After more than 1,100 days away from Huawei, how has the glory been?

Author: Weilan

Source: Zhenghe Island (ID: zhenghedao)

On November 14, a high-level economist delegation organized by the New Economist Think Tank visited Glory.

The members of the delegation include Xu Shanda, chief expert of the Institute of Finance and Economics, Wang Zhongmin, former vice chairman of the National Council of Social Security Fund, Hai Wen, founding dean of Peking University HSBC Business School, Xiong Meng, secretary of the Party Committee, executive vice president and secretary general of the China Federation of Industrial Economics, Jia Kang, founding dean of the Huaxia Institute of New Supply Economics, and Xiang Songzuo, president of the Shenzhen Greater Bay Area Financial Research Institute.

On the basis of on-site visits, research and investigations, the economists also walked into the headquarters of Honor and had an in-depth exchange with Zhao Ming, CEO of Honor Terminal Co., Ltd. and other senior executives.

"As a leading enterprise in China's leading manufacturing industry, this visit to Honor is really an eye-opener. "In Glory, we have put innovation-driven in the first place, and have done a solid job, which is admirable", this visit and survey made economists feel a lot.

During the on-site exchange, the economists also observed and deconstructed the unique development path of Glory from an external perspective, and raised many challenging and even acute questions:

"In the future AI era, will mobile phones be eliminated by new carrier forms?", "How to ensure the security of the supply chain to open up the global market?", "How does Honor stimulate potential consumer demand through innovation?", "After Huawei's return, will the two brands compete head-to-head?"

Faced with these problems, Zhao Ming opened his heart and had in-depth exchanges with economists.

Based on the content of this exchange, this article will also try to outline in a non-linear way how New Honor has started from scratch and embarked on a new entrepreneurial development path with a distinctive style - from sliding to the edge of the cliff, to returning to the center of the stage, and then to opening a new decade of innovation cycle in the mobile phone market as an industry leader.

As Rabindranath Tagore said, life is an eternal creation, because within it there is excess energy, which is constantly overflowing, beyond the boundaries of time and space, and it is constantly pursuing, manifesting itself in various forms of self-expression.

Glory, from the edge back to the center of the stage

At 11 o'clock on November 12, 2023, Honor CEO Zhao Ming posted a celebratory Weibo: Honor Double 11 ended successfully, Honor Magic Vs2 won the double 11 championship in the sales of folding screen products, and the Honor folding screen family won the double 11 championship in the folding screen category.

For Zhao Ming, it was an expected surprise that Double 11 won the double championship of the folding screen track.

In September, when he brought the Honor Magic V2 to the Consumer Electronics Show (IFA) in Berlin, Germany, causing screams from the media and consumers at the IFA, he probably expected this outcome.

On September 1st, Zhao Ming delivered a speech entitled "Unfolding the Future" at the main venue of the IFA:

"Now, it's time for smartphones to move forward!"

No one will think that this is a wild statement, because with the thickness of 9.9mm in the folded state of the Honor Magic V2, Honor has come from behind and led the folding screen mobile phone into the millimeter era.

On that day, in front of the IFA Glory booth, it was crowded with onlookers and foreign media.

If you want to use a poem to describe this scene, Xin Qiji's "Qingyu Case: Yuan Xi" in "The sound of the phoenix flute moves, the light of the jade pot turns, and the fish and dragon dance all night" is quite appropriate.

Although the time and space are different, there are also places of convergence, the same prosperity and excitement, and the crowd is surging;

Everyone is also concerned about this "BMW carved car fragrance full of road", but they don't know that there is a curfew before the arrival of the New Year's Eve, in that long dark night, only the faint starlight illuminates the way forward.

Back on September 15, 2020, this was the first day that the United States implemented a comprehensive "supply cut" to Huawei, and from this day on, TSMC, Samsung and other manufacturers stopped supplying Huawei.

Huawei's life is difficult, and the glory born from Huawei will inevitably have the same fate, and it may even be even more difficult, because Huawei has limited inventory of chips, and in this case, it will definitely give priority to the main brand.

If Honor continues to stay at Huawei, it will only usher in business shutdown and slow death.

There is only one way forward for Huawei and Honor:

If you don't sell Glory, it may be that Huawei (mobile phone) and Glory will die together, and if you sell it, even if Huawei (mobile phone) dies, Glory can still live.

Finally, on November 17, 2020, Huawei officially announced the sale of business assets related to the Honor brand.

Eight days later, at Huawei's headquarters in Bantian, Shenzhen, Honor officially bid farewell to Huawei.

"Let's see you soon, dear mother, please kiss your son goodbye, goodbye mom, don't be sad, don't be sad, bless us with a safe journey..."

Accompanied by the singing, many glory executives burst into tears, and Ren Zhengfei delivered a farewell speech to glory, "Just as the autumn wind is rising, the apricot leaves are yellow, and it may be a colder cold wind when you go out, we can no longer shelter you from the wind and rain, go all the way, take care..."

In fact, if you are emotional enough, you can think of this farewell as a Shakespearean tragic epic, but from another perspective, this is not a new way to "break the game".

For Huawei, it is necessary to travel lightly to go further. And for Glory, after becoming independent from the side of "Big Brother", it will also usher in a broader world.

Although it is a vast world, independence also means that all previous efforts have been overturned.

From a market share of more than 16% before independence, to the first quarter of 2021, in a few months, Honor's market share fell all the way to 3%, sliding to the edge of the cliff.

For Glory, it's the equivalent of learning to walk again from a marginal position.

The edge means that no one cares, but the edge also means that you can gather strength and soar into the sky.

In slipping to the edge, Honor pursued a three-step strategy:

In terms of supply chain, as of August 2021, Honor has signed supply agreements with suppliers such as MD, Intel, and Micron, achieving 100% recovery of the supply chain.

In terms of channels, Honor has given up the previous online main battlefield and vigorously developed offline channels. On the one hand, it will increase its efforts to open offline stores, and on the other hand, it will strengthen cooperation with offline dealers, and the number of Honor offline stores will exceed 2,000 in 2021;

On the product line, Honor made a 211-day rapid march and developed the first blockbuster product after independence - 45 days later than the industry to get the Snapdragon 778G chip, but finally launched the Honor 50 series based on Snapdragon 778G at a speed of at least one month ahead of the industry.

Zhao Ming always remembers the scene of the rapid march at that time, "Like a chase shop, an engineer next to an engineer." When it's hot, I take an electric fan, and everyone works until one or two o'clock at night. Spread a mat in the office and sleep for a few hours and continue to work the next day".

Fortunately, the darkness before dawn will eventually pass, and in June 2021, the Honor 50 series caused an enthusiastic response from the market, and since then, Honor has released a new product almost every month.

After falling to the trough of 3% of the market share, it took only half a year for Honor to successfully climb from "others" to the second place in the domestic market.

Glory has also returned to the public's sight again. It's just that after the glory comes back this time, he doesn't plan to leave again.

On January 10, 2022, the release of the Honor Magic V brought Honor's popularity to the peak, and it was also in Q2 2022 that Honor topped the Chinese market for the first time after independence.

The long crisis has created a glorious moment of catching up:

On November 23, 2022, the Honor Magic Vs was officially released, becoming the lightest inward-folding large-screen mobile phone and the longest-lasting folding screen mobile phone at that time.

Immediately after the beginning of 2023, the Honor Magic5 was unveiled at MWC, and the two products demonstrated Honor's "ambition" - to impact the high-end mobile phone market.

Moreover, Honor's product power is not a flash in the pan.

Because immediately after July 2023, the Magic V2 released by Honor and the subsequent Honor V Purse unveiled at the Berlin Electronics Show once again proved that Honor's strength cannot be underestimated;

In Q3 2023, with the overall development potential driven by the folding screen mobile phone series, Honor once again topped the Chinese market.

In 3 years, Glory skillfully completed a reincarnation.

Before independence, it stood at the center of the stage, with a combined market share of more than 40% with Huawei, and three years later, Honor once again returned to the center of the stage from the edge.

And this is quite a reflection of the next rhyme of "Qingyu Case: Yuan Xi":

"The crowd is looking for him a thousand times. Mu Ran looked back, but the man was in the dim light. ”

Glory, a whole new glory

Back in early 2023, at the MWC conference, there was also a dramatic event:

In the third year of independence, the booth at MWC is the entry point in Hall 3, which is where Huawei used to be.

At that time, Zhao Ming, CEO of Honor, said: "This is the choice of fate. Zhao Ming also told the media: "We want to surpass Huawei and become a new benchmark, which is the biggest tribute to Huawei." ”

Subsequently, in July 2023, Honor took over from Huawei and fired the first shot at Apple again, "Thousands of sails race, farewell to Apple's dominance." There are challengers first, and then there are successful challengers. ”

In fact, even in the turbulent years of the past 40 years in China, you will be hard-pressed to find a company with unique coordinates like Honor.

After only three years of independence, it has topped the market twice in the past three years, and you must know that three years ago, the glory business that had just become independent from Huawei was still trapped on the line of life and death.

In the past three years, what has Glory done right?

We can find many clues through the seminars of economists and Zhao Ming.

"After 211 days of rapid marching, we have already taken a different path from Huawei when we use the global supply chain as our foundation.

We have positioned ourselves to become a great brand like Huawei, a global iconic technology brand, and a development path that belongs to Glory. ”

At the seminar, Zhao Ming shared the development process, strategic thinking and scientific and technological innovation of Glory in the past three years under the new economic situation.

Before independence, Honor relied on Huawei's huge system and platform for development, but after independence, it needs to start all over again from the hardware platform, operating system, and technical resources that can be obtained in the future.

Perhaps the core values and foundation of Honor still come from Huawei, but after three years of development, through continuous overcoming difficulties and setbacks, Honor has come out of the blue and achieved new innovations:

1. Technological innovation: people-centered, counter-cyclical investment

After stepping out of its own development path, Honor has positioned itself as a global iconic technology brand.

So how do you do that?

Zhao Ming gave the answer:

"Our annual R&D investment accounts for 10% of the company's overall revenue, and last year it exceeded 10%, and our R&D investment intensity ranks sixth in China among several large companies in China. Generally, the R&D investment of consumer electronics companies accounts for only about 3%-4%. ”

Spending 10% of revenue on R&D has never been easy, because the overall profit of the mobile phone industry is not high. Lei Jun once said that Xiaomi's hardware comprehensive profit margin will not exceed 5%. Not to mention, in the current environment, when companies are cutting costs, Honor still insists on doing so counter-cyclically.

"The biggest driving force for development lies in scientific and technological research and development, production can also be done from 10 to 11, 12, 13, others can also do the same, but the results of research and development are not what every enterprise can do. As Xu Shanda, chief expert of the Joint Institute of Finance and Economics, said at the seminar, Honor's layout in the field of research and development is the top priority, and the competition of mobile phones is not only the competition of production lines, but also the value of technological assets in the future development of Honor.

Taking Honor's eye protection screen as an example, as a leader in mobile phone eye protection, Honor launched the world's first 3840Hz ultra-high frequency PWM dimming eye protection screen, raising mobile phone eye protection to a new height.

What is this concept?

That is, in the field of screens, it is absolutely risk-free. And it is worth noting that challenging the 3840Hz UHF dimming technology is not an easy task, because it affects the whole body.

When we increase the dimming frequency, the display driver IC and drive circuit of the screen should also be upgraded, and the display effect of the screen should also be taken into account.

In this, it is not only a device problem, but also a systematic solution.

Long Yongtu, former Secretary-General of the Boao Forum for Asia, also reflected this in his analysis of Honor at the seminar, "The success of the Honor brand is not accidental, but thanks to the implementation of the three strategies of innovation, quality and service. Honor focuses on R&D and innovation, has many patents and new technologies, and continues to launch innovative products. ”

Long Yongtu, former Secretary-General of the Boao Forum for Asia

This series of practices in glory is summed up in one sentence:

Two-wheel drive of the ultimate productism - one wheel constantly insight into consumer needs and pain points, the other wheel with cutting-edge, forward-looking technology, continue to lead the industry forward.

2. Model innovation: Adhere to the closed-loop of the lowest business logic

"When Honor first became independent, there were less than 8,000 people, and now the company has more than 13,000 people, of which more than 60% are R&D personnel. ”

Zhao Ming introduced Honor's long-term strategy at the seminar.

In addition, in addition to a large number of R&D personnel, Honor has also established 7 R&D bases and more than 100 innovation laboratories, and according to statistics, the number of monthly patent applications for Honor has exceeded 300.

As Xiong Meng, Secretary of the Party Committee, Executive Vice President and Secretary-General of the China Federation of Industrial Economics, mentioned:

"The research results of enterprises can be radiated to other related fields, cross-border driven, and long-term investment generates value, which is the value of the innovation consortium, and can shorten the time of research and development, improve efficiency, and gather various resources. In addition, industrial development is also changing, we are particularly concerned about the collaborative innovation of the whole industry chain, and Honor has to stand in this perspective, because Honor is the leader and leader in this regard. ”

Xiong Meng, Secretary of the Party Committee, Executive Vice President and Secretary-General of the China Federation of Industrial Economics

Taking Glory's folding screen series of mobile phones as an example, its folding screen is supplied by BOE and Visionox, two upstream domestic manufacturers, and as the mobile phone brands represented by Honor and Huawei begin to adopt a large number of domestic OLED screens, it has also played a role in promoting the technological progress of domestic OLED screens, and even made domestic OLED screens enter the procurement sequence of foreign brands such as Apple and Samsung.

It can be said that Honor has built a closed loop of business logic from technology research and development to trading system.

In addition to the above-mentioned technology research and development, in terms of market trading system and equity structure, Honor also adheres to the concept of cooperation and empowerment.

Taking the combination background of Glory state-owned assets + private capital as an example, the background of this model is that when Singapore was spun off from Malaysia and faced with a complex international economic environment to survive and compete, a number of state-owned holding companies were established with state-led funds and resources, but the state did not participate in the management of these companies, but through the board of directors, and then the board of directors hired managers to take care of them, which is the Singapore Temasek model.

This is also why we will see a very interesting phenomenon, that is, all enterprises encounter a variety of problems, but the most important choice is to choose the SASAC. Some people say that it is because of the financial strength of state-owned enterprises. In fact, the funds come from the same place, the main reason is that the SASAC basically does not directly participate in the operation and investment, and respects the company's own management and operation more.

As we face the challenges of the world economy, we need to pool all our decentralized capital and nurture large corporations that are truly internationally competitive, and we need our own Temasek. This is also why when Vanke will be knocked on the door by barbarians, when glory may flow into the hands of foreign capital, our SASAC shows up and stands in front of them.

In addition, it is worth mentioning that there are more than 30 Honor agents and distributors who have invested in Honor, which also makes Honor one in all aspects of R&D and channels, which can effectively avoid internal friction and establish a community of interests in a real sense.

3. Thinking innovation: Thinking reconstruction can usher in evolution

How to understand thinking innovation?

In the past, Apple and Huawei have proved with their brilliant achievements:

Only those who dare to challenge the most powerful opponents, dare to break the ceiling of the entire industry, and bring breakthrough innovations can become the benchmark and new leader of the industry.

In fact, the consumer electronics industry is a very special industry, compared with the "incremental innovation" fields such as engines, medicine, machinery and equipment, due to the existence of Moore's law, it is difficult to accumulate the advantages of leaders in the electronics industry. Once a technological breakthrough is made, it is easier for latecomers to form an advantage, and the backward production capacity of the leader will become a burden.

For example, in the field of panels, South Korea slammed the 3rd generation line during the Asian financial crisis, surpassing Japan, where its production capacity was concentrated in the 1st and 2nd generation lines, in a short period of time; Taiwan introduced the 5th generation line at the beginning of the century, quickly surpassing South Korea; the mainland joined the war after the financial crisis in 2008 and directly concentrated its investment on the 8.5 or even 10.5 generation line, once again achieving the victory of the latecomer.

This feature gives East Asian countries and regions the opportunity to be a latecomer, and for downstream end products, even absolute hegemons such as Apple and Samsung have always faced huge competitive pressure. The slightest slack will leave a back door for the pursuers to overtake.

Therefore, in the field of consumption, it is more important than the accumulation of technology to break the limitations and boundaries of thought, and this is where the opportunity for glory lies.

"In the case of the strong, late-mover companies can not only go to the low end. Towards global competition, pressure investment, and more importantly, whether the R&D personnel of the Honor team can surpass the thinking of competitors in the way of thinking and make full use of the capabilities of the industry. Zhao Ming said at the seminar.

It is also because of the reconfiguration of thinking that the Honor Magic V2 has had the opportunity to reconsider all aspects from the design concept, materials to devices, from the structure of the mobile phone, the module to the heat dissipation, etc., and has achieved an "epoch-making leap" in the core logic of "Life Two".

It can be seen that whether it is the Honor Magic V2 that leads the folding screen into the millimeter era, or the Honor V Purse that has achieved another evolution from technology to fashion, or the Honor Magic Vs2 released on October 12, Honor is establishing a first-mover advantage by continuously investing in the field of folding screens.

In addition, in addition to disruptive innovation, Honor can continue to break the closed and build an ecosystem with an open mind.

The best embodiment of this is Honor's "1+N" strategy centered on "people", "1" is an Honor account, "N" is a mobile phone, watch, notebook, TV and other products, through the AI-enabled MagicOS full-scene operating system to form a closed loop, which is also in line with Honor's vision - to create a new world of wisdom for everyone.

And Zhao Ming also emphasized that Honor not only considers the ecology of Android and HarmonyOS in terms of ecological layout, but also pays attention to core capabilities such as AI capabilities, end-side large models and MagicRing trust ring, and Honor will be committed to using these capabilities to the extreme to provide a better user experience.

Glory, be the glory of the world

"Before I knew it, three years. ”

On November 17, 2023, which is also the third anniversary of Glorious Independence, Zhao Ming was moved.

Over the past few years, the global economic landscape has undergone profound changes: the multilateral system, marked by trade and investment liberalization, is reversing.

State-to-state relations have shifted from cooperation and common development in the past to an increasing emphasis on competition and security, and the impact of past epidemics and geopolitical events has led to the emergence of "de-risking" oriented policies in Western countries.

Even on issues that have more common interests around the world, such as addressing climate change and promoting green transition, the voices of trade protectionism in Europe and the United States have been increasing recently.

Back to the mobile phone industry, the mobile phone market as a whole is also in a downward cycle.

Both China and the global mobile phone market are facing many problems: products are becoming more and more homogeneous, and the differentiation is small, resulting in insufficient motivation for users to change phones;

But at the same time, with the rapid development of chips and AI technology, the fourth artificial intelligence revolution is coming. For traditional smart terminal manufacturers, opportunities and challenges coexist.

Zhao Ming even envisioned at the seminar: the future of mobile phone form will be a great change, mobile phone may be a computing center, energy system, communication system, display system, and human-computer interaction system and other major systems of the aggregate, there may also be a distributed form, such as the display system may be glasses, voice interaction may be headphones, energy system may be placed elsewhere.

And these, for Glory, mean more unknowns and possibilities.

In the past three years, based on a new path of breaking boundaries, coupled with the adherence to extreme product innovation and positive business logic, Honor has opened and led the innovation cycle of folding screen mobile phones, successfully got rid of the similar development path with industry giants such as Huawei and Apple, and achieved differentiated competition:

On the one hand, in addition to continuing to study folding screen technology, the folding screen mobile phone market has become more diverse through product portfolios of different design forms, so that more consumers can experience the innovative experience brought by folding screens;

Honor also continues to focus on innovation in the direction of batteries and eye protection screens, solving the pain points that users are most concerned about, and leading the new development of the industry.

On the other hand, Honor is also constantly laying out the future and looking for new innovative breakthroughs for the industry.

In the face of the mainstreaming of folding screen forms and the technological revolution triggered by AI large models, the intelligent terminal industry has ushered in an era from "intelligence" to "intelligence", and has also ushered in a new stage of globalization.

Therefore, in June this year, Honor proposed for the first time in the industry to introduce AI large models to the device side, and improve consumer productivity and creativity through platform-level AI capabilities combining devices and clouds. It is worth mentioning that Honor will also launch a self-developed 7 billion device-side AI model and new cloud services, and bring smart experience to every consumer.

If Huawei is compared to a cavalry corps, it is used to break through the weak points of the enemy's defensive line.

Then the domestic brand represented by Glory can be regarded as an infantry corps, when the two sides are confronted, step by step, not half a step back, when the enemy's defense line is broken, it will take the opportunity to quickly expand our advantage.

From Southeast Asia to Latin America, from the Middle East to Europe, we can see that domestic mobile phone brands such as Honor are all over the world.

"We are firmly committed to the direction of globalization. Zhao Ming said, "Not only the glory of China, but also the next step is to build the glory of the world." ”

That's what Zhao Ming said, and that's what Glory did:

In Malaysia, in less than three years, HONOR has built 62 brand experience stores, covering 80% of Tier 1 shopping malls;

According to GFK data, in the first three quarters of 2023, the sales of the Magic series, a single Honor flagship machine, increased by more than 300% year-on-year in Europe;

Honor has also achieved 3-7 times growth in France, Italy, Spain, and Romania in less than 10 months, making a leap from small transparency to mainstream mobile phone brands.

……

And when someone asked about the goal of the fourth year of glory independence (2024), Zhao Ming gave an answer - "no limit".

This reminds me that in 1994, Zhang Chaoyang wrote two sentences in English on the cover of his first business plan, "China Online":

Riding the waves of our times,one is the coming of age of the information superhighway,another is the mergence of China as a global power.

Now, nearly 30 years have passed, and the era of the Internet has ebbed, but the era of AI intelligence and the era of Chinese brands going overseas again are at the right time.

In such a new magnificent era, we also look forward to all the "glory" not only to be the glory of China, but to break the shackles of the layers and eventually become the glory of the world!

There are always ups and downs in the times, but ideals can be continued.

The third anniversary of glory, Zhao Ming's letter

Unconsciously, it's been three years.

From the first day of Honor's independent business, I was constantly told that it was impossible. It is impossible to get out of the innate definition, it is impossible to go beyond the preset boundaries of the industry, and it is impossible to break the existing cognition of the world.

The strong are in front of you, the mountains are awe-inspiring, the world is small, and glory is powerless to break.

But that's not what the world is. The world is big.

Therefore, in the difficult survival period of start-ups, we have no hesitation to invest in the construction of platform-level AI;

In the fierce competition of cost performance, we delve into folding screen technology from scratch and look for the possibility of breaking into the millimeter era across disciplines;

In the inertia of chasing the industry's first launch, we start from the user value to achieve a breakthrough in the Oasis eye protection screen and Qinghai Lake battery, and open a new blue ocean in the industrial chain;

In the skeptical eyes of European operators on overpromise, we overdeliver our promise with product delivery and user experience.

Today, three years later, we are pleased to see that Honor has grown into a leader in the field of folding screens, achieving the top of both the Chinese smartphone market and the folding screen market.

We grew by more than 200% in overseas markets and achieved profitable growth within two years;

We will soon launch a self-developed 7 billion parameter device-side AI model and a new cloud service to bring a smart experience to every user.

The world is really big, big enough to accommodate all the dreams of technological idealism.

Whenever we make a little achievement, someone in my Weibo comments will ridicule:

Zhao Ming woke up, and another drawing was stuffed in the crack of the door. ”

Indeed, we have taken away some of our most valuable assets - we have taken away a group of people, a group of people who do not believe in fate, are unwilling to be defined by others, share common beliefs and pursuits, and are eager to create products with the best consumer experience, and once again spell out a global iconic technology brand from China to the world.

Over the past three years, difficulties and setbacks have been indispensable. After getting out of the smile curve in the first year, we also experienced the development bottleneck after rapid growth, and had to face the fluctuations of the industry market and the decline in market share.

My team and I laugh at ourselves and smile every time we make self-corrections and bury ourselves in tackling tough problems, but the moment we turn on the Magic V2 folding screen, many of our colleagues cry.

Not because of success, but because of belief.

I think the biggest takeaway in the past three years is the growth of the team. We have gained the courage to overcome all the demons in our hearts, reaped the happiness of being a challenger, and seen the vast sea and sky that we yearn for. Perhaps this is the romanticism of science and technology that only "science and engineering men" have.

Three-year-old Glory, in the face of the mainstreaming of the folding screen form and the technological revolution caused by the AI large model, ushered in the era of the intelligent terminal industry from "intelligence" to "intelligence", and also ushered in the era of navigation in the new stage of globalization.

We're gearing up and we're full of ambition. Our platform-level AI will comprehensively improve consumer productivity and creativity, and create a personalized application experience that understands you better and is safer.

We will have more abundant folding screen products, and work with ecological partners to bring a more imaginative interactive experience to folding screens with the blessing of AI, and we will make every effort to build a "second local market" in Europe and establish a global model for high-end products.

We will more actively resonate with the global industrial chain, lead the industry development direction of the new technological revolution, and become a Chinese force that opens a new stage of globalization.

We will also be more determined to create value for consumers as our own responsibility, and use technology to open up a more imaginative future.

The world is very big, let us run together with our dreams, be down-to-earth, and walk out of a sea and sky for our unrestricted life!

Typography | Ran Run

Edit | Mi He Editor-in-Chief | Sun Yunguang