月度归档 2025年1月31日

　　On August 9, 2008, the conflict in Georgia escalated. This TV photo taken on August 8 shows that Russian troops are heading for Tskhinvali, the capital of South Ossetia, Georgia. From the evening of the 7th to the morning of the 8th, there was another armed conflict between Georgian army and armed personnel of South Ossetia Autonomous Prefecture near Tskhinvali. Russian TV reported earlier on the 8th that Russian troops and tanks entered South Ossetia on the same day. On the evening of the 8th, Georgian President Saakashvili delivered a televised speech to the people, saying that Georgian troops had completely controlled Tskhinvali, the capital of South Ossetia. Xinhua News Agency/AFP

　　For more than a decade, the tense crisis between the two countries has occurred from time to time. However, every time I saw "dark clouds gathering", "rain" did not come down.

　　Since the disintegration of the Soviet Union, the contradictions, conflicts and confrontations between Russia and Georgia, two newly born countries, have almost never stopped, and there is an increasingly tense trend. From April to May, 2008, because the Georgian unmanned reconnaissance plane was shot down by the Abkhaz military in China, the government became furious and began to station a large number of troops in areas adjacent to Abkhazia, while Russia increased its peacekeeping forces to Abkhazia, claiming to severely respond to the possible aggression by Georgia. The two sides are so tense that some people describe the crisis situation of Russia-Georgia relations as "near the state of war" For more than a decade, similar situations have often occurred between the two countries. However, every time I saw "dark clouds gathering", "rain" did not come down.

　　The basic background of the relationship between the two countries

　　The Caucasus Mountains straddle the Black Sea and Caspian Sea from northwest to southeast, forming a part of the dividing line between Europe and Asia. The relationship between nations and countries on the north and south sides of the mountain range is complex and special. The northern part of the Caucasus Mountains is called the Inner Caucasus or the North Caucasus, and now it belongs to the southern region of Russia. There are North Ossetia-Alain Autonomous Republic and Ingushetia Republic, which have good relations with the Russian central government, Chechen Republic, which once had bad relations with the Russian central government, and Caraccia I-Celka Republic, Kabardino-Balkar Republic and Dagestan Republic. The south of the Caucasus is called Transcaucasia, also called South Caucasus, and there are three countries-Georgia with Orthodox Christianity as the main belief, Armenia with traditional Christianity as the main belief, and Azerbaijan with Islam and close ties with Iran. The Caucasus Mountains divide Eurasia into two parts, and it is also divided into two parts by different nationalities and countries, torn by different civilizations, different nationalities and different powers.

　　One is Abkhazia, which has close ties with Russia.

　　Among the three countries in Transcaucasia, Georgia has the most tense relationship with Russia. Georgia is a small country, with a land area of 0.41% of that of Russia. At the beginning of 2006, the total population was 3.1% of that of Russia. Why is the relationship between two countries with such a huge difference in size tense? There are undoubtedly many reasons, among which the most direct one is that Abkhazia and South Ossetia in Georgia are too close to Russia.

　　Abkhazia is an autonomous Republic of Georgia, located on the Black Sea in northwest Georgia. Its capital is the coastal city of Sukhumi, which is very close to Sochi, a health resort in southern Russia. During the Soviet period, Stalin and other leaders built villas in Sochi. Economically, Sukhumi was the main producing area of tea and citrus in czarist Russia and Soviet Union. Abkhazia and the Black Sea coastal areas in southwestern Russia belong to a regional economic circle. In addition, Abkhazians converted to Christianity as early as the 6th century A.D., and were influenced by Islam after the rise of the Ottoman Empire in the 11th century, which made them closer to the North Caucasians in history, language and culture. Abkhazia’s economic and cultural exchanges with Russia are far closer than those with Tbilisi, the center of Georgia in the mountains. Because Abkhazians have a long-term pro-Russian tendency, Georgia often adopts repressive policies against them in language, culture and ethnic policies. Shortly after the disintegration of the Soviet Union and the independence of Georgia, Abkhazia also declared its independence in July 1992, and the Georgian central authorities sent troops to station, which triggered an armed conflict that lasted for more than a year, causing tens of thousands of casualties and half of the residents fleeing their hometowns. Under the mediation of Russia and the international community, the two parties to the conflict signed a ceasefire agreement in Moscow in May 1994. According to this agreement, Russian troops entered Abkhazia in the name of the CIS peacekeeping force. Since then, Russia has strengthened its ties with Abkhazia in various ways, such as simplifying the procedures for Abkhazians to join Russian nationality and reopening the railway to Sukhumi.Georgia imposed an economic blockade and embargo on Abkhazia. To this day, it is still the arena between Russia and Georgia.

　　One is South Ossetia, which has a love affair with Russia.

　　The close relationship between Ossetia and Russia is different from that in Abkhazia. Ossetia is divided into north and south. During the Soviet period, North Ossetia was originally only a district belonging to the Gore Autonomous Republic, but its status continued to improve, and it was upgraded to an autonomous prefecture and an autonomous Republic in 1924 and 1936. After the disintegration of the Soviet Union, North Ossetia was upgraded to a republic of the Russian Federation.

　　South Ossetia is far behind its northern brothers in status. During the Soviet Union, although South Ossetia had autonomous status, it was only an autonomous prefecture of Georgia in administrative division. After Georgia’s independence, it is still an autonomous prefecture. Therefore, South Ossetia has always sought an independent status on an equal footing with Georgia and is not subject to the jurisdiction of the Georgian central government. As early as 1989, South Ossetia had an open conflict with the Georgian government, which lasted until the summer of 1992, causing a large number of casualties. In the meantime, South Ossetia not only declared its independence by referendum in January 1990, but also proposed to merge with the Russian Republic of North Ossetia. In June 1992, Russia, Georgia, South Ossetia and North Ossetia held talks on the peaceful settlement of armed conflicts and reached an agreement on a ceasefire, the establishment of a peacekeeping force and a supervisory committee. In July, a 1,500-member peacekeeping force composed of Russia, Georgia and South Ossetia established a security corridor on the border between South Ossetia and Georgia, which actually separated South Ossetia from Georgia. Considering the complicated international relations, Russia has neither recognized the independence of South Ossetia nor supported its merger with North Ossetia, but it has maintained close ties with it in secret. For example, most South Ossetians hold Russian passports, and rubles are widely circulated in the local area. In recent ten years, due to South Ossetia’s secret love for Russia, Russia and Georgia have not only quarreled, but sometimes even threatened each other with force.

　　There are also historical grievances.

　　In addition to the conflict of interests between Abkhazia and South Ossetia, there are historical reasons why the relationship between Russia and Georgia is difficult to straighten out. The relationship between them is extraordinary, and some scholars use the term "once brothers" and today’s "enemies" to describe them. Georgians established their own country earlier than Russia. However, in the first half of the 19th century, the Georgian country was annexed by Tsarist Russia. After the October Revolution, Georgia once declared its independence, but it was soon occupied by the Soviet Red Army. In February 1921, Georgia established the Soviet Socialist Republic, joined the Transcaucasian Soviet Socialist Federal Republic in March 1922, and joined the Soviet Union as a federal member at the end of the same year. In December 1936, Georgia was upgraded to a republic directly under the Soviet Union. Many important Soviet leaders, including Stalin, came from Georgia. Georgia was conquered in czarist Russia and subordinate in Soviet Union, but Georgians always have a lingering feeling of independence. Therefore, before the disintegration of the Soviet Union, Georgia issued a declaration of independence on November 4, 1990 and changed its name to "Republic of Georgia", and officially declared its independence on April 9, 1991. In order to erase the shadow of the past, the new constitution adopted by Georgia in August 1995 named the country "Georgia". After independence, Georgia actively approached the west.

　　Another big country’s gambling table.

　　There are also broader national factors that affect Russia-Georgia relations, that is, Georgia is actually a "gambling disk" for the game between western powers and Russia. Georgia is a small country, but geopolitics is very important. Western countries regard it as a base to squeeze and contain Russia’s strategic space from the south, while Russia, which has lost its traditional spheres of influence such as Central and Eastern Europe, the Balkans and the Baltic Sea, will certainly not easily let the wishful thinking of the West succeed. The great power struggle is reflected in Georgia, that is, the endless political struggle between pro-Russian and pro-Western factions. Behind the so-called "color revolution" in 2003 and the large-scale anti-government demonstrations in 2007, we can see the shadow of western countries and Russia. In order to squeeze out Russia, after two rounds of eastward expansion in 1997 and 2002, NATO began to brew a third round of eastward expansion this year. One of its main targets is Georgia, and nearly 73% of the people in Georgia want to join NATO. If Georgia and Ukraine join in again, NATO will push its forward position to the southwest and south of Russia, and form an encirclement trend in the southwest. Russia is deeply affected by the crisis, and its reaction is relatively strong, and it is considered as a "dangerous signal". Therefore, it not only shows its strength by resuming the routine combat duty flights of long-range strategic bombers over the Atlantic Ocean, the Arctic Ocean, the Pacific Ocean, the Black Sea and the Arctic region, but also threatens NATO and Georgia by increasing peacekeeping troops to Abkhazia and supporting the independence of South Ossetia. Now it seems that,Neither NATO nor Russia will give in, the game will continue, and Georgia’s relations with Russia will be even more difficult to get along with in the situation of internal and external troubles.

　　At present, it seems that it is difficult for Russia-Georgia relations to be fundamentally improved for a while, but it is unlikely that they will completely break down and all-out war will break out. Georgia has close economic ties with Russia, especially in the supply of basic energy such as electricity, oil and natural gas. Russia is now seeking to join the WTO, and Georgia is already a member of the organization. Russia can’t help but care. The situation in Transcaucasia is more complicated, and the relationship between major powers reflected here is also very complicated. For their own security and interests, Russia, western powers and Georgia will not act simply, and the disharmony between Russia and Georgia will continue.

Editor: Bo Du

　　Author: Li Juan

　　After updating the information, many Xiaomi eco-chain enterprises continued their process of sprinting A-share listing.

　　It is a common practice for some listed companies to be deeply tied up with giants such as Xiaomi Group (01810.HK) in the industrial chain. Shenzhen Sushi Technology Co., Ltd. (hereinafter referred to as "Sushi Technology") is one of them. The sponsor is China Merchants Securities (600999.SH), which recently updated the financial data for 2021 and the reply to the regulatory inquiry letter.

　　Sushi Technology’s main products are small personal care appliances such as electric toothbrushes, and more than half of its income comes from Xiaomi Group. The first financial reporter found that there is a big difference in gross profit margin between self-owned brands and products supplied to Xiaomi Group, and how to maintain independence in the future is a problem. Before the issuance, Xiaomi Group held nearly 20% equity of Sushi Technology through its affiliated investment company.

　　More than half of the income comes from Xiaomi.

　　Xiaomi Group is not only the major shareholder of Sushi Technology, but also the largest customer.

　　Sushi Technology’s main business is the research, development, design, production and sales of small household appliances. Focusing on the head care scene, it has formed three product categories: oral care, hair care and hairdressing care. The products are divided into self-owned brand products and Xiaomi customized Mijia brand products, among which the most important oral care products mainly include electric toothbrushes, tooth flushers and peripheral products.

　　In the inquiry letter, the regulatory authorities raised such questions and asked Sushi Technology to make a reasonable explanation for related party transactions: "The actual controllers of Tianjin Jinmi and Shunwei Technology are both Lei Jun.. There are related purchases and related sales between the issuer and Xiaomi Group during the reporting period. " "Explain the issuer’s position in Xiaomi eco-chain enterprises, cooperation and competition with eco-chain enterprises; Whether the issuer’s sales to Xiaomi Group are relatively high is reasonable, and compared with comparable companies of the same type, it shows whether there is industry universality in this situation. "

　　The shareholding structure shows that Tianjin Jinmi and Shunwei Technology hold 10.90% and 8.57% of Sushi Technology respectively. Sushi Technology said that before the issuance, Xiaomi Group held 8.57% of the shares of the company through Tianjin Jinmi controlled by it, and director Chen Bo was the representative of Tianjin Jinmi on the board of directors; Xiaomi related Fang Shun holds 10.90% of the company’s shares for Technology. Tianjin Jinmi and Shunwei Technology’s investments in Sushi Technology are all equity investments with voting rights, but they have no control over the business decisions of Sushi Technology.

　　According to the disclosure data, from 2019 to 2021, the income realized by Sushi Technology through Xiaomi mode accounted for 59.39%, 59.82% and 55.56% of the main business income respectively.

　　According to Sushi Technology, the company is one of the Xiaomi eco-chain enterprises that focuses on protecting small household appliances. As a customized product supplier, it provides Mijia brand products such as Mijia electric toothbrush, Mijia tooth punch, Mijia electric razor, Mijia hair dryer and some self-owned brand products for Xiaomi Communication. Xiaomi Group is the largest customer of Sushi Technology. Xiaomi Communication (100% owned by Xiaomi Group) specifies the trademark, industrial design and packaging design scheme for Mijia brand products, and is responsible for the publicity and sales of Mijia brand products. Sushi Technology is responsible for the overall development and production of Mijia brand products, and is responsible for transporting them to the warehouse designated by Xiaomi Communication. The channels for Xiaomi Communication to sell Mijia brand products include Xiaomi Mall, Youpin and other Xiaomi’s own platforms, Xiaomi’s offline channels and third-party platforms.

　　Sushi Technology suggested in the prospectus that there is a certain degree of competition between the company’s own brand products and Xiaomi’s customized Mijia brand products. Xiaomi, as an independent market entity, can carry out competitive business with Sushi Technology by itself or through cooperation with other third parties.

　　In this regard, a sponsor representative analyzed to the First Financial Reporter that Xiaomi Group, as an H-share listed company, the interests of Sushi Technology may sometimes conflict with the interests of Xiaomi shareholders or their affiliates. However, the pricing and gross profit margin of sales to Xiaomi and other customers are inconsistent, which also lays a certain hidden danger for future management.

　　Gross profit margin varies greatly, how to maintain independence?

　　The gross profit margin of its own brand is quite different from that of products supplied to Xiaomi. How can Sushi Technology maintain its operational independence?

　　In the inquiry letter, the supervisor also asked the company to explain the reasons, necessity, average selling and purchasing price of related party Xiaomi Group during the reporting period, and whether the pricing of related party transactions is fair in combination with the price of selling and purchasing similar products to other independent third parties in the same period.

　　From 2019 to 2021, the gross profit margin of Mijia brand electric toothbrush was 17.04%, 13.67% and 15.60%.

　　Sushi Technology explained that the decline in gross profit margin in 2020 was caused by the increase in sales of products with lower gross profit margin and the increase in the proportion of sales revenue; In 2021, when the gross profit margin increased, the company implemented supplier cost reduction. By introducing new suppliers or negotiating prices with the original suppliers, the purchase prices of the two main sales models were reduced. In addition, the company adjusted its product strategy and gradually stopped selling a model product with low price and low gross profit margin, thus increasing the gross profit margin.

　　During the reporting period, the gross profit margin of Sushi brand electric toothbrush was 33.17%, 43.41% and 50.22%, which showed a steady upward trend and was much higher than that of Xiaomi brand.

　　Sushi Technology said that since 2019, the gross profit margin of the company’s own brand electric toothbrush has increased, mainly for two reasons: the introduction of smart electric toothbrushes with higher unit price and more functions and usage modes, the expansion of product sales scale, the decline of its average unit cost and the increase of gross profit margin. Through multi-brand strategy for differentiated competition, the positioning of different brand products is quite different, resulting in different gross profit margins of different brand products.

　　Regarding the inconsistency in pricing, Sushi Technology explained: Mijia brand products are positioned in the mass market, and the unit price is relatively low, and most Mijia brand products are sold through the sharing model; Sushi brand products mainly focus on fashion, high value, personalized design and function, focusing on the aesthetic preferences of young consumers, especially young female consumers. The appearance and positioning are different from Mijia brand products, and some products can be directly sold to end consumers, so the gross profit margin is higher than Mijia brand products.

　　In addition, the cooperative sales mode of Sushi Technology and Xiaomi Communication is mainly divided mode, and a small number of products are direct sales mode. Under the sharing mode, the settlement price between the company and Xiaomi Communication is the basic purchase price plus the sharing amount, and the sharing ratio is usually 30%-50% of the final sales profit, but there are differences between different products. Under this business model, part of the profit of Mijia products is enjoyed by Xiaomi Communication, resulting in a lower gross profit margin of the sharing model.

　　Referring to the comparison with Xiaomi’s eco-chain enterprises, Sushi Technology explained that the cooperation mode and benefit distribution mechanism between the company and Xiaomi are not significantly different from those of Roborock (688169.SH) and No.9 Company (689009.SH). Because the main products of Fun Sleep Technology are self-owned brand products, Xiaomi has few customized products, and its business model is different from that of typical Xiaomi eco-chain enterprises. Therefore, there is no significant difference between the sales model and profit distribution mechanism of the company and Xiaomi and the cooperation model of other enterprises in Xiaomi ecological chain, and the pricing is fair.

　　Recently, both Roborock and No.9 Company, which have been listed, have made great efforts to reduce their holdings.

　　In addition, Sushi Technology is expected to raise 775 million yuan, which will be used to promote four projects, including product upgrading, brand promotion and marketing upgrading, "R&D center construction" and "supplementary liquidity". Among them, the largest investment in the whole product upgrade project is nearly 300 million yuan, including the purchase of office buildings in Luohu, Shenzhen. The specific way is to build the company to raise funds related to newly acquired real estate. At present, the company has signed a purchase intention agreement with Shenzhen Guosu Real Estate Development Co., Ltd., and plans to subscribe for some floors of Guosu Century Building located at No.3029 Baoan South Road, Luohu District, Shenzhen, of which 2,864.4 square meters will be used for the construction of this project. However, the prospectus did not disclose the specific transaction price of the floor. Public information shows that the current office price in Luohu District of Shenzhen is about 30,000 yuan per square meter.

The domestic shield machine is new again!

On September 27th, the "Jinghua" extra-large diameter shield machine rolled off the assembly line in Changsha. This shield machine is 150 meters long, with a total weight of 4,300 tons and a maximum excavation diameter of 16.07 meters. This is the largest diameter shield machine developed in China so far, and it will participate in the reconstruction project of Beijing East Sixth Ring Road after leaving the factory.

The equipment was jointly developed by China Railway Construction Heavy Industry Group and China Railway 14th Bureau Group, and it was the first time that Chinese enterprises successfully realized the industrial manufacture of 16m-class super-large diameter shield machine. The reporter saw at the scene that the equipment was huge, like a steel giant lying workshop, with a height of more than 5 floors. The cutter head painting extracted visual elements from Peking Opera masks, and took the red masks representing loyalty, courage and righteousness in Peking Opera as the design prototype. The appearance was bright and eye-catching, highlighting the regional cultural characteristics of Beijing.

Many netizens saw it and called this Facebook "absolutely"!

In fact, the painting of Beijing Opera theme of "Jinghua" is not the first case.

China shield machine has excellent performance, and its "skin" is also very distinctive.

China exports Russian money ("Victory"):

China exports to India:

China exports French edition:

China exports to Sri Lanka:

In terms of color, there are blue ones:

Red:

Green:

Colored:

Behind every "new skin" is the story of China people’s struggle to break the blockade and monopoly.

Shield machine, also known as tunnel boring machine, was invented and used in foreign countries as early as 1825.

Due to the difficulty in manufacturing, the shield machine market has been occupied by Germany, the United States and Japan for a long time.

Developed countries monopolize technology and market, and buyers have no bargaining power.

"Spending money depends on your face", and China at that time was no exception.

In 1997, when China was building the Qinling Tunnel of Xikang Railway, the first tunneling equipment was introduced from Wilt Company of Germany.

When I bought two machines, that was 700 million.

It was 700 million yuan in the 1990s, and people’s attitude was like that: Love buy buy, don’t buy it.

Tan Shunhui of China Railway Engineering Equipment Group recalled this past event and said that at that time, the right to speak about the price was in the hands of foreigners. He said that the money was as much as he wanted. If you want to make any changes, you should add the price first.

Because foreign countries have occupied the highest point in technology, their arrogance of looking down at people is the most unacceptable and uncomfortable.

The "after-sales service" of foreign experts is also very expensive, with an hourly salary of 600 to 800 euros.

Besides, when to repair it depends on people’s work schedule and mood.

In this way, foreign experts have to set up a cordon to prevent China people from watching.

In 2001, the foreign side proposed that an old shield machine should be sold at the price of a new shield, and the accessories should be increased by 100%.

In their view, China people can’t make it themselves, and they will accept the harsh conditions.

Generations of China people are fighting in their hearts: "We must use our own equipment in the future."

No matter how hard and bitter it is, we must build our machine!

Starting from the design drawings, China began to explore his own shield machine under the background of inexperience.

Really, start from scratch.

Follow suit, the shape is there, but it is still far from "domestic".

Li Jianbin of China Railway Industry said: "If you really do it yourself, you will know how difficult it is to manufacture the key components."

For example, knives, how many knives are arranged? What is the height? What is the spacing between knives? What is the opening rate of the cutter head?

China people don’t know these things, so they have to start from scratch and conduct theoretical research.

In actual work, the machine may encounter granite and limestone; May face hard soil, soft soil, silt, silty clay … These all need different tools according to different geology to make the best design.

It took China nearly five years to figure out the problem of cutting tools.

Under such difficulty, China people just chewed this bone down.

In 2008, China’s first shield machine with independent intellectual property rights was successfully rolled off the assembly line.

In 2013, the "Big Brother" German Wilt Company was acquired by China Railway Equipment.

Nowadays, the domestic shield machine has broken the monopoly of foreign technology and market, and lowered the price of similar products by 40%.

Domestic shield machines have also reached the top in many fields, with innovations: the world’s first horseshoe shield, the world’s largest rectangular shield, the world’s first inclined shaft dual-mode TBM, and the world’s first permanent magnet motor-driven shield machine …

Being "stuck in the neck" Sorry, now it’s: "No one has me, and everyone has me."

Not only the technology is good, but also many styles, large output and low price.

"There is a Shenzhou in the sky, a dragon in the sea, and a shield in the ground", and "a great country’s weapon" is both a starting point and a monument.

Like for Hunan manufacturing!

(Source: Economic Daily Editor: Yan Xin Trainee Editor: Jiang Xiaojing)

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Original title: "Made in Changsha! "Infrastructure Mad Devil" adds another weapon! 》

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