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The operating comments of Maxim’s 2023 annual board of directors are as follows:

　　I. Discussion and analysis of business conditions

The company focuses on the R&D and sales of high-performance analog and digital-analog mixed chips. After years of development and precipitation, it has now formed a "power management+signal chain" dual-drive product system. The main products include wireless charging chips, lighting driving chips, wired fast charging chips, signal chain optical sensors and automotive electronic products. Relying on the "mobile phone+car" user platform, the company is committed to providing rich and high-quality chip products and solutions for downstream customers. The products can be widely used in communication terminals, consumer electronics, industrial and commercial lighting, smart home, automotive electronics, industrial control and other fields.

In 2023, due to insufficient domestic total demand, overlapping cyclical and structural contradictions, intensified international trade friction, continuous geopolitical conflicts and the reshaping of supply chain, the overall macro-economy and semiconductor industry recovered less than expected. Facing the complicated development environment, the company’s management team adheres to the core values and business philosophy of "initiative, ambition, Excellence, innovation and competitiveness" to ensure the company to carry out its work steadily and orderly around its strategic objectives and business planning. The main achievements are as follows: 1. The company actively optimizes the product structure and supply chain structure, vigorously lays out the product series that are in urgent need of domestic substitution and have broad market space, and continuously enhances its core competitiveness; Second, the company accelerated the technical iteration and enriched the product matrix. Among them, the signal chain products achieved a breakthrough in mass production from 0 to 1, the wireless charging products accelerated the iterative upgrade, and the shipments of analog power products increased significantly. In the future, it will focus on high-value segments; Third, continue to increase investment in research and development, broaden the process platform, deeply integrate the supply chain system, consolidate the quality system, and promote the globalization strategy.

During the reporting period, the company achieved an operating income of 472.306 million yuan, a year-on-year increase of 7.06%; The net profit attributable to shareholders of listed companies was 30,153,500 yuan, a year-on-year decrease of 42.67%; The gross profit margin of the main business was 28.79%, a decrease of 3.96 percentage points compared with the same period of last year. At the end of the reporting period, the company’s total assets were 2,155,707,800 yuan, an increase of 190.31% compared with the end of last year, and its net assets were 2,082,058,800 yuan, an increase of 208.26% compared with the end of last year.

During the reporting period, the specific operating conditions of the company are as follows:

(1) Optimize the income structure and continuously enhance the core competitiveness.

During the reporting period, with the popularization of wireless charging application scenarios and the infiltration of terminal application ecology, the company continued to increase investment in wireless charging product series, actively carried out new product research and development, extended downstream application fields and expanded end customers, and finally realized the continuous improvement of the sales scale of wireless charging product series. The wireless charging product series realized a revenue of 200,829,300 yuan, a year-on-year increase of 64.06%; It accounted for 42.52% of the company’s overall operating income, an increase of 14.77 percentage points compared with 2022. The signal chain product series represented by optical sensing has achieved a breakthrough in revenue from 0 to 1, achieving a revenue of 11,013,200 yuan. The above two emerging product lines will become important for the company’s performance growth ().

(2) Continue to increase investment in R&D and accelerate the iterative upgrading of technology.

During the reporting period, the company invested RMB 102.74 million in R&D, a year-on-year increase of 56.31%. By the end of the reporting period, the number of R&D personnel of the company reached 168, up 47.37% year-on-year, accounting for 62.92% of the total number of the company, mainly due to the company’s increasing investment in R&D technology of wireless charging, analog power supply, optical sensing and vehicle-standard products and the construction of talent echelon.

By the end of the reporting period, the company had obtained a total of 150 patents, including 3 international invention patents, 52 domestic invention patents, 84 utility model patents and 11 exclusive rights in layout design of integrated circuits. The company has added 10 core technologies, namely, high-integration miniaturized wireless charging management chip technology, ultra-low power consumption technology in SoC, stroboscopic SCR dimming technology, compensation loop power supply technology, realization method of new European standard and new national standard circuit, wide dynamic range ambient light detection technology, low-power high-precision proximity detection technology and low-voltage signal identification technology, all of which have been applied in products.

(3) Enrich the product matrix, consolidate the dual drive of "power management+signal chain" and build a dual platform of "mobile phone+car"

1. The research and development of optical sensing series is progressing rapidly, achieving a breakthrough in mass production.

Signal chain optical sensor chip, as a kind of sensor product which integrates digital-analog mixed SoC chip, optical path design, packaging design, VCSEL, PD technology, coating technology and image processing technology, belongs to a highly interdisciplinary field. The company’s core technical team has the experience and deep foundation of mixed digital and analog technology, and has the ability to independently develop technology, and has rich technical reserves and supply chain resources in the laser field. The company’s R&D team has made great breakthroughs in core technical fields such as high sensitivity, high precision and wide dynamic range by combining mature technologies of the original product line, such as low-power processing algorithm and digital-to-analog noise reduction technology. Through the integration of optics, technology, digital-to-analog conversion, image processing and other disciplines, the optical sensor chip is systematically optimized, thus realizing the rapid layout of signal chain products.

During the reporting period, the company made great breakthroughs in core areas such as high sensitivity, high precision and wide dynamic range through its leading edge in low-power processing algorithm and digital-analog noise reduction technology, and made great progress in a number of signal chain optical sensing products, including ambient light sensing, proximity sensing, skin recognition sensing, environment and proximity sensing, and optical displacement sensing, which can be applied to smart phones, wearable devices and automotive electronics. Among them, in-ear detection sensing and narrow seam three-in-one sensing have all entered the mass production state. Polarized light crown chip is the industry’s first high-precision optical tracking sensor integrated with rotation and pressing detection functions for smart watches, and has started large-scale delivery for well-known customers in the industry.

2. The wireless charging ecosystem continues to expand, and the wireless charging series is growing rapidly.

With the rapid development of new energy electric vehicles in China, on-board wireless charging, as an important application scenario of wireless charging, is expected to spread rapidly and promote the further development of consumers’ wireless charging habits; On the other hand, wireless charging tends to sink in smart phone applications. In addition to high-end mobile phones such as folding screen mobile phones, full-screen mobile phones and AI mobile phones, wireless charging is basically standard, and some low-end mobile phones are also equipped with wireless charging function. All the above factors will promote the expansion of wireless charging ecology and promote the demand for products such as wireless charging chips.

During the reporting period, the company’s wireless charging series continued to improve the full range of 5W-100W wireless charging receivers and transmitters, and took the lead in launching the 80W wireless charging receiver chip with process innovation and technical iteration to meet the application requirements of the latest wireless charging standards and flagship brands of the Ministry of Industry and Information Technology. Relying on the smart phone and its accessories platform, the company improves the full coverage layout of wireless charging, wired fast charging, optical sensing and other products, continuously enriches the product matrix, and constantly explores emerging market areas and customer groups while increasing customer stickiness.

3. Actively optimize the product structure of analog power supply and focus on high-value segments.

The company focuses on the industrial and commercial lighting application with large wattage and the intelligent dimming scheme of the whole scheme. Under the general environment that the overall growth rate of the household consumption industry tends to be stable, the company will give full play to the leading edge of differentiated product layout and technology in the LED field, actively optimize the product structure, and will pay more attention to the development of automotive lighting, such as headlights, surround lights, atmosphere lights and other products. At present, the company has a number of automotive lighting drive products in the car factory client to actively promote verification testing. At the same time, the company will continue to promote the original high value-added products, respond to the diversified needs of customers, adapt to the current development trend of smart homes and smart industrial buildings, and strive to achieve the sustainable growth of this product line in the future.

4. Automotive electronics highly cooperate with existing product lines, and actively expand the new direction of domestic substitution.

According to the automobile production and sales situation in 2023 released by China Automobile Industry Association, the production and sales of new energy vehicles in China in 2023 were 9.587 million and 9.495 million respectively, up by 35.8% and 37.9% year-on-year, and the market share reached 31.6%, 5.9 percentage points higher than the same period of last year. The rapid rise of the new energy vehicle market brought new growth opportunities for the development of semiconductor and automotive electronics industries, and the company was actively promoting the research and development and layout of automotive electronic products.

In the field of automotive electronics, the company uses rich and mature experience in chip design and mass production in consumer and industrial application scenarios. On the one hand, it mainly lays out directions that are highly coordinated with existing consumer product lines, such as vehicle wireless charging, automotive lighting, rainfall/fog detection optical sensing and other fields. During the reporting period, the on-board wireless charging transmitter chip has passed the AEC-Q100 car code certification, and has been verified and tested in several car factories. On the other hand, the company is committed to the research and development of automotive electronics products with high integration and urgent need for domestic substitution. During the reporting period, the company cooperated with the domestic new head car companies to develop the system-based chip (CANSBC chip) for car regulation application, which is a highly integrated single chip integrating CAN transceiver, system mode, fail-safe function control and power management. At present, this field is monopolized by overseas manufacturers. The overall development and testing of this product is progressing smoothly. The company will continue to invest in technological innovation and research and development in the field of automotive electronics, and strive to build it into a new engine for performance growth.

(D) Continue to broaden the process platform and consolidate the quality management system.

The process platform is the basis of analog chip design and production. The company has established its own process research and development team, which has the ability to independently research and develop processes and special devices. During the reporting period, in the field of wireless charging, the head manufacturer of the public and supply chain successfully developed the 90nm40VBCD process for 12-inch wafers, which greatly reduced the production cost. In the field of optical sensing, the self-developed photoelectric technology and coating technology are deeply explored to contribute to the rapid mass production breakthrough of optical sensing chips. In the field of analog power supply, the second-generation self-developed 700V-BCD high-voltage integration process and 100V-BCD device process were completed, which effectively reduced the production cost of corresponding products and greatly improved the market competitiveness of the company’s products.

The company has established a perfect quality management system, which runs through the complete chain of design, production and customer service to realize the quality control and grasp of the whole product life cycle. During the reporting period, the company increased investment and practice in the quality management system, and set up a vehicle regulation laboratory for the reliability verification of vehicle regulation products, which improved the reliability control of products and accelerated the layout of automotive electronic products.

(V) Set up wholly-owned subsidiaries at home and abroad to promote the internationalization strategy.

In order to further establish R&D echelon, expand overseas markets, enhance international market share and optimize global supply chain integration, the company decided to set up wholly-owned subsidiaries at home and abroad to better serve customers and build R&D centers. By the end of the reporting period, Maxim completed the establishment of a wholly-owned subsidiary in Hong Kong, which radiated overseas markets such as South Korea and India, and was conducive to the strategic development of the company’s internationalization.

II. Description of the company’s main business, business model, industry and R&D during the reporting period.

(a) the main business, main products or services.

The company focuses on the R&D and sales of high-performance analog and digital-analog mixed chips. After years of development and precipitation, it has now formed a "power management+signal chain" dual-drive product system. The main products include wireless charging chips, lighting driving chips, wired fast charging chips, signal chain optical sensors and automotive electronic products. Relying on the "mobile phone+car" user platform, the company is committed to providing rich and high-quality chip products and solutions for downstream customers. The products can be widely used in communication terminals, consumer electronics, industrial and commercial lighting, smart home, automotive electronics, industrial control and other fields. The company’s products cover many well-known brands including brand A, Glory, Samsung, Voice, VIVO, OPPO, Xiaomi, Anker and Signify, Ledvance, (), Ideal, (), etc. The application terminals constitute a strategic layout covering communication terminals, consumer electronics, industrial and commercial lighting, smart home, automotive electronics, industrial control and other fields.

The company’s core R&D team has profound experience in analog and digital-analog mixed integrated circuit design and process development, and the company has hundreds of core independent intellectual property rights of high voltage, high current and high power analog power management and digital circuit design at home and abroad. The high-pressure integrated process design platform independently developed by the company can be customized according to different products and customer needs, laying a unique and differentiated advantage for continuous product upgrading and iteration.

The company’s "power management+signal chain" dual-drive product system and "mobile phone+car" multi-domain integrated application layout are shown as follows:

1. Signal chain optical sensor

Optical sensors use the characteristics of light and the interaction with substances to convert optical signals (infrared, visible and ultraviolet radiation) into electrical signals, and complete information transmission, processing, storage, display and recording.

2. Power management chip

The company’s power management products mainly include mixed digital-analog SoC chips, such as wireless charging receiver and transmitter chips, and analog power management chips, such as wired charging series chips and lighting driver chips.

3. Automotive electronic chips

(II) Main business models

The company adopts Fabess mode, which is typical of the integrated circuit industry, and focuses on the design and sales of integrated circuit chips. The production mainly adopts entrusted processing mode. With the development trend of increasingly complex integrated circuit product structure, Fabess model can realize the precise investment of technology and capital resources from all parties, and has gradually become the mainstream of the industry.

Since its establishment, the company has always adopted the business model of Fabess.

Business model of integrated circuit industry:

1. R&D mode

Under the Fabess business model, product design and research and development are the core of the company’s business. Product R&D is strictly controlled according to the process specified by the company. The specific R&D process includes four stages: project establishment, design, verification and pre-production, which are completed through the cooperation of marketing department, R&D department, operation department and quality department.

(1) Project establishment stage

The marketing department initially puts forward the development demand of new products, and makes feasibility analysis on the basic demand, target application market, market competitiveness and project cost of the project. At the project initiation meeting, the marketing department, R&D department, operation department, quality department, etc. conduct risk analysis on this product and give the final review results. After the review, the project was formally established.

(2) R&D design stage

After the project is approved, the R&D department will write the engineering R&D documents according to the requirements, plan the design scheme and electrical performance indicators in detail, and decompose the design scheme into various sub-modules that can be realized by designers. Detailed design is divided into three main stages: draft design, design verification and simulation, and layout design. After the design of each module of the product is completed, it will be integrated and audited to ensure that the product performance is consistent with the specification documents. After the design work is completed, the product development department will organize a review meeting, and the sample can be manufactured after it is passed.

(3) chip verification stage

After the design stage is over, the operation department will issue instructions for the production and sealing test of engineering samples to the wafer factory and the sealing test factory. After the production of engineering samples is completed, the R&D Department and the Quality Department will test and verify the function and performance and reliability of the products based on different application scenarios. The sample can enter the risk mass production stage after passing all the verification links and being reviewed by various departments.

(4) Pre-production stage

After the verification stage, the operation department will arrange the small batch production of the products, and the R&D department will collect the analysis data in the sealing and testing factory to optimize the testing method and form the specific requirements for mass production control to ensure the producibility of the products. The new product will enter the mass production process after it has passed the pre-production and has been reviewed by various departments.

2. Purchasing and production mode

In Fabess mode, the company mainly carries out research and development, sales and quality control of chip products, while the production of products is completed by outsourcing mode. Specifically, the company will provide the integrated circuit layout developed and designed to the wafer foundry, which will customize and process wafers, and the packaging and testing factory will provide packaging and testing services. In view of the above procurement and production mode, the company has formulated perfect systems such as Procurement and Supplier Control Procedure, Supplier and OEM Management Procedure and Warehouse Management Procedure.

3. Marketing model

Combined with the practice of integrated circuit industry and the characteristics of the company itself, the company adopts the sales model of "distribution is the main, supplemented by direct sales", that is, the company mainly sells products to end customers through distributors, supplemented by direct sales to some important end customers. Under the distribution mode, the company and the dealer carry out buyout sales; In the direct selling mode, the company sells its products directly to the end customers. The company has formulated Sales Management System, Contract Evaluation Control Procedure, Sales Control Procedure and Customer Credit Management Procedure to effectively manage and standardize the sales process.

4. Management mode

The company grasps the principle of "quality is the life of the enterprise" and takes "quality is the eternal theme" as the guide, and is committed to continuously improving quality, providing products that customers are satisfied with and enhancing customer satisfaction. At present, the company has established a perfect quality control system, which runs through the complete chain of design, production and customer service, and grasps the quality control of the whole product life cycle.

Quality system management: the company’s quality system covers the whole business process of the company, and has established perfect process documents and management systems in the three modules of the company’s R&D quality management, production quality management and customer quality management.

R&D quality assurance: The company adheres to the quality management concept of "excellent quality begins with design", and applies quality control methods to all links of product R&D process, and DQE(DesignQuaityEngineering) participates in the control. Relying on the IT system as the carrier, the PLM(ProductLifeManagement) system which conforms to the relevant links of R&D and design is constructed, and a life-cycle quality management system with company characteristics is formed.

Production quality assurance: the company has established a complete supplier development and management system, and the introduction of new suppliers can only start cooperation after passing the joint audit of procurement, quality and other departments. Relying on the IT system, the company has built a YMS(YiedManagementSystem) system to monitor the yield dynamically and give an alarm if it exceeds the standard.

Customer quality assurance: the company has established a "trinity" service system to provide customers with complete, fast, professional and convenient product quality services. The company has passed the ISO9001 certification, and gradually established the AEC-Q100 certification system in the field of automotive electronics.

(3) the industry situation

1. The development stage, basic characteristics and main technical threshold of the industry.

(1) Industry

The company’s main business is the research and development and sales of high-performance analog and digital-analog mixed chips. According to the National Economic Industry Classification 2017 (GB/T4754—2017), the company’s industry is "C39 computer, communication and other electronic equipment manufacturing"; According to the Classification of Strategic Emerging Industries (2018), the company’s industry is "integrated circuit design". According to the Guiding Catalogue of Key Products and Services of Strategic Emerging Industries (2016 Edition), the company’s industry is "integrated circuit".

As the foundation of the global information industry, the integrated circuit industry is the cornerstone of the world’s electronic information technology innovation. Many epoch-making innovative applications, such as personal computers, Internet, smart phones, cloud computing, big data, artificial intelligence and so on, have been derived from the integrated circuit industry, which has become an indispensable part of modern daily life. After the era of mobile internet, the rapid development and technical iteration of application fields such as 5G, cloud computing, AI computing, high-performance computing and smart cars are pushing the integrated circuit industry into a new growth cycle.

(2) General situation of industry development

1) Overview of integrated circuit development

① Development of global semiconductor market

The global semiconductor industry is welcoming a recovery. Affected by the ups and downs of the global economy and the international situation, the semiconductor industry has fluctuated obviously recently. However, with the innovation of emerging applications and continuous technological innovation, the current industry fundamentals have been basically completed. Since 2023, terminal demand has shown some signs of recovery. According to the latest report of Gartner, a market research organization, the annual growth rate of global semiconductor market revenue will narrow sharply in 2022, from the previous growth of 27.1% to 0.2%, and it is expected to decline further by 10.9% in 2023, but it is expected to increase by 16.8% to $624 billion in 2024 and by 15.5% to $721 billion in 2025. And IDC, the international data information, also raised its outlook on the semiconductor market, believing that the semiconductor market will bottom out and resume accelerated growth in 2024.

In the long run, the trend of electrification and intelligence has been established. With the explosive growth of global demand for artificial intelligence and high-performance computing, and the rebound of demand for smart phones, personal computers, servers and automobiles, the semiconductor industry will usher in a new wave of growth. Generally speaking, the long-term prospects for the development of the global semiconductor industry are optimistic.

② Development of China’s semiconductor industry

In recent years, with the rapid development of China’s economy, China has become one of the largest semiconductor markets and manufacturing bases in the world, and the demand for derived integrated circuit products is increasing day by day. According to Market Report 2023 issued by SIA, Asia-Pacific region is the largest regional semiconductor market, and China is still the largest single country market. So far, the largest national market in the Asia-Pacific region is China, accounting for 55% of the Asia-Pacific market and 31% of the global market.

China’s semiconductor industry has great development space. According to the data of China Semiconductor Industry Association, China’s semiconductor self-sufficiency rate has increased from 5% in 2018 to 17% in 2022, and only 26% in 2023. This is an opportunity and a challenge for China’s semiconductor development. China’s semiconductor enterprises need to continuously strengthen independent innovation, improve self-sufficiency rate, narrow the technological gap and realize the high-quality development of China’s semiconductor industry.

2) development of analog integrated circuits

Analog chips are responsible for processing continuous analog signals, which can convert all kinds of light, sound, images, radio and so on in the real world into electrical signals. They are very important in electronic systems and are indispensable chips in consumer electronics, automobiles, communications, industrial control and other electronic products. The analog chip industry has a long development history and a long product life cycle. From the perspective of global market structure, overseas manufacturers have obvious first-Mover advantages in technology patents, R&D team size, material number and product mix. The analog chip does not depend on the advanced manufacturing process, with long product life cycle, small price fluctuation, high requirements for stability and cost, and relatively little influence from the semiconductor industry of overseas countries. It is a track with long slopes and thick snow.

Analog chips can be divided into power management chips and signal chain chips according to their general functions, which have the characteristics of long product life cycle, stable industry growth and high technical barriers. The wave of electrification and intelligence of automobiles and the new demand for energy saving and consumption reduction of industrial energy will trigger the iteration of analog chips. Based on the characteristics of a wide range of terminal applications, the analog chip market is not easily affected by changes in the prosperity of a single industry, and the market fluctuation range is relatively small. According to Frost&Suivan data, it is estimated that the global analog chip market will grow to 69.7 billion US dollars by 2025, and the compound annual growth rate will be about 4% from 2020 to 2025.

As the largest market for analog chips in the world, the self-sufficiency rate of analog chips in China has been improved in recent years, but it is still low, and there is a broad space for domestic substitution. Driven by the dual logic of high downstream demand and domestic substitution, domestic analog chip manufacturers are expected to grow at a high speed, and at the same time, they have also expanded to high-end fields such as automobiles, and many manufacturers have made progress in automotive analog chips.

3) The development of the industry in which the company’s products are located.

① signal chain optical sensor chip

Signal chain analog chip is a bridge connecting the physical world and the digital world, which is responsible for receiving, transmitting, converting, amplifying and filtering analog signals, and is widely used in communication, electronics, automobiles, artificial intelligence, medical care and other fields. Benefiting from a high degree of market standardization, a long life cycle and a wide range of application scenarios, the global signal chain analog chip market demand is rising, and the industry has a good development prospect. According to ICInsights data, the global market size of signal chain analog chips increased from $8.4 billion in 2016 to $11.8 billion in 2023, with an average compound annual growth rate of 4.96%.

Optical sensors can be widely used in smart wearable devices, intelligent industries, intelligent transportation, smart power grids and other fields. According to Research&Markets data and forecasts, the global optical sensor market scale will be 2.58 billion US dollars in 2022, and it is expected to reach 4.25 billion US dollars in 2027, with a CAGR of 10.5%. According to QYResearch data and forecasts, In 2022, the global integrated proximity and ambient light sensor market reached 282 million US dollars, and it is expected to reach 419 million US dollars in 2029, with a CAGR of 6.3%(2023-2029).

In its market structure, the automotive electronics field is still dominated by Europe and the United States, and some Taiwanese manufacturers in the electronic consumer market occupy a certain share. With the increase of downstream demand and the improvement of industry attention, domestic companies are also actively deploying high-end sensors. As the forward-looking layout of the company, many self-developed products have been mass-produced and shipped in the field of consumer electronics. With abundant product reserves, the company can seize new market opportunities in time.

② Power management chip

Power management chip plays a key role in electronic information products and has a wide range of product applications. Power management chips are widely used in mobile phones and communications, consumer electronics, industrial control, medical instruments, automotive electronics and other application fields. At the same time, with the development of emerging application fields such as Internet of Things, new energy, artificial intelligence and robots, the downstream market of power management chips is expected to continue to develop. According to TMR, an international market research organization, the global market size of power management chips will reach 56.5 billion US dollars by 2026, and the compound annual growth rate will reach 10.7% from 2018 to 2026. With the application expansion and import substitution of domestic power management chips in new fields, it is expected that the market scale of domestic power management chips will grow at a faster speed. According to Frost&Suivan data, it is estimated that the market size of power management chips in China will reach $23.5 billion in 2025, with a compound annual growth rate of 16% from 2022 to 2025.

Among them, in terms of wireless charging, according to the data of Strategyanaytics, in 2021, the global shipments of wireless charging receiving devices supporting WPC-Qi standards reached 515 million units, and the shipments of transmitting devices reached 197 million units. The overall shipments of wireless charging devices increased by nearly 30% compared with 2020. It is estimated that by 2025, the compound growth rate of wireless charging equipment shipments will remain above 24%, of which the compound growth rate of wireless charging receiver equipment shipments will reach 25.5%, and the compound growth rate of wireless charging transmitter equipment shipments will reach 22.9%.

In the field of lighting, with the continuous entry of LED lighting into new application scenarios, the market scale of LED driving power supply will continue to expand. According to Frost&Suivan data, it is estimated that the market scale of LED lighting in China will increase from 681.3 billion yuan in 2022 to 738.6 billion yuan in 2026, with a compound annual growth rate of 2.0%.

In terms of smart homes, the future ecological improvement will bring sustainable development momentum to the smart home market. According to the data of Aowei Cloud, the household penetration rate of global smart homes will reach 14.2% in 2022, and it is expected to increase to 25.0% in 2026, and the market scale will increase to 1.4 trillion yuan. According to the forecast of International Data Corporation (IDC), the global shipments of smart homes and wearable devices will both continue to grow, and are expected to reach 1.23 billion and 644.5 million respectively by 2027.

③ Automotive electronic chip

Automobile chip, that is, "car-level chip", refers to an integrated circuit that meets the requirements of automobile quality management system, reliability and functional safety. Compared with consumer and industrial chips, automotive chips have the characteristics of harsh working environment, high safety level, long service life, higher requirements for process maturity and reliability, so they have high entry threshold, high technical difficulty and long investment return period.

The electrification and intelligence of automobiles constitute the power source for the growth of automobile semiconductors. According to the data released by Haisi at the 2021 China Automotive Semiconductor Industry Conference, it is estimated that the total automotive semiconductor market will be close to 100 billion US dollars in 2027. As a big automobile manufacturing country, China also has a strong demand for automotive semiconductors. It is estimated that the total market will reach 13.7 billion US dollars by 2025. The global sales of new energy vehicles are growing at a high speed, which supports the steady increase of demand for automotive analog chips. In all levels of cars from A to E, electrification has greatly increased the demand for bicycle analog chips. According to the statistics of ICInsights, the global shipment of automotive chips reached 52.4 billion pieces in 2021, up 30% year-on-year. It is estimated that the global demand for automotive chips will exceed 100 billion pieces by 2030.

Judging from the global market competition pattern, international manufacturers occupy a leading position in the field of automotive grade semiconductors, and the localization rate of automotive grade semiconductors is low. At present, China’s automobile chips have achieved a breakthrough from 0 to 1 in most fields, but the problems of weak industrial base, few product categories and poor chip performance have not been completely solved, and the core technology is still stuck and can enter the deep water area independently and controllably. Driven by the sales growth of new energy vehicles and the increase in the number of bicycle chips, the automobile chip market shows a rapid growth trend, which brings brand-new industrial opportunities for domestic chip companies to enter the automobile field.

In automotive chips, the company’s business has focused on the fields of power chips, communication chips, sensor chips and driver chips, focusing on products such as car wireless charging chips, CANSBC chips, automotive lighting chips, rainfall/brightness sensors, etc., and will continue to focus on research and development, closely combine with market demand, actively expand the product matrix, and achieve more scenes and more customer coverage.

(3) Industry characteristics and technical threshold

Integrated circuit design industry is located in the upstream link of integrated circuit industry chain, which belongs to technology-intensive, knowledge-intensive and capital-intensive industries. The integrated circuit industry has the characteristics of high investment, long cycle and high technical threshold. Based on the characteristics of its industry, it also has a high entry threshold and belongs to a high barrier industry.

The first is the technical strength barrier. The integrated circuit design industry involves many disciplines and needs complex, advanced and cutting-edge science and technology to support its development. Industrial products are highly complex and professional, and the speed of upgrading and technical iteration is fast. It needs profound technology and experience accumulation, continuous innovation ability and forward-looking product definition and planning to continuously meet the market demand from the technical level. Newcomers in the industry often need to go through a long period of technical exploration and accumulation in order to compete with enterprises that have already occupied technological advantages in the industry, so technical barriers are obvious.

The second is the talent barrier. Most mainstream integrated circuit design enterprises have excellent R&D capabilities and master the core technologies in their fields. The industrial products are highly complex and professional, and there are high requirements for the number and professional level of innovative talents in circuit design and software development. At the same time, IC R&D talents themselves have the characteristics of long training period, and the supply of talents is difficult to meet the needs of employers for a long time, which in turn leads to fierce talent competition among enterprises. Due to the short development time of domestic industry, compared with the United States, South Korea and other countries, high-end and professional talents are relatively scarce in this field. For new enterprises, how to solve the talent supply will be a difficult problem.

The third is the financial strength barrier. In the early stage of integrated circuit industry, huge R&D funds need to be injected, which has a high entry threshold. The iteration of technology upgrading is cultivated by the continuous huge R&D investment. As the integrated circuit industry enters a higher process cycle, the process difficulty is increasing, the development difficulty is increasing, the required investment amount is also increasing, and the payback period is lengthened, so the capital barrier is also obvious.

2. Analysis of the industry position of the company and its changes.

The company focuses on the R&D and sales of high-performance analog and digital-analog hybrid chips, and has a highly integrated technology core with interdisciplinary and multi-field integration. It has put forward the innovation of technical architecture in many fields and led the technical trend of the industry, and cultivated the "power management+signal chain" dual-drive product ecosystem. While promoting the localization and serialization of high-integration optical sensors, the company cooperates with well-known domestic automobile enterprises to accelerate the R&D and landing of multiple product lines of automotive electronics. Finally, the strategic layout of application scenarios covering communication terminals, consumer electronics, industrial and commercial lighting, smart home, automotive electronics and other fields was formed, and it developed into one of the rare design companies in China to develop high-barrier and high-moat products in sub-sectors and be able to benchmark international chip leading enterprises.

(1) One of the few chip design companies in the industry with system-level innovative thinking and multi-disciplinary high integration technology core.

The company has a highly integrated technology core with interdisciplinary and multi-field integration, and has put forward the innovation of technical architecture through innovative system-level thinking ability in many fields, thus leading the industry design trend and maintaining the leading edge. At the same time, the company’s highly forward-looking market positioning ability has laid a solid foundation for the continuous research and development of high-barrier, high-moat technology products.

In the exploration of the change of chip technology architecture, the company creatively introduced high-power RX+4:2 charge pump dual-chip architecture, single-stage high-power factor architecture and constant current algorithm, and PWM-to-analog intelligent dimming scheme, covering multiple levels from analog chip development to digital-analog mixing, redefining the "power management+signal chain" dual-drive product ecosystem with company characteristics. We will carry out sustainable technological innovation for a wider range of customer groups and application fields, and in the research and development of key chips with complex architecture and broad domestic substitution space, such as CANSBC chips and high integrated optical sensors, we will rely on highly integrated technical cores to accelerate the domestic substitution process of such key chips.

(2) Deepen the subdivision to achieve international leadership and help the new process of domestic substitution.

After years of continuous efforts, the company insists on creating a moat of differentiated competition through innovation. The company’s products have reached the international advanced level in many sub-fields, and have industry-leading original technology and a number of world-first fist products, such as the world’s first 30W/50W/100W wireless charging RTX chip and the first domestic optical displacement sensor with integrated rotation and key detection for smart watches. Especially in the field of digital-analog mixed SoC wireless charging chips and optical sensors, the key technical indicators of some core products have reached or surpassed the performance of similar international products.

According to the market demand, the company has continuously expanded its product matrix and customer base, built a "mobile phone+car" platform, and opened up the whole product application field, which can provide customers with multi-level and all-round one-stop solutions and realize the strategic layout of multi-field integration. With strong technical strength, reliable product quality and fast and effective customer service, the company’s products have entered the supply chain system of many well-known manufacturers. The terminal products cover brand A, Glory, Samsung, Voice, VIVO, OPPO, Xiaomi, Anker and Signify, Ledvance, Foshan Lighting, Ideality, BYD and other well-known brands, and the application scope covers many application scenarios in consumer electronics, automotive electronics and industrial fields.

(3) Excellent comprehensive competitiveness, and won a number of industry recognition.

By December 31st, 2023, the company had obtained 150 intellectual property rights authorized at home and abroad, including 3 foreign invention patents and 147 domestic authorized intellectual property rights (including 52 invention patents). The company has successively obtained the qualifications of national high-tech enterprises, integrated circuit design enterprises of the Ministry of Industry and Information Technology, national specialized and innovative "Little Giant" enterprises, Beijing specialized and innovative "Little Giant" enterprises, Beijing Municipal Enterprise Technology Center, Beijing Science and Technology Award, and Beijing Advanced Industrial Design Center, and was selected as the top ten power supply/power device chip design companies in China by the authoritative media "EETimes". The wireless charging chip products independently developed by the company entered the first (set) catalogue of major technical equipment in Beijing, and won many honorary awards such as "China Core" excellent technological innovation products and new technologies and new products in Beijing.

In the future, the company will continue to adhere to the business philosophy of "initiative, ambition, Excellence, innovation and competitiveness", continue to deepen the technical fields of mixed digital and analog power management, signal chain, automotive electronics and so on, enhance the comprehensive competitiveness and sustainable development ability of enterprises, and strive to become a world-class integrated circuit design company.

3. The development of new technologies, (), new formats and new models during the reporting period and the future development trend.

(1) Development of new technologies

1) The diversity of downstream demand promotes the development of highly integrated chip technology.

The continuous shrinking of the key dimensions of integrated circuits and the continuous enhancement of the function and performance of a single chip have always been the development direction of the semiconductor industry. With the lightweight requirements of terminal products and the complexity of application scenarios, integrated circuit products need more compact volume and fewer peripheral devices to meet the market demand while maintaining stable functions. The integration of the chip is constantly improving, mainly because its feature size is constantly shrinking, and at the same time, it can realize the compatibility of multiple functions. In the future, the decrease in the number of components inside the chip will make its heat dissipation problem more prominent. By reducing the package size or integrating modules with different functions, integrated circuits can effectively save the size space and provide more functions. Therefore, in the field of integrated circuits, miniaturization and high integration have become a technological wave that cannot be ignored.

2) The integrated circuit technology brings forth the old and brings forth the new, and the self-developed high-voltage BCD technology becomes a trend.

With the continuous evolution of Moore’s Law, the future development trend of the integrated circuit industry will be in the direction of improving technology, increasing the proportion of output value of the integrated circuit design industry, miniaturization, integration, high integration, high efficiency and low power consumption of integrated circuit products, and the manufacturing technology and device microstructure will have more and more influence on key indicators such as chip speed, reliability, power consumption and area. It will gradually become a new trend and an important competitive advantage for integrated circuit design enterprises to have the ability to develop BCD process and device process, so that they can develop unique integrated circuit products without relying solely on the standard process provided by the wafer foundry. The design and manufacturing links deepen industrial linkage, and the two sides share R&D capabilities and integrate technical resources. While improving the reliability of chip products, it can reduce the time cost of process docking, ensure that the products of design companies can adapt to the development trend of high integration and high reliability, and further enhance their competitiveness in the field of general products.

3) Continuation of Moore and Extension of Moore will become the future technology development trend.

Moore’s Law predicts that the density of chips will double every two years, while the price will drop by half, which is caused by the continuous improvement of integrated circuit manufacturing technology. However, with the shrinking size of integrated circuits, technical bottlenecks are restricting the development of technology, and the cost is also increasing. At present, Moore’s law is approaching the limit, and continuing Moore and expanding Moore have become two major development directions that are easier to achieve breakthroughs. Continuous Moore refers to the combination of electronic components with different functions into a chip by changing the structure and layout of related devices; Extended Moore refers to the purpose of improving the function of chips by assembling, splicing and packaging chips and components with different functions. In the medium and long term, the continuous mole represented by small-scale system chip (SoC) and the extended mole represented by system-in-package (SiP) will be the future development trends of the integrated circuit industry.

(2) the development of new industries.

Technological innovation brings market changes, and the expansion of application fields brings market opportunities. With the continuous innovation of integrated circuit technology, multi-frequency resonance drives IC market growth in emerging fields such as new energy vehicles, 5G and Internet of Things.

1) The rapid penetration of new energy vehicles has increased the value of analog chips.

With the acceleration of automobile electrification, the increase of automobile interconnection and the gradual landing of automatic driving, more new demands for analog chips have been born. Automotive chips require high reliability, safety and consistency, and need to pass AEC-Q100 and ISO26262 certification. Analog chips are used in almost all automotive electronic components, except traditional automotive electronics such as car entertainment, dashboard, body electronics and LED power management, and are also widely used in power systems of new energy vehicles, intelligent cockpit systems of smart cars and automatic driving systems.

Thanks to the establishment and gradual popularization of new scenes such as the "three-in-one" of automobiles and wireless charging in vehicles, more and more electronic components such as sensors, power semiconductors and motors are loaded inside automobiles, and more power management chips are needed for current-voltage conversion, which has greatly increased the demand for power management chips and signal chain chips, thus driving the continuous growth of the proportion of vehicle-level analog chips in automobile chips.

In recent years, the product layout of international analog chip giants has tilted to the industrial and automotive fields, and has occupied a dominant position in the automotive-grade semiconductor field, and China’s import dependence is strong. Driven by the sales growth of new energy vehicles and the increase in the number of bicycle chips, the automobile chip market shows a rapid growth trend, which brings brand-new industrial opportunities for domestic chip companies to enter the automobile field and differentiate competition. At present, domestic analog chip listed companies with strong competitiveness have also expanded into high-end fields such as automobiles, and gradually made progress in automotive analog chips.

2) Upgrading the functions of 2)5G communication and AI mobile phones will drive the growth of the mixed-signal chip industry.

The wide application of 5G promotes the iterative upgrade of digital-analog hybrid chips in communication field. Whether it is a smart phone or a base station, a complete 5G communication system includes iterative upgrades of various analog and digital-analog mixed chips from signal chain to power chain.

Modern smart phones have gone beyond simple communication equipment and evolved into a portable intelligent media center that integrates multiple modules and functions. It not only provides basic communication services, but also realizes intelligent induction and efficient processing of external complex environment and instructions by equipped with supporting hardware such as high-performance SoC, a series of precision sensors and efficient power management chips, and also ensures lasting endurance. The realization and upgrading of these functions have driven the strong demand of the mobile phone chip market. In addition, new trends such as folding screen mobile phones and AI mobile phones have sprung up in the smart phone market, and the sales volume has continued to increase. The replacement boom can not only promote the development of terminal brands, but also bring new replacement needs to the upstream supply chain.

Global giants are actively deploying AI mobile phones, which will stimulate a new wave of machine change. Since Google launched Pixe8 with built-in AI model in October 2023, global mobile phone companies have accelerated the layout of AI phones. In November 2023, VIVO released the X100 series of AI mobile phones, with a built-in blue heart model with 7 billion parameters. In January 2024, OPPO and Glory successively released AI mobile phones. At the same time, Samsung released the GaaxyS24 series of AI mobile phones in January, and the underlying AI function was based on the Gemini of Googe. The sales volume of this mobile phone exceeded 1 million units only 28 days after it was launched in Korea, and the sales volume of S series was the fastest to break the million record. In addition, in February 2024, Meizu released the AI ​ ​ mobile phone 21PRO. Apple also gave up building cars and actively deployed AI products. Cook said that Apple is investing a lot of money in the field of generative AI.

In addition to chips and storage products related to core computing power, lightweight products such as sensors also need to be upgraded to enhance the entrance capability of the AI side. At the same time, with the upgrading of 5G communication technology and the increasing functional complexity of smart phones, the functional modules of mobile phones put forward higher requirements for the performance and quantity of power management chips of mobile terminals, and supporting components such as charging modules also need to be optimized and innovated simultaneously to meet the ultra-high performance of mobile phones.

AI mobile phones promote comprehensive innovation and upgrading of hardware, and the price and quantity of core hardware are rising, which are included in key devices such as computing, storage, wireless communication, thermal shielding, PCB, battery and power management chip. According to the White Paper on AI Mobile Phone in 2024, the global shipment of a new generation of AI mobile phones will reach 170 million units in 2024. In China market, AI shipments are particularly strong. It is estimated that domestic shipments will reach 40 million units in 2024 and 150 million units in 2027. In particular, the flagship model will become an important growth driver in the early stage of the development of a new generation of AI mobile phones.

3) Everything becomes a trend, and the number of AIoT terminals develops rapidly.

With the outbreak of large-scale models in 2023, the penetration, integration and application iteration speed of global artificial intelligence technology to traditional industries have been greatly improved. At the same time, 5G-A is about to be commercialized, 6G key core technology research and standard development are started, and Web3 and DePIN are emerging, and the global interest and enthusiasm for it are impressive. The AIoT industry has a clear development path and huge growth space, and it is expected that smart interconnection application scenarios such as smart industries, new energy vehicles, smart cities and smart homes will break out one after another. The explosion of smart interconnection applications will further boost the consumption of related chips such as sensing chips and SoC digital-analog hybrid chips.

In AIoT technology, the relationship between artificial intelligence and the Internet of Things is just like the brain and senses of the human body, which use the senses to collect the surrounding information and then convey it to the brain to react. Therefore, the combination of artificial intelligence and the Internet of Things can achieve higher efficiency, strengthen data management and analysis, and improve the interaction between humans and machines. The four cores of AIoT are SoC, MCU, Wifi/ Bluetooth chip and sensor, among which SoC is responsible for intelligence, MCU is responsible for control, WiFi/ Bluetooth chip is responsible for communication and sensor is responsible for perception.

In the AIoT scenario, the main application fields of SoC include smart home and smart city. After years of development, the smart home industry is currently in the transition stage from single product intelligence to whole house intelligence, and there are many internal subdivision tracks, including smart door locks, smart home appliances, smart lighting, smart security and platform layers. Small household appliances in smart home appliances have great potential for diversified innovation and penetration improvement, and the base volume is large, which has broad future development prospects; Intelligent lighting system is based on the laws of nature and human health. With people’s continuous attention to health and the deepening of intelligent lighting understanding, the industry is expected to change rapidly and move towards a new level of development.

In the AIoT scenario, the demand for sensor chips has increased significantly. Taking smart homes, smart industries and smart driving as examples, smart homes collect users’ life data through sensors in order to provide "intelligent and personalized" services, such as automatically adjusting indoor temperature and humidity according to users’ living habits and automatically cleaning rooms. From the perspective of subdivided scenes, the demand for domestic smart speakers and smart TVs has accelerated, and the consumption of sensing chips such as optical sensors has greatly increased. A new generation of smart sensors is generally regarded as the "heart" of smart industry by the industry. The assembly and production of smart sensor products can be automated, which reduces labor costs and greatly improves production efficiency. It is one of the important components to realize intelligent manufacturing.

The gradual explosion of intelligent interconnection applications has led to a great increase in the demand for analog chips. Similarly, import substitution for key links in the Internet of Things industry chain is a just-needed market. Taking smart wear as an example, its high-end market is still dominated by European and American giants, and its products involve optical sensors and voice acceleration sensors. At present, domestic analog chip manufacturers have gradually broken through the product types and quality, and continue to exert their efforts in product introduction and customer verification, and their strength is constantly growing. They are expected to make further breakthroughs in products, technologies, customers and market share, and accelerate the localization process of analog chips.

(IV) Core technologies and R&D progress

1. Core technologies and their advanced features and changes during the reporting period.

After years of accumulation, the company has formed a number of core technologies with strong market pertinence and great application value, which laid a technical foundation for the company’s product development. The company’s R&D investment focuses on core technologies and related products, and the core technologies are mainly from independent research and development, and many core technologies are at the international or domestic advanced level.

During the reporting period, the company added 10 core technologies, namely, high-integration miniaturized wireless charging management chip technology, ultra-low power consumption technology in SoC, stroboscopic SCR dimming technology, compensation loop power supply technology, realization methods of new European standard and new national standard circuits, wide dynamic range ambient light detection technology, low-power high-precision proximity detection technology and low-voltage signal identification technology.

2. R&D achievements obtained during the reporting period

By December 31st, 2023, the company had been granted 3 international invention patents, 52 domestic invention patents, 84 utility model patents and 11 exclusive rights in layout design of integrated circuits. During the reporting period (January 1, 2023 to December 31, 2023), the company applied for 54 new intellectual property projects (including 30 invention patents) and obtained 29 new authorized patents.

3. R&D investment table

Reasons for significant changes in total R&D investment compared with the previous year

During the reporting period, the company attached great importance to the construction and expansion of R&D talent team, accelerated the expansion of new product lines, increased R&D investment in new product development, and increased the cost of new product development materials, testing experiments and other expenses.

4. Research projects

5. R&D personnel

The reasons for the great changes in the composition of R&D personnel and its influence on the future development of the company.

Mainly due to the company’s accelerated expansion of new product lines during the reporting period. The newly-added R&D designers mainly invest in optical sensors and automotive electronic products. In addition, with the increase of customers in wireless charging product line, R&D personnel in positions such as software and hardware engineers have been supplemented.

6. Other explanations

Iii. Analysis of core competitiveness during the reporting period

(A) analysis of core competitiveness

1. Innovative system-level thinking ability and highly integrated technology core of multidisciplinary integration.

The company has realized the innovation of technical architecture through innovative system-level thinking ability in many fields. While leading the design trend in the industry, the company maintains its leading edge in the above fields. In the field of wireless charging, the company creatively introduced the high-power RX+4:2 charge pump dual-chip architecture, which effectively improved the system efficiency and reliability of wireless charging without changing the coil structure and output current capacity, and also provided the technical possibility for wireless charging power to reach and exceed 30W. In the field of LED general driving, the company pioneered a single-stage high power factor architecture and constant current algorithm to replace the traditional two-stage architecture, which became a popular topological architecture suitable for large wattage industrial and commercial lighting in the LED field. In the field of LED intelligent lighting, the company pioneered the scheme of converting PWM signal into analog signal to realize analog adjustment of LED brightness. This scheme effectively solved the stroboscopic and noise problems caused by direct PWM dimming in the past, and led the innovative change of dimming architecture in the field of intelligent lighting.

The company has a highly integrated technology core with interdisciplinary and multi-field integration, and has a highly forward-looking market positioning ability, which has laid a solid foundation for the company to continuously develop products with high barriers and strong core competitiveness. In the field of mixed digital and analog power management, the company integrates analog power supply, digital design, embedded software and other multidisciplinary technologies to launch a series of wireless charging chips with high integration of MCU digital control SoC power supply. In the field of signal chain, the company chose the highly integrated optical sensing field as the entry point, and launched sensor products integrating optics, laser, technology and digital-analog mixed SoC. In the field of automotive electronics, the company focuses on the research and development of key chips with complex architecture and broad domestic substitution space, such as the CANSBC chip which is currently under research and integrates CAN transceiver, system mode and fail-safe function control and power management functions. The company relies on the highly integrated technology kernel to accelerate the domestic substitution process of such key chips.

2. "Power management+signal chain" dual-drive products and "mobile phone+car" dual-platform strategy

Since its establishment, Meixinsheng has gone through several important stages in product route and strategy, from pure analog power products represented by LED drive at the beginning of its establishment to digital-analog hybrid power products represented by wireless charging. In this interval, the company is committed to improving the high-voltage and high-current power management product system, creating representative chips with international leading advantages and establishing in-depth cooperation with well-known mobile phone brands. Since 2021, the company has expanded its product strategy to another field of analog chips-signal chain, and selected optical sensor products with high integration and cross-domain integration as the starting point. The company quickly set up a signal chain R&D team, vigorously laid out the product line, and relied on the comprehensive strength of the highly integrated technology core and process platform with multi-disciplinary integration. Facing the same smart phone customer group, the signal chain product line made rapid progress, and customized the urgently needed domestic alternative light sensing chips and solutions for customers, enriching the product matrix and enhancing customer stickiness.

At the same time, with the rapid penetration of the application of new energy vehicles, domestic new car companies have risen rapidly, which not only greatly improves the scale of chip use, but also provides an opportunity for domestic chip design companies to substitute domestically. In the field of automotive electronics, the product reliability requirements are higher than those in the field of consumption, and the verification cycle time is long. However, the selection of suppliers in the mobile phone platform is relatively strict, and the product reliability level reaches the industrial level. Therefore, relying on the quality system and delivery ability honed in the mobile phone client, the company is committed to expanding the application business field from the existing mobile phone client platform to the automobile client platform, continuing to consolidate the dual-drive product strategy of "power management+signal chain" and developing leading technical products in the industry.

3. Frontier talent team and solid intellectual property barriers

The core members of the company’s R&D team have accumulated more than 20 years of research and development experience in the world’s leading chips, power devices, system architecture, firmware and optical technology. By the end of the reporting period, the company had 168 on-the-job R&D personnel, accounting for 62.92% of all employees. Through the organic combination of equity incentive and salary incentive, the company relies on a perfect training system and promotion mechanism to improve employees’ sense of identity with enterprise development, enhance their sense of belonging and responsibility, and realize the cohesion and stability of the talent team. At the same time, it provides broad space and opportunities for employees’ career development and contributes to the long-term development of the company.

The company attaches great importance to R&D investment, and has formed hundreds of core independent intellectual property rights around the technical fields of high voltage, high current, high integrated digital-analog hybrid power management and high voltage integrated technology. By the end of the reporting period, the company had applied for 254 patents and obtained 150 patents, including 3 international invention patents, 52 domestic invention patents, 84 utility model patents and 11 exclusive rights in layout design of integrated circuits. The company has built core technologies and intellectual property systems in the fields of wireless charging chips, signal chain optical sensor chips and analog power supply chips, and established solid intellectual property barriers through continuous technological innovation and technology accumulation.

4. Rich application fields and strong customer resource system.

With excellent R&D talent team, mature and advanced quality control system and deep technical accumulation in the field of analog and digital-analog mixed chips, the company provides downstream customers with more than 700 kinds of product selection, covering communication terminals, consumer electronics, lighting applications, smart homes, household appliances, automotive electronics, industrial control and other application fields, with a cumulative shipment of more than 13 billion pieces.

After years of deep cultivation in the industry, the company has established a perfect sales network and established a solid cooperative relationship with many well-known end customers in the industry, realizing the deep integration of the company’s scientific research achievements and market demand. Brand customers’ high recognition of the company’s products has also become an effective endorsement of the company’s technology and product quality, which has enhanced the company’s industry influence and market competitiveness. The company needs to meet the different needs of different brand customers for product technical characteristics, reliability and subsequent upgrade iterations, which also requires the company to continuously improve its R&D technical capabilities and continuously expand the breadth and depth of product definition to meet the technical needs of brand customers. With the in-depth cooperation between the two parties, the company also successfully introduced the supply chain system of mainstream customers, so as to further strengthen product quality management and strategic planning.

Based on the existing customer resource system, the company will continue to deepen the cooperative relationship with terminal brand customers, continuously develop high-performance and diversified power management chips and signal chain chips, and further consolidate its market position in communication terminals, consumer electronics, lighting applications, smart homes, household appliances, automotive electronics, industrial control and other fields.

5. Stable supply chain cooperation and self-developed process development capability.

Supply chain is one of the indispensable links to ensure the stable development of semiconductor and integrated circuit design companies. Based on the independent research and development technology system and the capacity expansion of process development platform, the company strengthened strategic cooperation with domestic head wafer manufacturers and well-known packaging and testing plants in the industry, formed extensive business collaboration, realized the deep integration and optimization of product design and production technology, consolidated the company’s advantages in stabilizing supply chain channels while ensuring the company’s product competitiveness, and effectively reduced the impact of supply chain capacity fluctuation on the company’s daily operations.

In terms of process development, the company is one of the few chip design enterprises in the industry with the ability to develop BCD high-voltage integrated process. The company has established and continuously cultivated its own process R&D team, improved its ability to independently develop processes and develop special devices, and reduced its dependence on standard processes provided by the upstream supply chain, so as to better meet the scene adaptability requirements of product multi-application fields. The 700V-BCD high-voltage integration process, 100V-BCD device process and 90NMBCD process independently developed by the company can promote the integration of supply chain and realize the optimization of chip production cost, greatly enhance the market competitiveness of the company’s products, lay a unique and differentiated advantage for the continuous upgrading iteration of products, and lay a good foundation for the R&D design, sensitivity optimization and anti-noise ability enhancement of signal chain sensor chips.

6. Advanced quality management system and fast and efficient technical support.

The company is committed to continuously improving research and development capabilities and product quality, providing products that satisfy customers and enhancing customer satisfaction. The company has established a perfect quality management system, with IT system as the carrier, and established a PLM system that conforms to the R&D and design links, and has formed a life-cycle quality management with company characteristics in all aspects such as product planning, development, verification, pre-production and mass production. The company establishes a complete supplier development and management system, builds a yield monitoring system, actively promotes the improvement of supplier qualifications, and ensures the controllable and continuous improvement of supplier quality. At the same time, the company continuously promotes localized flexible sales and technical support, and is equipped with corresponding sales, market application and quality service teams in 10 branches around the world, forming a "trinity" service system, providing customers with complete, fast, professional and convenient services, and controlling product quality throughout the complete chain of design, production and customer service, so as to realize effective control of product life cycle quality.

(II) Events that have seriously affected the core competitiveness of the company during the reporting period, impact analysis and countermeasures.

Fourth, risk factors

(A) Not yet profitable risk

(2) Risk of sharp decline in performance or loss

(C) core competitiveness risks

1, product iteration and technological innovation risk

In the IC design industry, product upgrading and technology iteration are fast, and continuous research and development of new products is an important means for the company to maintain its competitive advantage in the market. At present, enterprises in the industry mainly upgrade and iterate the existing technologies according to the changes of market demand and the development of process level, so as to maintain the competitiveness of products. In the future, if the company can’t timely and accurately grasp the market demand and technical trends, break through the technical difficulties, and can’t develop new products with commercial value and meet the market demand, it may have an adverse impact on the company’s competitiveness and sustainable profitability.

2, the risk of high-end brain drain

The IC design industry is an intellectual and technology-intensive industry. High-end and professional talents are the embodiment of the company’s comprehensive competitiveness and the foundation for its sustainable development in the future. After years of development and training, China has a large number of practitioners in the integrated circuit design industry, but compared with the top international integrated circuit design companies, high-end and professional talents are still rare. At present, the company has provided generous salary and incentive measures for outstanding talents. However, with the increasingly fierce competition in the industry, companies in the same industry may still attract technical talents through more generous treatment, or the company may be affected by other factors, resulting in the risk of losing technical personnel. If the company’s professional talents cannot be introduced in time or the existing talent team is lost in the future, it may have an adverse impact on the company’s operation.

3. Risk of core technology leakage

With years of technological innovation, the company has accumulated a series of core technologies independently researched and developed, which cover product development, production and other life cycles, forming the company’s core competitiveness. During the reporting period, the company still has a number of products in the research and development stage, that is, the company continues to explore and form core technologies. The company has taken strict confidentiality measures for the core technology, including but not limited to signing confidentiality agreements with the subject involved in the technology and applying for various types of property rights protection for the technology, so as to ensure the security and confidentiality of the core technology. Nevertheless, in the future, if the company’s core technology is leaked due to personal negligence, work mistakes or external malicious theft, it may adversely affect the company’s core competitiveness, and then affect the company’s operating results and performance.

(4) Operational risks

1. Risk of large R&D investment

The integrated circuit industry is a capital-intensive industry, with short cycle of technology iterative upgrading and high R&D investment cost. In order to ensure the advanced nature of products, integrated circuit design companies must continue to invest a lot in R&D, and only through constant innovation attempts and a certain cost of trial and error can they obtain the crucial achievements in R&D, so the demand for a large amount of R&D funds has formed an industry barrier. With the continuous iterative updating of market demand and the continuous upgrading of product manufacturing technology, if the company can’t continue to make capital investment, or make a correct judgment on the direction of R&D, key technologies can’t be broken through in the R&D process, product performance indicators can’t meet expectations, or the developed products can’t meet the market demand, the company will face the risk of R&D failure, and the previous R&D investment will be difficult to recover, which will adversely affect the company’s product sales and market competitiveness.

2. Management risks brought by the expansion of business scale.

With the rapid development of the company’s business and the continuous expansion of its scale, the company will face certain challenges in terms of external market expansion, industrial chain resource integration, product quality control and internal organizational structure adjustment. The company will continue to build a management system, optimize the communication channels of internal and external information flow, and improve the efficiency of management decision-making, so as to ensure rapid response to the aforementioned challenges and form a stable and excellent coping ability. In the future, if the company’s management mode, management ability and efficiency can’t quickly match the continuous expansion of business scale, it may have an adverse impact on the company’s management and operating performance.

(V) Financial risks

1. Risk of fluctuation of gross profit margin

The gross profit margin of the company’s products is mainly influenced by the development of semiconductor industry, the relationship between market supply and demand, technological advancement, product structure, product update iteration, marketing strategy and other factors. In the future, if the competition in the semiconductor industry is further intensified, the market situation fluctuates greatly, or the company can’t maintain the advanced technology, can’t complete the upgrading of products through continuous research and development, resulting in the decline of product market competitiveness, or the company’s product structure has undergone major changes, resulting in a decline in comprehensive gross profit margin, which may have an impact on the company’s operating results and profitability.

2. Risk of inventory depreciation

With the growth of the company’s business scale, the absolute amount of inventory shows an increasing trend. In the future, if market competition intensifies, market demand changes, or the company can’t effectively expand sales channels, optimize inventory management and reasonably control inventory scale, it will lead to inventory backlog, thus increasing the risk of inventory depreciation, which may adversely affect the company’s operating performance.

3. Risk of exchange rate fluctuation

During the reporting period, the company quoted and settled overseas sales and purchases in foreign currency. With the expansion of the company’s overall business scale, the amount of overseas sales and purchases may further increase. Although the company has carefully considered the exchange rate fluctuations that may be encountered in the process of contract signing and payment settlement, exchange rate fluctuations still exist in view of the constant changes in the international political and economic environment. Therefore, if the exchange rate between RMB and foreign currency fluctuates greatly in the future, it may have a certain impact on the company’s financial performance.

(VI) Industry risks

The company focuses on the research and development of high-performance analog and digital-analog hybrid chips, belonging to the integrated circuit industry. The integrated circuit industry is a field with high concentration of capital and technology. On the one hand, the development of the industry depends on the progress of R&D technology of enterprises in the industry, and on the other hand, it is closely linked with the macroeconomic environment. In recent years, with the rapid development of product technology, the market demand of downstream industries and fields has changed obviously, and the upgrading of end-user products has accelerated. In the future, if there is great uncertainty in the macroeconomic environment, it will affect the integrated circuit industry in which the company is located, which may form a cyclical downturn in the industry; If the industry in which the downstream application field is located is periodically influenced or impacted by itself, it may lead to a reduction in the demand for chip products in this field, which will adversely affect the company’s operating performance.

(VII) Macro-environmental risks

The integrated circuit industry is greatly influenced by macro-environmental factors such as domestic and international economic situation, geopolitics and international trade. According to the World Economic Situation and Prospects in 2024, the global economic growth is expected to slow down from 2.7% in 2023 to 2.4%, and the intensification of geopolitical tensions has further enhanced the uncertainty of the global economy. On the other hand, trade restrictions in the international market and slowing demand in the domestic market have jointly led to overcapacity and intensified market competition in the semiconductor industry, and the overall recovery of the semiconductor industry still needs some time. In the future, if the global geopolitical environment and the uncertainty of international trade friction intensify, it may adversely affect the overall recovery of the integrated circuit industry, resulting in limited upstream supply and insufficient downstream demand in the industrial chain, which will further affect the company’s operating performance.

(8) Risks related to depositary receipts

(9) Other major risks.

V. Discussion and analysis of the company’s future development

(A) the industry pattern and trends

1. Industry structure

After long-term development, the global analog chip industry has formed a relatively stable market structure. International semiconductor companies, such as Texas Instruments, Arnold and Infineon, have dominated the global analog chip market by virtue of their excellent R&D capabilities, diversified product lineup and global customer network. According to ICinsight, in 2021, the market share of the top five analog chip manufacturers in the world is 51%, and the market share of the top ten manufacturers is 68%. The competition pattern of overseas companies is stable, and there is still a big gap between domestic analog chip companies. From the demand side, according to ICinsight data, the demand for analog chips in China accounts for 43% of the global demand in 2021, and China is the largest demand market for analog chips. However, the self-sufficiency rate of analog chips in China is low, only 12% in 2021. The data shows that there is great room for domestic substitution in the analog chip market.

2, industry development opportunities

(1) The trend of localization is obvious.

In recent years, with the change of global political and economic structure, the integrated circuit industry where analog chips are located has become a key area of national strategic development. Facing the uncertainty of geopolitics and international trade, it is urgent to accelerate the localization of integrated circuits. Our government attaches great importance to the development of integrated circuit industry, which is included in the core content of the "14th Five-Year Plan". In the 14th Five-Year Plan for National Economic and Social Development of People’s Republic of China (PRC) and the Outline of Long-term Goals in 2035, the development goal of integrated circuit industry is defined, and the research and development of integrated circuit design tools, key materials and characteristic processes are emphasized, so as to realize technological autonomy and industrial upgrading. To this end, the government has issued a number of support policies and provided corresponding financial assistance to comprehensively help the sustainable development of integrated circuit enterprises. With the strong support of the state, China’s analog chip companies can better invest in research and development to enhance their competitive strength, and it is expected to occupy a more favorable competitive position in the global analog chip industry in the future.

According to the data of the National Bureau of Statistics, in 2023, the output of integrated circuits in China was 351.4 billion pieces, up by 6.9% year-on-year. The data included various chips such as logic chips, memory chips, analog chips, special chips, sensors and chip modules. The data showed that the overall localization scale and capability of integrated circuits continued to improve. At the same time, in 2023, China imported a total of 479.56 billion integrated circuits, down 10.8% year-on-year. On the one hand, the decline in the number of chips imported may be affected by weak demand and other factors. On the other hand, it also shows that Chinese integrated circuit enterprises are increasing the output of local chips and reducing their dependence on overseas chips, thus actively promoting the process of localization.

(2) Emerging application markets bring new development opportunities.

With the rapid development of emerging application markets such as new energy vehicles and artificial intelligence (AI), domestic analog chip companies will also usher in new development opportunities. With the popularization of new energy vehicles and the wide application of AI technology, there are more demands and higher requirements for high-performance and high-reliability analog chips, which opens up new development space for the innovation of analog chips. According to the data released by China Automobile Industry Association, in 2023, the production and sales of new energy vehicles in China totaled 9.587 million and 9.495 million, up by 35.8% and 37.9% year-on-year, respectively. The market share reached 31.6%, up by 5.9 percentage points year-on-year, ranking first in the world for nine consecutive years. The vigorous development of China’s new energy vehicle industry provided huge market potential for domestic analog chip manufacturers. In the field of AI artificial intelligence, AI takes PC, mobile phone, consumer electronics and other terminal devices as carriers for rapid landing. The demand of AI technology for accurate perception, rapid processing and intelligent decision-making catalyzes the upgrading, optimization and replacement of original analog chips and other products, and drives the development of analog chip companies in the industrial chain.

We believe that thanks to the strong support of national policies and the active promotion of emerging markets, China’s analog chip industry is expected to accelerate the pace of technological innovation and product innovation, show stronger competitiveness in the international market and usher in broader development prospects.

(II) Company development strategy

Relying on the dual-drive product system of "power management+signal chain", the company has built a "mobile phone+car" platform, and achieved a number of internationally advanced chips with excellent R&D team and continuous technological innovation. The company insists on creating a differentiated moat through innovation, and will continue to deepen the cooperative relationship with the supply chain based on the existing customer resource system. With a multi-level and all-round one-stop solution, it will continue to provide customers with analog and digital-analog mixed chip products with strong competitiveness in performance, integration and reliability, and form a strategic layout covering communication terminals, consumer electronics, industrial and commercial lighting, smart home, automotive electronics and other fields in application terminals. The company will continue to adhere to the business philosophy of "initiative, ambition, Excellence, innovation and competitiveness", continue to deepen the technical fields of digital-analog hybrid power management, signal chain, automotive electronics, etc., enhance the comprehensive competitiveness and sustainable development ability of enterprises, and strive to become the leading core supplier of analog and digital-analog hybrid chips and related solutions in the industry.

In the future, the company’s overall development strategy is: with the high integration technology of interdisciplinary and multi-field integration as the core, with the goal of proactively positioning the blue ocean market and developing technical products with high barriers and moats, and benchmarking the products of international chip leading enterprises, the company will continue to launch power management and signal chain products with high integration, integrated optics, laser, technology and mixed digital-analog SoC chips, continuously enrich the product matrix, optimize product performance, increase customer stickiness of mobile phones and automotive electronics, and continuously improve economic benefits and signals.

(3) Business plan

In 2024, the company will continue to increase R&D investment and technological innovation in wireless charging, signal chain, automotive electronics and LED lighting driver chips around the listed fundraising projects, and accelerate the product layout in various core areas such as communication terminals, consumer electronics, automotive electronics and smart home while realizing iterative optimization and performance improvement of the original products, further consolidating and enhancing the company’s core competitiveness and competitive advantage, and achieving steady improvement of the company’s performance.

1. Increase R&D investment and technological innovation to enhance core competitiveness.

(1) Consolidate the market share of wireless charging and accelerate the research and development of wired fast charging.

The company has achieved a full range of wireless charging products from low power to 100W high power, meeting the overall application requirements of customers from mobile phones to accessories. In 2024, the company will continue to enrich and strengthen the functional characteristics of wireless charging products in terms of integration, output power and multi-protocol support, and carry out targeted development and expansion in different application fields such as communication terminals, consumer electronics and automotive electronics to consolidate and enhance the company’s market share in the field of wireless charging. On the other hand, the company will also speed up the research and development process of wired fast charging, focusing on developing single-chip and double-chip solutions with high integration, high efficiency and high frequency to better meet the needs of end users for high charging efficiency and long battery life. By providing a complete solution of wireless charging and wired fast charging, the company will effectively enhance customer stickiness and achieve wider customer coverage, thus enhancing the company’s market competitiveness.

(2) Enrich the signal chain product matrix and accelerate the market introduction.

The company has formed a rich product matrix in the field of signal chain, including ambient light sensing, proximity sensing and optical displacement sensing, which can be applied to different scenes such as smart phones, wearable devices and automotive electronics. In 2024, the company will further research and develop a variety of products, such as off-screen optical sensors that can be applied to OLED full screen, Ficker and full-spectrum detection sensors that can assist camera identification and photographing, and vehicle optical sensors that can detect rainfall and fog, actively grasp the market opportunities of domestic substitution in the field of signal chain optical sensing, break the monopoly position of overseas manufacturers and accelerate the entry into the vast blue ocean market.

(3) Optimize the product structure of analog power supply and focus on high-value market segments.

The company focuses on large wattage industrial and commercial lighting applications and has a full range of intelligent driver chip solutions. In 2024, the company will continue to combine the development trend of whole house intelligence and smart city, and upgrade and iterate on products such as intelligent lighting and high PF lighting on the basis of optimizing process technology, so as to improve the functional characteristics such as dimming current depth and PWM dimming frequency range, and respond to the diversified needs of customers. At the same time, the company will focus on entering the automotive lighting market, develop a full range of automotive lighting products, and provide customers with highly integrated and high-performance solutions in application scenarios such as headlights, surround lights and ambient lights, so as to realize the differentiated layout in the lighting field and promote the sustainable development of the product line.

(4) Expand the map of vehicle regulation system and become a leading supplier of vehicle regulation chip.

During the reporting period, the company’s existing automotive electronic products passed the vehicle code certification, realizing an important step towards the vehicle code chip supplier. In 2024, the company will continue to carry out production certification of mature products with original consumer and industrial grade in a planned way, and realize the rapid expansion of automotive electronic business map. On the other hand, the company will continue to focus on the research and development of products with high barriers in automotive electronics and broad domestic substitution space, further promote the research and development layout of high-integration chips such as CANSBC and CANPHY, form market competition barriers, and build automotive electronics into a new engine for performance growth.

2. Broaden market channels and actively implement global strategic layout.

The company will upgrade its strategy on the basis of its existing marketing capabilities, and accelerate the expansion of domestic and even global markets by deepening and expanding its sales channel network. The company will accurately capture and quickly respond to customers’ needs, combine with efficient technical service support, create a good industry reputation and brand image among customers, and effectively enhance the company’s brand value and market competitiveness. While consolidating and improving the domestic market share, the company also plans to actively deploy overseas markets, and gradually enhance its international influence through cooperation with overseas brand customers, so as to gradually realize the development of the global market.

3, gather talent introduction, strengthen talent team building.

The company is an R&D-driven enterprise. The introduction of core technical personnel is conducive to further enhancing the company’s strength and innovation ability. R&D technical personnel belong to the company’s core competitiveness and are one of the decisive factors for the company’s sustainable development. In 2024, the company will continue to strengthen the introduction of high-end technical talents and enrich the company’s R&D talent team; On the other hand, the company will continue to optimize the internal training system and growth mechanism, and cultivate technology R&D and management talents in various ways and angles to enhance the comprehensive ability of employees. At the same time, the company will also provide a highly competitive performance appraisal and incentive mechanism, deeply bind the interests of the company, employees and shareholders, fully stimulate the enthusiasm and innovation awareness of technical talents and teams, and help the company’s long-term sustainable development.

4. Standardize the company’s operation and improve compliance governance.

The company adheres to the business philosophy of legal compliance, strictly abides by national laws and regulations, establishes and improves the internal control system, realizes the standardized operation of the company, and effectively prevents and controls business risks. In 2024, the company will further improve the governance level of the three associations, give full play to the core role of the board of directors, the board of supervisors and the general meeting of shareholders in corporate governance, improve the decision-making, implementation and supervision mechanisms, ensure that the power operation is effectively restricted and balanced, and effectively protect the interests of investors by actively fulfilling the obligation of information disclosure. In combination with the latest changes and requirements of laws and regulations, the company will comprehensively promote the construction of compliance culture, improve the legal awareness and compliance consciousness of all employees through internal and external training and education, and promote the efficient and standardized operation of the company. The company will continue to strengthen the construction of internal control management system, improve the compliance management system in fund management, cost control, intellectual property protection, business cooperation and other aspects, and prevent and reduce operational risks.

　　Xinhua News Agency, Beijing, October 13 (Xinhua) Recently, the Central Committee of the Communist Party of China and the State Council issued the "Overall Plan for Deepening the Reform of Education Evaluation in the New Era", and issued a notice asking all localities and departments to conscientiously implement it in light of the actual situation.

　　The full text of the Overall Plan for Deepening the Reform of Educational Evaluation in the New Era is as follows.

　　Educational evaluation is related to the direction of educational development. What kind of evaluation baton there is, what kind of school-running orientation there is. In order to thoroughly implement the important exposition of the Supreme Leader General Secretary on education and the spirit of the National Education Conference, improve the system and mechanism of cultivating people by virtue, reverse the unscientific orientation of education evaluation, resolutely overcome the stubborn diseases of only grades, only entering higher schools, only diplomas, only papers and only hats, improve the ability and level of education governance, accelerate the modernization of education, build an educational power, and run a satisfactory education for the people, the following programs are formulated.

　　I. General requirements

　　(1) Guiding ideology. Guided by the Supreme Leader’s Socialism with Chinese characteristics Thought in the New Era, we will fully implement the spirit of the 19th National Congress of the Communist Party of China and the 2nd, 3rd and 4th Plenary Sessions of the 19th National Congress, fully implement the Party’s educational policy, adhere to the direction of running a socialist school, implement the fundamental task of educating people by virtue of education laws, systematically promote the reform of educational evaluation, develop quality education, guide the whole party and society to establish a scientific concept of educational development, talent growth, selection and employment, promote the construction of an education system that serves the lifelong learning of the whole people, and strive to cultivate and take on the great responsibility of national rejuvenation.

　　(2) Main principles. Adhere to moral education, keep in mind the mission of educating people for the party and the country, give full play to the baton role of educational evaluation, guide the establishment of scientific educational goals, and ensure the correct development direction of education. Adhere to the problem-oriented, start with the issues concerned by the CPC Central Committee, the masses and the society, break through and make substantial breakthroughs in promoting the reform of key areas of educational evaluation. Adhere to scientific and effective, improve the evaluation of results, strengthen process evaluation, explore value-added evaluation, improve comprehensive evaluation, make full use of information technology, and improve the scientificity, professionalism and objectivity of educational evaluation. Adhere to overall planning, design and steadily advance according to the characteristics of different subjects, different classes and different types of education, and enhance the systematicness, integrity and synergy of the reform. Adhere to the characteristics of China, take root in China, integrate China and foreign countries, base on the times and face the future, and unswervingly take the road of education development in Socialism with Chinese characteristics.

　　(3) reform objectives. After five to ten years’ efforts, the level of scientific performance of duties by Party committees and governments at all levels has been significantly improved, the implementation mechanism of moral education in schools at all levels has been improved, the evaluation system for guiding teachers to devote themselves to educating people has been improved, the evaluation methods for promoting students’ all-round development have been more diversified, and the social selection and employment methods have been more scientific. By 2035, an education evaluation system with characteristics of the times, China characteristics and world level will be basically formed.

　　Second, the key tasks

　　(A) the reform of the Party committee and government education evaluation, and promote the scientific performance of their duties.

　　1. Improve the system and mechanism of the Party’s overall leadership over education. Party committees at all levels should conscientiously implement their leadership responsibilities, establish and improve an education leadership system in which the Party committees lead in a unified way, the Party and the government work together, and all departments assume their respective responsibilities, perform their duties of guiding the direction, managing the overall situation, making decisions and ensuring implementation, take ideological and political work as the lifeline of all school work, run through the whole process of school education management, firmly establish a scientific concept of educational development, and resolutely overcome short-sighted behavior and utilitarian tendencies. Party committees and governments at all levels should improve the mechanism of regular research and education, and establish and improve the system of in-depth education and front-line research by leading comrades of the party and government, ideological and political lessons for teachers and students, contact with schools, and education at the end of the year.

　　2. Improve the evaluation of the government’s educational responsibilities. The provincial government mainly evaluates the overall implementation of the Party’s educational policy and the decision-making arrangements of the CPC Central Committee on education, the implementation of the education priority development strategy, and the solution of outstanding educational problems that the people are generally concerned about, not only evaluating the final results, but also evaluating the degree of efforts and progress and development. According to the evaluation contents and indicators established at the national level, all localities refine them in combination with the actual situation as the basis for evaluating the next level of government’s performance of educational duties.

　　3. Resolutely correct the tendency of one-sided pursuit of enrollment rate. Party committees and governments at all levels should adhere to the correct concept of political achievements, and must not issue entrance examination indicators or assess the next-level party committees and governments, education departments, schools and teachers with the entrance examination rate, and must not link the entrance examination rate with school projects, fund allocation, evaluation and evaluation, and must not reward teachers and students with the entrance examination results in any form. It is strictly forbidden to publish, publicize and speculate on the entrance examination "No.1" and the entrance examination rate. If the ecological problems of education are outstanding and cause serious social impact, they shall be held accountable according to laws and regulations.

　　(B) Reform the school evaluation, and promote the implementation of the fundamental task of Lide Shuren.

　　4. Adhere to the effectiveness of Lide Shuren as the fundamental standard. Speeding up the improvement of the evaluation criteria of schools at all levels and types will take the implementation of the Party’s overall leadership, adhering to the correct direction of running schools, strengthening and improving the Party building in schools, leading the Party to build teams, doing a good job in ideological and political work, running schools according to law, and maintaining security and stability as the important contents of evaluating schools and their leaders and managers, improve the internal quality assurance system of schools, resolutely overcome unilateral school-running behaviors such as attaching importance to intellectual education over moral education and attaching importance to scores over quality, and promote students’ physical and mental health and all-round development.

　　5. Improve kindergarten evaluation. Focus on the evaluation of kindergarten scientific education, standardized kindergarten, safety and health, team building, overcoming the tendency of primary school, etc. The state has formulated guidelines for evaluating the quality of kindergarten education, and all provinces (autonomous regions and municipalities directly under the Central Government) have improved the standards for evaluating the quality of kindergartens, included all kinds of kindergartens in the quality evaluation category, and regularly announced the evaluation results to the public.

　　6. Improve the evaluation of primary and secondary schools. Compulsory education schools focus on promoting students’ all-round development, ensuring students’ equal rights and interests, leading teachers’ professional development, improving education and teaching level, creating a harmonious educational environment, building a modern school system, academic burden and social satisfaction. The state formulates evaluation standards for the quality of compulsory education schools, improves the quality monitoring system of compulsory education, strengthens the application of monitoring results, and promotes the balanced development of compulsory education. Ordinary senior high schools mainly evaluate the cultivation of students’ all-round development. The state formulates the evaluation standards for the quality of running ordinary senior high schools, highlighting the implementation of students’ comprehensive quality evaluation, developing students’ development guidance, optimizing the allocation of teaching resources, orderly promoting class selection, and standardizing enrollment and running schools.

　　7. Improve the evaluation of vocational schools. Focus on the evaluation of vocational schools (including technical colleges, the same below), the integration of production and education, school-enterprise cooperation, the combination of education and training, the students’ acquisition of vocational qualifications or vocational skill level certificates, the employment quality of graduates, the construction of "double-qualified" teachers (including "integrated" teachers in technical colleges, the same below), etc., expand the participation of industry enterprises in the evaluation, and guide the training of high-quality workers and technical and skilled personnel. Deepen the integration of vocational education and general education, explore the high-level apprenticeship system with China characteristics, and improve the degree awarding standard and evaluation mechanism suitable for the development of vocational education. We will increase the evaluation weight of vocational training, service areas and industries, take the undertaking of vocational training as an important basis for verifying the total performance salary of vocational school teachers, and promote the improvement of the lifelong vocational skills training system.

　　8. Improve the evaluation of colleges and universities. Promote the classified evaluation of colleges and universities, guide the scientific orientation of different types of colleges and universities, and make them unique and level. Improve the teaching evaluation of undergraduate education, emphasizing ideological and political education, teaching for undergraduates by professors, the ratio of students to teachers, the number of courses per student, the dominant specialty, the guidance of graduation thesis (graduation design), student management and service, students’ participation in social practice, graduate development, and employer satisfaction. Improve discipline evaluation, strengthen the position of talent training center, dilute the number of papers, citation rate, awards and other quantitative indicators, highlight the characteristics, quality and contribution of disciplines, and correct the practice of unilaterally evaluating academic level with academic titles. Teachers’ achievements are strictly determined by the signing units and do not follow the people. Explore the establishment of application-oriented undergraduate evaluation standards, and highlight the cultivation of corresponding professional ability and practical application ability. Formulate evaluation methods for the effectiveness of "double first-class" construction, highlight the cultivation of first-class talents, output first-class achievements, actively serve the needs of the country, and guide universities to strive for world first-class. Improve the evaluation of normal universities, take running normal education as the first duty, and take training qualified teachers as the main assessment index. Improve the performance evaluation of university funds, and guide universities to increase their support for education, teaching and basic research. Improve the evaluation of international exchanges and cooperation in colleges and universities, and promote the quality of inter-school exchanges, studying in China, cooperating in running schools, and introducing overseas talents. Explore the evaluation of universities serving the whole people’s lifelong learning and promote the construction of a learning society.

　　(C) the reform of teacher evaluation, and promote the practice of teaching and educating people.

　　9. Adhere to the teacher’s morality as the first standard. Resolutely overcome the phenomenon of valuing scientific research over teaching and valuing teaching over educating people, regard the performance of teachers’ morality as the primary requirement for regular registration of teachers’ qualifications, performance appraisal, evaluation and appointment of professional titles, and evaluation and reward, strengthen the investigation of teachers’ ideological and political quality, and promote the normalization and long-term construction of teachers’ morality and style. Improve the teacher honor system and give play to the leading role of typical demonstration. We will fully implement the professional code of conduct for teachers in kindergartens, primary and secondary schools and colleges in the new era, and establish a notification and warning system for teachers’ moral misconduct. For teachers with serious problems of teachers’ morality and style, explore the implementation of the education industry-wide ban system.

　　10. Highlight educational and teaching achievements. Taking the conscientious performance of education and teaching duties as the basic requirement for evaluating teachers, and guiding teachers to do well in every class and care for every student. Kindergarten teachers’ evaluation highlights the practice of teaching protection, and takes the ability of promoting children’s active learning and all-round development with games as the key index, which is included in the training standards of preschool education professionals and the important content of on-the-job training of preschool teachers. Explore the establishment of a teaching evaluation system for primary and secondary school teachers. Teachers should evaluate each student’s studies every semester, and the evaluation should be included in the teacher assessment. We will improve the performance appraisal methods for primary and secondary school teachers, and the distribution of performance pay will be tilted towards the head teacher and the teachers with outstanding teaching effects. Improve the evaluation criteria for the identification, employment and assessment of "double-qualified" teachers, and highlight the level of practical skills and professional teaching ability. Standardize the conditions for the employment of college teachers and the evaluation of professional titles, and do not take the study experience outside the country (territory) as a restrictive condition. Participate in teaching and research activities, compile teaching materials and cases, guide students’ graduation design, employment, innovation and entrepreneurship, social practice, community activities, competitions and performances, etc. are included in the workload. To implement the system of professors attending classes, colleges and universities should make it clear that professors should undertake the minimum class requirements for undergraduate (junior college) students, ensure the teaching quality, and give unqualified treatment to those who fail to meet the requirements in annual or employment assessment. Support the construction of high-quality academic journals of teaching and research, and encourage university journals to tilt towards teaching and research. Improve the monitoring and evaluation mechanism of textbook quality, implement the national reward system for textbook construction, and select it once every four years.Teachers who have made outstanding contributions shall be commended and rewarded according to regulations. Improve the national teaching achievement award selection system, optimize the award-winning categories and the allocation of selected places.

　　11. Strengthen the work of front-line students. All kinds of schools at all levels should make clear the specific requirements for leading cadres and teachers to participate in student work. Implement the home visit system for primary and secondary school teachers and incorporate the contact between home and school into the teacher assessment. The annual debriefing of members of leading bodies in colleges and universities should take ideological and political lessons and contact with students as important contents. To improve the selection and appointment mechanism of party and government management cadres in schools, in principle, students should have work experience such as ideological and political teachers, counselors or class teachers. Young teachers in colleges and universities must have at least one year’s work experience as counselors, class teachers and other students in order to be promoted to a higher professional title.

　　12. Improve the scientific research evaluation of university teachers. Highlight the quality orientation, focus on the evaluation of academic contributions, social contributions and supporting personnel training, and do not link the quantitative indicators of scientific research such as the number of papers, the number of projects, and the project funds with the performance salary distribution and rewards. According to the characteristics of different disciplines and different posts, we insist on classified evaluation, carry out representative achievement evaluation, explore long-term evaluation, improve peer expert evaluation mechanism, and pay attention to the combination of individual evaluation and team evaluation. Explore special evaluation methods for teachers’ scientific research in special fields such as national defense science and technology. For those who have achieved major theoretical innovations, made breakthroughs in cutting-edge technologies, solved major engineering and technical problems, and made significant contributions to the development of economic and social undertakings, the papers may not be subject to restrictive requirements when applying for senior titles.

　　13. Promote the return of talent titles to academic and honorary. Effectively streamline the talent "hat" and optimize and integrate various talent plans in the field of education. The title of talent shall not be regarded as a restrictive condition for undertaking scientific research projects, job title evaluation and employment, appraising awards and degree point declaration, and the relevant declaration form shall not be set up to fill in the column of talent title. According to the actual contribution, the salary of talents should be reasonably determined, and the title of talents should not be simply linked to material interests. Encourage those who have won the title of "Changjiang Scholar" and other talents in universities in the central and western regions and northeast regions to sign long-term service contracts with the schools, so as to contribute to the implementation of national and regional development strategies.

　　(D) Reform the evaluation of students and promote the all-round development of morality, intelligence, physique, beauty and labor.

　　14. Establish the concept of scientific success. Adhere to morality first, ability first and all-round development, adhere to the principle of facing everyone, teaching students in accordance with their aptitude and integrating knowledge with practice, resolutely change the practice of labeling students with scores, innovate the process evaluation method of morality, intelligence, physique and beauty, improve the comprehensive quality evaluation system, and effectively guide students to strengthen their ideals and beliefs, cultivate patriotic feelings, strengthen their moral cultivation, increase their knowledge and experience, cultivate their spirit of struggle and enhance their comprehensive quality.

　　15. Improve moral education evaluation. According to students’ physical and mental characteristics at different stages, we should scientifically design all kinds of educational and moral education objectives and requirements, guide students to develop good ideological and moral, psychological quality and behavior habits, inherit the red gene, enhance the "four self-confidences", and be determined to listen to and follow the party, take root in the people and contribute to the country. Through information technology and other means, explore effective ways for students, parents, teachers and communities to participate in the evaluation, objectively record the daily performance and outstanding performance of students’ conduct, especially the practice of socialist core values, as an important content of students’ comprehensive quality evaluation.

　　16. Strengthen sports evaluation. Establish an examination mechanism that combines daily participation, physical fitness monitoring and special sports skills testing, and take meeting the requirements of national students’ physical health standards as an important part of education and teaching assessment, so as to guide students to develop good exercise habits and healthy lifestyles, temper their strong will and cultivate the spirit of cooperation. Primary and secondary schools should objectively record students’ daily sports participation and physical health monitoring results, and give feedback to parents regularly. Improve the content, method and scoring method of physical education test in senior high school entrance examination, and form an effective mechanism to encourage students to strengthen physical exercise. Strengthen the evaluation of college students’ physical education and explore offering physical education courses at all stages of higher education.

　　17. Improve the evaluation of aesthetic education. Incorporate primary and secondary school students’ learning of music, fine arts, calligraphy and other art courses and their participation in art practice activities organized by the school into their academic requirements, promote students to form artistic hobbies, enhance their artistic literacy, and comprehensively enhance their ability to feel, express, appreciate and create beauty. Explore the inclusion of art subjects in the pilot reform of the senior high school entrance examination. Promote colleges and universities to incorporate public art courses and art practice into talent training programs, implement credit system management, and students can only graduate after completing the required credits.

　　18. Strengthen the evaluation of labor education. Implement the guiding outline of labor education in universities, primary and secondary schools, clarify the objectives and requirements of labor education in different classes and grades, and guide students to advocate and respect labor. Explore the establishment of a labor list system, clarify the specific content and requirements for students to participate in labor, so that students can develop labor habits in practice, learn to work, and learn to be diligent. Strengthen the process evaluation, and include the participation in the study and practice of labor education courses into the students’ comprehensive quality files.

　　19. Strict academic standards. Improve the academic requirements of students at all levels and schools, and strictly control the export. For junior and senior high school graduating students, the school must reasonably arrange educational activities from the end of the college entrance examination to the summer vacation. Improve the academic evaluation system that organically combines process assessment with result assessment, strengthen classroom participation and classroom discipline examination, and guide students to establish a good style of study. Explore the pilot sampling work of bachelor’s degree thesis (graduation project), improve the sampling work of doctoral and master’s degree thesis, and seriously deal with all kinds of academic misconduct. Improve the practice (training) assessment methods to ensure that students fully and truly participate in the practice (training).

　　20. Deepen the reform of the examination enrollment system. We will steadily push forward the reform of the college entrance examination, build an examination content system to guide students’ all-round development in morality, intelligence, physique, beauty and labor, change the relatively solidified form of examination questions, enhance the openness of examination questions, and reduce the phenomenon of rote memorization and "mechanical brushing". Accelerate the improvement of the construction and use of junior and senior high school students’ comprehensive quality files, and gradually change the enrollment model that simply takes test scores as the sole criterion. Improve the enrollment method of "cultural quality+vocational skills" examination in higher vocational education. Deepen the reform of postgraduate examination enrollment, and strengthen the examination of scientific research and innovation ability and practical ability. Schools at all levels and types are not allowed to compete for students in violation of regulations by setting bonuses. Explore the establishment of a credit bank system, promote the recognition, accumulation and transformation of various forms of learning results, realize the interconnection between different types of education, academic and non-academic education, on-campus and off-campus education, and smooth the channels for lifelong learning and talent growth.

　　(E) Reform the evaluation of employment and jointly create a good environment for the development of education.

　　21. Establish a correct orientation for employing people. Party and government organs, institutions and state-owned enterprises should take the lead in reversing the employment orientation of "only prestigious schools" and "only academic qualifications", establish a talent use mechanism oriented by morality and ability and aiming at job demand, change the "high consumption" of talents, and form a good situation of dropping talents without sticking to one pattern.

　　22. Promote the suitability of people and posts. The recruitment of civil servants at all levels, institutions and state-owned enterprises should make reasonable recruitment conditions and determine the educational level according to the job requirements. In the recruitment announcement and actual operation, the graduation institution, study experience outside the country (territory) and learning methods should not be used as restrictive conditions. Vocational school graduates are treated equally with ordinary school graduates in terms of settlement, employment, participation in recruitment of government agencies, enterprises and institutions, evaluation and employment of professional titles, and promotion of job ranks. Employers should scientifically and reasonably determine job responsibilities, adhere to the principle of fixed salary by post, remuneration according to work, and excellent remuneration for excellent work, and establish an incentive mechanism that emphasizes performance and contribution.

　　Third, organize the implementation

　　(1) Implementing the responsibility for reform. Party committees and governments at all levels should strengthen organizational leadership, put deepening the reform of education evaluation on the important agenda, and clearly implement measures according to the requirements of this plan and the actual situation. Leading groups for education work of party committees at all levels should strengthen overall coordination, publicity and guidance, and supervise implementation. The relevant departments of the central and state organs should combine their responsibilities and formulate supporting systems in a timely manner. Schools at all levels and types should pay close attention to implementation and effectively get rid of the stubborn disease of "five talents". The state and provinces (autonomous regions and municipalities directly under the Central Government) choose qualified places, schools and units to carry out pilot projects and play a leading role in demonstration. Educational supervision should take the promotion of educational evaluation reform as an important content, urge and correct those who violate relevant regulations, and severely deal with relevant responsible personnel according to regulations and laws.

　　(2) Strengthening the construction of specialization. Establish an evaluation system with multi-participation of government, schools and society, establish and improve a unified and responsible education evaluation and monitoring mechanism for education supervision departments, and give play to the role of professional institutions and social organizations. Strictly control the number and frequency of educational evaluation activities, reduce multi-head evaluation and repeated evaluation, and effectively reduce the burden on grassroots and schools. All localities should innovate the guiding methods of teaching and research work in basic education, and strictly control the random inspection and evaluation of schools and students by examination. Innovative evaluation tools, using artificial intelligence, big data and other modern information technologies, explore the whole process of longitudinal evaluation of students’ learning situation in all grades, and horizontal evaluation of all elements of morality, intelligence, body, beauty and labor. Improve the application of evaluation results, and comprehensively play the role of guidance, identification, diagnosis, regulation and improvement. Strengthen the construction of teachers’ educational evaluation ability, support qualified universities to set up educational evaluation, educational measurement and other related disciplines, and train educational evaluation professionals. Strengthen the construction of the national education examination work team and improve the incentive mechanism for teachers to participate in proposition and examination work. Actively carry out international cooperation in education evaluation, participate in the monitoring and evaluation of the implementation of the educational objectives of the United Nations 2030 Agenda for Sustainable Development, highlight the China concept and contribute to China’s programs.

　　(3) create a good atmosphere. Party and government organs, institutions and state-owned enterprises should perform their duties and promote the whole society to form a scientific concept of selecting and employing people. The news media should strengthen the propaganda and interpretation of science education concepts and reform policies, reasonably guide expectations, and enhance social consensus. Construct a family education guidance service system covering urban and rural areas, and guide parents to establish a correct view of education and success. All localities should summarize, publicize and popularize the successful experiences and typical cases of educational evaluation reform in a timely manner, expand the radiation area and improve their influence.

On May 10th, the 8th China Brand Day, a series of activities of 2024 China Brand Day-"Super Convergence is Super Hybrid" DMH technology brands Conference, sponsored by Xinhua News Agency Shanghai Branch and China Economic Information Agency, and jointly sponsored by SAIC Innovation Research and Development Institute and Roewe brand of SAIC passenger cars, was held in Shanghai. Jiang Wei, Party Secretary of Xinhua News Agency Shanghai Branch, Party Secretary of China Economic Information Agency Shanghai Headquarters, Zu Sijie, Vice President and Chief Engineer of SAIC, Alvin Wong, General Manager of SAIC Passenger Car Company, Lian Ping, Chairman of China Chief Economist Forum, Yao Chunde, Professor of Tianjin University and Deputy Director of "China Heart" Top Ten Engine Judges, and other guests attended the meeting to discuss the new breakthrough of hybrid technology in China and how to accelerate the cultivation of new quality productivity in new energy automobile industry.

At the meeting, SAIC Roewe released the "DMH Super Hybrid Technology" technology brands, which has accumulated the profound technology of SAIC in the hybrid field for more than ten years. It is a hybrid product for users all over the world, showing the world the vigorous power of China automobile brands in the new energy era.

Blending is an indispensable starting point for the transformation of automobile industry chain.

By the end of 2023, the production and sales of new energy vehicles in China ranked first in the world for nine consecutive years, and became the world’s largest automobile exporter for the first time. Under the wave of new energy, whether from the perspective of solving the pain points of users’ actual car use or from the height of the transformation and upgrading of the entire automobile industry chain, blending is an indispensable key. Yao Chunde believes that the development of hybrid technology is the general trend.

Yao Chunde, a professor at Tianjin University and deputy director of the "China Heart" Top Ten Engine Judges.

On the one hand, there is a strong user demand to promote the hybrid technology in China. The market environment and users’ demand in China provide a natural "fertile ground" for car companies to develop hybrid technology. On the other hand, the breakthrough of China car companies in the plug-in technology is not to show off their skills, but based on real usage scenarios, which integrates the advantages of traditional fuel vehicles and electric vehicles and brings users real travel solutions. Taking the DMH super hybrid system as an example, Yao Chunde innovatively improved the off-axis P1 motor into a coaxial structure for the current mainstream P1+P3 hybrid configuration, which greatly improved the transmission efficiency, optimized the NVH performance, and made the whole system more efficient and the driving experience smoother and quieter. It can be seen that the plug-in technology is not a transitional technology, but a key technology to drive the traditional automobile to realize electric transformation and comprehensively improve the user’s travel experience, and it is also an indispensable technical support for China automobile to "grow from big to strong".

Roewe DMH: Super fusion is super hybrid.

"At the moment, hybrid technologies are blooming, products are emerging one after another, and user acceptance is getting higher and higher. It is predicted that by 2025, there will be a 1:1 situation between pure electricity and plug-in. The spring of plug-in and hybrid is already around us. " Lu Yong, deputy general manager of SAIC Passenger Car Company, executive vice president of SAIC Innovation Research and Development Institute and executive deputy director of technology center, said.

Lu Yong, Deputy General Manager of SAIC Passenger Car Company, Executive Vice President of SAIC Innovation Research and Development Institute and Executive Deputy Director of Technology Center.

The greatest advantage of any technology with long-term value is that it can withstand precipitation and carry long-term optimization iteration. As early as 2010, SAIC proactively laid out the field of plug-in hybrid technology and regarded it as a technology worthy of long-term investment. In 2017, the first generation of EDU hybrid technology independently developed by SAIC won the second prize of the National Science and Technology Progress Award. Thanks to SAIC’s in-depth self-research on the core technology of powertrain, SAIC will also exceed 46% in the key index of engine thermal efficiency that affects the performance of hybrid system. After long-term technical accumulation and market verification, the DMH super hybrid technology released at this conference, with by going up one flight of stairs integration and intelligence, is a new kinetic energy for SAIC’s own brand to maintain its long-term competitiveness.

DMH super hybrid technology has three technical characteristics: modularization, integration and specialization. According to the modular design and serial configuration, the system matches different hybrid routes such as PHEV/EREV/HEV through a set of systems, which can cover the driving needs and fuel consumption regulations of different users around the world. At the same time, the system has many leading technologies such as "energy domain" global thermal management, powertrain brain PICU, engine +P1 motor coaxial structure, etc., with software algorithm as the core, matching special hardware such as hybrid high-efficiency engine, gearbox and long-life battery.

At present, DMH super hybrid technology has taken the lead in the Roewe D7 DMH and the Roewe D5X DMH, the new mainstream hybrid SUV with long battery life, and the product strength has been widely recognized. Not long ago, Roewe D7 DMH, on behalf of its own brand B-class car, challenged the extreme endurance of 2,000 km, and finally overcame the influence of bad weather, achieving a long endurance of 1962km and an average fuel consumption of 2.8L per 100 km, realizing the technical value transformation from technical strength to scene application, and showing the strength of China brand.

Qiu Jie, Vice President of SAIC Innovation Research and Development Institute and General Manager of Jieneng Automobile Company.

Qiu Jie, vice president of Innovation Research and Development Institute of SAIC and general manager of Jieneng Automobile Company, said that in the next three years, DMH super hybrid technology brands will carry out higher-dimensional performance improvement in five key areas: engine, gearbox, battery, motor and energy control brain. For example, the thermal efficiency of the engine will break through to 46%, and it will take the lead in reaching the "Euro 7" emission standard in China; In terms of gearbox technology, the target carbon dioxide emission of the oil-electric hybrid route will not exceed 95g/km, and the plug-in hybrid and extended-range electric routes will adopt a new configuration of dual coaxial scheme; The energy control brain is continuously optimized, and the concept of the next generation vehicle energy center is expected to be released in 2025.

Start SAIC brand

With the joint efforts of the upstream and downstream of the industrial chain, automobiles have become a shining business card for China brands to go global. Among them, SAIC has won the "Double Champion" in domestic sales and vehicle export for eight consecutive years, and has become an excellent sample for actively practicing the "three transformations" in brand building.

Zu Sijie said at the conference: "Brand building is an important support for further developing China’s intelligent networked new energy automobile industry. At present, SAIC is building a world-class enterprise by benchmarking, making every effort to build itself into a trillion-dollar automobile industry group with global industrial competitiveness and brand international influence, and constantly making SAIC brand famous by building technology SAIC, quality SAIC and responsibility SAIC. The launch of DMH super hybrid technology is the’ super integration’ of technology SAIC, quality SAIC and responsibility SAIC, and it is also an important practice to start the SAIC brand. "

Zu Sijie, Vice President and Chief Engineer of SAIC.

SAIC has always adhered to technological innovation as the core drive, accurately grasped the market development trend, and actively laid out forward-looking technical fields. After long-term unremitting investment and deep cultivation, the "turn" from technology introduction to technology reverse output has been basically completed. Facing the new round of global competition, SAIC Innovation Research and Development Institute, the research and development platform of SAIC’s own brand of passenger cars, has made full preparations in the fields of forward-looking technology, R&D personnel, hardware and equipment, and effectively supported the product development of Roewe, MG, Zhiji and Feifan and overseas markets.

In terms of talent reserve, SAIC Innovation Research and Development Institute is committed to building a research and development team with global vision and competitiveness. Not long ago, Joseph Kaban, a world-renowned automobile designer, officially joined SAIC, which will further promote SAIC’s design upgrade, vigorously enhance the competitiveness and internationalization level of SAIC’s design, and empower its own brands such as Roewe.

The release of DMH Super Hybrid technology brands indicates that SAIC Roewe will launch the quality war and value war of its own brand "National Team" in the new energy market with more confident brand image and stronger product competitiveness, and help the high-quality development of China’s new energy automobile industry. In the future, relying on DMH super hybrid technology brands, Roewe will also gather the superior resources of all parties, accelerate the creation of "the first camp of blending", and provide users around the world with a new choice of China brand.

CCTV News:On March 15th, the National Health and Wellness Commission and state administration of traditional chinese medicine issued the "novel coronavirus Diagnosis and Treatment Plan (Trial Ninth Edition)". The new diagnosis and treatment plan has made many major updates in detection, management and treatment, optimized the procedure of case discovery and reporting, and added antigen detection as a supplement to further improve the ability of case early detection. At the same time, the cases were classified and treated, and the light cases were changed from being admitted to hospitals to centralized isolation management.

The diagnosis and treatment plan further improves the measures of case classification and treatment

In the case treatment, the new diagnosis and treatment plan further improved the case classification treatment measures according to the opinions reflected by various places, such as "asymptomatic infected patients and mild cases are the main patients in Omicron, and most of them don’t need too much treatment, and all of them will occupy a lot of medical resources when they are admitted to designated hospitals".

Light cases changed from income hospital to centralized isolation management.

For the confirmed cases, the new version re-classifies them into light, ordinary, heavy and critical types. Light cases are subject to centralized isolation management, and relevant centralized isolation places cannot isolate people such as entry personnel and close contacts at the same time. During the period of isolation management, symptomatic treatment and condition monitoring should be done well. If the condition worsens, it should be transferred to a designated hospital for treatment.

At present, asymptomatic and mild cases account for the majority, and the new version of the diagnosis and treatment plan is expected to reduce the burden of treatment for designated hospitals and medical staff, reduce the risk of medical resources run, and achieve more accurate management. In addition, ordinary, severe and critical cases and cases with severe high-risk factors should be treated in designated hospitals, and severe and critical cases should be admitted to ICU as soon as possible.

Two new specific anti-Covid-19 drugs were added.

In terms of specific drug treatment, the new diagnosis and treatment plan has added two COVID-19 antiviral drugs newly approved by National Medical Products Administration..Revise and improve the content of TCM treatment. Combined with the clinical treatment experience in various places, the application of non-drug therapy in traditional Chinese medicine was strengthened and the content of acupuncture treatment was increased; Combined with the characteristics of children patients, the related contents of traditional Chinese medicine treatment for children were added.

The plan also adjusts the management of release from isolation, discharge standards, release from isolation and matters needing attention after discharge. For example, the "14-day isolation management and health monitoring after discharge" was changed to "release isolation management or continue home health monitoring for 7 days after discharge".

On the basis of nucleic acid, antigen detection is added as a supplement

The plan proposes to add antigen detection as a supplement on the basis of nucleic acid detection to further improve the ability of early detection of cases. The relevant person in charge of the National Health and Wellness Commission stressed that the antigen positive must be linked to the nucleic acid detection in a closed loop, and the antigen positive result can be used for early triage and rapid management of suspected people, and cannot replace the nucleic acid detection to determine whether the detected person is infected with COVID-19.

Li Jinming, Deputy Director of Clinical Laboratory Center of National Health and Wellness Commission:The specificity of antigen detection can reach 99%, but the specificity of nucleic acid detection in methodology is 100%, so nucleic acid detection has always been a basis and a "gold standard" for determining COVID-19 infection, so antigen detection cannot replace nucleic acid detection. When the antigen test is positive, you must take the nucleic acid test to confirm it; But the nucleic acid test is positive. No matter whether your antigen test is negative or positive, the examinee should take measures as an infected person or a confirmed patient in COVID-19.

Xiaomi YU7 has applied for a version in the Ministry of Industry and Information Technology, and is equipped with a laser radar device. The maximum power of the front motor is 220kW, and the maximum power of the rear motor is 288kW, which is used as an energy storage device, but the battery capacity and battery life data have not been disclosed yet.

As a new brand with its own traffic, Xiaomi Automobile has not been around for a long time, but the first model, Xiaomi SU7, has delivered more than 130,000 units since it was launched in March, and its market performance is quite strong.

Xiaomi YU7 is the second product of Xiaomi Automobile and the first SUV model. Based on brand attributes, body size and other information, the future competitors of Xiaomi YU7 in the market are expected to include Tesla (price: 249,900 yuan), (price: 249,800 yuan) and (price: 279,900 yuan). So, how much do you think Xiaomi YU7 can gain a foothold in the market? Welcome to leave a comment.

 

Editor’s Note: 2020 is destined to be extraordinary. In the year when the "Thirteenth Five-Year Plan" ended, an epidemic suddenly occurred.

In the "defense war" of urban economic development, the core cities in the Yangtze River Delta, represented by Hangzhou, have shown sufficient economic resilience, industrial vitality and market potential, and become one of the important supporting forces for China’s economy to withstand the impact of the epidemic and rebound strongly.

The central city leads the development at the right time. Now in Hangzhou, the dual-drive path of digital economy and new manufacturing has accelerated the transformation of this "prosperous city since ancient times". The permanent population exceeds 10 million, the total economic output exceeds 1.5 trillion yuan, and the per capita GDP exceeds 20,000 US dollars, which has become an important milestone in the development history of this city in the south of the Yangtze River, interpreting the brand-new look and development opportunities of Hangzhou, which is going international.

Looking forward to the upcoming "14th Five-Year Plan", after the global economy is facing unprecedented changes and the value of "the first city of digital economy" in Hangzhou is re-evaluated, the strength and potential of urban development, like the Qiantang River rushing into the sea, has ushered in a broader stage.

"It seems inevitable that micro-medicine was born in Hangzhou."

In the afternoon of November, it was sunny in Hangzhou Bay Information Port Town, Xiaoshan. Peng Binbin, senior vice president of micro-medicine, told 21st century business herald that an open and inclusive environment and an efficient service-oriented government were the keys to the start of this unicorn enterprise that completed several rounds of overseas financing.

Hangzhou Bay Information Port Town in Xiaoshan (Photo/Xiaoshan Information Port Town official website)

"For example, as a new thing, in other parts of the country, the establishment review cycle of an offline medical institution is very long. In Hangzhou, we landed the first general practice center in the country. Under the premise of all procedures compliance, Hangzhou has demonstrated extremely high efficiency and given great support from obtaining certificates and compliance inspections to fully accessing Hangzhou medical insurance. "

Not far from here, ZF, the global auto parts giant, has just completed the installation and debugging of the new energy vehicle drive motor production line. Before it was put into production, ZF once again increased its investment in Hangzhou and began to build the second phase of the production base for key parts of new energy vehicles.

Figure/figure worm creativity

On the other side of the city, the Linde Project in Germany, one of the world’s top 500 companies, has just placed its Asia-Pacific total tribe next to the West Lake.

In the context of the sharp decline in global foreign direct investment, a large number of overseas capitals are choosing to invest in Hangzhou by "voting with their feet" and "real money and silver".

In addition to data and rankings, Hangzhou is also optimizing the investment structure, building a "dual engine" of digital economy and new manufacturing industry, promoting accurate investment promotion in the industrial chain and "attracting foreign investment by the people". Private enterprises have chosen to return to Hangzhou after overseas listing or overseas financing. Under the new situation, a "Hangzhou sample" of high-quality utilization of foreign capital is taking shape.

The government’s "door-to-door service" continues to improve the investment environment

Affected by the epidemic and economic recession, this year’s global foreign direct investment is experiencing unprecedented deep adjustment. According to the latest data released by UNCTAD, global foreign direct investment (FDI) decreased by 49% in the first half of 2020 compared with the same period of last year, and it is expected that the year-on-year decline will be as high as 40% or more.

Despite the severe external environment, Hangzhou still handed over a bright "report card".

According to the data released by Hangzhou Investment Promotion Bureau (hereinafter referred to as "Hangzhou Investment Promotion Bureau"), from January to October, 602 foreign-invested enterprises were newly introduced in Hangzhou, and the actually utilized foreign capital was US$ 5.83 billion, up 10.3% year-on-year and 10.8 percentage points higher than the average. Among the top 10 key cities in China (top 10 in GDP), Hangzhou ranks fourth in the total utilization of foreign capital and third in the year-on-year growth rate; Among the provincial capital cities, Hangzhou ranks first.

Structurally, from January to October, the actual utilization of foreign capital in high-tech industries was $2.04 billion, accounting for 35% of the city’s total. Among them, information transmission, software and information technology services accounted for a relatively high proportion, reaching 26.8%; The actual utilization of foreign capital in scientific research and technical services increased by 95.1%.

A number of foreign-funded enterprises in Hangzhou said that after the epidemic, the production capacity and sales of enterprises are recovering rapidly, and some enterprises have experienced contrarian growth. For example, Toshiba Carrier Air Conditioning expects sales to increase by more than 20% year-on-year; Sanofi plans to increase the production of new varieties of drugs; Bosch electric tools have also newly put into production the motor production line.

In the long run, what these enterprises choose to invest in Hangzhou is the investment environment that Hangzhou continues to improve.

"We are deeply impressed by Hangzhou’s attitude and efficiency in serving enterprises. The business handling involving the government is a one-stop service. Now Hangzhou is’ running at most once’. In fact, many times enterprises don’t even have to run once, and the government is’ on-site service’. For example, there is a party-mass service center in our park, and the departments of industry and commerce, taxation and so on are all working in the park. " Talking about the investment environment in Hangzhou, Peng Binbin repeatedly mentioned the "one-stop" government service in Hangzhou to 21st century business herald reporters.

Joe Buetzler, chief financial officer of Linde Project in Asia Pacific, shared the same feeling. In recent seven years, 20 employees’ families from overseas moved to Hangzhou, which involved furniture entry, children’s education and other issues. Under the coordination of Hangzhou government, all the processes were very smooth.

Panasonic Household Appliances Industrial Park in Xiasha recently welcomed its own hospital, and employees can directly use medical insurance to see a doctor on the second floor of the canteen. "Hangzhou Health and Health Commission and other aspects have given us great help. They promoted community hospitals to enter the park and sent doctors to the park to help us solve problems." Wu Liang, general manager of Panasonic Household Appliances (China) Co., Ltd. introduced.

He also said that Hangzhou Education Bureau and other departments are also discussing how to solve the problem of child care for employees. "It is expected that a nursery will move into the park this winter vacation, which may become the first one in the development zone and even Hangzhou."

Wu Liang said that these measures in Hangzhou are conducive to attracting and retaining talents, and talent gathering is also the main reason for Panasonic to invest in Hangzhou. He introduced that there are 14 colleges and universities in Xiasha Higher Education Park, which is just across the first bridge from Panasonic, and graduates nearly 200,000 college students every year, which provides enterprises with a steady stream of talents.

In recent years, Hangzhou has introduced a series of measures in terms of rent subsidies, talent apartments and children’s schooling, and has become one of the most attractive cities for young people. According to public data, the net inflow of talents in Hangzhou ranked second in the country in 2019. By the end of July 2020, the number of newly introduced college students under the age of 35 in Hangzhou this year was 234,072, exceeding the total in 2019.

Panasonic has set up six enterprises in Hangzhou alone. Besides Tokyo and Osaka, Panasonic has built the largest all-category flagship store in Hangzhou, which is known as the "No.1 overseas". Panasonic also plans to build another "No.2 Store" next to the West Lake, and make it a landmark online celebrity in Hangzhou.

Accurately attract investment in industrial chain and create a "double engine" for attracting investment.

It should be noted that the past "point investment promotion" is easy to cause fragmentation of industrial space and cannot form industrial competitiveness. In order to enhance the city’s industrial competitiveness, Hangzhou is drawing the next round of industrial blueprint for the city with the accurate investment model of industrial chain.

In May 2019, Hangzhou issued the "City-wide" One Chess "Industrial Chain Precision Investment Promotion System (Trial)", aiming to further deepen the industrial chain precision investment promotion, enhance industrial investment and promote competitiveness, and do a good job in "supplementing the chain", "strengthening the chain" and "expanding the chain".

The so-called "accurate investment promotion in industrial chain" refers to cultivating industrial clusters as the goal, attracting benchmark enterprises and engine projects as the core, introducing one, driving a batch and radiating one, developing from industrial chain to industrial cluster, and then forming industrial ecology, thus promoting the high-quality development of urban industries.

Figure/figure worm creativity

At present, Hangzhou is planning accurate investment promotion in the industrial chain around key industries such as biomedicine, aviation manufacturing, integrated circuits and artificial intelligence. Through "building chain", "supplementing chain" and "strengthening chain", the upper, middle and lower reaches will be opened up to form a cluster development of industrial chain.

Guided by this idea, a number of major industrial projects such as Deyi Hi-Tech Aerospace Composite Materials R&D and Manufacturing Project, AstraZeneca East Headquarters in China, Life Science Innovation Park Project and Firefly Artificial Intelligence Project have successively landed this year.

In September this year, ZF once again invested nearly 1 billion yuan in Hangzhou to carry out the construction of the second phase of the key parts production base for new energy vehicles, which is only two years after the last investment.

Figure/Zhejiang News

A person in charge of ZF Transmission Technology (Hangzhou) Co., Ltd. said that the previous production base paid more attention to assembly, while the newly-built project was a full chain production base, with full coverage from gear processing to finished products of electric drive parts.

He pointed out that the reason why he chose to invest in Hangzhou stems from the fact that several well-known brand car companies and parts manufacturers at home and abroad, such as Geely, are located in Hangzhou. Hangzhou has a huge and solid automobile industry foundation, and information giants can contribute more to smart travel.

"The products of ZF production base are mainly supplied to domestic automobile manufacturers. I believe that the participation of key automobile parts suppliers such as ZF will definitely form a higher cluster effect." He said.

Similar leading enterprises and large projects play an important role in reshaping Hangzhou’s industrial chain. According to the data of Hangzhou Investment Promotion Bureau, in the first ten months of this year, Hangzhou introduced 75 large projects with a total investment of more than 30 million US dollars (including 34 newly approved projects and 41 capital increase projects), with a total investment of 31.75 billion US dollars and contractual foreign investment of 6.80 billion US dollars, accounting for 95.8% and 71.4% respectively.

Among them, there are 18 manufacturing projects, 14 information transmission and software projects, 12 leasing and commercial services projects and 10 scientific research and technical services projects. We introduced 55 large projects with a total investment of more than US$ 50 million and 29 large projects with a total investment of more than US$ 100 million.

It is worth noting that the digital economy and the new manufacturing industry are becoming the "double engines" for attracting high-quality investment in Hangzhou.

In some key areas of high-end manufacturing, Hangzhou pays more attention to attracting some hard-core R&D enterprises with certain potential, especially some "stuck neck" projects. Hangzhou’s special classes for attracting big industries and attracting strong industries are taking the leading enterprises in the industry as the breakthrough point, and actively building industrial ecology with points and areas.

Since the beginning of this year, four special classes in biomedicine, integrated circuits, aviation industry, Hong Kong and Macao have attracted more than 70 key industrial projects, which have led to the signing and landing of more than 60 projects with a total investment of about 150 billion yuan.

The digital economy represented by Alibaba is the most shining business card in Hangzhou. At present, the development of digital economy represented by information software and e-commerce in Hangzhou leads the whole country. Since 2014, the core industry of Hangzhou digital economy has maintained double-digit growth for 21 consecutive quarters, contributing more than 50% to economic growth. In 2019, the core industry of digital economy in Hangzhou achieved an operating income of 1,129.6 billion yuan, a year-on-year increase of 19.4%, accounting for 24.7% of GDP.

Since the beginning of this year, under the epidemic situation, emerging industries such as "health code", "live stream economy" and "home economy" initiated by Hangzhou have spread rapidly to the whole country and even the whole world, and the digital economy has grown substantially against the trend during the epidemic period. In the first half of the year, the core industries of Hangzhou digital economy realized an added value of 183.3 billion yuan, an increase of 10.5%.

Peng Binbin pointed out that Hangzhou has always been in the first echelon of digital economy, and now it is making efforts to build "the first city of national digital economy". This aspect is because a group of Internet companies such as Ali and a large number of digital economic talents gather here; On the other hand, Hangzhou has given more tolerance, support and guidance to the innovation of digital economy, and China’s digital economy, represented by Hangzhou, is also favored by overseas capital.

Promote enterprises to invest in Hangzhou by attracting foreign investment from the people.

For Hangzhou, it is also a bright spot for overseas financing to invest in local projects such as "attracting foreign investment by the people".

The so-called "attracting foreign investment by people" refers to the establishment of a company by local private enterprises (or natural persons) in Hangzhou and overseas investors, and the return of local private enterprises in Hangzhou as overseas investors after going overseas to raise funds.

According to the preliminary statistics of Hangzhou Investment Promotion Bureau, from 2016 to now, there are 202 newly approved projects with a total investment of more than 10 million US dollars in Hangzhou, with a total investment of 21 billion US dollars.

Figure/Zhejiang News

In recent years, the pace of international cooperation of private enterprises in Hangzhou has been accelerated. For example, in 2019, Xizi Group and the world-renowned aviation component supplier, the United States, established two joint ventures to produce aircraft components, with an investment of US$ 1 billion and US$ 70.88 million respectively. Connectivity (Hangzhou) Technology Service Co., Ltd., a joint venture between American Express and Lianlian Technology, has been approved to start business, with a total investment of 150 million US dollars. It is the first Sino-foreign joint venture payment and clearing institution in China.

Peng Binbin pointed out that there have always been two intertwined atmospheres among Zhejiang businessmen. One is to "go out" and enter the world. "Most Zhejiang businessmen have an international vision. They have traveled all over the world and made their business global. If the GDP created by Zhejiang businessmen in the world is added up, it may be much more than that created locally." The other is that Zhejiang businessmen have a strong sense of local identity. After going out, they are often keen to feed back their hometown and land projects in Zhejiang.

More importantly, Zhejiang has a highly developed private enterprise cluster.

In the list of "Top 500 Private Enterprises in China in 2020" recently published by the All-China Federation of Industry and Commerce, there are 39 enterprises in Hangzhou alone, an increase of 3 compared with last year, and the number of enterprises in Hangzhou has been ranked first in the national cities for 18 consecutive times.

In 2019, the added value of Hangzhou’s private economy reached 937.8 billion yuan, accounting for 61.0% of GDP, an increase of 0.5 percentage points over the previous year. At the end of last year, there were 632,000 private enterprises in the city, an increase of 14.0% over the end of last year.

It is worth noting that since the beginning of this year, the phenomenon of private enterprises in Hangzhou returning to the local market after listing or overseas financing has continued to heat up. During the year, seven companies including Netease, Nongfu Spring and Tiger Medicine (300347, shares bar) were listed on the Hong Kong Stock Exchange, raising nearly 40.5 billion yuan. After raising funds overseas, these private enterprises mainly invest in information technology, internet plus, biomedicine and other industries. According to preliminary statistics, 22 enterprises in Hangzhou have been listed overseas in the past three years, and all of them are private enterprises.

What is more worth looking forward to is that the unicorn enterprises in Hangzhou have led the country for many years. In the TOP100 list of 2020 unicorn enterprises in China released by Ai Media Consulting, Hangzhou is the only new first-tier city to enter the top five. There are 8 TOP100 unicorn enterprises in Hangzhou, and the valuation of the listed enterprises is even stronger than that of the four first-tier cities, ranking first in the country with an average valuation of 186.25 billion yuan.

Not long ago, Hangzhou Venture Capital Association and micro chain released the List of Unicorn-Quasi-Unicorn Enterprises in Hangzhou in 2020. As of June 12, 2020, there were 31 unicorn enterprises and 142 quasi-unicorn enterprises in Hangzhou, and the total valuation of all enterprises exceeded $310 billion. Among the new unicorns, medical health, artificial intelligence, data and education are the most outstanding.

Micro-medicine is one of the representatives. Peng Binbin said that some enterprises in emerging fields such as digital economy choose to go public overseas, on the one hand, in order to shape their international competitive advantage, promote technological development, connect with high-level and high-standard international business, and accelerate the goal of high-quality development.

On the other hand, due to the rapid development of domestic digital economy and endless innovations, foreign investors have a high recognition of such enterprises. The field of digital economy is becoming a main battlefield for overseas financing of China enterprises.

And enterprises’ overseas financing or returning to China after listing has also become a new mode of utilizing foreign capital through market mechanism under the background of "double cycle".

"In this process, enterprises not only introduced overseas funds, but also introduced overseas strategic investors, who will bring more advanced technology and management experience to domestic companies, and some investors even sent people to help enterprises with management transformation." Peng Binbin said.

He pointed out that in Hangzhou, "going public and technology coming back" has become a common phenomenon, which is not only of great significance to the upgrading and high-quality development of domestic enterprises, but also produces diffusion and spillover effects, which will drive the overall upgrading of the whole industry.

(Author: Xia Xutian Editor: Li Bo)

Is Passat worse than sagitar?

《》

The automobile market is changing, and the price war is filled with smoke. At present, many consumers are struggling: Do you choose Volkswagen Sagitar or Passat for the same budget of 150,000 yuan? On the surface, Passat is higher in rank and larger in size.Seems to have more face. However, under careful investigation, there is a hidden mystery, and many consumers may fall into the "consumption trap" carefully set by car companies.

Let’s tear open the gorgeous coat of Passat’s low-profile model.Reveal the unknown secrets behind it. From the aspects of power performance, actual configuration, usability, etc., sagitar and Passat are compared and analyzed in all directions.Point out the right choice direction for consumers.

Dynamic performance: the embarrassing task of small horse-drawn carts

Passat, as a B-class car,The body size and curb weight are obviously larger than sagitar. However, the low-profile Passat is equipped with the previous generation 1.4T engine, and its power parameters are not even as good as sagitar’s 1.5T engine. This has caused the embarrassing situation of "small horse-drawn carts".

Driving the Passat low-end version on the road,It’s hard to push the accelerator to the end, only the roar of the engine can be heard. The power output can’t keep up with the driver’s intention, which not only affects the driving pleasure,There are also some security risks. Insufficient power in overtaking, merging and other scenes is easy to cause danger.

In contrast, sagitar’s power output is more abundant. The golden partner of 1.5T engine and dry dual clutch gearbox,Let sagitar show good dynamic response and acceleration performance. Whether it’s urban roads or highways, sagitar can handle it with ease.

It is worth mentioning that the Passat low-profile version is not only less powerful than sagitar,The fuel consumption performance is also unsatisfactory. Small-displacement engines carry large bodies and have to run at high load for a long time. inevitably will lead to higher fuel consumption. Sagitar is more economical in this respect,Daily use is more worry-free and saves money.

Configuration Shrinking: Visible "Cheap Feeling"

In addition to dynamic performance,The "shrinking" degree of Passat’s low-profile version in terms of configuration is staggering. As a B-class car,Passat’s low-profile version is not even equipped with the most basic reversing image.This is rare in the current automobile market.

The front radar, auxiliary driving system and driving mode selection are also absent. These features have long been standard in the same class.In Passat’s low-end edition, it was not paid. Driving such a "humble" B-class car, I’m afraid it’s hard to lose face.

In contrast, sagitar,The same price of around 150,000 can provide a richer configuration. L2 automatic driver assistance system, steering wheel heating, omni-directional active safety configuration, etc., which are unattainable functions on Passat low-profile version.It is standard on sagitar.

Even the steering wheel material, sagitar will win. Passat’s low-profile version uses a cheap plastic steering wheel.Sagitar, on the other hand, uses a more advanced material, which is superior in feel and texture.

It can be said that at the same price,Sagitar completely crushed Passat low-profile version in terms of configuration. This sharp contrast will undoubtedly make consumers feel lost in actual use.

Availability: a "mirage" that can be seen and touched.

Even if some consumers don’t care about the shortcomings of Passat’s low-grade version, they still favor it.I’m afraid it’s hard to get what I want in the end. The reason is that such low-priced models are often used by car companies to "sell dog meat by hanging sheep’s heads", and the actual output is extremely limited.

This move by car companies is intended to attract consumers’ attention through low-priced versions.Create the illusion of super cost performance. But in fact, they don’t want the low-profile version to become the main sales model. On the one hand, for the sake of brand image,On the other hand, it is profit-driven.

Therefore,The actual output of Passat’s low edition is extremely limited. And this is a scarce car source,A considerable number of them have been purchased in large quantities by car rental companies. When ordinary consumers rushed to the 4S shop,They are often greeted by a cold "out of stock".

This "visible, can’t buy" situation,Let many consumers feel deeply disappointed and angry. Some people even feel cheated, and their goodwill towards the brand is greatly reduced.

By contrast,Sagitar is well supplied in various configuration versions.Consumers can buy it if they want.Don’t worry about the supply problem. This practical and reliable car buying experience will undoubtedly win the trust and goodwill of consumers.

Cost of use: seemingly cheap, but actually more expensive.

When many consumers choose a car,Often only pay attention to the car purchase price, but ignore the subsequent use cost. In fact, Passat, as a class B car,The expenses in daily use are higher than sagitar.

The first is the insurance cost. The insurance premium of a vehicle is directly related to the price, displacement and other factors. Passat, as a higher-level model,Insurance premiums naturally rise. Even if it’s a low edition,Its insurance premium is also much higher than sagitar at the same price.

Followed by maintenance costs. The price of Passat parts is generally higher than sagitar, even the most basic consumables such as engine oil and machine filter.The price is also higher. Moreover, Passat’s maintenance cycle is usually shorter, which means that the owner needs to carry out maintenance more frequently.Invisibly increases the use cost.

Then there is the maintenance cost. In case of failure,Passat’s maintenance costs are often staggering. No matter the price of parts or working hours, it far exceeds the sagitar of the same level. For consumers who pursue cost performance,It is undoubtedly a heavy burden.

On the whole,Although the price of Passat low-profile version is comparable to sagitar, the actual cost may far exceed expectations after long-term use. This mode of "saving money in the early stage and spending a lot in the later stage",I am afraid it does not meet the psychological expectations of most consumers.

Quality experience: the gap between levels cannot be bridged.

Some people might say,Even if Passat’s low-profile version has such shortcomings,But after all, it is a B-class car.The overall quality should still be better than the sagitar of A-class cars, right? That was not the case.

First of all, in terms of body structure, Passat does use more thermoformed steel.Theoretically, the strength is higher. However, this advantage is difficult to be reflected in the low distribution version. Because the low edition often cuts corners in some details, such as the use of sound insulation materials. This leads to the fact that the quietness of Passat’s low-profile version is not as good as sagitar in actual driving.

Secondly,In terms of interior quality, Passat’s low-profile version is also hard to say. In order to reduce the cost, the low-priced version uses a lot of cheap hard plastic materials, and the interior work is also rough. On the other hand, sagitar, although at a lower level,However, in the interior materials and workmanship, it is unambiguous, giving people a better texture.

Furthermore, in the adjustment of the whole vehicle,Sagitar shows a higher level instead. Because the power matching is more reasonable, sagitar’s acceleration and flexibility are better than Passat’s low-profile version. In terms of manipulation,Sagitar’s performance is also better.Bring better driving pleasure to drivers.

It can be said that Passat’s low-profile version only has the name of B-class car, but in terms of actual quality experience,But it is suppressed by sagitar everywhere. This "not worthy of the name" situation, I am afraid that many buyers will feel deeply disappointed.

Cost performance: the game between truth and falsehood

On the surface,Similarly, you can buy a B-class car for about 150,000 yuan, and the Passat low-priced version seems to have a high cost performance. But on closer inspection,This "cost performance" is actually based on many compromises.

Lack of power, lack of configuration, and high use cost ….. These factors are combined together, which greatly reduces the actual value of Passat’s low-distribution version. Consumers spend the same money,In exchange, it is a "pseudo-B-class car" that is constrained everywhere.

In contrast, sagitar,Although the level is low, no matter the dynamic performance, configuration richness,Or the actual experience,Are better than Passat’s low-profile version. more importantly,Sagitar provides lower car cost and more reliable supply guarantee.These are real advantages.

In the long run,Sagitar is the real cost-effective choice. It can not only meet the actual car demand of consumers, but also bring better driving experience and lower car cost. In contrast, Passat’s low-priced version of "cost-effective" is more like a flashy packaging.Can’t stand the scrutiny.

Public opinion orientation: the collective awakening of consumers

With the increasing transparency of information,More and more consumers are beginning to realize the hidden "trap" behind Passat’s low-profile version. On major auto forums and social media,The heat of discussion on this topic continues to rise.

Many car owners have come forward to say that,I shared all kinds of unpleasant experiences after I bought Passat low-grade edition. Some people spit out all kinds of embarrassing scenes caused by insufficient motivation.Some people complain about the inconvenience caused by the lack of configuration.Others complain about the high use cost.

At the same time,Consumers who choose sagitar generally show higher satisfaction. They praised sagitar’s strong power performance, rich configuration and low use cost.Think that this is the real "value for money".

This sharp word-of-mouth contrast is quietly changing consumers’ car purchase orientation. More and more people are beginning to realize that,We should not only focus on the vehicle grade and brand, but also pay attention to the actual experience and comprehensive cost.

Expert opinion: treat "level trap" rationally.

In view of this phenomenon,Many auto industry experts have expressed their views. They agreed that consumers should not be confused by the grade and brand of vehicles.Instead, we should evaluate our own needs and the actual performance of vehicles more rationally.

Li Ming, a well-known car critic, said: "The higher the level, the better the vehicle. For ordinary households,An A-class car with abundant configuration and power may be more suitable than a B-class car with low configuration and insufficient power. Consumers should jump out of the’ level trap’,Choose the car that really suits you. "

Zhang Hua, an analyst in the automotive industry, pointed out: "Car companies have launched low-end and high-end models.Essentially, it is a marketing strategy. They hope to attract consumers through level advantage, and then guide users to buy higher configuration versions in actual sales. Consumers need to keep their eyes open,Don’t be fooled by superficial phenomena. "

In addition, many experts have emphasized the importance of considering the long-term use cost when choosing a car. They suggest that when making decisions,It depends not only on the initial purchase price, but also on the long-term expenses such as insurance, maintenance and repair.Make more rational choices.

Future trend: where is the market going?

Under the dual effects of increasingly rational consumers and increasingly fierce market competition,The future trend of the automobile market is worthy of attention.

First of all,The market space of low-grade and high-grade models may gradually shrink. As consumers become more aware of the true value of this type of vehicle, its appeal will be greatly reduced. Car companies may have to adjust their strategies.Reduce the promotion of such vehicles.

Secondly,Consumers’ car purchase decision-making factors will be more diversified. In addition to the traditional brand and grade considerations, factors such as power performance, actual configuration and use cost will receive more attention. This will force car companies to pay more attention to comprehensiveness and practicality in product design.

Furthermore, the marketing strategy of car companies may develop in a more transparent and honest direction. In today’s highly transparent information,Any behavior of "selling dog meat by hanging sheep’s head" may be strongly resisted by consumers. Honest management and customer demand-oriented will become the key for car companies to win.

The segmentation trend of the automobile market may be further strengthened. Car companies will pay more attention to differentiated competition and provide more accurate products for consumers with different needs. Under this trend,Simple "level division" may gradually fade away and be replaced by a more complex market segmentation pattern.

Consumer advice: keep your eyes open and be sensible.

Faced with the dazzling choice of models,How should consumers avoid falling into the "consumption trap"? The following suggestions may be referred to:

This article aims to advocate the positive energy of society, without vulgar and other bad guidance. Please contact us in time if copyright or character infringement is involved.

1905 movie network news The movie that will be released nationwide on September 6th has recently released a word-of-mouth video. This entertainment revenge film starring "Rescue Talent" in Hollywood has been well received by both inside and outside the industry since it was released overseas and opened in advance in China. The film’s fresh and unique black humor style, the ultimate battle of liam neeson’s action movies, is believed to set off a new round of movie-watching frenzy!

Overseas authoritative media praised the high reputation and detonated the expectations of domestic audiences.

After the film Cold-blooded Pursuit was released overseas, the box office performance was strong, and the film was praised by many authoritative media. Liam neeson also attracted a large wave of fans’ favor with his superb acting skills and charm, and the degree of circle powder was max! The famous media "Hollywood Report" said that "every frame of the film is beyond people’s imagination", while the cultural media "Film Pulse" said that "Cold-blooded Pursuit" has the feeling of "Ice Storm", showing exciting, funny and barbaric violence, and it is liam neeson’s best action film since "War between Men and Wolves"! On the other hand, the film review website new york Film Authority and Chicago media WGN-TV hold that Cold-blooded Pursuit is an exciting and fascinating crime action film, and that the black humor style breaks the routine and the plot is delightful. The excellent word-of-mouth of the film has also made many China fans in liam neeson look forward to it, and they can’t wait to go to the cinema to support it this Friday.

"Old play bones" create a fresh revenge story. liam neeson’s last action movie ends perfectly

The film Cold-blooded Pursuit tells the story of a father’s revenge for his son: liam neeson’s son was framed, and he, as the snow shovel, was determined to find out the truth by himself and take revenge on the perpetrators. In the process of investigation, he was accidentally involved in the struggle between the drug group led by "pirates" and the Indian gang, and at the same time, the town police were waiting for an opportunity behind him. A territorial dispute about drugs, a fierce and cool revenge against routine, the high-energy pursuit and surprise reversal of many forces are constantly staged in the quiet and peaceful Keo town.

According to foreign media reports, this film, created by a Hollywood luxury professional production team and many experienced "old opera bones", will be liam neeson’s transition work and the last action film of the 67-year-old tough guy. The director said that the image of liam neeson this time was very different from what everyone had seen before, and it was a unique performance. The anger and sadness in his heart were his power to promote the plot. Amy Rosen, another star, said: "liam neeson is the kind of good partner you can’t ask for, and his performance will shock the audience." I believe that the film Cold-blooded Pursuit will be another classic of liam neeson.

The Hollywood entertainment revenge film Cold-blooded Pursuit, starring liam neeson, the vengeful male god, will be released nationwide on September 6th and Friday, so stay tuned!

　　Sino-French Joint Statement on the Situation in the Middle East

　　At the invitation of President Emmanuel Macron of the French Republic, the Supreme Leader of President People’s Republic of China (PRC) paid a state visit to France from May 5 to 7, 2024. The two heads of state exchanged in-depth views on the situation in the Middle East:

　　1. As permanent members of the United Nations Security Council, China and France are committed to seeking constructive solutions based on international law and responding to challenges and threats to international security and stability.

　　2. China and France condemn all violations of international humanitarian law, including all acts of terrorist violence and indiscriminate attacks against civilians. The two countries reaffirmed the absolute necessity of protecting civilians in Gaza based on international humanitarian law. The two heads of state oppose Israel’s attack on Rafah, which will lead to a larger-scale humanitarian disaster, and also oppose the forced relocation of Palestinian civilians.

　　3. The two heads of state stressed that the urgent task is to immediately achieve a sustainable ceasefire and ensure the provision of large-scale humanitarian assistance and the protection of civilians in the Gaza Strip; Call for the immediate and unconditional release of all hostages, ensure humanitarian access, address their medical and other humanitarian needs, and abide by international law for all detainees; Call for the immediate and effective implementation of relevant UN resolutions, especially UN Security Council resolutions 2712, 2720 and 2728. This is the only credible way to guarantee peace and security for all, and to ensure that both Palestinians and Israelis will not suffer from the terrible experience since the attack on October 7, 2023.

　　4. The two heads of state called for the effective opening of all necessary passages and border crossings, so as to provide rapid, safe, sustainable and unimpeded humanitarian assistance throughout Gaza. The two heads of state emphasized the importance of strengthening coordination of international humanitarian efforts.

　　5. The two heads of state called on all parties to avoid taking unilateral measures on the ground that may aggravate tensions, and condemned Israel’s policy of building settlements in violation of international law, which will pose a major obstacle to lasting peace and the possibility of establishing a viable and territorially coherent Palestinian state in the future. The two heads of state reiterated that the future governance of Gaza cannot be divorced from the comprehensive political settlement of the Palestinian-Israeli conflict based on the "two-state solution".

　　6. The two heads of state called for the resumption of the political process in a decisive and irreversible way, the concrete implementation of the "two-state plan", ensuring the peaceful and safe coexistence of Israel and Palestine as neighbors, and establishing a viable, independent and sovereign Palestinian state on the basis of the 1967 borders with Jerusalem as its capital. The two heads of state reaffirmed their commitment to this plan, which is the only way to respond to the reasonable expectations of the Palestinian and Israeli people for lasting peace and security.

　　7. The two heads of state also expressed deep concern about the risk of escalation of the regional situation and called for avoiding regional turmoil. China and France are working with their partners to push the situation down and call on all parties to exercise restraint.

　　8. China and France reaffirmed their commitment to promoting a political and diplomatic solution to the Iranian nuclear issue. The Comprehensive Iranian Nuclear Agreement (JCPOA) reached in 2015 is an important achievement of multilateral diplomacy. Concerned about the risk of escalating the situation, the two countries reiterated the importance of cooperation with the International Atomic Energy Agency, promoting diplomatic efforts, and committed themselves to maintaining the international nuclear non-proliferation system and promoting peace and stability in the Middle East.

　　9. The two heads of state stressed the importance of maintaining freedom of navigation in the Red Sea and the Gulf of Aden, and called for the immediate cessation of attacks on civilian ships in order to safeguard maritime security and global trade and prevent regional tensions and humanitarian and environmental risks.

　　10. The two heads of state called for observing the Olympic Truce during the 2024 Summer Olympic and Paralympic Games. The Olympic Truce calls on all parties to stop hostilities throughout the Olympic Games. With the spread of conflicts and the intensification of tensions, the truce is an opportunity to commit to a lasting settlement of conflicts with full respect for international law.

1905 movie network news The first realistic film directed and performed by Li Yang, director of Berlin Silver Bear Award, and co-starring Du Hanmeng, Yu Yue and Hu Ming, focusing on the real plight of urban vagrants/beggars blind children, "has been released nationwide. On the day of the release, director Li Yang and Du Xin, who plays Jingjing, a wandering and blind girl, dreamed of a face-to-face exchange between the cinema and the audience, telling the audience about an independent filmmaker’s creative achievements and mental journey in the past 15 years.

Wang Baoqiang appeared in the star public welfare trailer of Blind Road before, and supported his mentor Li Yang. This time, he was surprised to appear on the platform of Li Yang. He bowed deeply and expressed his gratitude to Director Li Yang. While calling for the film, he did not forget to appeal to everyone to recommend the film to relatives and friends. From the release date of February 2nd, Blind Road will officially open roadshows in Shanghai, Guangzhou, Chengdu and Xi ‘an.

　

"Sixteen years ago, I was like a street child in The Blind Road. I drifted north for three years and never came home. Fortunately, Director Li Yang gave me a chance. It is a great pleasure that Blind Tao finally meets the audience. " When the host asked director Li Yang why he chose Wang Baoqiang at that time, director Li Yang said that because of his own temperament, his life experience touched me very much, and more importantly, he worked very hard.

As one of the screenwriters of "Taking Tiger Mountain Outward", director Li Yang proved to the audience that he has the ability to make commercial films. After Blind Tao, director Li Yang will shoot commercial films. Wang Baoqiang said that the two will have the opportunity to cooperate again in the future, and he is very much looking forward to appearing in the film directed by Li Yang again. At the scene, he even promised to director Li Yang, "As long as the role is good, I am willing to play for zero pay." Thunderous applause rang out at the scene.

　

Blind Tao, as a work returned by director Li Yang after ten years’ absence from the domestic big screen, tells the story of the adventure and redemption of a down-and-out rock uncle and a wandering blind girl. Director Li Yang discussed the film with the audience on the spot. "The story of the film is relatively simple, that is, redemption and self-redemption. Jingjing, played by Du Hanmeng, was sold by her biological mother and sexually assaulted by her stepfather. After she met Zhao Liang, Zhao Liang always helped Jingjing out of embarrassment for her daughter. In fact, this is a very warm story. "

Li Yang expressed the hope that the film will be seen by more and more people and arouse discussion, so as to pay attention to and change the fate of homeless/begging blind children.

　

After the road show in Beijing, Li Yang and Zhu Chuang will rush to the next stop in Shanghai. In the next four days, they will meet in cinemas in Shanghai, Guangzhou, Chengdu and Xi ‘an. After filming the "Blind Trilogy" in 16 years, Li Yang said that he could not do without the encouragement from his relatives and friends and the support from the audience. "Blind Road has no money for publicity, and there are very few films. Wang Baoqiang, Bai Yansong, Lu Yu, Cui Yongyuan, Cui Jian, Dou Wen Tao, Ren Zhong, Jiang Xiaohan, You Jingru and others selflessly promoted the film, not because of our relationship. They also hope that domestic films will be made in addition to our own.

It is reported that the film "Blind Road" is currently being shown in the country.