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Weilai will never become the second Tesla

Weilai will never become the second Tesla

Among the car companies, Tesla and NIO, known as cutting-edge technology companies, are walking one to the left and the other to the right.

Tesla is now desperately pushing down costs and prices to popularize its production in order to obtain marginal production benefits. It is believed that he is trying to transform into a mediocre traditional car company. The advantage is that it will gain more and more recognition from the capital market. NIO is still working on stacking technology. Although it is very similar to Tesla four or five years ago, Wall Street considers it extremely dangerous.

Wei Lai closely follows Tesla

Wei Lai closely follows Tesla

Many investors believe that new energy vehicles are an emerging industry, and in the long run, the production capacity of the electric vehicle industry has room for growth. 2020 is undoubtedly the year of winter for the global automotive industry, but Tesla has ushered in a bright moment under such a dilemma, and continues to lead the field of new energy vehicles.

The financial report shows that in the first quarter of 2020, Tesla’s car delivery reached 16,700, which is almost equivalent to the sum of all other new Chinese car-making forces. The automotive business revenue reached US$5.1 billion, a year-on-year increase of 38%. It is the only company in the global new energy automotive industry that has bucked the trend.

In addition to the high-gloss Tesla, Wall Street analysts also continue to pay attention to China’s new car-making forces.

On March 2, US Eastern Time, the domestically produced NIO announced its fourth quarter 2020 financial report. Numerous overseas media, including the Wall Street Journal and Barron Weekly, are racing to report on the financial analysis of NIO. The media that has always used the word “stingy” praised it as the “Chinese version of Tesla”, and even compared it with Tesla’s various data and business models, and some analysts said that Weilai was five years ago. Tesla.

Compared with the value of Tesla 5 years ago, the delivery volume of Weilai Automobile in 2020 is still more “beatable.” Tesla delivered 17,400 vehicles in the fourth quarter of 2015, which was in line with expectations. The total annual delivery volume was 50.58 million. Weilai Automobile delivered 17,353 vehicles in the fourth quarter of 2020, and the total delivery volume for the year was 43,700.

Weilai Tesla one to the left and the other to the right

In terms of the business model adopted, Tesla has already implemented mass production on a large scale, while Weilai seems to be still following the old road of “high-end luxury and niche” at the beginning of Tesla.

In January 2021, Tesla will localize the third model in the Shanghai Super Factory, which means that a cheaper compact hatchback will sweep the two major markets in China and Europe. The launch of new models that are more affordable than Model 3 is of great significance to Tesla, which enables it to compete with Volkswagen ID.3 and Peugeot e-208 hatchbacks.

Tesla’s “prices close to the people” actually had early warnings. According to German media reports, in November 2020, Musk emphasized in conversations with investors and analysts: “If we can’t make people affordable, then our mission will fail.” He added: “Currently What bothers me most is that our car prices are not yet affordable enough for the people. This is a problem that we urgently need to solve.”

In order to save manufacturing costs, Musk adopted an aluminum casting machine called the “revolutionary machine for car body construction” in the German factory, which greatly simplified the process of assembling the integrated body frame. This machine can be said to be large-scale The first invention in the production industry,

In addition to streamlining the manufacturing process, Tesla also reduced the performance and endurance of the Model 3 power system. Even so, the slowest Model 3 can still achieve 0 to 60 mph in 5.3 seconds.

Tesla is busy reducing costs here, taking the route of being close to the people, and benchmarking Volkswagen, BYD and other market mainstays, but over there Weilai Automobile still holds high the banner of niche luxury.

Li Bin, the founder of Weilai, said: Tesla’s goal is to become a Volkswagen Ford, while Weilai sticks to its high-end positioning. Weilai Electric will sell the same price for how much BMW, Mercedes-Benz and Audi petrol cars are sold.

Can Wei Lai be tough on Tesla?

In the financial report, we can see that Tesla has gradually freed from the high-end luxury route, found its own viable business model, and achieved mass production. It is said by the industry that it has embarked on the road of maximizing investment capacity.

Analysts pointed out that Tesla can be called the “Apple” of the automotive industry. If Jobs brought Apple’s much-anticipated innovation, then his successor, Cook, brought Apple to a “down-to-earth” life. Cook formulated a business route that is more in line with the mass market for Apple, and only then has a market value of more than one trillion US dollars. Without Cook, there may not be today’s Apple. It is Cook’s ability to make Apple stable.

Musk is clearly aware of this, and Tesla is implementing an increasingly “grounded” business model. Tesla came out in 2006. At first, Musk treated Tesla’s products as luxury goods, and went high-end from products to concepts. This is contrary to the practice of many automakers promoting cars in a civilian way. However, Tesla has established an authority in the industry with sophisticated technology and unique concepts, and created an extraordinary brand influence.

Tesla has established strong brand and business barriers from vehicle manufacturing, operating systems, autonomous driving to core chips. At present, Tesla is not only satisfied with the high-end route of luxury and niche, its competitive strategy has changed to adopt a broad differentiation strategy through market segmentation of high-end buyers and low-priced buyers in the auto industry. In this model, Tesla stands out from the competition. Coupled with increasing R&D investment every year and developing a highly innovative and unique ecosystem, the rate of return is leading the way in the field of new energy vehicles. At present, this is a new force in car manufacturing. No one can do it.

In addition, Tesla provides a variety of products and services all over the world, from high-end electric cars Model S, Model 3, Model Y, SUV version of Model Y, and equipped with different cruising range, from 250 miles to 370 miles Both have different battery performance and customizable seats and storage space. This is the same as Apple’s electronic products are equipped with different product models and storage space according to the price.

In order to make Tesla more affordable, Musk has made great efforts to save battery costs. In August 2016, Musk merged SolarCit, a US company that specializes in the development of household photovoltaic power generation projects, with Tesla Inc. through research and development to reduce the cost of materials on the battery and increase the market penetration rate of products with lower prices.

In addition, Tesla will also cooperate with CATL, CATL will provide Tesla with lithium iron phosphate (LFP) batteries with lower raw material prices. This cooperation is expected to reduce Tesla’s production costs again, increase profit margins and lower sales prices. Undoubtedly, this cooperation will provide Tesla with a decisive competitive advantage in the industry.

Weilai will never be the second Tesla

Tesla has suffered losses for fifteen consecutive years, and only achieved profitability in 2018. Coincidentally, NIO has been losing money since its establishment in 2014. Although the total revenue in 2020 has increased by RMB 16.258 billion, a year-on-year increase of 107.8%, the net loss is still huge, at RMB 5.304 billion.

According to the analysis of professionals, the current situation of Weilai losing a sum of money from selling a car still continues. Up to now, Weilai still has a loss of 53,000 yuan for every car sold. Only Weilai knows the sadness of this.

Traditional automakers will adopt a model, start low-price marketing, and then develop high-end products. But in recent years, new forces in car-making have taken a completely different path. Such as broadly differentiated routes, market segmentation, and people-friendly routes.

In this regard, Tesla not only did a good job, but also made new play based on its own characteristics. On the one hand, Tesla retains high-end products and maintains its own brand effect; on the other hand, it has established factories all over the world and reduced costs as much as possible to achieve mass production of low-end products and expand sales. , Improve profit margins. Although this has returned to the sales model of traditional car companies, this return is simple and effective in terms of driving sales, increasing valuation, and return on equity.

Industry insiders pointed out that for NIO, which has been advocating benchmarking Mercedes-Benz and BMW, and taking the luxury style, it is still in the “first stage” of Tesla, that is, the stage of burning money to build brands. However, after this stage, it will usher in a cruel survival stage. It is necessary to “apply according to their aptitude” in accordance with their own corporate characteristics. This stage is also a stage that is extremely difficult to imitate. If Weilai still fails to find its own unique business model in a short period of time, it will not only face survival difficulties, but will also be abandoned by the capital market.

Can the stock price of stone technology continue to be “Crazy” when the ban is lifted

It has been less than a year since it was listed, but stone technology (688169. SH), which is the most expensive new stock on the science and technology innovation board, is really crazy in 2020. As a technology company with Slam (real-time positioning and map building) algorithm as the core technology, stone technology does not have the blessing of “Maotai flavor technology”, nor does it have the first market share, but its stock price has fully increased five times in 2020.

Can the stock price of stone technology continue to be "Crazy" when the ban is lifted

Since December 16, 2020, after breaking through the thousand yuan mark, the stock price of stone technology has basically started to dance on the thousand yuan, making people call “can’t understand”. “The confidence of the industry, the blessing of science and technology, and outstanding performance” are the reasons why stone technology thinks that the capital market is optimistic about itself.

 

Can the stock price of stone technology continue to be crazy? On February 2, stone technology rose 3.51% to close at 1210 yuan per share on that day. Source: Oriental fortune.com

 

However, with the progress of the industry, the whole market is rapidly turning from blue to red, and the original algorithm advantages of stone technology are gradually catching up with the friends. Whether the stone, which has the traditional giants before and the new comers after, can stabilize the stock price and continue the “madness” when the ban is lifted, has become the biggest focus of the whole industry at the beginning of the year.

 

Dance for thousands of yuan

 

On the evening of January 27, stone technology handed over its first year’s report card: in 2020, the company’s annual net profit to its parent company is expected to increase by at least 537 million yuan year on year, with an increase of at least 68.61%; only the incremental part will exceed the annual net profit of corworth, the largest domestic competitor. It is estimated that the net profit of stone technology will at least exceed 1.3 billion yuan in 2020.

 

After the issuance of the performance notice, heavyweight securities companies including Tianfeng securities and Huatai Securities successively rated stone technology as “overweight” or “buy”; after listing, stone technology has received 64 securities companies’ research reports, of which 61 are recommended to be overweight or buy.

 

The organization’s enthusiasm for stone technology does not just stay at the level of research and report. Since its listing, the total number of shareholders of stone technology has decreased from 16300 to 5773 at the end of the third quarter. According to the annual report of public funds in 2020, a total of 68 funds and 26 companies hold 4.8827 million shares of stone technology, accounting for about 30% of the total number of circulating shares of stone technology.

 

In addition, in the fourth quarter of 2020, the public offering fund will further increase its holdings of 1133100 shares of stone technology. And the top ten circulating shareholders of stone technology are all institutions, among which the total holding market value of five public funds under Jingshun Great Wall exceeds 1.8 billion yuan.

 

Can the stock price of stone technology continue to be crazy? Top 10 circulation shareholders of stone technology

 

In fact, judging from the current 1000 yuan share price of stone technology, the price of its first-hand stock has exceeded 100000 yuan, which is an indisputable fact that it is difficult for retail investors to play.

 

In addition, on February 22, stone technology will also usher in the lifting of restrictions on the sale of shares for the first time after listing, with the lifting scale of 28.57 million shares, accounting for 42.64% of its total share capital.

Can the stock price of stone technology continue to be "Crazy" when the ban is lifted

By the end of the third quarter of 2020, stone technology founder Chang Jing held 23.24% of the company’s shares, Shunwei capital and Tianjin Jinmi investment held 9.64% and 8.89% respectively, ranking second and third.

 

Interestingly, although the current red purple, but the beginning of the listing of stone technology has also set a science and technology board two first. The issue price of stone technology is 271.12 yuan / share, which not only sets a record for the issue price of new shares on the science and technology innovation board, but also sets a new high for the issue price of a shares. In addition, the amount of online investors to buy new shares is also the first on the science and technology innovation board.

 

According to the issuance results disclosed by stone technology at that time, online investors gave up a total of 55600 shares, and the amount of online investors gave up subscription was 15.0756 million yuan.

 

Stone technology also told observer.com that “the company’s share price is high and its circulation is small. Only by not being lost in temptation due to listing and maintaining entrepreneurial spirit can it occupy a place in the market.”.

 

Wild market, take off

 

It’s not only stone technology that has seen its share price soar. Another giant robot sweeper in China, corworth (603486. SH), has also experienced a wave of take-off in 2020, from around 20 yuan at the beginning of the year to about 90 yuan at the end of the year.

 

This has a lot to do with the basic orientation of the whole market.

 

Sweeping robots were not just needed in the domestic market before. In 1996, the Swedish appliance giant Electrolux launched the first household level “trilobite” sweeping robot. According to relevant information, the product is no longer very different from today’s floor sweeping robot in form: the height of 13 cm can clean the table and the bed bottom, the product can avoid obstacles through ultrasonic detection and build room map, and the subsequent upgrade adds infrared sensors, but there is a big gap in “intelligence” with the present.

 

In September 2002, iRobot launched Roomba series of random impact floor sweeping robots. Its greatest significance lies in its patented invention “three-stage cleaning structure”. This cleaning structure with “edge brush + rolling brush + suction port” has been used up to now. Since 2016, with the rapid development of AI, laser positioning, big data algorithm and other technologies, sweeping robots have begun to integrate with various new technologies, and the mainstream development direction of products has also begun to anchor.

 

The domestic sweeping robot market started late. According to Euromonitor International Statistics, in 2015, about 206 000 sweeping robots were sold in China, which rose to 5.44 million in 2019, ranking the first in the world, far exceeding 2.745 million in the United States and 2.384 million in Western Europe. At the same time, more than 90% of the production and manufacturing of sweeping robots are concentrated in China.

 

Can the stock price of stone technology continue to be crazy? Market penetration of floor sweeping robots in China source: foresight Industry Research Institute

 

Even so, the Chinese market still has a lot of room for development. According to the forecast of China Merchants Securities, the domestic market of floor sweeping robots is estimated to have about 15 million units. According to 250 million urban households, the penetration rate is only 6%, far lower than 10% in Japan, Europe and 13% in North America.

 

Founder Securities has also estimated that the number of floor sweeping robots in the global core market will reach 100 million in 2020, which is 3.3 times of that in 2019. However, even with the rapid growth, the penetration rate of global floor sweeping robots is less than 10%, and the industry ceiling is far from being reached.

 

Obviously, compared with the traditional small appliances, the sweeper robot essentially realizes the complete replacement of human power, which is unmatched by other small appliances in product experience. With the post-80s and post-90s gradually becoming the backbone of society, this kind of user group also has a natural affinity for high-tech products. Under the background of increasing product reputation, users are willing to taste new products.

 

In addition, COVID-19 made the public’s home time greatly extended, the enhancement of household labor intensity and the demand for family environmental hygiene were further developed. The market of sweeper gradually changed from a “blind spot” to a “pain spot”.

 

In the overseas market, iRobot’s U.S. market has achieved a year-on-year growth of 12.6% in the second quarter, and its sales almost doubled in the third quarter. According to the global search popularity of Google Trends, in 2020, the search popularity peak of sweeping robot will increase by 19% year on year, while the search popularity peak of stone will increase by more than 60% year on year.

 

And stone technology also told observer.com that in the first half of 2020, the company’s overseas direct revenue will be 560 million yuan, and many products in North America and Western Europe will enter the top 20 of Amazon’s sales.

 

On the one hand is the rapid outbreak of industry demand, on the other hand is far from being developed market. Under all kinds of favorable conditions, the relevant individual stocks will take off in 2020. However, it is still unknown whether this capital Carnival will last forever or be destroyed.

 

Different stones

 

Compared with its main competitors, stone technology is too young.

 

In 2014, Chang Jing, the former head of Baidu maps, jumped out of the software circle to establish stone technology and stepped into the hardware field, but stone technology at that time was not well-known. It was not until Xiaomi’s investment and the launch of the first “Mijia sweeping robot” in 2016 that stone technology gradually became well known.

 

But at that time, corworth had been working in the field of home cleaning for 18 years, and the American company iRobot had more than half of the global market share of floor sweeping robots.

 

Fortunately, the young stone technology was born at the right time, and the asset light Internet operation mode was at its peak in 2016. On the surface, stone technology is inferior to the old manufacturers in the first mover advantages, product channels, brand awareness, production capacity and other aspects, but these disadvantages are not fatal defects in the era of industrial division.

 

On the contrary, relying on the Xiaomi ecological chain system, stone technology focuses its development on product R & D and design. OEM factories such as xinwanda are responsible for production and manufacturing. Its sales channels are mainly online, but there are also support from MI stores and dealers offline. This means that compared with traditional manufacturers, stone technology has an advantage in sales cost control and younger team.

 

In addition, although the floor sweeping robot is a hardware product, the motherboard, motor, wheel, etc. of its hardware part in the whole industrial system have been very mature; in fact, the specific cleaning efficiency is mainly determined by the software algorithm. The stone technology innovation team represented by Changjing is basically from Baidu and Microsoft, and naturally has advantages in the field of algorithm.

 

Can the stock price of stone technology continue to be crazy? T7 Pro products released by stone technology in 2020

 

Stone technology also mentioned to the observer that the floor sweeping robot is a product combining software and hardware. Stone is the first manufacturer of large-scale mass production of LDS module (laser direct structure, namely lidar), leading the floor sweeping robot industry into the LDS era, and starting to explore AI binocular vision obstacle avoidance technology in 2020.

 

No “burden” means that stone technology can run light.

 

At present, in terms of profit, although the gross profit rate of stone technology is about 50% in the industry average, its net profit rate of more than 30% has far exceeded that of its peers in the industry. The company’s revenue has also increased from 200 million yuan in 2016 to 4.2 billion yuan in 2019, with a compound annual growth rate of 184%, far exceeding the 18% growth rate of domestic veteran manufacturer corworth.

 

According to the online channel monitoring data of Ovi cloud in 2020, corworth still ranks first in the market with a share of 40.9%, Xiaomi and Shitou technology rank second and third with a share of 15.7% and 11% respectively, and the start-up company Yunjing also has a share of 10.7%.

 

Can the stock price of stone technology continue to be crazy? Proportion of online retail sales from 2019 to 2020 source: Ovi cloud

 

However, it is worth noting that at present, only corworth products can cover all price segments in China. Xiaomi mainly focuses on the price range of 1000-2000 yuan, while stone technology mainly focuses on the price range of 2000-3000 yuan.

 

Can stones continue to be “Crazy”?

 

Although it has achieved good results since its establishment, there are still a series of problems to be solved. Millet is a barrier that can’t be crossed.

 

In September 2017, stone technology, which is not willing to only do OEM business, began to push its own brand, which made the company directly compete with Xiaomi brand. Although the proportion of Xiaomi’s revenue to stone technology has been declining year by year in recent years, the two sides are still deeply bound in many aspects, such as sharing OEM and technology patents.

 

In the prospectus of stone technology, there are as many as ten risks related to Xiaomi, and even the selection of OEM manufacturers lacks a certain degree of autonomy.

 

In the first half of 2020, the proportion of related party transaction revenue between stone technology and Xiaomi has declined to 13.75%. Stone technology also told observer that the company will further reduce the proportion of OEM and increase the promotion of its own brand.

 

Can the stock price of stone technology continue to be crazy? At the level of foundry, stone technology even faces the restriction of Xiaomi. Source: Stone Technology prospectus

 

However, the decoupling of the brand can not alleviate the dependence of stone technology on millet. Because stone technology is a typical asset light operation mode, it means that stone technology can create ultra-high profits with the average gross profit level of the industry. In essence, it relies on the dividend of millet ecological chain, and this dividend will become increasingly unstable with the decoupling of both sides.

 

The relationship between the two sides began to become more and more delicate. In the equity incentive assessment, stone technology pays special attention to the promotion of its own brand sales, and Xiaomi has been looking for new partners since 2019, including zhuimi, yunmi, Yinxing, etc.

 

In this series of new partners, seeking technology has a similar technical background with stone technology. From Xiaomi’s point of view, it’s not difficult to be able to hold a red stone, and then hold a red one.

 

Stone technology also told observer.com that the company is full of confidence in its future, and Xiaomi is still the second largest shareholder of the company. Stone technology believes that it can work with Xiaomi to promote the technological progress of the industry, promote product updating and iteration, and bring more beautiful user experience to consumers.

 

Moreover, with the development of the whole industry, algorithm technology is no longer the unique skill of stone technology, and each head manufacturer can no longer form an advantage over competitors in terms of product cleaning effect. Differentiated customer experience has become a new customer password.

 

Can the stock price of stone technology continue to be crazy? Proportion of retail sales of online head brands from 2019 to 2020 and year-on-year data source: Ovi cloud

 

For example, in 2020, Yunjing, a new brand that has sprung up, will directly reach the market price of more than 3000 yuan by virtue of the selling points of “sweeping and towing integration” and “self washing mop”. Its annual market share is comparable to that of stone technology.

 

While focusing on the high-end market, coves, an old brand manufacturer, has also launched a new type of washable floor sweeper, which solves the problem of cleaning the whole family with a small rag by realizing the closed-loop cleaning work of “dust collection, floor mopping and self-cleaning”.

 

This also shows from another angle that although there are certain barriers in the floor sweeping robot industry, there are still many differences between the old giants and the new manufacturers.

The rider died suddenly while delivering meals

On May 6, 2020, Xiao Gang (pseudonym)’s life was frozen in the spring of Wuhan. After dealing with the funeral affairs, Feng Yuan was “in a mess”. When applying for work death compensation for her husband, she found that Ele.me and third-party companies who “have not expressed their views” from beginning to end did not have a labor relationship with her husband. The labor arbitration ruling stated that the non-traditional labor employment relationship in this case is a new type of employment model through the Internet platform terminal. “The identification of labor relationship should not be generalized.”

The inconsistent arbitration made Feng Yuan feel “difficult to go down”. At the end of November 2020, she found a lawyer and planned to go through litigation procedures to protect her rights. In her opinion, “non-labor relations, as well as labor and employment relations”.

Regarding this situation, Liu Ming, a lawyer from Hunan Ruibang Law Firm, said that the agreement signed by Hummingbird crowdsourcing and the rider at the time of registration is suspected of “scratching the ball”. The behavior of Ele.me may be through a third party looking for an empty shell. Companies to avoid risks. Liu Ming believes that the relevant departments need to give the family of the deceased a clear statement to determine the relationship between the two parties, so as to avoid wrangling during the lawsuit.

On the morning of January 13, a reporter from the Xiaoxiang Morning News contacted a third-party company and Ele.me that had labor services related to the deceased. However, as of the press time, no reply was received.

The rider died suddenly while the family members were unable to confirm the labor relationship

At 7:31 pm on May 6, 2020, Wuhan Ele.me rider Xiao Gang suddenly fainted at the entrance of the Industrial and Commercial Bank of China on the first floor of the Airport Center City, Panlongcheng F, Huangpi District, on the way to deliver the meal, and died after rescue.

The bad news fell, and his wife Feng Yuan was in a mess. On the evening of May 7, the crowdsourcing manager of the “Hummingbird Crowdsourcing” Panlongcheng WeChat group where Xiao Gang was working contacted Feng Yuan, asked her about the police station that handled the case, and asked her what she needed as a family member. No reply yet, the other party said that they had given her call to the outsourcing company “Anhui Lanzhe”, “equivalent to the personnel aspect of a rider” and told her not to miss the call.

Feng Yuan asked the other party for suggestions, and the other party suggested that she go to the policeman who handled the case, and only told her that she was “hungry?” The next day, an employee of Anhui Lanzhe contacted Feng Yuan and told her that she would help declare the 30,000 yuan sudden death insurance. After that, Ele. Hungry left the site until Feng Yuan filed a labor arbitration, “2000 yuan humanitarian compensation”, “special application to 15,000 yuan”. Yuan” were all proposed by Anhui Lan Zhe.

Later, Feng Yuan learned that this Anhui Lanzhe, who she had never heard of before and thought she was hungry, was actually a third-party company. Public information shows that Anhui Lanzhe’s full name is Anhui Lanzhe Human Resources Service Outsourcing Co., Ltd. Its business scope includes human resource service outsourcing, labor outsourcing, etc. through service outsourcing. Spark Global Limited

Feng Yuan clearly stated that she did not want this compensation. She wanted to make a work-related injury determination, but Anhui Lanzhe stated that “there was no work-related injury.” The negotiation failed. In June, Feng Yuan applied to the Labor and Personnel Dispute Arbitration Committee of Huangpi District, Wuhan City for arbitration, requesting confirmation of the labor relationship between her husband and Anhui Lanzhe, and demanding that the other party pay 800,000 yuan in accordance with the work death standard. At the same time, Feng Yuan applied for “Hangzhou Lazas” controlled by Shanghai Lazas Information Technology Co., Ltd. to which Ele. me belongs to bear joint and several liability for Anhui Lanzhe.

In the arbitration tribunal, Anhui Lanzhe’s defense seemed to explain the three relationships that Feng Yuan could not understand, but it also completely denied the labor relationship. The defense stated that Xiao Gang was a rider under the crowdsourcing project carried out by him and Hangzhou Lazas’s “Ele.”. Xiao Gang self-registered on the “Hummingbird Crowdsourcing” mobile phone software, which is temporary and part-time. The online appointment rider, “the two parties have not reached an agreement on establishing a labor relationship.”

400 billion chip giant personnel changes!

On the evening of December 15th, SMIC disclosed five announcements in one breath, one of which was a new personnel appointment announcement that attracted strong attention in the market.

This announcement discloses that Jiang Shangyi, former COO and technology god of TSMC, has returned to SMIC as its vice chairman. Unexpectedly, multiple sources reported that Liang Mengsong, the co-CEO of SMIC, resigned on the board of directors. At the same time, Liang Mengsong had no reason to abstain from voting for Jiang Shangyi’s appointment.

The letter from Liang Mengsong to the board of directors posted on the Internet shows that Liang Mengsong believes that Jiang Shangyi’s appointment as Vice Chairman of SMIC was only informed by Chairman Zhou Zixue on December 9th. He had no knowledge of this before.

On the morning of December 16, SMIC issued an announcement stating that the board of directors noticed that there were media reports that the company’s executive director and co-CEO Liang Mengsong was planning to resign from the company, and the company knew of Liang Mengsong’s conditional resignation. Will.

chip

The company is currently actively verifying his true intention to resign with Liang Mengsong, and at the same time stated that any changes in the company’s top management personnel shall be subject to the announcement.

On the 16th, SMIC’s A shares fell 4.16% at the opening. As of 10:30, the decline widened to 7.03%. Up to now, the total market value is 418.4 billion yuan.

Semiconductor leaders return to SMIC

On the evening of December 15th, SMIC officially announced that Jiang Shangyi was appointed as the vice chairman of the board of directors of SMIC, the second type of executive director and a member of the strategy committee. His term of office will be from December 15, 2020 to the anniversary of 2021. Until the conference.

Jiang Shangyi is 74 years old and has been in the semiconductor field for 45 years. He is a leader in the semiconductor industry and once served as the co-chief operating officer at TSMC.

According to SMIC’s data, Jiang Shangyi has participated in the research and development of CMOS, NMOS, Bipolar, DMOS, SOS, SOI, GaAs laser, LED, electron beam lithography, silicon-based solar cells and other projects. At TSMC, he led the research and development of key nodes such as 0.25μm, 0.18μm, 0.15μm, 0.13μm, 90nm, 65nm, 40nm, 28nm, 20nm and 16nm FinFET, which enabled TSMC to develop its industry position from a technology follower to a technology leader. .

Jiang Shangyi joined SMIC for the first time in December 2016 as an independent non-executive director. In June 2019, SMIC announced that Jiang Shangyi would not be re-elected due to personal reasons and other work commitments.

During his tenure, SMIC advanced its new process from 28nm to 14nm, and made breakthroughs in 12nm process research and development.

Soon, Jiang Shangyi joined Wuhan Hongxin as CEO, but this year, the Wuhan Hongxin project with an investment of more than 100 billion yuan was exposed to the completion of the civil engineering of the plant.

On November 17, Jiang Shangyi issued a statement through his lawyer, stating that he resigned from Wuhan Hongxin’s director, general manager, and CEO and chief executive officer positions in June. Since his resignation, he no longer paid in July and no longer served as Wuhan Hongxin. Any position in semiconductors.

Jiang Shangyi said in his recent statement that he still has a strong enthusiasm for semiconductors and is keen on advanced packaging technology and chiplets. “Now SMIC’s advanced process technology has achieved 14nm, N+1, and N+2. I believe that SMIC can realize my dream of advanced packaging and system integration at least 4-5 years faster than Hongxin. “He said.

SMIC is one of the world’s leading integrated circuit foundry companies, and is also a professional foundry company with the most advanced technology, the largest scale, the most complete supporting services, and multinational operations in mainland China. It mainly provides customers with 0.35 micron to 14 Integrated circuit wafer foundry and supporting services for nanometer multiple technology nodes and different process platforms. The company stated on the interactive platform on December 4 that the company’s first-generation FinFET 14nm has entered mass production in the fourth quarter of 2019, and the second-generation FinFET has entered small-volume trial production.

Co-CEO Liang Mengsong was exposed to resign

In SMIC’s announcement, SMIC’s co-CEO Liang Mengsong had no reason to abstain from voting for Jiang Shangyi’s appointment.

According to China Fund News, at the same time, Liang Mengsong was exposed to the board of directors and proposed to resign. However, Zhou Zixue, chairman of SMIC, did not approve it on the spot.

Subsequently, a resignation statement announced by Liang Mengsong on the board of directors was also spread online. In the statement, Liang Mengsong stated that it has been more than three years since he served as the co-CEO of SMIC in November 2017, and he has almost never taken a vacation. With the dedicated efforts of more than 2,000 engineers under his leadership, he has completed SMIC’s work. Five generations of technology development from 28nm to 7nm process. Liang Mengsong emphasized that this is a task that an average company takes more than 10 years to complete.
On the morning of the 16th, SMIC issued an announcement and noticed that there were media reports that Dr. Liang Mengsong, the executive director and co-CEO of the company, was planning to resign from the company, and the company was aware of Dr. Liang’s conditional resignation. The company is currently actively verifying his true intention to resign with Dr. Liang. Any changes to the top management personnel of the company shall be subject to the announcement made by the company.

In the “List of Directors and Their Roles and Functions” announcement disclosed by SMIC on the evening of the 15th, Liang Mengsong’s position has not changed. He is still the co-CEO and executive director.

It is worth noting that Liang Mengsong and Jiang Shangyi are both “veterans” of TSMC, and they have both served in the TSMC R&D team.

Liang Mengsong is nearly 70 years old this year. He graduated from the Department of Electrical Engineering and Computer Science at the University of California, Berkeley with a doctorate degree. He is a Fellow of the Institute of Electrical and Electronic Engineers. He has more than 33 years of experience in the semiconductor industry. He was in 1992. From 2009 to 2009, he served as the senior R&D director in Taiwan Integrated Circuit Manufacturing Co., Ltd.

In February 2011, Liang Mengsong joined Samsung as the chief technology officer of the chip department. According to legend, Samsung’s annual salary for Liang Mengsong is converted into NT$135 million, which is three times that of TSMC.

There is a famous saying by Samsung’s head Li Jianxi: Three Bill Gates can raise Korea to the next level, and his mission is to find three such talents.

For Li Jianxi, Liang Mengsong is the Bill Gates of the chip industry, and it is worth recruiting at any cost.

In October 2017, Liang Mengsong was appointed as the co-CEO of SMIC.

The foundry industry in mainland China “from 0 to 1” is due to Zhang Rujing, the founder of SMIC, who recruited 400 people from overseas to establish SMIC in mainland China, and also established the first 8-inch wafer fab in mainland China. And many years later, after many high-level conversions, the current SMIC R&D technology is responsible for the heavy responsibility, which is provoked by the “famous marshal” of the front-end Semiconductor and Samsung CTO Liang Mengsong.

According to Liang Mengsong’s former subordinates, Liang is a technical madman, capable, demanding, short-tempered, and fast-paced. Working with him requires a lot of tension. There is no difference between day and night and no weekend vacation. Complete workaholic.

If Liang Mengsong’s life career is divided into three parts, the first milestone is TSMC. When everyone thinks that the second milestone Samsung is the peak of his career and he has no regrets in this life, he will visit the thatched cottage and kindly invited by the mainland authorities. , Take over the weapon of advanced process technology.

On November 12, SMIC’s third quarter earnings conference call, SMIC’s co-CEO Liang Mengsong said that the current 14nm mass production yield has reached the industry’s mass production level, but we are still far away from world-class companies and there is a certain technological gap. ,there’s still a long way to go.

The driving force and development opportunities of DC/EP

Zhou Xiaochuan used data to illustrate the development of mobile payment. In 2019, mobile payments accounted for more than 60% of personal consumption expenditures. In 2020, the number of mobile payment users in China will account for nearly 60% of the total population, which is already relatively high. At present, the large-amount micro-payment system composed of mobile payment, various electronic payments, and credit cards has already accounted for about 15% of the total.

Banking business began to be fully digitized 20 or 30 years ago. Accounts are all entered into computers and are processed digitally. Later, all communications are also digitized. In this case, the banking business is largely a data processing business. Therefore, whether it is digital currency or data processing, it should be regarded as digitization in a broad sense. Of course, there are also people in the world who want to put it in a narrower sense.

What are the driving factors for the R&D, piloting, and possible future promotion of digital RMB? What are the development opportunities? This is also the focus of the industry’s most concern. In this regard, Zhou Xiaochuan also expressed his views.

First, the driving force mainly comes from the demand side, including continuous improvement of the payment system, especially the efficiency requirements of the retail payment system, as well as reducing costs, improving convenience, and better serving users. Of course, this also provides the possibility for continuous technological advancement. Technological innovators will also promote their own technology, but the demand side is still the mainstay.

For example, in blockchain technology, the central bank has always reminded the demand side to have a clear head. Blockchain technology has the benefits of decentralization, but is decentralization really what we really need for the modernization of our payment system? In fact, it is not necessarily true, and it will bring a lot of drawbacks if it is not done properly. It may be that the blockchain technology has the immutability of records, which is also a very useful technology, but the existing systems, especially the account system, are actually very unlikely to be tampered with, and the probability of occurrence is also very low. In addition, we must also consider the issue of active modification in case of transaction errors.

Another example is that there are some technical claims that you can not rely on an account. Is an account a bad thing? If you think about it, accounts in the financial system are actually good things. There is also an emphasis on digital transaction encryption technology. Looking back on the progress of electronic payments in the past two to three decades, many things are indeed encrypted, but the encryption links are different. Some are encrypted during account access, and some are encrypted during information transmission.

In the end, it is necessary to rely on the collision of technology and demand to arrive at a better development idea.

Secondly, Chinese people used to bring a lot of things when they traveled. Some people even made up the formula “skills for money”, saying that one should bring an ID card, second, a mobile phone, and third, a house key, and some cash. After the emergence of mobile phones as mobile Internet terminals, people found that they just need to bring their mobile phones when they go out. ID cards, bank cards, and health treasures are all in the mobile phones. Maybe car keys and door keys are also in the mobile phones. Mobile phones have many other functions, such as Watch news and entertainment. Therefore, people don’t necessarily want to bring cash, credit cards, etc., but hope that all these things can be integrated, which is also a big motivation.

After the further development of technology, there may be newer and more convenient things, but this is the case in China at this stage. These needs are in different countries, because the foundation is different, and the intensity of demand is also different.

Third, consumers accept new payments, what about retail stores? Before mobile payments, China could already use the Internet to acquire orders. To further develop Internet acquisitions, shops can use different methods, such as entry payment, NFC (Near Field Communication, NFC for short), and QR codes. Recently, DC/EP also introduced that transactions can be completed through NFC and the touch of a mobile phone. This is a kind of peer-to-peer (peer to peer) payment. With the improvement of network infrastructure, most places will be supported by the Internet, especially wireless networks. In case there is no internet, there is still a method like NFC to complete the payment.

Fourth, the second-tier commercial institutions in the two-tier system, including commercial banks, mobile phone operators, and payment platforms, should encourage reasonable competition among them, jointly provide services and innovate. In Zhou Xiaochuan’s view, the central bank is best not to pre-set or determine a certain technological route, because technology is constantly being updated, and it is not easy to judge when this kind of technology is progressing very fast.

There are also many discussions in the world, pointing out that special attention should be paid to the issue of financial disintermediation, especially the potential risks of financial disintermediation in second-tier institutions. Another risk is to prevent excessive price fluctuations of some virtual assets, speculation, and separation from the real economy. China attaches great importance to finance to serve the real economy. If some financial transactions are separated from the real economy, people will often raise question marks.

Fifth, the protection of personal privacy should be highly emphasized to prevent telecommunications and payment fraud. In China, telecommunications fraud has attracted much attention. The proportion of fraud through mobile phones and other methods in China is very high, and people are also very dissatisfied with it. This is also the driving force for the development of digital RMB.

Tencent Meetings officially upgraded across the board

In September of this year, Tencent Meetings officially upgraded across the board, with the release of Tencent Meeting Enterprise Edition, Meeting Room Connectors, Tencent Meeting Rooms and other products to create exclusive meeting capabilities for enterprises and achieve high efficiency between people and meeting rooms The connection enables online meetings to truly realize the sense of ceremony and hierarchy of offline meetings.

First of all, Tencent Meeting Enterprise Edition has been fully upgraded in technology, achieving an unprecedented breakthrough in video conferencing capacity.

Tencent Conference Enterprise Edition provides a large conference capacity of 2,000 people, which allows companies to easily move offline employee conferences, 1,000-person training conferences, and salon summits to the cloud; yes, it also allows multiple meetings to be communicated layer by layer. Information can be directly and accurately passed to every participant in a 1,000-person conference-completely solving the problem of the venue, “relaxing” the organizers, and greatly helping the company to improve the efficiency and height of internal communication.

Of course, Tencent Meeting Enterprise Edition also provides preventive measures in terms of security and privacy of meetings.

Meeting password, move out of meeting, lock meeting, meeting waiting room, screen sharing watermark, WeChat special invitation meeting, provide multiple security protection for corporate meetings. Based on the AES 256 encryption algorithm, it is the guardian of corporate conference data security.

Finally, in order to ensure the ultimate online experience, Tencent Conference redefines the high-definition audio and video experience of cloud conferences.

Through the joint Tencent Multimedia Laboratory, using AI algorithms and big data analysis capabilities, the upgraded Tencent Conference across the board has fully improved the quality of audio and video calls.

For video, the enterprise version supports up to 1080P high-definition picture quality, which makes the picture quality more delicate and clear. The shared screen adopts TSE proprietary coding technology to increase the compression efficiency of shared content by up to 50%, and through YUV444 sampling and coding, it can effectively solve the problems of color distortion and blurred text, improve the visual quality of the shared screen, and make remote presentations and exchanges beautiful face-to-face communication.

Tencent Conference Enterprise Edition supports up to 1080P high-definition picture quality, allowing remote communication to repeat face-to-face communication

Tencent Conference effectively solves the problems of color distortion and blurred text, improves the look and feel of the shared screen, and makes remote presentations easier and easier

In terms of audio, based on Tencent’s Teana audio technology, Tencent Conference is the first to apply ultra-wideband voice technology that represents cutting-edge trends, which can recognize human voices and music more intelligently, and present more detailed sound details.

At the same time, through upgrading and adopting a variety of acoustic scene recognition technologies, intelligently identifying the noise characteristics in different environments such as trains, coffee shops, roadsides, etc., to produce the best noise reduction mode, and truly achieve no noise in the meeting.

Whether the participants are in an indoor coffee shop or an outdoor scene, Tencent conference can be called the best noise reduction mode to ensure clear sound quality and no noise

In terms of network stability, the self-developed dedicated network transmission engine Pere can accurately identify network damage scenarios, enhance the stability of audio and video transmission under weak networks, and effectively reduce network delay to 80ms. Through layered coding technology, let you be in different networks The average value under the quality can enjoy the best audio and video presentation effect.

Tencent Meeting

With the official release of Tencent Conference Enterprise Edition, the remote office experience has been redefined, and Tencent’s influence in this emerging field has been increasingly released.

In terms of the number of users, the number of Tencent meeting users has exceeded 1 billion, becoming the most popular video conferencing product in China;

In terms of technical capabilities, Tencent Meeting Enterprise Edition has raised the technological content of video conferencing to an unprecedented level;

From the perspective of industry trends, every innovation and breakthrough of Tencent Conference is based on user needs and solving industry pain points. While satisfying the market, it is also innovating and leading the market.

So, will the future online conference market usher in Tencent’s moment?

The market ushered in Tencent moment?

In fact, as an emerging incremental market, whether it is Zoom or Tencent meetings, the field of remote office has not really been disruptive products before its birth.
In the final analysis, the ceiling for entering the remote office market space is still unknown. In the post-epidemic era, no one can identify the correct number. Instead, the differentiation of each product in terms of service experience and product characteristics is not yet obvious, and many vertical segments still need to be explored.
Therefore, it is too early to say that the market is fully welcoming Tencent. However, in the Tencent meeting, you can see the shadow of QQ and WeChat.
Tencent has always had its own unique product philosophy in the social field. For example, QQ and WeChat, every product transformation is dedicated to connecting an isolated island of information, so that information can be transmitted in a simpler, freer, and more comfortable way. In this information communication process from 1 to +∞, it embodies the ultimate pursuit of borderless connections.
The same is true for Tencent Meeting. While launching the enterprise version of Tencent Meeting, Tencent Meeting also provides users with personal and business versions of services to meet the needs of online meetings in different scenarios.

It looks like a ToB-side product, but in fact it looks like a part of Tencent’s business social ecology. Tencent Meetings can not only realize comfortable personal business communication, but also serve small, medium and micro enterprises. It can also provide a convenient one-stop cloud meeting solution for large-scale meetings and employee training across regions and enterprises.
With the development of cloud computing and 5G technology, it is bound to bring more imagination to the cloud conference market. After QQ and WeChat, Tencent Conference seems to be on the way to become a new generation of phenomenal products.