1/364 0.15-1.29 <font color=red>n</font> 昨天出了一期视频，09-07 09:05:53-09-07 09:05:55<font color=blue>I posted a video yesterday,</font><br>2/364 1.83-3.87 <font color=red>aaa</font> 讲中国现在的接烟钞说，09-07 09:05:55-09-07 09:05:57<font color=blue>Tell me about the current Chinese cigarettes,</font><br>3/364 4.11-5.01 <font color=red>hp</font> 年轻人不接盘了。09-07 09:05:56-09-07 09:06:00<font color=blue>Young people don't want to take on the responsibility.</font><br>4/364 5.73-7.89 <font color=red>n</font> 中国烟草这台印钞机开始踩刹车，09-07 09:05:57-09-07 09:06:00<font color=blue>China's printing press is starting to slow down.</font><br>5/364 8.25-9.39 <font color=red>n</font> 结果评论区有人问我，09-07 09:05:57-09-07 09:06:00<font color=blue>Result: In the comment section, someone asked me,</font><br>6/364 9.87-12.21 <font color=red>aaa</font> 你把烟草行业的商业逻辑拆给我们看看。09-07 09:05:58-09-07 09:06:00<font color=blue>Let's break down the business logic of the tobacco industry for us.</font><br>7/364 12.57-13.65 <font color=red>hp</font> 好的安排。09-07 09:06:01-09-07 09:06:05<font color=blue>Okay, that sounds good.</font><br>8/364 14.37-16.59 <font color=red>n</font> 今天我就把这个行业从头到尾拆给你看。09-07 09:06:02-09-07 09:06:06<font color=blue>Today, I'm going to give you a complete overview of this industry from start to finish.</font><br>9/364 17.07-18.45 <font color=red>n</font> 首先告诉你一个反常识，09-07 09:06:02-09-07 09:06:06<font color=blue>First, let me tell you something that goes against common sense.</font><br>10/364 19.11-20.07 <font color=red>aaa</font> 因为税费的存在，09-07 09:06:03-09-07 09:06:05<font color=blue>Due to the existence of taxes,</font><br>11/364 20.67-23.25 <font color=red>hp</font> 所以烟草最赚钱的环节根本不是卖烟。09-07 09:06:05-09-07 09:06:09<font color=blue>Therefore, the most profitable part of tobacco is not selling cigarettes.</font><br>12/364 24.15-24.81 <font color=red>de</font> 二零二五年，09-07 09:06:06-09-07 09:06:27<font color=blue>In 2025,</font><br>13/364 24.87-27.57 <font color=red>aaa</font> 中国烟草工商税率一万六千五百七十个亿，09-07 09:06:07-09-07 09:06:09<font color=blue>China's tobacco and excise tax revenue is 165.7 billion,</font><br>14/364 28.11-29.97 <font color=red>xss</font> 上缴财政一万五千八百个亿，09-07 09:06:07-09-07 09:06:50<font color=blue>Contribute 15.8 billion yuan to the treasury,</font><br>15/364 30.21-30.75 <font color=red>n</font> 什么概念？09-07 09:06:08-09-07 09:06:10<font color=blue>What's the concept?</font><br>16/364 31.29-33.03 <font color=red>n</font> 每天往国库里打四十三个亿，09-07 09:06:09-09-07 09:06:11<font color=blue>Every day, 43 billion is deposited into the treasury.</font><br>17/364 33.63-36.99 <font color=red>hp</font> 相当于每二十四小时就在国内建一座世界级跨海大桥。09-07 09:06:10-09-07 09:06:16<font color=blue>Equivalent to building a world-class cross-sea bridge every 24 hours in the country.</font><br>18/364 37.65-38.25 <font color=red>aaa</font> 二零二三年，09-07 09:06:11-09-07 09:06:12<font color=blue>2023,</font><br>19/364 38.37-40.53 <font color=red>n</font> 全国国防军费预算一点五五万亿，09-07 09:06:11-09-07 09:06:16<font color=blue>The national defense budget is 1.55 trillion,</font><br>20/364 41.01-42.45 <font color=red>n</font> 跟烟草税率几乎持平。09-07 09:06:12-09-07 09:06:16<font color=blue>Almost the same as tobacco tax rates.</font><br>21/364 42.75-43.77 <font color=red>aaa</font> 所以网上有个段子，09-07 09:06:13-09-07 09:06:14<font color=blue>So there's a joke online,</font><br>22/364 44.43-44.79 <font color=red>hp</font> 你不抽，09-07 09:11:14-09-07 09:11:16<font color=blue>You don't smoke.</font><br>23/364 44.91-46.41 <font color=red>aaa</font> 我不抽航母坏了，09-07 09:06:16-09-07 09:06:18<font color=blue>I don't smoke the aircraft carrier,</font><br>24/364 46.47-49.35 <font color=red>n</font> 谁来修你一口我一口飞机火箭天上走。09-07 09:06:18-09-07 09:06:22<font color=blue>Who will fix my one-for-one airplane, so we can fly to the sky?</font><br>25/364 49.59-53.31 <font color=red>bg</font> 但是这是上交给国家的税不是利润而卖烟，09-07 09:06:19-09-07 09:07:12<font color=blue>However, this is not profit from selling cigarettes but taxes paid to the state.</font><br>26/364 53.43-55.29 <font color=red>hp</font> 真正的暴力藏在你看不见的地方，09-07 09:06:19-09-07 09:06:23<font color=blue>The real violence is hidden in places you can't see.</font><br>27/364 55.65-58.77 <font color=red>aaa</font> 烟嘴里包装盒上镶亲配方里，09-07 09:06:20-09-07 09:06:22<font color=blue>In the ashtray, there is a box with packaging and ingredients.</font><br>28/364 58.83-61.36 <font color=red>n</font> 还有那些天天往年酒店跑到业务员身上，09-07 09:06:21-09-07 09:06:24<font color=blue>And those who constantly bother the business staff of hotels every year.</font><br>29/364 61.99-63.01 <font color=red>n</font> 这期内容比较长，09-07 09:06:22-09-07 09:06:24<font color=blue>This episode is quite long.</font><br>30/364 63.67-66.25 <font color=red>aaa</font> 建议先点赞收藏艾特豆包提取文章，09-07 09:06:23-09-07 09:06:26<font color=blue>Please like and save this article, and also mention @Doubao.</font><br>31/364 66.37-66.91 <font color=red>hp</font> 结构框架，09-07 09:06:24-09-07 09:06:26<font color=blue>Structural framework,</font><br>32/364 67.27-67.45 <font color=red>n</font> 方便，09-07 09:06:25-09-07 09:06:25<font color=blue>Convenient,</font><br>33/364 67.63-68.11 <font color=red>n</font> 后期再看。09-07 09:06:25-09-07 09:06:27<font color=blue>I'll look at it later.</font><br>34/364 68.82-69.06 <font color=red>n</font> 现在，09-07 09:06:26-09-07 09:06:27<font color=blue>Now,</font><br>35/364 69.18-69.78 <font color=red>aaa</font> 咱们慢慢聊，09-07 09:06:27-09-07 09:06:28<font color=blue>Let's talk slowly,</font><br>36/364 70.37-70.73 <font color=red>hp</font> 要理解，09-07 09:06:28-09-07 09:06:29<font color=blue>To understand,</font><br>37/364 70.85-73.27 <font color=red>de</font> 今天的烟草得先回到四十多年前，09-07 09:06:28-09-07 09:07:08<font color=blue>Let's go back to the 1940s,</font><br>38/364 73.57-75.66 <font color=red>n</font> 一九八一年改革开放初期，09-07 09:06:29-09-07 09:06:32<font color=blue>In the early years of China's reform and opening-up,</font><br>39/364 76.38-77.7 <font color=red>n</font> 烟草行业乱成一锅粥，09-07 09:06:30-09-07 09:06:32<font color=blue>The tobacco industry is a mess.</font><br>40/364 78.31-79.21 <font color=red>aaa</font> 烟场遍地开花，09-07 09:06:30-09-07 09:06:31<font color=blue>Flower-filled tobacco fields,</font><br>41/364 79.87-80.47 <font color=red>hp</font> 牌号杂乱，09-07 09:06:31-09-07 09:06:33<font color=blue>Confusing brand names,</font><br>42/364 80.59-80.77 <font color=red>de</font> 无证，09-07 09:06:32-09-07 09:06:49<font color=blue>Unlicensed,</font><br>43/364 81.33-82.23 <font color=red>aaa</font> 税源大量流失，09-07 09:06:32-09-07 09:06:34<font color=blue>Tax revenue is in large amounts,</font><br>44/364 83.01-84.78 <font color=red>n</font> 跨过巨头虎市等等。09-07 09:06:33-09-07 09:06:35<font color=blue>Overcoming giants and other challenges.</font><br>45/364 85.11-85.59 <font color=red>n</font> 危急时刻，09-07 09:06:34-09-07 09:06:35<font color=blue>In a critical moment,</font><br>46/364 86.32-87.1 <font color=red>hp</font> 孤园一声令下，09-07 09:06:34-09-07 09:06:37<font color=blue>Upon hearing the order,</font><br>47/364 87.78-88.98 <font color=red>aaa</font> 烟草实行国家专营。09-07 09:06:35-09-07 09:06:36<font color=blue>Tobacco is subject to state monopoly.</font><br>48/364 89.28-89.94 <font color=red>n</font> 一九八二年，09-07 09:06:36-09-07 09:06:37<font color=blue>1982,</font><br>49/364 90.68-92.0 <font color=red>n</font> 中国烟草总公司成立。09-07 09:06:37-09-07 09:06:38<font color=blue>China Tobacco Corporation was established.</font><br>50/364 92.66-93.32 <font color=red>aaa</font> 一九八三年，09-07 09:06:37-09-07 09:06:38<font color=blue>1983,</font><br>51/364 93.96-95.04 <font color=red>hp</font> 烟草专卖条例颁布，09-07 09:06:38-09-07 09:06:41<font color=blue>Tobacco Sales Regulations are enacted.</font><br>52/364 95.34-97.9 <font color=red>n</font> 这一步根本不是什么弯道超车，09-07 09:06:39-09-07 09:06:41<font color=blue>This is not a shortcut at all.</font><br>53/364 98.44-100.18 <font color=red>n</font> 而是直接买下了整条赛道，09-07 09:06:39-09-07 09:06:42<font color=blue>Instead, they directly bought the entire track.</font><br>54/364 100.83-101.85 <font color=red>aaa</font> 聘请了所有裁判，09-07 09:06:40-09-07 09:06:41<font color=blue>Hired all referees.</font><br>55/364 102.09-103.23 <font color=red>aaa</font> 然后宣布比赛开始。09-07 09:11:42-09-07 09:11:44<font color=blue>Then announce the start of the competition.</font><br>56/364 103.9-104.5 <font color=red>hp</font> 一九九一年，09-07 09:06:41-09-07 09:06:43<font color=blue>1991,</font><br>57/364 105.16-106.42 <font color=red>aaa</font> 烟草专卖法正式颁布，09-07 09:06:42-09-07 09:06:44<font color=blue>The Tobacco Special Act has been formally promulgated.</font><br>58/364 107.02-108.76 <font color=red>n</font> 从法律层面锁定了统一领导、09-07 09:06:43-09-07 09:06:46<font color=blue>From a legal perspective, it is unified leadership.</font><br>59/364 109.18-110.62 <font color=red>n</font> 直至管理专卖专营的体制。09-07 09:06:43-09-07 09:06:46<font color=blue>Until the system of exclusive management and operation.</font><br>60/364 111.03-112.95 <font color=red>hp</font> 二零零三年推行工商分离改革，09-07 09:06:44-09-07 09:06:49<font color=blue>In 2003, the reform of separating government and business was implemented.</font><br>61/364 113.64-115.02 <font color=red>aaa</font> 把生产和销售彻底拆开。09-07 09:06:45-09-07 09:06:46<font color=blue>Separate production and sales completely.</font><br>62/364 115.38-118.01 <font color=red>n</font> 二零一五年第一次全航也提水顺枪。09-07 09:06:46-09-07 09:06:54<font color=blue>In the first round of the 2015 All-Air competition, water and guns were used in a combined manner.</font><br>63/364 118.67-119.33 <font color=red>aaa</font> 二零二六年，09-07 09:06:48-09-07 09:06:49<font color=blue>2026,</font><br>64/364 119.98-124.84 <font color=red>n</font> 烟草央企税后利润上缴比例从百分之二十五直接提到百分之三十五，09-07 09:06:49-09-07 09:06:54<font color=blue>State-owned tobacco companies' tax revenue contribution ratio from 25% to 35%.</font><br>65/364 125.08-126.82 <font color=red>aaa</font> 比石油电力还高十个百分点。09-07 09:06:50-09-07 09:06:51<font color=blue>Ten percentage points higher than oil power.</font><br>66/364 127.12-128.86 <font color=red>hp</font> 你看四十多年气不起，09-07 09:06:50-09-07 09:06:55<font color=blue>I've been watching for forty years, but I still can't get it.</font><br>67/364 129.52-131.44 <font color=red>de</font> 每一步都在把这台机器拧的更紧。09-07 09:06:51-09-07 09:07:09<font color=blue>Every step tightens the machine more.</font><br>68/364 131.68-132.04 <font color=red>xss</font> 到今天，09-07 09:06:52-09-07 09:07:07<font color=blue>As of today,</font><br>69/364 132.16-133.72 <font color=red>aaa</font> 它已经不是一个普通的行业了，09-07 09:06:52-09-07 09:06:54<font color=blue>It's no longer just an ordinary industry.</font><br>70/364 134.38-141.58 <font color=red>n</font> 它是一台油国家直接操控的财政印钞机家就业蓄水持加区域经济支柱三位一体的巨型机器。09-07 09:06:55-09-07 09:07:02<font color=blue>It is a giant machine that directly controls the fiscal and monetary policies of oil-producing countries, serving as an economic pillar for their regions.</font><br>71/364 141.7-142.24 <font color=red>n</font> 先说规模。09-07 09:06:56-09-07 09:06:59<font color=blue>Let's start with the scale.</font><br>72/364 142.54-145.42 <font color=red>aaa</font> 刚才说了二零二五年税利一万六千五百七十一，09-07 09:06:56-09-07 09:07:01<font color=blue>I just said that the tax revenue for 2025 is one million six hundred and fifty-seven thousand.</font><br>73/364 145.96-148.42 <font color=red>hp</font> 占全国一般公共预算收入的百分之七，09-07 09:06:57-09-07 09:07:01<font color=blue>Accounts for 7% of the national general budget revenue,</font><br>74/364 149.08-151.6 <font color=red>n</font> 国家每花一百块钱就有七块钱，09-07 09:06:59-09-07 09:07:02<font color=blue>The country spends seven cents for every dollar it earns.</font><br>75/364 151.72-152.44 <font color=red>aaa</font> 是鄢敏涛的。09-07 09:07:02-09-07 09:07:03<font color=blue>It belongs to Yan Min Tao.</font><br>76/364 152.62-153.34 <font color=red>hp</font> 但有意思的是，09-07 09:07:03-09-07 09:07:04<font color=blue>Interestingly,</font><br>77/364 154.06-155.26 <font color=red>n</font> 税利年年创新高，09-07 09:07:03-09-07 09:07:07<font color=blue>Tax revenue continues to rise year after year.</font><br>78/364 155.86-157.06 <font color=red>n</font> 销量却十年没涨过。09-07 09:07:04-09-07 09:07:07<font color=blue>Sales have not increased in ten years.</font><br>79/364 157.42-161.62 <font color=red>aaa</font> 中国卷烟销量的峰值在二零一四年五千零九十九万箱之后，09-07 09:07:05-09-07 09:07:09<font color=blue>The peak of Chinese cigarette sales occurred after 5,099,000 boxes in May 2014.</font><br>80/364 161.68-162.58 <font color=red>hp</font> 就再也没突破过，09-07 09:07:05-09-07 09:07:08<font color=blue>Never broke through again,</font><br>81/364 163.24-165.34 <font color=red>n</font> 长期在四千七百万箱左右横盘。09-07 09:07:08-09-07 09:07:12<font color=blue>It has been fluctuating around 4.7 million boxes for a long time.</font><br>82/364 165.7-166.3 <font color=red>n</font> 二零二五年，09-07 09:07:09-09-07 09:07:11<font color=blue>In 2025,</font><br>83/364 166.42-168.76 <font color=red>xss</font> 全国卷烟产量两万四千七百零三亿，09-07 09:07:09-09-07 09:07:56<font color=blue>National cigarette production reached 24.703 billion sticks,</font><br>84/364 168.88-170.98 <font color=red>hp</font> 只通比只涨了百分之零点二，09-07 09:07:10-09-07 09:07:14<font color=blue>Only the "only" increased by 0.2%,</font><br>85/364 171.7-172.78 <font color=red>de</font> 基本就是原地踏步，09-07 09:07:11-09-07 09:07:37<font color=blue>It's basically just going in circles.</font><br>86/364 172.96-174.4 <font color=red>de</font> 这就叫智张，09-07 09:07:11-09-07 09:07:36<font color=blue>This is called "Chi Zhang",</font><br>87/364 174.46-176.44 <font color=red>aaa</font> 是繁荣量不涨价、09-07 09:07:12-09-07 09:07:14<font color=blue>The price of the product is not rising, it's thriving.</font><br>88/364 176.56-176.62 <font color=red>n</font> 涨、09-07 09:07:13-09-07 09:07:13<font color=blue>Rise,</font><br>89/364 176.74-177.4 <font color=red>n</font> 税率照样涨，09-07 09:07:13-09-07 09:07:14<font color=blue>Tax rates remain the same.</font><br>90/364 177.94-183.17 <font color=red>bg</font> 老百姓的直观感受就是十几块的平价烟越来越难买几十上百的烟越来越多。09-07 09:07:14-09-07 09:09:17<font color=blue>The public's intuitive feeling is that affordable cigarettes, which used to cost around 10 yuan, are becoming increasingly difficult to find, while expensive cigarettes costing dozens or hundreds of yuan are becoming more and more common.</font><br>91/364 183.79-186.23 <font color=red>n</font> 再说结口烟草产业链看起来简单，09-07 09:07:15-09-07 09:07:16<font color=blue>The tobacco industry chain appears simple,</font><br>92/364 186.96-188.9 <font color=red>n</font> 众烟也卷言蔓阴三段。09-07 09:12:17-09-07 09:12:19<font color=blue>The smoke billows, the words and shadows intertwine in three segments.</font><br>93/364 189.44-190.46 <font color=red>aaa</font> 但每一段里面的水，09-07 09:07:17-09-07 09:07:18<font color=blue>But the water in each section,</font><br>94/364 191.18-194.789 <font color=red>n</font> 深圳的一产烟业种植全国两百五十万烟农主要在云南、09-07 09:07:17-09-07 09:07:26<font color=blue>The tobacco industry in Shenzhen, which is the main supplier of tobacco products to the entire country, has 250,000 farmers who are mainly located in Yunnan.</font><br>95/364 194.91-195.15 <font color=red>n</font> 贵州、09-07 09:07:18-09-07 09:07:19<font color=blue>Guizhou,</font><br>96/364 195.27-195.51 <font color=red>aaa</font> 湖南，09-07 09:07:19-09-07 09:07:19<font color=blue>Hunan,</font><br>97/364 195.86-197.99 <font color=red>hp</font> 但烟农是整个链条里最弱势的一环，09-07 09:07:19-09-07 09:07:24<font color=blue>But the farmers are the weakest link in the entire chain.</font><br>98/364 198.53-199.07 <font color=red>n</font> 重多少，09-07 09:07:20-09-07 09:07:21<font color=blue>How much?</font><br>99/364 199.74-200.52 <font color=red>aaa</font> 什么叫卖给谁？09-07 09:07:21-09-07 09:07:24<font color=blue>What does "selling to whom" mean?</font><br>100/364 201.12-205.35 <font color=red>n</font> 全是计划一包十八块的烟烟业成本只有五毛两，09-07 09:07:22-09-07 09:07:28<font color=blue>The cost of each pack of cigarettes is 18 yuan, but the production cost for cigarette industry is only 5 cents.</font><br>101/364 205.47-207.27 <font color=red>aaa</font> 占烟价的百分之二点七种。09-07 09:07:24-09-07 09:07:26<font color=blue>Account for 2.7% of the total price.</font><br>102/364 207.45-207.93 <font color=red>hp</font> 烟叶的农民，09-07 09:07:25-09-07 09:07:27<font color=blue>Tobacco farmers,</font><br>103/364 208.11-209.43 <font color=red>n</font> 一年也就几万块的收入。09-07 09:07:26-09-07 09:07:29<font color=blue>A few tens of thousands of yuan a year.</font><br>104/364 210.08-210.14 <font color=red>aaa</font> 二、09-07 09:07:27-09-07 09:07:28<font color=blue>II.</font><br>105/364 210.32-216.9 <font color=red>hp</font> 产卷烟制造全国十八家省级中原工业公司云南中冶一家独大上海烟草靠中华，09-07 09:07:28-09-07 09:07:37<font color=blue>The 18 provincial-level industrial companies in China that manufacture cigarettes, with Yunnan Zhongye being the dominant one. Shanghai Tobacco relies on Chinese state-owned enterprises.</font><br>106/364 217.08-218.58 <font color=red>aaa</font> 一年营收一千三百多亿。09-07 09:07:28-09-07 09:07:30<font color=blue>Annual revenue of over 13 billion.</font><br>107/364 219.24-222.14 <font color=red>n</font> 湖南中烟的芙蓉王湖北中淹的黄鹤楼，09-07 09:07:29-09-07 09:07:34<font color=blue> Hunan's "Fuwang" and Hubei's "Huanghe Lou",</font><br>108/364 222.77-224.689 <font color=red>n</font> 浙江中烟的利群都是百亿级品牌，09-07 09:07:30-09-07 09:07:35<font color=blue>Zhejiang Yikun's Liqiong is a billion-dollar brand.</font><br>109/364 224.93-230.56 <font color=red>aaa</font> 三产批零物流三十三家省级烟草商业公司负责批发五百八十万持政零售户，09-07 09:07:31-09-07 09:07:35<font color=blue>Thirty-three provincial tobacco commercial companies, which are part of the third category (wholesale), handle wholesale for 5.8 million registered retailers.</font><br>110/364 230.74-233.56 <font color=red>n</font> 负责中端销售生产企业不能自己卖烟，09-07 09:07:35-09-07 09:07:38<font color=blue>Companies responsible for mid-range sales and production cannot sell cigarettes themselves.</font><br>111/364 234.3-235.44 <font color=red>n</font> 必须卖给商业公司，09-07 09:07:36-09-07 09:07:38<font color=blue>Must be sold to a commercial company.</font><br>112/364 236.099-237.12 <font color=red>aaa</font> 虽然叫工商分离，09-07 09:07:36-09-07 09:07:38<font color=blue>Although it is called "separation of administration and industry",</font><br>113/364 237.69-239.35 <font color=red>de</font> 但是离婚不理家好明线。09-07 09:07:37-09-07 09:08:21<font color=blue>However, it is clear that divorce and neglect of family are not a good combination.</font><br>114/364 239.47-239.77 <font color=red>hp</font> 讲完了，09-07 09:07:38-09-07 09:07:39<font color=blue>Finished,</font><br>115/364 240.13-241.97 <font color=red>de</font> 接下来是重点原辅料，09-07 09:07:38-09-07 09:08:01<font color=blue>Next, we will discuss the key raw materials.</font><br>116/364 242.55-244.409 <font color=red>aaa</font> 这个被所有人忽略的暴力上游，09-07 09:07:39-09-07 09:07:40<font color=blue>This overlooked violence,</font><br>117/364 244.95-247.4 <font color=red>n</font> 你以为一支烟就是烟叶卷起来错了，09-07 09:07:40-09-07 09:07:44<font color=blue>You're wrong, a cigarette isn't just rolled tobacco.</font><br>118/364 247.64-249.91 <font color=red>n</font> 一支烟里烟叶只是原料之一，09-07 09:07:40-09-07 09:07:44<font color=blue>A cigarette is made of tobacco leaves, but it's not the only ingredient.</font><br>119/364 250.51-253.67 <font color=red>hp</font> 还有绿嘴卷阴纸包装和爆珠相亲相燎。09-07 09:07:41-09-07 09:07:45<font color=blue>There are green-mouthed paper packages and exploding bombs.</font><br>120/364 254.32-256.28 <font color=red>aaa</font> 每一个都是高毛利高壁垒、09-07 09:07:42-09-07 09:07:44<font color=blue>Each is a high-margin, high-barrier product.</font><br>121/364 256.4-258.33 <font color=red>n</font> 高集中度的隐形印钞集。09-07 09:07:45-09-07 09:07:46<font color=blue>High-resolution counterfeit money collection.</font><br>122/364 258.92-262.33 <font color=red>aaa</font> 先说律嘴绿嘴的核心原料叫二醋酸纤维素四数。09-07 09:07:46-09-07 09:07:50<font color=blue>First, let's talk about the core ingredients of Law Mouth Green Mouth: Dichloroacetic acid cellulose.</font><br>123/364 262.89-267.21 <font color=red>n</font> 这个领域是典型的合资垄断国内最大的三家南通醋酸纤维、09-07 09:07:46-09-07 09:07:51<font color=blue>This is a typical joint venture monopoly, the three largest domestic manufacturers of acetic acid fiber.</font><br>124/364 267.45-268.29 <font color=red>hp</font> 珠海醋酸纤维、09-07 09:07:47-09-07 09:07:50<font color=blue>Zhuhai Acetate Fiber,</font><br>125/364 269.03-274.59 <font color=red>n</font> 昆明醋酸纤维全都是中国烟草总公司跟美国塞拉尼斯公司的合资企业，09-07 09:07:48-09-07 09:07:52<font color=blue>Kunming acetate fiber is a joint venture between China Tobacco and US Seraphina,</font><br>126/364 274.83-277.29 <font color=red>aaa</font> 南通一家产能占全国百分之五十七点三，09-07 09:07:51-09-07 09:07:53<font color=blue>A factory in Nantong accounts for 57.3% of the national capacity,</font><br>127/364 278.09-279.53 <font color=red>hp</font> 毛利率百分之三十七点二。09-07 09:07:51-09-07 09:07:56<font color=blue>Profit margin is 37.2%.</font><br>128/364 279.829-282.65 <font color=red>n</font> 整个丝塾行业平均毛利率百分之三十四点七。09-07 09:07:52-09-07 09:07:56<font color=blue>The average gross profit margin of the entire silk industry is 34.7%.</font><br>129/364 283.31-286.61 <font color=red>n</font> 前五大绿嘴泵厂占了全国供应量的百分之八十三点六。09-07 09:07:53-09-07 09:07:58<font color=blue>The top five green mouth pump factories accounted for 83.6% of the national supply.</font><br>130/364 287.21-290.51 <font color=red>aaa</font> 你想想烟草总公司不仅垄断了卷烟生产，09-07 09:07:54-09-07 09:07:56<font color=blue>Think about it, tobacco companies not only monopolize cigarette production,</font><br>131/364 291.07-294.25 <font color=red>xss</font> 还通过合资把上游最核心的滤嘴原料也攥在手里。09-07 09:07:57-09-07 09:09:03<font color=blue>Also, through joint ventures, the company has secured control over the most critical raw materials for upstream filtration.</font><br>132/364 294.55-299.07 <font color=red>aaa</font> 外部资本想进这个领域门都没有再说烟标就是卷烟包装盒，09-07 09:07:58-09-07 09:08:02<font color=blue>External capital has no chance to enter this field, and the only thing they can do is to try to get into the tobacco industry through cigarette packaging.</font><br>133/364 299.31-301.59 <font color=red>n</font> 这是印刷行业里最赚钱的细分赛道。09-07 09:07:58-09-07 09:08:01<font color=blue>This is the most profitable niche in the printing industry.</font><br>134/364 301.89-303.09 <font color=red>n</font> 行业龙头进家股份，09-07 09:07:59-09-07 09:08:01<font color=blue>Industry leader, Jia shares.</font><br>135/364 303.21-305.25 <font color=red>hp</font> 二零二五年烟标盈收四十五个亿，09-07 09:08:02-09-07 09:08:07<font color=blue>In 2025, the tobacco industry will generate a revenue of $4.5 billion.</font><br>136/364 305.92-307.42 <font color=red>n</font> 毛利率百分之二十九点七。09-07 09:08:02-09-07 09:08:05<font color=blue>Gross profit margin is 29.7%.</font><br>137/364 308.2-310.66 <font color=red>n</font> 历史上最高的时候到过百分之四十五点九。09-07 09:08:03-09-07 09:08:06<font color=blue>The highest point in history was 45.9%.</font><br>138/364 311.11-311.59 <font color=red>de</font> 东风股份、09-07 09:08:04-09-07 09:08:29<font color=blue>Dongfeng Motor Corporation</font><br>139/364 311.71-312.19 <font color=red>aaa</font> 金石科技、09-07 09:08:04-09-07 09:08:05<font color=blue>Jinshi Technology,</font><br>140/364 312.31-314.89 <font color=red>n</font> 毛利率都在百分之二十八到百分之三十二之间，09-07 09:13:06-09-07 09:13:08<font color=blue>The profit margins are between 28% and 32%.</font><br>141/364 315.53-317.449 <font color=red>aaa</font> 普通包装印刷行业毛利率多少？09-07 09:08:06-09-07 09:08:08<font color=blue>What is the average gross profit margin in the general packaging printing industry?</font><br>142/364 318.09-319.53 <font color=red>n</font> 百分之十五到百分之二十。09-07 09:08:07-09-07 09:08:08<font color=blue>Fifteen to twenty percent.</font><br>143/364 319.89-321.03 <font color=red>n</font> 燕彪为什么这么赚钱？09-07 09:08:07-09-07 09:08:09<font color=blue>Why does Yan Biao make so much money?</font><br>144/364 321.69-324.27 <font color=red>hp</font> 因为客户只有十八家中原公司订单稳定，09-07 09:08:08-09-07 09:08:13<font color=blue>Because the customer only has 18 stable orders from companies in Changyuan,</font><br>145/364 324.94-326.02 <font color=red>aaa</font> 回款即时单价高，09-07 09:08:09-09-07 09:08:10<font color=blue>High immediate return rate,</font><br>146/364 326.62-328.72 <font color=red>n</font> 而且一旦进入供应链就不会被换掉，09-07 09:08:09-09-07 09:08:13<font color=blue>And once you're in the supply chain, it won't be replaced.</font><br>147/364 329.02-330.1 <font color=red>n</font> 然后是香精香料，09-07 09:08:10-09-07 09:08:13<font color=blue>Then comes the fragrance and flavor,</font><br>148/364 330.76-332.86 <font color=red>aaa</font> 这是整个产业链里最黑香的环节，09-07 09:08:11-09-07 09:08:13<font color=blue>This is the most lucrative and shady part of the entire supply chain.</font><br>149/364 333.16-334.96 <font color=red>n</font> 一款烟的口味百分之九十以上，09-07 09:08:13-09-07 09:08:16<font color=blue>A cigarette with a flavor percentage of more than 90%.</font><br>150/364 335.02-336.1 <font color=red>hp</font> 由香精配方决定，09-07 09:08:14-09-07 09:08:18<font color=blue>Determined by the fragrance formula,</font><br>151/364 336.66-341.82 <font color=red>aaa</font> 而配方是各家中烟的最高机密行业龙头华宝国际毛利率百分之四十点八。09-07 09:08:15-09-07 09:08:19<font color=blue>And the formula is a closely guarded trade secret of leading Chinese tobacco companies, with gross profit margins reaching 48%.</font><br>152/364 342.48-343.38 <font color=red>n</font> 二零二四年的时候，09-07 09:08:16-09-07 09:08:18<font color=blue>In 2024,</font><br>153/364 343.5-344.82 <font color=red>n</font> 到过百分之四十二点七、09-07 09:08:16-09-07 09:08:18<font color=blue>Visited 42.7%,</font><br>154/364 345.27-347.19 <font color=red>hp</font> 百分之四十以上的毛利率什么概念？09-07 09:08:19-09-07 09:08:23<font color=blue>What is a gross profit margin of more than 40%?</font><br>155/364 347.67-348.45 <font color=red>n</font> 在制造业里，09-07 09:08:20-09-07 09:08:20<font color=blue>In manufacturing,</font><br>156/364 349.01-350.45 <font color=red>n</font> 这是接近奢侈品的水平。09-07 09:08:20-09-07 09:08:23<font color=blue>This is at the level of luxury goods.</font><br>157/364 351.05-351.95 <font color=red>aaa</font> 除了这三个大头，09-07 09:08:21-09-07 09:08:22<font color=blue>Besides these three big heads,</font><br>158/364 352.62-353.92 <font color=red>n</font> 还有爆珠卷，09-07 09:08:22-09-07 09:08:23<font color=blue>There are also bubble wrap rolls.</font><br>159/364 354.04-355.54 <font color=red>de</font> 烟纸类设磨爆竹，09-07 09:08:22-09-07 09:08:38<font color=blue>Firecrackers,</font><br>160/364 355.599-356.56 <font color=red>aaa</font> 一颗成本几分钱，09-07 09:08:23-09-07 09:08:24<font color=blue>A few cents,</font><br>161/364 357.21-358.77 <font color=red>n</font> 能让一包烟多卖五到十块。09-07 09:08:24-09-07 09:08:27<font color=blue>It can make a pack of cigarettes sell for five to ten more.</font><br>162/364 359.19-359.67 <font color=red>hp</font> 镭售模式，09-07 09:08:24-09-07 09:08:26<font color=blue> Rental model,</font><br>163/364 359.85-361.59 <font color=red>n</font> 包装材料里增长最快的品类。09-07 09:08:25-09-07 09:08:28<font color=blue>Fastest-growing product categories in packaging materials.</font><br>164/364 362.2-364.9 <font color=red>aaa</font> 靳家的镭射业务上半年同比涨了百分之三十。09-07 09:08:26-09-07 09:08:29<font color=blue>The laser business of the Jin family increased by 30% year-on-year in the first half.</font><br>165/364 365.56-368.44 <font color=red>hp</font> 所以你看烟草真正的暴力环节全在原辅料理。09-07 09:08:27-09-07 09:08:32<font color=blue>So, you see that the real violence of tobacco lies in its raw and processed form.</font><br>166/364 368.67-370.41 <font color=red>n</font> 而且这些环节有一个共同特征，09-07 09:08:28-09-07 09:08:30<font color=blue>Furthermore, these stages share a common characteristic:</font><br>167/364 370.98-371.52 <font color=red>n</font> 技术壁垒，09-07 09:08:28-09-07 09:08:29<font color=blue>Technical barriers,</font><br>168/364 371.64-373.2 <font color=red>aaa</font> 加客户绑定加寡头垄断，09-07 09:08:30-09-07 09:08:31<font color=blue>Add customer binding, add oligopoly.</font><br>169/364 373.81-376.09 <font color=red>de</font> 能进入十八家中原供应商名录的企业，09-07 09:08:30-09-07 09:09:00<font color=blue>Enter the list of 18 suppliers in Zhongyuan.</font><br>170/364 376.65-377.85 <font color=red>n</font> 各个赚得盆满钵满，09-07 09:08:31-09-07 09:08:33<font color=blue>Everyone is making a fortune,</font><br>171/364 378.61-379.09 <font color=red>n</font> 进不去的，09-07 09:08:32-09-07 09:08:34<font color=blue>Can't get in,</font><br>172/364 379.21-380.73 <font color=red>aaa</font> 连门都摸不到这个圈子。09-07 09:08:32-09-07 09:08:35<font color=blue>I can't even get into this circle.</font><br>173/364 380.91-381.51 <font color=red>hp</font> 外人进不来。09-07 09:08:33-09-07 09:08:35<font color=blue>No one can enter.</font><br>174/364 381.87-382.349 <font color=red>n</font> 讲到这里，09-07 09:08:34-09-07 09:08:35<font color=blue>At this point,</font><br>175/364 382.87-384.37 <font color=red>n</font> 我得停一下刷新一个数字。09-07 09:08:35-09-07 09:08:37<font color=blue>I need to pause and refresh a number.</font><br>176/364 385.04-387.86 <font color=red>aaa</font> 中国每年因吸因导致的死亡人数超过一百万，09-07 09:08:35-09-07 09:08:38<font color=blue>Every year, more than one million people in China die from smoking-related causes.</font><br>177/364 388.46-390.26 <font color=red>n</font> 超过艾滋病结核并疟疾之河。09-07 09:08:36-09-07 09:08:39<font color=blue>Surpassing the combined populations of HIV and malaria.</font><br>178/364 390.56-391.4 <font color=red>hp</font> 一九九零年以来，09-07 09:08:37-09-07 09:08:39<font color=blue>Since 1990,</font><br>179/364 391.52-395.24 <font color=red>n</font> 中国烟草产品可能导致了至少五千七百万人死亡，09-07 09:08:38-09-07 09:08:42<font color=blue>Chinese tobacco products have caused at least 570,000 deaths.</font><br>180/364 395.88-397.68 <font color=red>aaa</font> 没有任何公司能接近这个数字。09-07 09:08:39-09-07 09:08:40<font color=blue>No company can reach this number.</font><br>181/364 398.09-399.62 <font color=red>de</font> 而刚才讲的每一个暴力环节，09-07 09:08:39-09-07 09:09:00<font color=blue>And every violent scene that was just mentioned,</font><br>182/364 400.28-401.18 <font color=red>n</font> 每一个垄断设计，09-07 09:08:40-09-07 09:08:42<font color=blue>Each monopoly design,</font><br>183/364 401.76-403.26 <font color=red>hp</font> 最终都连接到这个数字上。09-07 09:08:41-09-07 09:08:44<font color=blue>All of them eventually connect to this number.</font><br>184/364 403.88-404.66 <font color=red>aaa</font> 绿嘴卖的越贵。09-07 09:08:41-09-07 09:08:43<font color=blue>The green-mouthed guy is selling more and more expensive.</font><br>185/364 405.43-408.49 <font color=red>n</font> 烟标印的月清梅香精调的越让人上瘾，09-07 09:08:42-09-07 09:08:48<font color=blue>The fragrance of plum blossom, which is added to the cigarette label, makes people more and more addicted.</font><br>186/364 409.12-410.5 <font color=red>n</font> 背后的死亡数字就越高，09-07 09:08:43-09-07 09:08:46<font color=blue>The more behind, the higher the death toll.</font><br>187/364 410.74-411.7 <font color=red>aaa</font> 这不是道德评判，09-07 09:08:44-09-07 09:08:45<font color=blue>This is not a moral judgment.</font><br>188/364 412.29-412.95 <font color=red>hp</font> 这是一笔账。09-07 09:08:45-09-07 09:08:47<font color=blue>This is an account.</font><br>189/364 413.61-413.67 <font color=red>aaa</font> 好，09-07 09:08:46-09-07 09:08:47<font color=blue>Okay,</font><br>190/364 413.85-415.86 <font color=red>n</font> 咱们继续先讲组织架构，09-07 09:08:47-09-07 09:08:49<font color=blue>Let's continue to talk about organizational structure.</font><br>191/364 416.48-417.08 <font color=red>aaa</font> 用一个类比，09-07 09:08:47-09-07 09:08:48<font color=blue>Using an analogy,</font><br>192/364 417.2-417.68 <font color=red>hp</font> 你就懂了。09-07 09:08:48-09-07 09:08:50<font color=blue>You understand.</font><br>193/364 417.98-423.98 <font color=red>n</font> 中国烟草的顶层是国家烟草专卖局和中国烟草总公司同一批人挂两个牌子，09-07 09:08:49-09-07 09:08:55<font color=blue>The top of Chinese tobacco is that the State Tobacco Monopoly Bureau and China National Tobacco Corporation are a group of people, using two brands.</font><br>194/364 424.1-425.0 <font color=red>aaa</font> 一个管行政监管，09-07 09:08:49-09-07 09:08:50<font color=blue>Administer and regulate.</font><br>195/364 425.61-427.28 <font color=red>hp</font> 一个馆经营副部级、09-07 09:08:51-09-07 09:08:54<font color=blue>A deputy director of a museum,</font><br>196/364 427.4-429.43 <font color=red>aaa</font> 隶属工信部跟其他部位不一样。09-07 09:08:51-09-07 09:08:54<font color=blue>It is different from other departments under the Ministry of Industry and Information Technology.</font><br>197/364 430.12-431.56 <font color=red>n</font> 烟草局是完全垂直管理，09-07 09:08:53-09-07 09:08:55<font color=blue>The Tobacco Bureau is completely vertically managed.</font><br>198/364 431.68-432.52 <font color=red>hp</font> 诞省市、09-07 09:08:54-09-07 09:08:56<font color=blue>Prince Albert,</font><br>199/364 432.64-435.56 <font color=red>aaa</font> 县三级烟草局人财物全部中央统筹，09-07 09:08:55-09-07 09:08:57<font color=blue>The county-level tobacco bureau's personnel and assets are all centrally managed.</font><br>200/364 436.099-438.62 <font color=red>n</font> 地方政府管不着一个县烟草局的局长，09-07 09:08:56-09-07 09:09:00<font color=blue>Local governments cannot control the director of a county tobacco bureau.</font><br>201/364 439.29-439.95 <font color=red>n</font> 县里的书记、09-07 09:08:57-09-07 09:09:00<font color=blue>The county secretary,</font><br>202/364 440.07-443.43 <font color=red>hp</font> 县长管不了他他的乌纱帽在省局和国家局手里，09-07 09:08:57-09-07 09:09:04<font color=blue>The county magistrate can't do anything about it, his position is in the hands of the provincial and national departments.</font><br>203/364 443.79-444.57 <font color=red>aaa</font> 如果用一个类比，09-07 09:08:58-09-07 09:09:00<font color=blue>If we use an analogy,</font><br>204/364 445.23-446.13 <font color=red>n</font> 这就像一个毒贩，09-07 09:09:00-09-07 09:09:03<font color=blue>It's like a drug dealer.</font><br>205/364 446.9-447.86 <font color=red>n</font> 同时又是你的一生，09-07 09:09:01-09-07 09:09:04<font color=blue>At the same time, it is also your life.</font><br>206/364 448.27-449.89 <font color=red>aaa</font> 同时还是第 a缉毒局探员，09-07 09:09:02-09-07 09:09:04<font color=blue>At the same time, he was also a detective with the Narcotics Bureau.</font><br>207/364 450.51-451.41 <font color=red>de</font> 他寄买你香烟，09-07 09:09:02-09-07 09:09:28<font color=blue>He bought cigarettes for you.</font><br>208/364 451.98-453.42 <font color=red>de</font> 又告诉你吸烟有害健康，09-07 09:09:03-09-07 09:09:45<font color=blue>I'm telling you again that smoking is harmful to your health.</font><br>209/364 453.54-455.88 <font color=red>n</font> 还负责专卖假烟的经营模式。09-07 09:09:04-09-07 09:09:06<font color=blue>Also responsible for the business model of selling counterfeit cigarettes.</font><br>210/364 456.0-457.81 <font color=red>xss</font> 我总结为三重所赐，09-07 09:09:04-09-07 09:09:29<font color=blue>I summarize as three gifts,</font><br>211/364 458.62-459.82 <font color=red>hp</font> 计划管理锁死产量、09-07 09:09:05-09-07 09:09:08<font color=blue>Planning and management lock production,</font><br>212/364 459.94-460.42 <font color=red>n</font> 专卖制度，09-07 09:09:06-09-07 09:09:07<font color=blue>Exclusive dealing,</font><br>213/364 460.54-462.94 <font color=red>aaa</font> 锁死渠道许可证制度锁死终端。09-07 09:09:07-09-07 09:09:08<font color=blue>Locking channel license system locks terminals.</font><br>214/364 463.58-468.36 <font color=red>n</font> 第种计划管理种多少烟叶斩多少卷烟调多少货？09-07 09:09:07-09-07 09:09:12<font color=blue>How many kilograms of tobacco, how many cigarettes, and how much adjustment are needed for the third plan?</font><br>215/364 468.99-470.67 <font color=red>aaa</font> 全市国家下达的计划指标，09-07 09:14:09-09-07 09:14:11<font color=blue>The planned targets assigned by the central government to each city.</font><br>216/364 471.41-472.67 <font color=red>n</font> 任何单位和个人不能改，09-07 09:09:09-09-07 09:09:11<font color=blue>No unit or individual shall be modified.</font><br>217/364 472.97-474.41 <font color=red>hp</font> 云南中烟一年能产多少？09-07 09:09:09-09-07 09:09:13<font color=blue>How much can Yunnan Tobacco produce in a year?</font><br>218/364 474.53-474.71 <font color=red>aaa</font> 香烟？09-07 09:09:10-09-07 09:09:11<font color=blue>Cigarettes?</font><br>219/364 475.36-475.54 <font color=red>aaa</font> 不是，09-07 09:09:12-09-07 09:09:12<font color=blue>No,</font><br>220/364 475.6-476.38 <font color=red>n</font> 他自己说了算，09-07 09:09:12-09-07 09:09:14<font color=blue>He can make his own decisions.</font><br>221/364 476.92-482.58 <font color=red>n</font> 是国务院计划部门定的第二重专卖制度生产批发进出口全部由烟草系统垄断。09-07 09:09:13-09-07 09:09:20<font color=blue>The second-level exclusive sales system, which was determined by the State Council's Planning Department, monopolizes production, wholesale and import/export of tobacco products.</font><br>222/364 482.94-483.36 <font color=red>aaa</font> 民营资本，09-07 09:09:14-09-07 09:09:14<font color=blue>Private capital,</font><br>223/364 483.48-485.4 <font color=red>hp</font> 外资一律不能进卷烟生产领域，09-07 09:09:14-09-07 09:09:18<font color=blue>Foreign investment is prohibited in the tobacco production industry.</font><br>224/364 485.75-487.34 <font color=red>aaa</font> 这是百分之一百的国有垄断。09-07 09:09:15-09-07 09:09:17<font color=blue>This is 100% state-owned monopoly.</font><br>225/364 487.46-487.64 <font color=red>n</font> 第三，09-07 09:09:16-09-07 09:09:17<font color=blue>Third,</font><br>226/364 487.759-488.66 <font color=red>n</font> 重许可证制度，09-07 09:09:17-09-07 09:09:19<font color=blue>Re-licensing system,</font><br>227/364 489.2-490.28 <font color=red>aaa</font> 五百八十万零售户，09-07 09:09:18-09-07 09:09:19<font color=blue>580,000 retailers</font><br>228/364 490.93-494.89 <font color=red>bg</font> 每个都要办烟草专卖零售许可证一个经营场所只能办一个证，09-07 09:09:19-09-07 09:10:22<font color=blue>Each business must obtain a tobacco retail license, and each location can only have one.</font><br>229/364 495.53-496.91 <font color=red>hp</font> 拿到证之后能拿多少货，09-07 09:09:19-09-07 09:09:23<font color=blue>How much goods can be shipped after obtaining the license?</font><br>230/364 497.03-497.45 <font color=red>n</font> 拿什么烟，09-07 09:09:20-09-07 09:09:21<font color=blue>What kind of cigarettes?</font><br>231/364 497.8-500.53 <font color=red>aaa</font> 还要看你的等级零售户赚的只是批零差价，09-07 09:09:21-09-07 09:09:23<font color=blue>The only profit you can make is from the difference between wholesale and retail prices.</font><br>232/364 501.11-502.07 <font color=red>n</font> 没有任何定价权。09-07 09:09:21-09-07 09:09:23<font color=blue>No pricing rights.</font><br>233/364 502.82-510.13 <font color=red>n</font> 说白了五百八十万零售户都是烟草体系的终端加盟商三重所死之下增长从哪来？09-07 09:09:22-09-07 09:09:30<font color=blue>In simple terms, where does the growth of 5.8 million retail outlets come from under the tobacco system's terminal franchise model?</font><br>234/364 510.67-512.23 <font color=red>n</font> 就是前面说的一价不量，09-07 09:09:23-09-07 09:09:29<font color=blue>As mentioned earlier, the one-to-one correspondence is not a direct mapping.</font><br>235/364 512.77-514.09 <font color=red>hp</font> 但这个模式有临界点。09-07 09:09:24-09-07 09:09:27<font color=blue>However, this pattern has a critical point.</font><br>236/364 514.73-515.69 <font color=red>aaa</font> 二零二六年开年，09-07 09:09:25-09-07 09:09:27<font color=blue>In the early days of 2026,</font><br>237/364 516.37-519.25 <font color=red>aaa</font> 全国百分之七十二的卷烟品种出现价格倒广，09-07 09:09:28-09-07 09:09:31<font color=blue>Seventy-two percent of the cigarette varieties in China have experienced price declines.</font><br>238/364 519.61-521.11 <font color=red>hp</font> 零售户进价比卖价还高，09-07 09:09:28-09-07 09:09:32<font color=blue>The retail price is higher than the wholesale price.</font><br>239/364 521.79-522.51 <font color=red>de</font> 卖包倒贴前。09-07 09:09:29-09-07 09:09:41<font color=blue>Before selling bags.</font><br>240/364 522.81-523.47 <font color=red>xss</font> 同年上半年，09-07 09:09:30-09-07 09:09:54<font color=blue>In the same half-year,</font><br>241/364 524.12-526.76 <font color=red>n</font> 全国国内消费税同比下降百分之三点四，09-07 09:09:30-09-07 09:09:38<font color=blue>National consumption tax decreased by 3.4% compared to the previous year,</font><br>242/364 527.35-528.13 <font color=red>n</font> 再也撑不住了，09-07 09:09:31-09-07 09:09:37<font color=blue>I can't take it anymore,</font><br>243/364 528.76-529.72 <font color=red>aaa</font> 是开始往下走，09-07 09:09:32-09-07 09:09:32<font color=blue>Start going down,</font><br>244/364 530.36-531.86 <font color=red>hp</font> 这就是临界点到来的信号。09-07 09:09:33-09-07 09:09:36<font color=blue>This is the signal that a critical point has arrived.</font><br>245/364 532.1-532.16 <font color=red>aaa</font> 好，09-07 09:09:33-09-07 09:09:35<font color=blue>Okay,</font><br>246/364 532.84-534.28 <font color=red>hp</font> 明面上的经营模式讲完了，09-07 09:09:37-09-07 09:09:41<font color=blue>The surface-level business model is finished,</font><br>247/364 534.91-539.65 <font color=red>aaa</font> 接下来是今天最重磅的部分终端促销这个法律禁止广告，09-07 09:09:38-09-07 09:09:41<font color=blue>The next part is the most important today: terminal promotions. This law prohibits advertising,</font><br>248/364 539.77-541.63 <font color=red>n</font> 但促销从未停止的灰色地带。09-07 09:09:39-09-07 09:09:41<font color=blue>The gray area where promotions never stop.</font><br>249/364 542.0-544.66 <font color=red>n</font> 很多人以为烟草广告被法律禁了，09-07 09:09:39-09-07 09:09:42<font color=blue>Many people think that tobacco advertising has been banned by law,</font><br>250/364 545.24-546.62 <font color=red>de</font> 烟草行业就不做营销了。09-07 09:09:42-09-07 09:10:17<font color=blue>The tobacco industry will no longer engage in marketing.</font><br>251/364 547.19-549.99 <font color=red>aaa</font> 大错特错广告可以进促销，09-07 09:09:42-09-07 09:09:44<font color=blue>It's a big mistake to advertise.</font><br>252/364 550.17-550.71 <font color=red>hp</font> 从来没停过，09-07 09:09:43-09-07 09:09:45<font color=blue>Never stop,</font><br>253/364 551.32-554.74 <font color=red>n</font> 只是从明面上的广告牌转到了台面下的终端推广。09-07 09:09:44-09-07 09:09:48<font color=blue>It has shifted from surface-level advertising to in-store promotions.</font><br>254/364 555.33-556.59 <font color=red>n</font> 如果你身边有开饮酒店，09-07 09:09:44-09-07 09:09:48<font color=blue>If you have a hotel with self-service,</font><br>255/364 556.71-557.73 <font color=red>aaa</font> 办了烟草证的朋友，09-07 09:09:45-09-07 09:09:46<font color=blue>Friends who have obtained a tobacco license,</font><br>256/364 558.31-559.15 <font color=red>hp</font> 你问一句就知道，09-07 09:09:45-09-07 09:09:48<font color=blue>You ask, I answer.</font><br>257/364 559.79-562.13 <font color=red>de</font> 几乎每周都有各大品牌的三方公司，09-07 09:09:46-09-07 09:10:28<font color=blue>Almost every week, major brands have third-party companies.</font><br>258/364 562.25-564.28 <font color=red>aaa</font> 业务员上门拜访送物料，09-07 09:09:48-09-07 09:09:50<font color=blue>Salesperson visits customers and delivers materials.</font><br>259/364 564.34-564.7 <font color=red>n</font> 做陈列、09-07 09:09:49-09-07 09:09:50<font color=blue>Display,</font><br>260/364 565.31-565.73 <font color=red>n</font> 高品贱，09-07 09:09:50-09-07 09:09:50<font color=blue>High quality,</font><br>261/364 566.38-569.33 <font color=red>hp</font> 那销量这些人不是烟草公司的正式员工，09-07 09:09:50-09-07 09:09:54<font color=blue>These people are not official employees of the tobacco company.</font><br>262/364 569.94-573.12 <font color=red>n</font> 全部是第三方促销公司的人运作模式是这样的，09-07 09:09:51-09-07 09:09:54<font color=blue>The operating model of all third-party promotional companies is as follows:</font><br>263/364 573.66-577.95 <font color=red>aaa</font> 每家中原工业公司都有市场营销中心负责本品牌在全国的推广，09-07 09:09:52-09-07 09:09:54<font color=blue>Each of the main industrial companies has a marketing center responsible for promoting their brand across the country.</font><br>264/364 578.46-580.32 <font color=red>n</font> 但营销中心自己不直接做中断，09-07 09:09:52-09-07 09:09:55<font color=blue>However, the marketing center does not directly handle interruptions.</font><br>265/364 581.07-585.15 <font color=red>de</font> 而是通过招标把推广执行外包给各地的第三方促销公司。09-07 09:14:55-09-07 09:15:12<font color=blue>Instead, the promotion is outsourced to third-party promotional companies in different regions through bidding.</font><br>266/364 585.45-587.49 <font color=red>hp</font> 我给你看几个公开数据的招标数据，09-07 09:09:55-09-07 09:09:59<font color=blue>I'm going to show you some publicly available bidding data.</font><br>267/364 588.15-593.87 <font color=red>n</font> 重庆中银二零二六到二零二七年终端推广项目中标金额中断推广五百零三点五万，09-07 09:09:55-09-07 09:10:03<font color=blue>The terminal promotion project of Chongqing Zhongyin for 2026-2027, with a bid amount of interruption and five hundred million three point five thousand.</font><br>268/364 593.99-595.43 <font color=red>xss</font> 配套物料九十点四三万，09-07 09:09:56-09-07 09:10:29<font color=blue>Accessories, 90.43 million</font><br>269/364 595.78-596.68 <font color=red>aaa</font> 合计将近六百万。09-07 09:09:57-09-07 09:09:58<font color=blue>Totaling nearly six million.</font><br>270/364 596.92-599.44 <font color=red>n</font> 这还只是重庆中烟一家两年期的一个项目。09-07 09:09:57-09-07 09:10:00<font color=blue>This is just a two-year project for Chongqing Tobacco.</font><br>271/364 599.85-604.3 <font color=red>aaa</font> 山东中烟的营销推广项目一个标段最高限价四百一十一点四万，09-07 09:09:58-09-07 09:10:03<font color=blue>The marketing and promotion project of Shandong Yuxiang has a highest bid limit of 1,411,400.</font><br>272/364 605.19-608.06 <font color=red>hp</font> 另一个标段九十七万加起来五百多万。09-07 09:09:59-09-07 09:10:04<font color=blue>Another bid, 970,000 plus five hundred thousand.</font><br>273/364 608.47-613.0 <font color=red>n</font> 广东中医二零二五到二零二七年全国市场推广服务分了十三个标段。09-07 09:10:01-09-07 09:10:10<font color=blue>There are 13 bidding segments for the national market promotion service of Guangdong Traditional Chinese Medicine from 2025 to 2027.</font><br>274/364 613.79-615.529 <font color=red>aaa</font> 云南中烟在上海的终端推广，09-07 09:10:04-09-07 09:10:06<font color=blue>Yunnan Tobacco's terminal promotion in Shanghai,</font><br>275/364 616.01-619.6 <font color=red>n</font> 按次计费重点终端走访一次四十六块两毛两十八家。09-07 09:10:04-09-07 09:10:10<font color=blue>Conduct a targeted visit to 46 terminals, each with an average of two and eighteen.</font><br>276/364 619.72-622.24 <font color=red>hp</font> 中英公司每家在全国几十个省份都有投入，09-07 09:10:05-09-07 09:10:10<font color=blue>The company has invested in dozens of provinces across the country.</font><br>277/364 622.78-623.08 <font color=red>aaa</font> 一个省，09-07 09:10:06-09-07 09:10:07<font color=blue>A province,</font><br>278/364 623.2-631.299 <font color=red>aaa</font> 每年几百万到上千万的营销费用是常贷全国加起来每年中断促销的总盘子是几十亿甚至上百亿，09-07 09:10:08-09-07 09:10:12<font color=blue>Millions to tens of millions of marketing expenses every year, and the total amount of promotional interruptions nationwide is in the billions or even hundreds of billions.</font><br>279/364 631.71-632.76 <font color=red>hp</font> 这些钱都花在哪了？09-07 09:10:11-09-07 09:10:14<font color=blue>Where did all the money go?</font><br>280/364 633.35-637.94 <font color=red>n</font> 一桌饰品鉴衣场一千四百八十块圈层营销会议一场四问吧，09-07 09:10:12-09-07 09:10:17<font color=blue>A jewelry and apparel exhibition, a round-table marketing meeting, one thousand four hundred eighty yuan. Four questions to ask:</font><br>281/364 638.24-640.1 <font color=red>n</font> 陈列展示九十平米以上的场所，09-07 09:10:13-09-07 09:10:16<font color=blue>Displaying spaces of 90 square meters or more,</font><br>282/364 640.28-641.96 <font color=red>aaa</font> 一个月两万五千五百六十块，09-07 09:10:13-09-07 09:10:15<font color=blue>25,600 per month</font><br>283/364 642.2-643.7 <font color=red>hp</font> 还有 p o s 机屏幕广告，09-07 09:10:16-09-07 09:10:19<font color=blue>There are also POS machine screen ads,</font><br>284/364 644.36-646.64 <font color=red>aaa</font> 江苏中烟的系统覆盖全省三万家门店，09-07 09:10:17-09-07 09:10:19<font color=blue>Jiangsu Tobacco's system covers 30,000 stores across the province.</font><br>285/364 647.0-648.38 <font color=red>n</font> 每天循环播放三百次，09-07 09:10:17-09-07 09:10:19<font color=blue>Repeat 300 times each day.</font><br>286/364 649.02-650.4 <font color=red>n</font> 这本质上就是烟草广告，09-07 09:10:18-09-07 09:10:20<font color=blue>This is essentially a tobacco advertisement.</font><br>287/364 651.01-652.63 <font color=red>de</font> 只是换了个终端宣传的名头。09-07 09:10:19-09-07 09:10:46<font color=blue>Just a change of name for the terminal.</font><br>288/364 653.21-654.71 <font color=red>hp</font> 那为什么要走第三方公司？09-07 09:10:20-09-07 09:10:22<font color=blue>Why use a third-party company?</font><br>289/364 655.43-656.63 <font color=red>aaa</font> 我点到为止说三点。09-07 09:10:20-09-07 09:10:22<font color=blue>I will speak three points until I finish.</font><br>290/364 656.92-657.1 <font color=red>n</font> 第一，09-07 09:10:21-09-07 09:10:21<font color=blue>First,</font><br>291/364 657.16-662.47 <font color=red>n</font> 合规隔离财政部和税务总局明确规定烟草企业的广告费和业务宣传费，09-07 09:10:21-09-07 09:10:27<font color=blue>The Ministry of Finance and the State Taxation Administration have clearly defined advertising expenses and business promotion fees for tobacco enterprises.</font><br>292/364 662.77-664.03 <font color=red>n</font> 一律不能在事前扣除。09-07 09:10:22-09-07 09:10:24<font color=blue>No deductions are allowed in advance.</font><br>293/364 664.56-667.02 <font color=red>bg</font> 但如果把费用包装成终端推广服务，09-07 09:10:23-09-07 09:11:13<font color=blue>However, if the fees are packaged as a terminal promotion service,</font><br>294/364 667.53-667.71 <font color=red>aaa</font> 通过。09-07 09:10:24-09-07 09:10:24<font color=blue>Okay.</font><br>295/364 667.77-669.63 <font color=red>hp</font> 第三方公司执行性质就变了，09-07 09:10:24-09-07 09:10:28<font color=blue>The nature of the third-party company changes.</font><br>296/364 669.75-670.65 <font color=red>aaa</font> 这是购买服务，09-07 09:10:25-09-07 09:10:26<font color=blue>This is a purchase of services.</font><br>297/364 671.07-671.73 <font color=red>n</font> 不是打广告。09-07 09:10:26-09-07 09:10:27<font color=blue>Not an advertisement.</font><br>298/364 672.09-672.27 <font color=red>aaa</font> 第二，09-07 09:10:27-09-07 09:10:27<font color=blue>Second,</font><br>299/364 673.04-674.06 <font color=red>n</font> 费用腾挪空间大，09-07 09:10:27-09-07 09:10:29<font color=blue>Large space for cost shifting.</font><br>300/364 674.77-675.25 <font color=red>n</font> 一个标价，09-07 09:10:28-09-07 09:10:29<font color=blue>A price tag,</font><br>301/364 675.43-678.93 <font color=red>aaa</font> 一千四百八十的品鉴会实际成本可能几百块，09-07 09:10:29-09-07 09:10:32<font color=blue>The actual cost of the tasting event with 1,480 bottles could be a few hundred dollars.</font><br>302/364 679.23-681.57 <font color=red>hp</font> 一个标价两万五千五百六十的展示位，09-07 09:10:29-09-07 09:10:34<font color=blue>A display stand priced at 25,600.</font><br>303/364 682.28-685.58 <font color=red>de</font> 实际场地费可能几千块中间的差价去哪了？09-07 09:10:30-09-07 09:11:15<font color=blue>Where did the difference of several thousand yuan go that might be in the actual site fee?</font><br>304/364 686.12-686.66 <font color=red>xss</font> 你自己想。09-07 09:10:31-09-07 09:10:48<font color=blue>Think for yourself.</font><br>305/364 686.78-686.96 <font color=red>n</font> 第三，09-07 09:10:31-09-07 09:10:32<font color=blue>Third,</font><br>306/364 687.14-693.93 <font color=red>n</font> 利益输送通道哪些三方公司能中标中标价怎么定的物料从哪家采购烟草系统？09-07 09:10:32-09-07 09:10:39<font color=blue>Which three-party companies can be involved in the profit transfer channel? How is the bidding price determined? Where are the materials sourced from? Tobacco system?</font><br>307/364 694.05-694.41 <font color=red>n</font> 近年来，09-07 09:10:33-09-07 09:10:35<font color=blue>In recent years,</font><br>308/364 694.53-698.1 <font color=red>aaa</font> 反腐被查的营销中心负责人不在少数问题，09-07 09:10:34-09-07 09:10:36<font color=blue>There are not a few cases of marketing center leaders who have been investigated for corruption.</font><br>309/364 698.22-700.44 <font color=red>hp</font> 大多处在终端促销和物料采购环节。09-07 09:10:34-09-07 09:10:38<font color=blue>Mostly in the terminal and material procurement stages.</font><br>310/364 700.68-701.94 <font color=red>n</font> 这部分我就不细说了，09-07 09:10:35-09-07 09:10:38<font color=blue>I won't go into detail about this part.</font><br>311/364 702.45-702.99 <font color=red>hp</font> 懂的都懂。09-07 09:10:39-09-07 09:10:41<font color=blue>I understand.</font><br>312/364 703.62-703.68 <font color=red>n</font> 好。09-07 09:10:40-09-07 09:10:40<font color=blue>Okay.</font><br>313/364 703.8-704.22 <font color=red>n</font> 规模结构、09-07 09:10:40-09-07 09:10:41<font color=blue>Scale structure,</font><br>314/364 704.34-707.76 <font color=red>aaa</font> 组织经营模式四个维度全部拆完了好屏。09-07 09:10:41-09-07 09:10:43<font color=blue>The four dimensions of the organizational operating model have been completely dismantled.</font><br>315/364 707.9-710.69 <font color=red>n</font> 最后我说说我的判断中国烟草的本质是什么？09-07 09:10:42-09-07 09:10:46<font color=blue>Finally, I want to talk about my judgment on the essence of Chinese tobacco.</font><br>316/364 711.22-712.12 <font color=red>hp</font> 他不是一个行业，09-07 09:10:42-09-07 09:10:46<font color=blue>He is not an industry.</font><br>317/364 712.63-715.51 <font color=red>n</font> 它是一台由国家直接运营的成饮品税收系统。09-07 09:10:43-09-07 09:10:46<font color=blue>It is a beverage tax system operated directly by the state.</font><br>318/364 715.95-717.63 <font color=red>aaa</font> 这台机器的设计逻辑非常精密，09-07 09:10:44-09-07 09:10:46<font color=blue>The design logic of this machine is very precise.</font><br>319/364 718.17-719.91 <font color=red>hp</font> 用专卖制度垄断经营主体，09-07 09:10:47-09-07 09:10:50<font color=blue>Monopolize the operation by a sole proprietor.</font><br>320/364 720.51-725.71 <font color=red>de</font> 用计划管理控制总供给用许可证制度控制中断用垂直管理，09-07 09:10:47-09-07 09:11:44<font color=blue>Use a plan management control system to manage supply, use a permit system to control interruptions, and implement vertical management.</font><br>321/364 725.83-726.49 <font color=red>aaa</font> 保证执行力，09-07 09:10:48-09-07 09:10:49<font color=blue>Ensure execution,</font><br>322/364 727.2-728.46 <font color=red>n</font> 用以加补量实现增长。09-07 09:10:49-09-07 09:10:51<font color=blue>To achieve growth through supplementation.</font><br>323/364 728.7-730.26 <font color=red>n</font> 用盒子绑定上有原辅料，09-07 09:10:49-09-07 09:10:51<font color=blue>The original ingredients are bound in a box.</font><br>324/364 730.86-732.78 <font color=red>xss</font> 用第三方促销绕开广告禁令，09-07 09:10:50-09-07 09:11:21<font color=blue>Bypass advertising restrictions using third-party promotions,</font><br>325/364 733.36-734.62 <font color=red>aaa</font> 其虫设计环环相扣，09-07 09:10:51-09-07 09:10:52<font color=blue>The insect design is intricately linked,</font><br>326/364 735.31-737.95 <font color=red>hp</font> 把从页业到终端的每一个环节都牢牢攥在手里，09-07 09:10:51-09-07 09:10:55<font color=blue>Control every link from the printing press to the end user,</font><br>327/364 738.19-740.23 <font color=red>n</font> 但这台机器正在换挡年轻人，09-07 09:10:52-09-07 09:10:54<font color=blue>This machine is changing the young people.</font><br>328/364 740.29-741.79 <font color=red>n</font> 不接盘了十五到二十四次，09-07 09:10:53-09-07 09:10:55<font color=blue>I'm not going to continue the bidding.</font><br>329/364 741.97-743.47 <font color=red>aaa</font> 吸烟率只有百分之五点二。09-07 09:10:54-09-07 09:10:55<font color=blue>Smoking rate is only 5.2%.</font><br>330/364 743.77-744.91 <font color=red>bg</font> 老烟民在加速离场，09-07 09:15:56-09-07 09:16:30<font color=blue>The old smoker is hurrying to leave.</font><br>331/364 745.61-747.53 <font color=red>n</font> 每年因吸引死亡超过一百万人，09-07 09:10:55-09-07 09:11:01<font color=blue>Every year, more than one million people are killed by it.</font><br>332/364 747.95-751.37 <font color=red>n</font> 百分之七十二的价格倒挂消费税首次幅增长，09-07 09:10:56-09-07 09:11:01<font color=blue>A 72% increase in the price of reverse-charge consumption tax,</font><br>333/364 752.14-754.84 <font color=red>aaa</font> 所有信号都在说一架不亮的老路走不通了，09-07 09:10:57-09-07 09:11:01<font color=blue>All the signals are saying that a dark road is impassable.</font><br>334/364 755.56-756.52 <font color=red>hp</font> 回到开头那个数字，09-07 09:10:57-09-07 09:11:01<font color=blue>Go back to the beginning number,</font><br>335/364 757.12-758.92 <font color=red>n</font> 每天往国库里打四十三个亿。09-07 09:11:02-09-07 09:11:05<font color=blue>Every day, 43 billion is deposited into the treasury.</font><br>336/364 759.27-760.32 <font color=red>aaa</font> 但你再算另一笔账，09-07 09:11:03-09-07 09:11:04<font color=blue>But if you calculate another account,</font><br>337/364 761.04-764.34 <font color=red>n</font> 中国每年因吸烟导致的直接医疗费用超过三千亿，09-07 09:11:03-09-07 09:11:09<font color=blue>China spends over 30 billion yuan each year on direct medical costs due to smoking.</font><br>338/364 764.58-766.2 <font color=red>hp</font> 总社会成本接近九千亿，09-07 09:11:04-09-07 09:11:08<font color=blue>Total social cost is close to 90 billion.</font><br>339/364 766.79-767.57 <font color=red>aaa</font> 每收一块钱。09-07 09:11:05-09-07 09:11:06<font color=blue>One cent per piece.</font><br>340/364 767.69-770.82 <font color=red>n</font> 烟草税社会要付出一块五到一块六的成本，09-07 09:11:06-09-07 09:11:10<font color=blue>The social cost of tobacco taxes is estimated to be between five and six dollars per pack.</font><br>341/364 771.12-772.35 <font color=red>aaa</font> 这不是一笔赚钱的买卖，09-07 09:11:07-09-07 09:11:09<font color=blue>This is not a transaction for profit.</font><br>342/364 772.82-773.9 <font color=red>hp</font> 这是一笔跨期账，09-07 09:11:09-09-07 09:11:13<font color=blue>This is a overdue bill.</font><br>343/364 774.49-775.69 <font color=red>n</font> 用短期确定的税率，09-07 09:11:10-09-07 09:11:13<font color=blue>Using a short-term, certain tax rate.</font><br>344/364 775.99-778.45 <font color=red>aaa</font> 换长期医保基金和劳动生产率的可持续。09-07 09:11:10-09-07 09:11:13<font color=blue>Sustain long-term health insurance funds and labor productivity.</font><br>345/364 779.12-781.45 <font color=red>n</font> 国家在下一盘有序退出的棋，09-07 09:11:11-09-07 09:11:13<font color=blue>The country is playing a well-planned exit strategy.</font><br>346/364 782.05-783.37 <font color=red>n</font> 一边用涨价和高端化，09-07 09:11:14-09-07 09:11:16<font color=blue>While using price increases and high-end products,</font><br>347/364 783.55-785.95 <font color=red>bg</font> 把存量烟民的最后价值平稳炸出来，09-07 09:11:15-09-07 09:12:00<font color=blue>To safely extract the last value of existing smokers,</font><br>348/364 786.51-790.77 <font color=red>aaa</font> 一边把烟草央企利润上缴比例从百分之二十五提到百分之三十五，09-07 09:11:16-09-07 09:11:19<font color=blue>Instead of transferring 25% of their profits to the state-owned tobacco company, they will now transfer 35%.</font><br>349/364 791.39-792.83 <font color=red>n</font> 把超额收益收归财政，09-07 09:11:16-09-07 09:11:17<font color=blue>Allocate excess profits to the treasury,</font><br>350/364 793.44-796.96 <font color=red>de</font> 一边给加热不燃烧开正门给非法电子烟赌偏门，09-07 09:11:17-09-07 09:11:46<font color=blue>While giving the heating equipment a direct entrance and illegal electronic cigarettes an indirect route,</font><br>351/364 797.64-799.44 <font color=red>n</font> 用十到二十年时间平滑换挡。09-07 09:11:17-09-07 09:11:20<font color=blue>Smooth transition over a period of 10 to 20 years.</font><br>352/364 799.68-800.28 <font color=red>hp</font> 最后说一句，09-07 09:11:18-09-07 09:11:21<font color=blue>Finally, I want to say that...</font><br>353/364 800.93-801.11 <font color=red>n</font> 烟草、09-07 09:11:19-09-07 09:11:20<font color=blue>Tobacco,</font><br>354/364 801.23-801.41 <font color=red>aaa</font> 白酒、09-07 09:11:20-09-07 09:11:21<font color=blue>White liquor,</font><br>355/364 801.59-801.77 <font color=red>n</font> 奶茶、09-07 09:11:21-09-07 09:11:21<font color=blue>Milk tea,</font><br>356/364 801.89-802.25 <font color=red>n</font> 短视频、09-07 09:11:22-09-07 09:11:22<font color=blue>Short videos,</font><br>357/364 802.85-804.23 <font color=red>aaa</font> 底层都是设计依赖收割、09-07 09:11:22-09-07 09:11:24<font color=blue>The underlying principle is design dependency harvesting.</font><br>358/364 804.35-809.31 <font color=red>xss</font> 注意力或诚瘾性的生意区别只在于烟草油国家专卖危害被明码标价。09-07 09:11:23-09-07 09:12:47<font color=blue>The difference between a business that attracts attention or is addictive and one that sells tobacco oil lies in the fact that the harmful effects of tobacco are clearly marked.</font><br>359/364 809.55-812.57 <font color=red>hp</font> 你每抽一口烟都是在给这台机器添燃料，09-07 09:11:24-09-07 09:11:29<font color=blue>Every time you take a drag, you're adding fuel to the machine.</font><br>360/364 813.13-814.51 <font color=red>n</font> 而看懂樱草这盘棋，09-07 09:11:24-09-07 09:11:27<font color=blue>And to understand this game of Cherry Blossom,</font><br>361/364 815.22-817.139 <font color=red>n</font> 你也就看懂了一切商瘾生意的终局。09-07 09:11:25-09-07 09:11:27<font color=blue>You have understood the final outcome of all business dealings.</font><br>362/364 817.5-818.22 <font color=red>aaa</font> 我是五 k 叔，09-07 09:11:26-09-07 09:11:27<font color=blue>I am Five K Uncle,</font><br>363/364 818.34-818.64 <font color=red>aaa</font> 关注我，09-07 09:11:28-09-07 09:11:29<font color=blue>Follow me,</font><br>364/364 818.7-819.78 <font color=red>n</font> 下期继续拆商演。09-07 09:11:29-09-07 09:11:31<font color=blue>Next time, we will continue to disassemble the commercial performance.</font><br>