Living organ transplantation is a modern medical method that has developed rapidly in recent decades. Through living organ transplantation, countless critically ill patients have been cured and reborn. However, at the same time, this door still needs continuous improvement of medical technology, and there are also many mysteries that are still difficult to explain clearly. And many ugly and even vicious criminal cases that followed.

　　　 In Europe, America, even Japan and South Korea, it is not uncommon to make a fuss about living organ transplantation and create a scary atmosphere. However, in mainland China, it is exclusive to tell cases related to living organ transplantation. A Beating Heart tells the story of a mysterious murder caused by a heart transplant operation.

　　　 Around the heart transplant surgery in the film, the director successfully threw out a concept — — Heart memory, which roughly means that patients undergoing heart transplantation are likely to accept or even completely inherit the memory of the heart donor. The whole film "Desperate Heartbeat" is basically around the knowledge point of "heart memory" to make a fuss, and launched a thrilling and suspenseful story.

　　　 Regarding the phenomenon of "heart memory", there have always been similar cases among many examples of heart transplant operations around the world, but due to the insufficient development of science and technology at present, a reasonable explanation has never been given to this phenomenon. Therefore, for this phenomenon, the general view of the medical community is not to deny its existence, but not to make redundant explanations.

　　　 In the film "Desperate Heartbeat", Lin Xilei, who underwent a heart transplant, felt as if she had become another woman because of her "heart memory" — — Jiangbei Yan. Tony Leung Ka Fai, who performed a heart transplant for her, seems to have something else to hide. All the characters in the film seem to have ulterior motives. Around the heart of Lin Xilei, a life-and-death struggle is staged in horror. What is the truth behind the scenes? Only in late June, after the film is released in major theaters all over the country, wait for the audience to go to the theaters in person and find out!

Original Zhu Xinpu Yun Dan Gongbu Zhu Xinpu Stroke Prevention Science Popularization

Sudden cardiac death (SCD) is an unpredictable natural death caused by heart, accounting for about 80% of sudden death. The main manifestations are acute onset, with more males than females. A variety of heart diseases can lead to sudden death, especially those with organic basic cardiovascular diseases or related risk factors. Patients may have a history of heart disease or heart disease in the past. At present, it is recognized that most of the deaths within one hour of onset are sudden cardiac death.

According to the China Cardiovascular Disease Report released in 2019, there are 544,000 cases of sudden cardiac death in China every year.

1. Coronary artery disease

It mainly includes coronary heart disease (coronary atherosclerotic heart disease), acute myocardial infarction, coronary thrombosis, embolism or spasm, coronary arteritis, congenital coronary artery dysplasia, etc., among which coronary heart disease is the most common.

As the most common cause of sudden death, coronary heart disease is seen in acute coronary syndrome (including acute myocardial infarction and unstable angina pectoris). According to the American Heart Association, 25% of patients with coronary heart disease take sudden cardiac death as the first clinical manifestation. According to the domestic literature, 80% of adult deaths from sudden cardiac death are related to acute coronary syndrome. These patients died of acute myocardial ischemia.

The etiological basis of coronary heart disease is atherosclerosis, which leads to the decrease of coronary blood flow and myocardial perfusion. Under the inducement, acute coronary spasm or microcirculation embolism can occur, causing acute myocardial ischemia, causing electrophysiological disorder, leading to malignant arrhythmia and even sudden cardiac death.

2.cardiomyopathy

Hypertrophic cardiomyopathy is the most common cause of sudden cardiac death in cardiomyopathy. Hypertrophic cardiomyopathy (HCM) is a complex hereditary cardiomyopathy characterized by thickening of left ventricular wall, which has various clinical and genetic manifestations. It is a common cause of sudden death in adolescents, with a high missed diagnosis rate and 50% family history.

The research shows that the risk of sudden cardiac death such as having a history of ventricular tachycardia attack, severe left ventricular wall hypertrophy (≥30mm), unexplained syncope, family history of sudden cardiac death and exercise-related hypotension is obviously increased. It is suggested that all patients with family history of sudden death should be screened by echocardiography.

3. valvular disease

Cardiac valvular disease is also one of the risk factors of sudden cardiac death, including mitral stenosis and/or insufficiency, aortic stenosis and/or insufficiency, infective endocarditis, mitral valve prolapse (MVP) or chordae tendineae rupture. For example, severe aortic stenosis can cause a serious decrease in blood flow into the aorta and cardiac output, leading to sudden cardiac death.

In China, the incidence of valvular heart disease is high, which is mainly caused by rheumatic diseases, trauma, degeneration, congenital malformation, inflammation and other reasons. The structural function of one or more valves is abnormal, resulting in stenosis and/or insufficiency of the valve orifice.

4. Structural heart disease

Structural heart disease is a general term for a large class of diseases caused by abnormal heart structure, which mainly includes: congenital heart structure abnormality, valve abnormality, coronary artery dysplasia, acquired valve disease and so on.

Congenital cardiovascular diseases mainly include atrial septal defect, ventricular septal defect, patent ductus arteriosus, coarctation of aorta, congenital aortic or pulmonary valve stenosis, tetralogy of Fallot and so on. Such diseases increase the risk of sudden cardiac death. In particular, patients with left-to-right shunt congenital heart disease who develop to Eisenmenger syndrome and complex congenital heart disease are more prone to sudden cardiac death.

Abnormal coronary artery is the main cause of sudden death in young people. Especially after strenuous exercise. The clinical manifestations are angina pectoris, arrhythmia, syncope and even sudden cardiac death after strenuous exercise. Therefore, for special people who have uncomfortable symptoms after exercise, athletes and so on, congenital coronary artery dysplasia should be screened out.

5. Aortic disease

Aortic disease is one of the important factors leading to sudden cardiac death, and its main pathogenesis is fatal ischemia of target organs caused by aortic rupture and involvement of important branches. Among them, Stanford A aortic dissection is the most dangerous, and the main causes of sudden cardiac death include: aortic rupture, pericardial tamponade, dissection involving coronary artery leading to large-scale myocardial infarction, and involvement of brachiocephalic artery leading to cerebral infarction.

6. Pulmonary embolism

Pulmonary thromboembolism is a common emergency in cardio-pulmonary vascular diseases, and its incidence and mortality are extremely high.

The embolus source of pulmonary embolism can be endogenous or exogenous, and the embolic site is mainly in the trunk or main branch of pulmonary artery. Clinically, pulmonary embolism thrombus mainly comes from venous system or right atrial appendage. When patients have pulmonary embolism, pulmonary circulation disorder can occur in a short time, and sudden cardiac death can occur in severe cases.

In daily life, sudden cardiac death caused by pulmonary embolism is most common in "economy class syndrome", that is, the lower limbs are in a state of braking for a long time, which leads to venous thrombosis. Once a large thrombus falls off, it will lead to acute pulmonary embolism, and then sudden cardiac death can occur.

In addition, a considerable number of patients’ thrombi come from the right atrial appendage, mainly due to atrial fibrillation, so for such patients, it is also necessary to be alert to the occurrence of sudden cardiac death caused by pulmonary embolism.

7. Abnormal cardiac electrophysiological activity

Abnormal primary ECG or abnormal ion channels can induce sudden cardiac death, such as sinoatrial node lesions and abnormal cardiac conduction system (Lenegre disease or Lev disease, WPW syndrome, Q-T interval extension syndrome). This is an important cause of sudden death of teenagers.

Once the cardiac electrophysiological abnormality occurs, it may induce cardiac pacing conduction disorder, eventually leading to complete atrioventricular block, and even fatal arrhythmia such as ventricular tachycardia and ventricular fibrillation may occur, which may lead to insufficient blood output from the heart to brain tissue and the whole body, resulting in shock and syncope. If cardiac arrest lasts for 5 minutes, it can cause irreversible brain tissue damage and death, which will eventually lead to sudden cardiac death.

Sometimes, viral infection and other diseases may also involve the cardiac electrical conduction system, which increases the risk of sudden death of patients.

8. Explosive myocarditis

Early mortality is extremely high, which is another important cause of sudden cardiac death in children and young adults. The early symptoms of myocarditis are very similar to the common cold, only "a little uncomfortable", which is difficult to attract attention.

9. Kawasaki disease

The etiology is not clear yet. At present, it is considered that some patients are immune-mediated systemic vasculitis triggered by various infectious pathogens (viruses, bacteria, etc.). Kawasaki disease mostly occurs in children, which is one of the main causes of sudden death of children. Having Kawasaki disease in childhood can also cause myocardial infarction in adults.

10. Others

Other causes of sudden cardiac death mainly include: acute pericardial tamponade, intracardiac thrombosis, electrolyte disorder, sleep apnea and gene correlation.

Original title: How much do you know about sudden cardiac death? 》

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CCTV News:In Chongqing, with the optimization and adjustment of epidemic prevention and control policies, the number of emergency department patients in the First Affiliated Hospital of Chongqing Medical University surged, especially the number of emergency medical patients increased by 4-5 times, most of whom were infected by Covid-19. In the past two days, the reporter from the reception desk came to the emergency department of the hospital and recorded the work of medical staff.

As soon as the reporter arrived at the hospital, a 120 ambulance was ready to leave. The doctor Deng Ying told us that they were going to the nursing home to pick up a critically ill patient. When they came to the nursing home, Deng Ying and the nurse learned that the old man had not eaten for several days and had symptoms such as difficulty breathing.

After carrying the old man to the ambulance, the nurse on board quickly inserted oxygen into the old man and connected the monitoring equipment. Ten minutes later, the ambulance rushed back to the hospital from the nursing home, but there was no bed in the emergency room. What was even more worrying was that the family members could not be contacted.

Although the family members could not be contacted, the first aid could not wait. Several medical staff quickly added a bed for the elderly and made various emergency treatments.

With the cooperation of several medical staff, Deng Ying finished the examination for the elderly. According to the examination results, they gave the elderly corresponding treatment and plan. Soon, the problems such as poor breathing of the elderly were alleviated. Deng Ying said that recently, due to the shortage of emergency personnel, she was transferred from obstetrics and gynecology to support. At present, there are 22 doctors in the emergency department, many of whom are transferred from other departments like Deng Ying. Most of them have been infected with Covid-19. Faced with the emergency volume of more than 400 people at the peak, they are a little tired, but they still try their best to treat every patient.

At the moment, the medical staff in the emergency department are rescuing a 19-year-old boy. Because of renal insufficiency and other diseases, the boy developed respiratory failure after being infected with Covid-19, and he is in urgent need of ventilator support.

After the coordination of the dean, a bed was finally found in the respiratory intensive care unit, but the department’s non-invasive ventilator had been used up and had to be transferred from the geriatrics department. The patient was successfully transferred to the respiratory intensive care unit. Five hours later, the reporter came to the intensive care unit again and found that all the indicators of the patient’s body tended to be stable.

According to the hospital, at present, the beds in various departments, especially the emergency department, have been overloaded. How to ensure that patients can be treated in time and that critically ill patients can live in the intensive care unit in the later stage?

Zhou Fachun, Director of Department of Critical Care Medicine, First Affiliated Hospital of Chongqing Medical University:Patients with relatively stable condition can be transferred to other specialized wards at the first time, so as to ensure that the utilization rate of ICU beds can really serve the critical patients in need.

For non-critical patients, neurology, cardiovascular medicine and other departments have also vacated many beds.

In the emergency department, doctors and nurses are still busy, and 2023 has quietly arrived.

It’s winter.
High incidence of respiratory infectious diseases
But can you tell what kind of infection it is?
Collect it! This article answers your questions!

　　1. What are the clinical manifestations of mycoplasma pneumoniae infection?
　　Mycoplasma pneumoniae is mainly infected by respiratory tract, which can cause pneumonia, often accompanied by pharyngitis and bronchitis.
　　The onset of mycoplasma pneumoniae infection is generally slow, and patients often have chills, fever and dry cough, which may be accompanied by symptoms such as stuffy nose, fatigue and headache. Mycoplasma pneumoniae infection has certain self-limitation. In recent years, the proportion of refractory mycoplasma pneumonia and severe mycoplasma pneumonia has increased among school-age children.

　　2. What are the clinical manifestations of respiratory syncytial virus infection?
　　In the early stage of respiratory syncytial virus infection, the main symptoms are upper respiratory tract infection, such as nasal congestion, runny nose, cough and hoarseness, and most of the symptoms will disappear by themselves in 1-2 weeks.
　　A few cases can develop into lower respiratory tract infections such as bronchiolitis or pneumonia, which are more common in infants under 2 years old.

　　3. What are the clinical manifestations of adenovirus infection?
　　Adenovirus infection has various clinical manifestations, which can cause common cold, bronchitis and pneumonia, diarrhea and gastroenteritis, conjunctivitis, cystitis and some nervous system inflammation.
　　People with chronic respiratory diseases, heart diseases or low immune function may have serious clinical symptoms after being infected with adenovirus.

　　4. What are the clinical manifestations of rhinovirus infection?
　　Rhinovirus infection can cause symptoms of upper respiratory tract infection such as nasal congestion, runny nose, sneezing, sore throat, fever or cough, and can also lead to wheezing and asthma aggravation in children.
　　Infants or children with basic diseases infected with rhinovirus may cause lower respiratory tract infections such as bronchiolitis and pneumonia. The infection of rhinovirus in the elderly can increase the risk of chronic obstructive pulmonary disease, and the infection of hospitalized patients can lead to prolonged hospitalization.

　　5. What are the clinical manifestations of human metapneumovirus infection?
　　The incubation period of human metapneumovirus infection is 3~5 days, which often causes symptoms of upper respiratory tract infection, such as fever, cough, nasal congestion, runny nose and hoarseness, which are slightly self-limited, and the symptoms gradually ease in about 1 week.
　　Children, the elderly and immunocompromised people may have bronchiolitis, pneumonia or acute respiratory distress syndrome after infection.

　　6. What is the difference between the clinical manifestations of influenza, mycoplasma pneumoniae infection and common cold in children?
　　The clinical manifestations of influenza, mycoplasma pneumoniae infection and common cold in children are different, and the main differences are shown in the table below.
　　The clinical manifestations of respiratory tract infectious diseases are usually not specific, and there are individual differences among patients, so they can not be differentiated only by symptoms and signs, and usually need laboratory tests to diagnose.

　　

　　7. What are the commonly used therapeutic drugs for respiratory tract infection pathogens in adults?
　　Recently, viruses and mycoplasma are the main pathogens causing respiratory tract infections. At present, there are mabaloxavir, oseltamivir and palamivir for influenza virus, nematevir/ritonavir, sennotvir/ritonavir, Monola vir and deuterium hydrobromide for Covid-19, and macrolides (such as azithromycin), fluoroquinolones (such as moxifloxacin and levofloxacin) and tetracyclines (such as doxycycline and levofloxacin) for mycoplasma.
　　Some infections caused by viruses or mycoplasma will be secondary to bacterial infections. At this time, it is necessary to use antibiotics reasonably under the guidance of doctors to avoid drug resistance. Commonly used antibiotics include penicillins (such as amoxicillin/clavulanic acid), cephalosporins (such as cefaclor, cefuroxime and cefdinir), fluoroquinolones (such as moxifloxacin and levofloxacin) and macrolides (such as azithromycin). It is worth noting that the above drugs are all prescription drugs and need to be used under the guidance of a doctor.
　　If you are self-tested for influenza virus antigen or Covid-19 antigen, and have serious high-risk factors such as age over 65, body mass index (BMI) over 40kg/m, basic diseases (such as chronic obstructive pulmonary disease, tumor, immune system diseases, etc.) or pregnancy, it is suggested to take orally anti-influenza drugs oseltamivir or mabaloxavir or oral anti-Covid-19 drugs within 48 hours of onset. If respiratory symptoms get worse, you should seek medical advice promptly.

　　8. What drugs are commonly used by children to treat pathogens of respiratory infections?
　　Children infected with influenza virus can take neuraminidase inhibitors such as oseltamivir, and children over 5 years old can also choose RNA polymerase inhibitors such as mabaloxavir.
　　After children are infected with mycoplasma pneumoniae, the first choice is macrolide drugs, such as azithromycin, clarithromycin and roxithromycin. The alternative drugs are new tetracyclines (such as doxycycline and minocycline) and quinolones. Tetracyclines are only used for children over 8 years old because they may cause yellowing of teeth and hypoplasia of enamel.
　　Children and adolescents under the age of 18 who use quinolones need doctors to strictly evaluate the indications and pay attention to the side effects of the drugs.

　　9. What are the precautions in diet during respiratory infection?
　　During the period of respiratory infection, on the one hand, due to fever, cough, fatigue and other conditions, the patient’s appetite decreased compared with usual; On the other hand, respiratory tract infection leads to the increase of energy consumption and the increase of energy demand.
　　Therefore, it is particularly important to supplement nutrition in a reasonable and balanced way and ensure the supply of energy. People with decreased digestive function can eat less and eat more to ensure adequate energy intake.
　　(1) Recommended food:
　　① Highly nutritious and digestible foods: such as lean meat, chicken, fish, tofu, etc. These foods are rich in protein, which helps to repair body tissues.
　　2 foods rich in vitamins: fresh fruits and vegetables, such as oranges, kiwis, carrots and spinach, are rich in vitamin C and other antioxidants, which helps to enhance immunity.
　　③ Whole grains and foods rich in cellulose, such as oats, whole wheat bread and brown rice, provide necessary energy and cellulose.
　　4 Adequate water: Ensure adequate water intake, such as drinking water, juice or soup, which helps to keep the body water balance and relieve sore throat.
　　(2) Foods that are not recommended or need to be controlled:
　　Oily and spicy foods, high-sugar foods, caffeinated drinks, etc.

The business review of the Board of Directors of Tuojing Technology in 2022 is as follows:

　　I. Description of the industry and main business of the company during the reporting period.

(a) the company’s industry

1. Industry and determination basis

The company is mainly engaged in R&D, production, sales and technical services of high-end semiconductor special equipment. According to the Guidelines for Industry Classification of Listed Companies (revised in 2012) issued by CSRC, the company belongs to the special equipment manufacturing industry (industry code: C35). According to the National Economic Industry Classification (GB/T4754-2017), the company belongs to the special equipment manufacturing of semiconductor devices under the special equipment manufacturing industry (industry code: C3562). According to the Classification of Strategic Emerging Industries (2018) issued by the National Bureau of Statistics, the company belongs to the integrated circuit manufacturing industry under the new generation of information technology industry.

2. Semiconductor equipment industry

The development level of semiconductor industry is closely related to the national science and technology level, and its development has become the vane of economic and social development in all countries around the world, and it is an important symbol to measure the modernization degree and scientific and technological strength of a country. As the technical leader of the semiconductor industry chain, semiconductor equipment is the foundation of the development of the semiconductor industry and the key to technological progress, and its self-control is particularly important. With the iterative upgrading of semiconductor technology, semiconductor components are gradually developing towards precision and miniaturization, which constantly challenges the manufacturing technology and makes the important position of semiconductor equipment increasingly prominent.

In recent years, driven by the rapid downstream development, the semiconductor equipment industry has maintained rapid growth. According to SEMI statistics, the global sales of semiconductor manufacturing equipment in 2021 was about USD 102.6 billion, up by 44% year-on-year. In 2021, the sales scale of semiconductor equipment in Chinese mainland reached USD 29.62 billion, up by 58% year-on-year. Chinese mainland was the largest market of semiconductor equipment in the world in 2020 and 2021. In the first quarter of 2022, the global shipment amount of semiconductor equipment reached US$ 24.7 billion, up 5% year-on-year. In the first quarter of 2022, the shipment amount of semiconductor equipment in Chinese mainland ranked first, up 27% year-on-year.

At present, the global semiconductor equipment market is mainly dominated by foreign manufacturers. With China’s continuous policy support and increased investment in the semiconductor industry, domestic semiconductor equipment has achieved a qualitative leap from scratch and from weak to strong, which has continuously improved the ecology and manufacturing system of China’s semiconductor industry. However, China’s semiconductor equipment market is still heavily dependent on imports. Therefore, the domestic semiconductor equipment manufacturers who can achieve import substitution have a large market space and have a huge growth opportunity.

3. Development of the film deposition equipment industry where the company is located.

(1) Market scale of thin film deposition equipment

According to the data of SEMI and Beijing Oulixin, the global market scale of thin film deposition equipment will reach 21 billion US dollars in 2021. According to the proportion of domestic semiconductor equipment market accounting for 28.87% of the global market in 2021, the market scale of thin film deposition equipment in Chinese mainland will be about 6 billion US dollars in 2021, which is about 33% higher than the estimated 4.5 billion US dollars in 2020. In 2022, the global market scale of thin film deposition equipment will continue to grow, which is expected to reach $25 billion, and the Chinese mainland market will also maintain the growth trend, bringing broad market space for domestic thin film equipment manufacturers.

According to SEMI statistics, in the equipment investment of newly-built fabs, the investment in equipment related to wafer manufacturing accounts for about 80% of the total equipment investment. As one of the three major equipment in wafer manufacturing, the investment scale of thin film deposition equipment accounts for 25% of the total investment in wafer manufacturing equipment.

Proportion of investment in semiconductor equipment

(2) Market situation of thin film deposition equipment segments focused by the company.

Thin film deposition equipment mainly includes chemical vapor deposition (CVD) equipment and physical vapor deposition (PVD) equipment. The company mainly focuses on plasma enhanced chemical vapor deposition (PECVD) equipment, sub-atmospheric chemical vapor deposition (SACVD) equipment and atomic layer deposition (ALD) equipment in the field of CVD equipment subdivision. Different kinds of thin film deposition equipment are suitable for different requirements of different process nodes on film quality, thickness and pore groove filling ability.

According to the data of SEMI and Beijing Oulixin, in 2021, PECVD is the highest equipment type among all kinds of thin film deposition equipment in the world, accounting for 33% of the total thin film deposition equipment market, ALD equipment accounts for about 11%, and SACVD belongs to other thin film deposition equipment categories, accounting for less than 6%.

Proportion of all kinds of thin film deposition equipment

(3) Development trend of thin film deposition equipment

① The market demand for thin film deposition equipment is growing steadily.

With the improvement of the overall prosperity of the semiconductor industry, the global semiconductor equipment market shows a rapid growth trend, which drives the market demand for thin film deposition equipment to increase. Maximize Market Research predicts that the global market size of semiconductor thin film deposition equipment will reach 34 billion US dollars in 2025, with a compound annual growth rate of 13.3% from 2020 to 2025. Among them, the market scale of ALD equipment will grow rapidly. According to the market research organization Acumen research and condulting, with the increase in the number of advanced semiconductor manufacturing lines, the global ALD equipment market will reach about 3.2 billion US dollars in 2026.

In recent years, driven by the strong market demand for semiconductor products, the global fabs have expanded their production capacity and gradually moved to Chinese mainland. Chinese mainland has become the new production center of global fabs. SEMI data shows that in 2021-2022, there were 29 new fabs in the world, including 8 in Chinese mainland, accounting for 27.59%. The expansion and construction of Chinese mainland Wafer Factory has accelerated the development and layout of domestic semiconductor industry, providing a huge market space for the development of domestic semiconductor equipment.

According to the statistics of Jiwei Consulting, Chinese mainland is expected to add 25 12-inch wafer factories in the next five years (2022 -2026), with a total planned monthly production capacity of over 1.6 million wafers. By the end of 2026, the total monthly production capacity of Chinese mainland 12-inch wafer fab will exceed 2.763 million wafers. The upsurge of local fabs in China will lead the demand growth of semiconductor thin film deposition equipment in China.

(2) chip technology progress and complicated structure improve the demand for thin film equipment.

Thin film deposition refers to the deposition of a layer of thin film material to be processed on the silicon wafer substrate. The deposited thin film material can be nonmetal such as silicon dioxide, silicon nitride, polysilicon and metal such as copper. Thin film deposition equipment is mainly responsible for the deposition of dielectric layer and metal layer in each step. PECVD, ALD and SACVD products focused by the company are mainly used to deposit dielectric thin film materials, which are widely used in logic chips, 3D NAND FLASH memory chips and DRAM memory chips.

Application of dielectric thin film in logic chip

Application of Dielectric Thin Film in 3D NAND FLASH Memory Chip

Application of dielectric film in DRAM memory chip

The development of thin film equipment supports the development of integrated circuit manufacturing technology to smaller processes. With the iterative upgrade of integrated circuit chip technology, the wafer manufacturing process is becoming more and more precise, the complexity of chip structure is increasing, the required thin film deposition processes and thin film types are increasing, and the requirements for thin film performance are also increasing. This trend puts forward higher technical requirements for thin film deposition equipment, and the market is increasingly dependent on high-performance thin film equipment.

In 90nm CMOS chip technology, about 40 thin film deposition processes are needed. In the production line of 3nm FinFET process, more than 100 thin film deposition processes are needed, and the number of thin film materials involved has increased from 6 to nearly 20, and the requirements for thin film particles have also increased from micron level to nanometer level, thus driving the wafer factory to increase the demand for thin film deposition equipment.

Comparison of thin film deposition processes at different process nodes

In the field of FLASH memory chips, with the development of mainstream manufacturing technology from 2D NAND to 3D NAND structure, the complexity of the structure leads to the increasing demand for thin film deposition equipment. With the increasing number of stacked layers of 3D NAND FLASH chips, from 32/64 layers to 128/196 layers and more advanced nodes, the demand for thin film deposition equipment will continue.

Although the global semiconductor equipment market has a strong periodicity, Chinese mainland’s semiconductor industry is facing unprecedented development opportunities, with national strategic focus, huge market support, benign interaction of industrial chains, increasing industrial capital, increasing number of fabs invested by mainland and international capital, and more advanced manufacturing processes. China’s thin film deposition equipment industry will maintain high growth, and the importance of China market will be further enhanced in the future.

(2) Description of the main business.

1. Overview of the company’s main business

The company is mainly engaged in research and development, production, sales and technical services of high-end semiconductor special equipment. The company’s main products include plasma enhanced chemical vapor deposition (PECVD) equipment, atomic layer deposition (ALD) equipment and sub-atmospheric chemical vapor deposition (SACVD) equipment, which have been widely used in the production line of 14nm and above process integrated circuits in domestic fabs, breaking the monopoly of international manufacturers on the domestic market in the field of high-end semiconductor thin film deposition equipment and competing directly with international oligarchs. At present, the company is the only manufacturer of integrated circuit PECVD equipment and SACVD equipment for industrial application in China, and also the leading manufacturer of integrated circuit ALD equipment in China.

2. The company’s main products

During the reporting period, the company continued to expand the application fields of PECVD, ALD and SACVD products, continuously enriched and improved the functions of mass-produced products, maintained the core competitiveness of products, further enhanced the market share of existing products, and obtained repeated orders from existing customers and new customers in the fields of logic chips and memory chips. The scale of mass production and application of the company’s products in the wafer manufacturing production line continues to expand. By the end of the reporting period, the cumulative number of products produced by the company’s equipment in the client production line has increased from more than 46 million as of December 2021 to more than 71 million. During the reporting period, the company’s equipment performed well in the production and operation stability of the client production line, and the average Uptime of the machine was over 90% (the industry standard is usually over 85%).

On the basis of existing products, the company has actively deployed new product research and development around the subdivision of CVD equipment, and continuously enriched the company’s product categories. At present, it has developed new products such as TS-300 (polygonal high-yield platform), thermal-atomic layer deposition (Thermal-ALD) based on high-yield platform, high-density plasma enhanced chemical vapor deposition (HDPCVD) equipment and ultraviolet curing (UV Cure) equipment.

The company’s existing PECVD, ALD and SACVD products are as follows:

①PECVD series products

PECVD equipment is one of the core equipment in chip manufacturing. Due to the action of plasma, high-density and high-performance thin films can be formed at relatively low reaction temperature, and the existing thin films and the formed underlying circuits are not damaged, thus achieving faster film deposition speed. It is the most widely used equipment type in the film deposition process of chip manufacturing.

The details of PECVD series products are as follows:

②ALD series products

ALD equipment can achieve excellent step coverage and accurate film thickness control with high aspect ratio and extremely narrow trench opening, and realize the precision control of key dimensions in chip manufacturing process. ALD is one of the essential core equipment in the manufacturing of advanced logic chips, DRAM and 3D NAND with complex structure and accurate film thickness requirements.

The company’s ALD series products are as follows:

③SACVD series products

SACVD equipment is mainly used in trench filling process and is one of the important equipment for integrated circuit manufacturing. In the integrated circuit structure, the depth-to-width ratio of trench holes is increasing, and the SACVD reaction chamber environment has a unique high temperature (400-550℃) and high pressure (30-600Torr) environment, which has a rapid and superior Gap fill ability.

The company’s SACVD series products are as follows:

Note: With the continuous enrichment of the company’s product categories, the company continues to improve the product model naming rules. During the reporting period, the company’s product model name was adjusted by implementing the internal decision-making procedures of the company, and the product model was renamed according to the type of equipment platform and the type of reaction chamber.

3. Main business models

(1) Profit model

The company is mainly engaged in research and development, production, sales and technical services of high-end semiconductor special equipment. The company realizes revenue and profit by selling film deposition equipment to downstream customers and providing spare parts and technical services. During the reporting period, the company’s main business income came from the sales of semiconductor equipment, and other business income mainly came from the sales of spare parts related to equipment.

(2) R&D mode

The company mainly adopts the mode of independent research and development. The company has established an international and professional research and development technical team for semiconductor thin film deposition equipment. The company’s R&D technical team has a reasonable structure, clear division of labor, profound professional knowledge reserves and rich experience in production line verification, which is the cornerstone of the company’s independent R&D capability. Guided by customer demand, technical trends of semiconductor special equipment and national major scientific and technological special goals, the company develops and designs new products and processes, manufactures R&D machines, and debugs performance parameters. After passing the company’s test, it is sent to the customer’s actual production environment for industrialization verification, and the products are formally finalized after verification. In addition, the company will continue to enrich and improve the functions of mass-produced products according to the different process application needs of customers.

(3) Purchasing mode

Company procurement is mainly divided into standard parts procurement and non-standard parts procurement. For the procurement of standard parts, the company directly purchases from market suppliers. Non-standard parts are mainly parts designed by the company according to specific technical requirements in R&D and production. For non-standard parts procurement, the company mainly provides design drawings to suppliers and defines parameter requirements, and suppliers purchase raw materials for processing and customization; For specific parts, the company provides drawings and parameters, and supplies raw materials to suppliers, entrusting suppliers to complete customized processing.

(4) production mode

The company’s products are mainly customized and manufactured according to customers’ differentiated needs and purchasing intentions. The company mainly adopts the production mode of combining inventory production with order production. Inventory-based production means that the company starts production before obtaining the formal order, including the production activities started according to the Demo order or the clear customer purchase intention, which is applicable to the company’s Demo machines and some sales machines. Order-based production refers to the production after the company signs a formal order with the customer, which is suitable for most of the company’s sales machines.

(5) Sales and service mode

During the reporting period, the company’s sales model was direct sales, and customers’ orders were obtained through business negotiations with potential customers and bidding. After years of efforts, the company has formed a relatively stable cooperative relationship with domestic semiconductor industry enterprises.

The company’s sales process generally includes market research and promotion, obtaining customer demand and internal discussion, product quotation, bidding operation and management (if applicable), sales negotiation, contract review, signing and execution of sales orders (or Demo orders), product installation and debugging, contract payment, customer acceptance and after-sales service. After the company’s equipment is shipped to the customer’s designated place, it needs to be installed and debugged on the customer’s production line. Usually, after the customer completes the relevant tests, the equipment is accepted, and the company confirms the income after the customer’s acceptance is completed.

During the reporting period, the company’s main business model has not changed significantly.

Second, the core technology and research and development progress

1. Core technologies and their advanced features and changes during the reporting period.

Since its establishment, the company has been focusing on the research and development of semiconductor thin film deposition equipment, forming a series of core technologies with independent intellectual property rights, and reaching the international advanced level. The company’s core technology is widely used in its main business products, which solves the key problems in semiconductor manufacturing, such as uniformity and consistency of nano-scale thin films, small number of particles on the film surface, rapid film formation and stable and high-speed equipment production capacity. While ensuring the realization of film process performance, it improves the production capacity of customer production lines and reduces the production cost of customer production lines. The company’s core technology and its advanced features are as follows:

During the reporting period, the company’s core technology has not changed significantly.

Awards of national science and technology awards

Identification of "individual champions" of national-level "little giant" enterprises and manufacturing industries

2. R&D achievements obtained during the reporting period

The company has always focused on the research and development of semiconductor thin film deposition equipment. During the reporting period, the company was approved to undertake one major national special project. By the end of the reporting period, the company had undertaken seven major national special projects/projects.

The company has a number of independent intellectual property rights and core technologies. By the end of the reporting period, the company had applied for 502 invention patents, 101 utility model patents, 1 design patent and 21 PCT21 patents. A total of 107 invention patents, 79 utility model patents and 1 design patent were obtained.

On April 15th, 2022, China National Intellectual Property Administration announced the pre-winners of the 23rd China Patent Award, and the company’s patent "Load Chamber and Multi-chamber Processing System Using the Load Chamber" was shortlisted for the China Patent Excellence Award.

List of intellectual property rights acquired during the reporting period

3. R&D investment table

Reasons for significant changes in total R&D investment compared with the previous year

During the reporting period, the company continuously enriched the product categories, expanded the application fields of technology, and continuously increased the investment in R&D. The company invested 118 million yuan in R&D in this period, up 45.66% year-on-year, mainly due to the direct investment in R&D and the increase in the salary of R&D personnel.

Reasons for the great change in the capitalization proportion of R&D investment and its rationality

4. Research projects

5. R&D personnel

6. Other explanations

Second, the discussion and analysis of the business situation

During the reporting period, the company has been deeply involved in the field of high-end semiconductor equipment, focusing on the research and development and industrial application of thin film deposition equipment. Focusing on the national special strategic layout, facing the development of domestic integrated circuit chip manufacturing technology and market demand, the company gives full play to its advantages in R&D team, technical reserve, customer resources and after-sales service, seizes the market opportunity of rapid development of domestic semiconductor industry, persists in driving business development with technology and product innovation, continuously maintains the R&D and investment of new products, new processes and new technologies, enhances the market competitiveness of products, and at the same time, continuously strengthens the operation and management of the company to promote its sustained, steady and rapid development.

1. Main business conditions

During the reporting period, the company’s products continued to maintain their competitive advantage, and benefited from the capacity expansion of downstream fabs and the strong support of national policies for domestic equipment. The company’s product sales increased significantly year-on-year, achieving an operating income of 523,216,900 yuan, an increase of 364.87% over the same period of last year, and the operating income increased significantly; The net profit attributable to shareholders of listed companies was 108,122,700 yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 49,150,300 yuan, turning losses into profits compared with the same period of last year, and the profitability continued to increase.

During the reporting period, the company realized the main business income of 516,667,400 yuan, an increase of 392.56% over the same period of last year. The analysis of the company’s main business by product category is as follows:

During the reporting period, the company’s main business income mainly came from the sales income of PECVD equipment, ALD equipment and SACVD equipment, among which PECVD equipment was the most important source of the company’s main business income, while ALD equipment and SACVD equipment realized income compared with the same period.

2. The company’s product development and industrialization progress

During the reporting period, the company continued to maintain a high level of R&D investment, gradually improved the technological innovation capability of existing products, maintained the core competitiveness of products, continuously enriched the types of equipment, and broadened the coverage of film technology products, and made breakthroughs and progress in product industrialization and new product research and development.

(1) Progress of industrialized application of existing products

①PECVD series products

During the reporting period, the company’s PECVD(PF-300T (two-station)) equipment continued to maintain its competitive advantage, the order volume increased steadily, and the market share continued to increase, which has been accepted by existing and new customers. By the end of the reporting period, the company’s PECVD(PF-300T) equipment has been widely used in domestic wafer manufacturing production lines, including 28nm and above logic chips, 3DNANDFLASH, DRAM memory chip manufacturing and other fields.

PECVD(NF-300H (six-station)) equipment introduced by the company has achieved the first industrial application in the field of DRAM memory chip manufacturing, and can deposit ThickTEOS dielectric thin films. The equipment can process up to 18 wafers at a time, with high yield and good performance index, which broadens the application coverage of the company’s process.

②ALD series products

During the reporting period, the verification of the company’s PE-ALD series products in the manufacturing fields of logic chips, 3DNANDFLASH and DRAM memory chips progressed smoothly, and the ALD reaction chamber passed the acceptance of existing customers. At the same time, the company is oriented by customer demand and actively deploys the application and expansion of PE-ALD advanced film technology. By the end of the reporting period, the company’s PE-ALD series products have been industrialized in the field of logic chips, which can deposit SiO2 _ 2 dielectric materials with high temperature, low temperature and high quality.

By the end of the reporting period, the company’s Thermal-ALD(PF-300T (two-station)) equipment has completed product development and obtained customer orders, and has been continuously optimized and improved according to customer index requirements.

③SACVD series products

During the reporting period, the company’s SACVD products continued to expand their application fields, and BPSG and SATEOS thin film processes obtained customer acceptance in the field of 40/28nm logic chip manufacturing. By the end of the reporting period, SACVD products of the company have been widely used in the field of logic chip manufacturing of 12-inch 40/28nm and 8-inch 90nm or above, and have obtained orders from existing and new customers.

(2) Progress of new products

During the reporting period, the company continuously enriched the types of equipment in the field of CVD subdivision, expanded the product coverage, and developed TS-300 (polygonal high-yield platform), Thermal-ALD based on high-yield platform, and high-density plasma enhancement.

Learn new products such as vapor deposition (HDPCVD) equipment and ultraviolet curing treatment (UVCure) equipment, and make breakthroughs and progress. The details are as follows:

①TS-300 (Polygon High-yield Platform)

Based on the existing platform, the company developed and designed the design of hexagonal transmission platform, which can carry up to five reaction chambers (10 reaction stations) at the same time, improve the productivity of thin film deposition equipment, and at the same time, integrate and combine various processes to realize continuous multi-step deposition in vacuum environment. The company’s polygonal high-capacity platform can be equipped with PECVD reaction chamber, ALD reaction chamber and HDPCVD reaction chamber, and has obtained orders from existing and new customers.

②ALD series products

Based on Thermal-ALD(PF-300T (Two-station)) equipment, the company developed Thermal-ALD(TS-300 (Polygonal High-yield Platform)) equipment, which can improve the production capacity, at the same time, integrate and combine various thin film processes, and can deposit various metal compound thin film materials such as Al2O3 and AlN, and has obtained customer orders.

③HDPCVD series products

High-density plasma enhanced chemical vapor deposition (HDPCVD) equipment can deposit and sputter thin films at the same time, so as to fill trenches with the aspect ratio less than 5:1. The films deposited by HDPCVD have higher density and lower impurity content, which is mainly suitable for the field of 130-55nm process logic chip manufacturing. The company has developed HDPCVD(PF-300T (single station)) equipment and HDPCVD(TS-300 (polygonal high-yield platform)) equipment, which can deposit thin films of dielectric materials such as SiO2 _ 2, FSG and PSG. HDPCVD series (PF-300T (single station)) equipment has been shipped to the client for industrial verification. Both of the above two equipments have obtained customer orders.

④UVCure equipment

UVCure equipment is mainly used for ultraviolet curing of thin films, which can effectively improve the efficiency and thermal budget of post-treatment process of thin films, and improve key performance indexes such as stress, granularity and hardness of thin films. The company’s UVCure equipment has been designed and developed, which can be used in complete sets with PECVD equipment to carry out UV curing treatment for PECVDLokII, HTN and other thin film deposition. It has been shipped to the client for industrial verification and obtained customer orders.

3. Supply chain security

The company continuously optimized the supply chain management system and established a multi-dimensional coordination mechanism covering production and inventory management, procurement management and logistics management. The company has always attached great importance to the cultivation of suppliers, continuously improved the supplier support and performance appraisal mechanism, and promoted the continuous improvement of supplier product quality and product performance. Under the background of global supply chain tension and epidemic situation, the company strengthened the depth and scope of cooperation with suppliers, constantly adjusted and optimized the supply chain structure by planning in advance and sharing demand forecast, and adopted a global and multi-source supply strategy. At the same time, according to customer demand and R&D demand, the volume and progress of parts procurement are reasonably planned to ensure the timely and stable supply of key parts. During the reporting period, the company’s upstream supply chain remained generally stable, effectively ensuring the smooth progress of production.

4. Market sales

During the reporting period, the company continued to focus on the thin film deposition market in Chinese mainland, and seized the market opportunities brought by the expansion of domestic downstream wafer manufacturing plants. With the core competitive advantages of the company’s products, the market share and customer recognition continued to increase: (1) the company’s three series of products and new products, PECVD, ALD and SACVD, obtained existing and new customer orders; (2) The verification of the company’s products in the customer’s production line progressed smoothly and achieved good results. The scale of mass production and application in the wafer manufacturing production line continued to expand, and the sales volume of products increased significantly year-on-year; (3) The company continues to maintain in-depth and stable cooperation with downstream customers and continue to provide customized high-performance products, laying a solid foundation for the company’s future business growth.

5. Talent team building

During the reporting period, the company continued to strengthen the construction of talent echelon and expand the scale of personnel according to the needs of business development. In terms of talent introduction, actively attract experienced management and technical talents in the industry, and select outstanding graduates from domestic universities. In terms of personnel training, the company continuously optimizes the training system, gives full play to the performance appraisal and incentive mechanism, and enhances the sense of honor and cohesion of employees; Continue to strengthen close cooperation with universities and implement targeted recruitment linked with factories and schools; Establish a joint training mechanism with domestic universities to train reserve talents directionally, which provides strong support for the construction of the company’s talent team.

6. Operation management

During the reporting period, the company continuously improved the product manufacturing level, optimized the material operation management, and effectively improved the timely rate and qualified rate of assembly and manufacturing. The company continuously strengthens the product quality management system, and maintains a high level of after-sales technical support services to enhance customer satisfaction. The company has an EHS (Environment, Health and Safety) compliance management department to supervise the company’s production and operation to ensure the compliance and safety of the company’s production. The company actively arranges information system technical protection and security management to ensure the company’s network security and data security.

7. The company’s initial public offering and progress in the construction of fundraising projects.

During the reporting period, the company completed the initial public offering and listed on the science and technology innovation board of Shanghai Stock Exchange. This initial public offering issued 31,619,800 shares of RMB common stock (A shares) to the public, with the par value of RMB 1 yuan per share, and the issue price was RMB 71.88 per share. The total amount of funds raised was RMB 2,272,831,200. After deducting the issuance expenses of RMB 145,234,000, The success of the company’s initial public offering provides a strong financial guarantee for the company to expand its production scale and develop new technologies and products.

The Company’s fundraising project "High-end Semiconductor Equipment Expansion Project" is the expansion project of "Semiconductor Film Equipment Industrialization Base (Phase I) Project", and the second phase of clean workshop construction, supporting facilities and production automation management system construction are carried out on the basis of the company’s original semiconductor film equipment R&D and production base. During the reporting period, the second-phase clean workshop was basically completed and put into production, and the layout of production automation management system was carried out at the same time.

The third fundraising project, ALD Equipment R&D and Industrialization Project, relies on the advantages of integrated circuit industrial cluster in the new area and talents in Shanghai, and strives to recruit first-class R&D teams to conquer high-end chip manufacturing thin film deposition equipment. During the reporting period, the company’s R&D and industrialization base construction is progressing smoothly, and ALD products have been developed.

8. Foreign investment

During the reporting period, the Company made the following investments:

(1) Establish a wholly-owned subsidiary in the United States.

During the reporting period, the company set up a wholly-owned subsidiary, Tuojing USA. The establishment of this company is conducive to the company to strengthen supply chain cooperation and investigate the international market. As of the end of the reporting period, Tuojing USA has not actually operated.

(2) Capital increase to Tuojing Shanghai

On June 17, 2022, the company held the 11th meeting of the first board of directors, deliberated and passed the Proposal on Using the raised funds to increase capital to wholly-owned subsidiaries to implement fundraising projects, and agreed that the company would use the raised funds to increase capital to Tuojing Shanghai by 270 million yuan to implement the fundraising project "ALD Equipment R&D and Industrialization Project". After this capital increase, the company will accelerate the research and development and industrialization of ALD equipment, improve the layout of the company’s product line and improve the market competitiveness of the company’s products. On July 20, 2022, the company has paid the capital increase to Tuojing Shanghai. On August 9, 2022, Tuojing Shanghai completed the registration of industrial and commercial changes.

(3) Capital increase to Hengyunchang and equity participation in Hengyunchang

On June 17th, 2022, the company held the 11th meeting of the first board of directors, deliberated and passed the Proposal on Foreign Investment and Participation in Shenzhen Hengyunchang Vacuum Technology Co., Ltd., and agreed that the company would increase its capital to Hengyunchang by RMB 20 million with its own funds, accounting for 35,088% of the total share capital of Hengyunchang after the capital increase. Hengyunchang is mainly engaged in R&D, production and sales of RF power supply for semiconductor equipment, photovoltaic and industrial equipment, and has supplied RF power supply, RF matcher and other products for the company. This capital increase is conducive to the company to improve its industrial layout, which is consistent with the company’s strategic layout, has a synergistic effect with its main business, and can enhance the stability of the company’s upstream supply chain. On July 14th, 2022, the company has paid the capital increase to Hengyunchang. On August 8, 2022, Hengyunchang completed the registration of industrial and commercial changes.

9. Corporate governance

During the reporting period, the Company held a general meeting of shareholders, five meetings of the Board of Directors, one meeting of the Audit Committee of the Board of Directors, one meeting of the Remuneration and Assessment Committee of the Board of Directors and two meetings of the Board of Supervisors.

As a listed company, the company has continuously improved its governance structure in strict accordance with the requirements of the Company Law, the Securities Law, the science and technology innovation board Stock Listing Rules of Shanghai Stock Exchange and the Articles of Association of Tuojing Technology Co., Ltd., so as to improve the scientificity, rationality, compliance and effectiveness of management decisions, improve the level of corporate governance and standardized operation, and lay a good foundation for the realization of the company’s business objectives.

10. Company information disclosure and prevention of insider trading.

The company attaches great importance to the standardized operation of listed companies, information disclosure management and investor relations management. According to the relevant laws, regulations and departmental rules, the company has formulated internal systems for regulating the operation of shareholders’ meeting, board of directors, board of supervisors, information disclosure and investor management, and strictly abided by them. The company earnestly fulfills its obligation of information disclosure to ensure the timeliness, truthfulness, accuracy and completeness of information disclosure; Communicate with investors through investor conference call, fax, e-mail and interactive platform for investor relations, and receive on-site investigation of investors, so as to establish a good interactive relationship.

The company attaches great importance to the prevention of insider trading, and completes the registration management of insider information and the prevention of insider trading. Give warnings and education to directors, supervisors, senior managers and relevant employees of the company on a regular basis to prohibit insider trading, and urge directors, supervisors, senior managers and relevant insiders to strictly fulfill their confidentiality obligations and strictly abide by the regulations on stock trading.

Major changes in the company’s operation during the reporting period, as well as matters that have a significant impact on the company’s operation during the reporting period and are expected to have a significant impact in the future.

Third, possible risks

(A) operational risks

1. The risk that the expansion of the wafer factory is less than expected.

The scale of capacity investment in downstream fabs determines the market space of semiconductor special equipment. The expansion investment of the wafer factory has a certain periodicity. If the investment intensity of the downstream fabs decreases, the company will face a decline in market demand, which will adversely affect the company’s operating performance.

Under the background of localization of semiconductor equipment, the company will continuously strengthen its product market competitiveness, improve the trust of existing customers and continuously expand new customers through continuous research and development; The company will always pay attention to the development stage of the semiconductor industry cycle, coordinate all aspects of the company’s purchase, production and sales according to market conditions, and maintain the coordination between the company’s business activities and the industry cycle; At the same time, the company will always ensure that the cash flow is reasonable and sufficient to avoid the company’s operation in the downturn of the industry.

2. Market competition risk

At present, the company’s competitors are mainly internationally renowned semiconductor equipment manufacturers. Compared with Chinese mainland’s semiconductor special equipment enterprises, the international giants have the first-Mover advantage of clients, and the company’s comprehensive competitiveness is in a weak position and its market share is low. In addition, domestic semiconductor equipment manufacturers may enter each other’s business fields and develop similar products. The company faces double competition from international giants and potential new domestic entrants. If the company cannot effectively cope with the market competition environment, its industry position, market share and operating performance will be adversely affected.

At present, the company is the only manufacturer of integrated circuit PECVD equipment and SACVD equipment for industrial application in China. The company will continue to pay attention to the development of foreign competitors, shorten the technology gap with foreign manufacturers through continuous and effective R&D investment, and at the same time pay close attention to the domestic competition pattern to continuously enhance the core competitiveness of products; The company will always pay attention to the competitive situation of the industry, set the direction of research and development scientifically and reasonably, speed up the progress of research and development, and build a higher barrier to entry into the industry; At the same time, the company will also maintain closer cooperation with customers to achieve common growth with downstream customers.

3. Risk of long product acceptance period

The technical parameters of thin films deposited by thin film deposition equipment directly affect the performance of chips. In production, it is not only necessary to detect the film after it is formed

The performance indexes such as thickness, uniformity, optical coefficient, mechanical stress and granularity need to be completed in the wafer production process and chip sealing.

After installation, the reliability and life cycle of the final chip product are tested to measure whether the thin film deposition equipment finally meets the technical standards.

Therefore, the verification time required by the wafer factory for thin film deposition equipment may be longer than other semiconductor special equipment. If affected by some factors, the acceptance period of the company’s products will be extended, the company’s income confirmation and collection will be delayed, which will increase the company’s financial pressure and affect the company’s financial situation.

With the gradual expansion of the application scale of the company’s integrated circuit manufacturing production line, the company’s product technology is becoming more and more mature, and under the efficient and stable cooperation mechanism with customers, the product verification cycle is gradually shortened. The follow-up company will continue to pay attention to the company’s product acceptance and payment, and ensure the sustained and healthy development of the company’s operations.

4. The loss of technical personnel and the risk that high-end technical personnel cannot be continuously introduced.

Semiconductor equipment is a typical technology-intensive industry. In recent years, the domestic semiconductor special equipment market and wafer manufacturing demand are increasing, the competition for talents in the industry is becoming increasingly fierce, and there is a serious shortage of professional and technical talents. If the company can’t continue to provide better salary and development platform for technical talents and attract high-end technical talents from all over the world, it will face the situation of loss of technical talents and insufficient reserves, which may lead to insufficient innovation ability of the company.

The company provides R&D personnel with competitive salary and benefits in the market, continuously improves the performance evaluation and assessment promotion mechanism, and realizes the long-term common development of employees and the company. During the reporting period, there was no loss of core technicians, which ensured the stability of the core R&D team.

5. Risk of technological innovation

With the development and iteration of technology in semiconductor industry, the demand of downstream customers for thin film deposition equipment and performance also changes. Therefore, the company needs to maintain a high R&D investment and maintain the core competitiveness and advanced level of its products. If the company fails to accurately understand the requirements of downstream customers’ production line equipment and process technology evolution in the future, or the technological innovation products cannot meet the needs of customers, it may lead to the company’s equipment failing to meet the manufacturing needs of downstream production lines, which may adversely affect the company’s operating performance.

The company has established a scientific R&D system, with technical innovation closely following the market demand, and the R&D project is guided by customer demand, and always keeps continuous and effective communication with customers, so as to avoid possible losses caused by technical R&D failure.

(B) Financial risks

1. Risk of changes in government subsidy policies

During the reporting period, the government subsidies received by the company mainly supported the company’s R&D investment. In the future, if the government departments’ policy support for the company’s industry is weakened, or other subsidy policies are adversely changed, the amount of government subsidies obtained by the company will be reduced, and the company will need to invest more self-raised funds for research and development, which will affect the company’s cash flow. In addition, the reduction of government subsidies will also have a certain adverse impact on the company’s operating performance.

The company will continue to expand its business scale and improve its profitability, so as to gradually reduce its dependence on government subsidies.

2. The risk of unsustainable profitability

During the reporting period, the company’s net profit attributable to shareholders of listed companies was 108,122,700 yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 49,150,300 yuan, turning losses into profits compared with the same period of last year. However, the company needs to maintain a large amount of investment in future R&D activities. If the progress of the company’s R&D projects or the sales of major products are less than expected, the company may have a performance that is less than expected, and there is a risk of unsustainable profitability.

Guided by market demand, the company will continue to enrich its product categories, optimize its product structure, enhance its core competitiveness, and continuously expand its market scale, so as to ensure its operating performance and enhance its profitability.

(C) Macro-environmental risks

1. The risk of increasing international trade friction affecting the safety of the company’s supply chain

In recent years, international trade friction has been constant, and Sino-US trade friction has aggravated the instability of global supply chain. At present, some parts of the company still need to be purchased from foreign suppliers. If the international trade friction intensifies further, the above-mentioned foreign suppliers may be affected by relevant policies to reduce or stop supplying parts to the company, thus affecting the company’s product production capacity, production schedule and delivery time, and reducing the company’s market competitiveness.

Companies and suppliers actively carry out deeper and broader cooperation, adopt a global and multi-source supply strategy, and build a stable cooperation channel to strengthen their own supply chain security and reduce the risks brought by the instability of the international industrial chain.

2. COVID-19 epidemic risk

At present, the epidemic situation in COVID-19 is still spreading around the world, and China is under great pressure to prevent and control the epidemic situation. If a large-scale epidemic breaks out in the place where the company operates, it will adversely affect the company’s production, sales and delivery. In addition, the spread of the epidemic may affect the healthy development of the upstream and downstream of the industry to a certain extent, which may adversely affect the production and operation of the company’s raw material supply and product transportation.

The company attaches great importance to the prevention and control of epidemic situation, always pays attention to the epidemic situation, and continuously improves the production and operation management mechanism under the situation of normalized epidemic situation. During the reporting period, the COVID-19 epidemic did not have a substantial impact on the company’s business.

Iv. analysis of core competitiveness during the reporting period

(A) analysis of core competitiveness

The company is committed to the research and development and production of world-leading semiconductor thin film equipment, and always insists on independent innovation to continuously provide competitive products for the semiconductor industry and customers. The company has established an innovative management system, and has formed competitive advantages in R&D team, technology accumulation and R&D platform, market expansion and after-sales service, which are embodied as follows:

1. It has rich technical reserves and international advanced core technology advantages.

Since its establishment, the company has adhered to independent innovation, formed a series of original designs and built a perfect intellectual property system. By the end of the reporting period, the company had obtained 187 authorized patents, including 107 invention patents.

The company has successively undertaken seven major national special projects/projects, and has developed PECVD, ALD and SACVD equipment supporting different process models, accumulated a number of core technologies for research and development and industrialization in the field of semiconductor thin film deposition equipment, and built a research and development platform with the ability to extend the development of equipment types and process models.

Facing the actual demand of domestic semiconductor manufacturing industry and the evolution rhythm of production line, the company has reserved advanced dielectric material technology thin film deposition technology below 28nm in the field of logic circuit application, 3DNAND and DRAM dielectric thin film deposition technology in the field of memory chips, and dielectric thin film deposition technology needed in the field of advanced packaging, such as TSV, 2.5D-IC and 3D-IC integration. In the future, the company will insist on high-intensity R&D investment, continuously upgrade and optimize existing equipment and processes, and constantly introduce new technologies and equipment for future development needs.

2. Excellent technical research and development and management team advantages.

The company has built an international and professional research and development and management team of semiconductor thin film deposition equipment technology. The founding team of the company takes returned overseas experts as the core, based on core technology research and development, actively introduces overseas high-level talents and independently trains local scientific research teams.

The company’s international and professional senior management team and the incentive system of full shareholding have attracted a large number of experienced domestic and foreign semiconductor equipment industry experts to join the company and made outstanding contributions in machine design, process design and software design. Since its establishment, the company has cultivated its own local research team. With the successful research and development of many products, the company’s local research team has grown into the backbone of the company’s technology research and development. By the end of the reporting period, the company had 296 R&D personnel, accounting for 43.72% of the company’s total employees. The company’s R&D technical team has a reasonable structure, clear division of labor, profound professional knowledge and rich experience in production line verification, which is the cornerstone of the company’s technical strength and guarantees the market competitiveness of its products. During the reporting period, the company’s core technical team was stable and there were no major adverse changes.

3. Leading position in the industry and rich advantages in customer resources.

With the vision of establishing "the world’s leading thin film equipment company", the company has become a leading enterprise in the domestic semiconductor equipment industry through the accumulation and rapid development in the field of thin film deposition equipment, a semiconductor core equipment subdivision.

The company has formed a relatively stable cooperative relationship with domestic semiconductor industry enterprises. The company’s main products PECVD, ALD and SACVD equipment have been sent to the production lines of major integrated circuit fabs in China in batches. In addition, the company actively pays attention to the international market demand and explores the international market in a timely manner.

4. Stable supply chain and low operating cost advantage.

The company has established a perfect supply chain management system, absorbed and accumulated global supply chain resources, established strategic cooperative relations with key suppliers, and built a stable supply chain structure. Through periodic evaluation and examination of suppliers, suppliers are encouraged to improve product quality, delivery time and cost control, so as to improve the competitiveness of enterprises. Based on collaboration, the company interacts with suppliers in real time to jointly carry out agile collaborative product innovation and maintain a good and stable cooperative relationship.

The company’s main competitors are located in the United States and Japan, and the cost of serving customers in Chinese mainland is high. The company’s R&D and production are mainly located in Chinese mainland, which has a geographical advantage. In terms of product design, the company works closely with suppliers to make products modular and easy to maintain, thus reducing the company’s raw material procurement costs. With the continuous maturity of local suppliers, the company has been given more purchasing options. Therefore, compared with its main competitors, the company has certain advantages in operating costs, and with the continuous improvement of production capacity, the advantage of cost reduction will be more obvious.

5. Provide customized products and efficient after-sales service advantages.

The company’s rapid response ability to the specific process materials and specific manufacturing processes put forward by customers can meet the needs of customized equipment in customer production lines in time. This is extremely important for local customers in China to rapidly expand their production capacity in recent years, thus establishing and consolidating a stable cooperative relationship with customers. The production base of the company’s main customers is located in Chinese mainland. Compared with international competitors, the company’s top management and technical team are closer to the main customers, and can provide efficient and timely technical support and after-sales service to ensure and meet customer needs in time.

　　CCTV News:On May 9, 10 and 11, the "International Critical Review" of the Central Radio and Television General Station was continuously published entitled "Talking about fighting may become the normal state of Sino-US economic and trade friction.》《The attempt to use the Taiwan Province issue to contain China’s adventure is bound to be a dead end.》《Tariff stick harms others and harms oneself.》《The key to solving Sino-US economic and trade frictions lies in taking care of each other’s concerns."and other four articles on Sino-US economic and trade frictions. Many overseas media and websites have been forwarded one after another.

　　From 9 to 12 May, European Times German website, British Al Araby TV (British Al Araby TV), Italian Radio We website (facebook account, twitter account), German Tagesschau 24 (German Daily News 24 TV), German-Chinese Report German website, Russian newspaper website, ORF2 Bundesland, Austria (Channel 2 of Austrian Broadcasting Corporation), Rainbow FM website in Lisbon, Portugal, Czech NovaTV Czech HD (Czech Nova TV), Czech Prima TV (Czech Prima TV), Slovak TV Markiza (Slovak Makisa TV), Turkish Economic Observation Network, Albanian National Radio and Television website, Japan’s Record China website, Japan’s Niconico website, Japan’s Oricon website, Japan’s NewsCollect website, and Korea’s OBS (Korea’s Jingren TV Station)., India’s Daily Morning News website, Iran’s instant messaging network, Iranian people’s road network, Kazakhstan’s "Industry News" website, Pakistan-China Friendship Network, Jordan Global Radio facebook account, Nepal’s Capital FM92.4 urban FM website, Myanmar opinion leader media facebook account, Brazil’s Rio headline radio station website, Brazil’s Sao Paulo World Radio Station website, Nigeria’s "Leader", Dozens of overseas media, such as Chinese PT portal, Chinese headline APP, Portuguese New Newspaper APP(facebook account, twitter account), Nordic Times website, European Union Chinese website, Africa Times website, West Africa online website, Japanese Chinese business website, Hong Kong Commercial Daily website and so on, have widely forwarded it. Hong Kong Ta Kung Pao and Wen Wei Po also published related articles.

　　The contents of "International Sharp Review: Talking about Fighting, Maybe Becoming the Normal State of Sino-US Economic and Trade Friction" are as follows:

　　The Office of the U.S. Trade Representative announced on Wednesday (8th) that it plans to raise the tariff on 200 billion U.S. dollars of goods exported from China to the United States from 10% to 25% this Friday (10th). In this regard, China responded quickly, pointing out that escalating trade friction is not in the interests of the two peoples and the people of the world. China deeply regrets this. If the US tariff measures are implemented, China will have to take necessary countermeasures.

　　Comparing the statements of China and the United States, there are two points worthy of attention:

　　First, the content of the tariff increase in the US statement is similar to the information released two days ago, but the focus is on "planning", that is, "planning". Since it is "intended" to raise tariffs, this means that the possibility of changing your mind will not be ruled out in the future.

　　Second, the Chinese side responded quickly. After about two hours, it responded briefly, but its attitude was clear and firm. The Chinese statement of more than 80 words contains three meanings: first, it points out that the negative impact of the US move is "not in the interests of the two peoples and the people of the world"; Then it shows China’s attitude: "I deeply regret"; Subsequently, the Chinese side showed that the action "will have to take necessary countermeasures", of course, this premise is "if the US tariff measures are put into practice".

　　On the eve of the eleventh round of high-level economic and trade consultations between China and the United States, the two sides issued the above statement, which is intriguing. The United States has obvious intention to pressure the asking price, while China has responded quickly and calmly, which shows that China is well prepared and reflects its consistent principled position, namely: talk, the door is open; Fight, fight to the end.

　　From this, people should see that talking about fighting and fighting while talking may have become the mode and normal state for China and the United States to solve economic and trade frictions.

　　Since February last year, Sino-US economic and trade consultations have made positive progress, but there have been many repetitions in the middle. This time, before the two sides started talking, the US suddenly announced that it would upgrade tariffs. As a spokesman for China’s Foreign Ministry said, similar situations have occurred many times before. China has long been accustomed to it, so it will naturally face it calmly. When it sees a move, it will talk about it, and if it is countered, it will be countered.

　　In fact, when announcing the tariff escalation, the US side also indicated that there is still a chance for the two sides to reach a historic agreement, and said that the two sides are preparing for the meeting between the two heads of state after the agreement is reached. Behind this seemingly contradictory move shows that China and the United States are constantly adjusting their contacts by talking about the mode and normality of solving economic and trade frictions, so as to narrow their differences and expand their consensus.

　　Against this background, it is not difficult for people to understand why the Political Bureau of the Communist Party of China (CPC) Central Committee, Vice Premier the State Council and Liu He, the Chinese leader of the China-US comprehensive economic dialogue, decided to go to the United States on invitation to attend the 11th round of China-US high-level economic and trade consultations from 9th to 10th. It’s not that China is afraid, or even forced to make concessions. It’s that China has long understood and adapted to the normal situation of settling economic and trade frictions between China and the United States, so it can grasp the general direction of the consultation process from a higher level instead of being disturbed by one thing at a time.

　　It is China’s consistent principled position to resolve contradictions and differences through negotiations. Ten rounds of high-level economic and trade consultations between China and the United States have passed, and the two sides have made substantial progress in trade procurement, structural issues, implementation mechanisms, etc. It is not easy and needs to be doubly cherished, but at the same time there are still problems that need further discussion. Therefore, at the end of the tenth round of high-level consultations, the two sides agreed to hold the eleventh round of consultations in Washington this week to continue the discussion. Although the United States has not played its cards according to common sense, which has caused great confusion to this round of consultations, China cannot be affected by this. Going to the United States for consultations as planned is China’s respect for the negotiation rules and the consensus reached by the two sides in the past 16 months.

　　Chinese pays attention to reason rather than willfulness. China and the United States have different stages of economic development, and their economic structures and systems are also very different. It is normal for the two sides to have frictions in economic and trade, and it is not surprising that various twists and turns will occur during the consultation.

　　Now, the United States says it wants to upgrade tariffs, which shows that it has become a little anxious now. Although the United States has repeatedly said that China is paying the US tariff, US lawmakers do not agree with this statement. For example, Senator James Lankford, a Republican, said that American importers have paid more than $16 billion in tariffs to the government, and American companies have paid the tariffs instead of China exporters.

　　In contrast, China has a clear understanding of the long-term, complex and arduous nature of Sino-US economic and trade issues, and will not deviate from the original track because of a temporary incident. Past experience has proved that hard suppression can’t solve the problem at all, and eventually we have to return to the negotiating table. Moreover, the more differences there are, the more it is necessary to communicate face to face. China’s planned visit to the United States for consultations is to solve each other’s concerns and push the negotiations back to a rational track.

　　More importantly, China has always been a responsible big country. The supreme leader of China and president has repeatedly stressed that the relationship between major powers is related to global strategic stability, and China and the United States share extensive common interests and shoulder important responsibilities in safeguarding world peace and stability and promoting global development and prosperity. Over the past year or so, Sino-US economic and trade frictions have not only harmed the interests of the two countries, but also dragged down global economic growth. The latest World Economic Outlook report released by the International Monetary Fund has lowered the global economic growth rate by 0.2% and 0.1% to 3.5% and 3.6% respectively this year and next.

　　Whenever there is a positive signal from Sino-US economic and trade negotiations, the stock markets of China, the United States and the world will be boosted, and whenever the negotiations are frustrated, the stock market will inevitably oscillate. This reflects that if China and the United States shake hands and make peace, the whole world will benefit; The breakdown of Sino-US negotiations is bound to drag down the world.

　　In the face of US tariff pressure, China still keeps its appointment calmly, which is not only responsible for China and the United States and their peoples, but also safeguarding the development interests of people all over the world and providing more stability and predictability for the recovery of the world economy.

　　Soon, the eleventh round of high-level economic and trade consultations between China and the United States will be held in Washington. China will, as always, do its utmost to push the consultations back to the right track with the greatest sincerity. However, negotiations are a matter for both sides, and the United States needs to move in the opposite direction in order to control differences and expand cooperation. The United States has long known the bottom line of China, that is, China is unwilling to fight a trade war, but it is not afraid to fight, and it has to fight if necessary; China is also willing to solve the differences between the two sides through cooperation, but the bottom line of cooperation is not to harm the core interests of China countries and the fundamental interests of the people.

　　Regardless of the outcome of the consultations in the next two days, China will calmly face all possibilities, continue to do a good job in China and go its own way. In the past 16 months, China’s economy, society and people’s psychology have already stood the test in the escalating tariff war of the United States, and its ability to withstand pressure has been greatly enhanced. Moreover, there are more positive signals in favor of China now. China has the confidence and ability to withstand any storm, and become more tenacious in the fight against the storm, and achieve high-quality development with greater reform and higher level of opening up, creating more opportunities for development cooperation for the world.

　　Many overseas media forwarded this article:　

"Russian newspaper" website forwarded on May 9

Japan Record China website forwarded on May 9.

Hong Kong Ta Kung Pao was published on May 10th.

Hong Kong Wen Wei Po was published on May 10th.

　

　　The International Critical Review: An attempt to use the Taiwan Province issue to contain China’s adventure is bound to be a dead end.

　　On Tuesday (7th), the US Federal House of Representatives passed the so-called "Taiwan Province Guarantee Act of 2019" and "Reaffirmation of US Taiwan and its implementation of ‘ Taiwan relations act ’ Commitment "resolution, which is an extremely dangerous political action by the United States to use the Taiwan Province issue to rudely interfere in China’s internal affairs and curb the peaceful development of China, once again exposes the extremely bad behavior of some American forces playing politics. If the United States goes its own way, it will seriously damage Sino-US cooperation in important areas and seriously endanger peace and stability in the Taiwan Strait. In this regard, China resolutely opposes and has made solemn representations to the US.

　　On January 1, 1979, during the term of President Carter, China and the United States formally established diplomatic relations at the ambassadorial level. On the occasion of the 40th anniversary of the establishment of diplomatic relations between China and the United States this year, Mr. Carter wrote an article in Washington post, warning that any misjudgment, miscalculation and non-compliance with carefully formulated rules of conduct by both sides would lead to "worldwide disaster" when the relationship between the two countries entered a sensitive moment. Politicians in the American Congress must know that any adventure that attempts to use the Taiwan Province issue to contain China will be a dead end. Because: it has made three serious mistakes:

　　One of the mistakes: completely damaged the foundation of the development of relations between China and the United States. In today’s world, exchanges between countries must abide by certain principles and norms, which is the basis for maintaining, stabilizing and upgrading bilateral relations. As the world’s two largest economies and important political forces on the international stage, the more stable and solid the foundation of bilateral relations, the more stable and predictable it will be for the world. This basis was clearly defined in the three joint communiques on the establishment of diplomatic relations between China and the United States, that is, there is only one China in the world, the mainland and Taiwan Province belong to the same China, and People’s Republic of China (PRC) is the sole legal government of China. The U.S. House of Representatives upgraded the former "Taiwan Relations Act" to the "Taiwan Province Guarantee Act" in an attempt to promote military cooperation with Taiwan Province only for sovereign countries, which completely deviated from the one-China principle and seriously undermined the basic norms of international law and international obligations. If this foundation is lost, what can support the development of Sino-US relations? !

　　Mistake 2: Trying to test China’s bottom line by playing "Taiwan Province". Whenever there are twists and turns or difficulties in Sino-US relations, the Taiwan Province issue will always be put on the table by the United States as a bargaining chip to negotiate, coerce and contain China. This has become a common tactic of some politicians in the United States. It is understandable that the two countries sitting at the negotiating table hold some bargaining chips and strive for the maximization of interests for their respective countries. But the Taiwan Province issue has never been, and will never be, a bargaining chip in resolving Sino-US relations. Because the Taiwan Province issue is an internal affair of China, which concerns the core interests of China and the national dignity and feelings of 1.4 billion Chinese. No foreign forces can interfere in it, let alone trade it. What can be told to the United States is that there is no future in trying to test the bottom line with the Taiwan Province issue.

　　Mistake 3: It has caused turmoil in the Taiwan Strait and endangered regional peace and stability. In 2018, Democratic Progressive Party, with the concept of "Taiwan independence", suffered a crushing defeat in the "Nine in One" election in Taiwan Province, and lost momentum. Next year, the prospect of the leadership election in Taiwan Province is bleak. At this sensitive moment, the United States offered the "Taiwan Province card" in an attempt to give the "Taiwan independence" forces a lifeline. Some American politicians should carefully read Mr Carter’s article in Washington post and realize that if the Taiwan Province issue is not handled properly, it may escalate into a regional conflict and bring disaster to the world. This statement is not alarmist.

　　In April this year, the current US President Trump called Mr. Carter and asked the former president how to deal with China. It is reported that one of Carter’s suggestions is "Don’t fight". If American politicians try to break through China’s last red line on the Taiwan Province issue, including sending warships to Taiwan Province, it will be the charge for China to unify Taiwan Province.

　　The supreme leader of president, China, has repeatedly stressed that China is committed to promoting coordination and cooperation among major powers, expecting them to live in harmony without conflict, confrontation, mutual respect and win-win cooperation. As one of the most important bilateral relations in the world, Sino-US relations are moving forward along the tone of coordination, cooperation and stability, which cannot and should not be changed. Some American politicians should not underestimate Chinese’s determination on the Taiwan Province issue.

　　Many overseas media forwarded this article:

　　"Russian newspaper" website forwarded on May 9

"German-Chinese Report" was forwarded by German website on May 9.

The website of Albanian National Radio and Television Station was forwarded on May 9.

The website of China Radio Station in Rio, Brazil was forwarded on May 9.

European Union Chinese Network forwarded on May 9.

The Portuguese news APP(facebook account, twitter account) was forwarded on May 9.

　

　　The contents of "International Sharp Review: Tariff Sticks Harm Others and Harm Yourself" are as follows:

　　At 0: 01 Washington time on the 10th (12: 01 Beijing time on the 10th), the US tariff on China’s 200 billion US dollars of goods exported to the US was raised from 10% to 25%. In response, China issued a statement at 12: 03 Beijing time on the 10th, almost simultaneously announcing that it had to take necessary countermeasures.

　　The Sino-US trade war has escalated again, and this result is regrettable. The reason lies in the fact that the United States ignores China’s sincere attitude and actions, and always pursues "America first", asking exorbitant prices and exerting extreme pressure, which fundamentally violates the negotiation principles of mutual respect, equality and mutual benefit, thus leading to the escalation of friction.

　　Negotiation is a matter for both sides. China has shown its utmost sincerity and done its best with practical actions, but it also needs the US to move in the opposite direction. In fact, Sino-US economic and trade consultations have been going on for more than a year, and China has long learned from the US’s manner. The US should also be well aware of China’s principles and positions, that is, China is unwilling to fight a trade war, but it is not afraid to fight it, and it has to fight if necessary; China is willing to solve the economic and trade differences and frictions between the two sides through cooperation, but such cooperation is principled, that is, it must not harm the core interests of China countries and the fundamental interests of the people.

　　Today, people must see that when the United States has repeatedly declared that the United States and China have reached a historic agreement, it suddenly insists on escalating tariffs, which is a flagrant violation of its international obligations in the WTO, a blatant challenge to multilateral trade rules, and will further harm the interests of China and the United States and the world, and has been strongly opposed by people around the world, including the American people. Tom Donohue, president of the American Chamber of Commerce, made it clear that he did not support launching a trade war by imposing tariffs, because it was American families and American enterprises who paid tariffs, not foreigners. A lobbying organization representing more than 150 trade associations in the United States-"tariffs hurt the hinterland of the United States" also issued a statement, pointing out that raising tariffs would damage nearly 1 million jobs in the United States and punish American farmers, enterprises and consumers.

　　The United States once again raised the tariff stick in an attempt to stop the development of China, but it will not succeed. People have seen that over the past year or so, China has responded appropriately, and its economic, social and public psychological resistance has been greatly enhanced. Now there are more positive signals in favor of China in all aspects, and China will respond more calmly, with more confidence and ability to withstand the test of storms. China will create more development opportunities for the world by running its own business well and promoting high-quality economic development with greater reform and higher level of opening up.

　　Many overseas media forwarded this article:

Italian Radio We website (facebook account, twitter account) forwarded on May 10th.

　　Turkish economic observation network forwarded on May 10

　Chinese PT portal website forwarded on May 10th.

Japan Chinese Business Network forwarded on May 10th.

　　West Africa Online Network forwarded on May 10th.

　　Hong Kong Ta Kung Pao was published on May 11th.　

Hong Kong Wen Wei Po was published on May 11th.

　

　　The contents of "International Critical Review: The Key to Solving Sino-US Economic and Trade Friction is to Take Care of Each Other’s Concerns" are as follows:

　　The 11th round of China-US high-level economic and trade consultations ended in Washington on Friday (10th) local time. In an interview after the consultation, Liu He, member of the Political Bureau of the Communist Party of China (CPC) Central Committee, Vice Premier the State Council and Chinese leader of the China-US comprehensive economic dialogue, said that the two sides had good communication and cooperation, and the negotiations did not break down, but on the contrary, this was just a normal minor twist in the negotiations between the two countries, which was inevitable. China was cautiously optimistic about the future of the negotiations. He also revealed that the economic and trade teams of the two sides agreed to meet in Beijing soon to continue communication and promote consultations.

　　Earlier, at 0: 01 Washington time, the United States raised the tariff on $200 billion of goods exported from China to the United States from 10% to 25%. In response, China issued a statement two minutes later, almost simultaneously announcing that necessary countermeasures had to be taken.

　　This result is not surprising. Because, since February last year, Sino-US economic and trade consultations have been held for eleven rounds. Although important progress has been made, it has been repeated several times. Talking about fighting may have become the normal state of Sino-US economic and trade friction. Before this round of negotiations, the United States said it would upgrade tariffs, which led to concerns that Sino-US negotiations would break down. Under such pressure, the Chinese delegation still went to the United States to participate in the eleventh round of consultations as scheduled, which itself showed the greatest sincerity in solving the problem and was highly responsible for the interests of the two peoples and the people of the world.

　　However, the US accused China of trying to renegotiate some contents of the agreement, trying to blame China for the unsuccessful negotiations, which was obviously unfair.

　　On the one hand, negotiation is a process of exchanging opinions, solving problems and reaching consensus. It is normal for both sides to have different views, and it is normal for them to make changes before reaching an agreement. Therefore, it is even more necessary for the two sides to further discuss to resolve their differences and expand their consensus, instead of using the differences and changes in the negotiation process as the reasons for increasing tariffs. This is obviously an overreaction, wrong prescription, wrong force and artificial obstacles to the negotiation process.

　　On the other hand, the United States accused China of "retrogression" and labeled China as "abandoning" and "breaking faith". But so far, what China has "promised" is all the words of the United States, and I am afraid there are many elements of China’s "promised". All along, the US side has been talking about whether China meets its economic and trade concerns, but has kept silent about whether it meets China’s concerns, which violates the negotiation principles of mutual respect, equality and mutual benefit, and this is also an important reason for the failure to make progress in this round of negotiations.

　　China has its own core concerns about Sino-US economic and trade consultations, and it cannot make concessions on these issues of principle. The first is to cancel all the additional tariffs and restore normal bilateral trade. Tariffs are the starting point of Sino-US trade disputes. If an agreement is reached, of course, all tariffs must be abolished. In today’s highly globalized industrial chain, increasing tariffs will inevitably have an impact on the economies of China and the United States, and will also hurt all links in the industrial chain. Over the past year or so, the negative impact of Sino-US economic and trade frictions has proved that there is no winner in the trade war, and adding tariffs is not the solution to the problem. At present, the global voice against imposing tariffs, including the American people, is getting stronger and stronger. The United States should respect China’s demands and take into account the interests of people all over the world.

　　On the issue of trade procurement, the United States has repeatedly asked China to expand imports from the United States, and even asked China to commit a specific amount. However, China’s expansion of imports should be based on meeting the needs of domestic people for a better life and promoting high-quality economic development. The figures of trade procurement should not only be in line with reality, but also be globally oriented. Any product that is competitive will be welcomed by consumers in China, instead of "buying hard and selling hard".

　　There is also the text of the agreement, which should include both American demands and Chinese claims, reflecting the balance of the agreement. Moreover, the expression of the text should be accepted by the people in China, and it will not damage the sovereignty and dignity of the country. Only such an agreement can be truly implemented.

　　As the United States insisted on increasing tariffs, China was forced to counter it, and the Sino-US trade war escalated again. This situation makes China regret, but it is also calm. Over the past year or so, under the pressure of the US tariff escalation, China’s economy has been affected to some extent, but it has been proved that the impact is completely controllable and affordable. In the first quarter of this year, China’s GDP increased by 6.4% year-on-year. In the first four months, the total value of import and export of goods increased by 4.3%, and the main indicators of economic operation such as employment, prices and income were generally better than expected. The International Monetary Fund has raised China’s economic growth forecast by 0.1% to 6.3%, and China has become the only country in the world that has raised its economic growth forecast. Warren Buffett, a famous American investor, recently said that investing in China is ideal, and "there may be some big deployment in the next 15 years".

　　This information shows that over the past year or so, China has taken appropriate measures to deal with external shocks, which has enhanced its economic resilience, market potential and confidence in investment and consumption. In this regard, Liu He confidently stated that China’s policy tools are sufficient, and China’s economy will maintain a good momentum of steady and healthy development. This means that in the future, China will respond to external challenges more calmly, promote high-quality economic development in accordance with the established deployment, and meet people’s needs for a better life.

　　It is noteworthy that although China and the United States still have differences on core concerns, they still agree to continue to maintain communication. This shows that after all kinds of twists and turns, both sides have a better understanding of each other’s bottom line and principles, and both have a strong will to continue negotiations to solve the problem. After all, economic and trade cooperation is the ballast stone and propeller of Sino-US relations, and both sides have benefited a lot from it.

　　In the future, China will continue to communicate with the United States with the utmost sincerity and efforts, strive to narrow differences, expand consensus and push forward consultations. However, this consultation should respect each other’s core interests and major concerns and embody the principle of equality and mutual benefit. Only in this way can China-US economic and trade consultations survive the final stage of the marathon and the "darkness before dawn", and then explore a mode of managing differences and expanding consensus, and promote the construction of Sino-US relations based on coordination, cooperation and stability.

　　Many overseas media forwarded this article:　

Germany Tagesschau 24 (German Daily News 24 TV) quoted on May 11th.

Austrian ORF2 Bundesland (Austrian Broadcasting Corporation Channel 2) quoted on May 11th.

Czech NovaTV Czech HD (Czech Nova TV) quoted on May 11th.

　Slovak TV Markiza (Slovak Makisa TV) quoted on May 11

British Al Araby TV (British Al Araby TV) quoted on May 12

　South Korea OBS (Korea Jingren TV Station) quoted on May 12

Prima Czech (Prima Czech TV) quoted on May 11

The website of Nordic Times was forwarded on May 11th.

Japan NewsCollect website forwarded on May 11th.

　Pakistan-China Friendship Network forwarded on May 11th.

Facebook account of Myanmar opinion leader media was forwarded on May 11th.

　Hong Kong Ta Kung Pao was published on May 12th.

Hong Kong Wen Wei Po was published on May 12th.

　　[car home News] A few days ago, a Tesla China owner asked Musk on social media, "I expect Tesla FSD (fully autonomous driving) to enter China as soon as possible. I don’t know when it will be realized. When can HW3.0 system model images in 3D? When can the new parking assist be pushed to the owner of Tesla HW3.0 in China? "In this regard, Musk replied that "it may be realized soon.".At the same time, we can see that Tesla’s website shows that Tesla has reduced the price of fully automatic driving (FSD) package from $12,000 to $8,000 in the United States.

　　Since March this year, Tesla has started to deploy its software update to promote the latest FSD V12.3 beta version, which was integrated into the software update of 2023.44.30.25. Tesla CEO elon musk bluntly said: "This is a major release, and it can be said that it should be called V13."

　　Since its first launch on October 20, 2020, FSD has only been available in Beta in North America. Tesla released new software updates through beta to verify its latest autonomous driving technology and improve performance. At present, the system can’t realize full automatic driving, and it needs the supervision of the driver.

　　Last November, it was reported that Tesla FSD Beta was about to enter China. Tesla China official website updated the owner’s manual of China with FSD Beta, which indicates that FSD will soon land in China. Taking the new Tesla Model 3 as an example, it costs 64,000 yuan to install the FSD. After the installation, it can realize the functions of recognizing and responding to traffic lights and stop signs, and automatically assisting driving in urban streets.

　　Tesla has made a lot of preparations before landing in FSD in China. In 2021, a data center was established in Shanghai. All data generated by China business, including production data, sales data, service data and charging data, are completely stored in China to meet regulatory requirements. In addition, Tesla set up an FSD operation team and a data labeling team in Shanghai, and sent engineers from this department to do training. However, Tesla China once responded to the domestic media that "it is really in progress at present". (Compile/car home Wang Yin)

　　First, the overall design

　　Activity name: China (Henan) Pilot Free Trade Zone International High-end Management Talent Exchange and Cooperation Forum (hereinafter referred to as "Free Trade Zone High-end Talent Forum").

　　Theme of the event: Carry forward the spirit of Henan merchants in the new era and create a high-quality open highland.

　　Activity time: October 26th from 14: 30 to 18: 00.

　　Venue: Hall 3, Zhongyuan Grand Ballroom, Sheraton Meisheng Hotel

　　Activity scale: 200 people

　　Organizer: Henan Provincial Department of Commerce and Henan Pilot Free Trade Zone Work Office.

　　Co-organizer: Administrative Committee of Zhengzhou, Kaifeng and Luoyang in Henan Pilot Free Trade Zone

　　Second, the participants

　　Provincial government leaders; Responsible comrades of leading group member units; Director, deputy director and relevant personnel of Zhengzhou, Kaifeng and Luoyang administrative committees of Henan Pilot Free Trade Zone; Representatives of district enterprises; News media.

　　Invite well-known Henan entrepreneurs and senior executives of financial institutions at home and abroad, representatives of other influential enterprises and innovation and entrepreneurship projects at home and abroad, and representatives of experts, scholars and high-level talents at home and abroad to attend the meeting.

　　III. Agenda

　　Moderator: To be determined

　　The first session is from 14: 30 to 16: 00: Main Forum.

　　The first agenda: broadcast the propaganda film of Henan Pilot Free Trade Zone (10 minutes);

　　The second agenda: Speech by the leaders of Henan Province (6 minutes);

　　The third agenda: Zhang Yanming, Director of the Henan Provincial Department of Commerce, introduces the free trade zone and publishes the policy advantages of talent projects (10 minutes);

　　The fourth agenda: Introduce the policies for attracting talents (projects) and policies for attracting talents, and release the demand for key talents (projects) (24 minutes);

　　The fifth agenda: speeches by domestic and foreign experts and scholars, Henan entrepreneurs and financial executives (3, 10 minutes each);

　　Agenda 6: On-site signing (10 minutes);

　　Adjust the venue of the rostrum and place the sofa (5 minutes);

　　The second session: 16:05-18:00: Two rounds of live dialogue sessions.

　　Moderator: Chen Kaijie, member of the Party Group of the Provincial Department of Commerce and deputy director of the Free Trade Office.

　　16:05-17:00 Henan businessmen do business after their return to China.

　　17:05-18:00 Financial elites talk about free trade.

　　The third link on October 27th, 09:00-12:00.

　　Investigation and investigation in Zhengzhou area

　　Fourth, the venue design

　　The venue covers an area of 500 square meters.

　　1. The main background board is a 7X3.5 HD LED screen. The propaganda film "Welcome to Open Henan" was broadcast before the event, and the cultural and trade industry matchmaking fair in Henan Pilot Free Trade Zone was displayed during the event. When presenting and speaking, display PPT synchronously.

　　2. The podium is equipped with a podium, a desktop microphone and a wireless microphone.

　　3. The first two rows of the seats are desk-shaped, with seat tags. The first row is the provincial leaders, department leaders and important guests, and the second row is the leaders and speakers who came to the stage to promote. The third row is arranged in a theater style, with about 200 seats.

　　4. Media seats: Media seats will be set up behind the participants for the use of participating news media reporters.

　 　 　 　 CCTV News:According to the website of the General Administration of Customs, Guangzhou Customs recently informed the outside world that on June 23, 2016, the customs launched a code-named "313" investigation operation, severely cracked down on illegal and criminal activities of smuggling high-value commodities and prohibited imports, and arrested 16 suspects suspected of smuggling, including the principal offender Zeng. Four containers involved were seized on the spot, with a case value of 110 million yuan, cutting off a "multi-gang, multi-line, multi-method, and multi-method" However, this smuggling case with complicated case should start with a simple Internet advertisement.

　 　 　 　　High-profile advertising "tax package" company is miraculous

　　"Our company imports goods at a low price, including tax, with unlimited types, convenient customs clearance and no risk. Please call 138 * * * * * * * Chen Sheng. " At the end of 2015, similar Internet advertisements often appeared in mobile social software, which attracted the attention of the anti-smuggling police of Guangzhou Customs. In these online advertisements, the anti-smuggling police found that the company not only promised that customs clearance would be absolutely safe and smooth, but also dared to undertake any goods (including controlled knives, etc.) and "got it right".

　　What kind of company can be so "miraculous"? The anti-smuggling police of Guangzhou Customs investigated it, and found that there were conversations like "Customs clearance succeeded, easy", "Come to collect money" and "Continue next time" in addition to the advertisement of "tax package", and its capital transaction flow also showed that the company was really "extraordinary".

　　When the anti-smuggling police checked the customs declaration materials, they found that the company not only had a large business volume and a variety of goods, but also had a "personality" in customs declaration. In addition to the normal customs declaration method of directly importing overseas goods from Hong Kong from Guangdong port, the customs declaration goods were often allowed to come for "domestic tourism" — — All the way from Hong Kong to the Yangtze River Delta, customs clearance, and then circuitous to Guangzhou, and then sold to other provinces in China from Guangzhou.

　　How can this seemingly "far-reaching, time-consuming and expensive" import achieve the miraculous effect of "low price tax package"? There must be something fishy behind it, and the Guangzhou Customs Anti-smuggling Bureau decided to find out.

　 　 　 　　"Pay attention to" the technique and carefully design to evade investigation.

　　"Boss, the goods have been cleared."

　　"After the freight is delivered to the destination, throw away the mobile phone card."

　　"Roger that!"

　　This is not a movie bridge, but a real situation within this "miraculous" company. The anti-smuggling police of Guangzhou Customs found that although the advertisement of this gang was simple and rude, the smuggling process was very "exquisite". The consignee will ask multiple drivers in the transportation link to purchase new mobile phone cards specially, and constantly change their contact information during the implementation of smuggling activities to avoid customs investigation.

　　With the in-depth investigation, the anti-smuggling police judged that this was a smuggling criminal gang with strong anti-investigation consciousness and professional criminal characteristics. Most of the main members have the background of international trade, international logistics and cross-border transportation, and are familiar with international trade and import and export customs clearance rules; Or have the experience of being attacked by law enforcement departments, and be familiar with the procedures of handling cases in public security law. In addition, the gang set up a "shell" company dedicated to smuggling and customs declaration, confusing the anti-smuggling police.

　　Smuggling gangs are familiar with the handling mode of the customs anti-smuggling police, and put "smoke bombs" in a targeted manner, and the clues are caught in a "fog".

　　Every cloud has a silver lining. A message from the General Administration of Customs cleared the "fog" in front of the anti-smuggling police. On May 5th, the Customs seized a smuggling case of "switching packages" by cutting and closing the locks on the way from the Yangtze River Delta, seized 4 containers, arrested 18 people involved on the spot, and seized a batch of smuggled goods with a case value of about 20 million yuan. After the information of the collision case, Guangzhou Customs boldly concluded that the same smuggling gang was behind the scenes, but the smuggling routes and methods were changed. This smuggling gang headed by Zeng entered the vision of the anti-smuggling police of Guangzhou Customs.

　 　 　 　　The Pearl River Estuary confronts greed and smuggling.

　　Just as the customs is in full swing to conduct external investigation and evidence collection, a gang in Zeng has a strong response to smuggling setbacks. In order to recover losses, they continue to use Internet advertisements to solicit business, and a confrontation between smuggling gangs and customs anti-smuggling police is about to begin.

　　On May 25, 2016, the Golden Waterway in the Pearl River Estuary was full of ships. A secretly refitted "Sui XX" ship was loaded with containers, mixed in the legally operated ship flow and quietly entered the country. Guangzhou customs anti-smuggling police have already opened their pockets and dispatched anti-smuggling boats to intercept them in one fell swoop.

　　Boarding the intercepted ship, the anti-smuggling police found that some hull structures could not enter, inferring that there was a hidden compartment. After lifting the mountain of containers on the ship, I found the humble iron gate hidden in the side cabin, which contained some smuggled goods. Not only that, after careful investigation, the anti-smuggling police found that there were other sealed dark cabins on the ship and decided to cut them with electric grinding wheels.

　　"Zhi … …” Accompanied by the harsh cutting sound is a splash of iron flower, "through! Passed! " The anti-smuggling police in charge of cutting exclaimed with surprise, and finally successfully broke the dark cabin after fully consuming seven blades. The well-informed anti-smuggling police were also surprised by the "treasures" in the secret compartment. In addition to the traditional smuggled goods such as imported red wine, milk powder, power supply for communication equipment and waste tires piled up in a hill, there were actually a large number of controlled knives, air guns and military crossbows that were forbidden to be imported in the secret compartment. After counting, there were more than 180.

　　In this head-on confrontation, the smuggling gangs lost their troops, and the anti-smuggling police grasped the fact that the smuggling gangs smuggled a lot, laying a solid foundation for speeding up the investigation of the whole case. More importantly, the anti-smuggling police boldly speculated that this arrogant opponent who dared to brag and compensate the "customer" for the loss by "insurance" would definitely take risks again in order to make up for the loss.

　 　 　 　　The fog gradually dispersed and the customs attacked Huanglong.

　　Sure enough, less than a month after the confrontation, the smuggling gangs began to stir again and began to plan new smuggling routes.

　　At this time, after several days of hard work, the anti-smuggling police have thoroughly mastered the personnel structure, division of labor and smuggling operation law of this smuggling gang with Zeng as the core. It turns out that a gang of Zeng used Internet advertisements to solicit import business at home and abroad, and colluded with professional smuggling gangs such as Huang and Zhang to smuggle a large number of high-value commodities and goods such as red wine, auto parts, integrated circuits and stereos, and even smuggled prohibited items such as controlled knives in the form of "layer-by-layer tax payment" by "shifting packages" during transit across customs areas, falsely reporting the names of goods and hiding small ships going to and from Hong Kong and Macao, which not only evaded state taxes.

　　"In order to avoid customs investigation, this gang is constantly changing smuggling routes. At present, we have as many as six smuggling routes. It is rare to design so many smuggling routes in just a few months." The relevant person in charge of the Anti-smuggling Bureau of Guangzhou Customs said, "Some of the goods involved were shipped from Hong Kong, detoured to the Yangtze River Delta, declared for import in the name of low-value goods, smuggled through customs, and then transported back to Guangdong to hand over to the shipper."

　　When the time is right, close the net immediately! On the morning of June 23, the unified investigation and arrest operation codenamed "3.13" was carried out simultaneously in Guangzhou, Shenzhen and other places. The customs anti-smuggling police formed several action teams, and at the same time appeared at the door of the suspect’s residence, the company building and the customs clearance site where the smuggled goods were located, and arrested 16 smuggling suspects such as Zeng; At the same time, a new batch of smuggled goods that just arrived at the supervision site were also seized by the customs on the spot.

　　

　　

　　

　　

The animated films in the hot show have inherited the system of "deifying" pioneered by other films, and taken another solid step on the road of building "China Animation School" in the new century with rich narrative content and distinctive artistic characteristics. However, its narrative defects have exposed the universality of domestic animated films in adapting myths and legends in recent years. It is of great significance to explore this issue in depth to promote the benign development of "China Animation School".

The new list of gods: Yang Jian takes the myth story of Aquilaria sinensis saving the mother as the core, integrates the relevant plots of Romance of the Gods, and integrates myths and historical stories such as the Goddess of Wushan and the warlord of Zhou Youwang, focusing on the mental journey of Yang Jian and Aquilaria sinensis seeking for themselves and resisting power, which is exactly the same as the previous similar works such as Ne Zha Legend of Deification weakening the collective ethical narrative and strengthening the personal growth narrative, showing the narrative and values of the "China Animation School" and traditional animation works in the new century. However, just like the controversy caused by Ne Zha’s release, the excessive reconstruction of The List of New Gods: Yang Jian under the shell of "a new story" is also worth pondering.

The most interesting thing in the film is the "blackening" transformation of the celestial groups represented by Yuding real person and the four heavenly kings. In the traditional story of the Three Notre Dames, the Lotus Lantern bears the spirit of Yang Chan and Liu Yanchang’s guarding and rebelling against love. This story was transplanted into the film, and it was adapted into the spirit of dedication to protect the world, and it was sublimated from "small self" to "big self" in value. However, with the development of the plot, the traditional narrative of Lotus Lantern gradually disintegrated: Yang Chan, the Three Virgin, who tried her best to suppress the mysterious birds, was just a chess piece ruthlessly manipulated by Yuding real people; While talking about "the great righteousness of the world" and "the sentient beings in the three realms", Yuding real people used Yunhua, the mother of Yang Jian, and Yang Chan, the sister of Yang Jian, to achieve their political goals, and the original touching friendship between master and apprentice disappeared. Whether Yang Jian split Taoshan or Agarwood split Huashan, it was the deliberate operation of Yuding real interest groups, and the ethical connotation of the story itself was greatly weakened.

The story after the "new edition" has multiple explosive points, such as court tactics, blood relatives fighting, loyalty and injustice, which undoubtedly enhances the readability and commercialization of the film. In fact, in recent years, many animated films adapted from traditional myths and legends have such a tendency. Ne Zha strengthened Nezha’s "anti-tradition" color of "disobedience and unfilial", and Legend of Deification strengthened the hero’s lonely heroic color of resisting the collective will for personal value. This adaptation conforms to the trend of pursuing individuality in the current youth subculture and has gained many fans. However, the subversive reconstruction of the traditional story system and the ethical system behind it implies the danger of falling into the quagmire of value nihilism from myth nihilism.

The reason why these "new stories" can be established in narrative logic is that the system of China’s myths and legends is complex, which leaves enough space for the current reconstruction, but the ethical system behind it is complete and firm. Whether it is a personal narrative that praises love and exalts family ties, or a collective narrative of self-sacrifice and resistance to power, it contains the national spirit condensed by the Chinese nation in the long process of agricultural civilization evolution. This national spirit not only cherishes personal values, but also vigorously promotes family, family-centered collectivism values and community consciousness.

However, from Legend of Deification in The Big Fish Begonia to The New List of Gods: Yang Jian, this collectivism value and community consciousness have been gradually deconstructed in the artistic world of "New Stories". For example, the concept of "love is above everything else" in Big Fish Begonia and Legend of Deification’s concept of "individual is above the collective" clearly declared this tendency, while The New List of Gods: Yang Jian quietly hollowed out the core of social and ethical relations such as mentoring and friends through the blackening of Yuding real people, leaving only the trust and willfulness of the relationship between individuals and blood relatives, which undoubtedly fell into the pattern of individualism.

Animated films conform to the growth track of the younger generation, express the value appeal of young people, and also reflect the value confusion of young people. Domestic animated films with "new stories" are put into the "new wine" of youth culture with "old bottles", but the educational and guiding functions of film art as an important category of popular culture are ignored. Although traditional stories have their limitations of the times, there are also defects and misunderstandings in youth subculture. The significance of "new story compilation" is not only to endow the traditional narrative with new connotation of the times, but also to guide the audience to establish "new value" in the new era with "old stories". If we blindly obey and cater to the aesthetic preference of the market and abandon the responsibility and mission of socialist literature and art, the development of animated films will inevitably be mired in the quagmire of commercial reproduction.

Needless to say, with its exquisite artistic presentation and complicated narrative construction, The List of New Gods: Yang Jian has become the most eye-catching animated film this summer, and will certainly become one of the representative works of "China Animation School" in the new century. However, how the "China Animation School", which is characterized by the "new story compilation", establishes the value benchmark of the new era in the "new story compilation", organically combines the construction of the nationality of animated films with the modernization of the national spirit, and makes domestic animated films become an important participating force in the creative transformation and innovative development project of excellent traditional culture, which is still an urgent problem for China animators.