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　　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)

Recommended reading

Xie Weijiang was appointed Vice Governor of Hunan Provincial People’s Government.

Hunan Free Trade Zone is coming, how can Changsha exert its strength?

Gather the voices of the world and tell the story of Changsha

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

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Whether it is a pure oil vehicle or a new energy vehicle, "cost performance" is always the three words that users often say. Unlike pure oil vehicles, many users pay more attention to cruising range, intelligence, functional configuration and, of course, price when choosing new energy vehicles! Jiyue Automobile is a car brand jointly created by Geely and Baidu. Geely is responsible for manufacturing and chassis control and adjustment. Baidu, as an Internet company, is naturally responsible for the intelligent section. The division of labor is clear, and the cars jointly manufactured will naturally not be bad. It is the first car product of Jiyue brand, with a price of 199,900, which is attractive. Without further ado, in this issue, we will interpret the configuration of Extreme Yue 07 to see why it is cost-effective.

Since it is a new energy pure electric vehicle, intelligence is the natural focus! Different from other brand models, Extreme Yue 07 comes standard with ASD Apollo high-order intelligent driving based on Baidu Apollo L4 autopilot from the beginning of the entry-level model, and comes standard with high-precision maps and navigation assistance functions on high-speed sections. After setting the driving route, automatic driving can be started, which reduces the driving difficulty to some extent. In terms of hardware, the Extreme Yue 07 comes standard with two NVIDIA Orin-X chips and 34 sensing hardware, which makes the vehicle behave more calmly in the face of complex road conditions.

In terms of power, Extreme Yue 07 has two power versions: single motor and double motor.Standard editionandLong battery life versionThe maximum power of the rear single motor is 200kW(272Ps) and the maximum torque is 343N·m, which is enough to compare with the mainstream models. The standard version provides 71.4kWh, and CLTC has a pure battery life of 660km；; The long battery life version provides 100kWh, and the CLTC pure electric cruising range is 880km. Both the standard version and the long-life version support 400V high-voltage fast charging, effectively shortening the recharge time. Of course, if performance is more important, you can consider starting.Performance editionModel, the combined maximum power of front and rear dual motors is 530kW(721Ps), the maximum torque is 653N·m, plus the four-wheel drive system, the official nominal acceleration time is 0-100 km/h.3.5 seconds. In addition, the power battery used in the performance model is 93.4kWh from Contemporary Amperex Technology Co., Limited, which supports800VHigh-voltage fast charging, CLTC pure electric cruising range of 770km. The power batteries used in the standard version, long-life version and performance version all provide unlimited mileage/life warranty, which reduces the worries of car owners.

In terms of chassis, the Extreme Yue 07 uses the front double wishbone/rear structure, and is also equipped with CDC dynamic chassis adjustment, which gives the chassis a high integrity and will not make the passengers in the car feel loose when taking bad roads. When cornering at a faster speed, the suspension can give better support to the car body, effectively restrain the rolling action of the vehicle and give the driver confidence. Through the camera outside the vehicle, the visual field around the vehicle can be displayed on the dashboard, which brings convenience to driving in rainy days and can give the driver a clearer visual field.

Why do you say that Extreme Vietnam 07 is cost-effective? In my opinion, this Extreme Yue 07 is equipped with more high-end functions. The whole system comes standard with ASD Apollo high-order intelligent driving based on Baidu Apollo L4 autopilot, equipped with high-precision maps, and supports high-voltage fast charging. These functional configurations may only be available on competing models of the same level and price, but the Extreme Yue 07 is all made as standard, and users don’t need to spend extra money on matching. In addition, the power battery provides unlimited years/mileage warranty. For a pure electric new energy vehicle, the power battery is the core part, which will make users feel more at ease in the future use process. Powerful functional configuration and reasonable price make the price/performance ratio naturally high! What else do friends in front of the screen want to ask about this ultra-crossover 07? Please leave us a message in the comment area.