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Tencent Holdings bought back 2.60 million shares on June 19 at a cost of 1.003 billion Hong Kong dollars

　　On June 19, Tencent Holdings announced that the company repurchased 2.60 million shares on the Hong Kong Stock Exchange on June 19, 2024, at a cost of 1.003 billion Hong Kong dollars, and the average repurchase price was about 385.66 Hong Kong dollars based on the number of repurchases and costs; according to the disclosure, the highest repurchase price was 391.00 Hong Kong dollars, and the lowest repurchase price was 378.40 Hong Kong dollars.

　　It is understood that Tencent Holdings has repurchased 102 million shares in the past three months, accounting for 1.08% of the company’s issued share capital.

(Data source: iFinD)

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Smart territory integrated cloud construction empowers digital high-quality development

Beijing, August 20 (Reporter, An Yao) The "14th Five-Year Plan" and the outline of the long-term goals for 2035 propose to give full play to the advantages of massive data and rich application scenarios, promote the deep integration of digital technology and the real economy, empower the transformation and upgrading of traditional industries, give birth to new industries, new formats and new models, and strengthen the new engine of economic development. Frequent actions at the national level show that digitalization is the general trend. "Accelerate digital development and build a digital China". In this magnificent tide of digital economy, the territory actively responds to the national call, closely follows the 14th Five-Year Plan, accelerates digital construction, and builds green and smart real estate.

Smart operation

Digital transformation of business management

Recently, Territory Group held a launch meeting for the construction of a full-service procurement via bidding supply chain platform to promote the standardization, online and refined management of procurement via bidding business, and is committed to establishing an industry-leading multi-sector supply chain management and control system for the whole industry, creating a comprehensive platform for large suppliers, forming group management standards, building an online digital management platform, realizing the real-time dynamic display of the group’s procurement via bidding supply chain data, enabling the risk to be known and controllable, and the closed-loop management of the whole business of procurement management. Accelerate the digital transformation of enterprise management.

With the business plan as the breakthrough point, it closely revolves around the 16-word core goal of "operation calculation, operation monitoring, management landing, scientific decision-making". It empowers business development through technological and digital real-time dynamic management, deeply explores the growth points of science and technology business, and helps to exert the true effectiveness of the digital "engine".

Smart Investment

Smart investment research and judgment

The territory is empowered by the digital economy and relies on the latest scientific information technology, big data, 5G, artificial intelligence, cloud computing, and the Internet of Things to apply big data to the entire industrial process and different scenarios such as construction, testing, sales, and service, in order to achieve the goal of reducing costs and increasing efficiency and improving product quality.

In the context of the exponential growth of data in various industries, there has been a shift in analysis methods and decision-making thinking guided by big data thinking and supported by big data technology, and the real estate industry is facing many opportunities and challenges. The territory conforms to the development trend of the times, grasps the latest industry trends, uses data lake visualization as a carrier, makes big data the basis for decision-making, quickly uses multi-dimensional spatial units and data resources to superimpose analysis, and provides a professional model for market research and judgment. In the ever-changing market, grasp the overall situation of land, city, population, economy, and competing products, and improve the intelligence of investment research and judgment, so as to achieve long-term stable development.

(Schematic diagram, provided by the enterprise, issued by CCTV Network)

Smart Building

Artificial intelligence deep fusion

The real estate industry needs to promote new urban infrastructure buildings based on informatization, digitalization and intelligence, with intelligent construction as an important breakthrough point, based on the development of artificial intelligence technology, and through digital collaborative design, build an Internet-based engineering project information management and control platform.

(Schematic diagram, provided by the enterprise, issued by CCTV Network)

In the form of intelligent construction, the territory will develop a cloud supervision system, applying drone mapping and construction robot dots to engineering surveying and mapping, AI design dots to engineering design, and BIM systems to large-scale complex engineering design.

Smart Market

New ways to play online marketing

As residents’ demand for the quality of housing products further increases, housing enterprises should adapt to market demand and use big data to assist customer research and intelligent marketing, so as to provide more innovative high-quality products and achieve long-term development.

In the more than 20 years of deep development, the territory has always adhered to "customer-centric", laid out the field of digital marketing, actively explored new ways of online marketing, through digital insights, early warning, monitoring and decision-making, deeply reached consumers, precipitated customer digital assets, and made marketing smarter. The development of the online home purchase platform Lingfentong, the generation of the VR home viewing system, and the launch of the AI voice badge have all realized the mutual empowerment of the online sales office and the offline sales office, accelerated the construction of the smart case field, and added a brilliant stroke to the intelligent development of the territory.

(Schematic diagram, provided by the enterprise, issued by CCTV Network)

Smart Community

Healthy life is better

With the property service as the foundation, the service platform as the medium, and the smart technology as the means, through the construction of the digital community service platform and the "3 + 2 + N service product system", the new community service APP is launched. While empowering technology, the community service, Facility Management, and owner’s life are organically integrated, and the interconnection between people, equipment, and events is built to realize the smart community of co-construction, co-governance, and contribution management mode.

The smart community is the cell of the smart city, and it is also a major trend in the current development. The territory has built the territory’s smart community IP through four measures: building standards (sorting out the smart community configuration list, unifying hardware technical parameters and access standards), unified management (building a unified IoT bottom platform), expanding applications (gradually expanding the application platform for operation), and creating ecology (promoting the integration of all business industries).

(Schematic diagram, provided by the enterprise, issued by CCTV Network)

All things are connected, wisdom is endless, the territory is at the product end, the control end, and the operation end to create a smart community of all borders, and to create a place of return with healthy passage (no-feeling pedestrian, no-feeling car dealership, visitor management, serving the crowd); to create a safe place with comprehensive protection (community security, care for the elderly and young, fire safety, family safety); to create a safe place with perfect services (community delight, information release, smart APP, smart convenience); to create a core place with whole house intelligence (smart scene, ultimate security, intelligent lighting, smart interaction); to create a smart place with Huiyun management (smart property, public area care, environmental monitoring, AIOT cloud platform), and to pay tribute to future human settlements with technology.

(Schematic diagram, provided by the enterprise, issued by CCTV Network)

Real estate + technology to build a better future. The territory extends and parallels smart families, smart communities and smart cities. At present, it has provided healthy and beautiful home cloud services for more than 100 communities, provided healthy and smart experiences for 260,000 families, and achieved strategic cooperation brand hardcore for more than 30 cities.

In the future, the territory will deepen the development of the industry, complete the digital transformation and upgrade, adhering to the brand concept of "Healthy Life is Better", combine digitalization with corporate vision and business strategy, inject strong impetus into the high-quality development of the industry, and create greater benefits and value for customers.

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Sailis 2022 revenue doubled, net profit loss exceeded 3.50 billion; three years into new energy vehicle manufacturing, cumulative loss of 7.50 billion yuan

　　Produced by Sohu Finance

　　Author | Zhang Ying

　　On the evening of January 30, Sailis released its 2022 annual results pre-loss announcement.

　　Cyrus expects to achieve operating income of 33.50 billion yuan to 35 billion yuan in 2022, an increase of 100.38% to 109.36% year-on-year. While revenue doubled, Cyrus’ net profit loss also expanded.

　　In 2022, Sailis is expected to achieve a net profit loss of 3.50 billion yuan to 3.95 billion yuan, the loss expanded by 91.90% to 116.57%; deducting non-net profit is expected to lose 3.85 billion yuan to 4.30 billion yuan, the loss expanded by 37.83% to 53.94%.

　　In a single quarter, Sailis’ fourth-quarter operating income is expected to be 10.38 billion yuan to 11.88 billion yuan, an increase of 97.04% to 125.51% year-on-year; net profit attributable to the parent is expected to lose 825 million yuan to 1.275 billion yuan, and the loss expanded by 11.44% to 72.21% year-on-year.

　　Sailis said that in 2022, the price of raw materials such as chips and power batteries rose sharply, resulting in an increase in production costs; although the sales volume achieved continuous positive growth in the first three quarters of 2022, but due to the multi-point outbreak of the COVID-19 pandemic, it affected the number of passengers entering the store and the development of marketing activities. At the same time, it affected many links such as supply, logistics, production, etc. Product production and sales did not meet expectations, and the investment in fixed assets in the early stage was large, and the depreciation and amortization expenses were high.

　　In addition, Sailis focuses on the field of smart electric vehicles. With the growth of sales of Sailis new energy vehicles, the company’s operating income has increased significantly by 100.38% to 109.36% compared with the same period last year. The company’s gross profit margin has increased compared with the same period last year. During the reporting period, the quarterly gross profit margin has increased positively.

　　In April 2019, Cyrus released the first new electric vehicle SF5. In 2019, Cyrus smart electric vehicles have begun to be gradually put into production, and Chongqing Jinxin Equity Investment Fund increased its equity in Jinkang New Energy Vehicles. The impact of the smart electric vehicle sector on the net profit attributable to shareholders of listed companies in 2019 decreased by 940 million yuan.

　　In 2019, the net profit of Cyrus returned to the parent was still 66.7215 million yuan. In 2020, the net profit of Cyrus returned to the parent achieved the first loss since listing, and the loss reached 1.729 billion yuan.

　　In the three years from 2020 to 2022, the cumulative net profit of Sailis returned to the parent company was 7.053 billion yuan to 7.503 billion yuan.

　　In July 2022, the Chinese name of Cyrus was changed from "Chongqing Xiaokang Industrial Group Joint Stock Company" to "Cyrus Group Joint Stock Company", and the company’s securities abbreviation was changed from "Xiaokang Shares" to "Cyrus", showing the outside world its determination to deepen the field of smart new energy vehicles.

　　Huawei is playing an important role in Cyrus’ foray into new energy vehicles.

　　AITO is a high-end new energy vehicle brand released by Cyrus. Huawei provides support for Cyrus’ AITO brand from the whole process of product design, industrial chain management, quality management, software ecology, user operation, brand marketing, and sales channels.

　　The AITO Wenjie M5 is the first intelligent electric drive SUV launched after the launch of the AITO brand, and was delivered in batches in March. On July 4, the second model, the AITO Wenjie M7, was released and deliveries began in August. On September 6, the first pure electric model of the Wenjie series, the Wenjie M5 EV, was released and shipped from Chongqing to customers at the end of November.

　　In 2022, the sales volume of Cyrus Group totaled 267,200, a slight increase of 0.24% year-on-year. The cumulative sales volume of new energy vehicles 135,100, an increase of 225.90% year-on-year; of which the cumulative sales volume of Cyrus Automobile 80,000, an increase of 626.39% year-on-year.

　　Sales have increased sharply, while facing fierce competition. On January 6, Tesla’s domestic models were reduced in price, Model 3 was priced at 229,900 yuan, and Model Y was priced at 259,900 yuan, setting a record low price.

　　Capital Securities reported on January 11 that the price of Tesla Model Y after the price reduction is 260,000 yuan – 360,000 yuan range, which is expected to intensify competition with NIO ET5, JK 001, BYD Tang EV, and M5 EV.

　　On January 13, AITO announced a price cut for some models, making it the first automaker to follow up after Tesla announced the price cut.

　　Specifically, the price of the M5 EV after the adjustment is 259,800 yuan, and the price of the M7 after the adjustment is 289,800 yuan. The price reduction of all models is 28,800 – 30,000 yuan. The price reduction will have an impact on the gross profit margin of Sailis.

　　According to the performance forecast, Sailis’ gross profit margin increased quarter-on-quarter during the reporting period.

　　According to previous financial reports, from Quarter 1 to the third quarter of 2022, the gross profit margin of Cyrus sales increased from 6.68% to 12.72%.

　　Caitong Securities released a research report saying that Tesla’s price-for-sales strategy will intensify competition in the new energy automobile industry, and marginal brands may be cleared, and industry concentration is expected to increase. At the same time, new energy OEMs and upstream parts companies may face pressure to reduce costs.

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Priced at 4688 yuan, Huawei P7 Sapphire Edition sets off a high-end boutique trend

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<p>Since August 25, Huawei officially announced the launch of the sapphire version of the Ascend P7 – the industry’s first 4G mobile phone with a sapphire screen, this boutique mobile phone that combines art and technology has been highly anticipated among consumers. After Huawei Consumer BG CEO Yu Chengdong officially introduced the Huawei P7 Sapphire Edition to the global media at the Berlin Electronics Show in Germany, the product officially launched in the Chinese market on September 12, and announced the official price in China at the Shanghai Huawei Mobile Phone Conference at 4688 yuan.</p>
<p>From Yu Chengdong’s Weibo revealed that to Berlin, Germany, and then to Shanghai, China, Huawei P7 Sapphire Edition has attracted strong attention from users and the media all the way, and has given many affirmations to Huawei’s technology and its quality-focused strategy. Sapphire is considered to be synonymous with high-end, common in high-end watches, and only seen in super-first-line big brands such as Vertu and Lamborghini in mobile phone products. The most striking feature is its durability and scratch-resistant ability. Due to its hardness second only to diamond material, it is more wear-resistant than the current mainstream gorilla glass screen. The scratch-resistant ability of sapphire screen is self-evident. Secondly, sapphire material is not easy to black screen in strong sunlight, maintaining a clear visual experience. In addition, it has high antibacterial, chemical corrosion resistance, and high temperature thermal conductivity, which are not found in other materials and are also very attractive to consumers.</p>
<p>However, the products of sapphire screens have very high requirements for processing equipment, and mass production is difficult. Equipping sapphire screens not only needs to solve supply chain problems, but also to overcome the toughness and poor adhesion of the material itself in processing details, and many difficulties in surface performance. This requires manufacturers to have high strength in Product Research & Development, processing technology and cost control. Huawei has long established a layout in the sapphire industry chain, and it also conducts technology research and development and trials with suppliers. For example, in the process of foaming production, the two sides conducted tests through multiple precision high-temperature annealing processes, which ultimately eliminated the internal stress of sapphire and effectively improved the strength. For problems such as edge processing and cover plate punching, the most leading processing technology in the industry is used. In terms of ink screen printing and AF coating, Huawei has also developed its own suitable new inks and coating materials, ultimately achieving the perfect match of sapphire processing technology. With the help of sapphire technology and its increasingly mature channel layout, Huawei P7 has been put into mass production with the most advanced display screen, which not only brings a new upgrade to the mobile phone, but also Huawei’s ultimate pursuit of high-quality products.</p>
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<p>In recent years, Huawei mobile phones have put forward a quality-focused strategy. Since the second half of 2014, it has focused on developing high-end lines. With a series of high-quality products such as G7, P7, and Mate7, it has increased the market share of local high-end models and won a super good reputation. Huawei P7 has been selling well around the world since its launch. From Huawei P7 Arsenal Edition, Huawei P7 Pink Edition, to Huawei P7 Sapphire Edition, the launch of this series of sub-categories has not only won the pursuit and attention of consumers, but also greatly enriched the boutique line of Huawei mobile phones. As the industry’s first sapphire 4G mobile phone, Huawei took the lead in launching the sapphire version P7 ahead of Apple and other manufacturers, marking that Huawei has achieved world-class standards in cutting-edge technology; on the other hand, it has once again consolidated Huawei’s boutique layout in the mid-to-high-end field.</p>
<p>It is reported that the daily limited seckill activity of Huawei P7 Sapphire Edition will be launched in Huawei Mall. Users who want to experience the product first may wish to pay attention!</p>
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One arrow and nine stars were successfully launched! Commercial space satellite + ＂national team＂ gold medal rocket combination celebrates the Dragon Boat Festival

　　At 12:00 on June 2, 2022, Beijing time, our country used the Long March II C carrier rocket at the Xichang Satellite Launch Center to successfully launch the Geely Constellation 01 group of satellites into the air, 9 satellites successfully entered the predetermined orbit, and the launch mission was a complete success.

　　This mission is the second commercial space launch mission of the Xichang launch site this year, successfully assisting Geely Satellite to enter space for the first time. It officially opened the prelude to the high-density launch of the Xichang launch site this year. The rhythm of an average of 2 missions per month will continue until the end of the year, and the annual mission has entered a comprehensive period. As the last launch before the Dragon Boat Festival, Xichang astronauts used their success to offer their blessings for the Dragon Boat Festival.

The Long March 2C rocket that carried out this mission

　　The satellite launched this time was independently developed by Zhejiang Time and Space Daoyu Technology Co., Ltd. (hereinafter referred to as "Time and Space Daoyu Company"), a subsidiary of Geely Technology Group. It is mass-produced through the deep integration of aerospace manufacturing and automobile manufacturing technology implementation. The design life is 5 years. The satellite manufacturing efficiency and system reliability have reached the industry-leading level. The satellite is mainly used for the research and verification of related technologies such as future travel services for smart connected cars, car-machine/mobile phone satellite interaction, etc., to support relevant marine environmental protection public welfare actions.

　　This is the first time that our country’s commercial aerospace company has successfully launched a mass-produced commercial satellite at the Xichang Satellite Launch Center in the form of "nine satellites with one arrow".

　　The Long March II C carrier rocket used in this launch was developed by the China Academy of Launch Vehicle Technology (hereinafter referred to as the "Rocket Institute") under the China Aerospace Science and Technology Corporation. It is the Long March II C rocket that once again won the sky after 13 days, and it is also its fourth space launch in 2022.

　　This mission is the 422nd flight of the Long March series of carrier rockets.

Xichang Satellite Launch Center

　　ChangdiC sets a new record for multiple stars with one arrow

　　The Long March II C rocket successfully made its maiden flight in September 1982 and was awarded the "Gold Medal of High-quality Long March II C carrier rocket" by the then China Aerospace Industry Corporation in 1998. It was the first "Gold Medal rocket" in our country. The rocket is famous for its reliable quality and strong adaptability. It can be launched from three launch sites in Taiyuan, Jiuquan and Xichang.

　　According to Xing Jianwei, deputy director of the overall design of the rocket model of the Rocket Institute, the number of satellites launched by the Long Second C rocket in a single mission set a new record.

　　Previously, in October 2018, the Long Two C rocket launched a Sino-French ocean satellite and seven small satellites; in March 2022, the Long Two C rocket launched six communications satellites and one small satellite. The launch of the Long-2C rocket completed the deployment of all 9 satellites in an orbital plane. More importantly, the Long-2C rocket is in the stage of parallel design of multiple new missions, parallel propulsion of multiple launch sites, and parallel production of multiple product lines. The model team always takes "an unbearable sense of urgency, a sense of crisis, a sense of responsibility, and a sense of mission that cannot be stopped" as the purpose of action, ensuring quality and launching on time, demonstrating the excellent economy of the Long-2C rocket, its profound technical heritage and reliable performance capabilities.

　　Under the current severe and complex epidemic situation, the ultra-high density launch of three parallel launches and four simultaneous work has brought tremendous pressure and challenges to the model team. The rocket development team closely focused on the theme of "ensuring success". Through advance planning, holding front and rear video conferences, personnel concurrent posts, etc., and in-depth implementation of the post integration system and other measures, the launch site personnel were scientifically and rationally allocated under the condition of "difficult entry", and at most one person and four posts were highly integrated. Finally, the mission was successfully completed.

Schematic diagram of 9 satellites in Geely Constellation 01 group

　　The Xichang launch site kicked off this year’s high-density launch

　　It is understood that this mission is the second commercial space launch mission of the Xichang launch site this year, officially kicking off the high-density launch of the Xichang launch site this year. The rhythm of an average of two missions per month will continue until the end of the year, and the annual mission has entered a comprehensive period.

　　In recent years, our country’s commercial aerospace industry has continued to grow and develop. In the blue ocean of China’s aerospace industry, there are not only "giant ships" of the "national team", but also many private enterprises competing to rise, forming a new situation of competition.

　　Back in time, in November 1984, the Xichang Satellite Launch Center officially opened to the outside world, undertaking international commercial satellite launch business, becoming the first space launch center in our country to open to the outside world. From "Long March Rocket + International Commercial Satellite" to "Long March Rocket + my country’s Private Commercial Satellite", since the Xichang Satellite Launch Center first carried out the "Asia No. 1" commercial space launch mission 32 years ago, generations of Xichang astronauts have explored and formed a variety of space commercial service models such as commercial launch, carrying services, whole-satellite export, and "heaven and earth integration". The road of opening up to the outside world is getting wider and wider, helping the country to accelerate the formation of a new pattern of the space industry, and continue to promote the vigorous development of international and domestic commercial space.

　　Standing in front of the "big red screen" celebrating the success of the mission, Xichang astronauts said one after another: "This successful launch has a significant demonstration effect on commercial applications. In the future, we will comprehensively enhance modern space launch capabilities, strive to build a world-class space launch site, and create more Chinese speed, Chinese altitude, and Chinese miracles."

Schematic diagram of 9 satellites in Geely Constellation 01 group

　　Geely Automobile builds satellites, China’s commercial aerospace enters the fast lane

　　The satellite launched this time was independently developed by China’s private commercial aerospace company, Spacetime Daoyu Company, a subsidiary of Geely Technology Group.

　　According to the company, the nine satellites launched this time leave the factory from the company’s Taizhou Satellite Super Factory. As the first satellite mass production plant in China that deeply integrates aerospace manufacturing and automobile manufacturing capabilities, it can fully learn from the large-scale mass production manufacturing model of the automotive industry such as intelligence and automation, and can provide commercial satellite manufacturing and AIT (final assembly integration and testing) services.

　　Spacetime Daoyu said that the successful launch of the "Nine Stars in One Arrow" mass-produced satellite into orbit marks that China’s commercial aerospace industry has begun to take shape and will enter the fast lane of industrial development.

　　Wang Yang, CEO and chief scientist of Spacetime Daoyu, introduced: "Policies, market demand and other favorable factors are driving our country’s commercial aerospace industry from the manufacturing-driven 1.0 era to the application-driven 2.0 era. Spacetime Daoyu has built a future travel constellation to create a’high-precision space-time information system integrated with heaven and earth ‘, focusing on mining user requests, and by providing commercial satellite manufacturing and AIT services, high-precision location-based services integrated with heaven and earth, space-based communication services, and remote sensing AI services, it has successively developed market segments in satellite manufacturing, smart travel, consumer electronics, unmanned systems, smart cities, environmental monitoring and other fields, and has achieved profitability in each market segment."

　　Space-time Daoyu Company said that relying on the support of Geely’s huge travel ecosystem, its integrated high-precision space-time information service will not only extend to cars, but also establish a rich consumer product chain and characteristic business system with the help of multi-dimensional carriers such as mobile phones, flying cars, drones, and commercial vehicles in the future.

　　[Reporter] Wang Shikun, Xu Mian

　　[Photography] Li Xiaomeng

　　[Correspondent] Huang Guochang, Hu Xujie, Fu Yingli

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Ni Yuefeng went to China Star Network Headquarters Building for on-site investigation and discussion with the leaders of China Star Network Group.

Ni Yuefeng went to China Star Network Headquarters Building for on-site investigation and discussion with the leaders of China Star Network Group.

Full service to ensure the construction of China Star Network Group

Give full play to the radiation-driven role of central enterprises

On June 15th, Ni Yuefeng, secretary of the provincial party committee, went to China Star Network Group’s headquarters building project in xiong’an new area for on-site investigation. Hebei Daily reporter Zhao Haijiang photo

Hebei News Network (Hebei Daily reporter Si Jianlei) On June 15th, Ni Yuefeng, secretary of the provincial party committee, went to the construction site of the headquarters building of China Star Network Group in xiong’an new area for investigation, and held a working discussion with Zhang Dongchen, party secretary and chairman of China Star Network Group, and Li Xiaochun, deputy party secretary and director. Ni Yuefeng stressed that it is necessary to thoroughly study and implement the spirit of the important instructions of the Supreme Leader General Secretary and the decision-making arrangements of the CPC Central Committee, fully serve and ensure the construction and development of China Star Network Group, give full play to the radiation-driven role of central enterprises, and accelerate the pace of high-quality development in xiong’an new area.

China Star Network Group is the first central enterprise registered and settled in xiong’an new area. At present, the project of China Star Network Headquarters Building has been fully constructed, and all the constructions have been solidly and orderly promoted. Ni Yuefeng came to the project site to learn about the construction progress on the spot, communicated with Zhang Dongchen in detail, and asked about the difficulties in the construction process. He said that the provincial party committee, the provincial government and xiong’an new area would go all out to serve and guarantee the project construction, ensure that it was completed and put into use as scheduled, and create a good environment for the construction and development of China Star Network Group.

On June 15th, Ni Yuefeng, Secretary of the Provincial Party Committee, held a working discussion with Zhang Dongchen, Party Secretary and Chairman of China Star Network Group, and Li Xiaochun, Deputy Party Secretary and Director. Hebei Daily reporter Zhao Haijiang photo

When talking with Zhang Dongchen and his party, Ni Yuefeng pointed out that China Star Network Group is the core force in the development of China’s satellite Internet industry. In April, 2021, China Star Network Group was incorporated in xiong’an new area, becoming the first central enterprise registered and settled in Xiong ‘an, which has an important demonstration effect. The provincial party committee, the provincial government and xiong’an new area will conscientiously implement the spirit of the important instructions of the Supreme Leader General Secretary, further improve their political stance, take it as an important political task to undertake the relief of Beijing’s non-capital functions and serve the central enterprises to develop in xiong’an new area, and do their best to ensure services in terms of project construction, land supply, policy support and talent introduction. It is hoped that China Star Network Group will further strengthen its strategic cooperation with Hebei, accelerate the construction of its headquarters, make overall plans to promote its subsidiaries and related scientific research institutions to settle in xiong’an new area, give full play to the leading role of leading enterprises, build a satellite Internet industrial cluster, and jointly make greater contributions to the construction of a network power.

Zhang Dongchen briefed Ni Yuefeng on the reform and development of China Star Network Group and thanked the Hebei Provincial Party Committee, the provincial government and xiong’an new area for their support and help to China Star Network Group. Zhang Dongchen said that he will conscientiously implement the spirit of the important instructions of the Supreme Leader General Secretary on relieving Beijing’s non-capital function, take a more proactive attitude, take root in Xiong ‘an, integrate into Xiong ‘an and serve Xiong ‘an, give full play to the advantages of the Group, drive the development of satellite Internet industry in Hebei, and help xiong’an new area build an innovative development demonstration zone that implements the new development concept.

Ge Xiaochun and Mou Xiangjun, leaders of China Star Network Group, and Zhang Guohua and Ge Haijiao, provincial leaders, attended the event.

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Memory across time – 40 years of Volkswagen in China

[Introduction: In the spring of 1984, after graduating from Jiaotong University at the age of 28, Yan Guangming became a reporter for China Automobile News. In the following decades, Yan Guangming has been paying attention to the changes in the automotive industry. He believes that the history of automobiles in China is actually half the history of Chinese cars. In 40 years in China, from the beginning of the tide to the surging tide, Volkswagen has always been the leader of automobile breakthroughs and innovations, promoting the continuous progress of China’s automotive industry.]

Cars are not just dreams, but also social expressions

Shanghai, as the cradle of modern Chinese industry, has always harbored an automotive dream. The wonderful chemical reaction generated by the encounter between Volkswagen and SAIC is not only a historical memory, but also a daily routine today. Volkswagen connects the past and the present, leading the transformation and development of the industry. When it comes to China’s reform and opening up, it is inseparable from Volkswagen’s integration. The cooperation between Volkswagen and SAIC can be called an ice-breaking move for China’s automobile industry. It is also the pioneer of Volkswagen’s integration into China and the creation of a new era of the car industry. The localization of cars provides a new development model for the construction of China’s car industry.

From working with cities to working with countries

If the cooperation with SAIC opened the prelude to Volkswagen’s development in China, then the cooperation with SAIC has put Volkswagen at the forefront again. In 1991, Volkswagen took the lead in partnering with China FAW, the eldest son of the Chinese auto industry, to establish a joint venture production base for 150,000 cars. In December of the same year, the first product Jetta was assembled and rolled off the production line. History has proved that from the popularity of family cars to luxury car manufacturing, Jetta and its contribution rate in China exceeded the car itself, rooted in daily life, became a collective memory, and witnessed the changes of the times.

If you don’t succeed in China, you will lose in the world

When the wheel of history turned to the track of new energy, Volkswagen took the lead in transforming into a software-driven enterprise. And tilted China’s new energy development and research and development to China. Use Volkswagen’s R & D center to drive intelligent transformation to the deep water area. Volkswagen’s strategic layout in new sources has set a new model for the transformation and development of traditional auto companies. After 40 years of integration with the Chinese market, this sedan market, which started almost from scratch, is empowering Volkswagen with intelligence and helping it take the lead in the new round of development.

Review:

The history of Volkswagen in China is actually half the history of Chinese cars. Volkswagen stands on the mast of the times to look at the industry and the changes in the world. In China for 40 years, Volkswagen has been forging new milestones in China, for China, and for the world. In the future, the car looks at Volkswagen, shouldering a new historical mission, and it will continue to create new miracles that will impress the world on this hot land of the East.

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Lynk & Co 05 + equipped with 2.0T + 8AT, 6.5 seconds to break 100, pre-sale on September 30

Lynk & Co’s second "+" series of high-performance models, the Lynk & Co 05 +, will officially start pre-sale on September 30. The new car adds a sports kit to the ordinary version of the Lynk & Co 05 and is painted in black and green, which looks full of performance. The Lynk & Co 05 + will offer an exploration version, a performance package model, which is expected to cost 25-300,000 and will be available this year.

The Lynk & Co 05 + adds a sports kit to the Lynk & Co 05, including a blackened center net, carbon fiber front lip, vents on both sides of the grille, etc. The overall look is more aggressive and sporty. With a slip-back design and 20-inch black forged wheels, it is full of momentum.

In terms of the rear, the blackened taillights, carbon fiber rear wings, and bilateral exhaust also set off a strong sporty atmosphere. It is worth mentioning that the new car also offers two rear wing styles to choose from, namely a small ducktail spoiler and a fixed-wing large-size spoiler. In terms of body color, Lynk & Co 05 + adopts a very eye-catching "forgive green" coating, which is officially called "black and green combat suit".

The interior layout is not much different from Lynk & Co 05, but it is covered with a large amount of Alcantara material. The seats and steering wheels are made of Alcantara flip fur + NAPPA leather. The seams, seat belts and other details are also embellished with green elements of the same color as the body. The sports atmosphere of the entire cockpit is extremely strong. In addition, the 12.3-inch smart LCD instrument, 12.7-inch central touch, and full-color HUD head-up display also bring a good sense of technology.

In terms of configuration, Lynk & Co 05 + provides LED headlights, panoramic sunroof, stepless streamer ambient lights, front seat electric adjustment, passenger seat rear electric adjustment, and TJA traffic congestion assistance system, HWA highway assistance system, etc. The 05 + Discovery Edition can also be equipped with optional driver control kit A (20-inch blackened forged wheels, front cabin aluminum alloy lateral stability reinforcement rod), 05 + performance package is also equipped with front cabin aluminum alloy lateral stability reinforcement rod, all-carbon fiber personalized sports package (carbon fiber front lip, carbon fiber side skirt, carbon fiber rear lip, carbon fiber tail) and optional driver control kit B (20-inch blackened forged wheels, Michelin PS4S high-performance tires).

In terms of power, Lynk & Co 05 + is equipped with Drive-E series 2.0TD T5 Evo turbocharged engine, with a maximum horsepower of 265Ps and a maximum torque of 380N · m, matching Aisin’s third-generation 8-speed automatic transmission and BorgWarner’s fifth-generation intelligent four-wheel drive system. The 0-100 km/h acceleration time is only 6.5 seconds, the maximum speed is 230km/h, and it provides economy/comfort/sports/performance/personalized/off-road up to 6 driving modes to choose from.

In addition to enhancing its performance, the Lynk & Co 05 + is also equipped with an all-aluminum Akebono front four-piston fixed brake caliper + 360mm front scribed brake disc, equipped with 20-inch forged wheels and 255/40 ZR20 Michelin PS4S sports tires, with a 100-0km/h braking distance of only 34 meters.

Editor’s comment: As the second + series model of the Lynk & Co brand after the Lynk & Co 03 +, the Lynk & Co 05 +, which is positioned as a high-performance coupe SUV, provides more choices for young consumers who pursue performance and control, but it is expected that its price will not be cheap, which will largely discourage some consumers from showing interest in it.

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Kelan Software’s 2023 Annual Board Management Review

The content of the annual board of directors’ management review for 2023 is as follows:

　　I. Industry situation of the company during the reporting period

The company is required to comply with the disclosure requirements of "software and information technology service industry" in the "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 3 – Industry Information Disclosure"

The company’s sub-industry belongs to the "financial software and information technology service industry" under the "software and information technology service industry", which is one of the industries supported by the state for development.

The company is rooted in the financial IT field and continues to deepen its financial digital solutions, directly driving the generational change of China’s banking industry. From the perspective of the market structure, the company has been committed to this market for a long time. From online banking, mobile banking, direct selling banking (Internet banking) to today’s higher-level overall digital banking, it has continued to lead and promote the innovation and development of the industry for more than 20 years. It has rich market resources and experience accumulation. While adhering to the role of a guide for the digital transformation of China’s banking industry, Kelan Software has completed its layout in the field of digital banking and intelligent software and hardware, innovatively launched China’s original self-owned brand transaction database, intelligent high-counter digital currency robot "Xiaolan", based on the 3A strategy (AI database, AI robot, AI computing power) to create the second development curve. In the future, AI-based digital transformation and localization will be replaced, injecting scientific and technological strength into China’s independent and controllable digital banking service system.

At present, the new round of scientific and technological revolution and industrial transformation continues to deepen, and the new quality productivity has distinct characteristics of the times. The development of new quality productivity has become a national-level strategy. Digital technology and digital economy are important driving forces for new quality productivity. The Government Work Report in March 2024 pointed out: Vigorously promote the construction of a modern industrial system and accelerate the development of new quality productivity. Give full play to the leading role of innovation, promote industrial innovation with scientific and technological innovation, accelerate the promotion of new industrialization, improve total factor productivity, continuously shape the new advantages of new kinetic energy for development, and promote a new leap in social productivity. In the context of the digital economy becoming a social development trend, digital technology innovation has entered a period of intensive activity. The Internet, big data, cloud computing, artificial intelligence, etc. have become new general technologies, empowering more and more industries and industrial development. Many fields where new technologies penetrate are constantly forming new quality productivity. Strategic emerging industries represented by the digital economy have become the main battlefield for cultivating and developing new quality productivity.

At the same time, this government report proposes to vigorously develop science and technology finance, green finance, inclusive finance, pension finance, and digital finance. Doing a good job in "five major articles" such as science and technology finance is an important focus for the high-quality development of the real economy of financial services, and an important part of deepening the structural reform of the financial supply side.

(1) Localization of Xinchuang: It is expected to accelerate comprehensively in 2024

From 2022, the localization of Xinchuang has developed in depth from the party and government to the industry. The financial sector is the fastest-advancing industry. Information technology and products, including financial IT infrastructure, basic software, application software, information security, etc., will gradually realize the independent innovation of financial Xinchuang, and the localization of alternatives is safe and controllable. According to the pilot list determined by the Financial Xinchuang Ecological Laboratory under the People’s Bank of China, the pilot units of financial Xinchuang have been expanded to more than 300 in 2022. The localization of Xinchuang has gradually developed from office systems such as OA to industry business systems and core systems, and has now entered the stage of comprehensive promotion.

During the two sessions in 2023, the State Council announced the establishment of the National Data Bureau, which means that the planning and construction of our country’s digital economy and digital elements can be improved on the top-level organizational structure, which is of great significance to promoting the development of the entire digital China. The database is at the core of the IT architecture and is an important hub connecting upper-level applications and lower-level operating systems. As the "root technology" of the digital economy, the domestic database will usher in a golden period of development. At the meeting of the Political Bureau of the Central Committee, the General Secretary of the Supreme Leader clearly pointed out: We must fight a tough battle for the localization of scientific and technological instruments and equipment, operating systems and basic software; we must accelerate the pace of scientific and technological self-reliance and solve the problem of foreign "neck stuck"; encourage scientific research institutions, universities and enterprises to carry out joint research, improve the level of localization substitution and application scale, and strive to use our country’s independent research platforms, instruments and equipment to solve major basic research problems as soon as possible. This year’s two sessions proposed: Accelerate the promotion of high-level scientific and technological self-reliance. Give full play to the advantages of the new national system, and comprehensively enhance the ability of independent innovation. Strengthen the layout of the basic research system, support a number of innovation bases, advantageous teams and key directions for a long time, and enhance the original innovation ability. Aim at the country’s major strategic needs and industrial Integrate national strategic scientific and technological strength and social innovation resources, promote collaborative research on key core technologies, and strengthen research on disruptive and cutting-edge technologies.

In May 2023, the "Measures for the Administration of Network and Information Security in the Securities and Futures Industry" came into effect, clearly requiring financial institutions to carry out information technology innovation and commercial password application related work. In June, the China Securities Association issued the "Three-Year Improvement Plan for Network and Information Security of Securities Companies (2023-2025) " to encourage securities firms to increase information technology investment and continue to improve the autonomy of core systems. In August, the Ministry of Finance successively issued clear government procurement standards for specific software and hardware equipment. It is also another series of favorable policies for Xinchuang since the China Information Security Evaluation Center issued the "Guidelines for Safe and Reliable Evaluation Work (Trial) " on July 28. Under the promotion of policies, the localization of Xinchuang and the transformation of national secrets are expected to continue to advance.

As of 2023, the three batches of pilot work of financial Xinchuang have been completed, and all industries have actively responded to the national "2 + 8 + N" three-step strategy to layout the transformation and construction of Xinchuang. As one of the "8" key industries, the financial industry has a relatively good digital foundation and is the core field of the social economy. In the next few years, under the guidance of policies, supervision and industry associations, the financial sub-industries will gradually deepen from the peripheral edge system to the internal core system and enter the stage of comprehensive construction.

According to IDC, Bank of China’s IT investment scale will be 144.60 billion yuan in 2022, and it is expected to reach 221.30 billion yuan in 2026, with a CAGR of about 11.2%. The IT investment of domestic banks still has a lot of room for growth. Banks’ digital investment is still in the high-speed growth period, and digital transformation and upgrading have become an important way to help enterprises achieve high-quality development. The Xinchuang industry is an important breakthrough point in the construction of digital China, and the market potential is huge; the innovative iteration of artificial intelligence technology drives the further implementation of application scenarios. According to iiMedia Consulting’s "White Paper on the Development of China’s Xinchuang Industry in 2023", it is predicted that it is expected to reach 3,701.1 billion yuan in 2027, and China’s Xinchuang market has released unprecedented vitality. As the process of Xinchuang continues to deepen, it will generate several times the current market capacity. It is expected that the localization of Xinchuang will usher in large-scale growth this year and in the next few years.

(2) The digital transformation of the financial industry is accelerated, and new quality productivity is rapidly generated

In February 2023, the "Overall Layout Plan for the Construction of Digital China" issued by the Central Committee of the Communist Party of China and the State Council pointed out that building a digital China is an important engine for promoting the Chinese path to modernization in the digital age and a strong support for building new national competitive advantages. The "Plan" pointed out that it is necessary to strengthen the key capabilities of digital China: first, build a self-reliant digital technology innovation system; second, build a credible and controllable digital security barrier. By 2025, an integrated promotion pattern of horizontal connection, vertical connection and strong coordination will be basically formed, and important progress will be made in the construction of digital China. By 2035, the level of digital development will enter the forefront of the world.

The People’s Bank of China’s "Financial Technology Development Plan (2022-2025) " proposes that the overall idea, development goals, key tasks and implementation guarantees of financial digital transformation will continue to support the development of financial technology at the national level and promote financial digital transformation. At the same time, the "Guiding Opinions on the digital transformation of the banking and insurance industry" formulated by the China Banking and Insurance Regulatory Commission proposed that by 2025: the digital transformation of the banking and insurance industry has achieved significant results; digital financial products and services are widely popularized, based on data assets and digital technology The orderly practice of financial innovation, the development ability of personalized, differentiated and customized products and services has been significantly enhanced, and the quality and efficiency of financial services have been significantly improved; the digital operation and management system has been basically completed, the data governance has been more complete, the scientific and technological capabilities have been greatly improved, and the level of cyber security, data security and risk management has been comprehensively improved.

In March 2024, the government work report made it clear to further promote the innovative development of the digital economy. Formulate policies to support the high-quality development of the digital economy, promote the digitalization of the service industry, and build smart cities, digital villages, and digital finance. Deeply carry out digitalization-empowered special projects. Support platform enterprises in promoting innovation, improving data basic systems, and vigorously promoting data development, openness, and circulation and use.

With the release of the national "14th Five-Year" digital economy development plan, the central bank’s financial technology development plan, and the China Banking and Insurance Regulatory Commission’s guidance on the digital transformation of the banking and insurance industry, the digital transformation of the financial industry has been accelerated. Under this trend, Financial Institution Groups have continuously increased their requirements for technological support capabilities, information technology investment has increased year by year, and the demand for IT Office Buildout has grown rapidly.

1. The intelligent transformation of bank offline outlets is advancing steadily

The People’s Bank of China’s "Financial Technology Development Plan (2022-2025) " proposes that on the basis of offline, relying on 5G’s high-bandwidth and low-latency features, visual technologies such as augmented reality (AR) and mixed reality (MR) will be deeply integrated with banking scenarios to promote the upgrade of physical outlets to multi-modal, immersive, and interactive smart outlets. With online as the core, explore the construction of a new generation of online financial service entrances such as 5G messaging mobile banking, continue to promote the iterative upgrade of digital channels such as mobile financial client side application software (APP) and Application Programming Interface (API), and establish an integrated financial service platform of "one point multi-function, one network multi-purpose". Utilize the Internet of Things and mobile communication technology to break through the limitations of physical outlets, establish a service channel of intelligent interconnection between people, people and things, and things. Integrate services in intelligent physical objects, extend to customers, and expand to the scene ecology. Eliminate channel barriers, integrate channel resources, and create an integrated online and offline operation service model. Focus on multi-channel, three-dimensional, and comprehensive service creation projects to comprehensively improve service innovation means and capabilities.

In the next few years, 220,000 offline outlets of domestic banks are facing the transformation of digital intelligence, through the combination of (), software and hardware, Internet and Internet of Things, to help the banking industry achieve the highest level of financial business – digital banking.

2. Digital RMB application scenarios continue to expand

Digital RMB is the financial infrastructure that supports the development of China’s digital economy, and it is also one of the development priorities of the 14th Five-Year Plan. Driven by both policies and markets, the scope of digital RMB pilots continues to expand, and the future is bound to usher in a broader development space.

In August 2023, the People’s Bank of China and the State Administration of Foreign Exchange held a work conference for the second half of 2023. The meeting called for continuous improvement of financial services and management levels, deepening the pilot work of statistical analysis and big data application, and continuing to promote the research and development of digital RMB.

At present, the scope of the digital RMB pilot has been expanded to 26 pilot areas in 17 provinces, ranging from personal consumption scenarios to payroll, inclusive loans, green finance and other public Enterprise Services, as well as government service scenarios such as finance, taxation, and public utilities. The application scenarios of digital RMB continue to expand, and the transaction scale maintains a growth trend. It brings a new payment experience to users and provides strong support for financial services to the real economy. In addition, the digital RMB ecosystem continues to expand. Financial Institution Groups, physical enterprises, Internet enterprises and other business entities from different industries and fields have carried out the application exploration of digital RMB, promoting the digital RMB pilot to a broader direction.

In March this year, the People’s Bank of China released a guide to digital RMB payment for overseas visitors to China. Overseas visitors who use digital RMB to pay can download the overseas version of the digital RMB APP (e-CNY APP), register an account and open a wallet. Currently, it supports mobile phone numbers in more than 210 countries and regions to register accounts and open wallets.

Looking forward to 2024, the digital RMB pilot is expected to be further enriched in the diversity of scenarios, and the coverage will continue to expand, especially in the fields of public and cross-border.

3. The digitalization of banks’ online services continues to upgrade, and digital operations are increasingly promoted

Guiding Opinions of the General Office of China Banking and Insurance Regulatory Commission on the digital transformation of the banking and insurance industry propose to improve the digital level of financial marekt transaction business. Strengthen the construction of online trading platforms, establish a coordinated digital transaction management system with front, middle and back offices, and effectively improve the efficiency and risk management level of investment transactions. Establish a unified investment transaction data platform, improve the ability of portfolio analysis and risk measurement, and optimize investment planning, portfolio management, and risk control. Build a digital operation service system, establish an online operation management mechanism, with enhancing customer value as the core, increase the allocation of specialized resources such as data analytics and Internet operation, and improve the level of service content operation, market activity operation and product operation. Promote the integration of scenario development, Client Server and business process adaptation, strengthen the standardization of business processes, and continue to improve digital management service capabilities. Coordinate online and offline service channels, and promote the organic integration of scenario operation and front-end development. In this context, the domestic banking industry has actively carried out digital operation practice and innovation, and accelerated into the fast lane of digital transformation. Focusing on the goal of "digital bank" construction, adhering to the customer-centric operation concept, strengthening technology empowerment, deepening data-driven, optimizing collaborative linkage, continuously improving the operation model, exploring operation innovation, improving operation capabilities, creating operation value, continuously enhancing the quality and efficiency of digital operation work, and empowering high-quality business development with high-quality operation.

(3) Make good use of "artificial intelligence +" to empower the industry to upgrade

Since the advent of ChatGPT at the end of 2022, there has been a "big model" craze around the world. Tech giants have deployed generative artificial intelligence one after another, and major domestic manufacturers have begun to release their own products one after another. The current big model has become an important driving force for industrial change. In the government report, it is proposed to implement the "artificial intelligence +" plan to empower people to do all kinds of things and accelerate the formation of new productivity. This year’s government work report makes it clear: Deepen the innovation and development of the digital economy. Deepen the research and development applications of big data and artificial intelligence, and carry out the "artificial intelligence +" action to build an internationally competitive digital industrial cluster. Implement the digital transformation of the manufacturing industry, accelerate the large-scale application of the industrial Internet, promote the digitalization of the service industry, and build smart cities and digital villages. Accelerate the formation of a national integrated computing power system and cultivate the computing power industry ecology.

The financial industry is the first institution to carry out digital transformation, with a high degree of digitalization, which is one of the best scenarios for the application of AI big models. The financial industry has accumulated () including financial transaction data and customer information, and a good data foundation provides conditions for the application of AI big models. The application of AI big models in the financial field can be used in intelligent dialogue robots, financial product marketing advertisements, automated transactions, intelligent loans, investment research assistants and other scenarios. In order to solve the application problem of AI big models in the financial industry, technology companies and financial companies need to cooperate. Financial Institution Group conducts its own data training based on the underlying model of the industry. Recently, relevant safety supervision policies have been introduced to safeguard the advancement of AI models, and the financial industry will usher in a strategic opportunity period for the application of AI models.

(IV) The rapid development of AI large-scale model technology has led to a serious shortage of domestic AI computing power

AI big models usually refer to deep learning models with billions or even hundreds of billions of model parameters. AI big models are pre-trained with a large amount of data, making them capable of handling a variety of tasks. Due to factors such as the computational complexity of the model itself, the amount of data in the training and inference process, real-time performance and accuracy requirements, running and training these models requires a large amount of computing resources, the so-called computing power.

The increasing demand for computing power has not only promoted the development of AI hardware, but also influenced the trend of Cloud as a Service and data center construction: in order to meet the computing needs of large models, hardware manufacturers have accelerated the production and development of high-performance computing equipment; the popularity of large models has made Cloud as a Service platform face huge pressure on computing power demand, requiring more resources to meet user needs; with the increase in large model applications, enterprises and industry manufacturers need to build more powerful data centers to train and run these models.

(5) "Pure Blood Hongmeng" HarmonyOS NEXT is gradually approaching, and Hongmeng native applications are fully launched

On January 18, 2024, Huawei’s "Hongmeng Ecological Thousand Sails" conference was held in Shenzhen, and branch venues were set up in eight major cities of Beijing, Shanghai, Hangzhou, Nanjing, Chengdu, Xiamen, Wuhan and Changsha. At the meeting, Huawei released HarmonyOSNEXT (Hongmeng Galaxy Edition) to developers, completing the advancement of Hongmeng from Android-compatible HarmonyOS to pure-blood HarmonyOS NEXT, marking Huawei’s complete freedom from dependence on Android and gradually building an independent Hongmeng ecosystem. As a full-stack self-developed domestic operating system, the official release of HarmonyOS NEXT is of great significance. At present, nearly half of the top 200 mobile apps in China have started the development of Hongmeng native applications, and mainstream Internet manufacturers have successively announced that their applications will support Hongmeng Ecology. In 2024, Hongmeng Ecology will enter a new stage of development, and Hongmeng application development and migration will enter a peak period, which will directly drive huge market opportunities for Hongmeng ecological partners.

II. Main activities of the company during the reporting period

(1) The company’s main business and products

The company’s main business is to provide online application software products and localized databases and other technical products to banks-based Financial Institution Group, and to provide Internet-based consulting, planning, construction, operation, product innovation and marketing solutions for banks and non-bank Financial Institution Group. The target customers are mainly state-owned banks, joint-stock banks, city commercial banks, rural commercial banks, provincial rural credit unions and other large-scale banks, as well as insurance, securities, trust, financial companies, large central state-owned enterprises, financial holding companies and other non-bank Financial Institution Groups.

As a major domestic digital banking solution provider, the company has been in a leading position in leading and promoting the popularization and construction of mobile banking and Internet banking, and has formed a complete product and solution delivery capability. The company has a complete domestic database of independent intellectual property rights that can be clearly verified. It has become the only technology-based enterprise with innovative genes in China that has both a distributed transactional database software with complete independent intellectual property rights and a complete family of Internet banking products in the front, middle and back.

(2) Introduction to the company’s key products:

1. SUNDB distributed transaction database

SUNDB, a Chinese independent brand native distributed database built by the company, is completely freed from the constraints of American open-source software from the source and the bottom. The SUNDB database has a code self-research rate of 98.31%, which can fully ensure data security in the field of critical information infrastructure. It has become the pioneer of China’s own brand high-end Xinchuang database.

The SUNDB database has excellent performance in dealing with mass storage, high concurrency, disaster recovery and operation and maintenance. At present, the SUNDB database has been fully integrated into the localized Xinchuang ecosystem, focusing on the digital transformation and localization of national key information infrastructure fields (including banks, securities, funds, trusts, insurance, leasing and other Financial Institution Groups, as well as the three major telecom operators, State Grid, transportation, military industry, etc.). The company’s SUNDB database has landed dozens of projects in Banking, Securities and other Financial Institution Groups, and has been shortlisted for the procurement catalogue of domestic database software in many important fields such as the central government procurement network, central state organs, and central enterprises.

Exclusive advantages of Kelan SUNDB distributed transactional database:

(1) Property rights advantage

A native distributed domestic database company with complete intellectual property rights and core technologies.

– Genuine database licensees who can legally license all end point customers worldwide;

There are very few original vendors in the world that truly control the universal database root technology independently.

(2) closed-source advantage

The Kelan SUNDB non-open-source database can truly ensure the national data security of the country’s critical information infrastructure and high-end industries.

The underlying core computing engine and storage engine do not have any open-source code for US databases, and have nothing to do with open-source databases such as Oracle’s MySQL and Berkeley’s PG.

(3) Institutional advantages

Relying on the new national system, a strategic cooperative relationship of database joint laboratory has been established with a top domestic university and a top domestic basic software research institution.

– At the end of 2023, the company and Tsinghua University jointly established the Advanced Intelligent Database Joint Research Institute. The goal of the research institute is to address the problem of autonomous and controllable choking in the localization of database system basic software. Through the deep integration of industry, university and research, and the joint research of interdisciplinary teams, it will fill the gap in the localization of the basic software of autonomous and controllable full-memory distributed database systems, solve the problem of high-quality database substitution, and lead the battle of Xinchuang’s domestic basic software, providing an autonomous and controllable secure intelligent database system for the "key" field. The director of the management committee of the research institute is Yang Bin, vice president of Tsinghua University, and the deputy director of the management committee is Wang Anjing, chairperson of the company, and Dai Qionghai, dean of the TechAcademy of Information Science of Tsinghua University/director of the Information National Research Center of Tsinghua University. The members of the management committee are Zheng Renhuan, chief scientist of Kelan Software, Wang Fangyuan, director of Kelan Software, and Xing Chunxiao, researcher of the Information National Research Center of Tsinghua University.

(4) Resource advantage

The exclusive advantages of "database products + financial customers (500 +) + financial industry DBA team (1000 +) + bank key transaction system (2000 +) " built by SUNDB database (basic software) and financial scenario (application software) with independent intellectual property rights;

– Financial transaction-level experienced DBA team, with service outlets all over the country, meeting customer on-site service time requirements.

(5) Genetic advantage

– Born for national security: clear product planning and strategic layout focus on the core business systems of national critical information infrastructure such as finance, telecommunications, energy, government, transportation, and military industry.

It has a typical application case of the super-large production system in the national key-level field that has been running stably for many years.

The company database is the earliest database product in China that has passed the authoritative international certification of TPC-C and TPC-H. In July 2020, it obtained the special project evaluation certificate of the distributed transaction database basic capability of the China Information and Communications Research Institute, and in June 2021, it obtained the special project level certificate of the database service capability evaluation and deployment of the China Information and Communications Research Institute. It has passed the test of the financial electronic company under the People’s Bank of China to meet the strict requirements of the core business system of financial-grade enterprises, and can realize the localization of domestic financial and telecommunications operators and other key industries. Database substitution and technological transformation for high-end users. In 2022, SUNDB was included in the list of "Financial Xinchuang Solutions (First Batch) " by the Financial Xinchuang Ecological Laboratory of the People’s Bank of China, and many domestic Financial Institution Groups began to introduce and use the database one after another. In the first half of 2023, the SUNDB distributed database of Kelan Software was awarded the "Financial Scenario Application Evaluation Certificate" issued by the Beijing National Financial Technology Certification Center.

According to CCSA TC601 "Database Development Research Report (2023) ", it is expected that by 2027, the total size of China’s database market will reach 128.68 billion yuan, and the compound annual growth rate (CAGR) of the market will be 26.1%. With the rapid growth of data scale, database, as a key data technology carrying data storage and calculation, is experiencing another round of development boom. At present, the database industry in our country has broad market prospects and the industry is thriving.

2. System-wide digital banking products

As a leading domestic digital banking solution provider, the company has been in a leading position in leading and promoting the popularization and construction of mobile banking and Internet banking, and has formed a complete product and solution delivery capability.

Digital banking products

The company’s digital banking products mainly include: mobile banking, online banking, Internet banking, mobile exhibition industry, financial open API, etc. With the continuous improvement of information technology, consumers are deeply dependent on the network to process transactions and achieve interoperability. Banking business has also evolved from offline outlets – online banking – mobile banking – direct banking – Internet banking – digital banking – intelligent banking, until it has developed into the highest level of intelligent banking for banks. Based on a deep understanding of banking business, forward-looking Internet thinking and rich experience in financial product development, the company helps banks build online, digital and intelligent three capabilities to achieve digital transformation.

Intelligent mid-platform products

The mid-platform system is the core technology driving force for the rapid development of banking business in the future. It meets the IT architecture of "distributed, highly concurrent and automated" applications in various channels in the bank, and has five technical requirements of decentralization, service, asynchronization, high availability and visual operation.

The company’s intelligent mid-platform mainly includes: central product platform, data mid-platform and product support system. Under the leading advantage of Internet channel technology, the company has innovatively developed the "Pisces" central product platform with independent intellectual property rights. The "Pisces" central product platform breaks the silo construction and adopts a distributed micro-service structure. A basic capability center that can quickly respond to business needs, meet rapid innovation, and can be fully reused. Based on standardized components and containerized platforms, an integrated development and operation platform for agile development, containerized deployment, and continuous integration is established. " Pisces "central product platform adopts domain design, service decoupling, relies on atomic service management, and uses visual services to quickly orchestrate, anomaly monitoring, continuous integration, containerized deployment, operation management and other system components to provide rich financial business components and technology platform components to meet the agile development and operation of the financial industry. Quickly support enterprise business innovation and release, realize data sharing, effectively improve the bank’s product innovation and operation capabilities, meet the five technical requirements of decentralization, service, asynchronization, high availability, and data-based operations, and realize the transformation of bank financial IT to" light application + large mid-platform + stable background ".

Distributed Financial Core System

The company’s distributed financial core system mainly includes two series: distributed Internet banking core business products and online and offline integrated core business products. In order to adapt to the large concurrency and flexible and rapid innovation business development requirements in the Internet scenario, the company has been continuously exploring for many years, developing a back-end account system (Internet core) based on the Internet banking scenario, continuously iteratively improving, and has taken the lead in many successful cases in different financial customers such as banks and financial companies, consumer finance, etc., leading and promoting the innovation and development of such products in the domestic financial field.

The company has built a cloud-native distributed financial core business platform based on Huawei Cloud, which flexibly supports various types of deposits, loans, wealth management, intermediate services such as water, electricity and gas, and typical ToC services such as capital supervision, as well as typical ToB services including payment and settlement, account management, scenario financing, and account custody. Based on the concept of "cloud-native IN infrastructure", the cloud-native industry will be promoted to the application-centric cloud-native 2.0 era, helping banks upgrade and improve their own channels, build open APIs, and build ecological cooperation platforms.

3. Intelligent high cabinet counting robot "Xiaolan"

The company’s self-developed domestic exclusive patented product – intelligent high-cabinet digital currency robot – "Xiaolan" can directly replace the manual tellers of high-cabinet outlets, saving labor costs, which is equivalent to directly generating profits for bank outlets. The product does not require any high-cabinet counter transformation, which can save high network transformation costs. The use of big data technology to optimize the counter business process, through the technical integration of software systems and hardware equipment, the typical combination of the Internet and the Internet of Things, online and offline collaboration, provides banks with customizable business processes and provides customers with "one-stop, automated and intelligent" high-cabinet counter services. The product has successfully passed the financial standardization test of the People’s Bank of China, further improving the intelligent non-manual contact financial services required by the head office of the People’s Bank of China.

"Xiaolan" can empower the intelligent transformation of bank outlets and better cooperate with mobile banks to carry out online and offline collaborative services. The intelligent high-cabinet digital currency robot "Xiaolan" is equipped with the Hongmeng system, and uses the characteristics of the Internet of Everything in the Hongmeng system. "Xiaolan" can connect network self-service devices, tablets, smart screens, and Internet of Things modules to achieve interconnection between devices, providing more favorable conditions for the transformation of bank outlets and innovative scene applications. In terms of technology upgrades, "Xiaolan" also integrates intelligent voice services, facial recognition, digital RMB exchange, and remote virtual teller technology to provide more personalized services for bank customers and help the national rural revitalization strategy.

"Xiaolan" has completed the joint debugging with Baidu AI "ERNIE Bot", and through data analytics user requests, it can better provide rich intelligent services such as intelligent dialogue, intelligent Q & A, intelligent operation, intelligent customer service, and intelligent marketing.

At present, on the open-source Hongmeng hardware side, it mainly relies on the adaptation of "Xiaolan" robot-related products. "With Hongmeng version of mobile banking as the main online service channel, we will build Hongmeng version of intelligent banking outlets around the intelligent high-cabinet digital currency robot" Xiaolan ", and build online and offline full-link intelligent financial services. The integrated mobile finance solution can connect mobile banking and intelligent network data islands to build a collaborative service system. The release of this plan can completely open up the online and offline service coordination of banks, realize the strategy of lightweight and digital banking, and deliver banking services to every user.

4. Hongmeng mobile financial technology platform, customized Hongmeng native "1 + 1 + N service system" for Financial Institution Group

HarmonyOS mobile financial technology platform, based on the MADP3.0 mobile financial technology platform developed by Kelan, provides a full life cycle solution for the development, testing and operation of mobile financial Hongmeng ecosystem (HarmonyOS+OpenHarmony), supports meta-services and native Apps, which can reduce access barriers, reduce development costs and provide development and delivery efficiency, and assist Financial Institution Group to quickly deliver capital transaction-level Hongmeng native financial services at the lowest cost. It provides Hongmeng native APP with out-of-the-box security components that meet the security specifications of financial industry capital transaction-level APP, security, high-performance and high-experience security protection capabilities; real-time release service provides version upgrade packages, hot repair packages, and H5 offline package management and release services. After the client side integrates the real-time publishing service function, you can use the platform plug-in to generate a new package, and then publish the new package in the real-time publishing console, and the client side receives the new package and upgrades it.

After Huawei released HarmonyOS NEXT (Hongmeng Galaxy Edition) in January 2024, the company recently took the lead in releasing the baseline version of Hongmeng’s native APP in the financial industry, injecting new vitality into the development of Hongmeng’s original biochemistry in the financial industry. The Kelan Hongmeng HarmonyOS NEXT Edition integrates more than 15 types of Huawei HarmonyOS SDK native components or API capabilities, enabling delivery teams to quickly develop native functions and migrate existing H5 front-end functions, lowering the threshold for access to Hongmeng, reducing delivery development costs and improving development and delivery efficiency.

The baseline version provides a variety of security components based on Hongmeng TEE environment, providing enhanced multiple authentication tools, as well as innovative scenarios such as zero password login, secure keyboard, and built-in TEE device-level verification factor. Provide the highest level of identity authentication with trusted authentication capabilities. Integrate NFC, OCR document recognition, live detection, certificate generation and electronic signature functions to comprehensively enhance the identity security level of mobile financial APP.

5. Smart marketing platform

Smart marketing platform is a new marketing platform based on big data base. The main functions include big data base, CRM system, product supermarket system, bank performance mangement system, WeCom, account manager development, and leadership cockpit. The main service objects are traditional retail, corporate finance department, inclusive finance, operation and management department and other departments. The design concept of this product is more offline-to-online integration. With the help of AIGC’s intelligent generation capabilities, it can accurately identify the marketing intentions of operators, quickly understand and interpret the needs of operators, and automatically generate rich and diverse activity rights allocation strategies, activity forms and activity materials according to marketing goals. This allows operators to obtain high-quality marketing content and activity plans in a short period of time, which greatly improves the efficiency and quality of marketing creativity. At the same time, the efficiency of automated analysis of marketing data through AIGC capabilities has been greatly improved. It can collect and organize marketing activity data in real time, conduct a comprehensive evaluation of marketing effects, automatically generate marketing effect analysis reports, and give adjustments to marketing strategies and optimization activity plans. The intelligent generation ability of AIGC is an important driving force for the company’s intelligent marketing platform to successfully realize full-link intelligent marketing.

6. Safety products

The company’s security products mainly include eID person and certificate integration network identity verification platform, security input system, electronic security certification, (), electronic security, electronic signing platform and other products, mainly used for the construction of the security system of the Financial Institution Group such as banks.

During the reporting period, the company launched a secure password keyboard and a national secret browser/national secret client side that meets the requirements of Xinchuang.

· Secure PINpad

Secure PIN Keypad is an independent security software for the client side to protect password input. According to the different usage scenarios, it is divided into Windows, MAC, iOS, Android, H5 and Xintron versions. The technologies used are ActiveX, NPAPI, local services, Object-C and some native development languages. The product can support all mainstream operating systems and browsers.

· National secret browser/national secret client side

Guomi Browser is a browser developed based on chromium open-source browser. It supports the cipher suite of Guomi cipher algorithm SM2/SM3/SM4, supports Guomi SSL protocol and international SSL protocol, supports page rendering and JS execution, and does not rely on any other browsers. Guomi client side is essentially the client side of Guomi Browser. It integrates online banking assistant on the premise of providing page rendering, realizes the integration of necessary online banking security components such as controls and management tools (drivers), and realizes automatic update and repair of security components. The client side embeds WebView into Native, which provides users with a better experience through the integration of Web technology and Native technology.

(III) The company’s main business model

The company provides a series of products and services such as application software development and services, sales and maintenance of basic software databases, online lending and Internet marketing to the Bank-based Financial Institutions Group.

During the reporting period, the company has completed the following important tasks:

1. Key innovative products during the reporting period

(1) Continuous upgrade of domestic SUNDB database products

In January 2024, SUNDB 5.0.22.1 released, the new version of the existing functions to do a series of optimizations, such as parallel data recovery, aggregate filtering, through internal parameters to control the full table scanning, table truncation function in the case of insufficient space, etc., to improve the performance of distributed statements, disk performance, ease of use in the cloud environment, data redistribution performance; SUNDB 5.0.23 c plans to be released in the near future, the new version will support report queries, perspective queries, external c programs, regular expressions, improve embedded queries, improve disk performance, ease of use in the cloud environment, data redistribution performance, distributed statement performance.

Database completes the development of the following peripheral tools:

SUNDB database management and control platform, which realizes visual management and monitoring of SUNDB functions.

SUNDB database migration platform, which is used to realize data migration from ORACLE/MYSQL to SUNDB, can improve the efficiency of data migration when online.

SUNDB database one-click installation package, this tool is an auxiliary installation tool, the goal is to improve the user’s experience of installing SUNDB and reduce the user’s cost of using SUNDB.

(2) To meet the requirements of Xinchuang, the intelligent high-cabinet coin robot "Xiaolan" is adapted to the Hongmeng system

In terms of the transformation of Hongmeng bank outlets, the intelligent high-cabinet digital currency robot "Xiaolan" equipped with Hongmeng system meets the requirements of Xinchuang and can directly replace manual window services, saving labor costs. The product does not need any manual window transformation, which can save high network transformation costs. "Xiaolan" supports intelligent voice, facial recognition, remote virtual teller and other functions, and supports the free conversion of digital RMB and cash, which can provide more personalized services for bank customers. At the same time, "Xiaolan" can connect network self-service devices, tablets, smart large screens, and Internet of Things modules to each other. Through the interconnection between devices, it provides more favorable conditions for network transformation and innovative scene applications. The product has been awarded the recognition certificate of cash machine identification ability by the Identification Ability Testing Center of the Printing Science and Technology Research Institute of the People’s Bank of China.

(3) MADP3.0 mobile development platform products

In order to solve the various problems faced by enterprise-level and financial-level APPs, the company launched the mobile development platform MADP3.0 on the basis of MADP2.0. The MADP3.0 platform provides a large number of preset functions and pages, adopts the native component mode, provides native components and dynamic configuration entrance, reduces the technical threshold of first-line projects, optimizes the rendering performance of client side application pages, and improves the user experience. At the same time, it is convenient for non-technical personnel to participate more actively in the application development process, so that developers and business personnel can directly focus on the core modules of the application, which greatly improves the development quality and efficiency.

MADP3.0 is based on native components, dynamic cards, management functions, mobile gateway platform, unified management platform, low-code development platform, and Mini Program development platform. The main highlights are:

1. Native component development mode: MADP3.0 adopts the native component mode to provide native component and dynamic configuration entrance, reduce the technical threshold of first-line projects, optimize the rendering performance of client side application pages, and improve user experience.

2, mobile gateway platform: MADP3.0 supports cross-domain, redirection, limited viewership of fuse and other mechanisms to enhance the market competitiveness of mobile development platform products.

3. Unified management platform: MADP3.0 realizes unified access to all management end platforms, unified authority management system, one-end deployment, multi-end use, and intelligent delivery, simplifying the product deployment process and enhancing the user experience.

4. Behavior analysis platform: Realize the complete docking of the MADP3.0 development platform and Toutiao Event Analysis, record the user’s usage through event tracking, understand the user from different dimensions, and assist other systems in event tracking analysis, attribution analysis and other methods to support product continuous optimization, intelligent push, accurate operation, and ultimately serve the target user; and optimize the original behavior analysis platform to be single and passive, allowing non-technical personnel to operate directly on the visual interface according to actual business needs, improve the efficiency and convenience of obtaining data, better understand the pain points in the implementation of the project, and improve the overall delivery experience of the mobile development platform.

5. Mini Program development platform: Ensure convenient management of the entire life cycle of Mini Program development, listing, review, and release, and quickly build Mini Programs from 0 to 1.

(4) Continuous innovation in the core business systems of consumer finance and finance companies

① Continuous innovation in the core business system of consumer finance:

The core of consumer finance of Kelan Company continues to upgrade, empowering consumer finance customers with more advanced financial technology, promoting the upgrading and reform of financial services, practicing inclusive finance to better benefit users, and is committed to becoming a "key lever" to promote the high-quality development of the industry:

A. Adhering to the development concept of "compliance first, risk prevention and control, technology-driven", focusing on customer needs, deeply cultivating customer segments, supporting the launch of corresponding products for customer groups with different occupations and needs, and continuously expanding the scope of financial services to achieve full coverage of customer clothing, food, housing, transportation, and other scenarios

C. The system is built with a distributed architecture, realizing 7 * 24 hours of uninterrupted repayment and repayment business

D. The system development and operation environment adopts an advanced container cloud platform, which greatly improves the efficiency of development and operation and maintenance, realizes second-level deployment and automated operation and maintenance of the system, and supports big data and high concurrency business processing under the localization of Xinchuang

E. Continuously improve the adaptability of connecting funds, assets, and credit enhancers, strengthen the ability to cooperate with ecological partners, and be compatible with different business processes and rules of open API access

F. Continuously innovate financial products, actively explore and launch innovative financial products that meet market demand and customer characteristics, and meet the personalized needs of different customer groups in consumer installments, credit loans, prepaid cards, etc.

F. Provide standardized data processing mechanisms for big data, providing strong support for real-time business variable calculation and artificial intelligence.

Strengthen the protection of safe and reliable information, create a sound information security management system, and adopt advanced encryption and privacy protection technologies to ensure the security and privacy of user data are not leaked, thus enhancing user trust and satisfaction.

② Innovation and improvement of the core business system of distributed finance companies:

As an "in-house bank", the overall IT system of the finance company, especially the core system construction level, is far from sufficient compared with the bank. The new generation core system of Kelan Finance Company is the core team of Kelan based on rich experience in the core construction of the bank, adhering to the advanced "productization and parameterization" design idea, and based on the advanced architecture concept of "distributed and microservices". It can help the finance company to greatly improve the overall system performance, reduce the end-of-day batch processing time to less than a few minutes; and provide the finance department with the most stable and secure operation platform with efficient business support capabilities such as configurable workflow approval, automated finance department expense reimbursement processing and fund collection, and significantly improve its innovation speed and work efficiency. It has been launched in the () group finance company one after another and has been running smoothly. In recent years, it has been continuously upgraded and iterated:

A. Adapt to the transformation of new electric tickets. Support the different needs of the whole life cycle from the issuance of bills to the use of subcontracts, to discounting, expiration, accounting processing, and batch settlement of funds according to the method of equalizing bills.

B. Add perfect cash management functions. Support different models of physical fund pools (direct transfer, entrusted loans) and virtual fund pools, and help financial companies realize the construction of four platforms: "fund concentration, fund settlement, fund monitoring and financial services".

C. Deeply integrate the treasury system of the finance department. Realize a high degree of uniformity of multiple functions or data such as bills, financing, settlement, accounts, financial statements, capital plans, and budgets within the group.

D. Successfully developed the bank MOCK simulation receiving/sending bank-side visual message tool connection platform. It can quickly test the sending and receiving interface with the bank-side message in advance to help the bank expand the scope of banking system integration and optimize the fund management process.

E. Further optimize business design and data governance, promote the digital intelligence transformation of the finance department, enhance the digital financial service capabilities, and accelerate online connectivity and strengthen integration capabilities for the upstream and downstream businesses of the finance department group.

(5) Upgrade and extension of financial open API

Open banking is a commercial bank that connects technology platforms and uses standardized APIs, SDKs, and other technical tools to open up banking data and financial services to partners, as well as B-end and C-end users, in order to achieve full data, application, and operation experience sharing, providing support for the efficient operation and decision-making of all participants, and thus forming a business innovation paradigm of ecological co-construction, symbiosis, and win-win.

The company’s open banking platform system will upgrade and improve the platform’s scenario service support capabilities in 2023.

In the solution, a scenario service platform is established to enhance the scenario service support capabilities of open banks, quickly respond to the unique needs of ecological scenario parties, and integrate the service capabilities of multi-source systems in the bank to build innovative solutions.

Integrate the industry to develop better retail and business scenario solutions, export industry experience to serve bank customers, and quickly empower cooperative banks to carry out ecological financial scenario business;

Strengthen business support capabilities and business operation capabilities, abstract the common capabilities of each characteristic business scenario to establish standard services, and quickly support the access efficiency of new scenarios.

Improve operation management capabilities, establish a unified digital operation and control index system for the platform, establish business management capabilities and control indicators for unique scenarios, and improve operation efficiency.

The main construction projects of the company’s financial open API are: Everbright Bank’s enterprise-level open API, Weifang Bank’s characteristic business scene platform, and SDIC Taikang open API.

(6) WeChat multi-terminal products

In the first half of this year, the WeChat multi-terminal support R & D project was officially launched. The project is based on the company’s original WeChat banking products, and the support of multi-official account, Mini Program, and WeCom is added to the channel side. Multi-terminal channel management configuration rights and multi-terminal management of business data are added to the management side, which can be unified or personalized for: announcements, advertisements, products and other business capabilities. The new WeChat bank provides Mini Programs for various business scenarios, such as WeChat Credit Card Mini Program, WeChat Wealth Mini Program and WeChat Public Service Mini Program. At the same time, it is equipped with a complete authority authentication system, detailed customer data and diversified business service components. WeChat Bank management terminal provides banks with management functions for various business scenarios such as customer management, institutional management, authorization management, content management, product management, and report management.

In terms of WeCom, the platform already has: management of basic functions such as employee management, customer management, and customer operation. Featured functions such as lead discovery, lead conversion, individual/customer group SOP, and individual/customer group fission can effectively solve the pain points of enterprise marketing customer acquisition management. The WeCom application provides integrated operation marketing services for Financial Institution Group, including customer discovery, customer marketing, and customer operation.

Kelan WeChat channel products provide a comprehensive service plan for Financial Institution Group by integrating official account, Mini Program, WeCom and other WeChat products. We are committed to achieving the goals of reducing costs and increasing efficiency, optimizing user experience, innovating financial products and improving customer acquisition ability, so as to enhance the competitiveness and profitability of Financial Institution Group.

(7) Off-site management products for special merchants

On August 9, 2023, the official website of the Nanjing Branch of the People’s Bank of China issued the "Announcement on the End of the Test of the Innovative Application of Fintech Innovation Supervision Tools in Jiangsu Province", led by Kelan Software, China UnionPay, the Third Research Institute of the Ministry of Public Security, the Suzhou Branch of Agricultural Bank of China and Jiangnan Rural Commercial Bank participated in the pilot work. The "off-site management products for special merchants based on the integrated platform of end management cloud" technology products successfully completed the test and were successfully released. After testing, as of July 2023, the product has achieved a total of 3,000 special merchant services, the merchant approval efficiency has been increased from T + 5 days to 30 minutes, and the merchant inspection efficiency has been increased by about 58%.

The product relies on the company’s end-management cloud integrated trusted exhibition platform as the foundation to digitally transform the traditional order acquisition business, and realize the online and offline integrated exhibition of merchant marketing, incoming parts, approval, Facility Management and merchant inspection. Through the unified management of the business data system, combined with the strong identity authentication system of Kelan Software, it effectively enhances the business risk prevention and control capabilities, eliminates the theft and fraudulent use of customer identities to handle merchant acquisition business, and effectively improves the efficiency of merchant services through online and offline collaborative witness exhibition, reduces the cost of exhibition, and enhances the merchant service experience.

(8) VX front-end platform products

The research and development upgrades of financial business components and basic chart components of VX front-end platform products mainly include:

1. Adapt to the Inter-App communications development framework of mobile banking (based on Kelan’s mobile development platform), WeChat official account, WeChat Mini Program, and Kelan Mini Program. A set of code is multi-terminal, with rich basic components. It can quickly develop Inter-App communications applications by building blocks, providing front-end Inter-App communications solutions for project implementation, and putting it on mobile banking and successfully landing on the project.

2. The Mini Program open API based on Kelan uses the Inter-App communications development framework to develop Kelan Mini Program integrated into mobile banking and build a super app, that is, to integrate multiple existing business scenarios and open up the user system. For third-party applications, it can also be integrated into mobile banking through the Kelan Mini Program.

3. WeChat Standard Edition adapts to the low-code development platform, manages related components through the low-code development platform, downloads and drags components through the Viscose plug-in, and quickly develops WeChat Bank, shortens the development cycle and reduces development costs;

4. The PC/mobile end UI component library based on vue3 is improved and modified, the seed engineering related research and development of the VX4 front-end development framework, the front-end solution using micro frontend technology, including the seed engineering of the main application, the seed engineering of the sub-application, and the specification of the back tube. The unified management platform uses micro frontend technology to integrate gateways, Mini Programs, MADP, and push notifications. The unified management platform displays different platforms according to user permissions, with a unified user system, a unified UI style, and business centralization;

2. Important projects that the company won the bidding during the reporting period

At present, under the wave of financial digital transformation, the IT expenditure of banks and non-bank Financial Institution Groups has superimposed the strong catalytic effect of financial information innovation and digital currency, showing a high degree of prosperity. As a leading manufacturer in the field of financial IT, Kelan Software has a series of products and services that meet the transformation + digital upgrade of China’s banking industry and non-bank Financial Institution Groups, such as the overall solution of digital banking front, middle and back office, the domestic database of SUNDB, and the intelligent transformation hardware equipment of bank outlets. Organically combine the needs of localization substitution and digital transformation to better promote the high-quality development of digital finance.

During the reporting period, the company won the bidding mainly:

(1) The bank

(2) Insurance

(3) Consumption of money

(4) Trust

China Foreign Economic and Trade Trust Co., Ltd. Fortune APP Overall Upgrade Support Project

(5) Other

CITIC Futures Institutional Service Platform Procurement Project, Xinchuang Full-Functional Edition APP Major Renovation Project, Xinchuang Enterprise-level Customer Information Management System Construction Project,

3. Financial Xinchuang has achieved authoritative certification and phased results

(1) The SUNDB database has been certified by MIIT and other authoritative organizations

In January 2023, the National Standards Seminar organized by the Secretariat of the Database Standards Working Group of the National Information Technology Standardization Technical Committee (SAC/TC28/WG31) was held. The meeting exchanged and discussed the national standard of GB/T28821 "Technical Requirements for Relational Data Management System". Kelan Software was invited to participate in the meeting as an expert from enterprises and institutions.

In March 2023, the company was invited to participate in the formulation and revision of the database test outline and localized database standards hosted by MIIT No. 5. The company participated in the formulation of the industry standard "Specification for the Construction of Domestic Database Operation and Maintenance System in the Financial Industry", and was awarded by the Innovation Application Committee of Beijing Fintech Industry Alliance. As the lead unit, the company’s "Research on Technical Characteristics and Database Options of Banking Subdivision Business System" was selected for the 2023 research project of the Innovation Application Committee of Beijing Fintech Industry Alliance.

In July 2023, the "2023 Trusted Database Development Conference" hosted by the China Communications Standardization Association and the China Academy of Information and Communications Technology was held in Beijing. Mr. Wang Anjing, the chairperson of the company, was invited to attend the conference and delivered a keynote speech on "Database Security and National Information Security". As one of the first domestic database manufacturers to pass the evaluation of "Trusted Database" and master core technologies, Kelan Software SUNDB has participated in the formulation of many standards of the China Academy of Information and Communications Technology "Trusted Database" for many consecutive years, and deeply participated in the preparation of the "Database Development Research Report (2023) ".

At the end of 2023, the company and Tsinghua University jointly established the Advanced Intelligent Database Joint Research Institute. The director of the management committee is Yang Bin, vice president of Tsinghua University, and the deputy director of the management committee is Dai Qionghai, dean of the TechAcademy of Information Science of Tsinghua University/director of the Information National Research Center of Tsinghua University, and Wang Anjing, chairperson of the company. The members of the management committee are Zheng Renhuan, chief scientist, and Xing Chunxiao, researcher of the Information National Research Center of Tsinghua University. Jointly develop advanced intelligent databases, and develop efficient, safe and intelligent new-generation database system software with completely independent and controllable key core technologies, so as to realize core business applications in national critical information infrastructure and key industries.

In 2023, the company became one of the first partners to join the "Spark Industry and Finance" collaborative network. "Spark-Chain Network" is a new national-level blockchain infrastructure led by the China Academy of Information and Communications Technology under the guidance and support of MIIT. "Spark Industry and Finance" is a new industry and finance system built on the intelligent and secure financial service network (ISF) of "Spark-Chain Network", which will open up the trusted connection between industry and finance and enhance the ability of financial services to the real industry.

At the 14th plenary working meeting of the Big Data Technical Standards Promotion Committee held by the China Communications Standards Association Big Data Technical Standards Promotion Committee (CCSA TC601), Kelan Software was successfully elected as the database application innovation laboratory (DBL) telecommunications industry working group co-construction unit based on its self-developed distributed transaction database SUNDB’s many years of technical accumulation and industry contributions in the telecommunications field.

(2) During the reporting period, the company’s SUNDB database system completed compatibility certification with the systems of multiple companies

The R62 series, R52 series, and R32 series R64 series server products of Zhongke Controllable Information Industry Co., Ltd. have passed the common test and are fully compatible. The related functions operate stably and meet the business needs of various scenarios.

It is fully compatible with the ForinnBase GroundPool series full-flash storage devices of Guangdong Green Computing Technology Co., Ltd., and the related functions operate stably to meet the business needs of various scenarios.

The British data stream replication management software of the Shanghai British software joint stock company [abbreviation: i2StreamJV7.1 can be smoothly adapted, well compatible with each other, and operate stably.

It is fully compatible with the Kunwu server (KW2121016-SW3231) of Zhongcheng Hualong Computer Technology Co., Ltd. through joint testing, and the related functions operate stably, meeting the business needs of various scenarios.

And Loongson technology joint stock company LoogArch Dragon architecture completed the compatibility test on the Loongson 3C5000 platform, with good function and stability. · Installed smoothly on the FT-200 +/64 processor platform of Feiteng Information Technology Co., Ltd. and ran stably.

In Shanghai Zhaoxin integrated circuit joint stock company Zhaoxin ZX-C, ZX-C +, KX-5000, KX-6000, KH-20000, KH-30000 series processors and UOS operating system software V20 platform to complete the function, performance, compatibility, reliability, stability testing, to meet user application needs.

KOAL-SBGV2.0 products of the joint stock company are compatible with each other and the system runs stably.

And Beijing Ningsi software joint stock company’s security operating system V6.0 compatible with each other, stable operation.

Completed the mutual compatibility test with openEuler20.03LTS SP1 computing platform, Kunpeng920 (Taishan200), and Intel, and ran stably. · Good compatibility with PwC’s PwC Taiji server operating system V6.0, and the overall operation is stable and the performance is excellent, meeting the key application needs of users.

The operating system V20, intelligent end point operating system and desktop operating system V20 run stably and meet the functional and compatibility test requirements.

Complete compatibility tests with Kydroid Advanced Server Operating System (Feiteng Edition) V10, Kydroid Advanced Server Operating System (Kunpeng Edition) V10, Kydroid Advanced Server Operating System (MegaCore Edition) V10, Kydroid Advanced Server Operating System (Haiguang Edition) V10, Kydroid Advanced Server Operating System (AMD64 Edition) V10 of Kirin Software Co., Ltd., to meet general compatibility requirements, performance and reliability requirements, and meet users’ critical application needs.

Completed the compatibility test with win the bidding Kirin advanced server operating system software V7.0 (X86-64) of win the bidding software Co., Ltd., which can meet the general compatibility requirements, performance and reliability requirements, and meet the key application needs of users.

It is fully compatible with the KunLun2280/248015280 series rack servers of Henan Kunlun Technology Co., Ltd., and the related functions operate stably, meeting the business requirements of various scenarios.

It is fully compatible with the Fusionserver 2288H V6 series rack servers of Hyperfusion Digital Technology Co., Ltd. through common testing, and the related functions operate stably to meet the business requirements of various scenarios.

It is fully compatible with Inspur Commercial Machinery Co., Ltd.’s K1 Power server series products, and all functions have passed the test smoothly.

And Beijing Baoland software joint stock company Baoland application server software V9.5 products are compatible with each other, stable operation.

It is fully compatible with the TongWeb V7.0 product of Dongtong application server software of Beijing () Technology joint stock company, and the overall operation is stable and efficient. · It is fully compatible with the Kingdee Apusic application server software V9.0 and Kingdee Apusic application server software V10 products of Shenzhen Kingdee Tianyan cloud computing joint stock company, and the related functions are stable and meet the business needs of various scenarios.

(3) Ecological construction has been further strengthened

Huawei: As an important partner of Huawei’s ecosystem, the company has formed a full-stack localization joint solution with Huawei in multiple product lines and business fields such as Hongmeng, Kunpeng, Huawei Cloud, Euler, 5G, and Big Model, including core banking systems, smart channels, digital banks, and database all-in-one computers. In the Hongmeng field, the company is the first batch of HarmonyOS application service ecological partners, the first batch of Hongmeng ecological partner financial industry ISV contracting enterprises, and is a member of the OpenHarmony Financial Payment Committee and an OpenHarmony ecological innovation demonstration unit. It has successively completed the compatibility optimization of HarmonyOS3.0, 4.0, and HarmonyOSNEXT (Hongmeng Galaxy Edition) mobile financial components; completed the compatibility transformation of Kelan’s integrated trusted exhibition platform with Huawei RTC and AI platforms; completed the transformation of common components and application systems in the domestic programming language financial industry. Kelan distributed middleware was put on the Huawei cloud market, integrating Huawei HCS cloud platform to jointly develop the cloud market; Kelan Open Bank plan participated in Huawei’s overseas financial action and expanded overseas markets; Kelan Open Bank plan + SUNDB + Kunpeng server won the second prize of the Huawei Developer Competition Beijing Zone. In February 2024, the company launched Kunpeng native application development cooperation. In March 2024, Huawei officially issued the "HarmonyOS Development Service Provider" certificate to Kelan Software. The acquisition of Huawei’s HarmonyOS development service provider qualification marks an important achievement of Kelan Software in technological innovation and business expansion in the Hongmeng + financial field.

In March 2024, Kelan Software was invited to attend the Huawei China Partner Conference 2024 to jointly build a national future bank.

Baidu: The company signed a strategic cooperation agreement with Baidu Intelligent Cloud. The two sides will deepen cooperation in the financial field and jointly develop and promote advanced financial intelligent solutions. In the field of high-profile large-scale model technology, the two sides will also work together to explore and incubate a number of intelligent financial large-scale model application scenarios to help the financial industry enter a new era of intelligence.

Ali: Kelan Mobile Banking System, Kelan Internet Finance User Center System, and Kelan Internet Core/Internet Finance Core System completed product integration certifications with Alibaba Cloud Proprietary Cloud Enterprise Edition (V3) respectively. The two sides signed and renewed a number of ecological cooperation agreements.

ByteDance: Received Volcano Engine 2022 Solution Partner of the Year certification.

Completed the "China UnionPay Financial Information Technology Application Innovation Product Capability Assessment Report."

Completed the signing of the Tencent-Kelan cooperation agreement.

The company and Tsinghua University jointly established the Advanced Intelligent Database Joint Research Institute to jointly develop advanced intelligent databases, develop efficient, safe and intelligent new-generation database system software with fully autonomous control of key core technologies, and realize core business applications in national critical information infrastructure and key industries.

(4) Domestic database marketing activities have increased significantly

In 2023, the company’s database products were tested and launched in Jindian Cloud, and the company’s database was launched in Luzhou Bank, Jiangxi Rural Credit, Henan Mobile, Jiangsu Minfeng Rural Commercial Bank, and won the bidding for Hami Bank, Guiyang Rural Commercial Bank, Chengde Bank, Hebei Bank, Minsheng Financial Rent, Hunan Rural Credit, Yibin Commercial Bank, Weifang Bank, Kunlun Bank, Changjiang Securities, Guotai Junan Securities, National Defense University and other projects.

In February 2023, Sinochem adopted the distributed database developed by Kelan, and SUNDB landed in the field of digital agriculture for the first time, empowering the fertilizer industry digitally, serving the "three rural areas" and supporting national food security.

In August 2023, Kelan Software was invited to attend the 14th China Database Technology Conference. The organizer of the conference specially invited the company to open "Kelan Software: [China’s Original Own Brand Database SUNDB Special]", and brought a wonderful sharing of "Kelan SUNDB Database Innovation and Application Practice Sharing" in the sub-forum "The Road to Self-Control of Financial Databases".

On July 4, 2023, the "2023 Trusted Database Development Conference" sponsored by the China Communications Standards Association and the China Academy of Information and Communications Technology, hosted by the Big Data Technology Standards Promotion Committee, and co-sponsored by InfoQ, Mr. Wang Anjing, the chairperson of the company, was invited to attend the conference and delivered a keynote speech on "Database Security and National Information Security". As one of the first domestic database manufacturers to pass the evaluation of "Trusted Database" and master core technologies, Kelan Software SUNDB has participated in the formulation of many standards for "Trusted Database" of the China Academy of Information and Communications Technology for many consecutive years, and deeply participated in the preparation of the "Database Development Research Report (2023) ". This time, it was successfully selected into the "China Database Industry Atlas (2023) " and was recognized by industry authorities such as the China Academy of Information and Communications Technology and the China Communications Standards Association.

In October 2023, at the "2023 Banker Financial Innovation Forum and Banker Financial Innovation Achievement Conference", the company’s SUNDB database won the annual FinTech Innovation Excellent Case Award for its outstanding performance and a large number of financial-grade verifiable cases.

In December 2023, under the guidance of the Information Technology Application Innovation Working Committee of the China Electronics Industry Standardization Technology Association, Beihang University, and Beijing Institute of Technology, and jointly sponsored by the China Financial Certification Center (CFCA) and China UnionPay Cloud Computing Center, the list of winners of the "2023 Xinchuang’Big Competition ‘Financial Business Innovation Application Track" event was officially announced. The company’s SUNDB database won the Excellent Technology Application Award for its applications in Jiangxi Bank’s corporate online banking and mobile banking.

4. Continuously build market influence

In January 2023, at the award ceremony of the National Financial Technology Certification Center held by the Beijing National Financial Technology Certification Center, Kelan Software SUNDB distributed database was awarded the distributed database financial scenario application evaluation certificate.

In April 2023, the company was invited to attend the OpenHarmony Developer Conference of the Open Atomic Open Source Foundation, and was awarded the "OpenHarmony Ecological Innovation Demonstration Unit" honorary certificate and the "OpenHarmony Financial Payment Committee Member" certificate.

In April 2023, the company, as one of the first "Digital RMB Industry Alliance" governing units, was invited to attend the "2023 Digital RMB Industry Development Sub-Forum" to jointly exchange and discuss the experience and development of digital RMB.

In May 2023, iResearch released the "Research Report on the digital transformation of China’s banking industry in 2023". With its outstanding contributions in the process of digital transformation of banks, the company was listed in the TOP50 list of outstanding service providers of digital transformation in China’s banking industry. At the same time, the innovative multi-scenario and multi-modal smart bank network project case created by China Postal Savings Bank was selected as the "typical case of channel digitalization".

In May 2023, according to the national standard GB/T27925-2011 "Guidelines for Brand Evaluation and Corporate Culture Construction of Commercial Enterprises", the company’s product SUNDB database obtained the brand certification certificate issued by the authoritative certification agency, and the company’s corporate brand obtained the five-star brand certification.

In May 2023, the company was invited to attend the "2023 7th World Intelligence Conference" co-sponsored by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and other ministries, and delivered a keynote speech on "Intelligent High Cabinet Digital Coin Robot" Xiaolan "- Born to Build a Digital Bank with More Temperature and Higher Order".

In June 2023, the company’s SUNDB database won the silver award in the financial innovation category of the "6th (2023) Digital Financial Innovation Competition" sponsored by China Electronic Banking Network and other institutions.

In July 2023, the Industrial Internet Innovation and Development Forum, a global digital economy conference co-hosted by the Beijing Municipal People’s Government, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Commerce, was held in Beijing. Kelan Software was invited to attend this event and signed a contract to join the first batch of partners of the "Spark Industry and Finance" collaborative network.

In August 2023, the results of the 2023 "Golden Tripod Award" sponsored by the People’s Bank of China’s Financial Electronics magazine were officially announced. With its outstanding technical advantages in the field of financial technology and strong multi-scenario database application deployment capabilities, Kelan Software SUNDB database has stood out among many financial technology enterprises and won the "Excellent Financial Technology Solution Award" in one fell swoop.

In October 2023, the IDC FinTech Rankings series of 2023 will be officially announced on September 11, 2023 (EST). China’s leading fintech company, Kelan Software, has topped the IDC FinTech Rankings Top 100.

In October 2023, the 2023 Financial Industry Database Technology Conference hosted by China Financial Electronics Group and Beijing Institute of Financial Informatization was successfully held in Beijing. The "Financial Industry Database Innovation and Development Report (2023) " edited by Kelan Software SUNDB was officially released at this conference. Among them, the () credit card management platform based on Kelan Software SUNDB, the Jiangxi Bank Enterprise Online Banking System, and the Guangdong Rural Credit Database Joint Laboratory Enterprise Online Banking and Bank-Enterprise Direct Connection Project were selected as three typical application cases of the financial industry database.

In December 2023, the 20th China International Financial Forum, co-hosted by the China Banking Association and other institutions, opened in Shanghai. Kelan Software won the "2023 Outstanding Leader Award for Numerical Intelligence Bank" for its outstanding industry contributions, strong technical strength and rich Numerical Intelligence Bank construction cases.

III. Core competitiveness analysis

On the basis of continuous innovation in Internet banking business and technology, combined with the transformation of bank intelligent outlets and the development of comprehensive application fields of bank data services in recent years, the company’s core competitiveness has been upgraded to digital banking innovation. Internet banking + big data + offline intelligent network transformation = digital banking structure, the company’s main business has been upgraded from Internet banking to digital banking.

(A) a deep research and development foundation

In 1999, the company took the lead in using Java application server technology in the Chinese mainland and implemented the first online banking system. The company has independently developed the NetBank2000 technical framework, PowerEngine, MADP, and Pisces distributed technology platform, and has realized true multi-channel support on the basis of the technical framework and technology platform. Through domain design, business practice, and technological innovation, relying on meta-service management, data governance, and visual service arrangement, it has greatly improved the efficiency and quality of project development, and met the agile development and operation needs of the financial industry, thereby supporting customer business innovation, realizing data sharing, and effectively improving the bank’s product innovation and operation capabilities. It has promoted the rapid development of domestic digital banking business.

Since its establishment, the company has always adhered to the principle of independent innovation and independent research and development. The products and technical solutions provided to banks and other Financial Institution Groups are independently developed by the company and own 100% intellectual property rights. The various businesses are independent and controllable, safe and reliable, and have formed a complete digital banking Internet product system. It has accumulated rich experience and practical cases in the financial industry. The company can provide customers with full-stack services such as consulting, planning, planning, construction, operation, innovation and marketing of digital banking. Under the scenario of deep integration of finance and technology, it will provide financial technology solutions for more financial enterprises through mature technologies and services to help financial enterprises digital transformation.

In the field of basic software, the company has a distributed database of complete intellectual property rights and core technologies, and has occupied the commanding heights of Xinchuang’s localization in the high-concurrency, real-time trading financial-grade high-end application field.

As of the end of 2023, the company has obtained 333 software copyrights and multiple patents, and owns all source codes and independent intellectual property rights from basic software to the application layer. It now has more than 4,000 IT + finance talents, including more than 1,000 database DBAs, and has established an experienced team of various R & D and service talents.

(2) Excellent experience in digital banking

Since its establishment, the company has always been deeply involved in the technological construction and development of China’s financial industry, and adheres to the development concept of mutual promotion of business and technology. Over the past 20 years, it has not only accumulated mature solutions and products covering the front, middle and back of the financial industry, including mobile banking, online banking, open banking, online credit system, Pisces central product platform, smart marketing mid-platform, core business system, regulatory reporting system, etc., but also has the service capabilities of Financial Institution Group digital transformation planning and consulting, large-scale project group delivery, and large-scale system integration. Focusing on the company’s key solution customer experience system construction field, the company has established an independent customer experience center, and always takes the improvement of Financial Institution Group customer experience system as the primary business focus. At present, the company has become the industry’s leading online and offline digital customer experience system construction technology service provider.

(III) High-quality customer resources

After years of accumulation, the company’s customers have covered large state-owned banks such as Bank of China, Agricultural Bank of China, Construction Bank, (), Export-Import Bank, China Development Bank, policy banks and most city commercial banks, rural commercial banks, and foreign banks. It has developed more than 2,000 business systems for 500 + banks and non-bank financial customers, and has maintained long-term cooperative relationships with them. The company has established close ecological cooperation relationships based on the advantages of its own application software and basic software, and has built an open, cooperative and win-win financial service ecosystem with large central enterprises, state-owned enterprises and Huawei, Ali, Tencent, JD.com, Ning, Baidu, ByteDance, etc., empowering the industry with digital transformation.

(Iv) Advanced domestic databases

The risk of traditional database localization substitution mainly lies in the product maturity of the domestic database and the transformation of the original business system. Whether the database localization substitution is successful or not, in addition to the domestic database manufacturers being able to fully master the core technology of the database, they also need to rely on the application software developers of the original business system to adapt and transform their applications. The company is currently the only supplier in China that has both complete independent intellectual property rights distributed transaction database software and a full range of banking Internet products. The exclusive advantages of "database products + financial customers (500 +) + financial industry DBA team (1000 +) + bank key transaction system (2000 +) " built by the SUNDB database (basic software) and financial scenarios (application software) with independent intellectual property rights do not need to rely on other manufacturers when replacing the database localization, and can independently complete the testing and production line.

(5) A high-standard management system

The company is a high-tech enterprise, with ISO9001, CMMI5ISO20000, ISO27001, ISO22301, ISO45001, ISO14001 and other industry authoritative certifications. It strictly controls and continuously optimizes the whole process of the project in terms of process organization, software research and development, project management, project delivery, information security management and quality management. At the same time, the company participates in the formulation of relevant standards for industry databases and software supply chains, including the preparation of the "Database Application Migration Solution Capability Classification Requirements" standard by China Information and Communications Research Institute, the preparation of the "Database Development White Paper", the preparation of the "Financial Information Technology Innovation and Application Transactional Database Testing Specification" by China Financial Electronics Corporation, and the preparation of the national standard "Information Security Technology Software Supply Chain Security Requirements" by the National Information Security Standardization Technical Committee.

IV. Main business analysis

1. Overview

During the reporting period, with the continuous deepening of the digital transformation of our country’s financial industry and the localization of Xinchuang, the company continued to increase investment in research and development, and continuously launched independent, safe and controllable Xinchuang localized and intelligent products. With advanced innovation and leading technology, it has contributed many pioneering technology products and solutions to the national economic construction and financial industry, including: the self-controllable SUNDB domestic database, the front, middle and back office overall solution of the digital bank based on the digital RMB, the self-developed domestic exclusive patent "intelligent high cabinet digital currency robot", 5G digital bank, and the "financial industry native APP solution" and "Kelan mobile financial technology platform" based on the domestic operating system, etc. The above innovative products have become an important factor in the company’s revenue growth The company’s second growth curve has laid a solid foundation.

The main reasons for the loss of performance during the reporting period were: (1) the decline in revenue and profits of the company’s invested enterprises, and the corresponding provisions for goodwill impairment; (2) the company’s main business comprehensive gross profit margin was 28.64%, a decrease of 7.26 percentage points from the previous year. The decrease in the company’s comprehensive gross profit margin was due to the delay of projects during the special period, the longer delivery period, and the increase in project implementation costs, resulting in a decrease in gross profit margin.

V. Prospects for the future development of the company

(1) The company’s future development plan

The rapid development of technology, especially the rapid development of artificial intelligence and large models in recent years, is bound to have a huge impact and far-reaching impact on the economy, culture and the entire social environment. It is foreseeable that in the future, financial services will become more intelligent, efficient and personalized, and the competition among Financial Institution Groups will become more intense. The application of artificial intelligence and large models will greatly promote the intelligent and digital transformation of the financial industry and reshape the financial ecology to a certain extent. Facing new challenges and huge opportunities for change, the company has made a decision to make a comprehensive strategic transformation to artificial intelligence, and has determined the future development positioning of artificial intelligence financial technology companies.

1. Based on the 3A strategy, open a new era of AI technology

As a leading enterprise in financial technology, the company has transitioned to three AI strategies, covering the three elements of AI computing power, algorithms and data, and launched the 3A strategy – AI database, AI robot and AI computing power center. The three strategies are closely related to build an AI technology application system. In the future, with the continuous development and improvement of AI technology, the company’s 3A strategy will bring profound and comprehensive AI experience to users, and will also promote the progress and development of the entire industry from the bottom.

(1) AIDB Strategy – Let Data Speak: The company partnered with Tsinghua University to establish the "Advanced Intelligent Database Joint Research Institute" to upgrade more advanced AI databases based on the SUNDB database, and create a safe and reliable domestic AIDB with China’s own brand.

(2) AI robots – let banks understand you better: AI technology is applied to the field of bank digital services, and the intelligent high-counter digital currency robot "Xiaolan" is launched. Through the intelligent services of "Xiaolan", banks can not only replace labor with autonomous intelligent services for high-counter outlets, but also connect online and offline data to achieve a true customer-centric service model.

(2) AI computing power center – make computing power smarter: provide solid computing power support for AIDB and AI robots by building the Yangtze River Delta AI computing power center. The computing power center has strong computing power and data processing capabilities, which can support the operation of various artificial intelligence tasks. The innovative development of the computing power center can drive the rapid growth of artificial intelligence and related industries and become the () engine of economic growth.

2. Perfect and enrich the company’s products and solutions

The current society has entered the era of comprehensive digitalization, and there is no longer a space and time limit between financial services and customers. Building a new customer experience system in the digital age has become the primary challenge and opportunity faced by Financial Institution Group. Experience is king highlights the competitiveness of Financial Institution Group. With 20 years of industry accumulation, Kelan Software has fully deployed the user experience system solution market in the digital age. The company has launched comprehensive integration and research and development products and solutions in the fields of portable financial services and intelligent outlets around digital banks, assisting Financial Institution Group in establishing a new user experience system in the digital age and reshaping the customer life cycle journey.

The company will make full use of artificial intelligence technologies such as large models and machine learning to comprehensively upgrade products and solutions in the next few years, and help customers achieve a leap from digitalization to intelligence with the concept of "AI Bank".

3. Continuous investment to ensure technological leadership

In response to the call of the Party Central Committee, through the establishment of a research and development system that deeply integrates production, education and research, give full play to the advantages of the national system in the new era, and solve the core technical problems of "stuck neck". The company has established a professional financial technology industry-use docking platform with universities, research institutes, etc., created a new model for the transformation of innovative application results, introduced cutting-edge technologies and advanced management experience, accelerated the patent layout in key areas, promoted the promotion and application of scientific and technological achievements, and promoted the improvement of the overall development level of financial technology. At the same time, the company actively explores the application scenarios of new technologies such as AI in finance and specific industries through cooperation with large central enterprises, state-owned enterprises, and partners such as Huawei, Baidu, JD.com, Tencent, etc., and continuously promotes the financial innovation adaptation of

As a leading enterprise in domestic digital banks, Kelan Software has deep industry, application and technology accumulation. With the advancement of the "3A" strategy, the company will establish corresponding artificial intelligence technology teams and joint laboratories to help Kelan Software achieve its strategic transformation goals.

4. Strengthen digital management, reduce costs and increase efficiency

The company fully applies digital technology to strengthen internal management capabilities, and continues to promote the application of the company’s enterprise-level digital management platform VP + in the company’s management activities. Establish a practical and effective digital operation management system for business units, pay attention to the collection and application of operation data, prevent business risks, strengthen management methods such as customer management, plan management, budget and cost management, and realize the data, institutionalization and standardization of business operations, so as to achieve the management goal of reducing costs and increasing efficiency.

5. Global cooperation layout to serve overseas markets

Expanding overseas markets is an important strategic layout of the company. The company has deeply cultivated bank customers and continuously provided value-added services and innovative products for banks and other Financial Institution Groups. While expanding into the domestic non-banking field, it will also actively expand into overseas markets.

The company has certain market resources in North America, Hong Kong, Macao and South East Asia. In recent years, it has begun to expand the market in North America, Singapore, Vietnam, the Philippines and other countries. In the next few years, it will accelerate the overseas marketing activities of advantageous products such as database and mobile banking.

(2) Possible risks and countermeasures

1. The risk of increased market competition

With the development of Internet finance and the continuous improvement of the informatization level of commercial banks, the demand for IT services by banks has increased year by year, the overall size of the market has continued to expand, and the scale and competitiveness of competitors in the industry have continued to improve. At the same time, the number of new competitors entering the market has gradually increased, which may lead to the intensification of market competition in the industry in which the company is located.

Therefore, in order to avoid this risk, the company will continue to improve itself, keep up with industry trends, and further enhance its strength in terms of Product Research & Development, technological innovation, Client Server, and capital scale.

2. The risk of rising labor costs

With the rising cost of living in cities and the intensification of competition for professional talents by competitors, there is a risk that the company’s labor costs will continue to rise, which will have a certain impact on the company’s operations.

Therefore, the company will gradually establish a high-level enterprise management and internal control system, continuously improve the level of corporate governance, further implement cost control throughout the process, and improve the efficiency of the company’s daily operations.

3. Risks of increasing accounts receivable and changes in the ageing structure

With the expansion of the company’s business scale and market coverage, and the long execution and acceptance period of the project itself, the accounts receivable have a trend of gradually increasing and changing the age structure of the account. The company’s customers are mainly banks, Financial Institution Groups, etc. If the credit situation of individual customers changes greatly, it will not be conducive to the recovery of the company’s accounts receivable, and will have an adverse impact on the company’s asset quality and operating performance.

Therefore, the company will further standardize management, strengthen the collection of accounts receivable, and carefully summarize experience and lessons learned to avoid new overdue accounts receivable as much as possible and reduce the risk of accounts receivable.

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Is poaching people, making money, mergers, and community group buying another bubble？

Editor’s note: This article is originally written by Pioneer State, and the authors are Chu Chunxi and Yang Xuanran.

If the entire industry is divided into main vessels, branch vessels and capillaries, then the online and offline business has completed the integration of main vessels and branch vessels in recent years, and the remaining capillaries are the chosen market for community group buying.

And these capillaries will eventually be "figured out, tied up, and turned into branch vessels", that is, operated by more refined supply chains. Once that happens, the market for community group buying will face greater challenges.

"We don’t think this trend will last long," said one investor familiar with new retail.

The short-lived "trend" in his mouth is "community group buying". After sharing bicycles and leaving chicken feathers on unmanned shelves, community group buying seems to have become the last ripple in the consumer industry in 2018.

In the two months from August to October this year, about 2 billion RMB entered the field of community group buying one after another. The industry is moving forward with capital, and it is unclear whether capital has achieved trend or trend has driven capital. For a time, it seems that all eyes in the venture capital circle are glued to "community group buying".

In fact, community group buying is not new. It uses the head of the group as the sales node to provide household consumer goods mainly fresh fruits to the residents of the second-, third- and fourth-tier communities through "online pre-sale + offline self-pickup". It is similar to the previous micro-businesses, and it is also a bit like the fire sales organized by merchants near the community in the past. But no matter what the model is, what we cannot deny is that in the second-, third-, fourth- and fifth-tier cities, a new "melee" is being staged.

01 Dig "Leader" melee

As a key node for obtaining traffic, the head of the team is the core of every community, not only the link of transactions and the guarantee of last-mile delivery, but also the after-sales function. Therefore, the head of the team often becomes the key in this competition.

The old farmer is picking fruit

So, how to maintain the stickiness between the head of the team and the platform, prevent the head of the team from being poached, and even how to prevent the head of the team from running away with traffic, is almost every community group buying company needs to think about the problem. Among them, it involves various issues such as benefit distribution, value output, traffic control and so on. "In the final analysis, excellent head of the team is a scarce resource," said a consumer investor who did not want to give his real name.

In mid-2018, Li Kai registered a WeChat account with a feminine nickname and avatar, and then used this WeChat account to sign up for the recruitment of the head of the competitor. Generally, community group buying companies will build a head group in order to facilitate communication and management. Li Kai signed up as the head of the group, and after success, he was pulled into the group, and hundreds of the heads of the group would become the objects he pried away.

In the early days of wall digging, Li Kai used a stupid method: first find the warehouse of the competing product, and then follow the delivery truck of the warehouse all the way to each community, so that almost the head of the entire line would be locked by Li Kai.

In fact, with the intensification of this competition, in the front-line battlefield of competing for traffic, information is becoming more and more transparent. Core secrets such as "contact information of the head of the team" can be bought from the other party’s employees for only a few tens of thousands of yuan.

Obtaining contact information was often only the first step, and how to find success was the key. In order to convince the other party to successfully surrender, they used all kinds of methods, even went to the head of the group’s house, gave them tasting goods, bought toys for the children, helped with housework, and invited them to dinner… After the other party agreed, they continued: "Sister, please introduce me to a few more heads of the group."

Li Kai’s company had sent 40 boxes of fruit worth more than 100 yuan to try out a group leader in Shanghai. It started with one box a day, then changed to two boxes a day, and then increased to three boxes a day, until the other party said: "Don’t send it, I will do it." Later, the group leader became the number one order in East China.

Of course, in order to prevent their leader from being pried away and traffic loss, group buying companies have also come up with various tricks. Dai Shanhui, founder of Food and Enjoy Club, said that all community group owners of Food and Enjoy Club are regular employees of the company. The ownership of the WeChat group belongs to the company, and the leader can be replaced, but the ownership of the WeChat group remains unchanged. This reduces the loss caused by the personal flow.

For example, the community partners would be graded, and the new community partners would have to enter the boot camp for training. At the same time, different levels of community partners would have different assessment criteria and commission ratios. For the top community partners, the Ten Hui Group would sign an exclusive agreement.

You, me, your chairperson Liu Kai

You, me, and you have established a standardized training system for the head of the team, from how to start a group, to how to increase sales, and even how to become a community KOL, the whole path is a set of ladder growth routes. The head of the team with different abilities can receive different guidance. "Most of the head of the team are mothers, and they are very lonely at home. This job allows her to gain money while also improving her social value and family status." Liu Kai, your chairman, said.

An investor who has invested in two leading group buying companies believes that the most important thing to maintain the head of the group is to establish a reasonable balance of interests. "Why is the head of the group willing to work hard for you? The most important thing is that he can make money." This just fits the operating logic of Community Music. Community Music is an internal incubation project of the comprehensive e-commerce platform "Gejia Network". In an interview with the media, Li Xiao, chairperson of Gejia Network, said that he hopes that the head of Community Music can have more income, and other platforms of Gejia Network can simultaneously empower the head of Community Music to ensure that the small district head has at least two or more income.

02 The pursuit of capital

In early September 2018, Changsha had not yet dissipated the midsummer heat, and the cloudy weather for several days was slightly hot. At this time, the Prosperity Preferred team welcomed Xu Xin, the founder of Today Capital, the "Queen of Venture Capital". The track of "community group buying" has been under Xu Xin’s attention for a long time, and the purpose of this trip is to inspect the community e-commerce project hatched within Furong Prosperity – Prosperity Preferred.

Later, Zhou Yingjie, the co-founder of Xingsheng Preferred, recalled that "everyone talked from 2:00 pm to 4:00 am the next day, and both parties were very interested and did not feel tired." In addition to asking in detail about the company’s startup history, operation status, future plans and so on, Xu Xin also asked many pointed questions.

After 14 hours of detailed discussion, Xu Xin signed the TS on the spot. After half a month, the due diligence team of Today’s Capital conducted a comprehensive investigation of the project. At the end of September, the two parties officially signed an investment and financing agreement. Xingsheng Preferred received tens of millions of dollars in financing led by Today’s Capital, Jinshajiang Venture Capital, and Zhen Fund.

From August to December, community group buying financing projects are endless. In addition to the above-mentioned prosperous selection, the financing amount of you and me, Shihui Group, Food and Enjoy Club, and Squirrel fight is more than 100 million yuan, and Community Music has received the largest financing in the industry of 108 million US dollars.

Community group buying project financing overview

For the community group buying project "Ten Hui Group" incubated internally, Chen Ying, founder and CEO of Good Things, believes that in the Ten Hui Group model, community leaders assume more performance functions, and in the future, this group can assume more functions, such as content, training, product selection, etc., and may derive new models.

A first-line investment institution managing partner said that the community group buying model not only has characteristics in user acquisition and relationship maintenance, but also breaks through the original model in the performance of transaction orders, achieving efficiency and cost optimization.

Zhu Xiaohu, managing director of Jinshajiang Venture Capital, which invested in Xingsheng Preferred together with Today Capital and Zhen Fund, once said, "We looked at all the projects and companies, and the logic is very simple. It is established. The main reason why it was difficult for e-commerce to make money in the past was that it had to be shipped one by one, and the logistics cost was very high. The reason why community group buying can rise is because the business model is very healthy. It saves a lot of costs by pulling together the orders of customers in a community at one time, which is to make a profit. In addition, the platform hardly needs to spend money to acquire customers. It allows the head of the team to acquire customers locally, and then finally distributes it, and allows part of the benefits to the head of the team. This model is (attractive) for customers in second- and third-tier cities

For the project, the entry of capital not only provides them with food and ammunition, but also forms a good endorsement for their promotion, thus further obtaining resources and flows.

With the blessing of capital, in order to compete for territory, "mergers" are staged among these companies from time to time. Among them, the most representative is the Food and Enjoy Association, which has merged more than a dozen companies.

"Mergers can make the scale reach a certain number of levels in a short period of time, and it can" come to the table ". [But] it doesn’t help the business model and value itself much." In an interview with the media, Wang Peng, the founder of the Ten Hui Group, put it bluntly.

Still, in the past few months, the region’s top start-ups have all but been carved up. "Now the top groups have been divided almost by everyone," Mr. Wang said. "There are seven provinces that are doing well: Shandong, Henan, Jiangsu, Zhejiang, Jiangxi, Hunan and Hubei. The top three influential companies in each province are the top three, with a total of more than 20 companies, and the division is almost complete."

Regarding the merger, an investor who invested in two group buying companies held a negative view, "In the merger, there are some projects to VC, and several teams are pieced together. You work in Jinan and I work in Wuhan. On the surface, the team can be gathered quickly, but in the future, the cohesion of this team will have a great risk of collapse."

03 Test of operational capabilities

"The core barrier of community group buying is operation, which is stronger than anyone’s fine operation ability," said Yang Ge, founder of Xinghan Capital. Because in Yang Ge’s view, the reason why community group buying appears is the market demand formed by the middle ground after both online and offline are integrated.

Differentiation Analysis of Project Models

Yang Ge said that the integration of business began offline, driven by real estate and brand chains, which was gradually formed and completed two or three decades ago, while in the past ten years, e-commerce plus group buying, and O2O The way to complete the online integration, then there are some local areas, the mobility of offline goods is slow, the degree of commodity standardization needs to be improved, and the logistics cost of the last mile is high, so the buyer’s price sensitivity and convenience have not been satisfied. Therefore, community group buying has been iterated in this middle ground.

But it is not a mainstream model, and its characteristics make it difficult to standardize and integrate. "The culture, degree of standardization, logistics costs, and user preferences of each region are different, so it is more difficult to integrate, and it is difficult to form a big brand and perfect system."

A managing partner of a first-tier capital believes that the most important thing that community group buying companies should have is supply chain capabilities. "Most companies do not have supply chain capabilities. Once they expand across regions or grow in a single city, the specific performance will be huge losses."

From the current situation, several leading projects are born out of large companies with supply chain resources, such as Ten Huituan was incubated from community e-commerce, and about 50% of the supply chain resources in the early days came from having good things; Community Music was incubated from Gejia Network, founder Ma Xintong said that basically all mainstream cities across the country have the basic supply chain of Gejia Network Group, which is enough to support the current front-end business of Community Music.

Ma Xintong, founder of Community Music

According to media reports, there are more than 13,000 convenience stores in the country, and there are many landing convenience stores and supply chain resources. Also starting in Changsha, Xingsheng Preferred chose community convenience stores as sales nodes.

In addition, what kind of category to enter from is also crucial. Since the digestive capacity of the community is limited, up to 20 products can be launched a day. Too many categories and too frequent sales will greatly reduce the benefits. According to the information obtained from the interview, you, me, Squirrel, Neighborhood One, and Ten Huituan all have about 20 SKUs online every day.

At the same time, fresh fruits, as a high-frequency rigid demand category for household consumption, have become the first choice for drainage of various projects. In different seasons, you and I will choose to launch different popular categories such as Aksu apples and Guangxi sugar oranges for drainage; in the early stage of the ten Hui group, it used popular products provided by good things for hot start; similarly, squirrel neighbors, which mainly focus on fresh fruits, snacks, specialty gifts, etc., account for 60% of fresh food; in addition, in order to enhance the revenue of the head of the group and the platform, Community Music has also introduced products with high unit price of home appliances.

Chen Ying, founder and CEO of Good Things, said that the community group buying model is a selected model. When entering second- and third-tier cities, it is difficult to sell fresh food casually purchased from the local wholesale market and sold in the community. Only fresh food with different tastes can cut the market.

04 is essentially a marketing tool

"A lot of times, user experience is not necessarily cost-effective, it may be service ability, it may be emotional consumption, herd psychology, so there is psychology in it, and it may also be some marketing methods," said one investor.

These comprehensive factors have created some capital’s optimism about community group buying tracks. But Yang Ge believes that although community group buying is a good business during this period, its investment value has yet to be verified by the market. In fact, from 2014 to the present, the trends that have emerged are accompanied by some bubbles, and the life cycle of trends is getting shorter and shorter, from last year’s new retail, unmanned retail, to the Mini Program at the beginning of this year.

For investment institutions, the "kinetic energy" and "energy" of a trend are the key to survival time. For example, the "Mini Program" trend that only lasted for four or five months is the behavior of specific companies using specific technology implementation products, so it is difficult to generate large kinetic energy. The "kinetic energy" of community group buying seems to be weaker, because it is the only small business trend formed within this stage after the flow dividend of the entire Internet wave and the business model dividend of the entire (online) group buying fade. Whether this wave of dividends can be used to extend to the upstream and downstream of the industrial chain for more development is a more important test in the future.

Community group buying seems to be more like a marketing method. For brands, promotion through community group buying enhances the liquidity of inventory; for consumers, their price sensitivity is satisfied.

But after all, it is after the Internet dividend, offline business was hit, counterattacked, and then borrowed the Internet idea in this stage of the short-term product. If the entire industry is divided into main vessels, branch vessels and capillaries, then, in recent years, online and offline business has completed the integration of main vessels and branch vessels, the remaining capillaries, is the community group buying the choice of the market.

And these capillaries will eventually be "cleaned up, tied up, and turned into branch vessels," that is, operated by more refined supply chains. Once that happens, the market for community group buying will face greater challenges. "Although it may be a slow process, the entire stock market will gradually shrink," Yang Ge said.

But perhaps, in the future, community group buying will become a tool like group, live broadcast and other traffic acquisition forms, rather than appearing in the form of independent projects, such as future unmanned retail stores can also carry out community promotions.

"In the future, it is very likely to evolve into LBS (Location Based Service), which is a kind of automated placement based on location, or like sharing, it will eventually find that the cost structure is difficult to maintain, and eventually return to online and offline formats." Yang Ge said.