Wenzhou Net News The ongoing two national conferences have brought public data security into the public eye. Hu Chengzhong, deputy to the National People’s Congress and chairman of the board of directors of Delixi Group, suggested that with the epidemic prevention and control entering a new stage of "Class B and B management", the "health code" has been completely stopped, and the relevant data collected by the "health code" should be deleted within a limited time to reassure the people.

　　In Wenzhou, everyone is most familiar with the "Wenzhou Epidemic Prevention Code". It is equivalent to the merger of "health code" and travel card, and was officially launched on November 1, 2021. Relevant reports show that the number of users of Wenzhou Epidemic Prevention Code reached 8.96 million only two months after it was launched, and by April 2022, the number of users reached 14.39 million, and the number of bright codes per day reached more than 18 million.

　　In the prevention and control of epidemic situation, "health code" played a great role and became a highlight of China’s anti-epidemic experience. At present, where should the massive data behind the "health code" go?

　　Completely delete the square

　　Wang Xianming, deputy dean and professor of the School of Data Science and Artificial Intelligence of Wenzhou Institute of Technology, clearly understands his point of view: absolutely support, and the "health code" data should be completely deleted.

　　He believes that on the one hand, from the perspective of the necessity of data retention, epidemic prevention and control has entered the "Class B B Management", and there is no reason to use these data again, so there is no need to keep them. On the other hand, data storage is bound to have security risks, although it depends on where the data exists. Is the platform reliable? But this only shows that the security risk of data leakage is big or small, and it can’t completely avoid the risk.

　　"The importance of personal data is self-evident, so when deleting it, we should pay more attention to the security of the data during the destruction process, and ensure that the data is completely destroyed." Wang Xianming said.

　　Also supporting the positive view is a professional who has been fighting in the front line of epidemic prevention for three years. He believes that for the traceability work, collecting personal data in epidemic prevention and control is to quickly trace the trajectory of infected people in the past 7 days and 14 days in the event of an epidemic. This supports the epidemiological investigation to the maximum extent. Through the data, we can basically judge where the infected people are infected, and provide reference for the subsequent delineation of medium and high-risk areas. However, the professional also pointed out that after the epidemic entered a new stage, it is no longer necessary to trace the source as before, so it is no longer necessary to rely on these historical data at present. "After all, this is the transfer of personal privacy made by the public in order to cooperate with the overall situation of epidemic prevention."

　　What do ordinary citizens think? Let’s see what the supporters in the positive camp say — —

　　Citizen Li Tao: No suggestion, delete it immediately. The mission of "health code" has been completed, and relevant data should be completely deleted.

　　Citizen Qiao Qiao: I am a 2018 undergraduate student. I was often locked in school from my sophomore year until graduation. During the period of school closure, every day, in addition to doing nucleic acid, the "health code" was checked. Now when I see the "health code", I will think of that painful memory, especially hoping to completely delete the "health code" and related data.

　　Natural extinction of the opposing side

　　A data engineer, who asked not to be named, believes that the key issue is not whether the data should be saved, but what can be done to make the data more secure.

　　In this regard, Xu Gang, Dean of the School of Artificial Intelligence of Zhejiang Security Vocational and Technical College, also said that it is not easy to generate massive data on specific topics, and it is of high value in professional fields. Massive data should be preserved for a long time, and it will be better through natural extinction. He explained that theoretically, every kind of data has a life cycle, which is divided into collection — Handling — Transmission — Exchange — Six stages of destruction. In the short term, it is necessary to consider that the destruction needs to be based on certain policies, regulations and technical means, and not only will there be risks that cannot be traced back, but also corresponding costs and expenses will be incurred. However, natural extinction, such as expired batch destruction, storage equipment scrapping, natural disaster destruction and other factors, is conducive to the long-term reuse of data, especially the epidemic data can be used for long-term research on citizens’ health, epidemic spread theory, optimization methods of epidemic prevention measures, non-compliance behavior during the epidemic, etc. Of course, it is necessary to strictly ensure data security in this process.

　　There are also many citizens’ voices in the anti-party camp — —

　　Netizen "Wendy": As long as it is not leaked, the data can be kept reasonably, and it doesn’t matter if it is not deleted. In case of special circumstances in the future, these data can be used as historical situations for analysis, which may play an emergency role.

　　Citizen Chen Xi: I remember that many people were sending friends to commemorate the trip card when it was off the line. Although there were countless "health code" checks and negative nucleic acid certificates during the epidemic, there were still many warm moments during the epidemic. I hope to keep the "health code" and the data inside, which can be regarded as a commemoration of this special period.

　　What do you think of whether the data of "health code" should be deleted?

　　Source: Wenzhou Daily

　　Original title:

　　The proposal of Wenzhou delegates to the NPC and CPPCC triggered a debate?

　　Do you want to delete the "health code" data?

　　Pro: completely delete VS anti: natural extinction

() The operating comments of the Board of Directors in 2023 are as follows:

　　I. The industry in which the company is located during the reporting period.

　　During the reporting period, the company mainly engaged in LED, semiconductor memory new generation information technology business, comprehensive energy service business and advertising media business, providing customers with customized and integrated solutions.

　　(a) the new generation of information technology business in the industry

　　1. LED industry

　　China has written its strong support for the development of the third-generation semiconductor industry into the Tenth Five-Year Plan. LED is an important industry field of the third-generation semiconductor and has been widely used in many application scenarios such as lighting, backlight and display. 2023 is a year in which challenges and opportunities coexist: the downward pressure on the global economy has not diminished, the impact of global public health events has weakened, the macro economy has gradually recovered, and the overall market is still full of vitality; New challenges, new opportunities, new technologies and new applications coexist, and the LED industry as a whole is under pressure to repair. During the reporting period, the concentration of packaging links continued to increase and the competition became increasingly fierce; The overall revenue of the packaging industry is under pressure, and the sub-sectors such as automotive electronics and MiniLED are growing rapidly; The demand recovery of overseas lighting market has accelerated and exports have accelerated; Domestic market segments such as municipal lighting, commercial lighting and educational lighting are picking up, driving the LED industry forward.

　　2. Semiconductor memory industry

　　The semiconductor memory industry naturally has a strong periodic property. Since the second half of 2022, the unbalanced state of oversupply in the storage market caused by sluggish terminal demand and high inventory of enterprises has led to the decline of NANDFlash and DRAM prices for four consecutive quarters from Q3 2022 to Q2 2023. During this period, the original storage factories started to reduce production and continued to reduce production, drastically reducing supply, trying to slow down the downward trend of prices and reduce inventory pressure; However, the production reduction effect has a time limit, and the continuous decline of this price has caused huge performance losses to the original storage factory, and the continuous decline will even affect the medium and long-term technology investment and capacity planning. As a result, under the change of strategy of giving up the market share and turning to restoring profitability as the primary goal, the original storage factory began to strongly increase the storage price from the third quarter of 2023. The storage market became a de facto low point in the second quarter of 2023. In the third quarter, the prices of some products diverged, and in the fourth quarter, the storage prices rose in an all-round way. In the second half of 2023, the storage price rebounded, breaking the downward trend since the third quarter of 2022, and the price returned to the upward track.

　　According to the data of CFM flash memory market, the global storage market scale decreased by 20%, increased by 9% and increased by 16% in the first quarter, the second quarter and the third quarter of 2023, respectively. It is expected to maintain the double-digit growth rate in the fourth quarter and resume the year-on-year growth, but the storage market scale in 2023 will still decrease by 38% to 86.8 billion US dollars year-on-year. In 2023, eSSD, with enterprise/server as the main application field, consumed about 29% of the global NANDFlash production capacity, Mobile products with smart phone applications as the main consumption capacity, and cSSD with PC applications as the main consumption capacity.

　　Affected by the continuous production reduction of the original factory, the rising wafer price, the month-on-month warming of the three major storage application markets of PC, mobile phone and server in the second half of 2023, and the acceleration of artificial intelligence, the income change of storage application manufacturers showed a trend of first restraining and then rising, and it became a low performance in the first quarter of 2023. Stimulated by the rebound of storage prices in the third quarter, the market demand for stocking increased rapidly, which led to the gradual increase of storage application manufacturers’ income and the rebound of operating profit margin.

　　(2) Comprehensive energy industry

　　In essence, comprehensive energy service is to change the previous mode of separate planning, design and operation of electricity, gas, cold and heat, and coordinate and optimize the distribution, conversion, storage and consumption of all kinds of energy in operation by means of information technology, intelligent technology and management improvement. Its core value lies in improving energy utilization efficiency and realizing energy conservation and emission reduction.

　　Energy conservation and emission reduction is an inevitable requirement to achieve the policy goal of "carbon neutrality". Under the background of "carbon neutrality" policy, the country has successively introduced the policy of "double control of energy consumption" in terms of total energy consumption and intensity, and gradually turned to the policy of "double control of carbon emission", further highlighting the value of energy-saving services. The development of energy-saving service industry promotes the demand for comprehensive energy services.

　　(3) Advertising media industry

　　In 2023, with the outbreak of AI big model, the rise of small program games and micro-short plays, China’s Internet advertising industry has significantly demonstrated the characteristics of diversification, innovation and intelligence. According to China Internet Advertising Data Report 2023, the scale of Internet advertising market in China is estimated to be 573.2 billion yuan in 2023, an increase of 12.66% compared with 2022, and the growth rate tends to be flat and the competition is intensified. With the further increase in the proportion of Internet advertisements, short video advertisements and effect advertisements, TV advertisements, long video advertisements and brand advertisements are on the decline, and TV advertisements and long video advertisement service providers are facing the challenges of shrinking market demand, fierce competition and transformation and upgrading.

　　

　　II. Main businesses of the Company during the reporting period

　　(A) a new generation of information technology services

　　1. LED business

　　The company is mainly engaged in the midstream packaging and downstream application business of the LED industry. It is a comprehensive provider and service provider of high-end LED light source device packaging, LED lighting application products and LED lighting engineering integrating R&D, design, production, sales and construction, providing customers with customized and integrated solutions.

　　The company’s LED light source device packaging mainly includes SMD, LAMP, IRM and large-size backlight products, which are widely used in consumer electronics, TV backlight, fire protection and security, automotive electronics and smart home. LED lighting products mainly include three-proof lamps, street lamps, industrial and mining lamps, panel lamps, lamp tubes and advertising identification modules, lamp strips, straight lamps, blackboard lamps and classroom lamps, which can be used in the fields of rail transit lighting, municipal lighting, sign lighting, commercial lighting and educational lighting.

　　2. Semiconductor memory service

　　The main body of the company’s semiconductor memory business is Wanrun Semiconductor, a holding subsidiary. During the reporting period, Wanrun Semiconductor mainly focused on the design, research and development and sales of semiconductor memory in accordance with the idea of R&D and sales first. Since its establishment, Wanrun Semiconductor has adhered to the market demand, and formed a product matrix with solid state disk (SSD) and embedded storage (eMMC) as the main forms, which can be applied to storage application scenarios such as consumer, industrial and enterprise.

　　During the reporting period, Wanrun Semiconductor mainly focused on the design, research and development and sales of semiconductor memories; Adhere to market demand guidance, conduct product design, R&D and material selection through research and testing of storage medium characteristics, development of storage application technology, etc. According to different market demands, purchase wafers or chips, master control chips and other main and auxiliary materials from suppliers, entrust packaging, testing and other links, and then sell them to domestic and foreign customers through direct sales or distribution. Under the distribution mode, it is buyout sales. In order to cultivate the core competitiveness of testing technology, the company invested in the construction of R&D testing line to conduct automatic testing of solid state hard disk (SSD).

　　(2) Comprehensive energy business

　　The company’s comprehensive energy business mainly focuses on cultivating comprehensive energy services such as public buildings and industries, and new energy services such as distributed photovoltaic and wind power.

　　(3) Advertising media business

　　The company is mainly engaged in TV advertising content marketing and Internet digital marketing advertising media business, and the implementation subjects are mainly wholly-owned subsidiaries Xinli Media and Billion Wireless.

　　

　　Third, the core competitiveness analysis

　　1. Advantages of State-owned mixed ownership listed companies

　　The controlling shareholder of the company is Changjiang Industry Group, and the actual controller is the State-owned Assets Supervision and Administration Commission of Hubei Province. Changjiang Industry Group focuses on the national strategy and the construction of modern industrial clusters in Hubei Province, and performs the functions of investment operation subject of provincial strategic emerging industries and investment management subject of provincial industrial investment funds, focusing on building six major industrial sectors, including information technology, biomedicine, modern chemicals, automobiles and parts.

　　As a mixed-ownership listed company controlled by the State-owned Assets Supervision and Administration Commission of Hubei Province and controlled by Changjiang Industry Group, the resource advantages of Changjiang Industry Group in the field of industry and funds will empower and help the company to extend the chain and strengthen the chain, and make it bigger and stronger.

　　2. Technical advantages and qualification advantages

　　Companies adhere to the supremacy of technology, technology is paramount, and constantly pursue technological innovation and progress. During the reporting period, the company established a multi-level scientific and technological innovation management system by selecting and appointing the "Vice President of Science and Technology", introducing the "Chief Engineer" and establishing the "Science and Technology Innovation Department" to enhance its scientific and technological innovation capability and technical strength.

　　During the reporting period, Hengrun Optoelectronics obtained the re-examination of the certificate of high-tech enterprise, was rated as a specialized and innovative small and medium-sized enterprise in Guangdong Province, and was recognized by Dongguan Intelligent Vehicle Internal and External Display and Lighting Engineering Technology Research Center; The qualification certification of light source and lighting products has been strengthened, and some products have passed LM-80, AEC-Q102 or CE, ENEC, CCCF and other certifications. Obtained a number of utility model and design patents; Develop products such as automotive electronic interior lights, infrared invisible light, POBMiniLED and rail transit lighting, enrich product matrix and improve product competitiveness. Rishi Optoelectronics obtained the re-examination of high-tech enterprises and was awarded as a specialized and innovative small and medium-sized enterprise in Shenzhen; Improve the market access qualification of educational lighting products, and the blackboard lamp and classroom lamp series products have passed the standard test; Obtained an American invention patent and a number of utility model and design patents; Actively participate in the formulation of industry standards, and it is an outstanding unit in drafting the White Paper on Education Lighting Industry in China in 2022 and the Group Standard for Energy Efficiency Rating in LED strip. Zhongzhu Tianyou and Wanrun Wisdom were rated as specialized and special new SMEs.

　　The company’s TV advertising business has always been the core agent and deep partner of Zhejiang Satellite TV and Hunan Satellite TV, providing advertising services for advertisers in popular variety shows; Mobile Internet advertising media business has achieved mainstream channel coverage, and it is an important partner of today’s headline, huge amount of Sichuan, Guangdiantong, Interesting Headline, Aauto Quicker, bilibili and other channels. During the reporting period, the company improved the precision delivery and marketing effect and enhanced its core competitiveness by increasing the investment in content creativity and material production, and strengthening the digital and intelligent technology delivery and operation capabilities. During the reporting period, Billion Wireless became the highest A1 agent in today’s headline industry. It was listed in the Qingyun Cup-South China Championship with its "optimized service power", and was successfully selected into the "China Digital Marketing Ecology Map (2023 Edition)" with three major tracks: media agency, creative agency and case agent, and won the 10th TMA mobile marketing award-influence service provider.

　　3. Advantages of industrial chain synergy.

　　The LED business of the company has now formed a collaborative layout of the middle and lower reaches industrial chain integrating packaging, lighting, contract energy management, landscape lighting design and construction. The LED lighting lamps produced by Hengrun Optoelectronics and Rishang Optoelectronics can be combined with the comprehensive energy-saving service of Wanrun New Energy, and applied to the landscape lighting and lighting project of Zhongzhou Tianyou, which has good synergy advantages in cost, delivery, quality assurance and customer service. Hengrun Optoelectronic Co., Ltd. and Sunrise Optoelectronic Co., Ltd. can provide a full range of products for rail transit lighting projects, from station halls to inspection pits, from advertising light boxes to guiding signs, and provide customers with a complete set of solutions.

　　4. Brand and customer advantages

　　After 20 years of development and accumulation, the company has formed a unique brand of LED packaging and lighting application, and its products have been welcomed by the high-end market in terms of technology, quality and customer service. The company has a high brand awareness in the fields of 3C electronic display instructions, TV backlighting, smart home, fire protection and rail transit lighting, advertising logo lighting, etc. It is in the first echelon of the industry, and its customers are mainly listed companies or their subsidiaries, large enterprise groups, brand enterprises, specialized and innovative industries.

　　The company has been an in-depth partner of mainstream TV media such as Zhejiang Satellite TV and Hunan Satellite TV for many years, providing TV advertising content marketing services for advertisers of automobiles, household appliances and consumers, and its main customers include (), () and (). The company’s Internet advertising and marketing services mainly focus on the industry’s head customers in the fields of Internet services and online social interaction. With good brand and operation ability, the company deepened cooperation with the media, obtained credit from the media, and reduced financial pressure.

　　

　　Fourth, the main business analysis

　　1. Overview

　　According to the company’s strategic plan for 2022-2025, the key operations in 2023 are as follows:

　　First, implement the main strategy of the new generation of information technology and consolidate the main business:

　　(1) LED business:

　　During the reporting period, combined with the global macroeconomic and social environment and the development of LED industry in the middle and lower reaches, the company adhered to market demand guidance, dug deep into stock business and actively expanded incremental business, including:

　　1. LED light source device packaging field: adhere to the differentiated market segmentation strategy, actively optimize the customer and product structure, consolidate and dig deep into the LED component market such as consumer electronics, backlight, fire protection and security, smart home, dig deep into the incremental demand of old customers such as (), and actively expand new customers in the home appliance and office application market; Vigorously develop the LED automotive electronics market and achieve effective results. We won the bid for four projects: Hanwang, Wangwang, Tengshi and Destroyer, and newly developed a number of customers to achieve double growth in revenue and profit.

　　2. LED lighting application field: Deeply cultivate the rail transit lighting market, give full play to the advantages of "the first echelon", and win the bid for many projects such as Shenzhen Metro Line 11 and Chengdu Metro Line 30, so as to speed up the delivery of Suzhou Metro and Shenzhen Metro. On the basis of stable identification module, actively lay out strip lighting, increase product research and development, equipment automation and market investment, and realize rapid growth of strip lighting revenue; Make efforts to educate the lighting market, increase investment in product research and development, qualification certification and sales team building, and win the bid and deliver the educational lighting projects of many schools such as Sichuan and Hainan; Strengthen the construction of distribution channels at home and abroad, expand the market coverage, and increase the promotion of product business at home and abroad. It has successively appeared in the 15th Shanghai International Automobile Lamps and Vehicle Lighting Technology Exhibition, the 6th China China International Import Expo(CIIE), the 25th Hong Kong Autumn Lighting Exhibition and other large-scale exhibition activities, and actively went to Europe, America, Southeast Asia and other overseas countries or regions to conduct on-the-spot market research and visit customers.

　　3. LED lighting engineering field: Efforts have been made to develop LED lighting engineering business in relatively developed areas and cities and increase the collection of creditor’s rights. However, due to the macroeconomic environment, the progress of contracted projects, the landing of new projects and the collection of creditor’s rights are less than expected.

　　(2) Semiconductor memory business:

　　The main body of the company’s semiconductor memory business is Wanrun Semiconductor, a holding subsidiary. During the reporting period, Wanrun Semiconductor achieved an operating income of about 128 million yuan, and its main work is as follows:

　　1. Due to the recovery of the downstream application market demand and the reduction of the upstream wafer factory to accelerate the destocking of the industrial chain, the semiconductor memory industry gradually entered the upward cycle in the second half of 2023, and Wanrun Semiconductor seized the market opportunity and vigorously explored the market;

　　2. Strengthen the construction of talent team, introduce professional talent teams in R&D technology, supply chain development and market channels, implement the employee stock ownership plan, and stimulate the entrepreneurial motivation of the officers;

　　3. Intensify research and development, focusing on testing technology and gradually improving firmware technology; Building a research and development laboratory; In product research and development, it has the independent hardware design ability of storage module; In testing, the solid state hard disk (SSD) test line has been built, the internal test specifications of various storage products have been formulated, the development of automatic test equipment and mass production test software has been carried out, and the mass production aging tester and sample tester have been successfully developed; In the R&D test, research and develop flash memory chip test technology with Huazhong University of Science and Technology to create an independent and controllable flash memory particle screening technology; Since its establishment at the end of 2022, 39 new products have been developed, involving storage application scenarios such as consumer, industrial and enterprise. Some products have completed CE, FCC, RoHS certification or professional platform certification such as Loongson and Haiguang, and entered the stage of mass production sales or small batch trial production; Declare and obtain invention patents and software copyrights; Obtained ISO9001:2015 quality system certification;

　　4. Accelerate the channel construction. The company adopts the sales practice of semiconductor memory industry, sells to domestic and foreign customers such as China Mainland, Hong Kong, China, Taiwan Province and Japan through direct sales and distribution channels, and establishes partnerships with many distribution channels to accelerate market development;

　　5. Accelerate the brand building of MasonSemi: register the trademark of "Changjiang Wanrun"; By building websites and making product manuals to promote enterprises and products, by holding a sub-forum on the development of storage semiconductor industry in the Science and Technology Innovation Week of Changjiang Industry Group to release new products and technical cooperation, and by participating in large-scale activities such as the exhibition of domestic storage products in China International Import Expo(CIIE), Shanghai, the visibility and influence of Wanrun Semiconductor and its product brands will be improved.

　　The second is to implement the sub-strategy of comprehensive energy services and stabilize the chassis:

　　During the reporting period, the company successfully acquired 100% equity of Fuxin Kaidi New Energy Development Co., Ltd. and Heping Lukaidi New Energy Development Co., Ltd., and quickly cut into the new energy field of wind power; The completion of the () 5.99MW distributed photovoltaic project under the controlling shareholder has enhanced the company’s profitability, stabilized the company’s development chassis, and laid a solid foundation for the promotion of "main industry".

　　Third, promote the advertising media business to upgrade to integrated service providers and promote high-quality development:

　　First, shut down the advertising media business with losses and weak profitability in time to reduce costs and increase efficiency; The second is to increase investment in the production and intelligent operation of content materials, upgrade to comprehensive service providers of creative planning and technical operation, and improve the added value of services; Third, actively optimize the customer and product service structure, increase the development efforts of head customers, brand customers and direct sales customers, and improve the ability to resist risks and profitability; Fourth, constantly enrich the media channels, dig deep into the needs of customers for multimedia advertising, and improve customer stickiness.

　　Fourth, deepen the reform and improve the quality and efficiency of operation and management;

　　According to the action deployment requirements of "year of improving management efficiency" and "year of deepening reform", we have taken various measures to promote deepening reform by making a list of key tasks, organizing special seminars, and investigating and communicating with grass-roots units, and achieved remarkable results in operational management. First, strengthen business scheduling and empower subsidiaries to develop; Second, strengthen overall financing management, broaden financing channels and reduce financial expenses; The third is to fully launch the financial Kingdee system to improve financial management and control capabilities and work efficiency; The fourth is to establish and improve the innovation incentive mechanism to stimulate the entrepreneurial atmosphere of the officers.

　　Fifth, lose weight and keep fit, and achieve practical results in the disposal of assets:

　　Firmly implement the strategic plan, shut down and transfer the low-quality and inefficient subsidiaries, businesses and projects with small revenue scale, long-term losses and lack of development prospects, further improve the efficiency of asset allocation, and achieve slimming and fitness, reducing burdens and increasing efficiency. First, shut down the loss-making advertising media business in time to reduce expenses; The second is to transfer the comprehensive energy subsidiary whose development is restricted to realize efficiency improvement and capital recovery; The third is to actively revitalize idle real estate to generate income and increase efficiency.

　　Sixth, strengthen the responsibility to ensure a stable and orderly production safety;

　　In strict accordance with the principle of "safety must be managed in the industry, safety must be managed in the business and safety must be managed in the production and operation", the company will do the work of safety production in detail, and the overall safety situation of the company in 2023 will be stable and orderly.

　　

　　V. Prospect of the Company’s Future Development

　　(A) the industry pattern and trends

　　1. Semiconductor memory industry

　　Integrated circuit industry is one of the basic and core industries of modern information industry. Semiconductor storage is an important branch of integrated circuit industry, which is widely used in artificial intelligence, cloud computing, automotive electronics, industrial control, data center, consumer electronics and other fields. The downstream application scenarios of industrial chain are rich and the market demand is broad. According to the forecast of CFM flash memory market, on the basis of improved demand and price recovery, the global storage market will rebound strongly by 48% in 2024, returning to the level of 2020 (US$ 128 billion). Among them, the growth rate of DRAM will exceed that of NANDFlash, which will drive the growth of the whole market.

　　With the accelerated evolution of the world’s unprecedented great changes in the past century, the central government and the Hubei provincial government have paid more and more attention to the development of the integrated circuit industry, and have launched a series of industrial support policies to achieve independent security and controllability. Among them, the Ministry of Industry and Information Technology and other six departments jointly issued the Action Plan for High-quality Development of Computing Infrastructure, encouraging the use of independent storage devices in key information infrastructures, and promoting the localization application of key storage components through all-flash storage machines; The Hubei Provincial Government issued the Action Plan for Accelerating the Construction of "Optical Valley of the World", proposing to develop memory chips with the focus on national memory bases, accelerate the domestic substitution process of key equipment, basic raw materials and core components, and gradually establish an independent and controllable industrial chain and supply chain system to promote the overall improvement of domestic semiconductor manufacturing level and accelerate the construction of "World Storage Capital". The domestic semiconductor memory industry will usher in great development opportunities, and domestic semiconductor memory manufacturers will have broad growth space.

　　2. LED industry

　　According to TrendForce Jibang Consulting’s "2024 Global LED Lighting Market Analysis -1H24", it is predicted that in 2024, 5.788 billion LED light sources and lamps will be retired after reaching the service life limit, which will bring considerable demand for secondary replacement. It is estimated that the global LED lighting market is expected to grow by 4% to 60.9 billion US dollars in 2024. As the largest producer and exporter of global LED industry, there will be many opportunities in China’s LED lighting market. In addition, at present, the overall development of LED industry has entered a critical period of phased transformation, and leading enterprises in the industry continue to increase investment in research and development of new technologies and new products to seize emerging and fast-growing markets. With the development of LED technology and the improvement of technical performance, energy efficiency ratio and cost performance of LED products, LED application scenarios are constantly expanding, and the market segments such as automotive LED electronics, infrared invisible light and MiniLED will accelerate their growth, and the product penetration rate is expected to continue to increase, providing more development opportunities for the industry.

　　3. Comprehensive energy industry

　　The energy-saving and environmental protection industry has been recognized as a strategic emerging industry by the state. There are a large number of energy-saving needs in manufacturing, smelting, petrochemical and other industrial enterprises, and there is also a large space for energy-saving transformation in public institutions such as the government and buildings and facilities in commercial or civil fields.

　　At present, comprehensive energy services are still in the initial stage in China. With the change of economic situation and the expansion of service targets, the demand for comprehensive energy services will be more and more extensive, and the market potential will be gradually released.

　　4. Advertising media industry

　　Science and technology development and data drive are two carriages that drive the development of digital marketing industry. With the continuous development of artificial intelligence, big data, Internet of Things and other technologies, the advertising industry will be further digitized and intelligent, and artificial intelligence, big data and other technologies will be used to improve the advertising effect and delivery accuracy. At the same time, influenced by the new model, new ecological development and changes in consumer behavior, the advertising industry will show the development trend of cross-border integration and integrated marketing.

　　(II) Company development strategy

　　The company will firmly implement the "14th Five-Year Plan" development strategy, vigorously develop a new generation of information technology "main industry" with LED and storage semiconductor electronics industries as the core, cultivate and develop a "subsidiary industry" of comprehensive energy services, build a new development pattern of "one master and one deputy" representing new quality productivity, adhere to the basic policy of making excellent stocks and expanding increments, and coordinate and integrate through "one investment, two turns to three development", two-wheel drive of industry and capital, and resource sharing. Realize the kinetic energy conversion and high-quality development of old and new industries, enhance core competitiveness, expand income scale and improve profitability, so that the company will become a new generation of scientific and innovative listed companies with industry influence in the field of information technology.

　　(3) Main business plan

　　1. Adhere to strategic focus and strengthen investment in mergers and acquisitions.

　　In 2024, the company will maintain strategic strength, adhere to strategic focus, and strengthen investment and mergers and acquisitions in the field of new quality productivity of LED automotive electronics and semiconductor memory. The company will actively tap resources such as Wanrun Technology and the controlling shareholder system, the Yangtze River Economic Belt, Guangdong-Hong Kong-Macao Greater Bay Area and so on through two junior college classes of LED automotive electronics and semiconductor memory, give full play to the platform role of Hubei state-owned holding and market-oriented listed companies, and realize the extension of LED and semiconductor memory main industries through endogenous investment and/or outreach mergers and acquisitions, make them bigger and stronger, realize the transformation and upgrading to a new generation of information technology main industries, and effectively promote the strategic planning.

　　2. Insist on promoting stability by making progress, and strive for development after establishing first.

　　In 2024, the company will speed up the adjustment of business structure and enhance profitability by striving for progress in stability, promoting stability in progress, advancing with multiple heads, and breaking first.

　　(1) Deeply cultivate LED market segments and make LED business bigger and stronger.

　　LED light source device packaging field: adhere to the strategy of mid-to-high-end, differentiated market segmentation, and on the basis of consolidating the first echelon of 3C market, first, increase investment in automotive electronic product lines and related supporting facilities, establish industry-leading automotive electronic product production lines and management systems, and achieve breakthrough growth in automotive electronic product revenue; The second is to dig deep into the infrared invisible light market, focus on the fire security and smart home market, and open up more new application fields at the same time; Third, actively expand new mid-to high-end market segments and accelerate the development and mass production of new products such as POBMiniLED and equipment visual inspection.

　　LED lighting application fields: First, strengthen the construction of domestic and foreign brands and marketing channels, explore the "Belt and Road" market through going out and bringing in, expand the sales scale, especially the ODM channel, focus on developing large customers and industry-leading customers, and improve market coverage; Second, focus on 3C electronics, robots, elevators, automotive electronics and other high value-added applications in the fields of sign lighting and linear lighting, and focus on developing large-scale projects to provide customers with mid-to-high-end, customized integrated solutions to enhance profitability; The third is to upgrade and improve the qualification of educational lighting, optimize and enrich eye protection lighting products such as classroom lights and blackboard lights, enhance the market competitiveness of products and expand the business scale; Explore the application markets of municipal lighting, educational lighting and rail transit lighting within the controlling shareholder system and in Hubei, give play to the synergistic integration effect, and expand the market share in Hubei.

　　LED lighting engineering field: Give full play to the advantages of lighting engineering, take Guangdong-Hong Kong-Macao Greater Bay Area, Chengdu-Chongqing Economic Circle and Central China as key areas for business development, and focus on and tap the lighting update needs of cities and cultural tourism involved in major events such as the 2025 Bay National Games; Actively expand professional lighting and intelligent lighting engineering business; Tap the market demand and project resources within the controlling shareholder system and Hubei area, give play to the synergistic integration effect, and expand the lighting engineering and electromechanical engineering business.

　　(2) Accelerate the layout of semiconductor memory business and cultivate performance growth points.

　　Improve product layout and enrich product matrix: focus on providing high-quality storage solutions, promote the update iteration of original flash memory consumer products, and improve product competitiveness; Accelerate the design, development, testing and certification of industrial, enterprise and vehicle code products of flash memory, expand application scenarios and enrich product matrix; At the same time, adhere to market demand guidance, make full use of channels and technical resources, add DRAM business, and cultivate new growth points.

　　Strengthen brand and channel construction: establish a brand planning department, promote the construction of Yangtze River Wanrun Semiconductor’s own brand and channel by increasing the construction of direct sales and distributors, expanding the independent seaport, and () linkage, increase the market development of products and increase the market share.

　　Strengthen R&D technical ability and cultivate core competitiveness: build core testing technology and promote the construction of high-reliability flash memory laboratory; Continue to promote flash memory characteristics research and particle testing projects, focusing on sub-projects such as memory simulation software development and memory protocol tester development; Accelerate the introduction of mass production of self-developed test equipment; Increase investment in R&D of vehicle regulation products; Strengthen the declaration of intellectual property and high-tech enterprises.

　　(3) tap the potential of existing projects and increase the development of comprehensive energy business.

　　By establishing and perfecting the system, improving the process and emergency solutions, we will do a good job in diagnosis and investigation in time, improve the operation and management capabilities of existing wind power and photovoltaic projects, reduce production and operation costs, and improve production efficiency and benefits; Increase the development and collaborative integration of comprehensive energy services such as public buildings and industries within Wanrun Technology and the controlling shareholder system.

　　(4) The advertising media business keeps the stock stable and improves the quality.

　　First, steadily promote the cooperation of stock head customers such as Dongyangguang, Xilinmen and () in Hunan Satellite TV, Zhejiang Satellite TV and other TV platforms and mobile Internet media platforms, and dig deep into the multimedia advertising demand of stock customers; The second is to further improve the matching degree between media resources and customer needs, and improve customer satisfaction and stickiness around new head channels such as Youku and iQiyi. The third is to continuously improve the content creative planning and technical operation capabilities, and improve the service effect and added value; Fourth, strengthen risk prevention and control in the whole process of business, and do a good job in credit management and debt collection management.

　　3. Strengthen the collection of creditor’s rights, and compact the responsibility to control risks.

　　First, strengthen the efforts to collect overdue creditor’s rights: classify overdue creditor’s rights in detail, manage the overdue creditor’s rights by one enterprise, one policy and one list, compact the responsibility to individuals, and adopt the method of promoting talks by fighting and combining talks with fighting to fully collect debts and reduce risks; Second, do a good job in the management of accounts receivable: strengthen the early warning before maturity, grasp the rhythm of payment, shorten the account period, collect more early, and strictly control the incremental overdue risk; The third is to strengthen incentives and constraints. By strengthening the responsibility of creditor’s rights collection, the effect of creditor’s rights collection will be linked to the management assessment of subsidiaries, and the responsibility of each collection subject will be further compacted to complete the annual collection task.

　　4. Strengthen scientific research and innovation, and work hard to add vitality.

　　Establish and improve the system and mechanism of scientific and technological innovation, focus on strengthening the scientific and technological innovation of new productivity in the fields of LED and semiconductor memory, increase investment in research and development, strengthen the declaration of intellectual property rights, and stimulate the vitality of high-quality development. In the field of LED light source devices, we will focus on the development of LED automotive electronic interior and exterior decoration display instructions and lighting, POBMiniLED and infrared invisible light products; LED lighting application field, focusing on mainstream lighting products, in-depth development in smarter, healthier and more environmentally friendly fields; In the field of semiconductor memory, we will build core competitiveness such as hardware design capability, flash memory chip testing capability and intelligent mass production testing technology, strengthen cooperation with Industry-University-Research, accelerate the transformation of scientific and technological achievements, and become a scientific and innovative listed company with industry influence.

　　5. Enhance coordinated development and promote integration through up-and-down linkage.

　　Focusing on the development strategy and business resources of controlling shareholders, we will accelerate the coordinated development of related industries with controlling shareholders. First, strengthen the functions of the second headquarters in Wuhan, gradually transfer some headquarters management functions to the Wuhan office center, and strengthen communication and linkage within the system; The second is to strengthen the coordinated development of industries, strengthen the docking with resources in Hubei Province, deepen the cooperation with enterprises in the controlling shareholder system in the fields of LED, semiconductor memory, comprehensive energy and automotive electronics, and increase revenue and efficiency through collaborative integration; The third is to promote the interaction between industry and finance, strengthen cooperation with fund companies and investment companies within the controlling shareholder system, and help the development of real industries with industrial investment.

　　6. Deepen fine management and take measures to increase benefits.

　　Firmly establish the "benefit-centered" business philosophy, adhere to the simultaneous promotion of tapping potential and increasing efficiency, increasing revenue and reducing expenditure, and comprehensively improve operational efficiency and quality. First, strengthen operation scheduling: take solving practical problems as the guide, improve the operation scheduling mechanism, find and solve problems in time through on-site coordination and regular supervision, and fully empower subsidiaries; The second is to optimize the control process and establish a hierarchical and classified "one enterprise, one policy" control list to improve the control efficiency; Third, comprehensively strengthen cost control, improve the cost control system, strengthen budget cost control, set the total limit and single limit of cost control, strictly control expenses and unnecessary expenses, and explore the incentive mechanism of cost reduction.

　　7. Adhere to compliance management, prevent risks and build safety.

　　First, improve the risk control system, improve the business risk control mechanism and process, resolve the stock risk and strictly control the incremental risk; Second, strengthen fund management, do a good job in fund scheduling and long-term and short-term fund use planning, expand financing channels and reduce the cost of funds; The third is to strengthen safety management, do a good job in safety production strictly from reality to detail, and build a safe defense line; The fourth is to improve the institutional process system to ensure that there are systems to follow, operate according to processes, and operate in compliance.

　　(4) Possible risks and countermeasures

　　1. Supply chain risk and market competition risk brought about by changes in global macroeconomic and social situation.

　　With the global economic and trade frictions, geopolitical conflicts and other uncertainties and uncertainties in the global macroeconomic and social situation, the normal circulation of the supply chain of the semiconductor electronic industry chain faces certain risks, which may lead to unstable supply of raw materials and large price fluctuations, thus adversely affecting the development of China’s semiconductor industry. If the macroeconomic and social development is less than expected, it will further intensify the market competition in the LED industry, semiconductor memory industry and advertising media industry where the company is located, which may lead to a decline in gross profit margin.

　　The company will closely follow the changes in the supply chain of the global semiconductor electronics industry chain and take appropriate measures in a timely manner to reduce the risks in the supply chain of the industry chain; Focus on high-end differentiated segments, increase product research and development, improve the level of automation and intelligence, and enhance profitability; Strengthen brand and market channel construction and broaden business sources.

　　2. Risk of accounts receivable recovery

　　The customers of the company’s LED lighting projects are mainly government units and institutions. Due to the macroeconomic environment, there is a risk that some "old-fashioned" customers’ accounts receivable cannot be recovered, which is not conducive to the promotion of old projects and the undertaking of new projects, thus affecting their performance. The advertising media business is affected by industry policies and development, customer operating conditions, etc., and there may be risks that individual accounts receivable cannot be recovered on schedule, which will adversely affect performance.

　　The company will strengthen the collection of creditor’s rights, and control the risk of accounts receivable recovery by strengthening the collection, doing a good job in accounts receivable management and strengthening incentives and constraints.

　　3. The development of semiconductor memory business is less than expected.

　　The company has entered the field of storage semiconductors for a short time, and is still in the initial stage of capacity building of products, supply chains, channels and brands. In the course of operation, it may face a series of risks, such as industry development falling short of expectations, unstable supply of main raw materials and price fluctuations, supply chain development and integration, iteration of technological innovation and product upgrading, and brain drain. The company will give full play to the advantages of Hubei State-owned listed company with mixed ownership, located in Guangdong-Hong Kong-Macao Greater Bay Area, tilt its capital, policies, talents and other resources to Wanrun Semiconductor, and support it to effectively expand and strengthen its semiconductor memory business, making it a new generation of information technology main industry of the company.

　　4. Risk of exchange rate fluctuation

　　The company’s lighting business mainly focuses on overseas exports. At present, the RMB exchange rate is subject to a floating exchange rate system, and the company’s international business is settled in foreign currency. The price change of RMB to US dollars and other currencies may bring uncertain influence to the company’s product price competitiveness and income.

　　The company will pay close attention to the exchange rate changes, and reduce the adverse impact of exchange rate fluctuations on the company’s performance by improving product technology innovation and service level and reasonably controlling foreign exchange risk exposure.

　　5. Risk of policy change

　　New energy and comprehensive energy businesses such as wind power and photovoltaic are greatly influenced by industry policies, and the risk that the operating performance of this part of the company fluctuates greatly due to the adjustment and change of industry policies is not ruled out. The company will pay close attention to policy trends, adjust business strategies in a timely manner, cultivate business sectors with policy-oriented layout, and actively participate in the policy formulation process to strive for a favorable industry development environment.

　　6. Risk of impairment of goodwill

　　If the macro-economy and the development of the industry in which the company acquired the enterprise are still less than expected, the operating performance of the company acquired the enterprise may also be less than expected, which will lead to the risk of goodwill impairment and adversely affect the overall operating performance of the company.

　　The company will strengthen its operation and management, empower the development of acquired enterprises, and promote the expansion of its business scale and the improvement of its profitability through measures such as resource coordination, risk control and financial support.

　　Investors are requested to invest rationally and pay attention to risks.

　　It has been half a month since the normalization of nucleic acid screening in various places. As the weather turns hot, the work of nucleic acid sampling and sample transportation becomes more difficult. Experts said that although the working environment is even worse, especially for some outdoor sampling points, the sample collection, storage and transshipment work should still be carried out in accordance with the specifications and should not be slack.

　　Battery car transfer sample

　　June 15th is the first hot day since Shanghai entered Mei, with the temperature climbing to 36 degrees and the outdoor ground temperature even higher. The first financial reporter saw in an open-air nucleic acid detection point in Shanghai that the temporary tent could not stop the scorching sun, and the sampling personnel wore protective clothing, and their faces were sweating, while there were no electric fans or cooled ice cubes outdoors. Also exposed to the scorching sun are tubes of nucleic acid reagent samples being collected.

　　The sampling time at this sampling point is from 1: 00 to 4: 00 in the afternoon. After the sampling stopped at 4: 00, the staff put the last batch of samples into a suitcase-sized small refrigerator, which was close to 4: 30. A courier arrived at the testing point by car battery car, ready to take them away.

　　I saw that the picker opened the refrigerator and hastily stuffed nearly 20 tubes of nucleic acid reagents in sealed bags into black shoulder bags, while the battery car was filled with yellow medical waste bags collected from multiple inspection points.

　　Now he will carry the samples and medical wastes to a nearby "transfer station", and then these uniformly collected samples will be transferred to the designated testing laboratory by special vehicles. He claimed that this was the sixth time he had transshipped samples today, three times in the morning and three times in the afternoon, thus ending the six-hour working day agreed in the contract.

　　According to the transshipman, the point where he collects samples every day is not completely fixed, and sometimes an extra sampling point is added temporarily, which leads to the delay of his arrival at the next point, so the actual working time is more than 6 hours.

　　A sampler of normalized nucleic acid kiosks told the First Financial Reporter that in principle, a batch of samples will be transported away every hour, but in practice, the time is not so fixed, mainly depending on whether there are enough people to transport them. Their main tool is a battery car, which transports the reagents collected from several nearby testing points to the assembly point and then sends them to the testing laboratory by special car.

　　However, for the above process, an infectious disease expert with rich field sampling experience said that this sample processing method is worrying, and the sample storage and transshipment are very inconsistent with the basic norms.

　　"We who do infectious diseases know that the most important thing is that all operations must be carried out in strict accordance with norms and standards. The storage temperature and transfer time of nucleic acid samples have strict standardized processes, which is definitely not convenient." The above experts told the First Financial Reporter.

　　The guide has clearly stipulated.

　　The Implementation Guide for COVID-19 Nucleic Acid Testing Organization (Second Edition) clearly stipulates the preservation and transportation of samples, which should be kept at low temperature (2-8 degrees Celsius). In principle, samples should be collected every 2 hours for transportation, and the samples should be delivered to the laboratory 4 hours after collection.

　　On the basis of the above guidelines, Shanghai has further put forward "126" requirements for nucleic acid testing institutions, that is, collecting and transporting a batch of samples every hour, transporting the samples to the testing institutions in 2 hours by vehicles, and completing the testing in the laboratory within 6 hours. In terms of sample transfer, the time requirement is reduced by half compared with the guideline, but in fact, it is very difficult to achieve such a goal. If the sample is not transferred in time, it will not only affect the quality of the sample, but also affect the waiting time for detection.

　　In this regard, the above-mentioned infectious disease experts told the First Financial Reporter: "Since there are norms, it should be strictly implemented in accordance with the norms. For example, it is stipulated that samples should be shipped every hour or two, and someone should come to pick them up when they arrive, instead of seeing that there are enough people to pick them up. If not, just wait."

　　The expert also warned that as the weather gets hotter, if the nucleic acid reagent cannot be stored at low temperature in time during transportation, or exposed to the sun for a long time, it will increase the risk of inaccurate nucleic acid test results.

　　He told the First Financial Reporter: "You should know that ribonuclease is ubiquitous. It exists in the air and anywhere. When you open the lid of the nucleic acid test tube, it may enter the test tube. At the temperature above 37 degrees, Rnase will easily degrade RNA, and the whole process only takes 10-15 minutes. If there is a very low virus load in the test tube, it will be diluted after ten mixes.

　　According to the observation of the first financial reporter at some nucleic acid detection points, in some mixed-tube tests, the actions that do not meet the operating standards include picking a person without screwing on the cover, which also increases the risk of exposing the sample to the air.

　　The above experts added that although adding some components, such as diethyl pyrocarbonate (DEPC), to the reagent can help to inhibit Rnase, these components will increase the cost of the reagent, and standard nucleic acid reagents are generally not added. "The easiest way is to keep it at low temperature and transport it in time. Even using ice cubes to cool down is helpful. Ice cubes have no cost and can be reused." He told the first financial reporter.

　　He also stressed that the basic operation in transferring samples is to put the samples into two-layer sealed packages and avoid the test tubes from tipping, so as to prevent the reagent from leaking and polluting other samples because the cover is not tightened.

　　Professor Lu Hongzhou, president of Shenzhen Third People’s Hospital, told the First Financial Reporter: "The best way to solve this problem is to collect samples regularly."

　　Professor Shen Hanming, an expert in cell biology at the University of Macau, told CBN: "In theory, there is a protective solution in nucleic acid reagents, and some components can inhibit RNA degradation to a certain extent, but even so, in principle, reagents should not be stored at room temperature and high temperature for a long time."

　　Changsha Evening News (all-media reporter Peng Fang correspondent Chloe Wang Zeng Fan) Ms. Li, 50, has the greatest pleasure of cooking a sumptuous dinner for her family after work every day. A few days ago, Ms. Li participated in the physical examination of the unit. The results of low-dose spiral CT showed that "the space-occupying lesion of the upper lobe of the right lung does not rule out malignant lesions", and she was subsequently diagnosed as peripheral lung cancer in Hunan Cancer Hospital. Ms. Li wondered how she and her family could get lung cancer because they don’t smoke, and they usually have a healthy diet and a regular schedule. Wang Wenxiang, director and chief physician of the Second Department of Thoracic Surgery, Hunan Cancer Hospital, pointed out that in recent years, more and more patients with peripheral lung cancer were found in physical examination, and most of them were female patients who did not smoke. The academic circles thought it was related to their long-term exposure to high-temperature kitchen fumes.

　　Some surveys have found that women’s long-term exposure to high-temperature fumes will increase their risk of lung cancer by 2-3 times. Among non-smoking female lung cancer patients, more than 60% have long-term exposure to kitchen fumes; 32% women like to fry food in high-temperature oil when cooking, and the kitchen doors and windows are closed or poorly ventilated.

　　Wang Wenxiang pointed out that different cooking oils have different smoke points, and the higher the smoke point, the healthier the cooking oil. Among the commonly used edible oils, camellia seed oil has a high smoke point and can be used as a healthy first choice for cooking. In the cooking process, try to use medium fire, and control the temperature when cooking, so as not to smoke as the limit, which can not only reduce the damage of fatty acids and vitamins caused by high temperature, but also minimize the generation of smoke; Try to choose a pot with a thick bottom for cooking, so as to reduce a lot of oil smoke generated by the sharp rise of temperature in the wok; Try to use cooking methods such as steaming, boiling and stewing to reduce the oil smoke caused by frying; Ensure good ventilation in the kitchen, clean the range hood regularly, and wear a mask when necessary to reduce the smoke inhalation.

　　Wang Wenxiang reminded that the clinical cure rate of early lung cancer is over 80%, especially for women’s early lung cancer, most of which are peripheral lung cancer. Thoracoscopic surgery can achieve radical cure of lung cancer through 1 ~ 3 keyhole-sized operation incisions, and the curative effect is not inferior to that of large incision open surgery.

It is understood that Apple plans to release a new generation of 16 series in September this year. Recently, digital bloggers "Instant Digital" and "I Ice Universe" shared the screen cover drawings of iPhone 16 Pro Max, and said that the design was consistent with their actual measurement data, which made people believe in the existence of this new type of mobile phone.

If the border design on these CAD drawings is finally adopted, then iPhone 16 Pro Max will become one of the smartphones with the narrowest borders in the global market. According to the data, except for the iPhone 16 Pro Max, the border widths of the other three models are as follows: the border of the iPhone 16 is 2.0497mm；; IPhone 16 Plus frame is 2.0599mm；; The border width of iPhone 16 Pro and iPhone 16 Pro Max is 1.2mm respectively.

From the data point of view, the screen border control of these new machines is excellent, especially the iPhone 16 series, which is more intense in the positive visual effect with the large screen design. In terms of hardware configuration, all three phones will be equipped with A18 chipset, while iPhone 16 Plus and iPhone 16 ProMax will be equipped with A18 Pro chipset. At the same time, the new chipset is also manufactured by the latest N3E enhanced 3nm process from TSMC.

It is worth mentioning that the upgraded neural engine will greatly improve the artificial intelligence performance of the iPhone 16 series such as intelligent voice and machine learning. In addition, it is reported that the iPhone 16 series will have more exciting functions and features.

guide reading

On September 4th, the newly-developed recombinant novel coronavirus vaccine for inhalation (adenovirus type 5 vector) was put forward by the National Health and Wellness Commission, and was approved by National Medical Products Administration to be used as booster for emergency use, making it the first inhaled COVID-19 vaccine in the world.

On October 25th, Shanghai started the registration of intensified immunization with recombinant Covid-19 vaccine for inhalation (adenovirus type 5). On 26th, the immunization with recombinant Covid-19 vaccine (adenovirus type 5) for inhalation was started.

What is recombinant Covid-19 vaccine for inhalation? This non-injected, non-cold chain COVID-19 vaccine was called "revolutionary ideal" by Academician Chen Wei. What’s good about this "ideal" vaccine?

Chen Wei, researcher of Academy of Military Sciences, vice chairman of China Association for Science and Technology and academician of China Academy of Engineering.

↓↓↓

Studies at home and abroad have proved that enhanced immunization with Covid-19 vaccine can enhance the protection effectiveness and prolong the protection period.

The so-called atomization inhalation immunity means that the vaccine is atomized into tiny particles by an atomizer, and then enters the respiratory tract and lungs by breathing inhalation, thus stimulating mucosal immunity, which cannot be brought by intramuscular injection. Generally, intramuscular injection of COVID-19 vaccine can only induce humoral immunity and cellular immunity. In addition, immunization with atomized inhalation is painless and has higher accessibility.

Immune response and specific antibodies induced by intramuscular injection are easier to enter the blood circulation system, but their contents in nasal cavity and lungs are not high enough to achieve immune effect quickly when the virus invades. It takes a certain reaction time for these antibodies to reach the respiratory tract from the blood, but the virus invades our body and usually seizes this time difference, so many people are infected during this time.

However, this non-injected vaccine is inhaled, and only one-fifth of the dose of the vaccine is injected each time. It can also induce mucosal immunity through atomized inhalation to achieve the best effect of triple immunity, which can not only block the infection of Covid-19, but also inhibit the spread of the virus.

According to the relevant requirements of the state, citizens only need one dose of hypohomologous booster immunization or sequential booster immunization at present. When people aged 70 and over are vaccinated, they should be accompanied by family members or volunteers.

COVID-19 vaccine for inhalation 18 questions

1. What is recombinant Covid-19 vaccine for inhalation?

Answer: The recombinant Covid-19 vaccine for inhalation (adenovirus vector type 5) uses an adenovirus vector harmless to human body to deliver the genetic material expressing S protein into human body, and uses an atomizer to atomize the vaccine into tiny particles, which can reach the lung tissue through oral breathing by inhalation, thus stimulating triple immunity of mucosa, body fluid and cells.

2. What are the conditions for inoculation of recombinant Covid-19 vaccine for inhalation?

A: At this stage, the inactivated vaccine produced by Sinopharm China Biotechnology Co., Ltd., Beijing Institute of Biological Products Co., Ltd., Sinopharm China Biotechnology Co., Ltd., Wuhan Institute of Biological Products Co., Ltd. and Beijing Kexing Zhongwei Biotechnology Co., Ltd. and the intramuscular recombinant COVID-19 vaccine (adenovirus type 5) produced by Kangxinuo Biological Co., Ltd. can be used to carry out one dose of booster immunization for people aged 18 and above for six months. Recombinant Covid-19 vaccine for inhalation (adenovirus type 5 vector) is not used for basic immunization for the time being.

All kinds of people only need to be vaccinated with one dose of hypohomologous booster immunization or sequential booster immunization.

3. What is the dose of recombinant Covid-19 vaccine for inhalation?　

A: The dosage is 0.1mL each time.

4. Can people over 60 be vaccinated? Can people under 18 be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: At present, the recommended vaccination population for inhalation dosage forms is people aged 18 and above.

5. How effective is the booster immunization of recombinant Covid-19 vaccine for inhalation?　

A: At present, the clinical study of sequential booster immunization with recombinant Covid-19 vaccine for inhalation and inactivated novel coronavirus vaccine in healthy adults aged 18 and above in China shows that sequential booster immunization with recombinant Covid-19 vaccine for inhalation and inactivated vaccine can significantly enhance the immune response.

6. What is the immune persistence of recombinant Covid-19 vaccine for inhalation?

A: Immunization persistence research shows that after 6 months of heterologous inoculation with recombinant Covid-19 vaccine for inhalation, the neutralizing antibody remains at a high level.

7. What is the safety of recombinant Covid-19 vaccine for inhalation?

A: A safety study conducted among tens of thousands of people showed that the recombinant Covid-19 vaccine for inhalation was safe for people over 18 years old, and no serious adverse reactions were found.

8. What are the vaccination contraindications of recombinant Covid-19 vaccine for inhalation?

Answer: (1) Those who are allergic to the active ingredients, any inactive ingredients and substances used in the production process, or those who have been allergic to similar vaccines before.

(2) Those who have had severe allergic reactions to vaccines in the past (such as acute allergic reactions, angioneurotic edema, dyspnea, etc.).

(3) Patients with uncontrolled epilepsy and other progressive nervous system diseases have a history of Guillain-Barre syndrome.

(4) People who are suffering from fever, or acute diseases, or acute attacks of chronic diseases, or patients with uncontrolled serious chronic diseases;

(5) Pregnant women.

9. Can patients with chronic diseases be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: According to the Technical Guidelines for Vaccination in Covid-19 (First Edition), people with chronic diseases are at high risk of severe illness and death after being infected with Covid-19. People with chronic diseases with stable health and good drug control are recommended to be vaccinated. Vaccination is suspended when chronic diseases are in acute attack. Have a history of convulsion, epilepsy, encephalopathy or mental illness or family history; Have a history of asthma, chronic obstructive pulmonary disease, pulmonary fibrosis and other basic diseases or abnormal lung function; Use with caution in patients with impaired immune function (such as malignant tumor, nephrotic syndrome and other immunodeficiency diseases).

10. Do people cured in COVID-19 need to be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: According to the Technical Guidelines for Vaccination in Covid-19 (First Edition), it is rare for Covid-19 to be reinfected within 6 months after infection. In the past, COVID-19 virus infected people (patients or asymptomatic infected people) can be vaccinated with one dose after 6 months on the basis of full notification.

11. Can people with allergies be vaccinated with recombinant Covid-19 vaccine for inhalation?

A: In the Technical Guide for Vaccination in Covid-19 (First Edition), it is clear that those who have had severe allergic reactions to vaccines in the past (such as acute allergic reactions, angioneurotic edema, dyspnea, etc.) are contraindications for vaccination of Covid-19 vaccines; In addition, the severity of allergies and allergens should be considered and implemented according to the doctor’s advice.

12. How to inoculate recombinant Covid-19 vaccine for inhalation?

A: Please practice several times before inhaling, and then start the formal vaccination.

Step 1: Take a deep breath first (do not exhale into the atomizing cup);

Step 2: hold the nozzle of the atomizing cup in your mouth, and inhale deeply until there is no fog in the cup;

Step 3: Hold your breath for more than 5 seconds (at least 5 seconds), then breathe normally, and the inoculation is over.

13. Under what circumstances should we re-inhale recombinant Covid-19 vaccine for inhalation on the spot?

Answer: (1) There is obvious misty gas in the atomizing cup after inhalation;

(2) Cough and early exhalation occur during inhalation (including 5-second breath-holding period).

Suction failure needs to inhale a dose of vaccine again, and only one repeated inhalation is allowed.

14. What should I pay attention to after vaccination with recombinant Covid-19 vaccine for inhalation?

A: You should stay on the spot for at least 30 minutes after inoculation. Avoid contact with previously known allergens and common allergens within one week after inoculation, and try not to drink alcohol, eat spicy food or seafood. It is recommended to have a light diet and drink plenty of water.

15. What adverse reactions may occur after vaccination with recombinant Covid-19 vaccine for inhalation?

A: Common systemic adverse reactions include symptoms such as fatigue, headache, fever, dry mouth and swollen throat. Generally, they can recover by themselves without special treatment.

16. Will the inoculation of recombinant Covid-19 vaccine for inhalation affect the results of nucleic acid test and antigen test?

Answer: The characteristic of adenovirus vector COVID-19 vaccine is that it only contains the gene sequence of S protein and expresses antigen in human cells, and it does not contain the open reading frame 1ab(ORF1ab) and nucleocapsid protein (N protein) at the nucleic acid detection site, so the vaccination of this vaccine will not cause COVID-19 to be positive for nucleic acid detection.

17. Can I be vaccinated during pregnancy?

A: If you are pregnant after vaccination or have been vaccinated in the case of unknown pregnancy, based on the understanding of the safety of the above vaccines, it is not recommended to take special medical measures (such as termination of pregnancy) just because you have been vaccinated with Covid-19 vaccine. It is recommended to do a good job in pregnancy examination and follow-up. For women who have a pregnancy plan, it is not necessary to delay the pregnancy plan just because of Covid-19 vaccination.

18. After three injections, do I need to get another vaccine for inhalation?

A: According to the guidelines on vaccination work, those who have already completed the booster immunization will not be given further booster immunization at this stage.

Source: The Paper, Shanghai Publishing, Jinshan CDC, Science and Technology Daily. 　 　

Only after handing over the best mid-year report in history, BYD (002594.SZ) immediately encountered the test of investor confidence by Buffett’s reduction.

Since 2022, BYD’s various businesses have generally been "opened". In terms of new energy vehicles, sales exceeded 100,000 vehicles for five consecutive months, and surpassed Tesla to top the global sales in the first half of 2022. At the same time, the installed capacity of power batteries has steadily increased. In May, it surpassed LG in the installed capacity ranking of global power battery enterprises and became the second in the world.

Under the blessing of two ace businesses and high market valuation, BYD ushered in an unexpected but unexpected Davis double click — — On June 10th, BYD’s total market value successfully exceeded one trillion, becoming the first domestic automobile brand with a market value exceeding one trillion.

But there were Ning Wang and Tesla before, followed by Wei Xiaoli. Can the trillion "Diwang" take the lead in the increasingly white-hot global new energy vehicle war and bring more imagination beyond the valuation of nearly 300 times?

Berkshire’s answer now seems to be no: for the first time in 14 years, it reduced its holdings by more than 6 million shares. There are still 219 million shares in hand, will the market outlook continue to cash out? This makes the market quite a bit floating.

Go back to the basic disk. BYD has been building its own winning weapon for many years — — The industrial chain layout and vertically integrated business structure have made it frequently criticized, and now it is highly respected and has become "the only company that has completely withstood the blockade, chip shortage and rising raw material prices".

After the profit turning point, whether BYD’s whole industrial chain layout can escort and promote its sustained high growth, and how unique industrial ecological landscape will be generated, this paper will deconstruct and analyze its two main businesses, new energy vehicles and power batteries, and find out.

The full text is long, mainly from the following aspects:

New energy vehicle business

1.1 Upstream chip: self-core-made, and it has become the power semiconductor faucet of domestic vehicle specifications.

1.2 Mid-stream auto parts: Can the "Foday System" be both internal and external?

1.3 intelligent mid-stream vehicles: self-research capability needs to be improved.

1.4 Downstream production base: The layout quantity is relatively advanced.

Second, the power battery business

2.1 upstream lithium ore and raw materials: self-production and equity participation.

2.2 Battery technology and key equipment are independently developed.

2.3 layout power battery recycling, trying to solve the demand for raw materials.

2.4 The production capacity continued to expand, adding multiple production bases.

I. New energy vehicle business

Cars are undoubtedly BYD’s most profitable business segment.

In the first half of 2022, BYD sold 646,400 vehicles, up 162.03% year-on-year, of which 638,200 were new energy passenger vehicles, up 324.84% year-on-year, and the domestic market share reached 24.7%, up over 7.5 percentage points from 2021.

In terms of revenue, in the first half of 2022, the proportion of automobiles, related products and other products in total revenue increased from 52.20% in the first half of 2021 to 72.55% in the first half of 2022, achieving revenue of 109.267 billion yuan, a year-on-year increase of 130.31%.

In terms of profit, BYD ended the situation of increasing income without increasing profit. In the first half of the year, it realized a net profit of 3.029 billion yuan, a year-on-year increase of 721.72%.

"BYD has a high configuration and a low price, so it sells well. After its market share is stable, it will gradually raise prices and its profitability will improve." A new energy fund manager said that the complete industrial chain layout has also promoted BYD’s profitability.

Wang Chuanfu once said that foreign suppliers despises new independent brands and can only rely on themselves at first. It is both a challenge and an opportunity. It is from the initial forced "self-production and self-supply" that BYD has stepped forward to the present.

1.1 Upstream chip: self-core-made, and it has become the power semiconductor faucet of domestic vehicle specifications.

In 2002, BYD set up the integrated circuit design department, which started almost simultaneously with its plan to build cars and batteries. In 2004, IT officially entered the field of microelectronics and optoelectronics in the IT industry, and BYD Microelectronics was established, which was later BYD Semiconductor. Recently, BYD Semiconductor has submitted a prospectus to Shenzhen Stock Exchange, intending to be listed on GEM.

BYD has been developing its own chips for 20 years, and now it has become the largest power semiconductor IDM enterprise in China. According to BYD Semiconductor’s prospectus, the company’s main business is divided into five sectors: power semiconductor, intelligent control IC, intelligent sensor, photoelectric semiconductor, manufacturing and service, and the revenue in 2021 accounts for 43.22%, 13.46%, 19.25%, 18.69% and 5.38% respectively.

Among them, the power semiconductor business with the largest proportion of revenue mainly adopts IDM business model, and has formed a complete industrial chain including chip design, wafer manufacturing, module packaging and testing, and system-level application testing. The products mainly include IGBT chips, FRD chips, IGBT modules, IGBT single tubes, IPM modules, SiC modules, etc., which are applied to new energy vehicles and other fields.

BYD Semiconductor has set up an IGBT R&D team since 2005. IGBT can convert direct current into alternating current, which is an indispensable device for new energy vehicles. At present, the company’s vehicle-class IGBT module has matched BYD’s new energy vehicles, and the total shipment volume ranks first in China, breaking the monopoly of overseas manufacturers.

At the same time, BYD Semiconductor is also the first power semiconductor enterprise in the world and the only one in China to realize the large-scale loading of SiC three-phase full-bridge modules in motor drive controllers of new energy vehicles. It has broken through technical problems such as high-temperature packaging materials, long-life interconnection design, high heat dissipation design and vehicle regulation level verification, and realized the large-scale application of SiC modules in high-end models of new energy vehicles.

Intelligent control IC products include MCU chip, power IC and BMSAFE chip. At present, Fabless business model is mainly adopted.

In the field of vehicle regulation MCU, BYD Semiconductor is also the first echelon in China. The company’s car-level 8-bit MCU chip has been mass-produced since 2018, and is mainly used in automotive electronic control scenes such as car lights and car buttons; The 32-bit MCU chip of vehicle regulation level is designed according to the requirements of ISO26262 safety level standard, and it integrates various communication modules, which can be applied to automotive electronic control scenes such as electric windows, electric seats, wipers, lights and instruments.

Wang Chuanfu once said that the electrification of automobiles has brought about great changes that have never happened in a hundred years, and the industrial supply chain system is bound to be reconstructed. "In the field of semiconductors, the demand for semiconductors in electric vehicles is 5-10 times higher than that in traditional vehicles. Electric cars are in the first half, smart cars are in the second half, and smart cars have greater demand for semiconductors. "

However, there are only a handful of car companies that make their own chips. After all, the research and development cycle is long and the investment is large, which is not cost-effective, especially the IDM model with heavy asset investment.

In the tide of core shortage that swept the world in the past two years, automobile chips were in the most shortage, especially the power semiconductor of automobile gauge and MCU in vehicle. The advantages of BYD’s self-made chips were fully reflected.

Can BYD Semiconductor supply in bulk to other car manufacturers in the future? At present, in addition to supplying BYD Group, its vehicle-grade power semiconductor products have entered the supply systems of manufacturers such as Xiaokang Automobile, Yutong Automobile, Foton Motor, Ruiling, Beijing Times, Invigorate, Blue Ocean Huateng and Huichuan Technology, but in 2021, the revenue from BYD Group still accounted for more than 60%.

1.2 Mid-stream auto parts: Can the "Foday System" be both internal and external?

"BYD’s overall supply chain was relatively weak during the epidemic. Some core components were done by its own business department, and the control of the supply chain was relatively in place." A new energy analyst of a brokerage recently said in an interview with CBN.

In March 2022, BYD launched an independent Foday brand and officially announced the establishment of Foday Company. The company has operational autonomy and the core components of new energy are sold to the outside world.

According to Wang Chuanfu, as a sub-brand of BYD, Foday Department is a complete auto parts supporting system, which is an inevitable choice for BYD after years of vertical integration. After the split, it will be priced according to the market-oriented mechanism to form a profit center.

On the one hand, Foday Company guarantees the safety of BYD’s industrial chain, on the other hand, it can broaden the company’s growth space through external supply, which is expected to open a second growth curve in the field of auto parts.

Up to now, BYD has five auto parts companies: Foday Mould, Foday Power, Foday Battery, Foday Technology and Foday Vision, and through these five companies, it has realized self-supply in the fields of power battery, electric drive system, electric vehicle platform, thermal management system, lighting system and battery management system.

In terms of batteries, since 2020, Foday Battery has established a number of "Foday Department" battery companies.

From Bengbu Fudi Battery Co., Ltd. in 2020 to Wuwei, Yancheng, Jinan, Shaoxing, Chuzhou, Fuzhou Fudi Battery Co., Ltd. and Chongqing Fudi Battery Research Institute Co., Ltd. in 2021, and then to Xiangyang, Taizhou, Nanning, and Guangxi Fudi Battery Co., Ltd. in 2022, the total number is more than ten.

In February 2022, the power battery project of FAW Fudi New Energy Technology Co., Ltd., which was jointly registered by China FAW Group and BYD, officially started. With a total investment of 13.5 billion yuan, the project can meet the configuration requirements of 600,000 electric vehicles every year after it is completed and put into operation, and realize an annual output value of more than 20 billion yuan.

In terms of electric drive, in March 2022, Skyworth Motor released the Skyworth HT-i model. Some insiders said that the Skyworth HT-i model adopted the HT-i system developed by Foday Power and Skyworth, and the HT-i system was tailored for Skyworth Motor.

As early as 2019, BYD released the "BYD New Energy Vehicle Parts Selection Manual", which externally supplied core components such as powertrain, motor, electronic control and power supply.

1.3 intelligent mid-stream vehicles: self-research capability needs to be improved.

BYD, which started from the traditional manufacturing industry, did not have the conditions to impact the high-end in the era of fuel vehicles. With the advent of the intelligent era, BYD’s self-research and foreign cooperation were driven by both, and it got the tickets for the second half in advance.

Yang Dongsheng, vice president of BYD and president of Product Planning and Automotive New Technology Research Institute, once said that the core of automotive intelligence lies in the intelligent cockpit. After three years of development, BYD’s DiLink system applied to the intelligent cockpit has launched version 4.0 in 2021.

Previously, in the second half of 2020, BYD Intelligent Networking Center also released DiPilot, an advanced intelligent driving assistance system for automobiles, for the first time, which includes DiDAS intelligent assistance technology and DiTrainer coaching mode.

At present, BYD’s main subsidiary, Foday Technology, is engaged in research related to intelligent cockpit, ADAS and vehicle networking. The specific products include multimedia systems, blind spot monitoring systems, automatic parking, panoramic images and intelligent forward-looking. At the same time, Foday Seiko has relevant layout in smart car, and its specific products are lighting combination headlights and rear lights, rearview mirrors, indoor and outdoor photo lamps, etc. In addition, the Automotive Smart Ecology Research Institute is engaged in the research and development of open smart car platforms, smart customer relationships and smart car applications.

However, compared with electrification, BYD’s intelligent self-research ability needs to be improved.

"It is difficult for BYD to make breakthroughs in intelligent driving and software systems. Now it is basically the world of Huawei and several foreign players." The above fund manager said. There are even more extreme voices saying that BYD’s shortcomings in the direction of intelligence are as obvious as its advantages in electrification.

Among them, hardware configuration and OTA (over-the-air download technology) are the main gaps between BYD and the new car-making forces.

The Qualcomm Snapdragon SM6350 chip used in BYD DiLink 4.0 platform is a mid-to high-end processor, while the mainstream cockpit chips of Tucki P5, Weilai ET7 and ET5 all use Qualcomm Snapdragon SA8155P chip. SA8155P chip is the top-level chip in Qualcomm, and it is in the first echelon in the automotive chip industry. At the same time, BYD has also faced problems such as upgrade trouble and poor user experience in OTA.

Judging from the layout of BYD’s R&D, it seems that the company really prefers electrification. In 2021, BYD’s R&D investment reached 10.63 billion yuan, a year-on-year increase of 24.20%. The projects involved mainly included blade battery technology, energy storage products (BMS-active) and DM-i super hybrid.

How will BYD handle itself in terms of intelligence?

At the same time of self-research, BYD chose to strengthen cooperation with the outside world in an effort to make up for the shortcomings of the industrial chain.

In 2018, BYD and Baidu Apollo signed cooperation agreements related to new energy vehicles, driverless technology and vehicle asset sharing operations.

In 2019, BYD signed a strategic cooperation agreement with Huawei, and BYD Han was equipped with Huawei HiCar；; In March 2021, the company strategically invested in Horizon, an automotive smart chip enterprise; In November 2021, Momenta, a company related to autopilot software, established a joint venture company "Dipai Zhixing" for high-level autopilot layout; In December 2021, it reached a strategic cooperation agreement with sagitar Juchuang (mainly engaged in intelligent lidar system), and officially led sagitar Juchuang in February 2022. In February 2022, Baidu was selected as the supplier of intelligent driving system; In March of the same year, it reached a cooperation with NVIDIA, and it is planned to install NVIDIA DRIVEHyperion platform on some vehicles in the first half of 2023 to realize a higher level of intelligent driving function.

1.4 Downstream production base: the layout quantity is relatively advanced.

In April 2022, when the epidemic was serious, BYD’s pure electric and plug-in hybrid products were ranked first in the sales of passenger car brands.

The reason why BYD’s sales volume can ride the dust, in addition to the materials needed for self-supply, the widely distributed production base also contributed.

Compared with enterprises such as Weilai, Ideality and Tesla, which have only one production base in China, BYD has built four automobile production bases in Shenzhen, Xi ‘an, Changsha and Changzhou. In June 2022, the first complete vehicle Qin PLUSDM-i of BYD Hefei Base Phase I was successfully rolled off the assembly line, and five other factories, including Fuzhou, were under construction. This means that once there is an emergency, BYD can minimize the risk of downtime.

According to the data of China Investment Network, as of May 2022, BYD’s annual production capacity has reached 1.3 million vehicles, and it is expected to reach 3.4 million vehicles in 2022. With the steady implementation of mass production plans of some factories, the vehicle production capacity will reach 4.05 million vehicles in 2023, and the scale effect will be further revealed.

It is reported that at present, BYD’s four bases in Jinan, Hefei, Zhengzhou and Shenshan all adopt the mode of "parts+whole vehicle", which can predict in advance to reduce the accumulation of parts and spare parts and reduce the stocking cost as much as possible.

Second, the power battery business

The struggle between Ferrous lithium phosphate and Sanyuan never stopped. Wang Chuanfu, who has worked with batteries for decades, insists that BYD can only find a way out in China and the world if it is Ferrous lithium phosphate. Despite the twists and turns, BYD finally won back the main battlefield of lithium iron phosphate battery with its high-performance blade battery.

According to the data of China Automotive Power Battery Industry Innovation Alliance, with the accelerated loading of blade batteries, the installed capacity of BYD power batteries increased from 16.2% in 2021 to 22.25% in the first seven months of 2022.

However, the financial report shows that in 2021, BYD’s secondary charging and photovoltaic business (including power battery business) achieved revenue of 16.471 billion yuan, a year-on-year increase of 36.72%; The gross profit margin was 11.94%, down 8.22 percentage points year-on-year.

To say who is holding back the profitability of power batteries, the high probability is the lithium mine whose price is "constantly rising". BYD’s power battery business has undoubtedly faced the challenge of high raw material prices since 2021. In fact, in order to stabilize the supply chain and control the battery cost, BYD has been trying to enter the upstream lithium mine field in recent years, and at the same time, it has intensified its efforts to lay out the middle-stream lithium battery equipment, downstream power battery recycling and other businesses.

2.1 upstream lithium ore and raw materials: self-production and equity participation.

In March, 2022, Wang Chuanfu said at the committee of 100 Forum on Electric Vehicles in China that the soaring price of battery raw materials was a challenge that the industry needed to overcome. He suggested that the layout and production capacity of lithium carbonate resources should be comprehensively sorted out, the domestic mining volume and foreign imports should be increased, and the price expectation should be stabilized.

BYD mainly arranges lithium resources by investing in lithium resource enterprises, establishing joint ventures with lithium resource enterprises, and directly purchasing lithium mine mining rights.

As early as 2010, BYD invested about 200 million yuan to acquire an 18% stake in Zabuye High-tech Lithium Industry Co., Ltd. in Shigatse, Tibet. According to the data, Zabuye High-tech Lithium Industry is a holding subsidiary of Tibet Mining and has the exclusive mining right of Zabuye Salt Lake for 20 years. The salt lake is the third largest lithium mine salt lake in the world and the largest in Asia, with proven lithium reserves of 1.841 million tons.

Since 2022, the company’s lithium resource layout has been more intensive. In January, BYD won the bid of $61 million for the Chilean lithium mine, but unfortunately the project was stopped by the local court; In March, it is planned to invest 3 billion yuan in Shengxin Lithium Energy. In April 2022, the company signed an agreement with Yinhe Lithium Industry to purchase 60,000 tons of lithium concentrate every year. At the same time, the planned new 60,000-ton lithium salt project in Indonesia is expected to be put into production in 2023. At the end of March, BYD Auto Industry, a subsidiary, invested 6 million yuan and held 30% of the shares, and set up a mining company with Sichuan Luqiao, aiming at developing Sichuan lithium mine resources; In May, it was reported that BYD had found six lithium mines in Africa, all of which had reached the acquisition intention. The output of lithium carbonate in these six lithium mines is reported to reach 1 million tons, which can cover the company’s raw material demand in the next decade.

As for cathode materials, BYD, as an enterprise specializing in lithium iron phosphate batteries, can imagine the demand for Ferrous lithium phosphate. Therefore, on the basis of self-research and self-production, the company also guarantees the supply through the mode of foreign equity participation.

In 2019, the Ecological Environment Bureau of Haidong City, Qinghai Province issued a public notice of environmental impact assessment, and accepted the construction project of Ferrous lithium phosphate with an annual output of 20,000 tons of Qinghai BYD Industrial Co., Ltd., with a total investment of 710 million yuan.

In July 2022, Anda Technology announced that BYD spent 30 million yuan to subscribe for the company’s directional issuance of shares, with a shareholding ratio of 2.11%. In addition, BYD also took a stake in Hunan Yuneng, another leading anode manufacturer in Ferrous lithium phosphate, with a shareholding ratio of 5.27%.

In addition to lithium ore and cathode materials, the company’s annual report revealed that a series of related businesses such as battery aluminum foil, aluminum-plastic film, separator and electrolyte additives were also laid out in the field of power batteries, and the upstream and downstream industries were continuously strengthened.

In 2021, North China Aluminum Company established a battery aluminum foil company, which attracted many battery companies to become shareholders, of which BYD held 2.97%.

Zijiang New Materials is one of the leading enterprises in the domestic aluminum-plastic film industry. In the second half of 2021, strategic investors such as BYD were introduced through capital increase and share expansion, and BYD directly held 3.87% of the shares. At the same time, BYD was the largest customer of Zijiang New Materials.

BYD’s diaphragm layout started as early as 2009, when the company and Foshan Plastic Group Co., Ltd. jointly expanded the lithium-ion battery diaphragm project with a total investment of about 105 million yuan. By August, 2016, BYD’s power battery separator has been partially produced.

In terms of electrolyte additives, in February 2021, BYD took a stake in Huasheng Lithium Battery, which had just been IPO, and held 1.98% of the shares.

2.2 Battery technology and key equipment are independently developed.

Insisting on being long and thin is the development direction of BYD’s battery technology.

The company’s main product, the blade battery, adopts the Ferrous lithium phosphate scheme of long battery cells, flattens the battery cells, and uses the module-free technology to form a battery pack, so that the utilization rate of the internal space is increased to about 60%, and the cost can be reduced by about 25%.

According to TF Securities, in November 2021, Foday battery ranked second in the domestic market share of power battery cells. Foday battery joint venture FAW Foday New Energy Technology Co., Ltd. is mainly engaged in the manufacturing of core components such as new energy batteries, modules and related supporting industries. After the factory is fully put into production, the annual production capacity of power battery can reach 45GWh, which will provide long-life blade batteries for more than 1 million vehicles.

Because the shape of the blade battery is different from that of the traditional power battery, the ready-made standard equipment can’t be used directly. BYD takes advantage of being a "tech man" and the equipment for key processes is developed by itself.

For example, the lamination process adopts the equipment and cutting scheme independently developed by BYD. The pole piece with a length of nearly 1 meter can achieve the accuracy and speed of tolerance control within ±0.3mm and single lamination efficiency of 0.3s/pcs, which is the first in the world. At the same time, self-developed equipment and systems are also used in the assembly and liquid injection.

2.3 layout power battery recycling, trying to solve the demand for raw materials.

In September 2015, BYD and GEM jointly established a recycling system of "material recycling-battery recycling-new energy vehicle manufacturing-power battery recycling". In January 2018, BYD signed a strategic partnership agreement with Tower Company for recycling new energy power batteries. At present, BYD has set up more than 40 power battery recycling service outlets in more than 10 provinces and cities.

In addition to solving the urgent demand for raw materials and reducing the cost of raw materials, another significance of the power battery recycling business is that it may open up a new growth curve for BYD.

Judging from the performance of battery recycling leaders GEM and Tianqi, in 2021, GEM’s power battery recycling business achieved revenue of 151 million yuan, a year-on-year increase of 61.63%; Jiangxi Tianqi Jintaige Cobalt Co., Ltd., the core subsidiary of Tianqi’s lithium battery recycling business, achieved an operating income of 988 million yuan in 2021, a year-on-year increase of 52%; The net profit of returning to the mother was 224 million yuan, a year-on-year increase of 622.58%.

According to the data, the business scope of Taizhou Fudi Battery Co., Ltd., a subsidiary of Fudi Power, includes battery manufacturing and sales, recycling and cascade utilization of waste power batteries in new energy vehicles, and research and development of new materials and technologies. At present, the company is indirectly wholly-owned by BYD Co., Ltd.

2.4 The production capacity continued to expand, adding multiple production bases.

"In 2021, the bottleneck of battery capacity had a certain impact on the mass production of the whole vehicle. With the production capacity of the battery base in 2022, the automobile production capacity will also increase. In April, the proportion of BYD’s loading on the battery side has reached 32.18%, and the gap with Contemporary Amperex Technology Co., Limited is gradually narrowing." The above analyst said.

Since 2021, BYD has successively expanded eight battery production bases in Jinan, Shandong, Wuwei, Anhui, Yancheng, Jiangsu, Wuhan, Hubei, Shaoxing, Zhejiang, Ningbo, Chuzhou, Anhui and Fuzhou, Jiangxi, with a total new production capacity of 205GWh. In 2022, bases in Xiangyang, Hubei and Changchun, Jilin were successively opened, and two base projects in Taizhou, Zhejiang and Nanning, Guangxi were signed.

In terms of production capacity, BYD plans to have a production capacity of 135GWh in 2021 and an available production capacity of 80GWh；; In 2022, the planned production capacity is 285GWh, and the available production capacity exceeds 200GWh；; By 2023, the planned production capacity will exceed 500GWh, and the available production capacity will exceed 350GWh.

The expansion of production capacity has also accelerated the process of BYD’s battery supply.

In 2018, BYD Power Battery only had two commercial vehicle customers, Taikai Automobile and Xugong Machinery. In 2019, the external supply of passenger cars was opened, and Changan Automobile, FAW and Changan Ford became new customers.

After BYD launched the blade battery in March 2020, it attracted more car companies to discuss cooperation.

In 2021, the external supply ratio of BYD power battery is about 10%. From the perspective of specific customers, FAW is the first third-party passenger car enterprise to adopt blade batteries, and BYD power batteries account for 25% of its total installed capacity; Dongfeng, Changan and BAIC use ternary batteries, and BYD’s supply accounts for 6%, 4% and 0.1% respectively.

Cinda Securities believes that with the increase of the acceptance of Ferrous lithium phosphate route, the external supply business is expected to usher in a substantial breakthrough, and the power battery business may become another important growth pole of the comparable automobile business.

Third, the conclusion

From about 60 yuan/share in June 2020 to a high of 358.86 yuan/share in June 2022, BYD’s share price has nearly tripled in just two years, which is supported by performance and the result of high valuation given by the market.

It can’t be denied that BYD seems to have opened up the second vein of Ren Du in the past two years, and the vertical integration layout that has been painstakingly managed for many years has soared to generate, resulting in great synergy, forming a virtuous circle of the whole industrial chain of new energy vehicles and constantly gaining positive feedback.

But after the market value once broke through one trillion, where is BYD’s next stop?

There were many optimists. Head brokers use the segment valuation method and think that the company’s reasonable value is 1.4 trillion yuan; There is also a view that new energy vehicles will be not only a means of transportation in the future, but also the next generation of intelligent terminals. If the new energy vehicle industry will produce a company with a market value of 2 to 3 times that of Apple’s stock, the market value of BYD may be trillions of dollars against Tesla.

Real money traders are obviously more rational. The latest market value of BYD’s A-shares has dropped to around 850 billion yuan, and the news that the stock god has reduced its holdings may further return it.

Charles Munger once said, "Wang Chuanfu knows what he can do and what he can’t do, while Musk thinks he can do anything. I prefer to choose those who have self-knowledge. " This is a high evaluation, but obviously, this does not affect Berkshire’s reduction of cash BYD, at the time he thinks it is appropriate.

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This article does not constitute any investment advice, and investors should act accordingly at their own risk. The market is risky and investment needs to be cautious.

　　Not long ago, an App called "Master Amoy" was popular in the used car market. This App has magical functions-as long as you pay 29 yuan, you can query the maintenance records, accident history, last mileage and restore the most authentic records of vehicles.

　　This information is especially important for many used car dealers in the market. When deciding whether to buy this second-hand car, it depends on whether there is something wrong with the car, such as whether it has been flooded, burned, and had an accident. These safety hazards will become important factors to consider.

　　As a result, this App quickly caught fire in the circle. But few people have thought about where these car data come from.

　　On May 17, 2017, the person in charge of an automobile 4S shop in Yancheng City, Jiangsu Province reported that they found that the account login of DMS system used by Gao, the after-sales supervisor in the store, was abnormal. In recent days, this account will query the relevant data of different vehicles for more than 500 times every day, which obviously exceeds the normal workload of 4S stores.

　　The so-called DMS system is an internal operating system used by automobile dealers to register and upload vehicle maintenance records and find relevant information such as vehicle owners. As long as you enter the frame number in the system, you can query the relevant data of each car of the car brand nationwide.

　　After the police searched, they found that a USB flash drive was inserted behind the computer host used by Gao, an employee of the 4S shop, and there were abnormal programs running in it.

　　After analysis by the Judicial Appraisal Center, it is found that there is a program customized for the DMS system of 4S shop in the U disk. This program can query the owner’s name, license plate number, frame number, maintenance information and other related information in the system, which is actually a plug-in program.

　　With the deepening of the investigation, the police found that this was not a case, but a criminal gang specializing in illegally obtaining automobile data and information. On October 27th, the Ministry of Public Security listed the case for supervision.

　　The police investigating the case said that through the review, the suspect Gao was an "inner ghost" who sold vehicle data information. According to his account, in March 2017, Ma, an employee of a company in Shenzhen, went to the 4S shop and contacted him privately. Both parties agreed that Gao would provide Ma with the account number and password of DMS system in order to obtain vehicle data, and the company would pay Gao a monthly fee.

　　It is understood that as long as you can browse the DMS system of 4S stores, you can not only illegally obtain owner information, but also obtain a lot of vehicle information. These data include vehicle accident records, maintenance records, maintenance records, replacement of spare parts records, vehicle mileage and so on.

　　The police investigating the case said that during the investigation of the case, three core data servers and 21 computer hard disks were seized at the scene. The appraisal results of the appraisal agency showed that the criminal gang obtained relevant data involving 32 automobile brands and more than 1.55 million vehicles.

　　According to the criminal suspects, they privately agreed with a number of 4S shop employees that the 4S shop employees would provide their account numbers and passwords, and the companies involved paid the fees on a monthly basis, with a cumulative payment of more than 500,000 yuan to the 4S shop employees, and the most people made illegal profits of more than 50,000 yuan.

　　According to the police investigating the case, the company involved in the case is engaged in the evaluation of the condition of used cars offline, and they need relevant data of vehicles. Initially, they bought data from other companies. Because of the high cost, it took a long time to get the data. Some shareholders proposed to develop software programs and obtain relevant data from 4S stores through technical means.

　　The company used the illegally obtained data on the repair and maintenance of various brands of vehicles to research and develop the "Taobao Master" App query platform, and then provided this platform for others and units to use for profit. In addition, they also sell the illegally obtained car data to other used car evaluation and acquisition platforms, and charge them at the contract price.

　　The police found that the case belongs to a new type of "black production" crime on the Internet operated by companies, with a high level of criminal technology. Compared with traditional crimes, internet crimes have the advantages of low cost, easy implementation and low risk, and are not easy to be found.

　　Most activities of Internet crimes are carried out on the Internet platform, and the suspects only need to operate on a computer connected to the Internet. Cybercrime is only an instant electronic data transmission, which is easy to modify and delete and highly virtual.

　　According to the police investigating the case, the internal information system security management of many vehicle production and sales enterprises involved in the case is chaotic, and there are not many corresponding security measures taken by enterprises, and some employees are not aware of the confidentiality of vehicle information and other data.

　　Some Internet companies have a weak legal awareness, and unilaterally think that the new field is a gray area, and they will do whatever it takes to obtain data. Some automobile production and sales enterprises have loopholes in internal automobile information management, failed to take effective preventive measures, and even colluded internally and externally to illegally transmit citizens’ personal information.

　　The police found that vehicle transactions in the used car market generally need vehicle-related data to support them, but the acquisition of vehicle data is often "opaque and irregular", which also provides favorable conditions for Internet crimes. (Reporter Li Chao correspondent Zhang Tianpeng Cao Lei)

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Metal ring+hinged ring

Collocation analysis:As one of the fashion styles of jewelry, the connecting ring is of course an indispensable part of ring matching. The small chain connects the golden rings together, showing a handsome style in fashion. Of course, if you feel that it is not fashionable enough, you can also choose the same color ring to match. It forms a visual style impact with the pink in the dress.

Maison Margiela Gold-plated Ring E-commerce Reference Price: 3,324 CNY

Arme De L’Amour gold-plated ring e-commerce reference price: 2,585 CNY.

Recommended reason:Gold-plated rings can also connect fingers. With the same color multi-ring design ring, there is no lack of unique style charm in fashion.

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Connecting ring+silver ring

Collocation analysis:In addition to matching with the same color, the connecting ring can also be matched with different styles of rings. Unique design of silver jewelry or exquisite mini multi-ring ring perfectly shows the charm of fingertip mix and match.

EddieBorgo rose gold plated five-finger ring e-commerce reference price: 2,132 CNY

Monica Vinader Diamond Rose Gold Ring E-commerce Reference Price: 5,352 CNY

Recommended reason:Elegant rose gold is one of the most respected colors in the current jewelry trend, and different styles will also show different charms. The rose gold five-finger ring, matched with the diamond ring of the same color, and decorated with diamonds add a sense of splendor to the fashion and low-key.

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Multi-color diamond ring

Collocation analysis:In the ring mix and match style, you can have unlimited imagination and creativity. Matching colored diamond rings with different colors can also be called mashup. Green retro and purple mystery make fingertip diamonds more fashionable and charming.

SCOSHA gold emerald ring e-commerce reference price: 17,276 CNY

Aurélie Bidermann painted gold-plated ring e-commerce reference price: 2,183 CNY.

Recommended reason:Emerald diamond-encrusted rings with classic gold rings are charming and retro. Gold-plated brass rings with similar styles are decorated with bright blue paint details, showing a layered wearing style of exquisite styles.

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Diamond ring+hollow ring

Collocation analysis:Rings of the same material can also present a mashup style. Simple and gorgeous single diamond ring, matched with rings inlaid with multiple diamonds and designed with hollowed-out fish scales, adds a fashionable charm to the splendor, and also realizes a mix and match style for diamonds.

Bottega Veneta oxidized pure silver square zircon ring E-commerce reference price: 2,462CNY

Delfina Delettrez Platinum Diamond Ring E-commerce Reference Price: 53,528 CNY

Recommended reason:The simplicity of white zircon and the plaid ring woven with pure silver form a perfect retro style. The platinum diamond ring surrounded by ridge shape, each branch is decorated with a diamond, shining with amazing brilliance. Rings with the same tone, because of different styles, present a mix and match charm.

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Metal hinged ring+mini ring

Collocation analysis:If the color of the dress is bright enough, the ring can be used as the finishing touch. The articulated ring with full personality, dazzling gold presents a sense of handsomeness, and with the exquisite retro mini ring, it not only contrasts in style, but also realizes the ring mix and match style.

Lito gold ring e-commerce reference price: 17,369 CNY

SCOSHA Gold Diamond Ring E-commerce Reference Price: 6,889 CNY

Recommended reason:The golden ring with concise lines and a great sense of sculpture has a fashionable graphic aesthetic feeling. It is different from the slender, arched diamond ring in style, but it can also be mixed and matched.

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Multi-ring silver ring+diamond ring

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Collocation analysis:Simple silver jewelry is not a popular color in jewelry trend, but it can present a sense of fashion by mixing and matching. The way of wearing multi-ring rings and a dazzling square diamond ornament are enough to set off the simple charm between diamonds and silver ornaments.

Bottega Veneta sterling silver ring e-commerce reference price: 2,902 CNY

Pamela Love Opal Silver Ring E-commerce Reference Price: 2,988 CNY

Recommended reason:Woven plaid silver ornaments and opal silver rings combine retro and exquisite charm, and also realize the fashionable style of overlapping.

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Hollow pattern ring

Collocation analysis:Let the fingertips present a unique fashion charm, and you can also choose a ring with a unique design style. The ring with a hollow pattern is unique and has a national style. Form a different mix and match style with the patterns in the dress.

Maria Black sterling silver double ring e-commerce reference price: 1,966 CNY

Arme De L’Amour silver-plated ring e-commerce reference price: 2,456 CNY.

Recommended reason:Double ring rings with different designs of the same color are worn between the ring finger and the middle finger, showing a mix and match style of the same color and different styles.

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Silver ring+turquoise

Collocation analysis:The mix and match of rings can also present an exotic national style. The combination of exaggerated silver ornaments with unique eye rings or turquoise rings not only breaks through the monotony brought by silver, but also presents a unique charm for the matching between fingers. Turquoise is also the finishing touch to enhance the mix and match style.

Maison Margiela Gold-plated Silver-plated Ring E-commerce Reference Price: 3,144CNY

Jennifer Meyer 18K gold, turquoise, lapis lazuli and diamond rings. E-commerce reference price: 36,667 CNY.

Recommended reason:The hinged design of the long version of the ring looks like armor, and it bends flexibly with the natural activities of fingers, which is quite modern and attractive. It is matched with the turquoise diamond ring to create the most visually impactful shape.

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Stereoscopic decorative ring+retro tail ring

Collocation analysis:The three-dimensional decorative ring is matched with the Vintage tail ring, which is a simple shape and presents a trace of detail charm. Two completely different ring styles, together, have no sudden feeling at all, and the three-dimensional design brings a unique feeling to the style.

Lanvin artificial pearls, crystals and silver-plated rings e-commerce reference price: 2,239 CNY.

SCOSHA Gold Diamond Ring E-commerce Reference Price: 13,580 CNY

Recommended reason:Cross-shaped design, inlaid with transparent crystal, and decorated with a huge pearl on the face of the ring, makes the simple shape more fashionable, and the combination with the gold ring shows the charm of mixing and matching in different styles.

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Metal ring+diamond ring

Collocation analysis:The fashionable multi-ring design ring is matched with the unique chain ring, and there is no lack of handsome feeling in simplicity. Not only that, but it can also be matched with an elegant and charming diamond ring. The charm of ring mashup is to combine different styles.

Repossi 18K rose gold diamond ring e-commerce reference price: 44,053 CNY.

Maison Margiela Fine Jewelry 18K White Gold, Sapphire and Diamond Ring E-commerce Reference Price: 34,453 CNY

Recommended reason:The simple and fashionable rose gold diamond ring presents the style of modern jewelry design, while the noble and charming blue gem ring also has a unique design, which divides the sapphire and the diamond-encrusted outer ring into two three-dimensional faces, showing a subversive design style.

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Exotic gemstone+classic ring

Collocation analysis:The mix and match of rings is not only reflected in one hand. When wearing a unique gem ring, you can also choose to wear a classic ring between your fingers. Different ring styles also show the charm of mix and match in details.

Bibi van der Velden rings of sterling silver, scarab, diamond and saffron stone E-commerce reference price: 27,687 CNY.

Bulgari B.zero1 18K rose gold black ceramic four-ring ring price shop contact.

Recommended reason:The charming Shafuli stone is made into a scarab-shaped ring, showing a unique and charming charm. Compared with the classic black ceramic four-ring ring in different styles, it can also achieve a mix and match style when worn on both hands alone.

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Electro-optic blue metal ring+gold coin tail ring

Collocation analysis:If you like exaggerated style, try to match the "large" ring together. The metallic ring set is matched with an exaggerated design ring, and a gold coin style ring is selected for the tail ring, which perfectly presents the combination charm of modernity and retro.

Maison Margiela Silver-plated Ring E-commerce Reference Price: 2,877 CNY

Givenchy Palladium, Ruthenium and Gold Yellow Iron Ore Brass Ring E-commerce Reference Price: 3,094 CNY

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Big gem ring+Exquisite Ring

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Big gem ring+Mini Joint Ring

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Hexagonal geometric ring+pearl half ring

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Metal ring+hinged ring

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Connecting ring+silver ring

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Multi-color diamond ring

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Diamond ring+hollow ring

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Metal hinged ring+mini ring

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Multi-ring silver ring+diamond ring

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Hollow pattern ring

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Silver ring+turquoise

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Stereoscopic decorative ring+retro tail ring

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Metal ring+diamond ring

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Exotic gemstone+classic ring

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Electro-optic blue metal ring+gold coin tail ring

　　[Analysis of car home’s refit case] When the "most beautiful public" CC evolved again, "beauty" was redefined. Applying the flatness and streamline of sports cars to family cars, (|) From the first generation to today’s third-generation models, it has been announced to the world with an aesthetic design that distinguishes ordinary Volkswagen-who said that Volkswagen must be ordinary?

　　As always, the current CC has inherited the sports posture different from that of the same class, with a flat and powerful car body and rounded lines, which is both rigid and flexible. The convex daytime running lights are impressive. With the shape of the grille, the front face of the vehicle is layered, and the scale between complexity and simplicity is just right.

　　Therefore, it has been a controversial topic to change or not to change the original model that is already excellent in design. "refit, make it a beauty that belongs only to him." This is the answer given by the owner Xiao Tian.

　　This CC in this paper has replaced the black overseas R-line version with the front surround, which seems to be a very basic OEM+ gameplay. Faced with the problem that there are few optional parts for new models, the owner’s choice is to use his imagination to design and customize.

　　The resulting products are the front shovel, side skirt, tail wing and tail lip of carbon fiber. These kits, which seem to have the temperament of Audi RS, not only have the design completion and workmanship comparable to the finished kits, but also make the whole car look a little luxurious and elegant with the exhaust tail from Audi RS, and become a sports gentleman.

　　Airbft pneumatic vibration reduction can realize four-wheel independent lifting and five-segment memory. It is matched with VOSSEN HF4 20-inch forged rim. When the car body is lowered to the lowest height, the rim will be slightly hidden in the wheel arch, which makes the wide-body design of CC more obvious and presents an excellent attitude visual experience together.

　　As the interior part that car owners have the most daily contact with, a set of customized golf R steering wheel with driving mode selection and start button similar to Audi R8 adds a bit of fighting atmosphere to driving. The use of carbon fiber and suede, green stitching and more carbon fiber interior panels makes the pure black interior style more breathing in color and less depressing.

　　Of course, it’s just the modification of the appearance goods, which is not perfect in the owner’s mind. HDP specially adjusts the program and matches the HKS pressure relief valve, which brings more powerful output performance. In response to the enhanced power output, the chassis reinforcement and Michelin PS4S tires with stronger grip are enough for people to fully enjoy the blurred vision brought by acceleration and the charm of centrifugal force in corners in this small car.

　　Therefore, it is not difficult to see that Xiao Tian loves modification. He even chose a low-grade CC with huge "modification potential". At present, the car can see the LCD central control panel, headlights with follow-up steering and automatic far and near light, lane change assistance, Dana speakers, carbon fiber decorative panels and atmosphere lights. All of them are purchased by the owner himself and supervised by himself. In order to perfectly adapt to the upgraded technology configuration, he did not hesitate to empty the interior and carried out strict rerouting construction according to the specifications of the original factory.

Write at the end:

　　After all this trouble, why don’t you buy a high-quality one? Many people have raised such doubts. So, why do people have to modify? Probably the original road car can be bought by everyone as long as they spend money, and a thousand players may have a thousand modified styles that cannot be completely copied. And the sense of belonging brought by such uniqueness is often more intuitive than the owner’s name printed on the driving book. Create your own beauty-this is the answer given by the owner Xiao Tian. (Compile/car home Jiang Che)