which should be divided before disposal. The used car has been depreciated and should not be returned at the new car price.

　　The court held that the car purchase money should belong to Li Wen’s expenditure for the purpose of marriage and has the nature of bride price. Although Zhang Xia’s mother and daughter claimed that Li Wen’s contribution was a gift, they did not provide sufficient evidence and the court did not support it. In view of their failure to get married, Li Wen has the right to demand that the other party return the corresponding expenses incurred for marriage. Regarding the amount of money to be refunded, it should be judged according to Li Wen’s actual expenses for purchasing the car. Finally, the court ruled that Zhang Xia’s mother and daughter returned Li Wen’s car purchase price of 232,983.79 yuan.

　　Judge’s tip: unmarried people ask for the support of the bride price court.

　　Hu Meiqing said that the phenomenon of paying bride price before marriage is a custom, which is popular in many parts of China. If both parties fail to go through the marriage registration formalities, and one party requests to return the bride price, it shall be supported. If unmarried men and women have indeed lived together but are not registered to get married in the end, the court can determine whether to return and the amount of the bride price according to the time of their living together, the amount of the bride price and the local rural customs and habits. In addition, the actual payers and recipients of the bride price are not limited to men and women themselves. If the actual recipients of the bride price are the parents of the woman or other people, when the man sues for the return of the bride price, the woman and the actual recipients can be listed as co-defendants. (The parties in the text are all pseudonyms) (Reporter Lin Jing)

　　　　　　 CCTV News:The United Nations Security Council unanimously adopted a resolution on the DPRK on the 22nd, and decided to impose more severe sanctions on the DPRK.

　　　　　　 The new sanctions resolution was drafted by the United States, including requiring North Korea to reduce the annual import volume of refined oil from 2 million barrels to 500,000 barrels, the annual import volume of crude oil should not exceed the upper limit of 4 million barrels, and North Korea’s overseas workers should be repatriated within a limited period of time.

North Korea tests missiles (data map)

　　　　　　 This is the tenth time that the Security Council has adopted a resolution on sanctions against North Korea’s nuclear program since 2006.

　　　　　　 [Ministry of Foreign Affairs of China] I hope that all parties concerned will implement the resolutions related to the DPRK in a comprehensive and balanced manner.

　　　　　　 Answering a reporter’s question about China’s comment on this resolution, Hua Chunying, spokesman of South China’s Foreign Ministry, said: On December 23rd, the Security Council unanimously adopted resolution 2397 in response to the launch of an intercontinental ballistic missile by North Korea in November. The resolution moderately strengthens sanctions against the DPRK, while stressing that it should not have adverse humanitarian impact on the DPRK civilians, normal economic activities and cooperation, food aid and humanitarian assistance, or the activities of diplomatic missions in the DPRK, reaffirming the maintenance of peace and stability on the Korean Peninsula and Northeast Asia, calling for peaceful, diplomatic and political solutions to the problem, supporting the resumption of the six-party talks, and stressing that all parties concerned should take measures to reduce the tension on the peninsula. China hopes that all parties concerned can implement the Security Council resolutions related to the DPRK, including Resolution 2397, in a comprehensive and balanced manner, and promote the peaceful settlement of relevant issues on the peninsula.

　　　　　　 As a close neighbor of the Korean peninsula, China pays close attention to the development of the situation on the peninsula, and always adheres to the position of realizing the denuclearization of the peninsula, maintaining peace and stability on the peninsula, and solving problems through dialogue and consultation. This is our consistent position in dealing with the DPRK nuclear issue and related issues, including participating in the deliberations of the Security Council. At present, the situation on the peninsula is complex and sensitive. China calls on the countries concerned to exercise restraint and make active efforts to ease the tension on the peninsula and properly solve the peninsula problem. We also hope that all parties concerned will actively consider the "double suspension" initiative and the "two-track parallel" idea put forward by China, work with China to promote dialogue and consultation, and make efforts to promote the denuclearization of the peninsula and achieve peace and stability on the peninsula.

　　"Up for three years, down for three years, flat for three years,The cycle of material price change is generally ten years. Based on this cyclical feature, people in the timber industry expected at the end of 2023 that "the price of timber has been rising for three years and should fall back." However, in the first half of this year, the price of Chinese herbal medicines continued to rise after a short-term adjustment at a high level.

　　After a whole year’s inventory digestion of raw materials of traditional Chinese medicine, the gross profit margin of some listed Chinese medicine enterprises changed greatly in the first quarter of this year, and the pressure of raw material cost began to appear.

　　Manager Li, a staff member of the original purchasing department of a listed pharmaceutical company, told the Cailian reporter: "Last year, some enterprises did predict the price increase of Chinese medicine raw materials and reserved raw materials, but generally speaking, the raw materials reserved by a company are usually one year, at most two years."

　　Since the beginning of this year, the index of Kangmei Chinese herbal medicine has risen from 1810.99 points to 2248.52 points, with an increase of 24.16%. The prices of some varieties such as Atractylodes macrocephala, Cortex Moutan and Radix Paeoniae Alba have increased several times. The prices of Chinese herbal medicines continued to rise overall on the basis of last year’s high prices, while pharmaceutical companies turned to buy high-priced medicinal materials in the market after their own low-priced raw material stocks were exhausted, which may continue to push up the production costs of enterprises. The impact of this year’s price increase on listed Chinese pharmaceutical companies may be deepened.

　　The gross profit margin of some Chinese medicine pharmaceutical companies has dropped significantly.

　　As can be seen from the financial report data of Chinese medicine listed companies in the first quarter of this year, the gross profit margin of some companies showed a clear downward trend.

List of some enterprises whose gross profit margin decreased year-on-year in the first quarter

　　The gross profit margin of the above-mentioned companies in Q1 2024 decreased by an average of 7.65pct compared with the same period of last year, and the gross profit margin of many listed companies decreased by more than 10pct.

　　In this regard, Cailian reporters called some listed companies as investors, and some listed companies said that the rising price of Chinese herbal medicines caused cost pressure on the company’s products.(300519.SZ) A company official said: "The price of Chinese herbal medicines doubled from last year to this year."

The price index of Chinese herbal medicines reached a new high this year.

　　(002603.SZ) said at the performance briefing that Chinese herbal medicines haveAttribute, there is a certain periodicity. Among the Chinese herbal medicines used in the company’s exclusive products, the prices of some Chinese herbal medicines rose significantly compared with last year, which affected the gross profit margin of some products to some extent. The company will take measures to reduce costs and increase efficiency to maintain relatively stable gross profit margin. In addition, the company will further strengthen the construction of Chinese herbal medicine breeding bases, which can not only guarantee the quality of Chinese herbal medicines from the source, but also alleviate the price pressure of some Chinese herbal medicines to some extent.

　　The reporter of Cailian found that the prices of raw materials for the main products of several listed companies with obvious decline in gross profit margin have indeed risen sharply. such as(002728.SZ), the price of raw materials for washing Aster rose from 45 yuan/kg at the end of 2022 to 90 yuan/kg at present, while that of Radix Platycodi rose from 37 yuan/kg to 43 yuan/kg, that of Radix Peucedani rose from 45 yuan/kg to 85 yuan/kg, and that of Radix Glycyrrhizae rose from 22 yuan/kg to 31 yuan/kg. Only Fructus Aurantii decreased slightly from 23 yuan/kg.

　　However, it should also be noted that not all companies’ gross profit margin decreases are caused by changes in the cost of medicinal materials, and changes in the company’s product structure and the results of medical insurance negotiations will have a greater impact on the company’s gross profit margin.

　　However, for most Chinese medicine pharmaceutical companies, the overall price of Chinese medicine is still on the rise this year, and the gross profit margin of enterprises is affected by the change of raw material cost or more obvious than last year. This year, the prices of some commonly used Chinese herbal medicines, such as Atractylodes macrocephala, Radix Paeoniae Alba and Radix Aucklandiae, have risen sharply, and the market sentiment continues to rise. However, the prices of Chinese herbal medicines, such as Angelica sinensis, Codonopsis pilosula and Glycyrrhiza uralensis, which fell back in the second half of last year due to excessive increase, also showed signs of stabilization.

　　After investigating and interviewing the distribution market of Chinese herbal medicines and some listed companies, the reporter of Cailian found that for enterprises with Chinese herbal medicine planting bases, the stability of product supply can be basically guaranteed when the price of Chinese herbal medicines rises, but because most of the medicinal materials in most enterprises are mainly planted in a cooperative way, the purchase price of raw materials is purchased at a protective price that goes with the market, which will not greatly benefit when the price of the medicinal materials rises.

　　Manager Li told Cailian reporter: "The raw material reserves of most large Chinese medicine pharmaceutical companies generally analyze the price when purchasing medicinal materials. If the current price of a medicinal material is significantly higher than normal, enterprises generally will not make a large number of purchases, but will only use it as needed."

　　If the current pharmaceutical companies start to use the purchasing strategy of low-inventory raw materials, under normal circumstances, the price of high-priced raw materials will slowly decrease due to weak demand, but if the price of this raw material continues to rise, pharmaceutical companies can only passively purchase.

　　Enterprises raise prices? Break the contract? Or involution?

　　Faced with the rising prices of Chinese herbal medicines, various companies have made different countermeasures for different products and markets.

　　Some listed companies have chosen to raise prices, the earliest is(600436.SH) issued the Announcement on Price Adjustment of Leading Products in May 2023, and the company indicated that the retail price of Pien Tze Huang tablets, the leading product, in the domestic market will be raised from 590 yuan to 760 yuan from May 6, 2023, with an increase rate of 28.8%.

　　For this price increase, the company said that it was mainly due to the rising cost of raw materials. The reporter of Cailian learned from the staff of Bozhou Drug Merchants Network that the price of bezoar, the main raw material needed by Pien Tze Huang, has increased significantly in the past two years. The price of natural bezoar per kilogram has risen from 500,000 yuan to a maximum of 1.8 million yuan, and now it has dropped slightly to around 1.5 million yuan.

　　However, Pien Tze Huang did not raise the price of Angong Niuhuang Pill, another product with bezoar as the main raw material. Earlier, a staff member of another Angong Niuhuang Pill manufacturer told the Cailian reporter that although the price of bezoar has increased greatly, the company’s price increase needs to take into account the situation of competitors of the same product. If the price increase is rushed, it may affect the product sales.

　　Except Pien Tze Huang,(002644.SZ) also announced in March this year that it will adjust the ex-factory price of its main proprietary Chinese medicine products due to rising raw materials and production costs, with an average price increase of 9%. Judging from the company’s first quarterly report, the gross profit margin of sales was 31.1%, which was indeed higher than that of 26.66% in the same period of last year. However, since the company raised the price in March, the boosting effect of the price increase on the gross profit margin has not yet fully appeared in the first quarterly report.

List of some enterprises whose gross profit margin increased year-on-year in the first quarter

　　From the product structure of the company, its main products include compound Huangqi Jianpi oral liquid, concentrated Danggui pill, Xiaoyao pill, Angong Niuhuang pill and Liuwei Dihuang pill, most of which are OTC products.The public selling price of e-commerce platforms such as Taobao shows that the price of the company’s products is relatively low compared with similar products of other brands, and the gross profit margin is relatively low.

　　In addition, Cailian reporters learned from pharmacies and some listed companies that the prices of main products of listed companies have also been adjusted. among(600993.SH) A company official said that the price of hemorrhoid cream under the company increased slightly. There are also staff members of a medical institution in Shijiazhuang City who reported to the Cailian reporter.The price of quick-acting jiuxin pills has increased recently.

　　Under the pressure of rising prices of Chinese herbal medicines, some enterprises chose to breach the contract. Last month, Shandong Province announced two batches of "Announcement on Medical Price and Credit Evaluation Results of Illegal Enterprises in Joint Procurement of Chinese Herbal Pieces by Sanming Purchasing Alliance Inter-provincial Purchasing Alliance". Many enterprises refused to fulfill their commitments and refused to fulfill their purchase, sale or distribution contracts without justifiable reasons.（600085.SH）、The subsidiaries of (600518.SH) and Zhendong Pharmaceutical (300158.SZ) are all on the list of general dishonesty/serious dishonesty.

　　The list mainly involves varieties such as Paeonia lactiflora, earthworm, Atractylodes macrocephala, Cortex Moutan, Angelica sinensis, Codonopsis pilosula, etc., which have increased greatly in the second half of last year or this year. Taking Atractylodes macrocephala as an example, the unified price of goods in Bozhou and anguo city markets rose from the lowest 28 yuan per kilogram last year to the highest 170 yuan per kilogram this year.

　　Some insiders told Cailian reporter that because the centralized collection of Chinese herbal medicines in Shandong was not forced by the government, but made by micro-doctors, the risk of default was low. Therefore, some pharmaceutical companies chose to take the initiative to default because the cost of some drinks increased too much, if they continued to supply, they would cause serious losses.

　　In addition to price increase and default, enterprises have a slightly helpless third choice. Some people in listed companies said that the price increase may face an unfavorable situation of competition with the same products, and now they can only support it, but the company will try its best to reduce various expenses.

　　Faced with the rising prices of medicinal materials, some experts in the medicinal materials industry, such as Bozhou and Anguo, have also begun to revise their judgments on the rising cycle of Chinese medicinal materials-"There is a constant inflow of funds, and it may rise." However, some old drug dealers believe that the actual demand growth of medicinal materials is not so great. The price increase of many medicinal materials is not driven by demand, but by funds. Medicinal materials are hoarded in cold storage to form inventory, and the risk of price decline in the market is increasing.

Today, the new energy vehicle market is surging. As an emerging force, Xiaomi Automobile has attracted much attention in every step. Recently, the news that Xiaomi plans to launch a model with a price of up to 800,000 yuan, Ultra Prototype, has triggered a wide discussion in the market. This model not only has excellent performance and high-end configuration, but also carries the strategic intention of high-end brand, market expansion and technological innovation of Xiaomi automobile.

Xiaomi SU7 Ultra Prototype, as a flagship model in Xiaomi SU7 plan, has remarkable performance parameters. According to related reports, the car is equipped with dual V8s+V6s three-motor all-wheel drive system, with an output power of 1,548 HP and an acceleration time of 0-100km/h of only 1.97 seconds, which is comparable to many top-class supercars. At the same time, its braking system is also excellent, and the braking distance of 100-0km/h is only 25 meters, showing excellent handling performance. In addition, the body is made of carbon fiber, which not only greatly reduces the weight of the car, but also improves the handling and endurance, bringing drivers a more extreme driving experience.

The high performance of Xiaomi SU7 Ultra Prototype undoubtedly provides strong support for its high price. In the high-end electric vehicle market, consumers’ pursuit of performance is often directly proportional to the price. Therefore, from the point of view of product performance and configuration, it is reasonable to price 800,000 yuan.

In addition, Xiaomi has been committed to enhancing the high-end image of the brand. The launch of the high-priced Xiaomi SU7 Ultra Prototype not only helps to consolidate Xiaomi’s position in the high-end market, but also enhances the overall value and influence of the brand. In the market competition pattern, there have been successful cases of high-priced models such as Tesla Model Slaid and Porsche Taycan Turbo GT, indicating that consumers have a certain degree of acceptance for high-priced high-end electric vehicles. Therefore, Xiaomi’s introduction of high-priced models is also in line with the trend of market competition.

Goldman Sachs’ prediction of Xiaomi SU7 Ultra Prototype also provides a basis for market recognition for its high selling price. Goldman Sachs predicts that this model will sell 4,000 units in 2025, with an average price of 800,000 yuan. Although this is only a forecast, it also reflects the market’s expectation and recognition of the high price of Xiaomi SU7 Ultra Prototype to some extent.

Xiaomi SU7 Ultra Prototype is not only a further promotion of the high-end strategy of its own brand, but also a strong impetus to the active expansion of market space and technological innovation. First of all, the introduction of high-priced models will help to enhance the brand image and overall value of Xiaomi Automobile. In the global automobile market, high-end brands often represent higher quality and technical level. Xiaomi can further enhance its popularity and influence in the global market by launching high-priced models.

Secondly, with the increasing awareness and acceptance of electric vehicles by consumers, the high-end electric vehicle market is gradually emerging. Xiaomi’s introduction of high-priced models will help to occupy a place in this emerging market, expand market space, and achieve sales growth and market share improvement.

Finally, high-priced models often need higher technical content and added value to support their selling prices. Therefore, Xiaomi’s launch of high-priced models will promote its research and development and innovation in core technology fields such as battery technology, drive system and intelligent driving. This will not only help to enhance the overall competitiveness of Xiaomi automobile, but also bring consumers a more advanced and intelligent driving experience.

Xiaomi will launch the SU7 Ultra Prototype with a price of 800,000 yuan. Although the pricing has not been officially confirmed, it is possible and reasonable to price it at 800,000 yuan in terms of product performance, high-end brand demand, market competition pattern and Goldman Sachs forecast. This move will have a positive impact on the brand image, market space and technological innovation of Xiaomi Automobile, and lay a solid foundation for the future development of Xiaomi Automobile.

　　

The front face of the 2022 overbearing 4000 adopts a larger thick air intake grille with an exaggerated front bumper, which gives a very strong sense of oppression, and the headlights are further elongated and extended to the bottom of the air intake grille, making the front face more domineering. Toyota overbearing 4000 brand-new image cross-country rough character, creating a completely different king style.

The off-road performance, reliability and comfort of 22 overbearing 4000s are all in by going up one flight of stairs, powered by a 4.0-liter V6 engine with a maximum power of 183/5600(Kw/rpm) and equipped with a 6-speed automatic manual transmission. Non-loaded body, low-speed four-wheel drive, all-terrain tires, middle and rear differential locks, and excellent data of contact angle and departure angle, Toyota Overbearing 4000 has all the rigidity necessary for a professional off-road vehicle.

The comfort of the interior space of the 2022 Toyota Overbearing 4000 shows another image. The steering wheel is novel and stout, with control keys such as audio and telephone arranged on it, which makes it feel outstanding. The new car is equipped with a very popular holographic imaging system. With the help of these cameras, no matter how crude the driving skills are, drivers can easily and confidently cope with various environmental road conditions.

Although the 2022 brand-new Middle East Toyota Overbearing 4000 adopts the design of 7 seats, it still has spacious rear space, and the electronic equipment in the car has also increased a lot, which meets the all-round needs of drivers and passengers, and the elegant new body. In addition, a big change is that the third row of seats adopts the bottom storage design, which can fold the seats into a flat storage platform, and the trunk with larger space can both store things and carry people.

Configuration: 2022 Toyota overbearing 4000 GXR configuration: sunroof, 265/55 R19 aluminum wheels, 150-liter fuel tank, rear-mounted spare tire with shell, body color electric rearview mirror, tail wing, integrated luggage rack, LED front fog lights, front and rear electric eyes Internal features: three-zone automatic air conditioning, center console, refrigerator, leather steering wheel, fabric seat, 9-inch navigation screen, 6 stereo, multifunction. Manual headlight adjustment, smart card, keyless entry safety features: 7 airbags, active traction system, reversing image, cruise control, ramp assist, Towson differential lock.

22 Middle East versions of Toyota Overbearing 4000 have simple and atmospheric design, perfect seat layout with three rows and seven seats, high utilization rate and excellent legroom performance. The four multi-function steering wheels with larger size are comfortable to use, more convenient to control and safer to drive. Although it adopts the setting of seven seats, it still has quite spacious usable space, and the electronic equipment in the car has also increased a lot to meet the all-round needs of drivers and passengers.

　Displacement (l): 3, 956. Maximum speed (km/h): 180, fuel consumption (L/100 km): 15L Engine: 6-cylinder V-type overhead double camshaft with 24 valves (connected with VVT-i intelligent timing variable valve control system), maximum power: 179(243 HP) /5200 Kw/rpm, and maximum torque: 376/. Fuel tank capacity: 87L Emission standard: driving mode: four-wheel drive, steering mode: power steering, suspension mode: front double fork independent suspension, rear four-bar linkage suspension, tires: 265/70R16, minimum steering radius: 5.7m..

　The off-road performance, reliability and comfort of 22 Toyota Overbearing 4000 are all in by going up one flight of stairs, powered by a 4.0-liter V6 engine with a maximum power of 183/5600(Kw/rpm) and equipped with a 6-speed automatic manual transmission. Non-loaded body, low-speed four-wheel drive, all-terrain tires, middle and rear differential locks, and excellent data of contact angle and departure angle, Toyota Overbearing 4000 has all the rigidity necessary for a professional off-road vehicle.

The rear space of 22 Middle East Toyota Overbearing 4000 is also remarkable. In order to make the capacity of the trunk change with the use, the Overbearing 4000 is equipped with a hidden third row of seats, which facilitates the space arrangement in the car to the maximum extent. Overbearing 4000 not only has amazing off-road performance, but also has excellent road driving performance and comfortable performance of high-end cars.

With the expectation of the Fed’s interest rate hike gradually declining, and it is almost certain that it will stop raising interest rates this year, small and medium-sized pharmaceutical stocks with historically low valuations are expected to usher in a wave of mergers and acquisitions this year. Combined with the merger situation in 2022, we believe that ten companies such as Argenx, Apellis and Sarepta have great potential to be merged by large pharmaceutical companies.

In addition to the ten pharmaceutical companies listed in this article, the following pharmaceutical companies or technical fields deserve attention:

ADC domain：Mersana Therapeutics、ImmunoGen；

CNS domain：Intra-cellular、Neurocrine、Sage Therapeutics;

Rare disease field：Mirum、Krystal Biotech；

Other fields：Halozyme、Prometheus、Viridian Therapeutics.

1、Argenx(NASDAQ:ARGX)

ARGX is a Dutch pharmaceutical company specializing in the research and development of alpaca-derived antibodies. It has three patented technologies related to the transformation of antibody Fc region, namely SIMPLE Antibody platform, NHance, ABEDEG and POTELLIGENT, and has the property of technology platform.

The drug VYVGART, which has been marketed by ARGX for treating myasthenia gravis, sells well, recording a sales income of US$ 131 million only in the third quarter of last year. It is estimated that the annual income will reach US$ 402 million, and the rights and interests of VYVGART in China have also beenZaiding medicineTake it. In 2023, ARGX also had some important milestones:

The company has submitted the subcutaneously injected version (SC) of EFGARTIMOD, which will be listed for approval on June 20th. Considering that VYVGART has been listed and sold well, the subcutaneously injected version of EFGARTIMOD has a high probability of being approved, and the sales revenue is more considerable.

In the second quarter, the SC version of efgartigimod will also release the phase III data for the treatment of chronic inflammatory demyelinating polyneuropathy (CIDP).

ARGX-113, a drug under research, will release two three-phase heavy data on the treatment of primary immune thrombocytopenia (ITP) and pemphigus vulgaris (PV) in the second half of the year.

ARGX is rich in pipelines, its technology platform has been verified, its sales revenue has risen rapidly, and with the blessing of many heavy catalysts this year, many Wall Street investment banks have listed ARGX as one of the promising biomedical enterprises this year.

2、Apellis(NASDAQ:APLS)

APLS is a biomedical company with complement technology, and its main drug is C3 inhibitor APL-2. At present, the drug has been approved for two indications: paroxysmal hemoglobinuria (PNH) and geographic atrophy (GA) secondary to age-related macular degeneration, among which the PNH indication was approved in mid-2021, and it sold for 65.1 million US dollars in the United States only last year (authorized to SOBI outside the United States).

APL-2 was recently approved for the treatment of GA, with a wide range of labels (including foveal and extrafoveal), and GA has a large market. The Wall Street investment bank even gave a peak sales forecast of $5 billion. At the same time, the doctor survey conducted by the investment bank showed that doctors and patients had high expectations for APL-2. It is estimated that doctors will use the drug in 20-50% of patients, with an estimated EOD of 70-80%.

In addition to the above-mentioned approved indications, the company has a layout in the fields of rare diseases, ophthalmology, nervous system, gene therapy, etc., among which gradual freezing disease (ALS) in cooperation with SOBI is the most important. APLS is a very suitable choice for large pharmaceutical companies that want to enter the field of complement technology or GA.

3、Alnylam(NASDAQ:ALNY)

Founded in 2002, Alnylam is a leading enterprise in the field of RNAi therapy. In the past five years, it has successfully brought five RNAi drugs to the market, and in 2022, it achieved sales revenue of 892 million US dollars, up 35% year-on-year.

According to product classification, ONPATTRO and AMVUTTRA, which have the same indications, recorded revenues of $122 million and $69 million respectively in the fourth quarter of last year, with annual revenues of $558 million and $94 million respectively.

GIVLAARI recorded a revenue of $47 million in the fourth quarter of last year and achieved a revenue of $173 million in the whole year; OXLUMO recorded a revenue of $24 million in the fourth quarter of last year and achieved a revenue of $70 million for the whole year.

In addition to the strong performance of existing products, relying on the RNAi therapy technology platform, ALNY is rich in research pipelines, and many pipelines are in the later stage, which has great commercialization potential in the short term:

Patisiran’s supplementary marketing application for the treatment of ATTR amyloidosis cardiomyopathy, and the approval time is October 8; This year, the third phase data of Fitusiran in treating hemophilia and the third phase data of Vutrisiran in treating ATTR amyloidosis cardiomyopathy will also be released.

In addition, the market for indications of some early pipelines of the company is extremely broad, such as Zilebesiran for treating mild and moderate hypertension, ALN-APP for treating Al Harmo’s disease, ALN-KHK for treating NASH, etc.

Whether it is the technology platform, sales performance, and future potential, ALNY is the target of mergers and acquisitions by large pharmaceutical companies.

4、Axsome Therapeutics(NASDAQ:AXSM)

AXSM is a model of Biotech in the field of central nervous system in recent years. Its share price has risen more than 30 times in the past four years, and it has also enabled CFO Nick Pizzie, who defected from Pierre Fabre USA in 2018, to gain wealth freedom. At that time, the market value of AXSM was less than 100 million US dollars.

Behind the stock price rise is AXSM’s successive clinical trials:

The third phase trial of AXS-05 in the treatment of major depression (MDD) and bipolar disorder in Az Harmo was successful, and the indication of MDD has been approved for marketing.

The third phase trial of AXS-07 for migraine was successful, and it is planned to submit NDA； this year;

The drug AXS-12, which is used to treat narcolepsy, has also been certified by FDA as a breakthrough therapy. It is currently in the second phase of clinical practice, and data will be released this year.

In addition to its own research and development, the company is also adept at business development (BD): in March 2022, AXSM bought Sunosi, a listed drug for treating narcolepsy, from JAZZ for $53 million, and in February this year, AXSM announced that it would grant Sunosi’s rights and interests in Europe, the Middle East and North Africa to Pharmanovia, and AXSM would receive an advance payment of $66 million and a milestone payment of up to $101 million.

For large pharmaceutical companies that favor the commercialization stage, AXSM with two CNS drugs on sale and multiple later pipelines is undoubtedly one of the most worthy M&A targets.

5、Ascendis(NASDAQ:ASND)

Ascendis Pharma is a long-acting drug company with a long-acting drug technology platform TransCon. At present, it mainly focuses on various rare diseases, reducing the frequency of drug use, improving patients’ compliance, reducing side effects, and thus improving the treatment effect. With the success of the third phase clinical trials of several drugs, the technical platform of ASND has also been verified.

At present, the company has three drugs under research: TransCon hGH (long-acting growth hormone), TransCon PTH (treatment of hypothyroidism) and TransCon CNP (treatment of achondroplasia).

In 2021, Skytrofa, the company’s drug for treating children’s growth hormone deficiency (GHD), has been approved for marketing. On April 30 this year, the FDA will approve the marketing of TransCon PTH, the company’s drug for treating adult hypoparathyroidism, and will also release Phase III data of TransCon hGH for treating adult growth hormone deficiency before the end of the year. In addition, the company also has pipeline promotion in the field of achondroplasia and tumor, and will provide updates of related clinical trials this year.

The performance of Skytrofa, a drug listed by ASND, grew well. In 2022, it achieved a revenue of 35.7 million euros, with a quarterly revenue growth rate of 39%.

In 2018, ASND also co-founded VISEN Pharmaceuticals with Vivo Capital, and Visen Pharmaceuticals acquired the rights and interests of ASND in Greater China. In November 2022, Weisheng Pharmaceutical submitted a prospectus to the Hong Kong Stock Exchange, intending to be listed on the main board of Hong Kong. In view of the vast domestic long-acting growth hormone market, Changchun Gaoxin, anke biotechnology and other companies have already laid out, and the arrival of Weisheng Pharmaceutical will intensify the competition in the industry.

In view of the company’s long-term drug technology platform and the pipeline in the late stage of commercialization and research and development, Ascendis Pharma is also one of the potential acquisition targets of large pharmaceutical companies.

6、Sarepta(NASDAQ:SRPT)

Sarepta Therapeutics is a leading enterprise in the field of treating Duchenne muscular dystrophy (DMD). At present, the company has three approved DMD drugs: EXONDYS 51, AMONDYS 45 and Vyondys 53. In addition to the drugs already on the market, the company is developing new therapeutic drugs such as gene therapy and gene editing around DMD, and at the same time, it has a layout for the indications such as limb muscular dystrophy (LGMD).

In the third quarter of 2022, the company recorded a product sales income of 207 million US dollars, and it is estimated that the annual income will reach 843 million US dollars, a year-on-year increase of 38%. In addition to strong sales performance, the company’s R&D pipeline is also worth looking forward to.

In the third quarter of last year, the company submitted the application for the marketing of gene therapy drug SRP-9001 for treating DMD, which was jointly developed with Roche. The FDA granted it priority approval, and the approval time was May 29th. The marketing application of SRP-9001 is supported by many clinical trial data, and the probability of approval is high.

For large pharmaceutical companies that want to enter the DMD field, SRPT is the best choice. However, the overseas rights and interests of SRP-9001 were authorized to Roche, which may lower the expectations of the acquirer.

7、Karuna Therapeutics(NASDAQ:KRTX)

KRTX is a company that develops drugs for the treatment of nervous system diseases. KarXT, its main drug, is an oral first-choice muscarinic agonist for M1/M4. It consists of xanomeline, a muscarinic agonist, and trospium, a muscarinic antagonist. It aims to preferentially stimulate muscarinic receptors in the central nervous system, and has the potential to treat serious mental diseases without relying on dopaminergic or serotonin, including schizophrenia and psychosis in Alzheimer’s disease.

In August, 2022, the company released the phase III clinical data of KARST in the treatment of schizophrenia, which not only reached the end of the trial, but also was superior to the existing therapies in terms of therapeutic effect, safety and patient coverage, and solved the problems of poor compliance and less coverage in the existing therapies, especially the clinical P value of KARST < 0.0001, which is extremely rare in the CNS field.

This data has been released, and KarXT is regarded as a game changer in the field of schizophrenia by investment banks such as Mizuho. It is estimated that it will reach $1.7 billion by 2028, and its peak sales will be above $5 billion.

The company plans to submit the listing application of KarXT in the middle of this year, and release the results of another phase III test named Buergent-3 in the first quarter of this year. This experiment is similar to the previous studies of EMERGENT1(Ph2b) and EMERGENT-2(Ph3), with a high probability of success, but initially the experiment was mainly conducted in Ukraine, and now most of the research is transferred to the United States, which has certain uncertainties.

8、Revance(NASDAQ:RVNC)

RVNC is a pharmaceutical company dedicated to developing cosmetic medical products. Relying on the unique TransMTS? peptide technology, it has developed a differentiated botulinum toxin for injection, which was approved in the third quarter of last year.

Different from the existing Dysport, Xeomin, Jeuveau and other products on the market, DAXXIFY is a new product that is truly different from BOTOX, the number one product in the field of botulinum toxin. In the treatment of brow wrinkles, the curative time of DAXXIFY is almost 1.5 to 2 times that of BOTOX, while the annual income of the latter is 14.6 billion US dollars.

Because of its remarkable effect, DAXXIFY aims at the top one-third of the existing users. Investment banks predict that DAXXIFY will occupy 30% of the US market and its annual sales will exceed $1 billion. In the first quarter (the fourth quarter of last year) just after it was approved, the sales of DAXXIFY experience users were already expected to be between $10.5 million and $11.5 million.

In addition to DAXXIFY, the company also has RHA fillers with less side effects and better effects than hyaluronic acid. The sales revenue in the first year after listing was more than 70 million US dollars, and the growth rate last year remained at 40%+. Different from other small pharmaceutical companies, the company also has a commercial platform OPUL?, which is a cloud platform integrating customer relationship maintenance and financial payment functions, providing services for all kinds of medical and beauty businesses. As of the third quarter of last year, the total platform GPV in the past 12 months exceeded 630 million US dollars.

In the environment of raising interest rates, large pharmaceutical companies facing the cliff of heavy drug patents are likely to be interested in mergers and acquisitions of RVNC with great sales revenue potential and quick results.

9、Krystal Biotech(NASDAQ:KRYS)

KRYS is a unique gene therapy company, which does not use the common adeno-associated virus or lipid nanoparticles to deliver genetic material, but loads the gene into herpes simplex virus (HSV-1) to make it reach its target in vivo. HSV-1 has higher carrying capacity than other gene therapy technologies, which not only broadens the scope of potential diseases that KRYS may treat, but also can realize repeated administration.

KRYS has developed a series of drugs for dermatoses and respiratory diseases on its gene therapy technology platform, among which the most important one is B-VEC for the treatment of dystrophic epidermolysis bullosa (DEB), which is currently in the waiting stage for PDUFA.

B-VEC has obtained the priority evaluation qualification granted by FDA. Due to CMC, the approval time was postponed to May 19th this year, and the probability of approval was high. If approved, this will be the first approved gene therapy for DEB.

Although the market of DEB is not very large, B-VEC has proved the feasibility of the company’s technology platform to some extent. Besides the skin diseases and respiratory diseases that have been laid out at present, the company has also started clinical trials to treat cystic fibrosis. In addition, Jeune Aesthestics, a subsidiary of KRYS, is still trying to enter the field of medical beauty.

With its unique technology platform value and several promising research pipelines, KRYS is expected to become an M&A option for large pharmaceutical companies.

10、Xenon(NASDAQ:XENE)

XENE is a company that focuses on the treatment of neurological diseases by regulating ion channels. The main indication is epilepsy. At present, there are four drugs under research in the pipeline, XEN1101, XEN496, XEN901 and XEN007, which have cooperated with well-known enterprises in CNS field, Neurocrine and Alexion (acquired by AstraZeneca).

In October, 2021, the company announced that XEN1101, the main pipeline, announced the success of the second phase of the clinical treatment of adult local epilepsy, and the FDA required the company to make another third phase to apply for listing. XEN496, another treatment for infantile epilepsy, is also in the third clinical stage, and it also needs a greater probability of success.

In addition, the company’s drug XEN1101 is still in the second phase of clinical treatment for major depression (MDD), and the market of MDD is bigger than that of epilepsy. If the data released in the second half of the year is good, it will increase the probability of the company being acquired.

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　　Cctv newsAccording to the website of the National Bureau of Statistics, in May, the total retail sales of social consumer goods was 3,594.5 billion yuan, a year-on-year increase of 12.4%; It increased by 9.3% compared with May 2019, with an average growth rate of 4.5% in two years. Among them, the retail sales of consumer goods other than automobiles reached 3,225.7 billion yuan, an increase of 13.2%. After deducting the price factor, the total retail sales of social consumer goods actually increased by 10.1% in May, with an average growth of 3.0% in two years. From the ring comparison, the total retail sales of social consumer goods increased by 0.81% in May.

　　1&mdash; In May, the total retail sales of social consumer goods reached 17,431.9 billion yuan, a year-on-year increase of 25.7%, with an average growth rate of 4.3% in two years. Among them, the retail sales of consumer goods other than automobiles reached 15,630.4 billion yuan, an increase of 24.4%.

　　According to the location of business units, in May, the retail sales of urban consumer goods reached 3,131.3 billion yuan, up 12.3% year-on-year, with an average growth of 4.5% in two years. The retail sales of rural consumer goods reached 463.2 billion yuan, an increase of 13.2%, with an average increase of 4.7% in two years. 1&mdash; In May, the retail sales of urban consumer goods reached 15,154.6 billion yuan, a year-on-year increase of 26.0%, with an average increase of 4.4% in two years. The retail sales of rural consumer goods reached 2,277.2 billion yuan, an increase of 23.5%, with an average increase of 3.7% in two years.

　　By consumption type, in May, the retail sales of commodities reached 3,212.9 billion yuan, up 10.9% year-on-year, with an average increase of 4.9% in two years. The catering revenue was 381.6 billion yuan, an increase of 26.6%, with an average increase of 1.4% in two years. 1&mdash; In May, the retail sales of commodities reached 15,652.9 billion yuan, a year-on-year increase of 22.9%, with an average increase of 4.8% in two years. Catering revenue was 1,778.9 billion yuan, up 56.8%, with an average decline of 0.3% in two years.

　　1&mdash; In May, the national online retail sales reached 4,823.9 billion yuan, a year-on-year increase of 24.7%, with an average increase of 14.2% in two years. Among them, the online retail sales of physical goods was 3,937.7 billion yuan, an increase of 19.9%, with an average increase of 15.6% in two years, accounting for 22.6% of the total retail sales of social consumer goods; In the online retail sales of physical goods, food, clothing and consumer goods increased by 24.2%, 28.2% and 17.0% respectively, with an average increase of 30.5%, 9.3% and 15.9% respectively in two years.

　　　　Citroen, an old French automobile manufacturer, mentions its proud C4. Some people will remember the chariot of Loeb, the champion driver of WRC Citroen team, and others will think of Sega, the main model of China C4 Dongfeng Citroen. Among C4 families with global sales of over one million, there is a C4 Coupe with low appearance rate in China. What is its strength? Yes, I didn’t know until the mule or horse "walked".

　　　　Citroen C4 Coupe’s three-door, five-seat hatchback design directly conveys the designer’s ideas to the world. It is full of personality but not publicity. In addition, its appearance frequency is not high, which makes it have a high turn-back rate, which makes many people look askance.

　　　　Compared with Sega, C4 Coupe’s family features show that they are of the same ancestry and have a "blood relationship" without looking at the second eye, but even the mistresses are not the same, not to mention that these two are only close relatives, and the difference is revealed in the "eyes". The size of C4 Coupe’s headlights and fog lights is delicate and smart, just as it is not only those with big eyes who are beautiful. The lines of the whole car are smooth, unlike most sports cars with sharp lines or rising waistlines, which is precisely the unobtrusive part of their personality.

　　　　The three-door hatchback is designed to show its sporty temperament. The VTS logo "Hot S" at the place where the cars are placed directly tells the theme, and the roof starts to slowly fall from the B-pillar and goes to the rear in one go. The sports tail at the tail is one of the highlights, and the 17-inch Ribalta aluminum wheel, as the second highlight, has a strong texture. These two details have made great contributions to highlighting its sports characteristics.

　　　　The size of the rear windshield and the rear body is just right, which not only takes into account a certain rear view, but also does not lose beauty. There is a saying that the taillights are arranged because of the limited space at the tail. From this point of view, the current taillight design is really a blessing in disguise, with a unique shape on the shoulders, which plays a good role in embellishing the overall beauty of the tail.

　

Jing Guan zong fa [2023] No.54

All units and departments of this customs:

　　In order to thoroughly study and implement the Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era, thoroughly implement the spirit of the 20th Party Congress, fully implement the major decision-making arrangements made by the CPC Central Committee and the State Council on optimizing the business environment, further implement the relevant requirements of the "16 Measures for Customs to Optimize the Business Environment" issued by the General Administration of Customs, and combine the actual economic and social development of the capital to continuously create a "domestic leading and world-class" business environment in Beijing, Beijing Customs has studied and formulated the "27 Specific Measures for Beijing Customs to Optimize the Business Environment", which is hereby issued. The relevant requirements are hereby notified as follows:

　　First, improve the station and strengthen policy coordination.

　　All units and departments should effectively improve their political positions, proceed from the height of stressing politics and the overall situation, thoroughly implement the 27 Specific Measures of Beijing Customs to Optimize the Business Environment, and organically combine them with the 22 measures of the 2023 Beijing Customs Special Action to Promote Trade Facilitation and the 26 measures to promote Beijing’s high-level opening and high-quality development, and make overall plans to ensure that all measures achieve pragmatic results.

　　Second, pay close attention to implementation and form a joint effort.

　　All units and departments should strengthen the awareness of "a game of chess" and form a working mechanism of performing their duties, grasping and managing together and promoting together. All functional departments should take the initiative to do a good job of up-and-down linkage and left-and-right coordination, and promptly guide the scene to solve practical problems. In case of difficult problems in the process of implementing policies and measures, it is necessary to report to the relevant departments of the General Administration for instructions at the first time. At the same time, it is necessary to carry out policy evaluation in a timely manner, track the effectiveness, and timely form our experience, typical cases and policy suggestions that can be popularized and effective. All customs offices should focus on the concerns of market participants and the society, and do a good job in the implementation of various tasks. They should not only do a good job in the "prescribed actions" of various tasks, but also boldly explore the "optional actions" that are in line with reality, so as to strive for more highlights and more results.

　　Third, strengthen research and release policy dividends

　　All units and departments should study and implement the theme education of Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, carry out in-depth investigation and study, understand the needs of enterprises in various forms, and get through the "last mile" of serving enterprises. In accordance with the requirements of the Notice of the General Business Department of the General Administration of Customs on Relevant Matters Concerning the Implementation of Article 16 on Optimizing the Business Environment of Customs (Comprehensive Letter [2023] No.67), we should comprehensively utilize traditional media and new media, and combine the activities of "sending the policy to the door", "sending 100 cadres to the grassroots" and "bringing the customs policy into thousands of households" to carry out classified publicity and training for different enterprise groups and the public, so that enterprises can listen.

　　I hereby inform you.

Beijing Customs　　　　

June 29, 2023　　

27 Specific Measures for Beijing Customs to Optimize Business Environment

　　First, continuously improve the efficiency of cross-border logistics

　　(1) Deepen the reform of "direct lifting by boat" and "direct loading at port", further optimize the mode and improve the quality, improve the participation and awareness of enterprises on the principle of respecting the wishes of enterprises, and promote the expansion of "direct lifting by boat" and "direct loading at port". Support Beijing airport to explore the pilot mode of "direct lifting" and "direct loading". (Responsible department: Supervision Department)

　　(2) Give further play to the advantages of territorial supervision, and give priority to inspection and quarantine of qualified agricultural products if they hit the operation instructions of territorial inspection and inspection, according to the application of enterprises. Carry out the "5+2" scheduled inspection, organize all subordinate customs to set up and make public the local inspection appointment telephone number, and timely carry out the inspection of goods according to the appointment time according to the application of enterprises, so as to reduce the waiting time of enterprises. (Responsible department: Inspection Office)

　　Two, support the import of advanced technology and equipment, special items.

　　(3) Optimize the import supervision and inspection process, and comprehensively promote the mode of monitoring and inspection of high-tech goods such as vacuum packaging. Strengthen policy propaganda and guide qualified enterprises to apply for high-tech monitoring and inspection. Strengthen information exchange and coordination with local government departments, standardize enterprises in the jurisdiction to fill in application materials and carry out preliminary filing. Track and evaluate the import and export control inspection of enterprises participating in the control inspection mode of high-tech goods such as vacuum packaging, and increase the sense of acquisition of high-tech enterprises. (Responsible department: Risk Control Branch)

　　(four) to carry out in-depth investigation and study, to do a good job of policy interpretation, to provide guidance services for the relevant enterprises to handle tax reduction and exemption procedures, so that they should be exempted. (Responsible department: Customs Office)

　　(five) to cooperate with the General Administration to improve the functions of the examination and approval and analysis system for entry-exit health and quarantine of special goods. Further promote the "intelligent approval" policy for special items and realize "zero waiting" for the approval of low-risk special items. Improve the risk assessment process and standards for high-risk special goods, and promote the application of "one increase, one decrease and one fixation" measures. (Responsible department: Health Inspection Office)

　　III. Promoting the import and export of agricultural, food and energy minerals

　　(six) to cooperate with the General Administration of agricultural products risk assessment and quarantine access, and promote the diversification of agricultural products imports. (Responsible department: Animal and Plant Inspection Office)

　　(seven) to meet the needs of industrial development, and actively strive for the innovation policy support of animal and plant quarantine system from the General Administration to help the export of agricultural products in the customs area. (Responsible department: Animal and Plant Inspection Office)

　　(eight) to implement the diversification strategy of food imports and promote the stability of the international food supply chain. Cooperate with the General Administration to carry out the pre-entry evaluation of meat products exported from Tunisia, Sudan and Morocco and the entry evaluation of aquatic products exported from Tunisia, and do a good job of access control from the source. To undertake the registration review task of overseas food production enterprises issued by the General Administration. (Responsible department: Food Safety Department)

　　(9) Continuously optimize the requirements and modes of inspection and supervision, implement "release before inspection" for imported low-risk mineral products and crude oil, implement "enterprise-applied" quality inspection for imported iron ore and cotton, and adopt the inspection results for imported clothing, cement and other commodities. (Responsible department: Commodity Inspection Office)

　　Fourth, continue to promote cross-border trade facilitation

　　(10) Promote the special action of Beijing Customs to promote trade facilitation in 2023, evaluate the business environment of the World Bank, and continuously improve the level of trade facilitation. (Responsible department: General Office)

　　(eleven) to promote the construction and application of "single window" in international trade, in accordance with the deployment of the General Administration, to promote the implementation of liquefied natural gas (LNG) online tax rebate, export goods subsidized/non-tax rebate certificate online verification and other service functions. (Responsible department: Customs Office, General Office)

　　(twelve) to support the local port management departments to carry out the pilot construction of "smart ports". Support the establishment and pilot project of Beijing double hub airport integrated service platform. (Responsible department: General Office, Supervision Office)

　　V. Helping to build a high-level open platform

　　(XIII) Promote the implementation of the comprehensive reform of the Comprehensive Bonded Zone and help the high-quality construction of the Zhongguancun Comprehensive Bonded Zone in Beijing. Promote the "bonded+e-commerce" model to promote consumption replenishment and potential release. We will promote three customs supervision modes of cultural works of art: "warehousing in the region+exhibition outside the region", "exhibition in the region+online transaction" and "bonded exhibition transaction". Promoting the mode of "bonded+quarantine" and improving the supervision efficiency of biomedicine. Promote the "bonded+warehousing" model to help enterprises increase revenue and reduce expenditure. (Responsible department: Enterprise Management Office)

　　Sixth, the service free trade agreement will play a better role.

　　(14) Do a good job in tracking and analyzing the implementation effect of preferential trade agreements, make classified policies, strengthen targeted policy propaganda and guidance for Beijing advanced certification enterprises, newly implemented member countries and import and export enterprises in related key industries, make full use of rules of origin to enjoy benefits, improve the utilization rate of agreements, further promote the high-quality implementation of RCEP, and continue to promote the reform measures of intelligent examination of certificates of origin and self-service printing to facilitate enterprises to fully enjoy benefits. (Responsible department: Customs Office)

　　(fifteen) to further explore and promote the characteristics of the "three wisdom" project, and actively promote the construction of intelligent border and intelligent access, and strive to form a replicable and scalable experience of Beijing. Relying on the international cooperation mechanism, we will actively publicize the concept of "three intelligences" in foreign exchange activities and exchange experience in building "three intelligences". Strengthen the political research and publicity of the "three intelligences" and increase the promotion of ideas and practices. (Responsible department: office)

　　Seven, to further facilitate the export tax rebate.

　　(16) In accordance with the unified arrangements of the General Administration of Taxation, the electronic interaction of customs declaration and invoice information is promoted by relying on the "single window", so that enterprises can automatically call the customs declaration and invoice information when they declare export tax rebates through the "single window" and the electronic tax bureau, which is convenient for enterprises to declare export tax rebates. (Responsible Department: Data Sub-center)

　　Eight, strengthen the cultivation of advanced certification enterprises.

　　(XVII) Under the framework of AEO mutual recognition cooperation of the General Administration of Customs, actively promote the implementation of AEO mutual recognition measures and do a good job in relevant mutual recognition evaluation. Focusing on enterprises that have trade relations with countries in the Belt and Road Initiative, member countries of the Regional Comprehensive Economic Partnership Agreement (RCEP), five Central Asian countries and Central and Eastern European countries, we will intensify credit cultivation for cross-border e-commerce and foreign trade integrated service platform enterprises, "specialized and innovative" and headquarters economy enterprises, expand the capacity of key enterprise cultivation libraries, carry out targeted cultivation for key enterprises, improve the quality and efficiency of cultivation, and actively cultivate and increase the number of advanced certified enterprises in customs areas. Through the combination of "online and offline", we will increase the publicity of customs AEO system and customs credit management related systems and expand the scope of publicity. (Responsible department: Enterprise Management Office)

　　IX. Expand the application of the voluntary disclosure policy

　　(eighteen) with the General Administration of voluntary disclosure policy revision. Enterprises that meet the requirements shall be given a lighter, mitigated or no administrative punishment according to law, and the late payment fee for tax payment shall be reduced or exempted according to law, providing enterprises with convenient channels for fault tolerance and error correction and law-abiding. Actively carry out publicity on the relevant policies of voluntary disclosure to enterprises, so that more enterprises that meet the requirements can enjoy the customs policy dividend. (Responsible department: Inspection Office)

　　Ten, promote the upgrading of processing trade.

　　(nineteen) in accordance with the unified deployment of the General Administration, innovate the customs supervision mechanism, support the development of new formats such as bonded maintenance and remanufacturing, improve the level of information management, and optimize operating procedures. Combined with the actual situation of processing trade in customs area, relevant facilitation measures are implemented, and suggestions for upgrading processing trade are put forward to the General Administration in various ways to promote the sustained and healthy development of processing trade and the stability of industrial chain and supply chain. (Responsible departments: Enterprise Management Office and Audit Office)

　　XI. Promote the sustained and healthy development of cross-border e-commerce

　　(20) Implement the comprehensive reform requirements of cross-border e-commerce customs supervision, refine and improve the system and measures of cross-border e-commerce online shopping bonded import supervision, and improve the standardization level of cross-border e-commerce online shopping bonded import supervision. (Responsible departments: Postal Office, Enterprise Management Office)

　　(twenty-one) in accordance with the requirements of the General Administration of pilot, timely promote the electronic tax payment function, to facilitate enterprises to handle tax payment business online. (Responsible department: Customs Office)

　　(twenty-two) to promote the strengthening of cross-border e-commerce B2B export overseas warehouse qualification mutual recognition with local authorities. On the premise of ensuring data security, provide relevant data services for local commercial departments. (Responsible departments: Postal Office, Statistics Office)

　　(23) Implement measures to upgrade the function of the return center warehouse, and strive to pilot the cross-border e-commerce online shopping bonded retail import cross-customs return mode and cross-border e-commerce general export goods cross-customs return. (Responsible departments: Postal Office, Enterprise Management Office)

　　XII. Support the development of new bonded maintenance formats.

　　(24) In accordance with the relevant regulations of the General Administration of Taxation, support enterprises in the comprehensive bonded zone to carry out bonded maintenance business of the Group’s domestically produced products, and support large-scale equipment such as aircraft, ships and offshore engineering structures imported by financial leasing enterprises registered in the comprehensive bonded zone to carry out bonded inspection and maintenance business outside the domestic area according to the existing regulations, so as to promote the orderly development of related businesses. Cooperate with local commercial departments to do a good job in customs supervision of bonded maintenance related to enterprises outside the comprehensive bonded area that meet the requirements. (Responsible departments: Enterprise Management Office and Audit Office)

　　Thirteen, continue to do a good job in technical trade measures consulting services.

　　(twenty-five) to carry out the annual statistical investigation of the impact of foreign technical trade measures, actively carry out enterprise publicity, research and comment and special trade concerns. Relying on the "Jingguan Technology and Trade" column and other channels to provide technology and trade information to help enterprises explore overseas markets. (Responsible department: General Office)

　　Fourteen, strengthen the customs protection of intellectual property rights.

　　(26) Strengthen the customs protection of intellectual property rights of independent brands, encourage independent brands and small and medium-sized enterprises with import and export needs to apply for customs filing of intellectual property rights, provide policy interpretation and rights protection guidance for enterprises, support enterprises to explore the international market, and provide support for enterprises to protect their rights overseas. Continue to carry out "Longteng Action 2023" and "Blue Net Action 2023". Strengthen the tips on intellectual property risks of import and export enterprises, and improve the ability of enterprises to prevent and resolve infringement risks. Provide targeted guidance and services to independent intellectual property enterprises to help cultivate enterprises with export intellectual property advantages. (Responsible department: General Office)

　　Fifteen, strengthen the analysis of foreign trade situation and customs statistics services.

　　(twenty-seven) to strengthen the import and export monitoring of key commodities, do a good job in foreign trade data release. Timely submit special statistical reports to local governments and statistical information of key commodities to the General Administration. According to the relevant regulations of the General Administration, the foreign trade data of Beijing area are published on the website of Beijing Customs on a regular basis. According to the deployment of the General Administration, we will promote the digital statistical service mode for the public. (Responsible department: Statistics Department)