Last year, according to data from the National Bureau of Statistics, the proportion of national online retail sales in the total retail sales of consumer goods officially exceeded the 20% mark. With the e-commerce dividends over the past decade, China has not only become the world’s largest e-commerce market, but also e-commerce giants such as Alibaba, JD.com, and Pinduoduo have been born in the capital market. The total market value of the three has exceeded RMB 5.5 trillion.

As the e-commerce industry thrives, there are two clearly visible industries: one is the logistics industry, and the other is the brand e-commerce operation service industry that is generally ignored by the market-providing a backstage for the digital business transformation of brand businesses Technical support and front office operations services, etc.

At the end of September last year, the industry leader Baozun e-commerce returned to Hong Kong’s “secondary listing”, or formally started a new wave of tapping the market value of many brand e-commerce companies hidden behind the e-commerce giants, followed closely. Yes, the deep-growing and vertical brand e-commerce companies have also received more attention from the capital market.

The arrival of Youquhui may reopen the window for the reassessment of the brand e-commerce industry.

The scale of revenue is industry-leading, and the pre-IPO valuation has increased rapidly

As a number of Japanese FMCG brands have captured a large number of loyal fans in China, Japan has become the country with the highest annual growth rate among the top five countries of origin in the cross-border online retail market, and the business trend of Youquhui has also increased.

According to the prospectus, Youquhui recorded revenue of 2.8 billion yuan in 2020. From the perspective of revenue growth from 2018 to 2020, the company’s revenue has shown a characteristic of steady growth. The company’s revenue scale in 2020 is comparable 247% of the company (Ruo Yuchen, which is positioned as a fast-moving brand e-commerce company on the A-share SME board), has a significant lead.

Another point of concern to investors is that Youquhui has net losses of 79.495 million yuan and 16.162 million yuan in 2019 and 2020, respectively, but according to the prospectus, the losses are mainly due to changes in the fair value of preferred stocks.

In the rapid growth of some companies, it is very common to issue convertible preferred stocks for financing development. During the rapid growth process, the company’s valuation continues to rise, resulting in a huge “book appreciation” of these preferred stocks. The International Financial Reporting and Accounting Standards require that the “book value increase” of this preferred stock be counted as a loss, which has created the illusion that many high-growth companies have a book “loss”.

To borrow from Kai-Fu Lee, the head of Innovation Workshop, the fair value loss of preferred stocks is not a real loss (here refers to a loss incurred in operation), but includes the value-added of investors. That is, the greater the increase in valuation, the greater the “book loss” caused by the fair value of preferred stocks, and these increasing “losses” are in fact a testament to the company’s rapid growth.

Excluding the influence of factors such as changes in the fair value of preferred shares, Youquhui’s adjusted non-IFRS profits for 2019-2020 should actually be 139 million yuan and 107 million yuan. Judging from the adjusted data, Youquhui’s profitability is relatively healthy, and it has been able to continue to generate relatively stable profits.

The company’s investment value and growth, or the changes in the fair value of preferred stocks shown on its books, have a preliminary “show”. The author is still looking forward to the listing of Youquhui, which will further demonstrate long-term value creation capabilities on the track of rapid growth potential. With the continuous release of performance, the company’s valuation may still have a large room for improvement.

Gross profit margin continues to increase, and internal growth is evident

As the TOP1 existence in the e-commerce operation service field of Japanese FMCG brands, we interpret the revenue structure of Youquhui from two dimensions.

First, it is divided according to the traditional distribution, agency sales and operation business of brand e-commerce. Youquhui’s business income mainly comes from B2B, B2C sales gap and brand operation service fees, of which B2B revenue accounted for 43.9%, B2C revenue accounted for 54.9%, and service fee revenue accounted for 1.2%; the overall value of B2C is higher. The proportion of revenue increased from 43% in 2018 to 55% in 2020.

The second method is to divide according to the cross-border trade, general trade and service fee models. According to the prospectus, the three models achieve revenues of 42.7%, 56.1%, and 1.2% respectively. Similarly, the gross profit margin is relatively low. The proportion of revenue generated by the high cross-border trade model has increased from 34% in 2018 to 43% in 2020.

The most direct result of the continuous optimization of the business structure is the continuous improvement of the company’s gross profit and gross profit margin, and the establishment of a relatively stable profitability. From 2018 to 2020, the gross profit margin of Youquhui is 24.3%, 28.9% and 31.7%, and the trend of continuous improvement is significant.

(Source: company prospectus)

According to the prospectus, Youquhui recorded a gross profit of 870 million yuan in 2020. According to statistics from 2018 to 2020, the company’s compound annual growth rate (CAGR) of gross profit reached 20.6%. The operating profit and adjusted net profit during the period can be steadily maintained at 140 million and 100 million or more respectively.

Based on the above, from the financial data, Youquhui has shown a good side, and it also has better performance data than comparable companies in the same industry. This is not only the advantage brought by the company’s scale effect, the author believes that it is also due to Brought by the company’s overall strength or the accumulated advantages formed by competitive barriers, as a leading enterprise in the FMCG brand e-commerce operation service track, Youquhui has demonstrated its “both offensive and defensive” in its latest prospectus. Characteristics, growth is also not lacking in certainty. Next, we will continue to expand our horizons and timeline, and look at the company’s investment value from a longer-term perspective.

Strong late-comer advantage, occupying a favorable position in the segmented track of brand e-commerce

As for the future growth space of Youquhui, it can be analyzed from its market position and service capabilities.

According to the information, Youquhui has a significant first-mover advantage in the cross-border field. It is not only the first batch of cross-border e-commerce operation service providers on Tmall International, and the first batch of e-commerce operation service providers to deploy warehouses in bonded areas, but also the first. Approved operation service providers responsible for Moony and Kobayashi brand Tmall International CIP (Centralized Import Procurement) innovation projects.

Youquhui has been awarded a five-star service provider on Tmall for many consecutive years, and it is also a purple star service provider on Tmall International. This is one of the few branded e-commerce service providers certified by China’s largest e-commerce platform. At present, Youquhui Operating 18 Tmall flagship stores and 26 Tmall international flagship stores.

In addition, Youquhui is also a member company of Jingdong Meili Alliance, and is a platform-certified beauty brand e-commerce service provider. According to the “Comprehensive Competitiveness Ranking List of Chinese Brand E-commerce Service Providers” recently released by the third-party data agency iiMedia Research, Youquhui was selected as one of the Top 15 Chinese Brand E-commerce Service Providers in Comprehensive Competitiveness, reflecting the company’s comprehensive strength and recent years The rapid growth is obvious to all in the industry.

According to the Insight Consultation report, Youquhui ranked first among Chinese branded e-commerce solution providers in terms of GMV of Japanese branded fast-moving consumer goods sold in China through e-commerce channels in 2019, with a market share of 5.5%.

(Source: company prospectus)

Currently, Youquhui operates 88 stores on major e-commerce platforms, providing a total of 28 brand partners and 66 brands with branded e-commerce solutions, of which 58 brands are from Japan.

Compared with general trade, cross-border trade is a breakthrough point for overseas brands to enter the Chinese market, especially for small and medium-sized brands, it is the most convenient choice for them to enter the Chinese market. Cross-border e-commerce supply often needs to coordinate multiple participants. Professional cross-border e-commerce solution providers like Youquhui continue to highlight their business advantages and can seize the opportunity of rapid market expansion.

According to reports from Zhuzhi Consulting and others, from 2014 to 2019, the market size of China’s imported brand e-commerce operation services increased to 559.2 billion yuan at a compound growth rate of about 40.2%. At the same time, the scale of this market is expected to continue to expand at a compound growth rate of about 8.2%, reaching 829.3 billion yuan by 2024. In the Japanese fast-moving consumer brand field focused on by Youquhui, the corresponding e-commerce service market has grown even faster, with approximately 43.1% from 2014 to 2019, and approximately 8.7% from 2019 to 2024.

(Source: company prospectus)

And it’s worth emphasizing that Based on data analysis, Youquhui also has outstanding brand marketing capabilities and content production capabilities.

Look at the data intuitively, The number of fans in all B2C flagship stores operated by Youquhui has exceeded 10 million Among them, the Sophie Tmall flagship store and Moony Tmall international flagship store have 3.3 million fans and 1.8 million fans respectively. In terms of content layout, Youquhui has established its own MCN agency Lido Culture, and incubates its own KOLs on e-commerce platforms such as Taobao, Xiaohongshu and Douyin.

Corresponding, Youquhui’s powerful new brand incubation capabilities cannot be ignored . Taking Gangwon Province as an example, using ECRP system and user behavior models to analyze and use data, Youquhui has successfully solved the challenges of low repurchase rate, low promotion efficiency, and unbalanced income structure faced by Gangwon Province’s new entry into the Chinese market. Successfully stimulated the stickiness of its brand users. Judging from the repurchase rate indicators of large domestic e-commerce festivals such as “Double 11”, the repurchase rate of Tmall international stores in Gangwon Province operated by the company has increased from 11% in 2018 to 29% in 2020.

Concluding part

In summary, the author judges that among the few powerful brand e-commerce service companies, Youquhui, which has differentiated competitive advantages, has the opportunity to break through and grow rapidly.

It is worth mentioning that Youquhui not only stands on the competitive track of cross-border e-commerce, fast-moving consumer products, and B2C e-commerce in the growth stage, but the company currently exhibits strong capabilities in capturing traffic, mining data, and marketing monetization. , And the new brand incubation capabilities generated by the platform that can comprehensively reflect the company’s integrated, omni-channel, high-value-added, and full-life-cycle e-commerce operation and comprehensive service capabilities, which provide a deep foundation for the company’s “late-mover advantage”. It is expected to accelerate the realization of the company’s ranking round and increase in influence in the industry. Therefore, the time of Youquhui’s listing fell above the critical point of the company’s new round of outbreak, which can be said to be in line with the law and trend of the development of things.

The menacing Youquhui will undoubtedly bring a lot of pressure on competing companies in the same industry, and even stimulate the entire branded e-commerce service industry to produce a similar “catfish effect”. The company’s continuous strengthening of the Internet platform’s “bilateral” “Network effect” is one of its important intrinsic values. With the deepening of the “moat”, Youquhui’s listing in Hong Kong is a good opportunity for it to continue to grow bigger and stronger. For investors, the same should not be done. Ignore such opportunities

First, it is divided according to the traditional distribution, agency sales and operation business of brand e-commerce. Youquhui’s business income mainly comes from B2B, B2C sales gap and brand operation service fees, of which B2B revenue accounted for 43.9%, B2C revenue accounted for 54.9%, and service fee revenue accounted for 1.2%; the overall value of B2C is higher. The proportion of revenue increased from 43% in 2018 to 55% in 2020. The second method is to divide according to the cross-border trade, general trade and service fee models. According to the prospectus, the three models achieve revenues of 42.7%, 56.1%, and 1.2% respectively. Similarly, the gross profit margin is relatively low. The proportion of revenue generated by the high cross-border trade model has increased from 34% in 2018 to 43% in 2020. The most direct result of the continuous optimization of the business structure is the continuous improvement of the company’s gross profit and gross profit margin, and the establishment of a relatively stable profitability. From 2018 to 2020, the gross profit margin of Youquhui is 24.3%, 28.9% and 31.7%, and the trend of continuous improvement is significant. (Source: company prospectus) According to the prospectus, Youquhui recorded a gross profit of 870 million yuan in 2020. According to statistics from 2018 to 2020, the company’s compound annual growth rate (CAGR) of gross profit reached 20.6%. The operating profit and adjusted net profit during the period can be steadily maintained at 140 million and 100 million or more respectively. Based on the above, from the financial data, Youquhui has shown a good side, and it also has better performance data than comparable companies in the industry. This is not only the advantage brought by the company’s scale effect, the author believes that it is also due to Brought by the company’s overall strength or the accumulated advantages formed by competitive barriers, as a leading enterprise in the FMCG brand e-commerce operation service track, Youquhui has demonstrated its “both offensive and defensive” in its latest prospectus. Characteristics, growth is also not lacking in certainty. Next, we will continue to expand our horizons and timeline, and look at the company’s investment value from a longer-term perspective. Strong late-comer advantage, occupying a favorable position in the segmented track of brand e-commerce As for the future growth space of Youquhui, it can be analyzed from its market position and service capabilities. According to the information, Youquhui has a significant first-mover advantage in the cross-border field. It is not only the first batch of cross-border e-commerce operation service providers on Tmall International, and the first batch of e-commerce operation service providers to deploy warehouses in bonded areas, but also the first. Approved operation service providers responsible for Moony and Kobayashi brand Tmall International CIP (Centralized Import Procurement) innovation projects. Youquhui has been awarded a five-star service provider on Tmall for many consecutive years, and it is also a purple star service provider on Tmall International. This is one of the few branded e-commerce service providers certified by China’s largest e-commerce platform. At present, Youquhui Operating 18 Tmall flagship stores and 26 Tmall international flagship stores. In addition, Youquhui is also a member company of Jingdong Meili Alliance, and is a platform-certified beauty brand e-commerce service provider. According to the “Comprehensive Competitiveness Ranking List of Chinese Brand E-commerce Service Providers” recently released by the third-party data agency iiMedia Research, Youquhui has been selected as the top 15 comprehensive competitiveness of Chinese brand e-commerce service providers, reflecting the company’s comprehensive strength and recent years The rapid growth is obvious to all in the industry. According to the Insight Consultation report, Youquhui ranked first among Chinese branded e-commerce solution providers in terms of GMV of Japanese branded fast-moving consumer goods sold in China through e-commerce channels in 2019, with a market share of 5.5%. (Source: company prospectus) Currently, Youquhui operates 88 stores on major e-commerce platforms, providing a total of 28 brand partners and 66 brands with branded e-commerce solutions, of which 58 brands are from Japan. Compared with general trade, cross-border trade is a breakthrough point for overseas brands to enter the Chinese market, especially for small and medium-sized brands, it is the most convenient choice for them to enter the Chinese market. Cross-border e-commerce supply often needs to coordinate multiple participants. Professional cross-border e-commerce solution providers like Youquhui continue to highlight their business advantages and can seize the opportunity of rapid market expansion. According to reports from Zhuzhi Consulting and others, from 2014 to 2019, the market size of China’s imported brand e-commerce operation services increased to 559.2 billion yuan at a compound growth rate of about 40.2%. At the same time, the scale of this market is expected to continue to expand at a compound growth rate of about 8.2%, reaching 829.3 billion yuan by 2024. In the Japanese fast-moving consumer brand field focused on by Youquhui, the corresponding e-commerce service market has grown even faster, with approximately 43.1% from 2014 to 2019, and approximately 8.7% from 2019 to 2024. (Source: company prospectus) And it is worth emphasizing that, based on data analysis, Youquhui also has outstanding brand marketing capabilities and content production capabilities. Intuitively looking at the data, the number of fans in all B2C flagship stores operated by Youquhui has exceeded 10 million, of which Sophie Tmall flagship store and Moony Tmall international flagship store have 3.3 million fans and 1.8 million fans respectively. In terms of content layout, Youquhui has established its own MCN agency Lido Culture, and incubates its own KOLs on e-commerce platforms such as Taobao, Xiaohongshu and Douyin. Correspondingly, Youquhui’s strong ability to incubate new brands cannot be ignored. Taking Gangwon Province as an example, using ECRP system and user behavior models to analyze and use data, Youquhui has successfully solved the challenges of low repurchase rate, low promotion efficiency, and unbalanced income structure faced by Gangwon Province’s new entry into the Chinese market. Successfully stimulated the stickiness of its brand users. Judging from the repurchase rate indicators of large domestic e-commerce festivals such as “Double 11”, the repurchase rate of the company’s Gangwon-do Tmall international store has risen from 11% in 2018 to 29% in 2020. Concluding part In summary, the author judges that among the few powerful brand e-commerce service companies, Youquhui, which has differentiated competitive advantages, has the opportunity to break through and grow rapidly. It is worth mentioning that Youquhui not only stands on the competitive track of cross-border e-commerce, fast-moving consumer products, and B2C e-commerce in the growth stage, but the company currently exhibits strong capabilities in capturing traffic, mining data, and marketing monetization. , And the new brand incubation capabilities generated by the platform that can comprehensively reflect the company’s integrated, omni-channel, high-value-added, and full-life-cycle e-commerce operation and comprehensive service capabilities, which provide a deep foundation for the company’s “late-mover advantage”. It is expected to accelerate the realization of the company’s ranking round and increase in influence in the industry. Therefore, the time of Youquhui’s listing fell above the critical point of the company’s new round of outbreak, which can be said to be in line with the law and trend of the development of things. The menacing Youquhui will undoubtedly put a lot of pressure on competing companies in the same industry, and even stimulate the entire branded e-commerce service industry to produce a similar “catfish effect”. The company’s continuous strengthening of the Internet platform’s “bilateral” “Network effect” is one of its important intrinsic values. With the deepening of the “moat”, Youquhui’s listing in Hong Kong is a good opportunity for it to continue to grow bigger and stronger. For investors, the same should not be done. Ignore such opportunities

Produced | Sohu Think Tank

Edit | Xu Xiaoqi

On May 23, the live broadcast of “Value Symbiosis: Organizational Management in the Digital Era” jointly held by People’s Posts and Telecommunications Press and the BiMBA Business School of Peking University National Development Institute was held online. Chen Chunhua, Dean of BiMBA Business School of Peking University National Development Research Institute, delivered a speech at the meeting.

How does an organization produce high performance? Chen Chunhua believes, Individual development must match the speed of organizational development. Sometimes in an organization, some individuals may feel that the development is not sufficient. The reason is that the speed of individual development exceeds that of the organization. Sometimes, some organizations will eliminate many individuals because the speed of organizational development exceeds the speed of individual development.

“According to this logic, the most important requirement for individuals in the entire organization is how to collaborate with the organization. Because you can’t succeed, you must use the organizational platform. It is very important to discuss the concept of collaboration between individuals and organizations.” Chen Chunhua said.

She pointed out that the individual factors that cooperate with the organization mainly depend on personality, ability, and cognition. There is talent in personality, but the influence of environment on the formation of personality is far greater than talent.

Chen Chunhua analyzed, New individuals and strong individuals who can collaborate with the organization, have a high sense of self-efficacy . People with a high sense of self-efficacy understand their own interests and know the key factors that affect them. He will invest a lot in his field of interest. It must be possible to eliminate any external factors and find ways to achieve expectations.

She also said, The competence of a strong individual can be expanded and has the characteristics of being able to achieve high-performance work. One of the greatest help brought by digitization is to enable individuals to have stronger capabilities. Digitization allows individuals to have a lot of information and a lot of digital tools, which can help solve many problems. Digitalization can also reorganize the cost and efficiency of many things. Young people with digital abilities have done many things beyond everyone’s imagination.

In Chen Chunhua’s view, today’s new individuals, their expectations and psychological contract with others are dominated by personal expectations. In the past, the relationship with the organization was dominated by the organization. But today’s strong individuals and new individuals are not like this, they are dominated by individual expectations. So he cares more about the organization’s ability to commit, rather than his own ability to commit to the organization.

“ Therefore, in the relationship between individuals and organizations, employee loyalty becomes employee satisfaction and finally employee happiness . “Chen Chunhua said.

Hoang Hieu Trung, Director of Quang Binh PC said, to ensure stable power supply, the unit will continue to invest in completing the power grid, improving power supply capacity to meet the demand for capacity growth of the load. . The company has also assigned 100% of officers and employees to be on duty, to regularly check the system of transmission lines and substations; mobilize vehicles and machinery to promptly handle incidents in the fastest time. Instructing customers to install the EVNCPC CSKH app to monitor electricity consumption. Due to extreme hot weather, the frequency of using air conditioners, cooling devices, and electronic devices for family activities will be more. This leads to the risk of overloading, power failure, even increased risk of fire and explosion, unsafe operation of the power system. Therefore, in order to save electricity costs effectively and ensure enough electricity for socio-economic development, national defense – security and daily life, production and business of people in the province, PC Quang Binh recommends that customers use electricity safely and economically. Specifically, for businesses, PC Quang Binh recommends balancing and arranging production schedules in the direction of reducing electricity use during peak hours, increasing electricity use during off-peak hours; at the same time, enterprises invest in energy-saving production equipment and coordinate with the Electricity sector to monitor and control power quality. “Hot repair” is one of the solutions to minimize the power outage time of customers in hot weather. In addition, Quang Binh PC requires the electricity companies to actively answer customers about problems in calculating electricity bills, and advise people on how to use electricity economically and efficiently. The affiliated units must well control the index recording and index review to promptly detect and handle abnormal cases, avoiding possible errors. In particular, the Company propagates to customers to use tools and utilities of the electricity industry to actively monitor electricity consumption and control high electricity bills in the hot season such as the EVNCPC Customer Service application on devices. mobile phone or a tool to estimate electricity consumption in daily life for electricity users nationwide at website: https://uoctinhdiennang.evn.com.vn/.

Vsmart Live 4 “make in Vietnam” line of Vinsmart. On May 9, Vingroup officially announced that VinSmart would stop producing TVs and smartphones to focus resources on developing IoT products and Infotainment features for VinFast cars. Mr. Nguyen Viet Quang, Vice President and General Director of Vingroup, said: “The production of smart phones or smart TVs has no longer brought breakthrough capabilities, making a difference for users. The development of smart car, smart home, smart city brings many benefits and outstanding experience. Therefore, we are determined to put all resources into this spearhead. VinSmart factories will continue to produce existing phones and TVs until the end of the product’s life cycle to supply the market. Then part of the factory will be used to outsource to partners, while the rest is expanded to adjust to produce new products. With products sold to the market, VinSmart said it will maintain the warranty and customer care as committed. Vsmart phones sold to the market are still upgraded and updated with software. After stopping production of smartphones, TVs, VinSmart will focus on developing information – entertainment – service (Infotainment) features; research, design and manufacture of electronic components, battery cell systems, complete electric batteries, electric motors for VinFast cars. In addition, VinSmart still retains research on smart cities, smart homes and IoT devices. VinSmart’s smart home solution appeared at a major urban exhibition late last year and has been operated in two major urban areas, Vinhomes Smart City and Vinhomes Ocean Park.

Produced | Sohu Technology

Author | Liang Changjun

Edit | Yang Jin

The mystery of the global drone giant DJI’s “car building” has surfaced. At the Shanghai Auto Show that opened on April 19, in addition to the hotly debated rights protection of Tesla owners and the explosive Huawei autopilot, DJI also showed its muscles in autopilot. But unlike Huawei’s call for the absolute number one autonomous driving technology, DJI’s layout in this new field is still as low-key as its founder.

Compared with Huawei and Baidu, which bet on L4 autonomous driving, DJI Automotive is taking a road of “upgrading and fighting monsters”. It gradually advances from L2, L2+ to L3 and L4, which are more difficult to land, which is pragmatic and conservative. Some insiders told Sohu Technology that DJI will not forcefully pursue high-level autonomous driving technology, and will pay more attention to the continuity of the scene.

There is no doubt that the track of autonomous driving is large enough and competition will become more and more fierce, but it will still take time for large-scale commercialization to land. With the emergence of a ceiling in the drone market, DJI’s new battle for outward expansion has just begun.

From drone to smart car

In recent years, news of DJI’s entry into autonomous driving and even car-making has been reported from time to time, but DJI has never let go of it. Until recently, on April 12, DJI officially released its intelligent driving business brand DJI Automotive. But DJI is not about building cars, but researching, producing and selling intelligent driving systems and their core components.

Sohu Technology learned from DJI insiders that DJI has established a pre-research team since 2016 to study whether DJI’s proven space intelligence technologies (sensing, positioning, decision-making, navigation, control, etc.) on drones can be applied. In a broader field, the direction of smart cars will be determined at the end of 2016. In mid-2017, the software and hardware of the on-board system will be initialized after R&D and experiments, and it will enter the formal development stage.

In 2018, DJI obtained the first batch of test licenses for intelligent connected vehicles in Shenzhen, and began to conduct normalized and large-scale tests. In 2019, DJI officially established an automotive business unit to clarify the positioning of DJI’s automotive brand and Tier 1 supplier (Tier 1). In December of the same year, the first automotive-grade intelligent manufacturing center was built, and technology began to transform into products.

It can be said that DJI is one of the first technology companies in the world to enter the research and development of autonomous driving. “But even if it has cooperated with car companies, it is still in a state of confidentiality. Most of the colleagues in the company are not aware of the existence of DJI Vehicles.” The aforementioned DJI insider said.

After five years of low-key layout, DJI’s automotive team currently has 700 people, including more than 500 core R&D personnel, 87% of which are masters and doctors, and has more than 1,000 patents in the automotive field. According to public data, DJI has invested more than 4 billion yuan in research and development in the fields of chips, sensors, lidar, and vehicle-assisted driving systems.

From the point of view, DJI can be regarded as catching up with the wave of intelligent autos. The chaos of the market has begun, and it is still expected to get a share of the pie. It is understood that at present, DJI’s in-vehicle business mainly launches 7 solutions with different configurations for smart driving and smart parking.

Specifically, it includes intelligent driving D80/D80+ covering the speed range of 0 to 80 km/h, suitable for urban expressways; intelligent driving D130/D130+ covering the speed range of 0 to 130 km/h, suitable for expressways and urban rapids road. Intelligent parking includes three scenarios: assisted parking, memory parking for the last 100 meters, and autonomous parking for the last 1 km. The corresponding solutions are P5, P100 and P1000.

From the perspective of perception configuration, D80 is equipped with 1 camera, 5 millimeter wave radars and 12 ultrasonic radars, D130 is equipped with 6 cameras, 5 millimeter wave radars and 12 ultrasonic radars, and is equipped with driving behavior recognition early warning cameras (DMS). It can then support the driver to get rid of it. At the same time, without upgrading the hardware, the D80 and D130 can open assisted driving functions for unstructured roads in urban areas.

D80+ and D130+ are equivalent to the Plus version of D80 and D130. Among them, D80+ adds 5 cameras and a set of lidar based on the D80 sensing solution, and D130+ adds 1 camera and a set of lidar on the basis of D130, both It can support the driver to take his eyes off.

In the smart parking scenario, the three solutions launched by DJI are equipped with 5 cameras, 1 millimeter wave radar and 12 ultrasonic radars. The main difference lies in whether it is equipped with lidar; among them, P1000 needs to be equipped with lidar, which can achieve medium-length Distance autonomous parking and autonomous calling.

Focus on L2+ and L3

From the perspective of DJI’s layout, for the industry’s controversial autonomous driving technology route, DJI did not choose to stand in line. Instead, it placed bets on pure vision and lidar-led routes. OEMs can choose according to their own needs. It is similar to the technical route strategy adopted by Baidu.

In the field of intelligent driving, the outside world often divides the technical level of enterprises by the level of autonomous driving. However, Xie Tiandi, director of public relations at DJI, told Sohu Technology that DJI has not tested or released a plan based on the SAE (International Society of Automata Engineers) classification of autonomous driving.

He believes that SAE is actually a hierarchical model based on “responsibility division”. This is not a sufficient condition to measure the autonomous driving system. There are many tracks covered by autonomous driving, and the difficulty, investment, scene, and market size of each track , Business models are different, and the constraints are also different. It is very inadequate to use the simple classification of L0-L5 to talk about the entire industry.

However, Sohu Technology has noticed that in the intelligent driving and intelligent parking system function tables announced by DJI, the automatic driving level is indicated. For example, intelligent driving D80 and D130 correspond to L2+ level automatic driving, and D80+ and D130+ correspond to Level 3, smart parking covers levels L2, L2+/L3, and L4. In this regard, DJI said that as a solution provider, it provides functional expectations, but the actual installation will still be customized and rated according to the needs of the host manufacturer.

It can also be seen that DJI is currently focusing on L2+ and L3 autonomous driving, while Huawei and Baidu have all launched L4 autonomous driving solutions and are accelerating commercial progress. However, some media reports said that there is actually a team in the DJI vehicle team that is engaged in cutting-edge R&D for L4 autonomous driving technology.

In fact, DJI adopts the ODD (designed operating area) technical strategy for autonomous driving functions and scenarios. The more continuous the ODD, the smoother the functions will be used. For example, D80/D80+, D130/D130+ have specific speed and area restrictions, and the smart parking solution is also aimed at scenes at different distances.

“A reasonable solution for autonomous driving requires facing reality on the one hand and not directly pursuing the so-called high level of technology. If the continuity of some scenes is difficult to achieve, the driver should be led instead of outputting poor automatic driving. Experience, this is better than the experience and safety that people think that the car can drive automatically, but have to stare at any time and take over at any time.” The aforementioned DJI insider said, but on the other hand, it must be “hard and rigid”. When the car enters a scene where the continuity of autonomous driving can be pursued, the continuity needs to be improved to the extreme, so that consumers can truly get the liberation of attention.

This is also DJI’s technical thinking. Only an autonomous driving system that balances the matrix of functional experience, safety, and cost can have the conditions to talk about advancement. To this end, DJI has also self-developed and produced a number of core components, including monocular and binocular cameras, DMS, domain controllers and their middleware, and driving behavior recognition and early warning systems. The company’s engineer team currently has 200 people.

However, DJI is not fully All-in. For example, the lidar is provided by Lanwo Technology. This is a lidar company incubated internally by DJI. Last year, it launched two products for L3/L4 autonomous driving at a price of only It is 6499 yuan and 9000 yuan, which has obvious cost advantages compared with other lidars that cost tens of thousands or even more than 100,000. It has been mass-produced and launched in Xiaopeng Motors.

In addition, satellite navigation systems and high-precision maps are also provided by suppliers. It can be seen that, while ensuring reliability, DJI’s in-vehicle solution intends to reduce dependence on external data sources such as high-cost sensors, V2X infrastructure, and high-precision maps. This is different from Huawei’s layout, and it also determines the different business strategies of the two.

Mass production will be launched within the year

DJI Intelligent Driving has a clear timetable for commercialization. Sohu Technology has learned from DJI that the D80 and D130 are expected to be mass-produced this year, while the D80+ and D130+ will have to wait until 2024; the P100 will be mass-produced next year. Compared with Huawei, Baidu, and new automakers, the process has been much slower.

At the Shanghai Auto Show, DJI also officially announced its first partner, which will join hands with SAIC-GM-Wuling to create “people’s intelligent driving”. The intelligent driving solution provided by DJI Automotive will be the first to be applied to BAOJUN brand models under SAIC-GM-Wuling, and will be mass-produced and launched within the year.

It is understood that the cooperation between the two parties is not a parts procurement model, but is based on a large number of R&D tests and road tests to jointly promote the implementation of a complete set of intelligent driving systems. This also means that DJI Automotive has taken a key step towards commercialization, and Volkswagen is also cooperating with DJI. Volkswagen Group (China) CEO Feng Sihan disclosed for the first time at the beginning of the year that it is cooperating with DJI in the field of visual information processing to develop autonomous driving based on various road scenes, and plans to carry it on the car from 2023 to 2024.

Xie Tiandi told Sohu Technology that DJI Automotive will be open to the entire automotive industry and will not distinguish or exclude the low-end and high-end markets. But in terms of specific strategies, at least for now, DJI has adopted a way of advancing from low-end to high-end autonomous driving, and low-end brands to mid-to-high end. The landing of high-level autonomous driving will take longer to verify, and commercialization will be more difficult. The consulting company Gartner reported that it will take more than 10 years for L4 autonomous driving technology to fully mature.

However, some people believe that DJI is somewhat conservative. Although it may become a strong opponent of Huawei, it has not shown similar ambitions. However, the more critical issue at present is how can DJI persuade more car companies to adopt its own autonomous driving program when the process is somewhat backward.

At the same time, this is also an extremely critical step for DJI, which has a bottleneck in the drone market, which means whether it can create a second growth curve after drones.

In the past decade or so, DJI has gradually become a global drone giant, occupying more than 80% of the global market share and ranking first among global civilian drone companies. However, after announcing that its revenue reached nearly 17.6 billion yuan in 2017, DJI has not released any performance data. Public information shows that its performance growth rate in the first half of last year has dropped from over 60% to 30%.

At the same time, DJI is also facing the unfavorable situation of intensified competition and external suppression, and there has been no obvious breakthrough in the application of drones in the industry. DJI founder Wang Tao said as early as 2016 that the consumer drone market is about to be saturated, and DJI’s revenue will reach 20 billion yuan and it will peak, but this revenue is difficult to support DJI’s US$10 billion valuation.

This may have also greatly promoted DJI’s determination to deploy autonomous driving early. Obviously, it also values ​​the prospects of this track-with a trillion-scale potential, and China is expected to become the world’s largest autonomous driving market. DJI’s expansion under anxiety is somewhat similar to Huawei, whose mobile phone business was reluctantly suppressed and started selling cars.

In addition, for DJI, whose public valuation has reached 100 billion yuan, new stories are also needed to support future valuations. Investors have repeatedly urged DJI to go public. DJI has been listed on the market many times before, but DJI has never recognized it.

At the Shanghai Auto Show, Wang Yunpeng, general manager of Baidu’s Autonomous Driving Technology Department, said in an interview: “Our bragging rights have become cool afterwards.” For this new wave of car intelligence that has just kicked off, various new The gathering of old forces, how capable the low-key DJI can be, and whether it can replicate its status as a giant in the field of drones requires more verification.

Thereby, it contributes to building stronger and stronger grassroots party organization.

The Party Committee of Vang Danh Coal Joint Stock Company organized the admission of the elite congregation to the Party “The 90-year party member class established the Youth Union” in March 2021.

The Party Committee of Quang Ninh currently has nearly 19,000 party members, accounting for nearly 20% of the total number of Party members of the whole province. Although at some point of time, the development of party members in some branches and affiliated party committees encountered many difficulties, but the branches and grassroots party members of the Party Committee of Quang Ninh Coalition took the initiative in the development of the party. new members, contributing to the transformation in both quality and quantity.

The Party Committee of the Than Khe Cham Company currently has 39 branches with more than 720 members. In the period of 2017-2019, the production area of ​​the unit is falling further and the labor recruitment stage is difficult. This has a significant impact on the source of admission of party members, especially party members in the young age group. To overcome this situation, the Party Committee of the company has focused on leadership, directing efforts to complete the production and business plans assigned by the Group and regularly paying attention to and directing the development of new party members.

Every year, the Party Committee of the Company has built programs and plans to create sources of development of Party members. At the same time, reviewing the party members, developing party members in the year to reach the target of 4-5% of the total number of party members at the beginning of the period. In particular, directing the Youth Union of the company to strengthen fostering, educating and training the masses, promoting patriotic emulation movements, in order to attract a large number of union members and workers. discovering young elite to mentor and foster to create a source of party admission.

Particularly in 2021, the Party Committee of Khe Cham Coal Company strives to admit 35-40 new members. From the beginning of the year until now, the Party Committee has admitted 18 new members. This is one of the Party committees that admitted the largest number of members of the Quang Ninh Coalition Party Committee.

Brick-maker Nguyen Thanh Chung (Mining Workshop 2, Khe Cham Coal Company) – a member who was just admitted in March 2021, shared: Becoming a party member is an honor and great pride for me. Standing in the ranks of the Party, I can participate in regular activities of the Party cell, thereby promptly grasping the policies and resolutions of the Party cell, so that it can be associated with the actual assigned work, better complete the tasks. mine.

“Through monitoring of newly admitted party members, striving to cultivate to stand in the ranks of the Party has both affirmed their own efforts and created conditions for the branch to operate more effectively and play a role. The leadership of the Party cell was raised, the style and style of Party members and employees have changed significantly, thereby helping the unit to complete production and business goals “- Deputy Secretary of the Party Committee of the Company Than Khe Cham Pham Duc Khoa said.

Workers at Mining Workshop 5, Mong Duong Coal Joint Stock Company check the anti-reduction device in the market oven.

In recent years, implementing the policy of promoting restructuring, streamlining the apparatus, staffing staff to manage, serve and support; investing in renovating advanced and modern technologies, computerizing and modernizing to reduce labor power, each year, Quang Ninh Coal Committee reduces more than 3,000 employees, while the workforce is recruited to work in the furnace. more and more difficult. Besides, the policy of gradual divestment of all servicing and auxiliary units affects the employees’ motivation to strive for the Party in the enterprise. However, the Party Committee of Quang Ninh Coal has led and directed the party committee in concerned units, creating favorable conditions for the Youth Union and youth movement; create an environment for MSU to strive, mature and participate effectively in labor and production movements.

Every year, the Party Committee and its affiliated branches all develop plans with specific targets on admitting new party members, giving priority to training, fostering and enlightening the Party for cadres and technical workers. children under 30 years old to create resources for the Party’s development. In the period of 2015-2020 alone, Quang Ninh Coalition Party Committee admitted new party members at 5.5% compared with the number of new party members at the beginning of the period (an average of 800-1,000 new members per year). From the beginning of 2021 up to now, there have been 32/40 branches, grassroots party committee admitted 185 new members. According to the assessment, most of the new party members have promoted the role of a pioneer, exemplary, successfully completing the task, contributing to helping the Group fulfill its production and business goals.

The scene of the Vietnam Provincial Governance and Public Administration Performance Index (PAPI) in 2020. Photo: Hien Chi

2 content indexes change positively

Ms. Caitlin Wiesen, UNDP Resident Representative in Viet Nam said: “The study of PAPI 2020 report is the performance of the local government in two terms (2011-2016 and 2016-2021), properly published. at a time when the Government begins a new term. This helps to provide in-depth data on people’s experiences in interacting with the government apparatus at all levels in 63 provinces and cities. Not only that, PAPI is also an important measure for provinces and cities to review and further improve their performance in eight areas of governance and public administration ”.

According to the published results, 2 content indexes changed positively, including: “Control of corruption in the public sector”, “public administrative procedures”. Specifically, in the content index of “controlling corruption in the public sector”, 18 provinces and cities have made significant progress compared to the results in 2019 (6 provinces and cities significantly decreased compared to 2019). .

Out of 16 provinces and cities with the highest score, there are 7 provinces in the South, 5 provinces in the Central and 4 provinces in the North. The remarkable point is that the people’s perceptions of some manifestations of corruption tend to be good when many people think that it is not “paved the way” to apply to work in state agencies. “The content sector index score for” controlling corruption in the public sector “in 2020 reached its highest level in 10 years. This result partly reflects the impact of the anti-corruption campaign in Vietnam from 2016 to present ”, said Dr. Dang Hoang Giang (PAPI Research Group).

As for the content index “public administrative procedures”, among the 16 leading provinces and cities, there are 9 localities in the North. Most localities improve communal administrative services compared to previous years. In addition, the scores of the 3 content indicators: “People’s participation at the grassroots level”, “public service provision”, and “environmental governance” decreased slightly compared to the results in 2019. Meanwhile , 2 content indicators tended to slow down, including: “Openness, transparency”, “accountability to the people”.

In 2020, PAPI was surveyed from 14,732 Vietnamese citizens randomly selected across all 63 provinces and cities. PAPI 2020 continues to include 8 content indicators: People’s participation at grassroots level; transparency; accountability to people; control of corruption in the public sector; public administrative procedures; providing public services; environmental governance; electronic management.

Hanoi achieves the target of 5-step increase

The total number of PAPI scores in 2020 of Hanoi City is 41,629 / 80 points. In which, the index “participation of people at the grassroots level” reached 5.059 / 10 points; “Openness and transparency in decision making” reached 5,244 / 10 points; “Accountability to the people” reached 4,812 / 10 points; “Control of corruption in the public sector” reached 6,598 / 10 points. In addition, the indexes: “Public administrative procedures” reached 7,169 / 10 points; “Public service provision” reaches 6.87 / 10 points; “Environmental governance” reached 2,959 / 10 points; “Electronic management” reached 2,918 / 10 points.

Among the 7 out of 8 content indexes that the PAPI study compared with 2019, Hanoi has 4 content indexes that have improved, 3 content indexes “stalled” and no content indexes decreased. reducing and improving 5 levels compared to 2019 – achieving the target of increasing at least 5 steps set out in the Plan No. 122 / KH-UBND dated 11-6-2020 of the Hanoi People’s Committee on “ , improving the Hanoi City’s Public Administration and Public Administration Performance Index by 2020 ”.

It is the result of the city’s determination and concrete work to improve the PAPI Index. Typically, in 2020, the city organized a seminar “Solutions to improve PAPI Index of Hanoi” to share information on PAPI Index to communes, wards and towns. Although the total score of Hanoi increased compared to 2019, but still in the group of provinces and cities with the lowest PAPI composite score, ranked 48/63 provinces and cities.

From an expert perspective, UNDP Viet Nam public policy expert Do Thanh Huyen highly appreciated the interest and practice of Hanoi city in recent times. Analyzing more closely, Ms. Do Thanh Huyen said that Hanoi also has its own “burdens” (large population; many immigrants; many central agencies located in the area …), so there will be many higher demands. on public administrative services. Therefore, the city governments at all levels need to look at the weaknesses, evaluate each specific criterion where to improve, not necessarily how much to rank.