1/364 <font color=red>de</font> 09-07 09:17:18-09-07 09:17:27 I posted a video yesterday,<br>2/364 <font color=red>aaa</font> 09-07 09:17:20-09-07 09:17:27 Tell me about the current Chinese cigarettes,<br>3/364 <font color=red>n</font> 09-07 09:17:23-09-07 09:17:27 Young people don't want to take on the responsibility.<br>4/364 <font color=red></font> 09-07 09:17:25-09-07 09:17:27 China's printing press is starting to slow down.<br>5/364 <font color=red></font> 09-07 09:17:26-09-07 09:17:41 Result: In the comment section, someone asked me,<br>6/364 <font color=red>hp</font> 09-07 09:17:27-09-07 09:17:41 Let's break down the business logic of the tobacco industry ...<br>7/364 <font color=red>n</font> 09-07 09:17:34-09-07 09:17:43 Okay, that sounds good.<br>8/364 <font color=red>de</font> 09-07 09:17:37-09-07 09:17:44 Today, I'm going to give you a complete overview of this ind...<br>9/364 <font color=red></font> 09-07 09:17:38-09-07 09:17:57 First, let me tell you something that goes against common se...<br>10/364 <font color=red></font> 09-07 09:17:36-09-07 09:17:44 Due to the existence of taxes,<br>11/364 <font color=red>xss</font> 09-07 09:17:40-09-07 09:17:57 Therefore, the most profitable part of tobacco is not sellin...<br>12/364 <font color=red>aaa</font> 09-07 09:18:20-09-07 09:18:22 In 2025,<br>13/364 <font color=red>bg</font> 09-07 09:17:46-09-07 09:17:57 China's tobacco and excise tax revenue is 165.7 billion,<br>14/364 <font color=red>n</font> 09-07 09:19:21-09-07 09:19:32 Contribute 15.8 billion yuan to the treasury,<br>15/364 <font color=red></font> 09-07 09:17:47-09-07 09:17:57 What's the concept?<br>16/364 <font color=red>aaa</font> 09-07 09:17:49-09-07 09:17:57 Every day, 43 billion is deposited into the treasury.<br>17/364 <font color=red>de</font> 09-07 09:17:57-09-07 09:18:09 Equivalent to building a world-class cross-sea bridge every ...<br>18/364 <font color=red>hp</font> 09-07 09:17:50-09-07 09:17:57 2023,<br>19/364 <font color=red>bg</font> 09-07 09:17:58-09-07 09:18:09 The national defense budget is 1.55 trillion,<br>20/364 <font color=red></font> 09-07 09:18:00-09-07 09:18:09 Almost the same as tobacco tax rates.<br>21/364 <font color=red>n</font> 09-07 09:17:51-09-07 09:17:57 So there's a joke online,<br>22/364 <font color=red>bg</font> 09-07 09:29:16-09-07 09:29:28 You don't smoke.<br>23/364 <font color=red>aaa</font> 09-07 09:18:01-09-07 09:18:09 I don't smoke the aircraft carrier,<br>24/364 <font color=red></font> 09-07 09:18:05-09-07 09:18:22 Who will fix my one-for-one airplane, so we can fly to the s...<br>25/364 <font color=red>aaa</font> 09-07 09:20:02-09-07 09:20:09 However, this is not profit from selling cigarettes but taxe...<br>26/364 <font color=red>xss</font> 09-07 09:18:09-09-07 09:18:22 The real violence is hidden in places you can't see.<br>27/364 <font color=red>hp</font> 09-07 09:18:08-09-07 09:18:09 In the ashtray, there is a box with packaging and ingredient...<br>28/364 <font color=red>bg</font> 09-07 09:18:11-09-07 09:18:22 And those who constantly bother the business staff of hotels...<br>29/364 <font color=red></font> 09-07 09:18:12-09-07 09:18:22 This episode is quite long.<br>30/364 <font color=red>hp</font> 09-07 09:18:16-09-07 09:18:22 Please like and save this article, and also mention @Doubao.<br>31/364 <font color=red>n</font> 09-07 09:18:19-09-07 09:18:22 Structural framework,<br>32/364 <font color=red></font> 09-07 09:18:13-09-07 09:18:22 Convenient,<br>33/364 <font color=red>de</font> 09-07 09:18:22-09-07 09:18:37 I'll look at it later.<br>34/364 <font color=red>bg</font> 09-07 09:18:23-09-07 09:18:37 Now,<br>35/364 <font color=red></font> 09-07 09:18:24-09-07 09:18:37 Let's talk slowly,<br>36/364 <font color=red></font> 09-07 09:18:27-09-07 09:18:37 To understand,<br>37/364 <font color=red>n</font> 09-07 09:19:52-09-07 09:19:54 Let's go back to the 1940s,<br>38/364 <font color=red>n</font> 09-07 09:18:33-09-07 09:18:40 In the early years of China's reform and opening-up,<br>39/364 <font color=red></font> 09-07 09:18:34-09-07 09:18:46 The tobacco industry is a mess.<br>40/364 <font color=red>aaa</font> 09-07 09:18:31-09-07 09:18:40 Flower-filled tobacco fields,<br>41/364 <font color=red>xss</font> 09-07 09:18:36-09-07 09:18:46 Confusing brand names,<br>42/364 <font color=red></font> 09-07 09:19:16-09-07 09:19:26 Unlicensed,<br>43/364 <font color=red>bg</font> 09-07 09:18:42-09-07 09:18:53 Tax revenue is in large amounts,<br>44/364 <font color=red></font> 09-07 09:18:43-09-07 09:18:53 Overcoming giants and other challenges.<br>45/364 <font color=red></font> 09-07 09:18:44-09-07 09:18:53 In a critical moment,<br>46/364 <font color=red>hp</font> 09-07 09:18:47-09-07 09:18:56 Upon hearing the order,<br>47/364 <font color=red>de</font> 09-07 09:18:46-09-07 09:18:56 Tobacco is subject to state monopoly.<br>48/364 <font color=red>n</font> 09-07 09:18:50-09-07 09:18:56 1982,<br>49/364 <font color=red>aaa</font> 09-07 09:18:53-09-07 09:19:02 China Tobacco Corporation was established.<br>50/364 <font color=red></font> 09-07 09:18:54-09-07 09:19:08 1983,<br>51/364 <font color=red>xss</font> 09-07 09:18:56-09-07 09:19:08 Tobacco Sales Regulations are enacted.<br>52/364 <font color=red>bg</font> 09-07 09:18:57-09-07 09:19:08 This is not a shortcut at all.<br>53/364 <font color=red></font> 09-07 09:19:01-09-07 09:19:10 Instead, they directly bought the entire track.<br>54/364 <font color=red></font> 09-07 09:18:58-09-07 09:19:08 Hired all referees.<br>55/364 <font color=red></font> 09-07 09:29:52-09-07 09:30:08 Then announce the start of the competition.<br>56/364 <font color=red>n</font> 09-07 09:19:05-09-07 09:19:10 1991,<br>57/364 <font color=red>de</font> 09-07 09:19:07-09-07 09:19:18 The Tobacco Special Act has been formally promulgated.<br>58/364 <font color=red>hp</font> 09-07 09:19:08-09-07 09:19:18 From a legal perspective, it is unified leadership.<br>59/364 <font color=red>aaa</font> 09-07 09:19:10-09-07 09:19:22 Until the system of exclusive management and operation.<br>60/364 <font color=red>xss</font> 09-07 09:19:18-09-07 09:19:32 In 2003, the reform of separating government and business wa...<br>61/364 <font color=red>bg</font> 09-07 09:19:11-09-07 09:19:22 Separate production and sales completely.<br>62/364 <font color=red>de</font> 09-07 09:19:26-09-07 09:19:36 In the first round of the 2015 All-Air competition, water an...<br>63/364 <font color=red></font> 09-07 09:19:19-09-07 09:19:26 2026,<br>64/364 <font color=red>bg</font> 09-07 09:19:27-09-07 09:19:41 State-owned tobacco companies' tax revenue contribution rati...<br>65/364 <font color=red>hp</font> 09-07 09:19:23-09-07 09:19:32 Ten percentage points higher than oil power.<br>66/364 <font color=red>aaa</font> 09-07 09:19:32-09-07 09:19:41 I've been watching for forty years, but I still can't get it...<br>67/364 <font color=red>bg</font> 09-07 09:19:55-09-07 09:20:09 Every step tightens the machine more.<br>68/364 <font color=red></font> 09-07 09:19:46-09-07 09:19:54 As of today,<br>69/364 <font color=red></font> 09-07 09:19:30-09-07 09:19:41 It's no longer just an ordinary industry.<br>70/364 <font color=red>hp</font> 09-07 09:19:39-09-07 09:19:43 It is a giant machine that directly controls the fiscal and ...<br>71/364 <font color=red></font> 09-07 09:19:33-09-07 09:19:41 Let's start with the scale.<br>72/364 <font color=red></font> 09-07 09:19:34-09-07 09:19:54 I just said that the tax revenue for 2025 is one million six...<br>73/364 <font color=red>n</font> 09-07 09:19:37-09-07 09:19:43 Accounts for 7% of the national general budget revenue,<br>74/364 <font color=red>xss</font> 09-07 09:19:41-09-07 09:19:54 The country spends seven cents for every dollar it earns.<br>75/364 <font color=red>de</font> 09-07 09:19:43-09-07 09:19:54 It belongs to Yan Min Tao.<br>76/364 <font color=red>bg</font> 09-07 09:19:44-09-07 09:19:54 Interestingly,<br>77/364 <font color=red></font> 09-07 09:19:48-09-07 09:19:54 Tax revenue continues to rise year after year.<br>78/364 <font color=red>aaa</font> 09-07 09:19:51-09-07 09:19:54 Sales have not increased in ten years.<br>79/364 <font color=red></font> 09-07 09:19:58-09-07 09:20:09 The peak of Chinese cigarette sales occurred after 5,099,000...<br>80/364 <font color=red>hp</font> 09-07 09:19:54-09-07 09:20:09 Never broke through again,<br>81/364 <font color=red>de</font> 09-07 09:20:04-09-07 09:20:09 It has been fluctuating around 4.7 million boxes for a long ...<br>82/364 <font color=red></font> 09-07 09:19:59-09-07 09:20:09 In 2025,<br>83/364 <font color=red>xss</font> 09-07 09:21:29-09-07 09:21:45 National cigarette production reached 24.703 billion sticks,<br>84/364 <font color=red>xss</font> 09-07 09:20:07-09-07 09:20:23 Only the "only" increased by 0.2%,<br>85/364 <font color=red>de</font> 09-07 09:20:50-09-07 09:21:00 It's basically just going in circles.<br>86/364 <font color=red>n</font> 09-07 09:20:48-09-07 09:21:00 This is called "Chi Zhang",<br>87/364 <font color=red></font> 09-07 09:20:09-09-07 09:20:23 The price of the product is not rising, it's thriving.<br>88/364 <font color=red>n</font> 09-07 09:20:05-09-07 09:20:09 Rise,<br>89/364 <font color=red>bg</font> 09-07 09:20:11-09-07 09:20:23 Tax rates remain the same.<br>90/364 <font color=red></font> 09-07 09:24:54-09-07 09:25:12 The public's intuitive feeling is that affordable cigarettes...<br>91/364 <font color=red></font> 09-07 09:20:13-09-07 09:20:23 The tobacco industry chain appears simple,<br>92/364 <font color=red>de</font> 09-07 09:29:59-09-07 09:30:14 The smoke billows, the words and shadows intertwine in three...<br>93/364 <font color=red>hp</font> 09-07 09:20:18-09-07 09:20:23 But the water in each section,<br>94/364 <font color=red></font> 09-07 09:20:29-09-07 09:20:38 The tobacco industry in Shenzhen, which is the main supplier...<br>95/364 <font color=red></font> 09-07 09:20:19-09-07 09:20:23 Guizhou,<br>96/364 <font color=red>aaa</font> 09-07 09:20:20-09-07 09:20:23 Hunan,<br>97/364 <font color=red>bg</font> 09-07 09:20:25-09-07 09:20:38 But the farmers are the weakest link in the entire chain.<br>98/364 <font color=red>de</font> 09-07 09:20:23-09-07 09:20:38 How much?<br>99/364 <font color=red>n</font> 09-07 09:20:27-09-07 09:20:38 What does "selling to whom" mean?<br>100/364 <font color=red>hp</font> 09-07 09:20:34-09-07 09:20:38 The cost of each pack of cigarettes is 18 yuan, but the prod...<br>101/364 <font color=red></font> 09-07 09:20:30-09-07 09:20:38 Account for 2.7% of the total price.<br>102/364 <font color=red>aaa</font> 09-07 09:20:31-09-07 09:20:38 Tobacco farmers,<br>103/364 <font color=red>xss</font> 09-07 09:20:38-09-07 09:20:54 A few tens of thousands of yuan a year.<br>104/364 <font color=red></font> 09-07 09:20:37-09-07 09:20:52 II.<br>105/364 <font color=red>hp</font> 09-07 09:20:51-09-07 09:21:00 The 18 provincial-level industrial companies in China that m...<br>106/364 <font color=red>bg</font> 09-07 09:20:40-09-07 09:20:55 Annual revenue of over 13 billion.<br>107/364 <font color=red></font> 09-07 09:20:41-09-07 09:20:57  Hunan's "Fuwang" and Hubei's "Huanghe Lou",<br>108/364 <font color=red>aaa</font> 09-07 09:20:43-09-07 09:20:58 Zhejiang Yikun's Liqiong is a billion-dollar brand.<br>109/364 <font color=red></font> 09-07 09:20:45-09-07 09:21:00 Thirty-three provincial tobacco commercial companies, which ...<br>110/364 <font color=red></font> 09-07 09:21:01-09-07 09:21:17 Companies responsible for mid-range sales and production can...<br>111/364 <font color=red>xss</font> 09-07 09:21:03-09-07 09:21:17 Must be sold to a commercial company.<br>112/364 <font color=red>bg</font> 09-07 09:21:04-09-07 09:21:17 Although it is called "separation of administration and indu...<br>113/364 <font color=red>de</font> 09-07 09:22:23-09-07 09:22:36 However, it is clear that divorce and neglect of family are ...<br>114/364 <font color=red></font> 09-07 09:21:06-09-07 09:21:17 Finished,<br>115/364 <font color=red>hp</font> 09-07 09:21:43-09-07 09:21:45 Next, we will discuss the key raw materials.<br>116/364 <font color=red>aaa</font> 09-07 09:21:08-09-07 09:21:17 This overlooked violence,<br>117/364 <font color=red>n</font> 09-07 09:21:11-09-07 09:21:17 You're wrong, a cigarette isn't just rolled tobacco.<br>118/364 <font color=red>hp</font> 09-07 09:21:13-09-07 09:21:17 A cigarette is made of tobacco leaves, but it's not the only...<br>119/364 <font color=red>de</font> 09-07 09:21:17-09-07 09:21:31 There are green-mouthed paper packages and exploding bombs.<br>120/364 <font color=red></font> 09-07 09:21:15-09-07 09:21:31 Each is a high-margin, high-barrier product.<br>121/364 <font color=red>bg</font> 09-07 09:21:18-09-07 09:21:31 High-resolution counterfeit money collection.<br>122/364 <font color=red>n</font> 09-07 09:21:19-09-07 09:21:31 First, let's talk about the core ingredients of Law Mouth Gr...<br>123/364 <font color=red>aaa</font> 09-07 09:21:24-09-07 09:21:32 This is a typical joint venture monopoly, the three largest ...<br>124/364 <font color=red></font> 09-07 09:21:22-09-07 09:21:32 Zhuhai Acetate Fiber,<br>125/364 <font color=red>hp</font> 09-07 09:21:26-09-07 09:21:32 Kunming acetate fiber is a joint venture between China Tobac...<br>126/364 <font color=red></font> 09-07 09:21:28-09-07 09:21:45 A factory in Nantong accounts for 57.3% of the national capa...<br>127/364 <font color=red>bg</font> 09-07 09:21:34-09-07 09:21:45 Profit margin is 37.2%.<br>128/364 <font color=red></font> 09-07 09:21:35-09-07 09:21:45 The average gross profit margin of the entire silk industry ...<br>129/364 <font color=red>de</font> 09-07 09:21:39-09-07 09:21:45 The top five green mouth pump factories accounted for 83.6% ...<br>130/364 <font color=red>n</font> 09-07 09:21:38-09-07 09:21:45 Think about it, tobacco companies not only monopolize cigare...<br>131/364 <font color=red>aaa</font> 09-07 09:24:10-09-07 09:24:16 Also, through joint ventures, the company has secured contro...<br>132/364 <font color=red></font> 09-07 09:21:49-09-07 09:22:00 External capital has no chance to enter this field, and the ...<br>133/364 <font color=red>aaa</font> 09-07 09:21:45-09-07 09:22:00 This is the most profitable niche in the printing industry.<br>134/364 <font color=red>bg</font> 09-07 09:21:46-09-07 09:22:00 Industry leader, Jia shares.<br>135/364 <font color=red></font> 09-07 09:21:56-09-07 09:22:11 In 2025, the tobacco industry will generate a revenue of $4....<br>136/364 <font color=red>hp</font> 09-07 09:21:50-09-07 09:22:00 Gross profit margin is 29.7%.<br>137/364 <font color=red>n</font> 09-07 09:21:53-09-07 09:22:00 The highest point in history was 45.9%.<br>138/364 <font color=red>xss</font> 09-07 09:22:41-09-07 09:22:58 Dongfeng Motor Corporation<br>139/364 <font color=red></font> 09-07 09:21:52-09-07 09:22:00 Jinshi Technology,<br>140/364 <font color=red>bg</font> 09-07 09:30:14-09-07 09:30:27 The profit margins are between 28% and 32%.<br>141/364 <font color=red>de</font> 09-07 09:21:57-09-07 09:22:11 What is the average gross profit margin in the general packa...<br>142/364 <font color=red>xss</font> 09-07 09:22:00-09-07 09:22:11 Fifteen to twenty percent.<br>143/364 <font color=red>bg</font> 09-07 09:22:01-09-07 09:22:11 Why does Yan Biao make so much money?<br>144/364 <font color=red></font> 09-07 09:22:04-09-07 09:22:11 Because the customer only has 18 stable orders from companie...<br>145/364 <font color=red></font> 09-07 09:22:03-09-07 09:22:11 High immediate return rate,<br>146/364 <font color=red>aaa</font> 09-07 09:22:07-09-07 09:22:11 And once you're in the supply chain, it won't be replaced.<br>147/364 <font color=red>n</font> 09-07 09:22:08-09-07 09:22:11 Then comes the fragrance and flavor,<br>148/364 <font color=red>hp</font> 09-07 09:22:11-09-07 09:22:25 This is the most lucrative and shady part of the entire supp...<br>149/364 <font color=red>bg</font> 09-07 09:22:12-09-07 09:22:26 A cigarette with a flavor percentage of more than 90%.<br>150/364 <font color=red></font> 09-07 09:22:14-09-07 09:22:26 Determined by the fragrance formula,<br>151/364 <font color=red>aaa</font> 09-07 09:22:19-09-07 09:22:26 And the formula is a closely guarded trade secret of leading...<br>152/364 <font color=red>n</font> 09-07 09:22:16-09-07 09:22:26 In 2024,<br>153/364 <font color=red></font> 09-07 09:22:18-09-07 09:22:26 Visited 42.7%,<br>154/364 <font color=red>bg</font> 09-07 09:22:29-09-07 09:22:40 What is a gross profit margin of more than 40%?<br>155/364 <font color=red></font> 09-07 09:22:22-09-07 09:22:28 In manufacturing,<br>156/364 <font color=red>hp</font> 09-07 09:22:30-09-07 09:22:40 This is at the level of luxury goods.<br>157/364 <font color=red>xss</font> 09-07 09:22:25-09-07 09:22:36 Besides these three big heads,<br>158/364 <font color=red></font> 09-07 09:22:33-09-07 09:22:40 There are also bubble wrap rolls.<br>159/364 <font color=red>hp</font> 09-07 09:23:08-09-07 09:23:16 Firecrackers,<br>160/364 <font color=red></font> 09-07 09:22:35-09-07 09:22:40 A few cents,<br>161/364 <font color=red>aaa</font> 09-07 09:22:37-09-07 09:22:44 It can make a pack of cigarettes sell for five to ten more.<br>162/364 <font color=red>n</font> 09-07 09:22:36-09-07 09:22:44  Rental model,<br>163/364 <font color=red></font> 09-07 09:22:40-09-07 09:22:58 Fastest-growing product categories in packaging materials.<br>164/364 <font color=red>de</font> 09-07 09:22:44-09-07 09:22:58 The laser business of the Jin family increased by 30% year-o...<br>165/364 <font color=red>hp</font> 09-07 09:22:53-09-07 09:22:58 So, you see that the real violence of tobacco lies in its ra...<br>166/364 <font color=red></font> 09-07 09:22:48-09-07 09:22:58 Furthermore, these stages share a common characteristic:<br>167/364 <font color=red>bg</font> 09-07 09:22:46-09-07 09:22:58 Technical barriers,<br>168/364 <font color=red></font> 09-07 09:22:51-09-07 09:22:58 Add customer binding, add oligopoly.<br>169/364 <font color=red>de</font> 09-07 09:24:01-09-07 09:24:16 Enter the list of 18 suppliers in Zhongyuan.<br>170/364 <font color=red>n</font> 09-07 09:22:55-09-07 09:22:58 Everyone is making a fortune,<br>171/364 <font color=red>aaa</font> 09-07 09:22:57-09-07 09:23:16 Can't get in,<br>172/364 <font color=red>bg</font> 09-07 09:23:00-09-07 09:23:16 I can't even get into this circle.<br>173/364 <font color=red></font> 09-07 09:23:03-09-07 09:23:16 No one can enter.<br>174/364 <font color=red>n</font> 09-07 09:23:04-09-07 09:23:16 At this point,<br>175/364 <font color=red></font> 09-07 09:23:07-09-07 09:23:16 I need to pause and refresh a number.<br>176/364 <font color=red>de</font> 09-07 09:23:11-09-07 09:23:16 Every year, more than one million people in China die from s...<br>177/364 <font color=red></font> 09-07 09:23:14-09-07 09:23:32 Surpassing the combined populations of HIV and malaria.<br>178/364 <font color=red>xss</font> 09-07 09:23:16-09-07 09:23:32 Since 1990,<br>179/364 <font color=red>aaa</font> 09-07 09:23:19-09-07 09:23:32 Chinese tobacco products have caused at least 570,000 deaths...<br>180/364 <font color=red>bg</font> 09-07 09:23:18-09-07 09:23:32 No company can reach this number.<br>181/364 <font color=red>bg</font> 09-07 09:24:02-09-07 09:24:16 And every violent scene that was just mentioned,<br>182/364 <font color=red>n</font> 09-07 09:23:22-09-07 09:23:32 Each monopoly design,<br>183/364 <font color=red></font> 09-07 09:23:28-09-07 09:23:32 All of them eventually connect to this number.<br>184/364 <font color=red></font> 09-07 09:23:25-09-07 09:23:32 The green-mouthed guy is selling more and more expensive.<br>185/364 <font color=red></font> 09-07 09:23:37-09-07 09:23:47 The fragrance of plum blossom, which is added to the cigaret...<br>186/364 <font color=red>de</font> 09-07 09:23:30-09-07 09:23:47 The more behind, the higher the death toll.<br>187/364 <font color=red>hp</font> 09-07 09:23:29-09-07 09:23:32 This is not a moral judgment.<br>188/364 <font color=red>bg</font> 09-07 09:23:33-09-07 09:23:47 This is an account.<br>189/364 <font color=red></font> 09-07 09:23:36-09-07 09:23:47 Okay,<br>190/364 <font color=red>hp</font> 09-07 09:23:40-09-07 09:23:47 Let's continue to talk about organizational structure.<br>191/364 <font color=red>n</font> 09-07 09:23:39-09-07 09:23:47 Using an analogy,<br>192/364 <font color=red>aaa</font> 09-07 09:23:41-09-07 09:23:47 You understand.<br>193/364 <font color=red></font> 09-07 09:23:53-09-07 09:24:01 The top of Chinese tobacco is that the State Tobacco Monopol...<br>194/364 <font color=red></font> 09-07 09:23:44-09-07 09:24:01 Administer and regulate.<br>195/364 <font color=red>bg</font> 09-07 09:23:49-09-07 09:24:01 A deputy director of a museum,<br>196/364 <font color=red>n</font> 09-07 09:23:51-09-07 09:24:01 It is different from other departments under the Ministry of...<br>197/364 <font color=red>hp</font> 09-07 09:23:55-09-07 09:24:01 The Tobacco Bureau is completely vertically managed.<br>198/364 <font color=red></font> 09-07 09:23:58-09-07 09:24:01 Prince Albert,<br>199/364 <font color=red>aaa</font> 09-07 09:24:00-09-07 09:24:01 The county-level tobacco bureau's personnel and assets are a...<br>200/364 <font color=red>n</font> 09-07 09:24:05-09-07 09:24:16 Local governments cannot control the director of a county to...<br>201/364 <font color=red></font> 09-07 09:24:06-09-07 09:24:16 The county secretary,<br>202/364 <font color=red>hp</font> 09-07 09:24:15-09-07 09:24:16 The county magistrate can't do anything about it, his positi...<br>203/364 <font color=red></font> 09-07 09:24:09-09-07 09:24:16 If we use an analogy,<br>204/364 <font color=red></font> 09-07 09:24:13-09-07 09:24:31 It's like a drug dealer.<br>205/364 <font color=red>xss</font> 09-07 09:24:16-09-07 09:24:32 At the same time, it is also your life.<br>206/364 <font color=red>bg</font> 09-07 09:24:17-09-07 09:24:35 At the same time, he was also a detective with the Narcotics...<br>207/364 <font color=red>n</font> 09-07 09:25:19-09-07 09:25:26 He bought cigarettes for you.<br>208/364 <font color=red></font> 09-07 09:25:52-09-07 09:26:07 I'm telling you again that smoking is harmful to your health...<br>209/364 <font color=red>n</font> 09-07 09:24:20-09-07 09:24:34 Also responsible for the business model of selling counterfe...<br>210/364 <font color=red>aaa</font> 09-07 09:25:20-09-07 09:25:27 I summarize as three gifts,<br>211/364 <font color=red></font> 09-07 09:24:24-09-07 09:24:38 Planning and management lock production,<br>212/364 <font color=red></font> 09-07 09:24:21-09-07 09:24:37 Exclusive dealing,<br>213/364 <font color=red>aaa</font> 09-07 09:24:25-09-07 09:24:40 Locking channel license system locks terminals.<br>214/364 <font color=red></font> 09-07 09:24:46-09-07 09:24:59 How many kilograms of tobacco, how many cigarettes, and how ...<br>215/364 <font color=red></font> 09-07 09:30:15-09-07 09:30:27 The planned targets assigned by the central government to ea...<br>216/364 <font color=red>hp</font> 09-07 09:24:28-09-07 09:24:41 No unit or individual shall be modified.<br>217/364 <font color=red>n</font> 09-07 09:24:49-09-07 09:24:59 How much can Yunnan Tobacco produce in a year?<br>218/364 <font color=red>de</font> 09-07 09:24:29-09-07 09:24:43 Cigarettes?<br>219/364 <font color=red>xss</font> 09-07 09:24:47-09-07 09:24:59 No,<br>220/364 <font color=red>bg</font> 09-07 09:24:50-09-07 09:24:59 He can make his own decisions.<br>221/364 <font color=red></font> 09-07 09:25:05-09-07 09:25:12 The second-level exclusive sales system, which was determine...<br>222/364 <font color=red></font> 09-07 09:24:51-09-07 09:24:59 Private capital,<br>223/364 <font color=red>de</font> 09-07 09:24:59-09-07 09:25:12 Foreign investment is prohibited in the tobacco production i...<br>224/364 <font color=red>aaa</font> 09-07 09:24:57-09-07 09:24:59 This is 100% state-owned monopoly.<br>225/364 <font color=red>hp</font> 09-07 09:24:58-09-07 09:24:59 Third,<br>226/364 <font color=red>bg</font> 09-07 09:25:01-09-07 09:25:12 Re-licensing system,<br>227/364 <font color=red>hp</font> 09-07 09:25:02-09-07 09:25:12 580,000 retailers<br>228/364 <font color=red>bg</font> 09-07 09:27:07-09-07 09:27:14 Each business must obtain a tobacco retail license, and each...<br>229/364 <font color=red>n</font> 09-07 09:25:09-09-07 09:25:12 How much goods can be shipped after obtaining the license?<br>230/364 <font color=red>aaa</font> 09-07 09:25:08-09-07 09:25:12 What kind of cigarettes?<br>231/364 <font color=red></font> 09-07 09:25:11-09-07 09:25:26 The only profit you can make is from the difference between ...<br>232/364 <font color=red>xss</font> 09-07 09:25:12-09-07 09:25:26 No pricing rights.<br>233/364 <font color=red>de</font> 09-07 09:25:23-09-07 09:25:33 In simple terms, where does the growth of 5.8 million retail...<br>234/364 <font color=red></font> 09-07 09:25:22-09-07 09:25:27 As mentioned earlier, the one-to-one correspondence is not a...<br>235/364 <font color=red>bg</font> 09-07 09:25:13-09-07 09:25:26 However, this pattern has a critical point.<br>236/364 <font color=red></font> 09-07 09:25:16-09-07 09:25:26 In the early days of 2026,<br>237/364 <font color=red>hp</font> 09-07 09:25:24-09-07 09:25:33 Seventy-two percent of the cigarette varieties in China have...<br>238/364 <font color=red>bg</font> 09-07 09:25:29-09-07 09:25:40 The retail price is higher than the wholesale price.<br>239/364 <font color=red>hp</font> 09-07 09:25:41-09-07 09:25:47 Before selling bags.<br>240/364 <font color=red>aaa</font> 09-07 09:26:11-09-07 09:26:18 In the same half-year,<br>241/364 <font color=red>aaa</font> 09-07 09:25:40-09-07 09:25:47 National consumption tax decreased by 3.4% compared to the p...<br>242/364 <font color=red></font> 09-07 09:25:37-09-07 09:25:43 I can't take it anymore,<br>243/364 <font color=red>n</font> 09-07 09:25:30-09-07 09:25:40 Start going down,<br>244/364 <font color=red>xss</font> 09-07 09:25:33-09-07 09:25:43 This is the signal that a critical point has arrived.<br>245/364 <font color=red></font> 09-07 09:25:31-09-07 09:25:43 Okay,<br>246/364 <font color=red>de</font> 09-07 09:25:43-09-07 09:25:54 The surface-level business model is finished,<br>247/364 <font color=red>bg</font> 09-07 09:25:44-09-07 09:25:58 The next part is the most important today: terminal promotio...<br>248/364 <font color=red>n</font> 09-07 09:25:46-09-07 09:25:58 The gray area where promotions never stop.<br>249/364 <font color=red></font> 09-07 09:25:48-09-07 09:25:58 Many people think that tobacco advertising has been banned b...<br>250/364 <font color=red>xss</font> 09-07 09:26:53-09-07 09:27:02 The tobacco industry will no longer engage in marketing.<br>251/364 <font color=red></font> 09-07 09:25:51-09-07 09:26:00 It's a big mistake to advertise.<br>252/364 <font color=red>xss</font> 09-07 09:25:54-09-07 09:26:02 Never stop,<br>253/364 <font color=red>hp</font> 09-07 09:25:57-09-07 09:26:05 It has shifted from surface-level advertising to in-store pr...<br>254/364 <font color=red>de</font> 09-07 09:26:02-09-07 09:26:13 If you have a hotel with self-service,<br>255/364 <font color=red>aaa</font> 09-07 09:25:55-09-07 09:26:02 Friends who have obtained a tobacco license,<br>256/364 <font color=red>bg</font> 09-07 09:26:04-09-07 09:26:13 You ask, I answer.<br>257/364 <font color=red>n</font> 09-07 09:27:23-09-07 09:27:28 Almost every week, major brands have third-party companies.<br>258/364 <font color=red>n</font> 09-07 09:26:05-09-07 09:26:15 Salesperson visits customers and delivers materials.<br>259/364 <font color=red></font> 09-07 09:26:07-09-07 09:26:18 Display,<br>260/364 <font color=red></font> 09-07 09:26:08-09-07 09:26:18 High quality,<br>261/364 <font color=red>xss</font> 09-07 09:26:13-09-07 09:26:25 These people are not official employees of the tobacco compa...<br>262/364 <font color=red>hp</font> 09-07 09:26:15-09-07 09:26:25 The operating model of all third-party promotional companies...<br>263/364 <font color=red></font> 09-07 09:26:16-09-07 09:26:33 Each of the main industrial companies has a marketing center...<br>264/364 <font color=red>bg</font> 09-07 09:26:19-09-07 09:26:29 However, the marketing center does not directly handle inter...<br>265/364 <font color=red>n</font> 09-07 09:30:17-09-07 09:30:27 Instead, the promotion is outsourced to third-party promotio...<br>266/364 <font color=red>n</font> 09-07 09:26:23-09-07 09:26:33 I'm going to show you some publicly available bidding data.<br>267/364 <font color=red></font> 09-07 09:26:28-09-07 09:26:43 The terminal promotion project of Chongqing Zhongyin for 202...<br>268/364 <font color=red>hp</font> 09-07 09:27:26-09-07 09:27:42 Accessories, 90.43 million<br>269/364 <font color=red>de</font> 09-07 09:26:20-09-07 09:26:29 Totaling nearly six million.<br>270/364 <font color=red></font> 09-07 09:26:26-09-07 09:26:33 This is just a two-year project for Chongqing Tobacco.<br>271/364 <font color=red>aaa</font> 09-07 09:26:29-09-07 09:26:36 The marketing and promotion project of Shandong Yuxiang has ...<br>272/364 <font color=red>hp</font> 09-07 09:26:30-09-07 09:26:37 Another bid, 970,000 plus five hundred thousand.<br>273/364 <font color=red>de</font> 09-07 09:26:37-09-07 09:26:49 There are 13 bidding segments for the national market promot...<br>274/364 <font color=red>xss</font> 09-07 09:26:32-09-07 09:26:47 Yunnan Tobacco's terminal promotion in Shanghai,<br>275/364 <font color=red>n</font> 09-07 09:26:39-09-07 09:26:49 Conduct a targeted visit to 46 terminals, each with an avera...<br>276/364 <font color=red></font> 09-07 09:26:40-09-07 09:26:49 The company has invested in dozens of provinces across the c...<br>277/364 <font color=red>bg</font> 09-07 09:26:34-09-07 09:26:47 A province,<br>278/364 <font color=red>aaa</font> 09-07 09:26:46-09-07 09:26:54 Millions to tens of millions of marketing expenses every yea...<br>279/364 <font color=red>hp</font> 09-07 09:26:49-09-07 09:27:00 Where did all the money go?<br>280/364 <font color=red>n</font> 09-07 09:26:56-09-07 09:27:02 A jewelry and apparel exhibition, a round-table marketing me...<br>281/364 <font color=red>bg</font> 09-07 09:26:52-09-07 09:27:01 Displaying spaces of 90 square meters or more,<br>282/364 <font color=red></font> 09-07 09:26:50-09-07 09:27:01 25,600 per month<br>283/364 <font color=red></font> 09-07 09:26:57-09-07 09:27:05 There are also POS machine screen ads,<br>284/364 <font color=red>de</font> 09-07 09:27:00-09-07 09:27:12 Jiangsu Tobacco's system covers 30,000 stores across the pro...<br>285/364 <font color=red></font> 09-07 09:27:01-09-07 09:27:14 Repeat 300 times each day.<br>286/364 <font color=red>aaa</font> 09-07 09:27:02-09-07 09:27:12 This is essentially a tobacco advertisement.<br>287/364 <font color=red>bg</font> 09-07 09:28:00-09-07 09:28:15 Just a change of name for the terminal.<br>288/364 <font color=red></font> 09-07 09:27:09-09-07 09:27:14 Why use a third-party company?<br>289/364 <font color=red>n</font> 09-07 09:27:11-09-07 09:27:14 I will speak three points until I finish.<br>290/364 <font color=red>hp</font> 09-07 09:27:04-09-07 09:27:14 First,<br>291/364 <font color=red>de</font> 09-07 09:27:18-09-07 09:27:28 The Ministry of Finance and the State Taxation Administratio...<br>292/364 <font color=red>xss</font> 09-07 09:27:12-09-07 09:27:28 No deductions are allowed in advance.<br>293/364 <font color=red>n</font> 09-07 09:28:52-09-07 09:29:05 However, if the fees are packaged as a terminal promotion se...<br>294/364 <font color=red></font> 09-07 09:27:14-09-07 09:27:28 Okay.<br>295/364 <font color=red></font> 09-07 09:27:25-09-07 09:27:42 The nature of the third-party company changes.<br>296/364 <font color=red>aaa</font> 09-07 09:27:15-09-07 09:27:28 This is a purchase of services.<br>297/364 <font color=red>bg</font> 09-07 09:27:20-09-07 09:27:28 Not an advertisement.<br>298/364 <font color=red></font> 09-07 09:27:22-09-07 09:27:28 Second,<br>299/364 <font color=red>bg</font> 09-07 09:27:29-09-07 09:27:42 Large space for cost shifting.<br>300/364 <font color=red>n</font> 09-07 09:27:32-09-07 09:27:42 A price tag,<br>301/364 <font color=red></font> 09-07 09:27:33-09-07 09:27:43 The actual cost of the tasting event with 1,480 bottles coul...<br>302/364 <font color=red>de</font> 09-07 09:27:36-09-07 09:27:43 A display stand priced at 25,600.<br>303/364 <font color=red>de</font> 09-07 09:29:14-09-07 09:29:28 Where did the difference of several thousand yuan go that mi...<br>304/364 <font color=red></font> 09-07 09:28:09-09-07 09:28:16 Think for yourself.<br>305/364 <font color=red></font> 09-07 09:27:35-09-07 09:27:43 Third,<br>306/364 <font color=red>bg</font> 09-07 09:27:49-09-07 09:27:59 Which three-party companies can be involved in the profit tr...<br>307/364 <font color=red>aaa</font> 09-07 09:27:37-09-07 09:27:43 In recent years,<br>308/364 <font color=red>xss</font> 09-07 09:27:40-09-07 09:27:58 There are not a few cases of marketing center leaders who ha...<br>309/364 <font color=red>n</font> 09-07 09:27:45-09-07 09:27:58 Mostly in the terminal and material procurement stages.<br>310/364 <font color=red>hp</font> 09-07 09:27:46-09-07 09:27:59 I won't go into detail about this part.<br>311/364 <font color=red></font> 09-07 09:27:54-09-07 09:27:59 I understand.<br>312/364 <font color=red></font> 09-07 09:27:51-09-07 09:27:59 Okay.<br>313/364 <font color=red>aaa</font> 09-07 09:27:56-09-07 09:27:59 Scale structure,<br>314/364 <font color=red>de</font> 09-07 09:27:57-09-07 09:28:15 The four dimensions of the organizational operating model ha...<br>315/364 <font color=red>n</font> 09-07 09:28:01-09-07 09:28:15 Finally, I want to talk about my judgment on the essence of ...<br>316/364 <font color=red>hp</font> 09-07 09:28:03-09-07 09:28:15 He is not an industry.<br>317/364 <font color=red></font> 09-07 09:28:05-09-07 09:28:16 It is a beverage tax system operated directly by the state.<br>318/364 <font color=red></font> 09-07 09:28:07-09-07 09:28:16 The design logic of this machine is very precise.<br>319/364 <font color=red>xss</font> 09-07 09:28:13-09-07 09:28:30 Monopolize the operation by a sole proprietor.<br>320/364 <font color=red>aaa</font> 09-07 09:29:53-09-07 09:30:06 Use a plan management control system to manage supply, use a...<br>321/364 <font color=red>aaa</font> 09-07 09:28:12-09-07 09:28:16 Ensure execution,<br>322/364 <font color=red>bg</font> 09-07 09:28:18-09-07 09:28:30 To achieve growth through supplementation.<br>323/364 <font color=red>hp</font> 09-07 09:28:20-09-07 09:28:30 The original ingredients are bound in a box.<br>324/364 <font color=red></font> 09-07 09:29:28-09-07 09:29:43 Bypass advertising restrictions using third-party promotions...<br>325/364 <font color=red>n</font> 09-07 09:28:21-09-07 09:28:30 The insect design is intricately linked,<br>326/364 <font color=red></font> 09-07 09:28:24-09-07 09:28:30 Control every link from the printing press to the end user,<br>327/364 <font color=red>de</font> 09-07 09:28:23-09-07 09:28:30 This machine is changing the young people.<br>328/364 <font color=red></font> 09-07 09:28:25-09-07 09:28:30 I'm not going to continue the bidding.<br>329/364 <font color=red>aaa</font> 09-07 09:28:28-09-07 09:28:30 Smoking rate is only 5.2%.<br>330/364 <font color=red>aaa</font> 09-07 09:30:18-09-07 09:30:27 The old smoker is hurrying to leave.<br>331/364 <font color=red></font> 09-07 09:28:30-09-07 09:28:46 Every year, more than one million people are killed by it.<br>332/364 <font color=red>bg</font> 09-07 09:28:31-09-07 09:28:46 A 72% increase in the price of reverse-charge consumption ta...<br>333/364 <font color=red>hp</font> 09-07 09:28:34-09-07 09:28:46 All the signals are saying that a dark road is impassable.<br>334/364 <font color=red>n</font> 09-07 09:28:36-09-07 09:28:46 Go back to the beginning number,<br>335/364 <font color=red></font> 09-07 09:28:40-09-07 09:28:46 Every day, 43 billion is deposited into the treasury.<br>336/364 <font color=red></font> 09-07 09:28:37-09-07 09:28:46 But if you calculate another account,<br>337/364 <font color=red>xss</font> 09-07 09:28:46-09-07 09:29:04 China spends over 30 billion yuan each year on direct medica...<br>338/364 <font color=red>de</font> 09-07 09:28:43-09-07 09:29:01 Total social cost is close to 90 billion.<br>339/364 <font color=red>aaa</font> 09-07 09:28:42-09-07 09:28:46 One cent per piece.<br>340/364 <font color=red></font> 09-07 09:28:51-09-07 09:29:07 The social cost of tobacco taxes is estimated to be between ...<br>341/364 <font color=red>bg</font> 09-07 09:28:48-09-07 09:29:02 This is not a transaction for profit.<br>342/364 <font color=red>aaa</font> 09-07 09:28:54-09-07 09:29:08 This is a overdue bill.<br>343/364 <font color=red>hp</font> 09-07 09:28:57-09-07 09:29:10 Using a short-term, certain tax rate.<br>344/364 <font color=red></font> 09-07 09:28:58-09-07 09:29:11 Sustain long-term health insurance funds and labor productiv...<br>345/364 <font color=red></font> 09-07 09:29:00-09-07 09:29:19 The country is playing a well-planned exit strategy.<br>346/364 <font color=red>xss</font> 09-07 09:29:18-09-07 09:29:29 While using price increases and high-end products,<br>347/364 <font color=red></font> 09-07 09:29:56-09-07 09:30:15 To safely extract the last value of existing smokers,<br>348/364 <font color=red></font> 09-07 09:29:21-09-07 09:29:29 Instead of transferring 25% of their profits to the state-ow...<br>349/364 <font color=red>n</font> 09-07 09:29:19-09-07 09:29:29 Allocate excess profits to the treasury,<br>350/364 <font color=red>hp</font> 09-07 09:29:55-09-07 09:30:09 While giving the heating equipment a direct entrance and ill...<br>351/364 <font color=red>aaa</font> 09-07 09:29:23-09-07 09:29:29 Smooth transition over a period of 10 to 20 years.<br>352/364 <font color=red></font> 09-07 09:29:29-09-07 09:29:43 Finally, I want to say that...<br>353/364 <font color=red>hp</font> 09-07 09:29:26-09-07 09:29:29 Tobacco,<br>354/364 <font color=red>bg</font> 09-07 09:29:31-09-07 09:29:43 White liquor,<br>355/364 <font color=red>de</font> 09-07 09:29:32-09-07 09:29:43 Milk tea,<br>356/364 <font color=red></font> 09-07 09:29:35-09-07 09:29:43 Short videos,<br>357/364 <font color=red>n</font> 09-07 09:29:38-09-07 09:29:43 The underlying principle is design dependency harvesting.<br>358/364 <font color=red>xss</font> 09-07 09:30:12-09-07 09:30:27 The difference between a business that attracts attention or...<br>359/364 <font color=red>bg</font> 09-07 09:29:44-09-07 09:30:02 Every time you take a drag, you're adding fuel to the machin...<br>360/364 <font color=red>aaa</font> 09-07 09:29:40-09-07 09:29:43 And to understand this game of Cherry Blossom,<br>361/364 <font color=red>hp</font> 09-07 09:29:41-09-07 09:29:43 You have understood the final outcome of all business dealin...<br>362/364 <font color=red>xss</font> 09-07 09:29:43-09-07 09:30:00 I am Five K Uncle,<br>363/364 <font color=red></font> 09-07 09:29:47-09-07 09:30:03 Follow me,<br>364/364 <font color=red>n</font> 09-07 09:29:50-09-07 09:30:05 Next time, we will continue to disassemble the commercial pe...<br>