Sancha capital market, Xiaomi’s optimistic smart driving company went to Hong Kong for IPO.

Author | Li Lan

Edit | Chapter Ripple

On March 30, three years ago, officer Lei announced to build a car. One hundred days later, Xiaomi led nearly 20 supply chain manufacturers such as Zongmu Technology, a smart driving solution provider.
As one of the first companies to invest and bet after Xiaomi entered the car, on March 28, 2024,On the day when Xiaomi’s first car, SU7, went public, Zongmu Technology also formally submitted a prospectus to the Hong Kong Stock Exchange, intending to list the main board.
This is the third listing of Zongmu Technology.
In January 2017, Zongmu Technology was listed on the New Third Board and delisted in December of the same year. The reason given was "needed for the adjustment of the company’s operation and development strategy".
In November 2022, Zongmu Technology science and technology innovation board’s IPO application was accepted by the Shanghai Stock Exchange, and it planned to raise 2 billion yuan, but in September 2023, it chose to withdraw its listing application in science and technology innovation board.
Now,Vertical scientific and technological choiceGive up science and technology innovation board and launch a sprint to the Hong Kong Stock Exchange.
fromAccording to the prospectus,Zongmu Technology has been more cautious in its wording this time, and put more emphasis on products. At the same time, before applying for IPO, it also carried out a series of "light" actions.
asThe "veteran" who broke into the capital market for the third time doesn’t know.Can the listing of Zongmu Technology go smoothly this time?
01
The financial report has improved, and the business is exploring.
The most eye-catching part of the prospectus is that the gross profit margin has finally turned positive.
Compared with the unprofitable situation in November 2022, Zongmu Technology has achieved a positive gross profit margin. From 2021 to 2023, Zongmu Technology’s gross profit margin was -8.9%, -3.5% and 3.5%, respectively, corresponding to a gross profit of-20.07 million yuan,-16.29 million yuan and a profit of 17.33 million yuan. Revenue has a steady growth with a compound annual growth rate of 48.7%.

Moreover, the cash flow of Zongmu Technology has also become stable. According to the prospectus, there is still a lot of room for fault tolerance. As of January 31, 2024, Zongmu Technology had 33.2 million yuan in cash assets, leaving 1.19 billion yuan in unused bank facilities.
How did Zongmu Technology achieve "rebirth"?A lot of factors benefit from the continuous growth of the market as a whole.
Before the real commercialization of L4 comes, L2+ has the widest application prospect, among which, the "integrated operation and parking" has the highest cost performance. According to the monitoring data of the Institute of Advanced Technology Intelligent Automobile, in 2023, 3,504,800 new cars with automatic parking were delivered as standard in China market (excluding import and export), up by 22.10% year-on-year.
According to the data in the prospectus, in 2022, about 20% of the ADAS solution market for passenger cars in China will be automatic parking. Among them, APA solutions account for more than 80%. Based on the corresponding income in 2022, Zongmu Technology is the second in China and the first in China respectively.
At present, most parking and parking integrated solutions in the market are actually designed and integrated based on the 1.0 architecture, which simply combines the driving SoC and the parking SoC into one box. The biggest technical moat of technology is that only a single SoC can solve the two problems of parking and parking.
Although three of the top five automatic parking APA schemes are foreign suppliers,However, domestic suppliers have the advantage of being "close to the water", which is convenient to provide personalized customized services to domestic new energy vehicle enterprises. The market share of domestic suppliers has increased from less than 5% in 2018 to 16.7% in 2022, and it is expected to exceed 25.0% in 2027..

According to the data of burning knowledge consulting, in terms of sales revenue in 2022, the ranking of the company among mainland suppliers in China is as follows: Zongmu Technology ranks fifth in the ADAS market with a market share of 1.0%; Ranked second in the automatic parking solution market, with a market share of 4.9%; Ranked first in APA parking solution market, with a market share of 5.6%.
According to the prospectus,AVP and APA platforms have been used in 28 models, and the energy service robot for intelligent mobile energy solutions is equipped with L4-level autopilot function supported by Drop’nGo platform..
From the most basic composition, the products of Zongmu Technology can be divided into two main directions:First, intelligent driving hardware and solutions, including domain controller and camera, 4D millimeter-wave radar, ultrasonic radar and other gauge sensors; Second, provide research and development services related to autonomous driving.
The hardware part is divided into three products,That is, panoramic surveillance camera, automatic parking assistance function and autonomous parking function, which respectively correspond to three scenes: car panoramic "reversing radar", automatic parking in the car and remote parking outside the car..
A domain controller is a computer that manages specific vehicle functions or fields, such as active safety, automatic driving, parking or parking. The controller of Zongmu Science and Technology Domain collects data from sensors around the vehicle (including radar, camera and ultrasonic sensor) to build a model of the surrounding environment. The software algorithm embedded in the domain controller will then determine the appropriate action of the vehicle according to the model. Moreover, Zongmu Technology has also developed a separate software algorithm, which can be delivered as a comprehensive software embedded hardware product or as an independent software product.
Finally, the computing platform of Zongmu Technology provides the basis for all function iterations, and the Drop’nGo platform supports the development of intelligent driving functions from L0 to L4.
According to the prospectus, since its launch in 2017, the Drop’nGo platform has gone through several iterations, enhancing its multi-sensor data fusion capability, improving its adaptability to weather and lighting conditions, and expanding its application scenarios from indoor to outdoor.
The third generation of Drop’nGo platform can provide L2+ comprehensive intelligent parking function on passenger cars, and further empower energy solutions with L4 automatic driving function.
The hardware that science and technology can make money has changed year by year.
In December 2022, in the prospectus of Zongmu Technology,Describing himself as "one of the few first-class suppliers in China that can provide intelligent driving systems for automobiles, including L0-L4 intelligent driving control units and intelligent sensors", the importance attached to control units has declined.
From the perspective of income structure, Zongmu Technology mainly relied on car trajectory sensors for profit last year.
At present, the domestic self-driving auto market dominated by L2+ level still needs the second-gear APA integrated parking solution. According to the prospectus, the company is in a leading position in the market of ADAS, automatic parking and APA (automatic parking assistance system) parking solutions.

From the perspective of profitability, the highest gross profit margin is the R&D services related to autonomous driving. In 2021 and 2022, the gross profit margin reached 42.7% and 50.8% respectively. However, in 2023, there was a waist cut, only 18.6%. Looking at the technology, it is pointed out that this is mainly due to the increasingly fierce market competition and the increase in project complexity, resulting in increased costs.
From the data of the prospectus alone, although Zongmu Technology does not have much exponential growth, it still has extraordinary incremental space.

Moreover, there are more choices when getting through the depth of customers. As of December, 2022, the overall customer matrix is still relatively simple. Among them, Cyrus accounts for more than 50% of the revenue, and the top five customers account for nearly 90%. By 2023, the number one customer has dropped to 43.8%, the customer diversity has increased, and the ability to resist risks has also been significantly enhanced.
Zongmu Technology is also constantly adjusting its customer service mode, and the autonomous driving R&D service has received a large order. In December 2023, it successfully obtained the Amphiman 3000 fixed-point from Changan Automobile to support its new car platform for a series of models, and it is expected to be mass-produced in 2024.

However, Zongmu Technology is still at a loss.

From 2021 to 2023, the net losses of Zongmu Technology were 434 million yuan, 588 million yuan and 564 million yuan respectively, and the adjusted net losses were 382 million yuan, 477 million yuan and 516 million yuan respectively.The total net loss for three years exceeded 1.3 billion yuan.
Of course, Zongmu Technology also has an explanation for this persistent loss.Even similar to the contents in the prospectus required for listing in science and technology innovation board in 2022, the chip is too expensive.
According to Zongmu Technology,With the overcapacity of global chips, this adverse impact on costs will be significantly reduced in the future. After all, whether it is hardware upgrade or solution iteration, the core need is computing power..
02
High-profile financing, multiple IPOs
Zongmu technology has always been highly anticipated by the capital market.
In the latest shareholding structure, Hong Kong Zongmu is the largest shareholder of the company, holding 22.17% of the shares. As a concerted action, Tang Rui and his mother Li Xiaoling control 33.3% of the shares of the company through multiple entities. In addition, Junlian Capital holds 7.55% of the shares as the second largest shareholder, while Xiaomi Group, which has received much attention, ranks the fifth largest shareholder with 4.73% of the shares.

The earliest round of financing record of Zongmu Technology occurred in 2015. In the previous year, in 2014, Mobileye, the world’s largest ADAS manufacturer, landed on the New York Stock Exchange, which means that the track of ADAS has been verified and opened a financing channel for Zongmu Technology, which is on the same track.
In June, 2021, Zongmu Technology announced the formal completion of Series D financing with a cumulative amount of $190 million.. Among them, the D3 round was led by Xiaomi Changjiang Industrial Fund, and the investors included Fosun Chuangfu, Langtai Capital, Shanghai Kechuang, Industrial Bank, strategic investors Changan Automobile and Coboda Investment.
Zongmu Technology completed 9 rounds of financing before IPO, and the accumulated subscription amount reached 2.247 billion yuan. Among them, in the E round of financing in March 2022, Zongmu Technology raised 867 million yuan at the subscription price of 93.56 yuan/share, and the company’s valuation exceeded 9 billion yuan.
However, the financing journey of Zongmu Technology is always interrupted for various reasons..
Zongmu used to be very close to listing. On January 19th, 2017, Zongmu Technology was approved to be listed on the National Small and Medium Enterprise Share Transfer System (NEEQ) with the stock code of 870816. However, "considering the business strategy and compliance cost at that time, we adjusted the future development strategy". Less than one year later, Zongmu Technology completed the termination of listing on December 11th, 2017.
The vigorous Shanghai Stock Exchange in 2022 has almost become a reality. However, in the end, due to the development strategy and other reasons, Zongmu Technology voluntarily withdrew its previous A-share listing application, and the withdrawal was officially accepted on September 27, 2023.
In the meantime,There is also news from the pulse that Zongmu Technology has a saying that the salary of fresh graduates will be reduced by 20%.

It may be that the road to listing is not smooth and the top management has fluctuated.In February 2024,CTO Wang Fan joined Beidou Zhilian, and Wang Fan was one of the four core executives of Zongmu Technology. He started to build the Beijing Autopilot R&D Center, and completed the research and development of AVP1.0 in Zongmu Technology in 2017.
Fortunately, the new employee was the original team, and he was replaced by Jiang Weiping. He joined Zongmu Technology as early as 2013, and had previously worked in CSR Semiconductor Company and NVIDIA. Later, he left Zongmu Technology due to infighting and did not return to Zongmu until the end of 2022.
03
Go to the new track
On the premise that the APA market is saturated, Zongmu Technology tries to go further to the charging robot track.
In 2023, nearly 65% of Zongmu Technology’s revenue sources are car gauge sensors. Compared with technology companies, Zongmu Technology is more like a manufacturing enterprise. This may come from another manufacturing attribute of the founder, Tang Rui, CEO, who also founded Can Cong Robot.
In the official LinkedIn,The latest position of Zongmu Technology is the on-site operation and maintenance engineer of intelligent energy storage charging robot, and some positions are in Ningbo, mainly in Shanghai.

In late January of this year, Zongmu Technology and Can Cong Science and Technology launched the charging treasure in the automatic driving field and the low-speed fully automatic driving charging robot FlashBot. According to the prospectus,The first generation of FlashBot is equipped with 104 kWh storage capacity, which is one of the robots with the highest storage capacity among all L4-class self-driving energy service robots developed in the world.
Tang Rui said, "Can Cong robots are building a highly flexible mobile energy network to promote energy trading in a larger space-time range." At the application level, the most intuitive embodiment is to save electricity and money.
In December last year, two Flashbot were put into commercial operation in Zhangjiang Park, and an average of 272 kwh of electricity was purchased from the local microgrid every day, of which 185 kwh was sold back to the microgrid, and 87.5 kwh was used to provide charging service for new energy vehicles, with an average daily cycle of 2.6 times, which brought more than 12,000 yuan in income in that month, that is, the average daily net income of each device was close to that of 200 yuan.
Before the robot officially appeared, Zongmu Technology had actually been laying out its energy business.Zongmu Technology has also designed a set of SaaS software and a DragonNet program to maintain on-site operation. If the charging robot of Zongmu Technology can be commercialized, it may make some changes in the charging pile scene.
According to the data in the prospectus, from 2021 to 2023, the sales revenue of Zongmu Technology from wireless charging equipment and accessories for new energy vehicles was 129,000 yuan, 11.357 million yuan and 437,000 yuan respectively.
In addition, as an "external charging treasure" loaded with sensors, Flashbot is also a part of the flywheel that I hope to build. The energy service robot conducts algorithm training in different driving cases, and then gives data support to the ADAS car-level hardware.
Looking at the highlights of this reorganization of business, Zongmu Technology began to break through into more subdivided markets, and may be able to complete the listing more lightly. At that time, it will be the third listed company in the Xiaomi automobile industry chain after Sagitar and Hesai.

-END-

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A number of new regulations will be implemented in July: full implementation of ID card acceptance in different places.

  Zhongxin. com, July 1 ST, a number of tax reduction and fee reduction policies have been implemented, auto dealers are not allowed to increase the price of cars, and the acceptance of ID cards in different places has been fully implemented … … A number of new regulations will be implemented today, which will soon affect all aspects of people’s lives.

  A number of tax reduction and fee reduction policies will be implemented today.

  According to the decision of the the State Council executive meeting, a number of tax reduction and fee reduction policies will be implemented today. In terms of tax reduction, the value-added tax rate was reduced from four to three, and the 13% tax rate band was abolished, forming a three-band structure of 17%, 11% and 6%. The pilot policy of pre-tax deduction of personal income tax for commercial health insurance will be extended to the whole country, and the expenses of individuals purchasing qualified commercial health insurance products are allowed to be deducted before tax according to the maximum annual limit of 2,400 yuan.

  In terms of fee reduction, we will further clean up and standardize the deposit in the field of engineering construction, clean up and standardize the government’s non-tax revenue surcharge in the field of energy, temporarily exempt the two supervision fees of banking and insurance, and reduce the radio frequency occupation fee.

  Simplify the handling of tax administrative licensing matters

  The Announcement on Simplifying the Procedures for Handling Tax Administrative Licensing Matters will come into effect today. The "Announcement" clarifies five measures to degenerate and optimize the procedures for handling tax administrative licensing matters, including simplifying the acceptance of documents, providing agency forwarding services, simplifying application materials, realizing the appointment of consulting services, and improving the delivery methods of documents.

  81 airports opened the "military priority according to law" channel.

  The Civil Aviation Administration and the Logistics Support Department of the Central Military Commission jointly issued a notice to open the "military priority according to law" channel at 81 civil aviation airports nationwide from now on, and encouraged other airports to open as appropriate according to their own conditions, so as to provide thoughtful and efficient services for military personnel in check-in, security inspection and boarding.

  All coal mine safety production work in China will implement the new standards.

  The State Administration of Work Safety and other departments jointly issued the Notice on Vigorously Promoting the Standardization of Coal Mine Safety Production. The "Notice" puts forward a number of requirements, including organizing new standards publicity training, creating an incentive mechanism for standardization work, and coordinating and promoting standardization construction.

  Full implementation of ID card acceptance in different places.

  From now on, the Ministry of Public Security has fully implemented the "three systems" of accepting resident identity cards in different places, reporting the loss and claiming them for loss. The Ministry of Public Security pointed out that public security organs should issue resident identity cards within 60 days from the date when citizens submit the Registration Form for Acceptance of Resident Identity Cards in Different Places. In areas with inconvenient transportation, the processing time may be appropriately extended, but the extension time shall not exceed 30 days; Where conditions permit, the period of making and issuing certificates can be shortened according to the actual situation.

  Handling ordinary passports and underpaying 40 yuan.

  The National Development and Reform Commission and the Ministry of Finance issued a notice to reduce some administrative fees, which is expected to reduce the burden on enterprises and society by 2.6 billion yuan. The "Notice" stipulates that starting from today, the fees for citizens’ entry and exit documents, the cost of motor vehicle driving license, the cost of temporary entry motor vehicle number plate and driving license, the compensation fee for soil and water conservation, the actual (trial) inspection fee for pesticides, and the protection fee for integrated circuit layout design will be reduced. According to relevant standards, ordinary passports are reduced from 200 yuan to 160 yuan.

  Since July, the new regulations on automobile sales have been implemented, and it is clear that dealers are not allowed to sell cars at a higher price. The picture shows the data map. Photo by Zhang Yun, a reporter from China News Service

  Car dealers are not allowed to sell cars at a higher price.

  The Measures for the Administration of Automobile Sales promulgated by the Ministry of Commerce will be implemented today. The measures have made clear provisions and requirements for increasing the price of automobile sales, providing three-guarantee certificates, and indicating the source of accessories. It stipulates that dealers are prohibited from raising the price of cars in all forms, and dealers must clearly indicate the prices of cars and accessories, and must attach certificates with the car when picking up the car.

  According to the "Measures", it is no longer necessary for automobile brands to authorize the sale of automobiles, and two modes of authorized sales and unauthorized sales are allowed to be parallel, and new automobile sales forms such as automobile supermarkets, automobile stores and automobile e-commerce will blossom.

  Travel tax increases

  The tax ceiling for various types of vehicles has generally increased since today. The annual tax standard for large buses will be adjusted from 480 yuan to 660 yuan, for medium buses from 420 yuan to 660 yuan, for small buses from 360 yuan to 660 yuan, and for ordinary cars from 180 yuan to 360 yuan. At the same time, the tax targets have also been adjusted, and all kinds of buses that were originally tax-free will also pay taxes at the same standard as private cars.

  Strengthen the "seller’s responsibility" for securities operating institutions

  The Measures for the Administration of the Suitability of Securities and Futures Investors will be implemented from now on. The core requirement of the Measures is to strengthen the requirement of "the seller is responsible" for securities, funds and futures operating institutions, so that the operating institutions must bear the obligations stipulated by law while obtaining operating income, ensure the equality and unity of rights and obligations, effectively prevent one-sided pursuit of economic interests, and promote high-risk securities and futures products to investors with insufficient risk tolerance, resulting in damage and influence on the legitimate rights and interests of investors.

  Increase penalties for illegal acts of traditional Chinese medicine.

  The "People’s Republic of China (PRC) Chinese Medicine Law" has been implemented today, with five highlights: (1) the important position and development policy of Chinese medicine are clarified; Establish a management system that conforms to the characteristics of traditional Chinese medicine; Increase support for the cause of Chinese medicine; Adhere to both support and standardization, and strengthen the supervision of Chinese medicine; Increase penalties for illegal acts of traditional Chinese medicine.

  50,000 domestic cash transactions need to be reported.

  The Measures for the Administration of Reports on Large-value Transactions and Suspicious Transactions of Financial Institutions issued by the Central Bank will be implemented today. The Administrative Measures adjusted the RMB reporting standard for large cash transactions from "200,000 yuan" to "50,000 yuan", and the reporting standard for large cross-border transactions denominated in RMB was "200,000 yuan", and for the first time, non-bank payment institutions were included in the scope of responsibility.

  New invoice regulations: only the name of the enterprise can be filled in for office invoicing, and it cannot be reimbursed.

  According to the announcement of State Taxation Administration of The People’s Republic of China, starting from today, the purchaser must provide the corporate taxpayer identification number (i.e. "tax number") or the unified social credit code when issuing corporate invoices, otherwise it will not be used as a tax voucher to handle tax-related business. The announcement also requires that when the seller issues an invoice, it should truthfully issue an invoice that is consistent with the actual business; When the buyer obtains the invoice, it shall not request to change the name and amount.

  Mobile phone pre-installed software must be uninstalled.

  The Interim Provisions on the Administration of Preset and Distribution of Application Software for Mobile Intelligent Terminals will be implemented today. According to the regulations, production enterprises should restrict the sales channels, and should not install application software in mobile intelligent terminals without the consent of users, and all software except basic functions can be uninstalled. The application software of mobile intelligent terminal involved in charging shall strictly abide by the relevant provisions such as clearly marked price, express the charging standard and charging method, and express that the content is true, accurate and eye-catching, and the fee can be deducted only after being confirmed by the user.

  Encourage and support the provision of disability prevention and rehabilitation services for the disabled.

  The Regulations on Disability Prevention and Rehabilitation of Disabled Persons will come into effect today. The regulations clearly stipulate that the state shall take measures to provide basic rehabilitation services for the disabled and support and help them integrate into society; Prohibition of discrimination on the basis of disability; The state encourages and supports organizations and individuals to provide disability prevention and rehabilitation services for the disabled, donate to the cause of disability prevention and rehabilitation for the disabled, and build relevant public welfare facilities; The provision of rehabilitation services for the disabled shall protect the privacy of the disabled and shall not discriminate against or insult them.

  The lifelong responsibility system is implemented for soil pollution control and remediation.

  The Measures for the Management of Soil Environment in Polluted Plots (Trial) will be implemented today. The method points out that according to the principle of "whoever pollutes will treat it", the unit or individual that caused soil pollution should bear the main responsibility for treatment and restoration. In principle, the treatment and restoration project should be carried out at the original site. During the treatment and restoration, measures should be taken to prevent secondary pollution to the plot and its surrounding environment. The lifelong responsibility system is implemented for soil pollution control and remediation.

Five people climbed the mountain and were trapped in the deep mountains, and firefighters walked for 4 hours to rescue them.

Jingchu. com (Hubei Daily)(correspondent Jing Ning Shi sent Xu Xunhua) Spring is warm and busy, but the safety issue cannot be ignored. On March 9, a family of four in Huangshi and another 12-year-old girl accidentally got lost and were trapped in the deep mountains while climbing the mountain. Fortunately, firefighters rescued them in time.

At 18: 12 on March 9, the command center of Huangshi City Fire Rescue Detachment received an alarm for help, saying that a family of four got lost while climbing the mountain on Father and Son Mountain in Yangxin County, and was in urgent need of rescue. After receiving the police, the Prince Fire Rescue Station and Baihua Road Fire Rescue Station rushed to the scene for rescue.

That night, firefighters contacted the police on the way to the scene and learned that the trapped people were a family of four, and their parents took a pair of children. When they went down the mountain, they lost their way because of the wrong mountain road. In addition, the sky was getting dark and their physical strength was exhausted, and they immediately called 119 for help.

After arriving at the foot of the mountain, the commander immediately ordered the establishment of a search and rescue team to carry emergency supplies to prepare for hiking up the mountain for search and rescue. On the way to the mountain for search and rescue, the firemen met a pair of parents who came to look for their children. Upon inquiry, they learned that their 12-year-old daughter was accidentally separated while climbing the mountain and got lost alone in the mountain. So far, there were five trapped people in the mountain.

Because it is getting late and visibility is reduced, the drone can’t determine the specific location of the trapped person, so firefighters have to rely on shouting and lighting to communicate with the trapped person and continuously narrow the scope of search and rescue. After two hours of search and rescue, the 12-year-old girl will be successfully rescued in a dense forest, and through inquiry, it is found that another family of four trapped is not far from the little girl’s trapped point.

On the way to search and rescue, there are many thorns on both sides of the road, accompanied by complicated road conditions such as steep mountains. In order to ensure the personal safety of the little girl, the on-site commander assigned a firefighter to stay in place to take care of the little girl, and the rest continued to search and rescue the trapped family of four.

After more than an hour of rescue, the firemen successfully rescued the other four people, and returned to join the left-behind people in the same way to escort the five trapped people down the mountain. At 21: 55, firefighters successfully took the trapped person down the mountain and handed it over to the public security department.

Explosive demand attracts the influx of capital. What new opportunities are there in the beauty industry?

From 2021 to now, the beauty track has been constantly running with "capital", which has surpassed last year in quantity.

According to public reports, on July 6th, the beauty industry was born with the largest amount of financing this year-KK Group was led by JD.COM with an investment of about 300 million US dollars. The group owns a large beauty collection store brand THE COLORIST and X11 and other new consumer and retail brands.

This is just a microcosm of the beauty industry. This year, there are only about 20 enterprises that have received more than RMB 100 million in financing, including Meishang, Lan, Xuelingfei, WOW COLOUR, USHOPAL and Liran.

With the help of capital, a large number of companies in the beauty field have gone public, covering the A-share, Hong Kong-share and US-share markets. Recently, companies that have been listed or will be listed in the beauty field include Kaichun Industry, Baiyang Medicine, Juju Zhilian, Betaine, Youquhui, and Yijia.

In this fiery market environment, the whole industry chain of beauty industry is welcoming the best times and the most business opportunities, and practitioners in the beauty field will undoubtedly enjoy more dividends. But if you want to capture business opportunities, you need to have a quick insight into the beauty industry.

Then, in the next half year of 2021, what are the trends and phenomena in the field of beauty that deserve special attention?

The heat of new consumption investment and financing has risen.The domestic product leader rises rapidly.

The glory of domestic products may be traced back to the perfect diary that sprang up three years ago. Many people once thought that this was just a gust of wind. However, a large number of brands, such as Huaxi Zi, Ximuyuan and Runbaiyan, which ran out in the following years, made people realize that the spring of domestic brands has really come.

Take this year’s Tmall 618 as an example. In the sub-category of beauty field, the performance of new domestic brands is particularly bright-in the four sub-categories of powder cake, makeup set, honey powder/loose powder, eyebrow pencil/eyebrow powder/eyebrow cream, Hua Xizi is the first; In the categories of makeup remover, pure dew, makeup spray, etc., it is the domestic brands such as one by one, the sky of daisies and Berry Beauty.

A data of Tmall can also prove this point. In 2020, 3,000 beauty merchants opened stores in Tmall, but more than 2,000 of them were new domestic brands. And among them, 30 beauty brands have become "dark horses", achieving sales of over 100 million.

Among them, there are a lot of investment opportunities, but capital is also a double-edged sword. How to treat capital rationally and grasp the investment opportunities is a subject we need to study. It is reported that the founding partner and chairman of Jiayu Fund will present the latest insight "Let capital empower brands instead of killing them" at the upcoming China Cosmetics Conference, and look forward to his opinions.

Cosmetic industryThe first share"Frequent listed companies have strong stock prices.

As of July 9, the closing price of Huaxi Bio (688363.SH), the first share of hyaluronic acid, was 284.30 yuan/share, which was more than five times higher than the listing issue price of 47.79 yuan/share. The P/E ratio has exceeded 200, and the market value once exceeded 150 billion. Huaxi Bio, which has the hard power of biotechnology and the whole industrial chain, has become the core asset sought after by investment institutions.

Since the renewal of management in the second quarter of 2020, shanghai jahwa, under the leadership of Pan Qiusheng, chairman and CEO, has started a century-old national brand revival war, with remarkable reform results, the stock price reached a record high, and the total market value once exceeded 40 billion yuan.

Polaiya, a local cosmetics company, has achieved rapid growth even under the influence of last year’s epidemic. This year, it has made a good start, with revenue of 905 million in the first quarter, up 48.88% year-on-year.

There are also companies such as Liren Lizhuang, Northbell, Yuyuan, Focus Media, etc., which are outstanding in the cosmetics track. It is reported that the chairmen or CEOs of these seven listed companies will gather at the 14th China Cosmetics Conference held at the Shanghai National Convention and Exhibition Center on August 5-6, when the latest strategies and the methodology behind them will be released on the spot.

Efficacy, skin care, high light moment, emerging track is worthy of attention.

This year’s 618, the only domestic brand in the TOP10 category of Tmall beauty is Winona. The data shows that Winona has been ranked as the TOP10 beauty and skin care category of double 11 Tmall for three consecutive years since 2018. Especially last year, Winona sparked a discussion boom with the only domestic brand of TOP10 in Tmall skin care category.

On March 25th this year, Winona’s parent company Betani successfully landed on the Growth Enterprise Market of Shenzhen Stock Exchange, with a total market value of over 110 billion yuan. Since 2017, Winona’s market share has gradually surpassed international brands such as Vichy, la roche-posay and Avene. At present, Winona ranks first in the domestic efficacy skin care market with a market share of 23%.

Winona is not the only one who has grabbed the huge dividend in the efficacy skin care market.

According to public information, in 2020, Tmall’s flagship store sales ranked the top three brands in terms of year-on-year growth rate, including Quadi and Runbaiyan under Huaxi Bio, and Yuze under shanghai jahwa. Among them, Quadi’s growth rate reached 99.94%, Runbaiyan’s growth rate reached 187%, and Yuze’s growth rate reached 265%.

Efficacy skin care market has become the hottest "emerging market".

Opportunity lies in China Cosmetics Conference.

In the field of beauty, if there is a platform that can link the most beauty resources and business opportunities, it is China Cosmetics Conference.

Since its inception in 2008, the China Cosmetics Conference, jointly created by Pinguan APP and Cosmetics Watch, has successfully invited at least 500 first-line coffee makers from the commercial, economic and even cultural fields in China to share their thoughts and opinions, including many bosses of listed companies outside the industry, top investors and opinion leaders, such as Zhong Shanshan, Shen Nanpeng, Jiang Nanchun, Wei Zhe, Luo Zhenyu and Fang Yuyou.

More than 200 investors from all over the country attend the meeting every year, which is an important platform for investment institutions and financial media to study the frontier ideas of market development and expand industry resources.

With the rapid recovery and prosperity of China’s beauty market ahead of the world, the 14th China Cosmetics Conference with the theme of "China Time" will be held at the Shanghai National Convention and Exhibition Center on August 5 -6, 2021.

In addition to the main forum, there are six sub-forums on new marketing, new channels, new domestic products, new product development, efficacy skin care and design innovation. The first theme exhibition of "Beauty New Domestic Products" will also be launched, and 100+ emerging domestic brands will be exhibited at the same time.

If you are interested in listed companies, cutting-edge domestic products and new beauty tracks, the 2021 China Cosmetics Conference is the most information-intensive and must not be missed event in the whole year. Scan the QR code below to view the full agenda.

French Ligue 1-Messi Club 300 assists Mbappé beat Paris 2-1 brest League four-game winning streak.

Live broadcast: March 12th At 4: 00 am Beijing time on March 12th, the 27th round of Ligue 1 in the 2022-23 season started to compete at Lebray Stadium, and Paris Saint-Germain challenged brest away. In the first half, Sohler scored the first goal after the middle frame, Aunola equalized the score, Messi assisted in the second half, unlocking 300 assists in the club’s career, and Mbappé finished the lore. In the end, Paris beat brest 2-1 away, and Paris won four consecutive victories in the league. In terms of standings, Paris ranked first with 66 points, 11 points ahead of Marseille, the second place.

[Key Events of Competition]

In the 36th minute, Messi dribbled the ball, and a sudden stab of cold arrow from the periphery of Mbappé was saved by Bizot. Sohler followed up and shot again, and brest scored 0-1 in Paris Saint-Germain! ↓

In the 42nd minute, Del Castillo made a long pass from the midfield, and Aunola faced the defense of Pembele and Ramos, and volleyed into the restricted area to score a goal. brest scored 1-1 in Paris Saint-Germain! ↓

In the 90th minute, Messi sent a penetrating straight plug from the midfield, and Mbappé’s single-handed ball bounced past Bizot to push an empty net into the net, and brest scored 1-2 in Paris Saint-Germain! ↓

[Moment of Competition Focus]

In the 10th minute, Messi missed the first shot, and Sohler hit the crossbar hard in the penalty area, and Messi shot high again. ↓

The 24th minute, brest’s counterattack opportunity, Belkebra’s low cross, Ramos’s key position will clear the ball. ↓

In the 45 th minute, the scene was smoky. ↓

In the 61st minute, Mbappé missed the left side of the penalty area with an excellent opportunity. ↓

In the 64 th minute, Messi’s low shot from the top of the restricted area was resolved by Bizot. ↓

In the 68th minute, Mbappé made a straight tackle, and Mendes smashed the ball at a small angle and was saved by Bizot. ↓

In the 86th minute, Mbappé retaliated by kicking Belkebra down, and the referee showed a yellow card warning. ↓

[Starting and substitution information of both parties]

Brest starting: 40- Bizot, 99- Fadiga (80’23- Erel), 2- Du Wen, 4- Dari, 3- Bourrassier, 20- Melo, 9- Aunola, 10- Del Castillo (75’37- Lemarechal), 8- Magnay, 7-.

Substitutes did not appear: 1- Brasquez, 5- Chadoni, 28- Rocoro, 17- Ellis, 18- Karamoko-Dembele, 97- Alcon.

Paris Saint-Germain starting: 99- Donaruma, 25- Mendes, 4- Ramos, 15- Danilo-Pereira, 29- Pembele (74’14- beernaert), 33- emeri (88’18- Sanches), 8- Fabian-Ruiz (74’17-

Substitutes did not play: 16- Rico, 90- Letellier, 31- Bishyab, 35- Galby.

[Decoding Chatgpt] Yang Qingfeng | Chatgpt: Characteristic Analysis and Ethical Investigation

Since November 2022, ChatGPT, a chat robot developed by American artificial intelligence research company OpenAI, has quickly become the fastest-growing consumer-grade application in history, attracting widespread attention. The emergence of ChatGPT has become the tipping point of the development of artificial intelligence, which has promoted the competition of scientific and technological innovation in various countries to enter a new track. The leap of technology will inevitably lead to in-depth observation in application scenarios. No matter how smart artificial intelligence services become, adapting to and meeting the needs of human development is always the fundamental direction. Facing the future, discussing ChatGPT’s important influence on people’s mode of production, lifestyle, way of thinking, behavior mode, values, industrial revolution and academic research will help us to use and manage this technology correctly and then think about the development prospect of artificial intelligence.

Hegel mentioned the concept of bubble burst in the Ethical System, which meant that the process of destruction was like an expanding bubble bursting into countless tiny water droplets. If we look at the development of artificial intelligence technology with this concept, we will find that it is more consistent. After the artificial intelligence bubble burst in 1956, it became many tiny water droplets and splashed everywhere. There are AlphaGo and so on in chess; There are AlphaFold and so on in scientific research; Language dialogue includes LaMDA, ChatGPT, etc. Image generation includes Discord, Midjourney and so on. These technologies have gradually converged into a force, which has involved mankind in an era of intelligent generation.

ChatGPT: generating and embedding

Generation constitutes the first feature of ChatGPT, which means innovation, but this is questioned. Chomsky believes that ChatGPT discovers rules from massive data, and then connects the data according to the rules to form similar content written by people, and thinks that ChatGPT is a plagiarism tool. This view is somewhat inaccurate. In the process of ChatGPT generation, something new is produced. However, this is not new in the sense of existence, that is to say, it does not produce new objects, but finds unseen objects from old things through attention mechanism. In this sense, it belongs to the new in the sense of attention. In 2017, a paper entitled "Attention is All You Need" proposed transformer based on the concept of attention, and later ChatGPT used this algorithm. This technology uses self-attention, multi-head-attention and other mechanisms to ensure the emergence of new content. Moreover, ChatGPT may also generate text by reasoning, and the results can not be summarized by plagiarism.

Embedding constitutes the second feature of ChatGPT, and we can regard the embedding process as enriching some form of content. The development of intelligent technology is divorced from the track of traditional technology development. Traditional technology is often regarded as a single technical article, and its development presents a linear evolution model. However, the development of intelligent technology gradually shows embeddability. For example, as a platform, smart phones can be embedded with many apps. ChatGPT can be embedded in search engines and various applications (such as various word processing software). This kind of embedding can obviously improve the ability of agents. This is the basis of ChatGPT enhancement effect. According to Statista’s statistics, as of January 2023, OpenAI has been closely integrated with science and technology, education, commerce, manufacturing and other industries, and the trend of technology embedding is becoming increasingly obvious. The degree of embedding affects the friendliness of the robot. At present, ChatGPT can’t be embedded in the robot as a sound program. In our contact, it is more like a pen pal. In the future, companion robots and talking robots may be more important, such as voice communication, human talking, machine listening and responding.

ChatGPT’s black box status

For ChatGPT, transparency is a big problem. From a technical point of view, opacity stems from the unexplained problem of technology. Therefore, technical experts attach great importance to the interpretability of ChatGPT, and they also have a headache about the black box effect of neural network. In terms of operation mode, the operation of ChatGPT itself is difficult to explain. Stuart Russell clearly pointed out that we don’t know the working principle and mechanism of ChatGPT. Moreover, he doesn’t think that the large-scale language model brings us closer to real intelligence, and the interpretability of the algorithm constitutes a bottleneck problem. In order to solve this problem, they can observe the mechanism of neural network and touch the underlying logic through some technical methods such as reverse engineering. And through the mechanical interpretable method, the results are displayed in its visual and interactive form. With the help of these methods, they opened the black box of neural network. However, the interpretability obtained by this method is only effective for professional and technical personnel.

From a philosophical point of view, the emergence of black box is related to terminology. Difficult and obscure terms will affect the acquisition of theoretical transparency. For example, the theoretical concepts on which ChatGPT algorithm depends need to be clarified. In the article "Attention is All You Need", attention mechanism is a common method, which includes self-attention and multi-attention If these concepts are not effectively clarified, it will be difficult for outsiders to understand, and the black box will still not be opened. Therefore, one of the most basic problems is to clarify attention itself. However, this task is far from complete. Ethical problems caused by lack of transparency will bring about a crisis of trust. If the principle of ChatGPT is difficult to understand, its output will become a problem. In the end, this defect will affect our trust in technology and even lose confidence in technology.

Enhancement effect of ChatGPT

ChatGPT is an intelligent enhancement technology. What it can do is to intelligently generate all kinds of texts. For example, generate an outline of data ethics and generate the research status of a frontier issue. This obviously enhances the search ability and enables people to obtain higher efficiency in a short time. This enhancement is based on generativeness and embeddedness. From the generative point of view, it realizes the discovery of brand-new objects through the transformation of attention; In terms of embeddedness, it greatly improves the function realization of the original agent.

As an intelligent technology, ChatGPT can obviously improve the work efficiency of human beings. This brings out a basic problem: the relationship between human beings and agents. We divide intelligence into substantive intelligence and relational intelligence. Entity intelligence, that is, the intelligence possessed by entities, such as human intelligence, animal intelligence and entity robot intelligence; Relational intelligence is mainly used to describe the relationship between human beings and agents, and augmented intelligence is the main form of relational intelligence. It is necessary to purify the enhanced intelligence, make it show the general significance of people and technology through philosophical treatment, and make it have normative significance through moral treatment.

However, ChatGPT, which can enhance the effect, will cause some ethical problems. The first is the problem of intelligence gap. At present, this technology is limited, and there is a certain technical threshold, which will lead to the widening gap among users, that is, the gap caused by intelligent technology. This is the gap and gap arising from the acquisition of technology. The second is the issue of social equity. Unless this technology can be as popular as mobile phones, this fairness problem will be exposed very significantly. People who can use ChatGPT to work are likely to improve their efficiency significantly; Those who can’t use this technology will keep their efficiency at the original level. The third is the problem of dependence. Users will feel the convenience of this technology during use. For example, it can quickly generate a curriculum outline, write a literature review, and search for key information. This will make users gradually rely on this technology. But this dependence will have more serious consequences. Taking searching literature as an example, with the help of this technology, we can quickly find relevant literature and write a decent summary text. Although ChatGPT can quickly generate a literature review, it has lost the academic training of related abilities, so the result may be that researchers and students have lost their abilities in this field.

The relationship between ChatGPT and human beings

In the face of the rapid offensive of ChatGPT, academic circles generally take a defensive stance, especially many universities have banned the use of this technology in homework and thesis writing. However, prohibition is not the best way to deal with it. Technology is like water, which can be infiltrated in many ways, so relatively speaking, rational guidance is more appropriate.

To guide rationally, we need to consider the relationship between agents and human beings. I prefer to compare the relationship model between the two to "make the finishing point". Taking the generation of text outline as an example, ChatGPT can generate a data ethics outline based on data processing links around related ethical issues in data processing, such as collection, storage and use. In a narrow sense, this outline is appropriate and can reflect some aspects of ethical issues in data processing. However, from a broad point of view, this outline is too narrow, especially only from the data processing itself to understand data, without considering other aspects, such as dataization, data and lifestyle. What we can do or want to do is to make the finishing touch on the generated text and make it "live" through adjustment. In this way, the position of intelligently generated text has also begun to be clear: it is the finishing touch of human beings that plays a key role in the generation. Without this pen, the intelligently generated text is just a text without soul. If not, it will be difficult to guarantee the meaning and value of human beings, and the corresponding ethical problems will also arise.

How much did Zhu Ting actually get when he started his Italian league career with an annual salary of 1.2 million? Numbers are touching.

Of course, this is not all the expenses that Zhu Ting needs to deduct. Zhu Ting also needs to pay 1.5%-3% of the agent fees and some miscellaneous expenses of the players’ union. Moreover, because of the talent cultivation, Zhu Ting also needs to pay part of the salary to the Henan mother team. After a full calculation, Zhu Ting’s 1.2 million euros will actually be deducted by nearly 50%, which means that Zhu Ting actually gets 600,000 euros (equivalent to about RMB 4.2 million). But now Zhu Ting obviously doesn’t care about this. To tell the truth, if she wants to make money, Zhu Ting will stay in China. Her annual salary is at least over $1 million, and her income is more than that of studying abroad. Moreover, at home, Zhu Ting has more time to attend business activities, which is also a large amount of income. But for 28-year-old Zhu Ting, she deserves her last chance to fight for her dream. Zhu Ting also knows that if she wants to lead the China women’s volleyball team out of the trough, she must become.

Three minutes learn the wire to withstand the current estimation, knowing this is called electricity

Work temperature is 30 ° C, and the amount of carrier flow under the long-term continuous 90% load is as follows:

1.5 square millimeters – 13A

2.5 square millimeters – 26A
4 square millimeters – 32A

6 square millimeters – 47A
16 square millimeters – 92A

25 square millimeters – 1220A

35 square millimeters – 150A

Current conversion power:

1A=220W,

10A=2200W,

So on and so forth.

For example, if the carrier traffic is 14A, it is: 220W × 14=3080W, then 1.5 square copper wire power is 3.08 kW.

Long-term current allowed by national standard:

4 square is 25-32A

6 square is 32-40A

In fact, these are the theoretical security values, and the limit value is more than these.

The maximum power allowed by the 2,5 square copper wires is: 5500W.

4 square 8000W, 6 square 9000W is no problem.

40A’s digital meter is normal 9000W absolutely no problem. The 12000W of the machine will not be burned.

03

Copper wire wires allow long-term current:

2.5 square millimeters (16A ~ 25A)
4 square millimeters (25A ~ 32A)
6 square millimeters (32A ~ 40A)

for example :

1. Each computer consumes approximately 200 ~ 300W (about 1 to 1.5a), then 10 computers need a 2.5-square millimeter copper wire power supply, otherwise a fire may occur.

2, the large 3 air conditioner consumption is approximately 3000W (about 14a), then one air conditioner requires a separate 2.5 square millimeter copper wire power supply.
3, the current housing outlet is generally 4 square millimeters of copper wire, so the home appliances open at the same time must not exceed 25A (ie 5500 watts), some people replace the wires in the house to 6 square millimeters copper wires are useless. Because the wires entering the meter are 4 square millimeters.
4. Early housing (15 years ago) The import line is generally 2.5 square millimeter aluminum wire, so the home appliances open at the same time must not exceed 13A (ie 2800 watts).

5, household appliances that are relatively large consumption are: air conditioner 5a (1.2), electric water heater 10a, microwave oven 4a, rice cooker 4a, dishwasher 8a, drying machine 10a with drying function, electric heater 4a.

Among the fire caused by the power supply, it is due to the heat of the hair, so all the joints must be welded, and the contact devices that cannot be welded 5 to 10 years must be replaced (such as socket, air switch, etc.).

04

Copper wire wire cable traffic standard cable flow oral estimation:

Take the next two o’clock in nine, and go to the next time.

Thirty-five take three o’clock, double bunom group is five.

The conditions have changed, and the high temperature is 10% off copper upgrade.

The number of tube is two or three four and eight seven six folds.

illustrate:

This mouth is not directly pointed out to various insulated lines (rubber and plastic insulation lines), but "cross-section is multiplied in a certain number" to be represented.

"Two five-point multiply by nine, go to the next time," said that various cross-sectional aluminum insulation lines of 2.5mm2 and below are about 9 times the number of carriers of the cross-section. Such as 2.5mm2 wires, the carrier flow is 2.5 × 9=22.5 (a). The multiple relationship between the carriage of 4mm2 and more wires and the number of cross-section is row, the line number is row, the multiple is successively reduced by 1, i.e., 4 × 8, 6 × 7, 10 × 6, 16 × 5, 25 × 4.

"Thirty-five Take Three Fiveth, Double Bunction] Say", it is said that 35mm2 lead traffic is 3.5 times the number of cross-section, ie 35 × 3.5=122.5 (a). Wire from 50 mm 2 and above, the multiple relationship between the amount of carrier flow and the number of cross-section becomes a set of two two lines, and the multiple is 0.5. That is, 50, 70mm2 wire has a total of 3 times the number of cross-section; 95, 120 mm2 lead traffic is 2.5 times the number of cross-sectional area, and push it according to the secondary.

"Conditions have changed, high temperature nine fold copper upgrades". The above mouth is the copper core insulation line, which is determined under the condition of 25 ° C in ambient temperature. If the aluminum core insulation line is in the area where the ambient temperature is higher than 25 ° C, the wire carrier flow can be calculated according to the above-mentioned oral calculation method, and then hits it again; when used is not an aluminum wire but the copper core insulation line, Its carrier flow is slightly larger than the same size aluminum wire, and can calculate a carrier flow than the aluminum wire in the above-mentioned oral method. For example, the flow of 25mm2 copper wire can be calculated according to 25 mm2 aluminum wire.

Tips

● Electrician advanced information package:Wiring diagram, electrical identification, e-book, PPT …