Inventories and accounts receivable will be affected by different sales channels and are also important indicators to measure the consumption sector. According to Weilong’s prospectus, Weilong spicy strips are sold to downstream distributors in the form of first payment and later goods, and to Internet e-commerce platforms, the industry’s average billing period is about 90 days. Yanjin shop accounts for a relatively high percentage of sales from supermarkets and supermarkets. The number of accounts receivable turnover days is the highest in the industry, 29 days in 2020, and the accounts receivable turnover days of Qiaqia and Liangpin shops are 14-15 days. about. The three squirrels are mainly sold online, and their accounts receivable turnover days are 8.94 days. Weilong’s accounts receivable turnover days are the smallest in the industry. In 2020, it is only 2.5 days, which means that after the product is sold; the payment can be returned in two and a half days, which is a strong position for the downstream. In terms of inventory turnover days, Weilong’s 67 days is second only to Liangpin’s 52 days. Weilong’s ability to clear inventories is also excellent. With fewer inventories, the company’s asset turnover and operating efficiency will naturally increase. In this way, Weilong has the shortest and most efficient operating cycle from procurement to sales to payment collection. Can Weilong’s business support a market value of 60 billion yuan? Where did the pre-IPO valuation of 60 billion come from? Calculated based on Weilong’s only external equity financing, the financing situation of the Pre-IPO in this March A round of this year. Well-known institutions such as CITIC Industry Fund, Hillhouse, Tencent, Yunfeng Fund, Sequoia China and other well-known institutions have invested a total of US$549 million and purchased the newly issued shares of Weilong. The total shareholding ratio is about 5.85%. Assuming that 549 million U.S. dollars, based on the current 6.39 yuan to U.S. dollar exchange rate, 549 million U.S. dollars equals 3.50811 billion yuan, accounting for 5.85%. Therefore, the company’s pre-IPO valuation is 59.968 billion yuan, which is approximately It is equal to 60 billion yuan. It is guessed that this financing from the Pre-IPO round will pay sponsorship and audit fees on the one hand, and on the other hand the company may need to replenish liquidity, which will require a certain amount of money in the near future; perhaps it is worried that the valuation will fluctuate after the IPO. The price transfer of part of the equity and the upcoming listing are the advantages, allowing Hillhouse, Tencent, and Yunfeng Fund to give a valuation of 60 billion, in order to use the “anchor effect” to allow the market to reach a consensus. What will Weilong rely on to support its valuation of 60 billion yuan? Select listed companies in the A-share leisure snack industry for comparison: It is not difficult to find that Weilong’s sales revenue is only higher than that of Yanjin Shop, and its operating revenue is less than 50% of the three squirrels. Because the company’s cost control is better, the sales expenses are the lowest, only 371 million, so the company’s gross profit and net profit margins Compared with the same industry, the net profit margin is as high as 19.9%. It can be seen that the company’s profitability is relatively good. Weilong’s business is indeed a very good business. Weilong’s most eye-catching factor is the return on equity (ROE), which is as high as 66.94%; The reason is that Weilong’s advantage is the relatively high degree of product concentration. The company’s product line is divided into three categories: the first category is seasoned noodle products, spicy noodles, including gluten, spicy sticks and chez-yaki, etc.; the second category is vegetable products. , Including instant snacks such as konjac cool and wind eat kelp; the third category is soy products and others. According to the prospectus, in 2020, the income of spicy strips will account for 65.3% of Weilong’s total income, and the income of vegetable products will account for 28.3%, and the product concentration is relatively high. This means that the company can control the cost of upstream raw materials for food. Judging from the hot strip process in the prospectus, its raw materials are mainly flour and soybean oil. These two products are bulk commodities and are affected by macro-control. There are no substitutes. Based on price fluctuations in recent years, they are basically stable. At the same time, according to the company’s cost situation: 2018-2020 raw material costs accounted for 31.3%, 29.8% and 27.8% of revenue, respectively. It can be inferred that the company’s raw material procurement costs are relatively stable and continuously optimized. In contrast, Liangpin Shop, Three Squirrels, and Yanjin Shop are less optimistic about cost control. The reason is that some of the products of these companies’ product lines are preserved meat, and pork is the main product, accounting for different proportions. They are 25.5%, 13.3%, and 27.7%. Pork has a pig cycle, and its price has fluctuated greatly in recent years. Therefore, cost control is more difficult. Roasted nuts are also the main products of these companies and the raw materials for nuts. Originating from planting or importing, there are more uncertain factors and longer cycles, which makes cost control more difficult, which will affect profitability to a certain extent. In contrast, Weilong’s products have a high degree of concentration. Standardization can be achieved from procurement, production, storage, and sales, and the cost is controllable, which is indeed superior. From the perspective of Weilong’s annual compound growth rate of 22% in revenue and 31% in profit, the company is in the growth stage. From the perspective of the competitive structure of the subdivided “seasoned noodle market”, the current market is relatively fragmented. Although Weilong’s market share is ranked first in 2020, it only accounts for 5.7%. Assuming that the market size of 60 billion seasoned pasta products in 2018 and the CAGR of 10% of the industry are calculated, it is optimistic that the market size will reach 80 billion in 2021. At the same time, based on Weilong’s 7% industry market share, Weilong’s business this year The revenue is expected to be around 5.6 billion, a year-on-year increase of 35.9%, which can still support the current valuation in the short term. However, the growth space of Weilong’s future industry will be constantly compressed by new entrants. And it is important that this market is difficult to unify, because the barriers to entry are low, and other manufacturers are also targeting Weilong’s track. Therefore, it is difficult for Weilong to build a long-term and effective moat, and the growth ceiling in the future is also quite limited. Relying on a single product may become Weilong’s “Achilles’ heel”. Even a world-class consumer leader like Coca-Cola can only be used as an anti-inflation asset allocation tool in the secondary market. The current valuation is relatively high and the performance ranks fourth, but the valuation of 60 billion is the sum of the market value of the top three. It is believed that investment institutions have given higher expectations for the future, so wait and see and pay attention to how Weilong will cash in on its performance after going public

As a leading financial technology provider in the industry, CITIC Network Technology launched a real-time anti-fraud system for banks based on big data and advanced artificial intelligence technology, and established a multi-integrated system of “risk prevention and control, continuous monitoring, tracking implementation, daily management, and supervision and inspection” Real-time linkage monitoring and analysis mechanism, making full use of modern technology such as big data, artificial intelligence, cloud computing, etc., by strengthening the mechanism of “pre-monitoring access, in-event monitoring and operation, and post-event strong risk analysis” to achieve the bank’s internal omni-channel and full-product , The whole process 100% transaction risk identification and control, establish and improve the transaction risk monitoring model and interception mechanism during account opening and duration, and build a comprehensive risk identification, assessment, monitoring, early warning, blocking, analysis and security of comprehensive risks The management and control platform helps banks to better identify fraud in financial services, jointly protect the safety of users’ information and property, and further promote the construction of a financial security ecosystem.

Real-time monitoring to build a smart bank risk control system

In recent years, with the rapid development of big data, cloud computing and artificial intelligence technologies, banking service models have become increasingly diversified. While customers enjoy flexible and convenient services, bank fraud risks have become more concealed and professional, and more criminal methods and expressions have been developed. Traditional fraud detection usually relies on expert rules, blacklist libraries and other methods, which can no longer adapt to new fraud challenges.

The real-time anti-fraud system of CITIC Net Branch adopts big data, cloud computing and artificial intelligence technology to realize real-time risk identification and control of bank transactions. It adopts an internal container cloud deployment solution to ensure financial data security and compliance, and customer data display adopts encryption Mechanism to ensure the protection of customer privacy, build an account risk rating mechanism, grasp high-risk links and groups, and achieve early warning and disposal.

Not only that, in order to empower the bank’s digital transformation, CITIC Network Technology has increased investment in scientific research, listed big data and intelligent risk control as the company’s core development strategy, continued to invest in research and development, and strengthened basic research on big data, cloud computing, and artificial intelligence. , Launched industry solutions for intelligent risk control and big data processing platform.

Xinchuang adapts, fully realizes independent and controllable

The innovation and development of information technology application is a national strategy, and building China’s independent IT infrastructure will be an epoch-making measure in the field of my country’s information technology. Through the foundation laid by the “13th Five-Year Plan”, the Xinchuang ecosystem has taken shape, and the Xinchuang business is embarking on a fast track of development.

The real-time anti-fraud system of CITIC Netbank is quickly adapted to the ecosystem of Xinchuang and Huawei, so that the full-stack technology and the surrounding technology environment can be domestically controlled independently to adapt to the ever-changing external complex environment; focus on regulatory trends and customer pain points, and quickly adapt to each Industry solutions, such as: “customer experience indicator system” to help customers operate, “anti-internal and external fraud system” to help control risks, and “real-time big data processing platform” to help build basic capabilities. On the road of digital transformation, we will be the “driver of in-depth management” for customers, pay attention to customers’ customers, use technology to connect customers closely, and help enterprises achieve strategic goals. The system works closely with Huawei container cloud, data warehouse, financial alliance, and more than a dozen transaction channels to jointly build a complete financial ecological environment, realize close transaction correlation and information exchange and sharing within the system, and each bear its own responsibilities in the financial ecosystem, and it is satisfied The current business needs also take into account the future independent and controllable needs of Xinchuang.

Customer first, from the customer’s perspective

Nowadays, banks are in a critical period of digital transformation. With the digital transformation of banks, banking service models are becoming increasingly diversified. At the same time, banks are under multiple pressures from external fraud cases, internal compliance and regulatory penalties. How to strengthen risk management and control capabilities Become an important issue for banks.

CITIC Net Technology builds customer empathy and launches risk control solutions based on big data, artificial intelligence, and cloud computing to help customers build the first line of defense against risks. From the perspective of customers, help customers improve their business environment and prevent financial risks. And loss; use technology to closely contact customers, intelligently identify customer identities and behavioral risks through big data profiling and artificial intelligence analysis, protect customer fund safety in a state of customer insensitivity, and help companies achieve strategic goals, and from product technology, performance, Establish models in dimensions such as business accuracy and risk coverage, encapsulate and embed risk control models into customer business processes, guard operations, interrupt high-risk transactions, provide more bank customers with anti-fraud security services, and improve the outdated banking industry. Control system to promote the intelligent evolution of the bank’s risk control system.

As a fintech service provider with 20 years of experience in the industry, CITIC Nettech’s mission is to provide customers with professional services. It has launched a number of detailed solutions in the fields of mobile finance, smart marketing, and smart risk control. , Smart payment, online finance and other fields. Up to now, CITIC Network Technology has provided high-quality financial IT solutions and services to more than 220 financial industry customers, including state-owned banks, joint-stock banks, city commercial banks, rural credit cooperatives, rural commercial banks, and private banks.

The annual report shows that in 2020, CITIC Bank invested 6.926 billion yuan in science and technology, an increase of 24.43% year-on-year; the number of science and technology personnel in CITIC Bank has quadrupled in two years to 4190.

With the increasing investment in technology, the achievements of China CITIC Bank’s digital transformation are gradually emerging:

China CITIC Bank and its peers have established a large-scale blockchain cooperation ecology among domestic banks, and the cumulative transaction volume of the blockchain trade finance platform has exceeded 10 billion yuan

China CITIC Bank successfully put into production the first independent distributed core system of domestic medium and large banks-Lingyun Engineering

China CITIC Bank has nearly 800 application scenarios for intelligent robots (RPA), the branch application coverage rate exceeds 80%, and the average business operation efficiency has increased by more than 20%.

On March 15th, Li Qingping, who has a “financial iron lady”, resigned as chairman of China CITIC Bank, and Zhu Hexin, who was the former vice governor of finance, took over. Zhu Hexin is an “old Bank of Communications” with more than 20 years of experience in the financial industry. Under his leadership, CITIC Bank’s layout in the field of financial technology may undergo major changes.

Build a digital CITIC Bank

China CITIC Bank, founded in 1987 and headquartered in Beijing, is one of the nationwide commercial banks. Its total assets exceed 7 trillion yuan and the number of employees is nearly 60,000.

In the “Top 100 Chinese Banking Industry 2020” released by the China Banking Association, CITIC Bank ranked 11th according to the ranking of core Tier 1 capital. In this ranking, China CITIC Bank surpasses China Everbright Bank and is second only to Minsheng Bank.

CITIC Bank, like CITIC Securities, CITIC Construction Investment Securities, CITIC Trust, CITIC Prudential Life and other companies, is one of the subsidiaries of CITIC Group.

In 2020, China CITIC Bank, together with other CITIC Group subsidiaries, provided customers with a combined financing scale of 107.82 billion yuan, a year-on-year increase of 68%, breaking the “one trillion” mark for the first time.

On March 25, China CITIC Bank Co., Ltd. released its 2020 annual performance report. The report shows that China CITIC Bank will achieve revenue of 194.731 billion yuan in 2020, a year-on-year increase of 3.81%.

In recent years, China CITIC Bank has continuously increased its investment in financial technology.

In 2020, CITIC Bank invested nearly 7 billion yuan in technology, an increase of 24% over the previous year, and technology investment accounted for 3.56% of operating income.

As of the end of 2020, CITIC Bank has 4190 scientific and technical personnel (excluding subsidiaries), a year-on-year increase of 31.68%, and CITIC Bank’s scientific and technical personnel accounted for 7.60%.

The number of scientific and technological personnel in CITIC Bank has quadrupled in two years, which is also a supplement to the upcoming larger-scale digital transformation.

At the beginning of this year, China CITIC Bank released a new three-year development plan, proposing to use high-tech as the engine and high-quality development as the theme to strengthen the development of light and intensive.

In order to achieve high-quality development goals, The financial technology structure of China CITIC Bank has been adjusted to “three committees, two departments, and two centers” . Compared with 2019, China CITIC Bank has added a new data management committee to its 2020 annual report.

At the same time, China CITIC Bank also proposed the implementation path of “one reform, two transformations and three challenges”. In response, China CITIC Bank proposed to accelerate digital transformation and light capital transformation.

In terms of ecological scenario layout and corporate cooperation, China CITIC Bank has jointly built more than 5,500 scenarios with hundreds of partners such as UnionPay, Didi, JD.com, etc., serving 5.2 million users and accumulating 390 million capital transactions.

In cooperation with artificial intelligence-related applications, China CITIC Bank has launched cooperation with the three Internet giants of BAT, and other well-known artificial intelligence application technology manufacturers such as Megvii, HKUST Xunfei, Tongdun and Bangsheng, enriching itself in various fields. Artificial intelligence applications on business lines.

CITIC Bank AI combat

Artificial intelligence platform

As early as 2017, the artificial intelligence platform “CITIC Brain” independently developed by China CITIC Bank was fully launched.

In 2018, “CITIC Brain” initially has the ability to provide intelligent services for retail, corporate, custody, and compliance.

In 2020, with the “CITIC Brain” as the main engine, CITIC Bank will build an “AI Model Center” and an “AI Efficiency Center”, implement 307 “AI + data” precision models, and serve more than 10 million customers intelligently in real time.

Among them, wealth management AI intelligent recommendation achieved online sales of 232.65 billion yuan, landing strategic customer equity chain applications, and increasing management assets by more than 52.2 billion yuan.

Intelligent risk control

The 2020 annual report shows that China CITIC Bank has accelerated the practice of intelligent risk control, independently developed real-time intelligent anti-fraud and anti-money laundering systems, with an accuracy rate of 90% for real-time transaction monitoring and interception, and offline risk control screening and intercepting more than 17,000 risk events.

The bank’s credit card center uses big data, machine learning, cloud computing and other intelligent technologies to introduce multi-dimensional new data to enrich customer risk profiles. In 2020, a total of 26 full-process credit risk scoring cards will be iteratively optimized, effectively improving the ability of risk control and precise policy implementation; Through machine learning algorithms, it has achieved a new breakthrough in more efficient and accurate risk decision-making capabilities, and realized a 20% increase in transaction amount.

In 2018, China CITIC Bank and Bangsheng Technology reached a cooperation in the construction of risk control and anti-fraud, and contributed to the upgrade of CITIC Bank’s intelligent real-time risk control system.

In the same year, China CITIC Bank also reached a cooperation with Tongdun Technology. Tongdun Technology provides smart risk control middle-office services for China CITIC Bank Credit Card Center.

Smart marketing

According to the 2020 annual report, China CITIC Bank expanded its new customers by 12,800 new customers by increasing digital marketing and using the chain-based customer acquisition and product customer acquisition model, driving a deposit growth of 53.9 billion yuan.

In addition, CITIC Bank has also actively developed a retail business system, which has boosted the scale of assets by nearly 200 billion yuan, and the AI ​​smart recommendation for wealth management has achieved CITIC Bank’s online sales scale of more than 230 billion yuan.

In 2017, China CITIC Bank cooperated with Suoxinda Holdings, a global financial AI big data and integrated intelligent marketing solution manufacturer, and introduced Suoxinda AI, big data and other leading technologies and end-to-end digital intelligent marketing overall solutions to comprehensively build CITIC Bank Leading digital marketing system.

Smart Customer Service

In October 2018, China CITIC Bank Mobile Banking launched an intelligent voice service product to help visually impaired users experience barrier-free mobile financial services.

With the support of Tencent Cloud’s intelligent voice and semantic understanding technology, China CITIC Bank’s mobile banking intelligent voice service has achieved rapid upgrades.

With the help of intelligent voice technology, CITIC Bank’s customer service robots can meet the needs of scenarios such as question and answer, transfer tasks, account query tasks, financial tasks, small chats, etc., and provide solutions for complex financial transaction scenarios.

In the same year, China CITIC Bank also cooperated with HKUST iFLYTEK in intelligent customer service.

Robo-advisor

CITIC Bank’s robo-advisory product-“Xinzhitou”, on the basis of agency fund sales, integrates technologies such as big data analysis and quantitative financial models.

“Xinzhi Investment” analyzes the customer’s investment pain points from the three stages of pre-investment, investment, and post-investment, and provides customers with a complete set of fund investment solutions based on the customer’s profile and target risk strategy.

Lu Tiangui, the current business director of CITIC Bank, once introduced the three highlights of Xinzhi Investment in 2018:

One is to intelligently match target risks and simulated returns based on the customer’s risk assessment results, and recommend the most suitable product combination. According to reports, Xinzhi Investment has built an intelligent risk assessment model based on multi-dimensional data analysis of more than 2 million customers.

Second, Xinzhi Investment not only has forward-looking market analysis by investment research experts and professional research on underlying products, but also uses big data, investment models, and intelligent algorithms to make up for the lack of human computing power.

Third, the user experience is convenient. CITIC Bank searches for the optimal combination from more than 4,000 funds, and directly pushes the recommended asset allocation combination to users. Users make decisions, purchase with one click, and enjoy follow-up services. Experts continue to track the macro market and Bottom product situation.

Core system

In 2020, China CITIC Bank successfully put into production the first autonomous distributed core system (Lingyun Project) of domestic medium and large banks.

As the first to be put into production in China, the new generation of cloud-based credit card core system with independent intellectual property rights-the new core system of China CITIC Bank Credit Card StarCard, will be the first anniversary of stable operation in 2020.

The data shows that StarCard has successfully carried the operation and management of 110 million accounts. The peak transaction value is as high as 4,500 transactions per second, which is more than three times that of the original system. The average transaction response time is only 36 milliseconds, which is effective for satisfying, membership days, rush to buy, and marketing. Activities, Double Eleven Shopping Festival and other high-frequency trading application scenarios.

At the same time, the bank’s credit card center has steadily promoted the construction of the second phase of the upgrade of the new core system of StarCard, and has completed 30 planned subprojects of the second phase, and implemented “second-level” real-time and intelligent data business scenario services.

Blockchain

The 2020 annual report shows that the China CITIC Bank blockchain platform is the first to pass 5 credible evaluations of the China Academy of Information and Communications Technology at one time. The blockchain forfaiting trading platform has been recognized by the People’s Bank of China and upgraded to a national industry platform.

The blockchain forfaiting trading platform is a large-scale blockchain cooperation ecosystem between domestic banks established by China CITIC Bank and its peers.

At present, the cumulative transaction volume of the blockchain trade finance platform has exceeded 10 billion yuan.

cloud computing

In 2017, China CITIC Bank launched an ecological financial cloud platform. It is understood that the cloud platform is operated by financial institutions, technology companies, professional institutions, regulatory agencies, etc., in accordance with the mechanism of division of labor.

In the 2018 annual report, 53% of CITIC Bank’s applications have been migrated to the cloud platform, and the system deployment efficiency has increased by more than 20%.

In the 2020 annual report, the overall cloudification rate of China CITIC Bank’s infrastructure reached 96.71%, and the infrastructure resources have T+1 day delivery capabilities.

At present, China CITIC Bank pointed out that it has completed the first stage of production of the bank-level data lake, and the basic data platform of “one lake, one database” has been basically completed, and the overall processing performance has increased by more than 50%.

RPA (Intelligent Robot)

In 2019, Daguan Data won the bid for the AI ​​project of CITIC Bank Credit Card Center to provide it with RPA products and technical services.

The 2020 annual report shows that there are nearly 800 application scenarios for CITIC Bank’s intelligent robot (RPA), the branch application coverage rate exceeds 80%, and the average business operation efficiency has increased by more than 20%.

With online processes, mobile approvals, and intelligent customer identification, China CITIC Bank has shortened the time it takes to open public accounts by approximately 30%.

Biometrics

In terms of fingerprint recognition, China CITIC Bank and Lenovo Venture Capital Group’s subsidiary “National Authentication” reached a cooperation in 2018 to deploy a fingerprint login function module in the new version of mobile banking 4.0. Users only need to turn on the fingerprint login function to experience extreme speed Easy and quick to log in.

In the direction of face recognition, China CITIC Bank applied Megvii Technology’s face core product in 2018.

mobile bank

In the construction of mobile banking, China CITIC Bank is speeding up the construction of a multi-application ecological network with mobile banking as the main operating position and small programs as light touch points.

The dual APP of China CITIC Bank’s mobile banking and mobile card space is upgraded to version 7.0, and realizes interconnection; mobile banking APP 7.0 realizes the version switching that changes according to the customer, and on the basis of the popular standard version, it covers overseas finance, the elderly, and private banks. Five characteristic customer groups, small and micro, and foreign, provide personalized and exclusive services.

In the first half of 2020, China CITIC Bank has 10.85 million monthly active mobile banking (MAU) accounts, a year-on-year increase of 17%, and China CITIC Bank’s credit card APP “Moving Card Space” has 13.24 million monthly active users (MAU), an increase of 12% year-on-year.

As of the end of 2020, China CITIC Bank has 26.155 million online monthly active users, of which mobile banking APP transaction amount has increased by 20.66% over the previous year, and the replacement rate of e-banking transactions has reached 99.54%.

In terms of channel co-building, China CITIC Bank has also continued to strengthen online service integration. The mobile banking APP successfully launched the online business hall services of CITIC Securities and China Securities Construction Investment Securities, and jointly launched the CITIC Academy function with CITIC Publishing Group.

President Fang Heying: Build a first-class technology-based bank

At present, the senior management organization structure of China CITIC Bank presents a pattern of six presidents with “one director and five associates”.

On the evening of March 15, Li Qingping, the former chairman of China CITIC Bank, handed in her resignation. At the same time, the board of directors has elected the chairman of CITIC Group Zhu Hexin as the chairman of the bank, and the president of China CITIC Bank Fang Heying as the vice chairman.

Among them, President Fang Heying is a 25-year veteran of China CITIC Bank.

Since 1996, Fang Heying has worked at China CITIC Bank, where he has served as the bank’s financial market business director, Hangzhou branch president, and Suzhou branch president.

Now 55, he addressed the shareholders on behalf of China CITIC Bank in the 2020 China CITIC Bank Annual Report just released.

Looking forward to the next three years, Fang Heying stated in the annual report president’s speech that he will continue to increase investment in science and technology. Accelerate the digital transformation and build China CITIC Bank into a “first-class technology bank” , Through the same direction of technology and business, to drive more innovation and bring about greater changes.

At the level of financial technology, Lv Tiangui, the business director of CITIC Bank and the proposed vice president, also said in response to a question from a reporter from the Economic Information Daily that the goal of CITIC Bank is to build two major platforms in technology and data within three to five years. “Support and promote the transformation of the bank’s operation and management from informatization and digitization to intelligence, forming an agile + intelligent innovation system, and becoming a first-class technology-driven bank.”

Lu Tiangui also said that digital transformation has now been upgraded to a bank-wide strategy to promote the entire process of systematic changes from technology application, model innovation, process reengineering to organizational remodeling, and promote the improvement of the bank’s governance system and the improvement of governance capabilities.