CCTV News:January 28th is the third day of Spring Festival travel rush in 2024 and the first Sunday after Spring Festival travel rush. Looking at the data in Spring Festival travel rush, next, let’s feel the travel fever all over the country through groups of data.　

First, let’s look at the situation on January 27th. About 12.2 million passengers chose to take the train on the first Saturday after Spring Festival travel rush in 2024.

In the first three days of Spring Festival travel rush, Beijing, Shanghai, Chongqing and Wuhan Xi ‘an ranked among the top five destinations.

According to the ticket sales data of 12306, in the first three days of Spring Festival travel rush, Beijing, Shanghai, Chongqing, Wuhan and Xi ‘an have been ranked among the top five destinations. Compared with the first day in Spring Festival travel rush, the number of arrivals in these five cities increased by 30% on January 28th, with the largest increase in Beijing and Shanghai, with the number of people increasing by 50%.　

Spring Festival travel rush in the Yangtze River Delta is busier today.

From the perspective of regional mobility, compared with the first day in Spring Festival travel rush, the number of passengers in Tianjin-Beijing, Hangzhou-Shanghai, Suzhou-Shanghai and Nanjing-Shanghai increased on January 28th.

Spring Festival travel rush in the Yangtze River Delta is busier. On January 28th, four of the top five busy routes were located in the Yangtze River Delta.

Harbin, Chongqing and Guiyang have become popular alternate ticket destinations.

According to the waiting ticket situation of 12306 data platform, Harbin has become the most popular waiting ticket destination at present. Harbin not only attracts southerners, but also Tianjin, Beijing, Guangzhou and Shenyang have the highest number of waiting tickets to Harbin. In addition, Chongqing and Guiyang are also popular alternate ticket destinations, and tickets from Guangzhou, Shenzhen and Dongguan to Chongqing and Guiyang are also very popular.

Here, we remind you once again that when choosing the standby ticket, increase the number of trains and accept the new trains, and the standby success rate will be higher.

It is estimated that the average mileage of driving across cities in China is about 145 kilometers.

Let’s look at the situation of self-driving travel. According to the forecast data of Gaode map, it is estimated that during the period of Spring Festival travel rush in 2024, the average mileage of driving across the city will be about 145 kilometers, up by about 15% compared with the same period in 2019.

The Yangtze River Delta and Pearl River Delta Chengdu-Chongqing area have a high degree of high-speed congestion.

Judging from the congestion mileage, the Yangtze River Delta and Pearl River Delta regions have a higher degree of high-speed congestion, followed by Chengdu-Chongqing region. The congestion mileage in Beijing-Tianjin-Hebei region is relatively low, and the high-speed congestion mileage in the Yangtze River Delta region and the Pearl River Delta region is about three times that in Beijing-Tianjin-Hebei region.

Guangzhou has the largest number of self-driving vehicles.

So, where do these self-driving cars leave and where will they go? According to the forecast of Baidu map, Guangzhou, Shenzhen, Suzhou, Chengdu, Beijing and Shanghai rank in the top, and Guangzhou ranks far ahead, about twice as much as the second Shenzhen.

Fuyang, Maoming, Shangqiu, Zhoukou, Bozhou and Shangrao have the highest number of net inflow vehicles and become popular destinations for self-driving.

The number of civil aviation passengers will reach a new high, and many airlines will increase their capacity.

According to the forecast, during Spring Festival travel rush this year, the number of passengers transported by civil aviation will reach 80 million, a record high. In order to meet the travel needs of passengers, many airlines have increased their capacity by adding encrypted routes and "small to large" models.

Air China plans to arrange 67,691 flights during its stay in Spring Festival travel rush, with an average of 1,693 flights per day, focusing on visiting relatives and returning home and increasing flights on tourist routes.

In addition, China Eastern Airlines plans to carry out 3,280 passenger flights every day during Spring Festival travel rush, up 42% year-on-year, and replace wide-body aircraft on Hongqiao and Pudong routes to Changchun, Shenyang and Harbin, as well as Haikou and Sanya routes. All its four C919 domestic large aircraft will also fly on the Beijing-Shanghai and Beijing-Chengdu routes.

China Southern Airlines plans to carry out more than 113,000 flights. In addition to the traditional Guangzhou-Shenzhen return routes to Central China, Southwest China and East China, the hot routes also open new routes to Guangzhou, Beijing Daxing, Shanghai, Shenzhen and Wuhan to Changbai Mountain and Ningbo to Harbin to meet the hot demand for ice and snow travel this year. About 800 overtime flights are arranged on the "ice and snow route".

Guangxi Nanning Airport strengthens convenience service to ensure passengers’ smooth travel.

On the one hand, airlines increase capacity investment to meet the needs of passengers. On the other hand, airports around the country are also ready to meet the large passenger flow, and various service measures are introduced to make passengers "walk well". During the period of Spring Festival travel rush, in order to facilitate the vast number of passengers, Guangxi Nanning Wuxu International Airport launched a series of warm-hearted and convenient services to ensure the smooth travel of passengers.

According to the forecast, the first travel peak of Nanning Airport is expected to appear on February 7 and 8, and the return peak is expected to be on the sixth, seventh and sixteenth day of the first month. In order to ensure the smooth travel of passengers, Nanning Airport has launched a series of convenience service measures.

Li Zhihui, Deputy Manager of Passenger Transport Section of Nanning Airport Ground Service Department:For passengers who transfer at Nanning Airport, we also provide hands-free service for cross-airline luggage from domestic to domestic and from domestic to international. At the same time, we can enjoy free accommodation, free light meals, free airport buses, and make an appointment for a sharp turn for qualified transit passengers at Nanning Airport.

In areas such as check-in, security check-in, boarding gate, etc., Nanning Airport is equipped with priority passages. Nanning Airport will also provide corresponding assistance for passengers who are on the first flight, have communication difficulties, children and the elderly, and arrive late.

Henan: During Spring Festival travel rush, it is estimated that over 640 million people will travel to a new high.

Next, let’s take a concrete look at the situation in Spring Festival travel rush, Henan Province. During Spring Festival travel rush in 2024, the number of tourists in Henan Province is expected to exceed 640 million, a record high. All local departments have made concerted efforts in the fields of travel service, traffic guarantee, people’s livelihood guarantee and supply, and continuously improved transportation capacity and optimized service quality to ensure smooth travel in Spring Festival travel rush to the maximum extent.

In 2024, Spring Festival travel rush will be the first Spring Festival travel rush after the completion of the Mi-shaped high-speed railway in Henan. In view of the strong travel demand of Spring Festival travel rush passengers, Zhengzhou Station has added 140 trains to Beijing, Shanghai, Guangzhou, Xi ‘an and Chengdu at night. At the same time, in order to facilitate passengers in the province, 52 trains will be added from the province to Nanyang, Zhoukou, Puyang and Luoyang to meet the travel needs of passengers to the greatest extent.

At the same time, in order to ensure the traffic in Spring Festival travel rush, more than 2,600 buses have been prepared at Zhengzhou bus stations, and 58 customized lines have been opened from Zhengzhou to Henan.

In terms of aviation, during the period of Spring Festival travel rush in Zhengzhou Airport, there were 566 daily passenger flights and 78,000 daily passengers. At present, the airlines have encrypted flights for return flights and popular tourist routes, mainly focusing on the return hot routes from Zhengzhou to Guangzhou, Chengdu and Urumqi, as well as the tourist hot routes from Zhengzhou to Haikou, Dalian, Hainan and Bangkok.

company profile

　　Motorola Inc, formerly known as Galvin Manufacturing Corporation, was founded in 1928. In 1947, it was renamed Motorola, and it has been used as a trademark since 1930s. Headquartered in schaumburg, Illinois, USA, it is located in the suburb of Chicago. One of the top 100 fortune companies in the world, it is a global leader in chip manufacturing and electronic communication. On August 15th, 2011, Google announced that it had signed a final agreement with Motorola Mobility, and it would acquire the latter in cash of $40 per share, with a total price of about $12.5 billion. The transaction has been approved by the boards of directors of the two companies.

product

　　Most of Motorola’s products are related to radio, from the battery rectifier of radio to the world’s first wireless walkie-talkie, defense electronics and mobile phone manufacturing. Another strength of the company is semiconductor technology, including chips used in computers.

　　Motorola is the main supplier of microprocessors used in Apple’s Power Macintosh personal computers. The PowerPC series chips used are jointly developed with IBM, and they have maintained cooperative relations with Apple (the AIM alliance was established). Motorola has another product line of communication products, including satellite systems, digital cable boxes and modems.

　　Motorola has a famous patented voice technology called CrystalTalk.

Development history

　　On October 6th, 2003, Motorola announced that it would partition its semiconductor business into an independent company called Freescale. Freescale shares will be listed on the new york Stock Exchange on July 16th of next year.

　　2008 is the 25th anniversary of Motorola’s launch of the world’s first commercial mobile phone.

　　On September 10th, 2009, US time, Motorola released CLIQ/DEXT, the first Android phone. CLIQ preloaded Motorola’s self-developed MOTOBLUR interface, focusing on online social functions. On November 6th, Motorola and American telecom companies Verizon Wireless and Google jointly released the world’s first Android 2.0 mobile phone -Droid by Motorola. The GSM version of Droid is called Milestone.

　　On February 13th, 2010, Motorola plans to split the company into two parts in the first quarter of 2011, one is Mobile Devices and Home, and the other is enterprise mobility solutions and networks. These two businesses will become independent companies, and the Motorola brand name will be used.

　　On January 4th, 2011, Motorola was officially split into two independent listed companies: Motorola Mobility (NYSE:MMI) and Motorola Solutions (NYSE:MSI).

　　On August 15th, 2011, Google announced the acquisition of Motorola Mobility for $12.5 billion in cash.

China business

　　Motorola entered China in 1987 and first set up an office in Beijing. In 1992, Motorola (China) Electronics Co., Ltd. was registered in Tianjin. At present, its main products are mobile phones, walkie-talkies, wireless communication equipment, automotive electronics, etc. The products are sold to China and other markets in the world.

　　At present, there are 3 wholly-owned enterprises, 1 holding company, 16 R&D centers, 5 joint ventures and 22 branches in Chinese mainland. Sixteen R&D centers are located in Beijing, Tianjin, Shanghai, Nanjing and Chengdu, with about 2,000 R&D personnel, making them one of Motorola’s world-class R&D centers.

　　On July 13th, 2006, Motorola officially opened its first flagship store in Shanghai. On November 14th, Motorola announced the establishment of a wireless broadband China research center in Beijing.

　　2007 is the 20th anniversary of Motorola’s entry into China. In China, Motorola has become a well-known brand and a leader in the mobile communication market in China. 2007 is also the 15th anniversary of Motorola’s investment in Tianjin. On November 9th, Motorola (China) Finance Co., Ltd. was approved by China Banking Regulatory Commission and established in Tianjin Binhai New Area. The registered capital of this company is 100 million yuan, and the main purpose of its establishment is to better meet and promote the needs of Motorola’s business development in China.

　　On November 7, 2008, China Enterprise and many other domestic and foreign institutions in China jointly held the "Growing with China — — The High-level Forum for Multinational Corporations to Commemorate the 30th Anniversary of Reform and Opening-up was held in Beijing, and the forum issued "Glory and Responsibility — — In the 2008 China Contribution List of Multinational Corporations, the top 20 multinational corporations were awarded the "Special Award for the Contribution of Multinational Corporations in China in the Thirty Years of Reform and Opening-up", and Motorola (China) Electronics Co., Ltd. topped the list.

　　In 2011, Google announced the acquisition of Motorola’s communication business, but retained its brand.

On July 5th, Xizang Autonomous Region Investment Promotion Conference was held in Chengdu. At the promotion meeting, 7 cities and some counties in Xizang Autonomous Region introduced the project and signed contracts with 23 enterprises.

It is reported that the promotion conference signed 23 projects with a total investment of 8.38 billion yuan, mainly involving cultural tourism, clean energy, green industry, modern service industry, agriculture and animal husbandry with plateau characteristics and other fields, including cold-resistant green new building materials projects, Lhasa Health Science and Technology Service Industrial Park projects, Linzhi Yida Biotechnology Industrial Park projects, Bangor County Bendor hot spring water development projects and other projects.

▲ Potala Palace in Lhasa

Chen Yongqi, deputy secretary of Xizang Autonomous Region Party Committee and executive vice chairman, said at the promotion meeting that Tibet has many development conditions and comparative advantages after years of development.

First of all, the infrastructure is improving day by day. Following the opening of the Qinghai-Tibet Railway, the Fuxing motor train galloped on the snowy plateau last year, and the whole line of sichuan-tibet railway started construction, with a mileage of more than 120,000 kilometers. The expressway from Lhasa to major cities was completed and will be completed soon. Five transportation airports and three airports under construction have been built, and two were put into operation during the year, with 150 international and domestic routes and 68 navigable cities. A comprehensive three-dimensional transportation network extending in all directions is taking shape. The pace of electric energy development has been accelerating. The Qinghai-Tibet and Sichuan-Tibet power interconnection projects have been completed and put into operation. Tibet has been connected to the national power grid, and 74 counties and districts have achieved full coverage of the main power grid. Groups of power points are being accelerated, and energy advantages are gradually emerging. The functional layout of the park carrier was continuously optimized. Based on the advantages of natural endowment and development orientation, 16 industrial parks of all levels and types have been built in the whole region, providing an important platform for resource elements gathering and economic development.

At the same time, the advantages of characteristic resources are obvious. The exploitable amount of clean energy in Tibet exceeds 1 billion kilowatts, including 177 million kilowatts of hydropower, with an average annual sunshine duration of more than 3,000 hours, 700 million kilowatts of solar energy, 180 million kilowatts of wind energy, geothermal energy of more than 1 million kilowatts, and pumped storage capacity of about 74 million kilowatts, among which the exploitable amount of water, light and heat energy is the highest in China, and the overall development is less than 1% at present. Tibet has a long history of culture, including not only the Potala Palace, Jokhang Temple and other world cultural heritages, but also unique natural scenery such as blue sky and white clouds, green mountains, glaciers and snow. It is a tourist attraction with scenic spots all over the world and scenery all year round. Tibet’s agricultural and pastoral products are not only of high quality, green and natural, but also some varieties have considerable scale advantages. For example, the output of highland barley accounts for more than 60% in the country, the forest land area is nearly 18 million hectares, the grassland area is 1.2 billion mu, and there are more than 9,600 kinds of wild plants. Cordyceps sinensis, wild Ganoderma lucidum, Tricholoma matsutake, Gastrodia elata and Tibetan fragrant pigs are well-known at home and abroad. More than 100 kinds of minerals and more than 300 mineral sites have been discovered in Tibet, of which copper mines account for more than 60% of the country’s reserves, ranking first in the country, and salt lake lithium mines rank second in the country.

In addition, Xizang Autonomous Region is making great efforts to create a business environment with "the least approval items, the shortest approval time, the best approval process and the best approval service".

Red Star journalist Peng Jing

　　On June 30th, the theme activity of "Aiwei New Journey to Healthy China" was held in Zhangjiagang City, Suzhou City, Jiangsu Province. Relevant responsible government comrades, experts and scholars, industry representatives, and healthy cell representatives from many provinces and cities shared typical experiences in building healthy cells and healthy cities by participating in round-table dialogues, theme sharing, field visits and other activities, displayed the achievements of the patriotic health campaign and the Healthy China campaign in the new era, and widely mobilized the whole society to participate in the patriotic health campaign.

　　Mao Qunan, deputy director of the National Aiwei Office and director of the Department of Planning, Development and Informatization of the National Health and Wellness Commission, said in his speech that in the future, efforts should be made to promote the construction of healthy cells from two dimensions. First, in terms of "breadth", we should encourage the expansion of the coverage of healthy cells and emerge more healthy cell models. We should continue to create a healthy atmosphere, strengthen the sense of responsibility, unite social efforts, and innovate incentive mechanisms to promote the construction of healthy cells to a wider extent. The second is to grasp the pain and difficulty of healthy cell construction in depth, and enrich the connotation of healthy cell construction based on the whole population and the whole life cycle. It is necessary to continuously improve health services to achieve fairness, accessibility and effectiveness; We should continue to improve health security, and improve the medical security system by improving the universal medical insurance system, improving the medical insurance management service system and actively developing commercial health insurance in accordance with the "Healthy China 2030" Planning Outline; It is a useful exploration to be brave in innovating management tools, such as whether health insurance can help health management and promote healthy cells and healthy city construction through health management.

　　Over the years, all parts of the country have worked hard to create a new model of healthy cell construction with innovative ideas and local characteristics. In this theme activity, Nanyang City, Henan Province, Baoji City, Shaanxi Province, and Chengdu City, Sichuan Province, as representatives of typical cities, shared the new features of urban construction in various places.

　　Zhou Hua, vice president and secretary general of China Health Management Association, analyzed the necessity and path of building a multi-level social health security system and promoting life-cycle health management from the perspective of health management.

The picture shows the roundtable forum at the event site.

　　In the round-table forum, relevant experts and industry representatives expressed their opinions and suggestions on how to improve the full-cycle health management service capacity of medical institutions at all levels, how to help public hospitals develop with high quality by building a multi-level health security system, how to further improve enterprise occupational health management services and digital platform construction, and how to give full play to the advantages of health insurance system and help the construction of social health security system.

　　At the activity site, a management tool for healthy cell construction — — The launching ceremony of "Health Insurance Helps the Construction of Social Health Security System" and the launching ceremony of the theme promotion activity of "Aiwei New Journey to Healthy China".

　　In addition, multiple theme promotion activities are started simultaneously. On the same day, the Suzhou Citizens’ Health Convention Orienteering Competition was held in Huangsipu Ecological Park in Zhangjiagang City, and the "Report on the Health Literacy Level of Zhangjiagang City Residents in 2022" was released before the competition. The per capita health literacy level of Zhangjiagang City in 2022 reached 41.34%, a record high.

　　As the organizer of this theme activity, Zhangjiagang City is the first batch of national health cities in Jiangsu Province, which has achieved "ten consecutive championships" as a national health city and "six consecutive championships" as a national civilized city, and was awarded as a national model city for healthy city construction. Suzhou will be the first national health city group in China in 2020. In the course of the development of patriotic health movement in Jiangsu Province, Suzhou City and Zhangjiagang City have written a colorful chapter. It is understood that all districts, cities and county-level cities in Jiangsu Province have been built into national health cities, and the number of model cities selected for national health city construction has ranked first in the country for three consecutive years. Zhou Minghao, director of Jiangsu Aiwei Office and deputy director of the Provincial Health and Wellness Committee, said that the theme activity is not only to look back on the glorious years and struggle course of the patriotic health campaign, but also to show the great achievements made by generations of patriotic health workers, and to show that the patriotic health campaign in Jiangsu Province has reached a new starting point and started a new journey.

    On April 18th, Huawei Pura 70 series new mobile phones were put on sale, and the online mall was sold out in one minute. The reporter saw in Huawei’s offline stores that there were long queues of experience and purchase customers.

    This new machine is made of Xuanwu toughened Kunlun glass, equipped with new HarmonyOS 4.2, and equipped with dual satellite communication of Beidou satellite and Tiantong satellite, which supports sending picture messages. It can capture the ultra-high-speed motion moment of 300 km/h, the ultra-high-speed wind and flash, and the high-speed rail can be clearly photographed.

    Reporter: Bai Yu, Li Sijia

    Produced by Audio and Video Department of Xinhua News Agency

Global information group new culture business

Organize | Global Information Section

Edit | Wen Lele

A quick look at information

1.AcFun’s wholly-owned subsidiary, Cyrus Dynamics Industrial and Commercial Change, is wholly-owned by Aauto Quicker.

2. Yusheng Culture, the first stock of China Variety, was cold on the first day of listing, down 115% from the issue price.

3. The game MCN Elephant Entertainment and Goose Culture announced the merger, with Tencent, Betta, Huya and Shanda as important shareholders.

4.Soul’s operating partner was arrested for deliberately spreading harmful violation information on the opponent’s APP.

5. All six Disney parks in the world are closed.

6.Apple Music won a new contract with the record company

7. Disney announced the global withdrawal of the live-action movie Mulan.

8.Youtube announced that it will support the realization of Covid-19 video advertisements.

9.NBA Development Alliance announced that it would suspend the game indefinitely.

Domestic information

1.AcFun’s wholly-owned subsidiary, Cyrus Dynamics Industrial and Commercial Change, is wholly-owned by Aauto Quicker.

According to the equity data of Tianyancha, Beijing Serisi Culture Communication Co., Ltd. has undergone industrial and commercial changes today. Guangzhou Barrage Network Technology Co., Ltd., the operating entity of Acfun, its major shareholder, withdrew, and Beijing Aauto Quicker Technology Co., Ltd., the operating entity of Aauto Quicker, a newly added shareholder, wholly held its shares. Established in September 2013, Beijing Seri Sidong Culture Communication Co., Ltd. has a registered capital of about 20.19 million RMB, and its legal representative is Jia Hongyi. Its business scope includes technology development, technical services and application software services. The company was founded by Sun Min, former CEO of Acfun.

2. Yusheng Culture, the first stock of China Variety, was cold on the first day of listing, down 115% from the issue price.

Yusheng Culture, which led Canxing Culture to become "the first variety in China", was listed on the Hong Kong Stock Exchange today at a price of HK$ 2.26 per share. As of press time, the share price was reported at HK$ 2.00, down 1150% from the issue price, with a total market value of HK$ 3.2 billion. Yusheng Culture was established in Beijing in 2014. Its main business includes research and development, marketing, production and distribution of video content (such as variety shows and series) for media platforms. The programs launched include Who’s Your Dish, Super Premiere, Home Chef, Hello! Interviewer, etc.

3. The game MCN Elephant Entertainment and Goose Culture announced the merger, with Tencent, Betta, Huya and Shanda as important shareholders.

On March 13th, 2020, China’s two major games MCN Shenzhen Xiaoxiang Mutual Entertainment Culture and Entertainment Co., Ltd. and Shanghai Goose Culture Communication Co., Ltd. officially announced the merger. According to the merger agreement, Elephant Mutual Entertainment and Goose Culture will set up a brand-new company "Shenzhen Elephant Goose Culture Co., Ltd.", and Dou Yuxi, the founder of Elephant Mutual Entertainment, will be the CEO of the new company. Previously, the valuations of the two companies reached 1 billion yuan, and they successively introduced important shareholders such as Tencent, Betta, Huya and Shanda.

4. Netease Cloud Music has reached a copyright cooperation with Jili Studio.

Netease Cloud Music announced that it has reached a copyright cooperation with the studio of Ji Lili, and obtained the full authorization of its animation music, including My Neighbor Totoro’s "Spirited Away", Hal’s Moving Castle, Ponyo On The Cliff by The Sea and other well-known popular animation music works.

5.Soul’s operating partner was arrested for deliberately spreading harmful violation information on the opponent’s APP.

Due to deliberately spreading harmful and illegal information on the competitor’s APP, the "set up bureau" made a malicious report, which led to the other party’s APP being taken off the shelf for three months, causing the growth of the victim company to almost stagnate and the business to be seriously endangered. Soul’s partner Li was arrested by the Putuo District People’s Procuratorate for allegedly damaging business reputation and commodity reputation.

Foreign information

1. All six Disney parks in the world are closed.

On March 13th, affected by the COVID-19 epidemic, Disney announced the temporary closure of Orlando Disneyland and Paris Disneyland. The reporter logged into official website of Paris Disneyland and found that official website’s homepage indicated that the park would be temporarily closed until April 15th. So far, all six Disney parks in the world have been closed.

2.Apple Music won a new contract with the record company.

According to macrumors, Apple Music has obtained new contracts from major record companies including Universal Music, Sony Music and Warner Music. Earlier, Apple had a preliminary discussion with record companies on whether to launch a "media content bundle package" for Apple Music and Apple TV+. If the agreement is reached, users will be able to subscribe to Apple Music and Apple TV+ services at a lower price. However, this contract does not bind the terms of Apple TV+.

3. Disney announced the global withdrawal of the live-action movie Mulan.

Mulan was originally scheduled to be released in many places around the world from March 26th, including North America and Britain on March 27th, but now it has been withdrawn. Director Nikki Carroll said: "Making this film is the most satisfying and exciting experience of my career, and we are excited to share it with the world. But considering the changing situation today, unfortunately, we have to postpone the release of "Hua Benlan" in the world. " There is no new schedule for the film. deadline sources said that Disney plans to let Mulan be shown in many places around the world this year.

4.Youtube announced that it will support the realization of Covid-19 video advertisements.

Youtube is reassessing its policy to help creators of videos related to the Covid-19 outbreak realize their advertising. Susan Wojcicki, CEO of YouTube, sent an email to video creators on Wednesday to discuss the coverage of Covid-19. Wojcicki said: "In the next few days, we will activate the advertising service for discussing Covid-19’s content on specific channels. These channels include verified creators and a series of news partners. We are preparing our policies and implementation processes to expand our liquidity to more creators and news organizations in the next few weeks. "

5. American actor Tom Hanks and his wife confirmed that they were infected with Covid-19.

On the evening of 11th local time in the United States, actor Tom Hanks, who was in Australia, confirmed on social networking sites that he and his wife had been tested positive for COVID-19 after suffering from fatigue, body aches and low fever caused by similar colds. Tom Hanks himself said that he would follow the doctor’s advice and update the situation in time.

6.NBA Development Alliance announced that it would suspend the game indefinitely.

The development alliance officially issued an indefinite suspension statement. This statement was issued after the NBA announced the suspension, and it developed.

The league and NBA not only share two-way players, but also share some facilities.

End

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Original title: "Global Information | Disney’s six global parks are all closed"

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At 9: 31 today (October 29th), TV director Ha Wen posted on his Sina Weibo: "In the United States, after 17 months of anti-cancer treatment, at 5: 20 am on October 25th, 2018, I lost my love forever …" After that, the news of her husband Li Yong’s death began to attract the attention of the whole network. In just a few hours, on Sina Weibo, # Li Yong died # and # Li Yong died. Although there is no official news about the cancer of the famous host, the topic "What Cancer in Li Yong" has been read by 220 million people. Some netizens broke the news on the Weibo that Li Yong had laryngeal cancer and was treated in the world’s top cancer treatment center clinic. Whether this news is true or not, next, I want to count the seven deadly cancers with you. ……

1. Lung cancer: killing the host Zhang Peizhi.

According to the Morning News, at 0: 33 a.m. on May 29, 2011, Zhang Pei, a famous Shanghai radio host, died of lung cancer. Zhang Pei, formerly known as Cha Beili, was born on March 6, 1956. She is a senior program host, chief announcer and vice president of the National Association of Hosts of Shanghai Oriental Radio Station. It is reported that Zhang Pei was diagnosed with lung cancer six months ago because of bone pain.

It is reported that the incidence of lung cancer has increased significantly in many countries in the past 50 years, and lung cancer has ranked first among male cancer patients. A large number of data show that long-term heavy smoking of cigarettes is an important pathogenic factor of lung cancer.

2. Rectal cancer: killing the host Xiao Xiaolin.

According to Guangzhou Daily Dayang.com, on the evening of July 12, 2017, Xiao Xiaolin, the host and producer of CCTV, died of rectal cancer recently while being treated in the United States. She once hosted columns such as Half the Sky, Focus Interview and legal report.

According to the tumor registration report in Shanghai, the incidence of colorectal cancer has increased from 12/100,000 in the early 1970s to 56/100,000 at present, with an annual growth rate of about 4.2%, far exceeding the international level of 2%, ranking second among all kinds of malignant tumors, only next to lung cancer.

3. Liver cancer: take away the life of the host Su Bin!

According to Huaxi Dushi Bao, on June 22nd, 2015, Su Bin, a well-known sports presenter of Chengdu TV Station, died at the age of 55 because of the late treatment of liver cancer. He has hosted such programs as Sports Expo, High-level Sports, Wonderful Sports Highlights and Sports Time and Space.

According to some data, liver cancer is one of the common malignant tumors in China, with a high mortality rate, which is second only to stomach and esophagus, and second only to gastric cancer in some rural areas. About 110,000 people die of liver cancer every year in China, accounting for 45% of the world’s liver cancer deaths.

4. Gastric cancer: Take away the life of the host Fang Jing!

Fang Jing, a former hostess of CCTV, died in Taiwan Province on November 18th, 2015, Beijing Youth Daily reported. Liu Chun, a former colleague of Fang Jing, released Weibo’s statement that Fang Jing died of gastric cancer and liver cancer. According to the news, Fang Jing was born in 1971, and has served as the host of Oriental Time and Space, Focus Interview and other columns.

Gastric cancer is one of the common malignant tumors in China, and its incidence ranks first among all kinds of tumors. Every year, about 170,000 people die of gastric cancer, almost a quarter of all malignant tumor deaths, and more than 20,000 new gastric cancer patients are born every year.

5. Breast cancer: take away the life of the host Wang Huan!

According to Chengde Evening News, at 18: 58 on July 3rd, 2013, Huan Wang, the 43-year-old director and host of CCTV movie channel "Program Preview" and host of "Next Week Movie", died of breast cancer recurrence at the age of 42.

According to statistics, the incidence of breast cancer accounts for 7-10% of all kinds of malignant tumors in the whole body, and only about 1-2% of breast patients are men. Malignant tumor that usually occurs in glandular epithelial tissue of breast. Breast cancer is also possible in men, but it is very rare.

6. Lymphoma: Kill the host Luo Jing!

According to People’s Daily, Luo Jing, the host of CCTV News Network, was diagnosed with lymphoma in July 2008. Lymphoma spread and died at 6: 40 am on June 5, 2009 at the age of 48.

According to the data, lymphoma is a malignant tumor originating from the lymphohematopoietic system, mainly characterized by painless lymphadenopathy, hepatosplenomegaly, and all tissues and organs of the whole body can be involved, accompanied by fever, night sweats, emaciation, itching and other systemic symptoms.

7. Laryngeal cancer: Take away the life of the host Li Yong?

According to Phoenix.com, on December 24th, 2015, Zou Shaoguan, an artist who had performed such works as Young and Dangerous 6, I Want to Depend on You, Chasing the Wind and Growing Up, died of throat cancer in Taipei. According to Taiwan Province media, artist Zou Shaoguan is the only son of actresses Tai-Feng Hsia and Zou Sen. Shortly after the news of his death, people in Wang Zhonglei, wei li, Lan Yan and other circles sent letters of mourning.

China Broadcasting Hosting Network posted on its certified official Weibo that Li Yong also had laryngeal cancer and went to the Mayo Clinic, the world’s top cancer treatment center, but it still didn’t come back!

The author learned from professionals that laryngeal leukoplakia is a precancerous lesion of laryngeal cancer, which is a poor keratinization of vocal cord mucosa epithelium and a white plaque appearing on the mucosa. It is a pathological change caused by upper respiratory tract infection, smoking, harmful gas stimulation and excessive use of sound, which is closely related to the formation of laryngeal cancer and must be actively prevented and treated. There are also laryngeal keratosis, chronic hypertrophic laryngitis, papilloma, etc., which should be closely observed and actively prevented. Actors, hosts, teachers, speakers and other people who use their throats more should pay more attention to whether there are lesions in their throats.

Text finishing | There are often talents

Urban public space has played an irreplaceable multi-function in urban life since its birth, and it is an important place to prosper urban life, highlight urban connotation and reshape urban integrity. At present, China’s urban development has entered an important period from "with or without" to "with or without". Urban public space is one of the most valuable resources to be developed in the city. Revitalizing the existing public space as a carrier to create a green, livable, convenient, inclusive and shared urban life community is not only closely related to the construction and governance of urban space, but also closely related to people’s happy life.

Taking urban renewal as the guide to realize quality improvement and efficiency improvement of public space

During the 14th Five-Year Plan period, China’s urban development has entered an important period of urban renewal. An important feature of urban renewal is to change the development mode of large-scale urban construction in the past, and turn to pay equal attention to stock upgrading and incremental structural adjustment. In the process of urban renewal, it is particularly important to respect the law of urban development and develop the value of urban public space resources. From the perspective of local practice, there are mainly three ways.

● Activate old factories or transform old blocks.

By activating old factories or transforming old blocks, the functional quality and humanistic connotation will be promoted and rejuvenated.

At present, it has become a major trend to turn old workshops into art spaces, transform abandoned industrial parks into theme parks, and update old houses and streets into cultural blocks in the center of the city.

For example, in 2021, beijing municipal commission of development and reform approved three typical demonstration projects, namely, the demonstration base of hard science and technology industry in the city sub-center, the permanent meeting place of Beijing International Design Week in Zhangjiawan design town, and the sci-fi industrial cluster in Shougang, which supported the development of high-tech industries. At the same time, it also started important life service street renovation projects, such as Baitasi block, and reconstructed the streetscape of the old city through hardware infrastructure renovation and business upgrading.

● Strengthen green ecological restoration and return to landscape cities.

By transforming the space around the lake and the river, we can return the river to the people, the lake to the people, the shore to the people, and the scenery to the people.

For example, the public spaces on both sides of the Huangpu River in Shanghai have been upgraded and improved, and efforts have been made to create charming waterfront spaces that can be walked, read and have temperature; The plan of "Two Rivers and Four Shores" in Wuhan proposes to connect the coastline, integrate the dock facilities and leave more coastal space for the citizens. The public space upgrading project on the left bank of Yongding River in Beijing uses the waterfront space resources of Yongding River, integrates water conservancy culture, Shougang industrial culture, Fengsha railway culture, Olympic culture, etc., builds an open exhibition corridor, and creates a new bright spot in the Yongding River cultural belt in Xishan.

● Open the unit courtyard and build a complete green public space system.

Through "seamless connection" between courtyard greening and urban greening, we will further fill the shortcomings of infrastructure, create an open block, and realize returning green to the people and sharing facilities.

Since 2015, Changsha, Suqian, Zhengzhou, Quzhou, Taizhou and other places have successively launched the action of opening the unit courtyard. Through high-level overall planning and systematic planning, the greening roads and facilities in the unit courtyard have been made public, and a public park green space system with activity space and service function has been created.

The above three ways are to fully develop and utilize the functions of urban public space through upgrading and transformation, to promote the realization of green, livable, open, inclusive and shared high-quality living environment, to give residents more space for fitness, leisure and public communication, and to make people’s life in the city more convenient, comfortable and better. This is the basic essence of urban renewal, and it is also the inevitable follow for the high-quality development of urban human settlements.

Building a public space governance system with urban governance as the starting point

In essence, urban renewal is no longer a simple process of urban construction, but a process of urban governance, which involves the whole cycle of urban planning, construction, management, operation and service. At present, China has entered a new stage of high-quality development, and it has also reached an important juncture in the transformation from urban management to urban governance. From the perspective of local practice, it is mainly reflected in three aspects.

● Give full play to the main role of the government in the renovation and governance of urban public space.

On the one hand, strengthen the important role of the government in top-level design, and ensure that all policies and plans can be fully and effectively implemented through the government’s coercive power, overall planning and organizational support; On the other hand, we should give play to the important functions of government system integration, supervision and assessment, and ensure the overall and systematic progress of all work.

For example, some cities regard the urban public space governance project as a popular project of the government, which is included in the key content of doing practical things for the masses, and incorporated into the relevant assessment scope of civilized city construction, garden city construction and urban comprehensive management evaluation to be restrained and standardized to ensure the smooth implementation of the project.

● Build a collaborative governance platform with multiple participation.

The renovation and governance of urban public space needs to pay more attention to the relationship between governance subjects. By building a collaborative governance platform with multiple participation, the division of responsibilities of multiple subjects is refined, and corresponding standards and incentives are introduced to realize the marketization and socialization path of urban public space management, service and operation.

Taking the "property city" in Hengqin New District of Zhuhai as an example, the government has outsourced the whole urban public services through the "property city", and the general operator of urban public services has built a platform through the Urban Governance Committee, which has become an important bridge connecting the government, the market and the society. At the same time, it has also provided the whole process management, service and operation for urban public space, public resources and public projects, built a professional platform for urban governance, and built a clear responsibility, partnership and symbiosis.

● Explore a standardized, normalized, scientific and intelligent governance mechanism for urban public space renewal.

The difference between governance and management reflects system governance, legal governance, source governance and comprehensive policy. In the process of exploring urban public space governance, all localities also improve the efficiency of urban system linkage and overall operation by reshaping urban governance structure, optimizing urban governance process and promoting urban governance technology innovation.

For example, Beijing’s transition from "whistling in the streets and towns, reporting to departments" to "handling complaints immediately" and the current active governance is not only a process of changing governance concepts and diversifying governance subjects, but also reflects the upgrading of governance methods and means, focusing on scientific, intelligent and refined efforts.

At present, the construction of new urban infrastructure promoted by various places aims to build an important tool and platform for urban governance through the application of digital, intelligent and networked technologies, and also provide important technical support for ensuring the safe and orderly operation of public spaces and accurate and efficient services.

From the above three aspects, changes in governance concepts, governance systems and governance methods can reshape the environmental order of urban public spaces, make the renovation and governance of urban public spaces more in line with the laws of urban development and people’s needs for a better life, and truly reflect the systematic thinking of urban governance and the value concept of organic life.

Promoting the Co-construction and Sharing of Public Space Based on Co-creation

Urban public space is an important carrier of the close relationship between man and nature, the main place for residents to carry out social communication, and also an important place to build a beautiful environment and a happy life in the city.

Driven by the current concept of urban development, the co-creation of a beautiful environment and a happy life has become an important model and an important follow-up to promote residents’ participation in building a beautiful living environment, which can further promote the co-construction and sharing of urban public spaces. From the perspective of local practice, it can be summarized into three forms.

● Participate in the design and construction of public space.

Community is a place where residents live for a long time, and the affairs of the community are closely related to the residents. The renewal and transformation of communities should guide residents to take the initiative to participate.

For example, many "Participatory Design Workshops" were held in Beijing Changying Small Green Space Renewal Project, and residents were invited to participate in the garden design. Under the guidance of designers, residents expressed their demand for space and suggestions and opinions on the preliminary scheme through group discussion. After the scheme integration, the functional design of "Rose Fairy Tale Garden" was finally determined, and many residents participated in it from the start of the garden to the construction, through painting bottles, paving turf, building flower ponds and building together.

● Build the environmental order of public space together.

On the one hand, in the process of community renewal and transformation, the way of mobilizing residents to contribute money, materials, efforts and methods can change residents’ attitude towards maintaining public environment and order to a certain extent, and promote residents to cherish the fruits of hard work and continuously maintain a beautiful community environment; On the other hand, under the background of community governance led by Party building, we should give full play to the political mobilization and organizational co-ordination of grass-roots party organizations, and jointly promote the maintenance of environmental order in the neighborhood by building a party building alliance of all units in the street. At the same time, community party member double registration, community volunteer activities and social organization participation have also played an important role in guiding garbage sorting and promoting the creation of green communities.

Remodeling the public spirit of urban public space

The essence of urban public space is not the architectural form or landscape style it shows, but the rich and even different urban life it contains. It is this rich and diverse life style that inspires the vitality of public space and reshapes the social structure of public space.

For example, in the scene of community co-governance, Chengdu strengthens residents’ awareness of participation, promotes communication and builds an "acquaintance community" by taking interest activation as the guide and various community activities as the carrier. On this basis, it inspires residents to pay attention to and participate in public affairs independently, and gradually realizes the transformation from "acquaintance community" to "well-ordered community".

The above three forms are all based on urban public space, and more residents are encouraged to participate in the co-construction, co-governance and sharing of public space through organizational participation, party building guidance and scene creation, so as to reshape public spirit and social order.

The author is the National Mayor Training College (Cadre College of the Ministry of Housing and Urban-Rural Development)

　　Editor’s Note of China Economic NetShenzhen Jiangbolong Electronics Co., Ltd. (hereinafter referred to as "Jiangbolong") will hold its initial meeting on December 16, 2021. The company plans to list on the Growth Enterprise Market of Shenzhen Stock Exchange this time, and the number of public offerings will not be less than 10% of the total share capital of the company after the issuance, and it will not exceed 42 million shares. The sponsor and lead underwriter are CITIC Jiantou Securities Co., Ltd. and the joint lead underwriter is HSBC Qianhai Securities Co., Ltd. Jiang Bolong plans to raise 1.50 billion yuan this time, of which 700 million yuan will be used for the second phase construction project of Jiang Bolong Zhongshan Storage Industrial Park, 350 million yuan will be used for enterprise-level and industrial-level storage research and development projects, and 450 million yuan will be used to supplement working capital.　

　　From 2018 to January-June, 2021, Jiangbolong’s operating income was 4.228 billion yuan, 5.721 billion yuan, 7.276 billion yuan and 5.302 billion yuan respectively, of which the main business income was 4.228 billion yuan, 5.721 billion yuan, 7.276 billion yuan and 5.301 billion yuan respectively.　

　　From 2018 to January-June, 2021, Jiang Bolong received cash of 4.135 billion yuan, 5.874 billion yuan, 7.539 billion yuan and 5.338 billion yuan, respectively.　

　　From 2018 to January-June, 2021, Jiangbolong’s net profit was-58,436,900 yuan, 127 million yuan, 276 million yuan and 680 million yuan respectively, of which the net profit attributable to the owners of the parent company was-56,539,700 yuan, 128 million yuan, 276 million yuan and 680 million yuan respectively.　

　　From January to June of 2018 to 2021, the net cash flow generated by Jiangbolong’s operating activities was-212 million yuan,-173 million yuan, 424 million yuan and-971 million yuan respectively.　

　　From January to September 2021, Jiangbolong’s operating income was 7.679 billion yuan, a year-on-year increase of 67.45%; The net profit was 948 million yuan, a year-on-year increase of 3997.91%; The net profit attributable to shareholders of the parent company was 948 million yuan, a year-on-year increase of 3997.91%; The net profit of returning to the mother after deduction was 871 million yuan, a year-on-year increase of 475.74%; The net cash flow from operating activities was-838 million yuan, compared with-2,645,900 yuan in the same period of last year, with a change ratio of-31,562.27%.　

　　Jiang Bolong estimates that the operating income in 2021 will be 9.600 billion yuan to 10.140 billion yuan, an increase of 31.94% to 39.36% compared with 2020; The net profit attributable to shareholders of the parent company is 960 million yuan to 1.035 billion yuan, an increase of 247.53% to 274.68% compared with 2020; After deducting non-recurring gains and losses, the net profit attributable to shareholders of the parent company is 883 million yuan to 958 million yuan, an increase of 186.80% to 21.116% compared with 2020.　

　　From 2018 to January-June 2021, the total assets of Jiangbolong were 2.751 billion yuan, 4.033 billion yuan, 5.055 billion yuan and 5.673 billion yuan respectively; The total liabilities were 706 million yuan, 924 million yuan, 1.592 billion yuan and 1.603 billion yuan respectively.　

　　After review, from January to September 2021, the total assets of Jiangbolong were 6.091 billion yuan, an increase of 20.50% over the end of last year; Total liabilities were 1.751 billion yuan, up 9.98% from the end of last year.　

　　From 2018 to January-June 2021, the current ratio of Jiangbolong was 3.60 times, 3.95 times, 2.76 times and 3.06 times respectively, the quick ratio was 1.54 times, 1.87 times, 1.32 times and 0.86 times respectively, and the asset-liability ratio (parent company) was 5.30%, 9.19% and 0.86 times respectively.　

　　From 2018 to January-June 2021, the average asset-liability ratio of comparable listed companies in the same industry was 56.77%, 54.01%, 51.65% and 54.49% respectively. Among them, Smart Global’s asset-liability ratio is 72.19%, 61.16%, 64.14% and 76.66%, Weigang’s asset-liability ratio is 66.34%, 66.89%, 65.80% and 63.09%, and the pirate ship’s asset-liability ratio is 79.94%, 79.54% and 66.　

　　From January to June of 2018 to 2021, Jiangbolong’s monetary funds were 531 million yuan, 1.198 billion yuan, 1.585 billion yuan and 603 million yuan respectively, accounting for 22.83%, 34.47%, 36.86% and 12.76% of current assets respectively.　

　　From 2018 to January-June, 2021, the deposits in Jiangbolong Bank were 531 million yuan, 1.198 billion yuan, 1.585 billion yuan and 603 million yuan respectively, accounting for 99.98%, 99.99%, 100.00% and 99.99% of the monetary funds respectively.　

　　From 2018 to January-June 2021, the book value of Jiangbolong’s accounts receivable was 407 million yuan, 409 million yuan, 385 million yuan and 610 million yuan respectively, accounting for 17.50%, 11.77%, 8.96% and 12.93% of current assets respectively.　

　　From 2018 to January-June, 2021, the balance of accounts receivable of Jiangbolong was 408 million yuan, 410 million yuan, 386 million yuan and 611 million yuan respectively, of which the balance of accounts receivable within three months was 397 million yuan, 405 million yuan, 353 million yuan and 611 million yuan respectively.　

　　From 2018 to January-June, 2021, the amounts paid back by Jiang Bolong after the accounts receivable period were 408 million yuan, 409 million yuan, 386 million yuan and 537 million yuan, respectively, and the proportions of the paid back after the period were 99.87%, 99.90%, 100.00% and 87.88%.　

　　From 2018 to January-June 2021, the turnover rate of accounts receivable of Jiangbolong was 13.83 times, 14.02 times, 18.33 times and 21.30 times respectively, and the average of comparable companies in the same industry was 7.79 times, 7.11 times, 7.39 times and 7.59 times respectively.　

　　From 2018 to January-June, 2021, the accounts receivable turnover of Smart Global, a comparable company in the same industry, was 6.13 times, 5.33 times, 5.18 times and 5.61 times respectively, the accounts receivable turnover of Weigang was 9.75 times, 8.91 times, 9.66 times and 8.53 times respectively, and the accounts receivable turnover of pirate ships was 7.68 times and 6.76 times respectively.　

　　From 2018 to January-June 2021, the book value of Jiangbolong’s inventory was 1.333 billion yuan, 1.825 billion yuan, 2.246 billion yuan and 3.393 billion yuan respectively, accounting for 57.26%, 52.53%, 52.24% and 71.84% of current assets.　

　　From 2018 to January-June 2021, the inventory balance of Jiangbolong was 1.391 billion yuan, 1.852 billion yuan, 2.267 billion yuan and 3.457 billion yuan respectively, and the inventory depreciation reserve was 58.156 million yuan, 27.0826 million yuan, 21.3206 million yuan and 64.1743 million yuan respectively.　

　　Jiang Bolong said that the company’s ending inventory is relatively large, and may further increase with the expansion of the company’s operating scale.　

　　From 2018 to January-June 2021, the inventory turnover rate of Jiangbolong was 3.04 times, 3.23 times, 3.15 times and 2.95 times respectively, and the average of comparable companies in the same industry was 5.21 times, 5.31 times, 5.25 times and 4.23 times respectively.　

　　From 2018 to January-June, 2021, the inventory turnover of Smart Global, a comparable company in the same industry, was 5.72 times, 5.73 times, 6.43 times and 4.97 times respectively, the inventory turnover of Weigang was 6.13 times, 5.71 times, 4.60 times and 3.50 times respectively, and the inventory turnover of pirate ships was 5.64 times, 5.82 times and 5.50 times respectively.　

　　From 2018 to January-June, 2021, Jiang Bolong’s short-term loans were 271 million yuan, 350 million yuan, 414 million yuan and 574 million yuan respectively, accounting for 41.82%, 39.72%, 26.57% and 37.15% of current liabilities respectively.　

　　From 2018 to January-June, 2021, the comprehensive gross profit margin of Jiangbolong was 7.62%, 10.71%, 11.96% and 21.59% respectively, and the gross profit margin showed an overall upward trend.　

　　From 2018 to January-June, 2021, the average gross profit margins of comparable companies in the same industry were 15.17%, 17.42%, 19.05% and 21.54% respectively. Among them, the gross profit margins of Smart Global are 22.62%, 19.60%, 19.28% and 18.44% respectively, while those of Weigang are 6.05%, 11.07%, 14.82% and 18.60% respectively, and those of pirate ships are 11.95%, 16.14% and 20.53 respectively.　

　　According to Jiangbolong’s product categories, the gross profit margin of embedded storage is 6.41%, 14.21%, 10.84% and 24.63%, the gross profit margin of solid-state disk is 4.60%, 5.27%, 9.75% and 15.33%, and the gross profit margin of mobile storage is 10.16%, 10.34% and 18.33% respectively.　

　　From 2018 to January-June, 2021, the sales amount of Jiangbolong to the top five customers was 929 million yuan, 1.803 billion yuan, 2.510 billion yuan and 1.789 billion yuan respectively, accounting for 21.98%, 31.51%, 34.49% and 33.74% of the total sales respectively.　

　　It is worth noting that in 2018, the largest customer of Jiangbolong was the listed company Weir, and the sales amount of Jiangbolong to Weir in that year was 315 million yuan. By 2019, Weir was ranked as the fourth largest customer of Jiangbolong, and the sales amount of Jiangbolong to Weir in that year was 236 million yuan. From January to June in 2020 and 2021, Weir withdrew from the list of the top five customers of Jiangbolong.　

　　From 2018 to January-June, 2021, the purchase amount of Jiangbolong from the top five suppliers was 2.861 billion yuan, 3.962 billion yuan, 4.980 billion yuan and 3.879 billion yuan respectively, accounting for 73.41%, 70.37%, 71.96% and 72.40% of the total purchase amount respectively.　

　　From 2018 to January-June, 2021, the overseas sales accounted for 85.24%, 85.19%, 84.74% and 83.59% respectively, and the overseas purchases accounted for 95.65%, 93.38%, 87.61% and 87.93% respectively.　

　　From 2018 to January-June 2021, the domestic income of Jiangbolong was 624 million yuan, 847 million yuan, 1.110 billion yuan and 870 million yuan respectively, accounting for 14.76%, 14.81%, 15.26% and 16.41% of the main business income respectively.　

　　From 2018 to January-June 2021, Jiangbolong’s overseas income was 3.604 billion yuan, 4.873 billion yuan, 6.165 billion yuan and 4.431 billion yuan respectively, accounting for 85.24%, 85.19%, 84.74% and 83.59% of the main business income respectively.　

　　After long-term technology accumulation, Jiangbolong has formed 47 core technologies closely related to its business, achieved 12 achievements based on core technology research and development, and is engaged in 25 major research and development projects. The Shenzhen Stock Exchange raised questions about the company’s core technology and core competitiveness in the first round and the second round of inquiries about Jiang Bolong. These include: explaining the reasons why the number of invention patents obtained during the reporting period is significantly less than that outside the reporting period, whether most of the current patents of the issuer are obsolete and have no great commercial value, and whether the core technology of the issuer is advanced; Explain the importance of the relevant license of SD memory card to the issuer, the relevant license fee and license period, and whether it can ensure the issuer’s long-term use; Before the signing of the license agreement in June 2019, whether the issuer involved in the use of relevant licenses, whether there were disputes or potential disputes.　

　　According to the prospectus, there are a number of related party transactions in Jiang Bolong, among which a related party sales amount reached 114 million yuan in 2019, which was for Jiang Bolong to sell storage products such as solid state drives to U Lucky International (HK) Co., Ltd. (Youxiang International (Hong Kong) Co., Ltd.). The company is an enterprise in which Xing Xiaobo, the brother of Cai Huabo’s eldest brother and spouse, one of Jiang Bolong’s real controllers, holds 100% shares. In addition, Jiang Bolong’s real controllers Cai Huabo, Cai Lijiang and others have provided unlimited guarantee for Hong Kong Jiang Bolong, a wholly-owned subsidiary of the company.　

　　The price of products sold by Jiang Bolong to related parties is much lower than the unit price of similar products. Shenzhen Stock Exchange’s second round of audit inquiry on Jiang Bolong shows that in 2019, Jiang Bolong sold 114 million yuan to related party Youxiang International (Hong Kong); In 2018-2019, it sold 20,035,100 yuan and 13,083,700 yuan to Hengchu Trade respectively, and sold 6,825,800 yuan and 24,214,400 yuan to friends and partners. In 2020, it will sell 25,855,700 yuan to CLP Port. The selling price of Jiangbolong to related parties is far lower than the selling unit price of similar products. For example, the selling unit price of Jiangbolong to Youxiang International in 2018-2019 ranged from 14.71 yuan/piece to 26.57 yuan/piece, while the average selling unit price of Jiangbolong’s solid-state drives in the same period was 108.74 yuan/piece and 143.28 yuan/piece.　

　　Shenzhen Stock Exchange requires Jiang Bolong to explain the fairness of related party transactions, the reason why the issuer’s sales price to related parties is much lower than the unit price of similar products, whether there is a big difference between the content and model of products sold by the issuer to the related parties and the issuer’s main product sales structure, the necessity and rationality of related transactions, and whether there is any interest transfer situation.　

　　In addition, Jiang Bolong’s equity transfer has also caused the Shenzhen Stock Exchange to pay attention to the inquiry, whether it obviously regulates profits and whitewashes performance. Shenzhen Stock Exchange’s first inquiry about Jiang Bolong showed that the company’s investment income from the disposal of long-term equity investment in 2020 was 107 million yuan, mainly due to the sale of a 2.61% stake in Microelectronics. In November, 2020, Jiangbo Longzi Company Tibet Yuanshi transferred 0.78% and 1.83% equity of a microelectronics company to Kaiying Venture Capital and Chuangke Town respectively. After the completion of the above-mentioned equity transfer, Jiang Bolong’s remaining shareholding ratio in a microelectronics company was 4.79%. At the same time, he no longer sent directors to a microelectronics company and did not participate in its daily operation and management activities, which was considered to have no significant impact on it. He adjusted the remaining 4.79% equity to other non-current financial assets and re-measured it at fair value. As the fair value of a microelectronics company’s equity was higher than the book value of long-term equity investment, a large amount of current investment income was recognized. According to public information, after the transfer, Jiang Bolong remains the third largest shareholder of Deyi Microelectronics.　

　　Shenzhen Stock Exchange requires Jiang Bolong to explain the rationality of the issuer’s confirmation of the investment income of a microelectronic equity sold until 2020 in combination with the payment time and the change time of industrial and commercial registration. Whether the above-mentioned equity transfer time is close to the end of the reporting period has obvious motives for regulating profits and whitewashing performance shows whether Kaiying Venture Capital and Maker Town are related or closely related to the issuer’s actual controller, Dong Jiangao and their related parties.　

　　According to the data released by China Flash Memory Market (CFM) and Omdia(IHS Markit), in 2020, the company ranked seventh in the global market share of eMMC products, third in the global market share of Lexar memory cards and fourth in the global market share of Lexar flash drives. According to public information, the market share of DDR5 is expected to rapidly surpass DDR4.　　

　　The Shenzhen Stock Exchange asked Jiang Bolong to briefly explain the differences in application fields, implementation functions, storage capacity and technical routes of various products of the issuer; Explain the difference between the technical level of the issuer’s main products and its main competitors, and the price difference between the issuer’s main sales price and the similar products with the same specifications of its main competitors, and analyze whether the issuer is competitive compared with its main competitors; Combined with the substitution of DDR5 for DDR4 and the latest technology development in the storage industry, this paper explains whether the issuer’s main product types and technical routes are facing the risk of being replaced or eliminated, and gives a risk warning in the prospectus.　

　　Jiang Bolong said in his reply that the global semiconductor memory market is huge, and the company’s operating income is growing rapidly, but the market share is small and there is broad room for growth.　

　　Jiang Bolong has a commercial secret infringement dispute litigation. According to the prospectus, the case is in the first instance stage and is currently undergoing judicial appraisal related to the facts of the case. Jiang Bolong sued the Shenzhen Intermediate People’s Court on the grounds that the defendants Hao Lu, Zhao Ying and Shenzhen Jingcun Technology Co., Ltd. infringed the commercial secrets of Jiang Bolong’s testing technology. On June 22, 2020, the Shenzhen Intermediate People’s Court issued the Notice of Accepting Cases to accept the case. Defendant Hao Lu was a retired employee of Jiang Bolong and participated in the research and development of LPDDR3 testing technology. Jiang Bolong discovered that the defendant was selling products containing the above testing technology in the market at the end of 2018, so he sued the defendant to stop the infringement and jointly compensated Jiang Bolong for economic losses and punitive damages totaling 132,044,800 yuan. Jiang Bolong disclosed the draft prospectus on December 9, 2021, showing that as of the signing date of the prospectus, the case was in the first instance stage. At present, judicial expertise related to the facts of the case is being carried out. In addition, Jiang Bolong’s WeChat WeChat official account published a message on July 13, 2020. On July 7, 2020, the company suddenly received a lawyer’s letter from Jingcun Company, claiming that Jiang Bolong deliberately concealed the facts and framed others.　

　　According to the prospectus, Cai Huabo, the controlling shareholder of Jiang Bolong, was involved in the case of Ji Zhen, the former deputy head of Nanshan District, Shenzhen, as a witness. According to the criminal judgment No.350 (2017) at the beginning of Guangdong 03 Criminal Sentence made by Shenzhen Intermediate People’s Court on December 18th, 2017 and the Criminal Ruling No.395 (2018) at the end of Guangdong Criminal Sentence made by Guangdong Higher People’s Court on June 8th, 2018, Ji Zhen introduced Huade Company and Jiang Bolong to Cai Huabo on the grounds of supporting his student Zeng Moming to start a business. Huade Company’s business scope includes integrated circuit business and Jiangbolong Co., Ltd. has outsourcing cooperation with other manufacturers in testing business. Therefore, Jiangbolong Co., Ltd. signed an entrusted testing contract with Huade Company and paid a testing fee of 1 million yuan, but Huade Company failed to fulfill its corresponding contractual obligations, and this testing fee was actually occupied by Ji Zhen. Hou Jizhen was convicted of accepting bribes and corruption, and the case has been closed.　

　　According to the refereeing document network, in the first half of 2013, Shenzhen Jiangbolong Electronics Co., Ltd. (hereinafter referred to as "Jiangbolong Company") applied to the Nanshan District Government for funding for science and technology projects, and with the help of the defendant Ji Zhen, it finally won the funding for science and technology projects of RMB 2 million. Since then, Ji Zhen asked Cai Mobo, the chairman of the company, that the company sign an entrusted test contract with Huade Company and pay the test fee of RMB 1 million. Cai Mobo agreed. On November 27th, 2013, Ji Zhen appointed Zeng Moming to sign a contract with Jumbolong Company on behalf of Huade Company. On January 6, 2014, Jumbolong Company transferred RMB 1 million to Huade Company. The contract was not actually performed, and it was a false contract. The so-called test fee was the benefit fee charged by Ji Zhen to Jiang Bolong Company, which was used by Ji Zhen for personal purchase.　

　　According to the prospectus, Jiang Bolong distributed cash dividends of 20 million yuan and 59.3383 million yuan in April 2018 and May 2021 respectively. Regarding the above cash dividends, Shenzhen Stock Exchange asked Jiang Bolong to analyze and explain the necessity and appropriateness of the relevant large cash dividends, and whether they match with Jiang Bolong’s financial situation, focusing on analyzing and explaining the rationality of Jiang Bolong’s cash dividends in the case of losses in 2018, such as the articles of association of Jiang Bolong. Explain the use of dividend funds of Jiang Bolong’s actual controller and major shareholders.　

　　Mainly engaged in the research, development, design and sales of Flash and DRAM memories.　

　　Jiang Bo is mainly engaged in the research, development, design and sales of Flash and DRAM memories. The company faces the application market and consumer market of consumer electronics, industry, communication, automobile, security, monitoring and other industries, and provides customers with high-performance, high-quality and innovative memory chips and products. The company has four product lines: embedded storage, solid-state hard disk, mobile storage and memory stick.　

　　The draft prospectus disclosed by Jiang Bolong on December 9, 2021 shows that as of the signing date of the prospectus, the controlling shareholder of the company is Cai Huabo, and the actual controllers are Cai Huabo and Cai Lijiang. Cai Huabo and Cai Lijiang are brothers and sisters. Together, they directly and indirectly control 246 million shares, accounting for 66.33%, of which Cai Huabo directly holds 162 million shares, accounting for 43.68%. Cai Lijiang directly holds 14.7 million shares, with a shareholding ratio of 3.96%; At the same time, Cai Huabo indirectly controlled 69.3 million shares, accounting for 18.69%, by being the executive partner of Longxi No.1, Longxi No.2, Longxi No.3, Longjian Management and Longxi No.5..　

　　Cai Huabo is the largest shareholder of Jiang Bolong, with a shareholding ratio of 43.68%; The National IC Fund is the second largest shareholder of the company, with a shareholding ratio of 6.93%; Cai Lijiang is the eighth largest shareholder of the company, with a shareholding ratio of 3.96%; Longxi No.1, Longxi No.2 and Longxi No.3 are the fourth, fifth and sixth largest shareholders of the company respectively, with shareholding ratios of 5.13%, 5.13% and 4.80% respectively; Longxi No.5 is the twelfth largest shareholder of the company, with a shareholding ratio of 1.70%.　

　　According to the prospectus, Cai Huabo is a China citizen with no permanent residency abroad. He was born in 1976 and has a high school education. From 1996 to 1999, he served as a salesman of Shenzhen Haiyangwang Investment Development Co., Ltd.; Jiang Bolong Co., Ltd. was founded in 1999 and has served as general manager, executive director and chairman of Jiang Bolong Co., Ltd.; From 2015 to 2018, he served as an independent director of Beijing Junzheng Integrated Circuit Co., Ltd.; He is currently the chairman and general manager of the company.　

　　Cai Lijiang, a China citizen with no permanent residency abroad, was born in 1976 and graduated from Jiangxi Hualian Institute of Foreign Trade with a junior college degree. From September 1998 to October 1999, he served as a design engineer of Shenzhen Baoan Debao Industrial Development Co., Ltd.; Since October 1999, he has worked in Jiang Bolong, and now he is the senior vice president of the company.　

　　Jiang Bolong plans to be listed on the Growth Enterprise Market of Shenzhen Stock Exchange this time. The number of public offerings is not less than 10% of the total share capital of the company after the issuance, and it does not exceed 42 million shares. The sponsor and lead underwriter are CITIC Jiantou Securities Co., Ltd., and the joint lead underwriter is HSBC Qianhai Securities Co., Ltd. Jiang Bolong plans to raise 1.5 billion yuan this time. After deducting the issuance expenses, he will invest in the following projects:　

　　1. The second phase construction project of Jiangbolong Zhongshan Storage Industrial Park, with a total investment of 700 million yuan, plans to invest 700 million yuan to raise funds; 2. Enterprise-level and industrial-level memory research and development projects, with a total investment of 361 million yuan, and plans to invest 350 million yuan to raise funds; 3. Replenish the working capital. The total investment of the project is 450 million yuan, and it is planned to invest 450 million yuan to raise funds.　

　　In the first half of 2021, the operating income was 5.302 billion yuan, and the net profit was 680 million yuan.　

　　From 2018 to January-June, 2021, Jiangbolong’s operating income was 4.228 billion yuan, 5.721 billion yuan, 7.276 billion yuan and 5.302 billion yuan respectively, of which the main business income was 4.228 billion yuan, 5.721 billion yuan, 7.276 billion yuan and 5.301 billion yuan respectively.　

　　From 2018 to January-June, 2021, Jiang Bolong received cash of 4.135 billion yuan, 5.874 billion yuan, 7.539 billion yuan and 5.338 billion yuan, respectively.　

　　From 2018 to January-June, 2021, Jiangbolong’s net profit was-58,436,900 yuan, 127 million yuan, 276 million yuan and 680 million yuan respectively, of which the net profit attributable to the owners of the parent company was-56,539,700 yuan, 128 million yuan, 276 million yuan and 680 million yuan respectively.　

　　From January to June of 2018 to 2021, the net cash flow generated by Jiangbolong’s operating activities was-212 million yuan,-173 million yuan, 424 million yuan and-971 million yuan respectively.　

　　In 2018, 2019 and January-June, 2021, the net cash flow generated by Jiangbolong’s operating activities was lower than the current net profit, mainly because with the expansion of production and operation scale, the company’s inventory scale grew rapidly, and the cash expenditure for purchasing goods and accepting labor services was relatively large; In 2020, the net cash flow generated by the company’s operating activities was higher than the current net profit, mainly because the downstream customers paid back more actively and the sales paid back well when the market was good and the storage products were in short supply. At the same time, the company adopted a more active purchasing and stocking strategy. In the fourth quarter of 2020, the inventory purchase scale was large, and the amount of accounts payable increased rapidly at the end of the credit period.　

　　It is estimated that the annual operating income in 2021 will be 9.600 billion yuan to 10.140 billion yuan, and the net profit returned to the mother will be 960 million yuan to 1.035 billion yuan.　

　　After review, from January to September 2021, the total assets of Jiangbolong were 6.091 billion yuan, an increase of 20.50% over the end of last year; Total liabilities were 1.751 billion yuan, up 9.98% from the end of last year.　

　　From January to September 2021, Jiangbolong’s operating income was 7.679 billion yuan, a year-on-year increase of 67.45%; The net profit was 948 million yuan, a year-on-year increase of 3997.91%; The net profit attributable to shareholders of the parent company was 948 million yuan, a year-on-year increase of 3997.91%; The net profit returned to the mother after deduction was 871 million yuan, a year-on-year increase of 475.74%.　

　　From January to September 2021, the net cash flow generated by Jiangbolong’s operating activities was-838 million yuan, compared with-2,645,900 yuan in the same period of last year, with a change ratio of-31,562.27%.　

　　Jiang Bolong said in the prospectus that from January to September 2021, the net cash flow generated by the company’s operating activities was-838 million yuan, and the net outflow increased rapidly compared with the same period of last year, mainly because on the one hand, with the expansion of production and operation scale, the company’s inventory increased by 1.182 billion yuan at the end of September 2021 compared with the end of last year, and the cash expenditure for purchasing goods and accepting labor services was relatively large; On the other hand, the company’s operating income maintained steady growth, and the accounts receivable at the end of September 2021 increased by 309 million yuan compared with the end of the previous year.　

　　In addition, based on the current operating conditions and market environment of Jiangbolong, the company expects its annual operating income to be 9.600 billion yuan to 10.140 billion yuan in 2021, an increase of 31.94% to 39.36% compared with 2020; The net profit attributable to shareholders of the parent company is 960 million yuan to 1.035 billion yuan, an increase of 247.53% to 274.68% compared with 2020; After deducting non-recurring gains and losses, the net profit attributable to shareholders of the parent company is 883 million yuan to 958 million yuan, an increase of 186.80% to 21.116% compared with 2020.　

　　Jiang Bolong’s above-mentioned 2021 annual performance forecast is only a reasonable estimate of the management’s operating performance, and it does not constitute the company’s profit forecast or performance commitment without being audited or reviewed by certified public accountants.　

　　In the first half of 2021, the total assets were 5.673 billion yuan and the total liabilities were 1.603 billion yuan.　

　　From 2018 to January-June 2021, the total assets of Jiangbolong were 2.751 billion yuan, 4.033 billion yuan, 5.055 billion yuan and 5.673 billion yuan respectively, of which the current assets were 2.327 billion yuan, 3.475 billion yuan, 4.299 billion yuan and 4.723 billion yuan respectively.　

　　From 2018 to January-June, 2021, Jiang Bolong’s total liabilities were 706 million yuan, 924 million yuan, 1.592 billion yuan and 1.603 billion yuan respectively, of which current liabilities were 647 million yuan, 881 million yuan, 1.560 billion yuan and 1.546 billion yuan respectively.　

　　From 2018 to January-June 2021, the current ratio of Jiangbolong was 3.60 times, 3.95 times, 2.76 times and 3.06 times respectively, the quick ratio was 1.54 times, 1.87 times, 1.32 times and 0.86 times respectively, and the asset-liability ratio (parent company) was 5.30%, 9.19% and 0.86 times respectively.　

　　From 2018 to January-June 2021, the average asset-liability ratio of comparable listed companies in the same industry was 56.77%, 54.01%, 51.65% and 54.49% respectively. Among them, Smart Global’s asset-liability ratio is 72.19%, 61.16%, 64.14% and 76.66%, Weigang’s asset-liability ratio is 66.34%, 66.89%, 65.80% and 63.09%, and the pirate ship’s asset-liability ratio is 79.94%, 79.54% and 66.　

　　In the first half of 2021, the monetary fund was 603 million yuan.　

　　From January to June of 2018 to 2021, Jiangbolong’s monetary funds were 531 million yuan, 1.198 billion yuan, 1.585 billion yuan and 603 million yuan respectively, accounting for 22.83%, 34.47%, 36.86% and 12.76% of current assets respectively.　

　　From 2018 to January-June, 2021, the deposits in Jiangbolong Bank were 531 million yuan, 1.198 billion yuan, 1.585 billion yuan and 603 million yuan respectively, accounting for 99.98%, 99.99%, 100.00% and 99.99% of the monetary funds respectively.　

　　The balance of accounts receivable in the first half of 2021 was 611 million yuan.　

　　From 2018 to January-June 2021, the book value of Jiangbolong’s accounts receivable was 407 million yuan, 409 million yuan, 385 million yuan and 610 million yuan respectively, accounting for 17.50%, 11.77%, 8.96% and 12.93% of current assets respectively.　

　　From 2018 to January-June, 2021, the balance of accounts receivable of Jiangbolong was 408 million yuan, 410 million yuan, 386 million yuan and 611 million yuan respectively, of which the balance of accounts receivable within three months was 397 million yuan, 405 million yuan, 353 million yuan and 611 million yuan respectively.　

　　From 2018 to January-June, 2021, the amounts paid back by Jiang Bolong after the accounts receivable period were 408 million yuan, 409 million yuan, 386 million yuan and 537 million yuan, respectively, and the proportions of the paid back after the period were 99.87%, 99.90%, 100.00% and 87.88%.　

　　From 2018 to January-June 2021, the turnover rate of accounts receivable of Jiangbolong was 13.83 times, 14.02 times, 18.33 times and 21.30 times respectively, and the average of comparable companies in the same industry was 7.79 times, 7.11 times, 7.39 times and 7.59 times respectively.　

　　From 2018 to January-June, 2021, the accounts receivable turnover of Smart Global, a comparable company in the same industry, was 6.13 times, 5.33 times, 5.18 times and 5.61 times respectively, the accounts receivable turnover of Weigang was 9.75 times, 8.91 times, 9.66 times and 8.53 times respectively, and the accounts receivable turnover of pirate ships was 7.68 times and 6.76 times respectively.　

　　The inventory balance in the first half of 2021 was 3.457 billion yuan.　

　　From 2018 to January-June 2021, the book value of Jiangbolong’s inventory was 1.333 billion yuan, 1.825 billion yuan, 2.246 billion yuan and 3.393 billion yuan respectively, accounting for 57.26%, 52.53%, 52.24% and 71.84% of current assets.　

　　From 2018 to January-June 2021, the inventory balance of Jiangbolong was 1.391 billion yuan, 1.852 billion yuan, 2.267 billion yuan and 3.457 billion yuan respectively, and the inventory depreciation reserve was 58.156 million yuan, 27.0826 million yuan, 21.3206 million yuan and 64.1743 million yuan respectively.　

　　Jiang Bolong said that at the end of June 2021, the company’s provision for inventory depreciation increased, mainly due to the fluctuation of the market price of memory chips. From January to June 2021, the market demand for memory chips was strong, and the supply and demand of DRAM storage wafers were relatively tight. After the market price of memory chips rose rapidly in the first quarter, the price fell back in the second quarter. As a result, the company’s provision for inventory depreciation increased.　

　　From 2018 to January-June 2021, the inventory turnover rate of Jiangbolong was 3.04 times, 3.23 times, 3.15 times and 2.95 times respectively, and the average of comparable companies in the same industry was 5.21 times, 5.31 times, 5.25 times and 4.23 times respectively.　

　　From 2018 to January-June, 2021, the inventory turnover of Smart Global, a comparable company in the same industry, was 5.72 times, 5.73 times, 6.43 times and 4.97 times respectively, the inventory turnover of Weigang was 6.13 times, 5.71 times, 4.60 times and 3.50 times respectively, and the inventory turnover of pirate ships was 5.64 times, 5.82 times and 5.50 times respectively.　

　　Jiang Bolong said that the company’s ending inventory is relatively large, and may further increase with the expansion of the company’s operating scale. Every year, the company makes corresponding provision for depreciation according to the amount that the net realizable value of the inventory is lower than the cost. Because the gross profit margin of the company’s products is relatively low and the inventory scale is relatively large, in the future, if the market supply and demand change greatly, the raw material price fluctuates greatly, the product market price and gross profit margin drop sharply, and the technical iteration leads to the decline or elimination of product demand, the company will face the risk of inventory depreciation loss, which will adversely affect the company’s financial situation and operating results.　

　　In the first half of 2021, the short-term loan was 574 million yuan.　

　　From 2018 to January-June, 2021, Jiang Bolong’s short-term loans were 271 million yuan, 350 million yuan, 414 million yuan and 574 million yuan respectively, accounting for 41.82%, 39.72%, 26.57% and 37.15% of current liabilities respectively.　

　　Jiang Bolong said that at the end of each reporting period, the amount of short-term loans of the company showed an upward trend, mainly due to the increase in capital demand with the expansion of the company’s business scale.　

　　In the first half of 2021, the comprehensive gross profit rate was 21.59%, which was lower than the industry average in the first three years.　

　　From 2018 to January-June, 2021, the comprehensive gross profit margin of Jiangbolong was 7.62%, 10.71%, 11.96% and 21.59% respectively, and the gross profit margin showed an overall upward trend.　

　　From 2018 to January-June, 2021, the average gross profit margins of comparable companies in the same industry were 15.17%, 17.42%, 19.05% and 21.54% respectively. Among them, the gross profit margins of Smart Global are 22.62%, 19.60%, 19.28% and 18.44% respectively, while those of Weigang are 6.05%, 11.07%, 14.82% and 18.60% respectively, and those of pirate ships are 11.95%, 16.14% and 20.53 respectively.　

　　According to Jiangbolong’s product categories, the gross profit margin of embedded storage is 6.41%, 14.21%, 10.84% and 24.63%, the gross profit margin of solid-state disk is 4.60%, 5.27%, 9.75% and 15.33%, and the gross profit margin of mobile storage is 10.16%, 10.34% and 18.33% respectively.　

　　Jiang Bolong said that from 2018 to January-June 2021, the gross profit margin of the company’s main business was 7.62%, 10.71%, 11.97% and 21.59%, respectively, showing an upward trend. The changes in the gross profit margin of the company’s products were comprehensively affected by factors such as product structure, supply of upstream raw materials, fluctuation of storage market demand and changes in market competition pattern.　

　　In the second half of 2021, the purchase price of storage wafers and the sales price of storage products both fell after the rapid increase in the first half of the year, while the company’s inventory turnover days were about 3-4 months. Due to the interval between purchase and sales cycles, the change of the company’s product sales cost was lagging behind, which led to the decline of the company’s gross profit margin in the fourth quarter of 2021. It is estimated that the gross profit margin in the fourth quarter will be 14%-16%, compared with 2021.　

　　In the future, if the company’s product structure cannot be continuously optimized, the storage wafer supply or storage market demand fluctuates greatly, the market competition becomes increasingly fierce, and the product market price drops sharply, the company will face the risk of fluctuation or decline in gross profit margin.　

　　Risk of fluctuation of gross profit margin caused by fluctuation of wafer price.　

　　The main raw material of Jiangbolong products is storage wafers. From 2018 to January to June 2021, the cost of storage wafers accounted for 78.04%, 75.57%, 79.76% and 79.86% of the company’s main business cost, respectively. The market price changes of storage wafers and storage products have a great impact on the company’s gross profit margin.　　

　　Storage products with general specifications usually have an open market reference price, and the market price transmission mechanism is smooth. The change trend of the sales price of storage products is usually consistent with the change trend of the purchase price of storage wafers. However, because the unit price of product sales is affected by the market price at the point of sale and the unit cost is affected by the market price at the point of purchase, there is a production and sales cycle interval between them, and the change of product unit cost lags behind the change of product sales unit price, which makes the gross profit margin of memory manufacturers fluctuate with the fluctuation of wafer price. Other things being equal, in the rising stage of market price, the sales unit price rises before the unit cost, and the gross profit margin usually shows an upward trend; In the stage of market price decline, the sales unit price falls before the unit cost, and the gross profit margin usually shows a downward trend; When the market price is stable or fluctuating, the difference between the unit selling price and the unit cost is small, and the gross profit margin is usually stable. Therefore, due to the market price fluctuation of storage wafers during the reporting period, the company’s gross profit margin fluctuated due to the periodic interval between wafer procurement and product sales.　

　　In this context, if the market price of storage wafers rises sharply in the future, and the price increase of raw materials fails to be effectively transmitted, the sales price of the company’s products will not rise simultaneously; Or the market price of storage wafers has fallen sharply. Because it takes a certain period of time for procurement and production, the decline in product sales price precedes the decline in cost, which will cause the company to be unable to fully absorb the impact of wafer price fluctuation, so the company has the risk of fluctuation or decline in gross profit margin, which will adversely affect the company’s operating performance and profitability.　

　　The listed company Weil Co., Ltd. was the largest customer of Jiangbolong in 2018 and withdrew from the list of the top five customers in 2020.　

　　From 2018 to January-June, 2021, the sales amount of Jiangbolong to the top five customers was 929 million yuan, 1.803 billion yuan, 2.510 billion yuan and 1.789 billion yuan respectively, accounting for 21.98%, 31.51%, 34.49% and 33.74% of the total sales respectively.　

　　It is worth noting that in 2018, the largest customer of Jiangbolong was the listed company Weir, and the sales amount of Jiangbolong to Weir in that year was 315 million yuan. By 2019, Weir was ranked as the fourth largest customer of Jiangbolong, and the sales amount of Jiangbolong to Weir in that year was 236 million yuan. From January to June in 2020 and 2021, Weir withdrew from the list of the top five customers of Jiangbolong.　

　　Suppliers are relatively concentrated　

　　From 2018 to January-June, 2021, the purchase amount of Jiangbolong from the top five suppliers was 2.861 billion yuan, 3.962 billion yuan, 4.980 billion yuan and 3.879 billion yuan respectively, accounting for 73.41%, 70.37%, 71.96% and 72.40% of the total purchase amount respectively.　

　　Jiang Bolong said that the main raw material of the company’s products is storage wafers. Storage wafer manufacturing is a capital-intensive and technology-intensive high-barrier industry, with large capital investment, high technical threshold and obvious scale effect. These characteristics lead to a high concentration of global storage wafer supply and relatively concentrated suppliers.　

　　From 2018 to January-June, 2021, the company’s purchases from the top five suppliers accounted for 73.41%, 70.37%, 71.96% and 72.40% respectively. In the future, if there is a shortage of major raw materials such as storage wafers due to unexpected events such as natural disasters and major accidents, or due to geopolitical changes, trade frictions, changes in import and export and tariff policies, and cooperation relations, the major raw materials such as storage wafers required for the company’s production may not be supplied in a timely and sufficient manner, and in extreme cases, the supply may be cut off, thus affecting the stability of the company’s production and supply, which may have a major adverse impact on the company’s production and operation.　

　　Overseas sales and overseas purchases all exceed 80%.　

　　From 2018 to January-June, 2021, the overseas sales accounted for 85.24%, 85.19%, 84.74% and 83.59% respectively, and the overseas purchases accounted for 95.65%, 93.38%, 87.61% and 87.93% respectively.　

　　The company said that the scale and amount of overseas sales and purchases are relatively large, accounting for a relatively high proportion. The company’s product export and raw material procurement are mainly denominated and settled in US dollars, and the exchange rate change of RMB has a certain impact on the company’s operating performance. During the reporting period, the company’s exchange earnings were 8,886,400 yuan, 280,500 yuan, 3,356,600 yuan and-2,776,600 yuan, respectively, accounting for 0.19%, 0.99% and -0.35% of the total profits of the current period in 2019, 2020 and January-June 2021, respectively. If the RMB exchange rate fluctuates greatly due to the influence of domestic and foreign economic environment in the future, the company may face certain exchange rate fluctuation risk, which will adversely affect the company’s operating performance.　

　　From 2018 to January-June 2021, the domestic income of Jiangbolong was 624 million yuan, 847 million yuan, 1.110 billion yuan and 870 million yuan respectively, accounting for 14.76%, 14.81%, 15.26% and 16.41% of the main business income respectively.　

　　From 2018 to January-June 2021, Jiangbolong’s overseas income was 3.604 billion yuan, 4.873 billion yuan, 6.165 billion yuan and 4.431 billion yuan respectively, accounting for 85.24%, 85.19%, 84.74% and 83.59% of the main business income respectively.　

　　Jiang Bolong said that during the reporting period, the company’s main business income mainly came from Chinese mainland, Hong Kong, Macao and Taiwan, and the company’s income in Hong Kong, Macao and Taiwan was relatively high, which was consistent with industry practice. Hong Kong has a mature business environment, developed logistics system and convenient transportation conditions, and has strong advantages in resources and supporting capabilities. It has become an important international distribution center for electronic products. Considering factors such as logistics, trading habits, taxation and foreign exchange settlement, delivery in Hong Kong has become an industry practice, and some domestic customers mainly purchase through their Hong Kong branches or supply chain companies.　

　　Core technology and core competitiveness were questioned in two rounds.　

　　After long-term technology accumulation, Jiangbolong has formed 47 core technologies closely related to its business, achieved 12 achievements based on core technology research and development, and is engaged in 25 major research and development projects. In addition, Jiangbolong enhances its competitiveness through continuous technological innovation. By June 30, 2021, the company had obtained 426 valid patents at home and abroad (103 overseas patents), including 165 invention patents, won the China Patent Excellence Award twice and owned 65 software copyrights.　

　　Jiang Bolong suggested in the prospectus that the company has accumulated a number of core technological achievements and intellectual property rights through years of independent research and development, and established an internal control system related to core technologies. In the future, if the internal control system related to the company’s core technology is not effectively implemented, or the core technology is leaked due to gross negligence, malicious collusion and fraud, it may damage the company’s core competitiveness and adversely affect the company’s production and operation.　

　　The Shenzhen Stock Exchange raised questions about the company’s core technology and core competitiveness in the first round and the second round of inquiries about Jiang Bolong. These include:　

　　Combined with the substitution of DDR5 for DDR4 and the latest technology development in the storage industry, this paper explains whether the issuer’s main product types and technical routes are facing the risk of being replaced or eliminated, and gives a risk warning in the prospectus;　

　　Explain the reasons why the number of invention patents obtained during the reporting period is significantly less than that outside the reporting period, whether most of the current patents of the issuer are obsolete and have no great commercial value, and whether the core technology of the issuer is advanced;　

　　Explain the reasons why the number of invention patents applied for and obtained in the reporting period accounted for a small proportion of the number of invention patents issued by the issuer, and whether the issuer has strong innovation and creation attributes;　

　　Explain the importance of the relevant license of SD memory card to the issuer, the relevant license fee and license period, and whether it can ensure the issuer’s long-term use; Before the signing of the license agreement in June 2019, whether the issuer involved in the use of relevant licenses, and whether there were disputes or potential disputes.　

　　In 2019, related sales amounted to 114 million yuan.　

　　According to the prospectus, there are a number of related party transactions in Jiang Bolong, among which a related party sales amount reached 114 million yuan in 2019, which was for Jiang Bolong to sell storage products such as solid state drives to U Lucky International (HK) Co., Ltd. (Youxiang International (Hong Kong) Co., Ltd.). The company is an enterprise in which Xing Xiaobo, the brother of the spouse of Cai Huabo, one of Jiang Bolong’s real controllers, holds 100% of the shares.　

　　From January to June in 2018, 2019 and 2021, Jiang Bolong purchased the main control chips from Deyi Microelectronics and its subsidiaries for 15,569,300 yuan, 5,141,000 yuan and 21,972,500 yuan respectively. The company is a joint venture of Jumbo Longyuan, and part of its equity was transferred in November 2020; Li Zhixiong, director and deputy general manager of Jiang Bolong, once served as a director of the company, and retired in December 2020.　

　　In 2018 and 2018, Jiang Bolong purchased solid-state hard disks from Shenzhen Haoyouban Technology Co., Ltd. for RMB 3,826,500 and RMB 12,163,800 respectively. The company is an enterprise in which Xing Xiaoling, the eldest brother and spouse of Cai Huabo, one of Jiang Bolong’s real controllers, holds 80% of the shares and serves as the general manager and executive director, and Xing Xiaobo, the younger brother of Xing Xiaoling, holds 20% of the shares.　

　　From 2018 to 2020, Jiang Bolong purchased 21,000 yuan, 79,200 yuan and 174,500 yuan from Shenzhen Zhongdian Port Technology Co., Ltd. respectively. The company is an enterprise in which Cai Jing, director of Jiang Bolong, is a director.　

　　In 2018, Jiang Bolong purchased SSD from Sunshine Disk Trading Limited for RMB 212,600. The company is an enterprise in which Xing Xiaoling, the spouse of Cai Huabo’s eldest brother, holds 100% shares.　

　　In 2019 and 2020, Jiang Bolong purchased outsourcing accessories from Wuhu Jinsheng Electronic Technology Co., Ltd. for RMB 5500 and RMB 53000 respectively. The company is a company where Jiang Bolong’s director Zhu Yu once served as a director and retired in June 2018.　

　　In 2018 and 2019, Jiang Bolong sold storage products such as SSDs to U Lucky International (HK) Co., Ltd. (Youxiang International (Hong Kong) Co., Ltd.) for RMB 3,317,300 and RMB 114 million respectively. The company is an enterprise in which Xing Xiaobo, the brother of Cai Huabo’s eldest brother’s spouse, holds 100% of the shares.　

　　In 2018 and 2019, Jiang Bolong sold storage products such as mobile storage to Sunshine Disk Trading Limited for RMB 20,035,100 and RMB 13,083,700 respectively. The company is an enterprise in which Xing Xiaoling, the spouse of Cai Huabo’s eldest brother, holds 100% shares.　

　　From 2018 to 2020, Jiang Bolong sold storage products such as solid-state disks to Shenzhen Haoyouban Technology Co., Ltd. for RMB 6,825,800, RMB 24,214,400 and RMB 280,500 respectively. The company is an enterprise in which Xing Xiaoling, the eldest brother and spouse of Cai Huabo, one of Jiang Bolong’s real controllers, holds 80% of the shares and serves as the general manager and executive director, and Xing Xiaobo, the younger brother of Xing Xiaoling, holds 20% of the shares.　

　　From 2018 to January-June, 2021, Jiang Bolong sold 42,200 yuan, 43,500 yuan, 25,855,700 yuan and 6,895,600 yuan of embedded storage products to Shenzhen Zhongdian Port Technology Co., Ltd. respectively. The company is an enterprise in which Cai Jing, director of Jiang Bolong, is a director.　

　　From 2018 to 2020, Jiang Bolong sold storage products such as solid-state disks to Shenzhen Andaxing Technology Co., Ltd. for 1,103,800 yuan, 443,200 yuan and 169,200 yuan respectively. The company was an enterprise in which Jiang Bolong and Cai Huabo held 20% and 40% shares respectively in the first 12 months of the reporting period, and withdrew in February 2017.　

　　In 2018, Jiang Bolong sold storage products such as wireless memory to Shenzhen Yinglai Hechuang Electronics Co., Ltd. for 1,133,800 yuan. The company is an enterprise in which Cai Huabo’s eldest brother Cai Jinjiang holds 27.43% of the shares and serves as the executive director.　

　　From 2018 to 2020, Jiang Bolong sold 761,100 yuan, 12,400 yuan and 10,900 yuan of embedded storage products to Deyi Microelectronics and its subsidiaries respectively. The company is a joint venture of Jumbo Longyuan, and part of its equity was transferred in November 2020; Li Zhixiong, director and deputy general manager of Jiang Bolong, once served as a director of the company, and retired in December 2020.　

　　In 2018, Jiang Bolong sold storage products such as solid state drives to Wuhu Jinsheng Electronic Technology Co., Ltd. for 411,200 yuan. The company that changed the company to Jiang Bolong’s director Zhu Yu once served as a director has stepped down in June 2018.　

　　In 2018 and 2019, Jiang Bolong sold storage products such as wireless memory to Shenzhen Smart Bay Technology Co., Ltd. for 33,000 yuan and 10,800 yuan respectively. The company is an enterprise in which Cai Huabo’s eldest brother Cai Jinjiang holds 51.14% of the shares and serves as the general manager and executive director.　

　　Cai Huabo and Cai Lijiang, the actual controllers, have provided unlimited guarantees for wholly-owned subsidiaries.　

　　According to the prospectus, Jiang Bolong’s actual controllers Cai Huabo, Cai Lijiang and others have provided unlimited guarantees for Hong Kong Jiang Bolong, a wholly-owned subsidiary of the company.　

　　From July 29, 2015 to June 27, 2018, Cai Huabo provided unlimited guarantee for Hong Kong Jumbolong, which has been fulfilled; From June 29, 2016 to April 13, 2018, Cai Huabo, Cai Lijiang, Li Zhixiong and Netcom Technology (HK) Limited provided unlimited guarantee for Hong Kong Jumbolong, which has been fulfilled; From May 25, 2018 to August 19, 2021, Cai Lijiang provided unlimited guarantee for Hong Kong Jumbolong, which has been fulfilled; From June 27, 2018 to August 19, 2021, Cai Huabo provided Hong Kong Jiang Bolong with a guarantee of 75 million US dollars, which has been fulfilled. In addition, since January 12, 2018, Cai Huabo has continued to guarantee Hong Kong Jumbolong, which has not been fulfilled yet.　

　　In order to meet the normal capital demand under the background of the rapid development of Jiangbolong’s business, the company borrowed funds from Netcom Technology (HK) Limited and Shenzhen Jiangbolong Holdings Co., Ltd., which were controlled by the actual controllers, for temporary capital turnover. The above-mentioned capital borrowing was completed in 2018, and the interest was paid to Netcom Technology (HK) Limited with reference to the Hong Kong Interbank Offered Rate in the same period. The interest was not accrued for the capital borrowing from Shenzhen Jiangbolong Holdings Co., Ltd. due to its short term and small amount. Wang Jingyang and Bai Hongtao used personal funds as the company’s working capital outside the reporting period, and the above-mentioned funds were cleared in 2019.　

　　Jiang Bolong has twice borrowed funds from Netcom Technology (HK) Limited, amounting to US$ 4.9 million and US$ 12 million respectively; RMB 14 million was borrowed from Shenzhen Jiangbolong Holdings Co., Ltd..　

　　Outside the reporting period, Wang Jingyang and Bai Hongtao used personal funds as the company’s working capital, amounting to 3.57 million yuan and 1.42 million yuan respectively.　

　　In addition to the above matters, Jiang Bolong also has receivables and payables from related parties.　

　　The associated sales price is low. Shenzhen Stock Exchange asks whether the benefits are transferred.　

　　Shenzhen Stock Exchange’s second round of audit inquiry on Jiang Bolong shows that in 2019, Jiang Bolong sold 114 million yuan to related party Youxiang International (Hong Kong); In 2018-2019, it sold 20,035,100 yuan and 13,083,700 yuan to Hengchu Trade respectively, and sold 6,825,800 yuan and 24,214,400 yuan to friends and partners. In 2020, it will sell 25,855,700 yuan to CLP Port. The selling price of Jiangbolong to related parties is far lower than the selling unit price of similar products. For example, the selling unit price of Jiangbolong to Youxiang International in 2018-2019 ranged from 14.71 yuan/piece to 26.57 yuan/piece, while the average selling unit price of Jiangbolong’s solid-state drives in the same period was 108.74 yuan/piece and 143.28 yuan/piece.　

　　Shenzhen Stock Exchange requires Jiang Bolong to explain the fairness of related party transactions, the reason why the issuer’s sales price to related parties is much lower than the unit price of similar products, whether there is a big difference between the content and model of products sold by the issuer to the related parties and the issuer’s main product sales structure, the necessity and rationality of related transactions, and whether there is any interest transfer situation.　　

　　Jiang Bolong said in his reply that Hong Kong Youxiang is mainly engaged in the trade of electronic products such as storage, and has certain customer resources and sales channels in the field of storage products. Through cooperation with it, the company aims to expand the market sales of storage products such as solid state drives with its customer resources and sales channels, and it is necessary and reasonable to sell products to it.　

　　At the same time, in addition to selling to Hong Kong Youxiang, the company also sells the same model products to other unrelated third-party customers, accounting for about 20% of the sales to Hong Kong Youxiang, and the sales unit price is basically the same as that of unrelated third parties, so there is no interest transfer.　

　　Therefore, the difference between the sales price calculated by the company from Hong Kong Youxiang and the overall sales unit price of the company’s solid-state hard disk is mainly due to the difference in storage capacity and specifications, and the price calculated based on storage capacity is relatively small; It is necessary and reasonable for the company to sell products to Hong Kong Youxiang. The sales of the same model products to Hong Kong Youxiang account for a relatively small proportion, and the sales unit price is basically the same as that of unrelated third parties, so there is no interest transfer.　

　　When the time of equity transfer approached the end of the reporting period, it was asked whether it was obvious to regulate profits and whitewash performance.　

　　Shenzhen Stock Exchange’s first inquiry about Jiang Bolong showed that the company’s investment income from the disposal of long-term equity investment in 2020 was 107 million yuan, mainly due to the sale of a 2.61% stake in Microelectronics.　

　　In November, 2020, Jiangbo Longzi Company Tibet Yuanshi transferred 0.78% and 1.83% equity of a microelectronics company to Kaiying Venture Capital and Chuangke Town respectively. After the completion of the above-mentioned equity transfer, Jiang Bolong’s remaining shareholding ratio in a microelectronics company was 4.79%. At the same time, he no longer sent directors to a microelectronics company and did not participate in its daily operation and management activities, which was considered to have no significant impact on it. He adjusted the remaining 4.79% equity to other non-current financial assets and re-measured it at fair value. As the fair value of a microelectronics company’s equity was higher than the book value of long-term equity investment, a large amount of current investment income was recognized. According to public information, after the transfer, Jiang Bolong remains the third largest shareholder of Deyi Microelectronics.　

　　Deyi Microelectronics is mainly engaged in the design, technical development and sales of master control chips, and is the upstream manufacturer of the issuer’s industrial chain. In 2018 and 2019, Jiang Bolong purchased master control chips from Deyi Microelectronics for 15.5693 million yuan and 5.1410 million yuan.　

　　One of the questions asked by Shenzhen Stock Exchange to Jiang Bolong on the above issues is: combining the payment time and the change time of industrial and commercial registration, it shows that it is reasonable for the issuer to confirm the investment income of a microelectronic equity sold until 2020; whether there is obvious motivation to control profits and whitewash performance when the above equity transfer time is near the end of the reporting period, and whether Kaiying Venture Capital and Maker Town are related or closely related to the issuer’s actual controller, Dong Jiangao and their related parties.　

　　Shenzhen Stock Exchange asked Jiang Bolong to explain the reasons for not appointing directors to Deyi Microelectronics in the light of the current composition of the board of directors of Deyi Microelectronics and the fact that the issuer’s shareholding ratio is higher than that of the above-mentioned shareholders who have appointed directors to Deyi Microelectronics. Whether the basis for determining that the issuer has no significant influence on Deyi Microelectronics is sufficient, whether it should be determined that it has a significant influence on Deyi Microelectronics in accordance with the principle of substance over form, and whether there are cases in which a large amount of investment income is confirmed by not appointing directors and changing the accounting of Deyi Microelectronics.　

　　Jiang Bolong said in response to the two rounds of audit inquiries of Shenzhen Stock Exchange that the company’s equity transfer time was near the end of the reporting period, and it was fully considered to obtain a microelectronics equity financing arrangement, and it was determined through consultation with the counterparty that there was no motivation to regulate profits and whitewash performance, and there was no case of confirming a large amount of investment income by not sending directors or changing the accounting of Duiyimicroelectronics.　

　　Small market share　

　　According to the data released by China Flash Memory Market (CFM) and Omdia(IHS Markit), in 2020, the company ranked seventh in the global market share of eMMC products, third in the global market share of Lexar memory cards and fourth in the global market share of Lexar flash drives. According to public information, the market share of DDR5 is expected to rapidly surpass DDR4.　　

　　The Shenzhen Stock Exchange asked Jiang Bolong to briefly explain the differences in application fields, implementation functions, storage capacity and technical routes of various products of the issuer; Explain the difference between the technical level of the issuer’s main products and its main competitors, and the price difference between the issuer’s main sales price and the similar products with the same specifications of its main competitors, and analyze whether the issuer is competitive compared with its main competitors; Combined with the substitution of DDR5 for DDR4 and the latest technology development in the storage industry, this paper explains whether the issuer’s main product types and technical routes are facing the risk of being replaced or eliminated, and gives a risk warning in the prospectus.　

　　Jiang Bolong said in his reply that the global semiconductor memory market is huge, and the company’s operating income is growing rapidly, but the market share is small and there is broad room for growth.　

　　Memory, as an irreplaceable functional device in the fields of consumer electronics, communication equipment and Internet of Things, is now　

　　One of the most widely used core components in the information industry, in the global integrated circuit market, memory cores　

　　Chip has always been the product category with the largest market share of integrated circuits. According to the World Semiconductor Trade Statistics Organization　

　　(WSTS) data, the scale of the global integrated circuit industry in 2020 is 361.226 billion US dollars, of which memory cores　

　　The chip scale is $117.482 billion, accounting for 32.52% of the total scale of the integrated circuit industry.　

　　In 2018, 2019 and 2020, the company’s operating income was 4.228 billion yuan, 5.721 billion yuan and 7.276 billion yuan respectively. Based on the global semiconductor memory market size calculated by the World Semiconductor Trade Statistics Organization (WSTS), the company’s operating income accounted for only 0.40%, 0.78% and 0.90% of the global semiconductor memory market size, and its market share remained.　

　　Save a commercial secret infringement dispute litigation.　

　　Jiang Bolong has a commercial secret infringement dispute litigation. According to the prospectus, the case is in the first instance stage and is currently undergoing judicial appraisal related to the facts of the case.　

　　Trade secret infringement dispute: Jiang Bolong sued the Shenzhen Intermediate People’s Court on the grounds that the defendants Hao Lu, Zhao Ying and Shenzhen Jingcun Technology Co., Ltd. infringed the trade secret of Jiang Bolong’s testing technology. On June 22, 2020, the Shenzhen Intermediate People’s Court issued the Notice of Accepting Cases to accept the case. Defendant Hao Lu was a retired employee of Jiang Bolong and participated in the research and development of LPDDR3 testing technology. Jiang Bolong discovered that the defendant was selling products containing the above testing technology in the market at the end of 2018, so he sued the defendant to stop the infringement and jointly compensated Jiang Bolong for economic losses and punitive damages totaling 132,044,800 yuan.　

　　The subject matter involved in the above case is a test algorithm protected by Jiang Bolong in the form of trade secrets, not Jiang Bolong’s patented technology. The relevant testing algorithms are mainly used for testing LPDDR3 DRAM products. When the defendant infringes, because Jiangbolong still sells LPDDR3 products, the relevant testing technology is of certain importance. With the iterative upgrade of Jiangbolong LPDDR DRAM product line, the sales revenue and proportion of LPDDR3 decreased year by year. However, because LPDDR3 is still widely used in the low-end market, the related technologies still have great economic value for storage enterprises that mainly focus on this market.　

　　Jiang Bolong disclosed the draft prospectus on December 9, 2021, showing that as of the signing date of the prospectus, the case was in the first instance stage. At present, judicial expertise related to the facts of the case is being carried out.　

　　In addition, Jiang Bolong’s WeChat WeChat official account published a message on July 13, 2020. On July 7, 2020, the company suddenly received a lawyer’s letter from Jingcun Company, claiming that Jiang Bolong deliberately concealed the facts and framed others.　

　　Regarding the above lawyer’s letter, Jiang Bolong said that the company has sent a lawyer’s letter in time to reply, pointing out that the viewpoint of the other lawyer’s letter can’t be established at all, and reserves the right to safeguard its rights and interests by legal means.　

　　In addition, Jiang Bolong still has a labor dispute.　

　　On April 2, 2021, Jiang Bolong received the Notice of Respondent issued by the People’s Court of Nanshan District, Shenzhen, Guangdong Province. Ceng Sheng, a retired employee of Jiang Bolong, appealed for a judgment to order Jiang Bolong to fulfill the Supplementary Agreement of the Technology Transfer Framework Agreement, grant him 15,000 shares (tentatively 15,000 yuan) and bear the legal costs of the case.　

　　On December 5, 2019, Jiang Bolong signed the Technology Transfer Framework Agreement with three natural persons, including Chengdu elegant demeanour Electronic Technology Co., Ltd. (hereinafter referred to as "Chengdu elegant demeanour") and Ceng Sheng, stipulating that Jiang Bolong would receive some technologies from Chengdu elegant demeanour; On December 6, Jiang Bolong and Ceng Sheng signed the Supplementary Agreement to the Framework Agreement on Technology Transfer, stipulating that Jiang Bolong hired Ceng Sheng and others as employees, who were entitled to join Jiang Bolong’s employee equity incentive plan; On December 11th, Shanghai Jiang Bolong and Ceng Sheng signed the Labor Contract.　

　　On March 27th, 2020, Ceng Sheng and Shanghai Jiang Bolong signed the Agreement on Dissolution (Termination) of Labor Relations (hereinafter referred to as "Dissolution Agreement"), and Shanghai Jiang Bolong gave Ceng Sheng one-off compensation, and the Technology Transfer Framework Agreement, the Supplementary Agreement to the Technology Transfer Framework Agreement signed by Ceng Sheng and Jiang Bolong and the relevant equity incentives in the employment notice became invalid at the same time. On April 7th, 2020, Shanghai Jiangbolong paid all the severance compensation to Ceng Sheng in one lump sum according to the Termination Agreement.　

　　On May 17th, 2021, the People’s Court of Nanshan District, Shenzhen City, Guangdong Province ruled that the case was not an ordinary civil contract dispute but a labor dispute, and dismissed the plaintiff Ceng Sheng’s lawsuit. On May 23, 2021, Ceng Sheng refused to accept the above ruling and appealed to the Shenzhen Intermediate People’s Court. On July 8, 2021, the Shenzhen Intermediate People’s Court issued a Civil Ruling (2021) No.19702, which rejected the appeal and upheld the original ruling.　

　　In addition, Shanghai Jiang Bolong brought a lawsuit to the Yangpu District People’s Court in Shanghai for Ceng Sheng’s violation of the Agreement on Termination, requesting Ceng Sheng to return all the severance pay. On June 29th, 2021, the People’s Court of Yangpu District, Shanghai made the Civil Judgment (2021) No.11124 at the beginning of the Republic of China, and the judgment dismissed the claim. On August 10, 2021, Shanghai Jiang Bolong appealed to the Shanghai No.2 Intermediate People’s Court, and the case is still under trial.　

　　Cai Huabo, the controlling shareholder, is a witness in the bribery case.　

　　According to the prospectus, Cai Huabo, the controlling shareholder of Jiang Bolong, was involved in the case of Ji Zhen, the former deputy head of Nanshan District, Shenzhen, as a witness.　

　　According to the criminal judgment No.350 (2017) at the beginning of Guangdong 03 Criminal Sentence made by Shenzhen Intermediate People’s Court on December 18, 2017 and the Criminal Ruling No.395 (2018) at the end of Guangdong Criminal Sentence made by Guangdong Higher People’s Court on June 8, 2018, Ji Zhen supported his student Zeng Moming to start a business. Introduce to Cai Huabo that Shenzhen Huade Innovation Technology Co., Ltd. (hereinafter referred to as "Huade Company") cooperated with Jiang Bolong Co., Ltd. in SSD testing. Huade Company’s business scope includes integrated circuit business and Jiang Bolong Co., Ltd. has outsourcing cooperation in testing business with other manufacturers. Jiang Bolong Co., Ltd. signed an entrusted testing contract with Huade Company and paid the testing fee of 1 million yuan, but Huade Company failed to fulfill the corresponding contractual obligations, and this testing fee was actually occupied by Ji Zhen. Hou Jizhen was convicted of accepting bribes and corruption, and the case has been closed.　

　　Except for Cai Huabo, who assisted the public prosecution in this case, neither Jiang Bolong nor Cai Huabo was put on file for investigation or prosecution by the judicial authorities, and no criminal compulsory measures were taken. According to the Letter of Work issued by Shenzhen People’s Procuratorate on March 24th, 2021, Jiang Bolong Limited and Cai Huabo were not put on file for investigation by Shenzhen People’s Procuratorate, and were not prosecuted by Shenzhen People’s Procuratorate for suspected criminal offences. According to the Certificate of No Criminal Record issued by shenzhen public on February 8, 2021, Cai Huabo was not found to have a criminal record from March 6, 1976 to February 5, 2021.　

　　According to the refereeing document network, in the first half of 2013, Shenzhen Jiangbolong Electronics Co., Ltd. (hereinafter referred to as "Jiangbolong Company") applied to the Nanshan District Government for funding for science and technology projects, and with the help of the defendant Ji Zhen, it finally won the funding for science and technology projects of RMB 2 million. Since then, Ji Zhen asked Cai Mobo, the chairman of the company, that the company sign an entrusted test contract with Huade Company and pay the test fee of RMB 1 million. Cai Mobo agreed. On November 27th, 2013, Ji Zhen appointed Zeng Moming to sign a contract with Jumbolong Company on behalf of Huade Company. On January 6, 2014, Jumbolong Company transferred RMB 1 million to Huade Company. The contract was not actually performed, and it was a false contract. The so-called test fee was the benefit fee charged by Ji Zhen to Jiang Bolong Company, which was used by Ji Zhen for personal purchase.　

　　The testimony of the witness Zeng Moming (general manager of Huade Company) proves that one day in October 2013, Ji Zhen took Hua Mouzhi and me to visit Jiangbolong Company and introduced us to each other in the office of Cai Mobo, the head of Jiangbolong Company. A few days later, Ji Zhen asked me to go directly to Cai Mobo in the name of Huade Company, saying that there was a project cooperation between the two sides, amounting to 1 million yuan. As for the cooperation content, he did not mention it to me. After I met Cai Mobo, I asked him if he had a cooperation project of 1 million yuan. Cai Mobo said that Ji Zhen had already agreed with him, and there was no need to talk about it. Then he asked a manager surnamed Zhang from his company to come to his office to meet me specifically. I introduced the situation and left. A week later, Manager Zhang invited me to meet with Jiang Bolong Company. There were me, Manager Zhang and another manager Liu (female, in her fifties) of Jiang Bolong Company present. They put forward a contract on the spot, and the contents were not agreed, so they let me go back. Not long after, manager Zhang sent me the contract, the content of which was about testing the performance of memory. The contract was signed by manager Zhang on behalf of Jiangbolong Company. After I printed it, I signed and sealed it for Qiangmou and sent it back to Jiangbolong Company for signature and seal. At the beginning of 2014, Jumbolong Company transferred RMB 1 million to Huade Company by means of public-to-public bank transfer between companies, and Huade Company also provided corresponding invoices to Jumbolong Company.　

　　The dividend for two years is nearly 80 million yuan.　

　　According to the prospectus, Jiang Bolong distributed cash dividends of 20 million yuan and 59.3383 million yuan in April 2018 and May 2021 respectively.　

　　On April 9, 2018, Jiang Bolong’s shareholders’ meeting reviewed and approved the profit distribution plan for 2017, and distributed a cash dividend of 20 million yuan (including tax) to all shareholders.　

　　In 2019 and 2020, Jiang Bolong did not distribute dividends.　

　　On May 20th, 2021, Jiangbolong shareholders’ meeting reviewed and approved the profit distribution plan for 2020, and distributed a cash dividend of 1.60 yuan (including tax) to all shareholders for every 10 shares, totaling 59.3383 million yuan (including tax).　

　　Regarding the above cash dividends, Shenzhen Stock Exchange asked Jiang Bolong to analyze and explain the necessity and appropriateness of the relevant large cash dividends, and whether they match with Jiang Bolong’s financial situation, focusing on analyzing and explaining the rationality of Jiang Bolong’s cash dividends in the case of losses in 2018, such as the articles of association of Jiang Bolong. Explain the use of dividend funds of Jiang Bolong’s actual controller and major shareholders.　

(Source: Qianweiyang Kitchen Guan Wei)

Interpretation of financial reports in the primary market, paying attention to the issuance process

On June 19, 2020, the CSRC disclosed in advance the application of Zhengzhou Qianweiyang Kitchen Food Co., Ltd. (hereinafter referred to as "Qianweiyang Kitchen") to "queue up" for listing. Looking back on history, in 2012, Qianweiyang Kitchen was wholly-owned by Zhengzhou Missing Food Co., Ltd. (hereinafter referred to as "Zhengzhou Missing Food"), a subsidiary of Synear Food Holdings Limited. Then in 2016, Qianweiyang Kitchen became independent from the missing system, focusing on expanding the catering channel market of quick-frozen noodles and rice products. As a former controller of missing food, how will Li Wei realize its development plan of "recreating 3-5 core categories exceeding 100 million yuan in existing products" with Qianweiyang Chef?

As a supplier of quick-frozen noodles and rice products of well-known chain catering brands such as KFC, Pizza Hut and Haidilao, the performance of Qianweiyang Chef in recent years is "average", but at the same time, Qianweiyang Chef is faced with problems such as lower gross profit margin than its peers, declining capacity utilization rate, and "dependence" on a single customer. In the face of the complex market environment, can Qianweiyang Chef "break through"? It’s still unknown.

one

The actual controller Li Wei holds 62.49% of the shares and "takes the helm" of 56 companies.

This listing, the sponsor of Qianwei Yangchu Cooperation is Guodu Securities Co., Ltd., the auditor is Deloitte Touche Tohmatsu Certified Public Accountants, and the law firm is Beijing Jingtian Gongcheng Law Firm.

According to the prospectus, the controlling shareholder of Qianwei Yangchu is Gongqingchengji Enterprise Management Consulting Co., Ltd. (hereinafter referred to as "Gongqingchengji"), with a shareholding ratio of 62.49%. Li Wei directly holds 100% equity of Gongqingchengji and indirectly controls 62.49% equity of Qianweiyang Kitchen, which is the actual controller of Qianweiyang Kitchen.

It should be pointed out that Li Wei, with a bachelor’s degree, did not hold a post in Qianweiyang Kitchen. In addition to Qianwei Restaurant, Li Wei also controls 8 overseas enterprises such as for Joy Development Limited and Genki HoldingsLimited, and 47 domestic enterprises such as Zhengzhou Huanghe Daguan Co., Ltd. and Henan Hailang Real Estate Co., Ltd..

As of June 8, 2020, the signing date of the prospectus, Qianwei Yangchu has a total of 16 shareholders. Except for Gongqingcheng, the top ten shareholders are Shenzhen Qianhai New Hope Chuangfu No.1 Investment Partnership, Zhuji Shangde Hewei Investment Partnership, Gongqingcheng Kaili Investment Management Partnership, Suqian Hanbang Investment Management Co., Ltd., Shenzhen Netju Investment Co., Ltd., Wei Xiuyan, Weng Lei, Zhao Jianguang and Beijing Jianyuan Times Investment Management Center.

Looking at the situation of its director, there are 8 directors on the board of directors of Qianwei Yangchu, including 3 independent directors; There are 3 supervisors and 4 senior managers.

Jian Sun, with a bachelor’s degree, is currently the chairman of Qianwei Yangchu and the executive director of Xinxiang Qianwei Yangchu Food Co., Ltd. (hereinafter referred to as "Xinxiang Qianwei"). He has served as a salesman of Henan Tianlong Industrial Co., Ltd.; Zhengzhou Miss Business Representative, Shanghai Company Manager, Hong Kong Company Manager and Deputy General Manager of Marketing Center; General manager of sales of Henan Yishengyuan Food Co., Ltd.; Deputy General Manager of Zhengzhou Central Daguan Real Estate Co., Ltd., etc.

Bai Rui, master’s degree, is currently the director and general manager of Qianwei Central Kitchen and the manager of Xinxiang Qianwei; He has served as an accountant in the Finance Department of Henan Guanlian Decoration Engineering Co., Ltd.; Accountant in charge of Henan Branch of Hisense Kelon Electric Co., Ltd.; Zhengzhou misses the manager of the settlement department, the manager of the fund management department and the assistant to the deputy general manager of the marketing center.

2

Mainly engaged in the production and sales of quick-frozen noodle rice products, accounting for over 90% of revenue.

According to the prospectus, Qianweiyang Kitchen was established on April 25, 2012, and its main business is the research and development, production and sales of quick-frozen noodle rice products for catering enterprises. According to the processing methods, quick-frozen noodle rice products can be divided into four categories: frying, baking, cooking, dishes and others. The specific products include fried dough sticks, sesame balls, egg tarts, sweet potato balls and cartoon bags.

From 2017 to 2019, the main business income of Qianwei Yang Kitchen was 592.9004 million yuan, 700.8488 million yuan and 888.6315 million yuan respectively. Among them, the total income of frying, baking and cooking products in the same period was 577,119,600 yuan, 690,869,300 yuan and 866,225,600 yuan respectively, accounting for 97.34%, 98.58% and 97.48% of the main business income in the same period, which was the main source of the main business income of Qianwei Central Kitchen.

In addition, from 2017 to 2019, the realized income of dishes and other products was 15.7808 million yuan, 9.9794 million yuan and 22.4059 million yuan respectively, accounting for 2.66%, 1.42% and 2.52% of the main business income in the same period, accounting for a relatively small proportion.

three

The upstream market is fully competitive, and the price of raw materials may fluctuate.

According to the prospectus, Qianweiyang Kitchen belongs to the quick-frozen noodle rice products industry. The upstream of the industrial chain mainly includes rice, noodles, oil, meat, vegetables, miscellaneous grains and other raw materials. The price and quality of raw materials are the two major factors that quick-frozen food enterprises are most concerned about.

It should be noted that raw material expenditure is the main operating cost of quick-frozen noodle rice products enterprises, and the development of upstream industry and the change of agricultural and sideline products prices have an important impact on the production and sales of quick-frozen noodle rice products industry; Although the upstream industries provide all bulk agricultural products (000061, stock bar) with full market competition, there is rarely a shortage of supply, but due to the complex and changeable economic situation in recent years, the prices of raw materials supplied by the upstream industries are still unstable, which has a certain degree of adverse impact on the development of the quick-frozen noodle and rice products industry.

According to the prospectus, the downstream of Qianweiyang Kitchen is online and offline sales channels and cold chain logistics industry. At present, there are two mature offline sales channels for quick-frozen noodles and rice products. One is to connect with C-end consumers through shopping malls, supermarket chains, convenience stores, etc., and the other is to distribute them to B-end customers such as restaurants, enterprises and institutions, hotels, etc. through self-management and distribution.

In addition, the market demand and development level of downstream industries determine the future development direction and scale of the quick-frozen noodle and rice products industry. At the same time, with the sustained development of the national economy and the increasing awareness of consumers on food health, the products of the quick-frozen noodle and rice products industry have been continuously improved in quality and various indicators. Therefore, the quick-frozen noodle rice products industry and the downstream industry promote each other and develop circularly.

four

The performance is "average" and the gross profit margin is lower than the average level of peers.

In recent years, the performance of Qianweiyang Chef has been "mediocre".

According to the prospectus, in 2017-2019, the operating income of Qianwei Central Kitchen was 593,317,100 yuan, 701,202,700 yuan and 889,282,900 yuan respectively, which increased by 18.18% and 26.82% respectively in 2018-2019.

In the same period, the net profit of Qianwei Yangchu was 46,559,100 yuan, 58,678,900 yuan and 74,121,300 yuan respectively, which increased by 26.03% and 26.32% respectively in 2018-2019.

(Source: Qianweiyang Kitchen Prospectus)

From 2017 to 2019, the net cash flow generated by the operating activities of Qianwei Central Kitchen was 91,522,200 yuan, 12,413,000 yuan and 86,412,700 yuan respectively.

It is worth noting that in recent years, the production and sales rate and capacity utilization rate of Qianweiyang Kitchen have shown a downward trend.

From 2017 to 2019, the sales volume of Qianwei Yang Kitchen was 54,875.48 tons, 63,550.1 tons and 76,598.86 tons respectively, and the production and sales rates were 98.14%, 98.9% and 94.98% respectively. The capacity utilization rates are 87.37%, 100.4% and 81.29% respectively.

In recent years, the gross profit margin of Qianweiyang Kitchen is lower than the average of the same industry.

In 2017-2019, the gross profit margin of Qianwei Yang Kitchen was 22.69%, 23.83% and 24.5% respectively, while in the same period, Sanquan Food (002216, shares bar), Anjing Food (603345, shares bar), Zhongyin Babi, Haixin Food (002702, shares bar) and Huifa.

In this regard, Qianweiyang Kitchen said that due to the obvious differences in sales models, downstream customers, product structure and sales scale of comparable companies in the same industry, the gross profit margin also showed certain differences.

five

The top five suppliers account for nearly 50% of purchases, which may constitute a "dependence" on a single customer.

According to the prospectus, the sales model of Qianweiyang Kitchen is mainly divided into direct sales and distribution, and the two are relatively stable. From 2017 to 2019, the sales revenue of Qianweiyang Kitchen’s distribution model accounted for 59.41%, 59.31% and 58.98% respectively; In the same period, its direct sales revenue accounted for 40.59%, 40.69% and 41.02% respectively.

From 2017 to 2019, the total sales of Qianwei Yang Kitchen to the top five direct customers were 218,028,400 yuan, 255,128,100 yuan and 320,882,300 yuan respectively, accounting for 36.75%, 36.38% and 36.08% of the total operating income in the same period respectively.

During the reporting period, that is, from 2017 to 2019, the total sales of Qianwei Yangchu to the top five distribution customers were 56,518,600 yuan, 77,401,700 yuan and 100,831,300 yuan respectively, accounting for 9.53%, 11.04% and 11.34% of the total operating income in the current period, respectively, and the proportion of revenue showed an upward trend.

It should be pointed out that from 2017 to 2019, the sales revenue of Qianwei Yangchu to the largest customer Yum! China Holdings Co., Ltd. (hereinafter referred to as "Yum! China") and its related parties accounted for 29.95%, 30.2% and 30.72% of the operating income respectively.

In this regard, Qianwei Yangchu said that as a T1 supplier of Yum! China, Qianwei Yangchu has a stable cooperative relationship with Yum! China, but there is still the risk that Yum! China will reduce orders or even terminate cooperation in the future, which will lead to a decline in the operating performance of Qianwei Yangchu.

In recent years, the suppliers of Qianweiyang Kitchen are more concentrated.

From 2017 to 2019, the purchase amount of Qianwei Yang Chef from the top five suppliers was 176.229 million yuan, 199.4039 million yuan and 261.8332 million yuan respectively, accounting for 48.12%, 46.14% and 47.05% respectively in the same period.

six

The total fundraising exceeds 409 million yuan, which will increase the production capacity by 80%.

With this listing, Qianwei Yangchu plans to raise 409 million yuan, which will be used to invest in "Xinxiang Qianwei Yangchu Food Co., Ltd. Food Processing Construction Project (Phase III)" and "Headquarters Base and R&D Center Construction Project" respectively.

Among them, the "Xinxiang Qianwei Yangchu Food Co., Ltd. Food Processing and Construction Project (Phase III)" plans to use 377 million raised funds, and the planned construction period of the project is 24 months. The implementation subject is Xinxiang Qianwei, a wholly-owned subsidiary of Qianwei Yangchu. The project has a total land area of 35,288 square meters and a total construction area of 53,760 square meters, including 30,000 square meters of food processing workshops (double floors) and 23,760 square meters of three-dimensional cold storage. After the completion of the project, the production scale of quick-frozen rice products with an annual output of 80,000 tons will be formed.

It is worth noting that in 2019, the existing production capacity of Qianweiyang kitchen products was 99,200 tons, that is, the new production capacity of the above projects accounted for 80.65% of its existing production capacity.

Qianweiyang Kitchen said that after the above-mentioned projects are completed and put into production, the overall capacity utilization rate of the company will reach over 90% by then. Considering the seasonality of product sales and the gradual increase of market concentration of large-scale quick-frozen noodle rice products, the issuer’s new capacity increase will basically be digested.

On the other hand, Qianweiyang Chef also admits that the investment projects with raised funds fail to achieve benefits as scheduled, or the market situation changes unpredictably after production, or the company cannot effectively explore new markets. After capacity expansion, the company will have certain risks of unsalable products or idle capacity.

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