30% of stores closed down? The "war epidemic" reshuffle in the aftermarket affects the entire automotive industry

In 2018, I paid an in-depth visit to the auto parts cities in Shanghai and Beijing for the first time. It was also the first time since I started working as a journalist. I was fascinated by the group stories of the automotive aftermarket. As a product of the times, the auto parts city in the dusk is like Zhongguancun in the past. With the multiple impacts of demolition, market shrinkage and the Internet, after reaching the peak of glory, it has gradually entered the "Black Iron Age" shrouded in haze. To this day, Thinking about it, I feel sad.

At the beginning of last year, I had the idea of ??returning to the auto parts city.

At that time, I found Jia Zhangke's old work "Interviews with Chinese Workers" written by Jia Zhangke ten years ago in an old bookstore. From state-owned factories to commercial real estate, the old factory that carries the memories of three generations of workers and fifty years has changed in one year. Everything inside was demolished, and the existence of the group was wiped out like ashes. The ups and downs of life and death written in black and white on the white paper left a deep impression on me - it was like the densely packed individual destiny in the declining auto parts city.

They are all gathered in a special place, they are all demolished mercilessly, they are all helplessly trapped by the times, and they all become victims of social progress and industry transformation. Regarding the dialogues between the characters that spanned the special time period of the workers’ interviews, what shocked me so much before were some of Ms. Cha Jianying’s classic interviews. However, Director Jia chose to focus on the little people. Compared with the elitist interpretation, at that moment I was even more moved by the sincerity of facing individual reality.

Because of laziness, one year has passed in the blink of an eye. It was not until the COVID-19 epidemic hit the country at the beginning of the year that I decided to conduct interviews and write down new stories and different social emotions during the epidemic.

However, the impact of COVID-19 on the automotive aftermarket is by no means concentrated in the simple dimensions of auto parts stores or terminal stores. If we use an "eagle eye perspective" to take a bird's-eye view of the entire industry The fate of individuals and companies, such as layoffs, store closures, debts, cash flow shortages and other news are frequently reported in the news. Auto parts manufacturers, dealers, platforms and even service providers cannot be immune to this catastrophic impact.

From a macro perspective, the impact of the epidemic on the aftermarket is two sides of the coin. We found that in the process of accelerating reshuffling and elimination, investment projects in the aftermarket were still proceeding normally during the COVID-19 period. Not to mention that several giants have completed modular reorganization at the beginning of the year, last week there was news that the Haomeite auto parts chain supply chain platform completed the Pre-A round of financing. The law of building a business through difficulties and finding opportunities in crisis still exists in the land of the aftermarket. Performed quietly.

After the 2019 Geneva Motor Show, editor-in-chief Shi Jie used the article "Turn Blue, Fold Blood Red" to record the conflicts and changes in the era of electrification transformation. Nowadays, the black swan of the epidemic is flying over the automotive aftermarket. Behind the dazzling light of Pandora's Box, just as the image expressed in the title of this article, it reflects not only the clear blue of the new blue ocean, but also the differentiation and washout of the entire aftermarket. The cards are soaked in blood-colored dangers and opportunities.

The life and death of terminal stores

This seems to have become a strong topic during the epidemic-

How many stores will collapse due to the new coronavirus pneumonia? ?

In the process of chatting with friends in the industry, it is generally believed that 30% of terminals will not survive the first half of the year. Mr. Lin Yifu, a senior investment consultant in the automotive aftermarket, is more cautious and conservative. He believes that it is a high probability that many stores across the country will gradually show varying degrees of difficulties before the end of June.

Feng He, secretary-general of the Hubei Automobile After-sales Service Industry Association, also holds a similar attitude. In his opinion, there will not be too many stores closed in the first half of the year. At present, most bosses are "taking a gamble." With the mentality of "hold on", we will continue to hold on for 2-3 months and wait and see whether we can return to normal performance levels after the epidemic stabilizes. August and September this year will be a watershed, when more than 15% of stores may collapse.

The difficulty in resuming work has become a huge problem for stores.

According to interviews and research by "Automobile Commune", only 70% of stores in cities such as Beijing, Shanghai, Hangzhou and Guangzhou have resumed operations as of the end of March. However, even these terminal stores that have resumed operations have also resumed operations. Due to reasons such as difficulty in getting employees to work and shortages of upstream raw materials or supplies, 80% of stores are still unable to resume all normal business.

According to Secretary-General Feng’s observations on the front line, terminal stores in Hubei (except Wuhan) are currently on track. However, as the hardest-hit area of ??the epidemic, Wuhan City’s current resumption rate of 4S stores is only There are 20%, and repair shops are also around 20%. The situation at the auto parts end is slightly better, but only 30% have resumed business at the end of March. In his view, it will take at least three months for auto repair and auto parts stores in Hubei to return to the same operating level as the same period last year, and four months in Wuhan.

Mr. Li, the founder of the Beijing Repair and Repair Store Carpenter Workshop, told Automobile Commune that his store was one of the earliest stores to resume operations in Beijing. On the one hand, this is because the car wash business is open year-round and there are Half of the employees did not return to their hometowns during the Spring Festival, and he himself returned to Beijing early at the end of January. At that time, not many of them had resumed work, and only a small number of 4S stores had staff who had stayed in Beijing on duty. As of the end of March, there were still several of them that had not opened their doors nearby.

In Mr. Li’s view, the impact of the epidemic on terminal stores is all-round, because people do not move around and family cars are almost always parked. Many peers, including Jianggongfang, The car wash business will be restored to at most 50% of the previous level, while maintenance will only be around 40%. In addition, people have less time to communicate during the epidemic. Many customers only choose car washes and quick repairs when entering the store. If the time is longer, they will hesitate. Moreover, customers who are not familiar with the guest lounge area cannot enter. Open-air communication has a certain impact on customer experience. Influence.

Rent and labor costs have driven a large number of stores into deep losses.

According to research and interviews by "Automobile Commune", a second-class qualified maintenance company with more than 1,500 square meters of space and 30 employees in Jiading, Shanghai, suffered a cumulative loss of about 1 million yuan in the two months when the epidemic was raging; A small auto repair shop with nearly 10 employees near the Third Ring Road in Beijing suffered a loss of about 200,000 yuan; while several mom-and-pop shops in Guangzhou's Xinchentian business district suffered losses ranging from 50,000 to 100,000 yuan due to delays in resuming work. .....

These are only some of the data from the sample survey, but we can get a glimpse of the leopard. The front-line research and interviews have made us more convinced of the industry rumors that "about 30% of store cash flow will not last until June this year."

Concomitantly, there were layoffs of employees and shrinking of front lines.

During the visit, we found that more than 60% of stores have decided to reduce the number of employees in February and March, and minimize the losses caused by the epidemic through layoffs and salary reductions. In Hubei Province, where the epidemic is most severe, Secretary-General Feng He also suggested reducing personnel expenses to resist the business crisis caused by the epidemic. He told Automobile Commune that for those stores with weak ability to resist risks, they can Consider retaining core personnel, suspending personnel expansion, and prepare for future protracted battles.

At this stage, the government has provided rent, tax and other policy assistance to small and micro enterprises, such as 2-3 months of rent reduction and exemption for state-owned enterprise landlords. Secretary-General Feng also suggested that terminal stores should learn how to Efforts should be made to communicate with non-state-owned landlords and strive for rent reductions and exemptions to see if rent payments can be postponed or part of the rent can be transferred to the second half of the year and paid in batches.

Mr. Bao of Baoli Automobile holds a different view.

He believes that the auto repair and auto parts industry is a technical service industry. It is difficult for a mature store to return to normal productivity in the short term after a large number of layoffs. The kind of layoffs that only seek to stop the bleeding in the short term will He thought it was not advisable. Affected by the epidemic, Baoli Motors also suffered certain losses, and most of the cash flow had been distributed to employees and shareholders at the beginning of the year. Cash flow is also very tight now, but they still chose not to lay off employees or cut salaries. Through communication, Delay the payment of wages.

Despite this, during on-site interviews, almost 80% of store owners reported to Automobile Commune that except for rent reductions and exemptions for state-owned landlords, it is difficult for various support policies to benefit mom-and-pop shops, etc. Market players, and in the actual negotiation process, the rent game with landlords is also very difficult. Both rent and employment costs are under pressure, and many small stores have to choose to terminate the contract with their landlords in advance, or start over after the epidemic stabilizes in the second half of the year.

In several auto parts cities in Shanghai, many small shops have felt that the past 2018 and 2019 have been extremely difficult. The rectification of shops along the streets has caused a lot of out-of-town customers to leave. In addition, the demolition of houses around the auto parts cities has also caused many customers to leave. Half of it, coupled with the economic downturn and increasingly strict environmental protection regulations, it is difficult to approve whole books such as open-air spray painting of sheet metal. Many individual merchants, a family of three or four, stay in a small shop of more than 20 square meters, and can only maintain basic food and clothing. .

I tried to use WeChat to contact several small shop owners I interviewed a year ago. One of them, a husband-and-wife shop from Henan, had decided to close the store in the first half of the year and return to his hometown to engage in the fruit business. A store from Anhui decided to arrange for his wife and children to return to their hometown. The husband and his brothers stayed at the store together and waited to see how the business would recover in the second half of the year.

This feeling is very similar to the scars of urbanization in Sanders' "City of Settlement", and sorting out the non-linear stories under the epidemic seems to have reproduced Zhang Peng's "Strangeness in the City" The portrayal of the joys and sorrows of the floating population in "People". Every generation is divided, and so is the industry. Seeing so many individuals rise and fall with the rise and fall of the auto parts city, and being left behind by an epidemic, it is inevitable to feel sad when the interview ends.

The middle layer is in a dilemma

So, which type of business will be hardest hit?

The views of Bao Jianhua, chairman of Baoli Automobile, are almost consistent with the survey results of the on-site visit of "Automobile Commune". He believes that the biggest impact is on the accident car business, followed by repair and maintenance and beauty cleaning. In normal times, the peak period of accident car business will come after the Spring Festival, but now that cars are parked at home, stores that mainly deal with related businesses will be hit harder.

It is worth mentioning that after the outbreak of the epidemic, the in-car disinfection business suddenly became the "sweet steamed bun" of terminal stores, and many stores are focusing on this new business segment. But in Bao Jianhua's view, this is just a traffic-increasing project, and the profit is not high. If the store wants to make a comeback in the second half of the year, this type of new business will not help much in improving performance.

Although the reshuffle of life and death in terminal stores is cruel, on the other hand we can also see that in the current epidemic situation and the capital winter, the investment and financing wars of leading companies in the automotive aftermarket have not been affected by the pressure of the new coronavirus. too affected.

On March 27, Haomeite Auto Parts Chain Supply Chain Platform announced that it had completed a Pre-A round of financing of 50 million yuan, jointly invested by Shun Rong Capital and Fude Venture Capital, and Yiren Capital was responsible for this round of financing. as the exclusive financial advisor; and pushing the timeline forward another two weeks, Shanghai Fuchuang Industrial, a joint venture jointly established by ExxonMobil and its dealer investment company Fuxiao, Tencent and Tuhu***, also officially Put into operation.

What kind of industry logic does this reflect?

As we all know in the industry, my country's automotive aftermarket did not officially say goodbye to the "Barbarian Era" until 2018, and officially entered the "Warring States Era" when big players entered the game. First, Tmall Auto teamed up with Auto Superman and Kangzhong Auto Parts to establish the new retail system for automobile services "New Carzhong". Later, Tuhu completed a new round of financing led by Tencent and Sequoia. Through traffic, supply chain, capital, technology, The superposition of various factors such as brands has officially elevated the automotive aftermarket from competition between platforms to competition between ecosystems.

In the past year of 2019, the investment and restructuring of the aftermarket has been even more turbulent. New Kangzhong, Hao Auto Parts, Three Heads and Six Arms, Cluster Chebao, etc. have also completed new financing and new integrations of different sizes. These players have established moat barriers with higher valuations, stronger financial reserves, and more mature business models, making it possible to integrate the entire industry chain of C-side, repair shops, supply chains, and manufacturers.

The epidemic has not stopped the momentum of modular restructuring.

Senior investment consultant Mr. Lin Yifu told "Automobile Commune" that according to his observations on the front line of capital, even in February and March when the epidemic was the most severe, investment cases in the aftermarket were still proceeding normally, and now What has been announced to the public is only part of the investment and financing projects that were confirmed at the beginning of this year. After April, there will be more news about mergers and reorganizations.

Lin Yifu believes that high-quality supply chain assets and subdivisions are still favored by capital, and the epidemic has deepened the sense of burden on the entire industry participants, and independent after-sales companies are facing huge challenges. In addition, due to the general environment of tightening consumption brought about by the economic downturn, even if stores have traffic, profits are not strong, and it is difficult to convert traffic into long-term and lasting profits. Under such a general background, stores will become asset liabilities, and eager to sell them has become the only choice for stores. At this time, capital comes into play. Of course, it is natural for capital to buy at the bottom.

However, we must also clearly understand the difference between financial and strategic investment.

An industry veteran who did not want to be named told "Automobile Commune" that companies in the automotive aftermarket, such as Three Heads and Six Arms, Kuai Zhun, etc., have been for some time since the last round of capital increase. The epidemic is under pressure, and comprehensively As the environment deteriorates, many companies have to work hard to attract the attention of capital; and for bloodthirsty capital, they will keep their eye on high-quality supply chains in the aftermarket, but this is by no means a strategic investment, but a financial investment. After entering, exit in the shortest time and then make a profit.

In fact, middle-level players have the hardest time.

For second-tier companies, survival is still the biggest challenge.

After talking to many people in the industry about how different market entities have been affected by the epidemic, a large number of peers believe that small and micro enterprises and terminal stores can stop losses in time, and the ship can easily turn around. Giants such as Xinkangzhong and Tuhu Automobile, which are supported by BAT Internet funds, have strong cash flow advantages because of their backing. The most difficult situation is undoubtedly the asset-heavy companies such as Kuaishun, which are sandwiched in the middle layer of the automotive aftermarket pyramid. They will suffer greatly under the impact of the epidemic.

However, this does not mean that giants such as Xinkangzhong can survive this epidemic alone. On the one hand, it is the hard impact of delayed resumption of work, difficulty in relocating employees, and declining passenger flow; It is the heavy asset model that determines that front-end positions will become a big money-burning pit. Xinkangzhong has a total of nearly 600 central warehouses, regional warehouses and store front warehouses in nearly 30 provinces across the country (this data was updated in early 2019 because the latest information was unavailable). The cash flow pressure under the epidemic is evident.

Of course, the "middle-tier players" here include not only platform-based automotive supply chains, but also some service-type (training, planning, information services) players. Most of their businesses will be difficult to expand this year. unfolded smoothly.

During the on-site investigation by "Auto Commune" reporters, many auto parts chains have started layoffs in February and March this year. A SaaS technology company headquartered in Guangzhou has lost more than half of its core technical staff. , the founders have been looking for new capital at the beginning of this year, or looking for overall acquisition opportunities from large chains and platforms.

Multinational companies have “opportunities” amid “crisis”

As the epidemic continues to escalate globally, the automotive industry has experienced the most severe test in history, almost overnight , the whole line is in emergency. Forced production suspensions, forced layoffs, and profit and loss warnings have been sounded frequently. According to incomplete statistics from Automobile Commune at the end of March, more than a dozen automobile manufacturers have successively closed down more than 100 first-line factories. Even Bosch, Tier One parts giants such as Mainland China have also begun to close their production bases in Europe and the United States.

So, what is the situation of multinational companies in the aftermarket?

Mr. Wang Shangqian, vice president of BPI Group and general manager of the Asia-Pacific region, told Automobile Commune that the impact of the epidemic on new car sales will be more direct, but the aftermarket is a stock market, and its ability to resist the "epidemic" will be affected. Stronger.

The product line of Brake Parts Inc (BPI Group), an American brake parts manufacturer, covers brake pads, brake discs, brake drums, calipers, hydraulic parts, wheel bearings, etc., involving OEM, OES and For IAM and other businesses, it has R&D centers and 7 manufacturing bases around the world. Its headquarters is located in Illinois, USA, and its Asia-Pacific regional headquarters, Shanghai BRIC Trading Co., Ltd., is located in Shanghai.

BPI currently exports its products to foreign countries and also takes into account the domestic market. According to Mr. Wang, the impact of the epidemic on the company is mainly divided into two stages -

The first The stage is the early stage of the epidemic. The impact of COVID-19 is mainly concentrated in China. The biggest challenge is that the production capacity utilization rate is very low at that time. The company must focus on all forces to deal with a series of problems in normal resumption of work, including front-line prevention and control, disinfection, and masks. We will wait for procurement of hard needs and strive to improve production capacity utilization.

In the second stage, the domestic epidemic has basically stabilized, and European and American countries have become the new "epicenters" of the global epidemic. The main obstacles for BPI at this stage are the suspension of shipments in some overseas markets, the cancellation of some future orders, and the reduction of export orders. This is a common problem for all manufacturers involved in overseas trade.

At this stage, because some of the raw materials required for normal production of BPI’s domestic factories are imported from Europe, such as Italy and other epidemic-hit areas, the supply of some key raw materials is interrupted; and the current auto repair and auto parts supply in the United States The current situation of stores is that they were closed on a large scale just like China did two months ago, and overseas orders have also fallen sharply.

But in Wang Shangqian’s view, where there is “danger” there is “opportunity”.

He told the reporter of "Automobile Commune" that the European and American markets of foreign-funded enterprises have been blocked, but the Chinese market has gradually recovered. They believe that there are still very large opportunities in the country and must be firmly grasped. On the one hand, BPI chose to follow the trend and cooperate with leading enterprises, especially some large national supply chain platforms, and actively established partnerships with regional alliance chains, and flexibly adjusted its brand, products and cost-effective positioning to strive for better Multi-dealer support.

On the other hand, he believes that dealers must provide business assistance during the epidemic and provide partners with the greatest support in terms of billing periods, training, etc. After the epidemic, a group of players with poor sales capabilities and fragile cash flow will fall, but high-quality dealers will definitely survive. These high-quality dealers also have the right to choose other brands. BPI must provide better services and products to stay. Download these high-quality channel resources.

"Automobile Commune" also found in its research and interviews that most of them, whether they are dealers of foreign brands or agents of domestic brands, said that they have encountered the embarrassment of the "account period" at this stage. The factory has a billing period, and the store customers also have a billing period. Being caught in the middle, tight cash flow is the norm. Presumably, after the baptism of the epidemic, a group of dealer players will fall one after another in the next few months.

What changes will the epidemic bring to the aftermarket?

When contacting Secretary-General Feng of the Hubei Automobile After-sales Service Industry Association, he was making preliminary preparations for an online live broadcast at the end of March. When more and more stores resume normal operations, the association will follow up In collaboration with many peers across the country, we have successively launched a series of public welfare live broadcast activities to provide guidance to practitioners.

Testing the waters online has become the hottest topic during the epidemic.

Since February this year, both manufacturers and platform marketing departments in the automotive aftermarket, as well as owners and store managers of repair shops and stores, have taken the step of live streaming, open classes, and online traffic. first step. According to a survey conducted by Automobile Commune at the end of March, almost 90% of the respondents said they have tried or are willing to accept new online marketing methods to interact and communicate with online users at multiple levels.

However, the online results are mixed.

A person in charge of Beijing Wanchi Automobile told Automobile Commune that they have been doing online marketing and are also trying live broadcasts, but the current effect is not obvious. In his view, traditional offline is a comprehensive delivery system for product technology and services, while online operations are more about marketing and drainage. For small and micro stores, the online ceiling lies in online operation capabilities and offline comprehensive delivery. The carrying capacity of the system.

Mr. Li, the founder of Jianggongfang, also said that the store has tried to contact Douyin, but found that the recommendations are all acquaintances, and there are currently very few unfamiliar customers, with the highest number of views being only 3,000. Many, I haven’t decided yet whether to continue live broadcasting. In his opinion, it is difficult to do live video broadcasts in physical stores. Pure knowledge sharing content is not very popular. If you want to become famous, you have to promote it. This kind of effort is not necessarily easier than running a physical store.

This seems to be the unanimous view of repair shop owners. The conversion rate between online and offline is actually very low, and it is difficult for small and micro enterprises to form a professional team for online promotion. Even those large manufacturers with certain financial support are still in the initial stage of testing online operations such as Douyin. It is generally believed that at this stage, most of them rely on the help of colleagues and peers, and it is difficult to gain new growth in a short period of time. Fans, there is still a long way to go to form better fan stickiness.

Secondly, the era of going it alone will gradually fade away.

Severe overcapacity in repair shops and terminal stores has become a tacit and cruel fact in the industry. Bao Jianhua, chairman of Baoli Automobile, once made a calculation——

Shanghai In the region, a store like Baoli with an area of ??about 2,000 square meters needs to serve 20,000 customers every year in order to have enough food and clothing. But there are only more than 4 million car owners in Shanghai. Conservatively speaking, the market actually only needs 200 stores of this size.

But at this stage, there are about 1,600 second-category enterprises in Shanghai, and together with the third-category enterprises, the total number is about 7,000-8,000.

What's more, 20,000 customers can only provide food and clothing. "Even if we allow some margin, not 200, but 500, more than two-thirds of the companies will be eliminated in the end."

The huge profits are over, but the costs remain high. The annual cost of Baoli Automobile is between 6 million and 7 million yuan, which means that the annual output value must be 12 million yuan in order for the store to survive. But looking horizontally, how many stores can achieve an annual output value of 12 million yuan? In Category II maintenance, this figure only accounts for about 20%.

Secretary-General Feng told Automobile Commune that he suggested that small and medium-sized enterprises such as repair shops and terminal auto repair and auto parts stores can take advantage of this opportunity to accelerate their move online, and on the other hand, learn to " "Standing in line", relying on big brands and manufacturers, using each other's financial resources, strength and brand endorsement to achieve standardization and upgrading as soon as possible.

An entrepreneur who has been deeply involved in the automotive aftermarket technology service field in Shanghai for a long time believes that the epidemic has not only forced more small and micro enterprises to choose to "take sides" and join Xin Kangzhong or Tuhu, but Or they are siding with the main engine manufacturers and large insurance companies, which is forcing a lot of "local princes" to join forces and join forces to strengthen their own bargaining power and risk resistance.

As for the changes brought about by the epidemic to the entire industry, Mr. Heist (Jianghu nickname), a senior Internet practitioner in the automotive aftermarket, has a different view——

Heatist told " Automobile Commune", he does not believe that the epidemic will bring new opportunities to the automotive aftermarket. At this stage, only the demand side and the consumer side have been suppressed by the epidemic. However, for the entire industry, overcapacity has always existed. All participants have experienced long-term and highly competitive fighting and polishing, and a new turning point has not yet appeared. Because of this, the industry will not have much positive impact just because of an epidemic.

Although the new coronavirus has accelerated the reshuffle, it is not easy for typical innovation scenarios and segments to appear. In addition, the consumer side has been suppressed, and it is difficult to bring about too much innovation within the industry. imagination space.

But looking at the macro environment, he believes that there are no changes within the industry. Nowadays, the economic environment is declining due to the epidemic, and the aftermarket is an industry with a weak economic cycle. For the demand for capital hedging, the risk is not great, so the aftermarket is likely to become a depression for the entire capital. He predicts that after the epidemic gradually stabilizes in the country, there will be a small peak in investment and financing in the industry.

Of course, there are also more pessimistic views.

An industry insider who runs a small and medium-sized auto parts factory in Beijing told Automobile Commune that people are a species that heals their scars and forgets the pain. It seems that they have been busy reflecting on it during the past few days. It is very likely that you will forget all about it after a while.

The special attributes of the industry determine that independent stores cannot make many substantial breakthroughs online except maintaining customer relationships; he also heard that many stores mobilized employees to contact customers on WeChat during the epidemic, selling Various maintenance cards, Yin Eat and Mao Liang, it seems that the money is recovered, but in fact this is not money, it is a liability.

If there is any topic that requires deep reflection, it is the relationship between stores and employees, as well as performance management, and how we can overcome difficulties together in such extreme circumstances. "Of course, customer relationships also need to be reflected on. In this industry, a good customer is considered a good customer if you meet them twice a year, which means 365 days a year. Excluding a dozen days of vacation, there are about 340 days when you have no contact with customers. How to maintain contact with them? These 340 days are something companies should think carefully about."

I remember that after visiting the auto parts city a year ago, I was sitting on the high-speed train from Jiading back to Yangpu. I kept thinking about Sartre's "Everyone". They are all hostages of history."

You see, we are trapped by the times and history. It seems that every industry participant is burdened with an invisible cage, limited by the times and unable to escape. And those individuals in the densely packed auto parts city , it seems difficult for me to choose where to end up being discarded.

In order to write this investigative epidemic report this time, I interviewed a wider range of peers. The severe impact of the epidemic on the industry is indeed disappointing, but I also saw the positive and optimistic side of many friends.

I chatted with a senior in a coffee shop for two full hours. I was moved by his confidence and profound insights into the industry. However, due to the length of the article, I cannot fully express many of my views in the article. I hope everyone will bear with me. .

Now that the epidemic has gradually stabilized, at the end of writing the article, I suddenly thought of the sentence written by Camus: In the depth of winter, we will eventually find the invincible summer in ourselves.

Text/Zhang Jie

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This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.