Core tips

　　■ The new economy is intended to comprehensively improve the internal quality of China’s economy and promote the sustainability of development with "new".

　　■ New industries, new formats, new models, new products, new services and other new kinetic energy are constantly accumulating, and new economic forms are ready to emerge.

　　■ The generation of new kinetic energy and the development of new economy need to further break through the existing institutional mechanisms.

　　"At present, China’s development is in such a critical period that we must cultivate and expand new kinetic energy and accelerate the development of a new economy." This year, the word "new economy" was written in the government work report for the first time, which became a new highlight of the report. What is the domestic and international background of emphasizing the new economy? What exactly does the new economy contain? How to promote the vigorous growth of new economy?

　　1. The "new economy" broke ground.

　　Rape flower, plum flower, peach flower, pear flower and citrus flower … … With the arrival of spring, the flowers in the countryside attract people to stop; Leisure farms, characteristic folk customs, self-driving camping, outdoor sports … … The new era of mass tourism is activating new consumption hotspots.

　　The latest data shows that the service consumption of cultural tourism in China is not decreasing. During the Spring Festival, the national tourism revenue reached 144.8 billion yuan, an increase of 14.6%. In February, the box office of the national film market was nearly 7 billion yuan, surpassing the North American market and ranking first in the world.

　　Today, China’s economy is facing a painful period of transformation. It is not in line with the economic law to let the traditional kinetic energy continue to maintain the high growth in the past.

　　Economic development is bound to have the process of iterative replacement of old and new kinetic energy. When the traditional kinetic energy becomes weak from strong, it needs the sudden emergence of new kinetic energy and the transformation of traditional kinetic energy to form a new "double engine" in order to promote sustained economic growth and leap to a new level.

　　The report "Review of World Economy in 2015 and Prospects for 2016" released by the National Bureau of Statistics recently pointed out that in 2016, the world economy will still be in the recovery period after the international financial crisis, the effectiveness of policies and measures will decline, and new growth momentum has not yet been established. It will still maintain the "three lows and one high" trend of "low interest rate, low inflation, low growth and high debt", and the recovery will remain weak, and weak demand will restrict China’s economy.

　　How can China’s economy set sail in the first year of the decisive stage of building a well-off society in an all-round way and the crucial year of promoting structural reform on the supply side?

　　The unfavorable factors and uncertain factors in the operation of the world economy are increasing, and how can China’s economy climb over the hill in the critical period of the continuous transformation of domestic new and old development kinetic energy?

　　"The development of China has always been advancing in response to challenges, and there is no hurdle." Premier Li Keqiang’s answer is very firm.

　　As long as we are tough enough to make the new economy form a new "S-shaped curve", it will give impetus to the new kinetic energy of China’s economy.

　　On March 16th, Premier Li Keqiang, when meeting with Chinese and foreign journalists and answering questions, said that the new economy has a wide coverage and rich connotations. It involves the primary, secondary and tertiary industries, not only the emerging service industries and new formats such as the Internet, the Internet of Things, cloud computing and e-commerce, but also the intelligent manufacturing and mass customized production in the industry. It also involves family farms and stock cooperatives that are conducive to promoting moderate scale operations in the primary industry, and rural areas. The new economy referred to in the government work report has gone beyond the original scope of this concept, but has richer connotation and broader scope.

　　Cui Jianhua, deputy secretary and vice president of the Party Committee of Peking University University of Economics, believes that the new economy focuses on "newness" and all-round "newness". In recent years, there are many references to the "newness" of China’s economy, such as new structure, new model, new industry, new format, new products, etc., which are put forward from different angles and different fields, and each has its own reasons and is not contradictory. The new economy should be a comprehensive category and corresponding unremitting practice, including all kinds of "newness", comprehensively improving the internal quality of China’s economy and promoting the sustainability of development with "newness".

　　2. Do "subtraction", "addition" and "multiplication"

　　"The total amount of development and structural problems coexist, and structural problems are more prominent." This is a scientific judgment of China’s current economic situation. Therefore, we must focus on strengthening supply-side structural reform, accelerate the cultivation of new development momentum, and transform and upgrade traditional comparative advantages.

　　Do subtraction and addition, reduce ineffective and low-end supply, expand effective and high-end supply, and increase the supply of public goods and services; At the same time, give play to the multiplier effect of mass entrepreneurship, innovation and "internet plus". Cui Jianhua pointed out that the new economy needs the support of "new structure". De-capacity, de-stocking and developing new industries are all structural adjustments of China’s economy. On the one hand, it is the adjustment and upgrading of the original industries, and structural adjustment does not blindly exclude traditional industries; On the other hand, it is the great development of new and frontier industries, which promote the transformation of industrial structure in parallel.

　　Since the beginning of this year, China’s structural adjustment has made positive progress, and transformation and upgrading are on the way. As the largest industry, the service industry continues to maintain a good momentum of development.

　　With the implementation of the innovation-driven development strategy and the introduction of a series of policies and measures to encourage mass entrepreneurship and innovation, new industries, new formats, new models, new products and new services have been accumulating.

　　In January, the number of domestic invention patents accepted increased by 35.7% year-on-year, and the number of domestic invention patents granted increased by 57%.

　　"internet plus" related industries are in the ascendant. 1— In February, the national online retail sales of goods and services increased by 27.2% year-on-year, and online shopping led to the rapid growth of express delivery business. Information consumption has doubled, and mobile Internet access traffic increased by 120.9% in January.

　　New products with high added value and high technology content are growing rapidly. 1— In February, the output of new energy vehicles increased by 75.9% year-on-year, smart TV increased by 28.5%, urban rail vehicles increased by 28.0%, optoelectronic devices increased by 22.6%, and special equipment for environmental pollution prevention increased by 21.8%.

　　New services and new models are constantly emerging. Driven by technological innovation, the penetration of mobile Internet and traditional industries is accelerating, and new service models are constantly being born. Various regions provide personalized and customized public products and services to enterprises by establishing business incubators, business parks and service centers. Innovative service platforms such as Zhongchuang, Crowdsourcing, Crowdfunding and Crowdfunding have achieved efficient integration of various resources. New service models, such as online car rental, online medical care and distance education, have greatly released the consumption potential.

　　The supply-side structural reform effect has emerged. The output of some "overcapacity" industries has declined. 1-mdash this year; In February, the output of cement decreased by 8.2%, crude steel by 5.7% and 10 kinds of non-ferrous metals by 4.3%. The price decline of related products narrowed.

　　"The kinetic energy conversion is gradually effective, and the new economic form is ready." Ning Ji Zhe, director of the National Bureau of Statistics, pointed out.

　　3. The new economy needs system innovation

　　"Although the central government is promoting decentralization, in many areas, the approval process is still too long. To turn new technologies into new kinetic energy and truly benefit the people, we must grasp the big and let go of the small. " Chen Hesheng, an academician of China Academy of Sciences, pointed out.

　　Xu Zhengzhong, a professor at the National School of Administration, believes that the current global economy has entered the 3.0 stage of free combination of everyone supported by "cloud computing, Internet of Things, big data and intelligence". The era of "great wisdom" has given birth to a new mode of economic development, which is and will completely change the way of knowledge acquisition, inheritance, accumulation and creation, and promote profound changes in lifestyle, working methods, organizational methods and social forms, and the form of public governance has also changed accordingly.

　　As an important part of the new economy, "sharing economy" also appeared for the first time in the government work report. Sharing economy, also known as peer-to-peer economy, collaborative economy and collaborative consumption, is a socio-economic ecosystem based on the sharing of human and material data. In the era of "internet plus", sharing economy has become a new trend, and industry changes have come.

　　In recent years, China’s sharing economy has developed rapidly, which is profoundly changing the economic form and lifestyle. Online creative design, marketing planning, catering and accommodation, logistics express, capital lending, and transportation … … The sharing economy has penetrated into all aspects of society. However, the data show that the market size of China’s sharing economy is small and the market development is not perfect. The important constraint is that the supervision of sharing economy still adheres to the concept of managing traditional industries.

　　"It is necessary to accelerate the growth of new technologies, new industries and new formats, promote the sharing of economic development through institutional and institutional innovation, build a sharing platform, expand emerging industrial clusters such as high-tech industries and modern service industries, and create a new engine with strong power." The clear expression of the government work report makes people see the hope of future development. "The government’s support for sharing economic development is more distinct, which will improve the efficiency of resource utilization and let more people participate and get rich." Fu Jun, vice president of China Civil Chamber of Commerce, said.

　　New technology, new industries and new economy run through the whole 13 th Five-Year Plan. The Outline identifies a number of major scientific and technological innovation projects and projects in 2030; Focus on supporting the development and growth of new-generation information technology, new energy vehicles and other related industries, vigorously promote innovation and industrialization in emerging frontier areas such as intelligent transportation, virtual reality and interactive film and television, and form a number of new growth points; Eight major informatization projects were identified; Implement the intelligent manufacturing project, strengthen the construction of industrial Internet facilities, technical verification and demonstration, and promote the "Made in China+Internet" to make a substantial breakthrough.

　　Xu Shaoshi, director of the National Development and Reform Commission, pointed out a few days ago that "China has put forward an innovation-driven development strategy, which has a historic intersection with worldwide innovation and provides a window of opportunity. Innovation and entrepreneurship will become a strong driving force for China’s economic growth in the future."

　　information

　　Postal savings bank launches consumer industry alliance

　　China Postal Savings Bank and China Post Consumer Finance Co., Ltd. recently established a consumer industry alliance of "You have a home by post" in Beijing, and released the first consumer financial product for "families with children" — — The "second child loan" is open to families with children all over the country, and only charges 0.75% handling fee. It is reported that the "You have a home by post" consumer industry alliance is a new model of integration of production and operation, which provides one-stop comprehensive consumer financial services for every small family through the entrance of "China Post Wallet" APP. (Yang Liang)

　　Jiang Tai Global Rescue Alliance was established.

　　Jiang Tai Insurance Brokers Co., Ltd. recently initiated the establishment of Jiang Tai Global Rescue Alliance in Beijing, aiming at providing China citizens with seamless global 24-hour rescue services, including travel risk prevention and early warning, security information services, medical assistance services and related travel assistance services. (temperature source)

　　EZZY, an intelligent sharing platform for automobiles, was launched in Beijing.

　　The "EZZY" car intelligent sharing platform APP created by Dameng Technology has been launched recently. The core of this product is a smart car control and sharing system. In use, users do not need to pay a deposit or go to the store to go through the formalities. After downloading the APP, the mobile phone becomes a master key, and the car can be locked by searching for nearby vehicles. Users can leave by themselves after use, and the central control system can automatically lock the doors and close the windows. (Qiu Wei)

　　(Reporter zhang yi)

Xinhua News Agency, Beijing, July 18 (Reporter Leo Chou) Intangible cultural heritage, especially traditional crafts, has the unique advantage of driving people in poverty-stricken areas to find jobs nearby and at home, and is an important starting point for helping the poor accurately. Recently, the Ministry of Culture and Tourism issued a series of documents to vigorously promote cultural poverty alleviation and revitalize traditional crafts in poverty-stricken areas, and selected and identified 10 first batch of "non-legacy+poverty alleviation" key support areas such as Liangshan Yi Autonomous Prefecture in Sichuan Province to support the establishment of non-legacy poverty alleviation employment workshops.

The notice of the General Office of the Ministry of Culture and Tourism on vigorously revitalizing traditional crafts in poverty-stricken areas to help the poor accurately is clear. The revitalization of traditional crafts in poverty-stricken areas is focused on five aspects: First, the revitalization of traditional crafts in poverty-stricken areas should be intensified, and the relevant provinces, autonomous regions and municipalities should organize the formulation of revitalization measures and annual action plans for traditional crafts projects in poverty-stricken areas listed in the first batch of national traditional crafts revitalization catalogues, and implement annual evaluation of work effectiveness. The second is to strengthen the cultivation of non-genetic inheritors in poverty-stricken areas, focusing on traditional craft projects with a wide range and a large number of employees, which are helpful to increase employment and cultivate brands, and implement the training plan for non-genetic inheritors in China. The third is to support outstanding representative inheritors and craftsmen of traditional craft projects to carry out workshops in poor areas, expand the training of inheritors, and help improve the development level of local traditional craft inheritance. The fourth is to support poverty-stricken areas to explore the establishment of non-legacy poverty alleviation employment workshops, focusing on the "three districts and three States" in deep poverty-stricken areas and identifying a number of key support areas for "non-legacy+poverty alleviation". The fifth is to build a platform for the design, display and sales of traditional craft products in poor areas.

The relevant person in charge of the Ministry of Culture and Tourism said that at present, the revitalization of traditional crafts has a good foundation to help precision poverty alleviation, and the research and training program provides talent support for cultivating poverty alleviation leaders; Eleven traditional craft workstations have been set up in China, which has provided useful experience for helping traditional craft projects to improve their quality and integrate into life. Shandong, Hunan, Guizhou, Gansu and other places have been actively exploring and practicing, and have gained many typical experiences; Many traditional craft enterprises, workshops and cooperatives take the initiative to recruit local poor laborers to help poor families get rid of poverty and increase their income.

Focusing on the precise poverty alleviation work in "three districts and three states" in deep poverty-stricken areas, the General Office of the Ministry of Culture and Tourism and the Comprehensive Department of the State Council Poverty Alleviation Office issued a notice, proposing that the two departments should focus on "three districts and three states" in deep poverty-stricken areas and take into account some national poverty-stricken counties in ethnic minority areas, select and determine the first batch of key support areas of "non-legacy plus poverty alleviation" and support the establishment of non-legacy poverty alleviation employment workshops. The proportion of poverty-stricken people who participate in the employment of non-legacy poverty alleviation workshops should reach more than 30%; Summarize and refine the working experience and models of a number of replicable, scalable and sustainable non-legacy poverty alleviation and employment workshops, and encourage and support other poor areas to learn from them and publicize them.

Although diesel power still accounts for more than 70% of the domestic pickup truck market, with the development of pickup truck ride and the change of users’ consumption concept, gasoline-powered pickup trucks are accepted by more and more consumers. With the development of technology, while retaining high horsepower, the torque level of gasoline pickup trucks has also increased rapidly. The worry-free use experience and excellent power feeling have spawned more consumer demand, and the choice of gasoline pickup trucks has gradually enriched.

Not long ago, China pickup network counted the engine models and parameters used in mainstream diesel pickup trucks. Today, let’s take a look at what new changes have been made in the power of gasoline pickup trucks.

Like diesel power, domestic pickup trucks have obviously enriched the gasoline engines, and a number of excellent self-owned brand engines have emerged, such as the 3.0T V6 gasoline engine of Great Wall, the 2.0T Blue Whale engine of Chang ‘an, and the 20A4E engine of SAIC Chase, which have excellent performance in power and torque parameters. The rise of these independent brand engines has a positive impact on improving the overall level of domestic pickup trucks, promoting technological progress in the industry and enhancing international competitiveness.

As can be seen from the data, the gasoline engine of domestic pickup truck has been significantly improved in power performance, which not only pursues high power, but also pays attention to high torque output. This design makes pickup truck perform better in load and traction, and adapts to diversified use requirements. On the technical level, the domestic pickup gasoline engine has been continuously upgraded, with the emergence of double supercharging technology, Miller cycle and 48V light mixing system, which greatly improved the fuel efficiency and power performance.

Among them, the 3.0T V6 engine on the Great Wall has a maximum power of 264 kW and a peak torque of 500 Nm, which is one of the peaks of domestic gasoline engines at present and one of the few domestic self-developed V6 engines that we can buy. Jiangling Ford 2.3T is mounted on the Almighty, Light Chaser, Explorer, Flying Admiral and Ford pickup trucks on Jiangling Avenue. Its excellent power level and two different power adjustments make an engine adapt to more models. SAIC Chase’s diesel power once achieved 500 Nm ahead of domestic pickup trucks, and its gasoline engine also performed well. Among the current gasoline pickup trucks with a displacement of about 2.0T, SAIC Chase’s 20A4E power has the largest horsepower performance, with the maximum engine power reaching 192 kW and the peak torque of 410 Nm.

In addition, the Blue Whale 2.0T powered by Chang ‘an, Dongan 2.0T powered by Jianghuai and Mitsubishi 2.0T powered by Futian Mars are among the best in terms of power and torque parameters, and these engines have been verified for many years, and their quality and reliability are guaranteed.

At present, in addition to the self-owned brand engines, the most widely used gasoline engine is still the 4K22 engine with a displacement of 2.4T produced by Shenyang Aerospace Mitsubishi, and this power is selected by Great Wall, SAIC Datong Interstellar L, /T6 and other products. Mitsubishi gasoline engine was opened for cooperation and matching in the fifth stage of the country, and it was already one of the gasoline power with the highest loading rate at that time. After upgrading to the sixth stage of the country, the power and torque of the engine were further improved. In addition, in recent years, Aerospace Mitsubishi 4K31 Power, Wuling Willow 2.0L naturally aspirated engine and Dongan 2.0T Power have been gradually applied to domestic pickup trucks.

In terms of displacement, domestic gasoline pickups are mainly 2.0L and 2.4L, and their power performance has been improved as a whole. The pickup truck with the largest displacement is the 3.0T Shanhai cannon, while the small displacement products are the Great Wall Fengjun 5 dry rice version with 1.5 displacement, ZTE with 1.6 displacement, Jiangling and Qingling Daka with 1.8 displacement, etc. Most of these products are oriented to the tool market, and the fuel consumption is low when driving in cities and at low speed, and the price of the whole vehicle is more close to the people because of the lower cost.

It can be seen that with the improvement of technical level and emission standards, the domestic pickup gasoline engine has been continuously optimized, and pickup truck models have gradually changed from traditional commercial vehicles to passenger cars. In the future, with the continuous progress of technology and further market segmentation, it is believed that gasoline pickup trucks will continue to expand their market share with diversified power choices and continuously improved performance to meet the individual needs of more users.

I. Basic financial data

Data is rounded to see more financial data > >

Second, the dividend delivery scheme

Rmb 0.130 per share

III. Business Review and Prospect

　　I. Discussion and analysis of business conditions

　　The year 2021 is the year when China has built a well-off society in an all-round way, and it is also the first year of the 14 th Five-Year Plan. Standing at the historical intersection of the goal of "two hundred years", facing the global COVID-19 epidemic and the national joint "purchasing with quantity" environment, under the strong leadership of the board of directors, all employees of the company actively responded to the risks and challenges in operation, forged ahead, continued to reform, accelerated the research and development progress of new materials, new processes and new products, and actively expanded new pipelines to adapt to the new normal of epidemic and centralized procurement.

　　

　　II. Description of the company’s main business, business model, industry and R&D during the reporting period.

　　(a) the main business, main products or services.

　　The company is a leading orthopedic medical device manufacturer in China, and its main business is the research and development, production and sales of implantable orthopedic medical devices. The main products are joint prosthesis products and spinal implant products. The company is one of the enterprises with relatively complete medical device registration certificates in the field of joint prosthesis in China, covering four major human joint prosthesis products, namely shoulder, elbow, hip and knee, and spinal implant products are a full range of product combinations of spinal internal fixation systems.

　　(II) Main business models

　　Based on the regulatory laws and regulations of the medical device industry, the national industrial policy, the industry competition pattern, the upstream and downstream development level of the industry, the market operation environment and other factors, and combined with the company’s own development strategic planning, resource factors and technical strength, the company’s business model is determined together.

　　1. Purchasing mode

　　The main procurement contents of the company include three categories: the first category is raw materials, mainly including ceramic blanks, cobalt blanks, titanium blanks, polyethylene and so on; The second category is energy power; The third category serves external processing, mainly including spraying, basic machining and sterilization. The company set up a purchasing department to take charge of the procurement of raw materials and outsourcing services, and formulated a perfect workflow to ensure the efficient operation of the business.

　　(1) Procurement process

　　The purchasing department of the company shall be responsible for making purchasing plans, preparing purchasing orders, transmitting purchasing information, signing purchasing contracts, checking raw and auxiliary materials and establishing purchasing records according to the purchasing needs of various departments.

　　In terms of finished products and raw materials, the company’s procurement process is mainly carried out by bidding. First, the purchasing department conducts pre-qualification and selects three or more qualified units or suppliers to invite bids. Then, the purchasing department and the person in charge of purchasing control the bidding process and select one or more successful bidders for cooperation. The procurement contract drawn up during cooperation should include the necessary clauses such as quality constraint, time constraint and liability for breach of contract. After the contract is approved by the company, sign a purchase contract and quality agreement with the supplier, and ask the supplier to issue relevant certification materials. After the goods arrive, the quality department will control the quality. For outsourcing manufacturers, the company strictly controls the quality of outsourcing products and services by establishing and strictly implementing the selection criteria of outsourcing manufacturers and regularly evaluating outsourcing manufacturers.

　　(2) Development and management of suppliers

　　① supplier access and evaluation mechanism

　　The selection mechanism of suppliers shall be implemented in accordance with the company’s bidding system. Suppliers must have business licenses, legal production and operation certificates, quality management system-related documents, performance and safety evaluation materials of purchased goods, self-inspection reports of enterprises or effective inspection reports issued by qualified inspection institutions. Subsequently, the purchasing department took the lead in organizing the production department, R&D department and quality department to jointly invite tenders, and the suppliers who passed the evaluation were included in the List of Qualified Suppliers, which took effect after being approved by the management of the company.

　　② Quality control measures for suppliers’ supply.

　　The company agreed on matters related to quality compensation in the contract and signed a Quality Agreement with the supplier, binding the quality responsibilities of both parties. If the product is unqualified due to the supplier’s reasons, the supplier shall compensate the buyer for the losses according to the agreement. The company conducts normalized quality communication with suppliers to find out the reasons for unqualified raw materials and ask suppliers to make improvements. After the supplier improvement is completed, the company will check the effectiveness of the improvement, and the company will terminate the cooperation relationship with the supplier who fails to improve as required. The company conducts regular on-site inspections or temporary spot checks on major suppliers, inspects the supplier’s production process, ex-factory inspection process, personnel and equipment and corresponding process records, and judges whether the supplier has quality management capabilities, thus ensuring the quality of supply.

　　③ Settlement mode and settlement cycle

　　The company checks with suppliers every month, and after checking with the system, sorts out different types of business payment documents, which are approved by department managers and company leaders and then transferred to financial personnel for review and remittance.

　　The company settles accounts according to the payment time agreed in the contract, and suppliers with long-term cooperation and a certain purchase amount have a certain credit line.

　　2. Production mode

　　The company mainly produces based on strategic planning, market demand and annual sales target. With the cooperation of relevant departments, the production department carries out the established production and processing tasks according to the production plan, ensuring the company’s annual supply capacity and ensuring a certain safety inventory.

　　The production department tracks the orders received by the sales department in real time, and makes a production plan according to the sales volume in previous years in combination with the company’s safety inventory standards. After the production plan is determined, the production department issues the production task list according to the planned progress, and then enters the specific production process. After picking materials, the production personnel gradually carry out machining, polishing, lettering, cleaning, aseptic treatment and other links, and finally complete the warehousing. The production department of the company strictly implements the system related to production safety. In addition, the company sends safety personnel to supervise and inspect its work, strictly implements rectification for violations of rules and disciplines, and strengthens on-site management and hidden danger investigation to ensure the elimination of hidden dangers and reduce safety accidents.

　　The company’s main production modes are as follows:

　　For products with many varieties and small and medium batches, the company adopts the unit production management mode. This model has the advantage of high efficiency of assembly line production, and can also adapt to the changes of product variety and quantity quickly. The unitized production management mode is mainly composed of two parts: production unit and management unit, in which the production unit takes products as the center, centralizes the layout of equipment with different functions according to the process flow, and creates hardware conditions for realizing continuous production flow; The management unit carries out a series of management optimization around the planning management, personnel management, material management, equipment management and quality management of the production unit, so as to shorten the product delivery cycle and improve the production efficiency on the premise of ensuring the product quality. Under the unitized production management mode, the equipment, personnel and materials are reasonably allocated, and the production mode of "one person and multiple processes" with the goal of "one flow" in the unit is conducive to shortening the processing time and production change time of products with many varieties and small and medium batches.

　　For products with few varieties and large output, the company adopts multi-product batch production mode. In this mode, most products are designed in standardized modules, and the parts are universal and standardized. Employees have a high degree of division of labor and high proficiency in single process operation; Metal die casting, precision casting, die forging, precision forging and other methods are widely used in the production of blanks, with high precision, small machining allowance and high material utilization rate; The production line mostly adopts special and efficient equipment and process equipment, and repeatedly produces one or several similar products. The production process is mechanized and the production cycle is short.

　　For products with individual special requirements, the company adopts customized production mode. Customized production is based on modular design and standardization of parts. According to the special needs of customers, combined with the application of new materials and flexible manufacturing, it carries out secondary development and reorganizes the product structure and manufacturing process. This model not only meets the demand of customization, but also helps to reduce development costs, improve production efficiency and shorten delivery cycle.

　　In addition, the company introduced automatic production equipment in some production links to further improve production efficiency. For example, the company introduced intelligent grinding and polishing automation equipment to grind and polish the femoral stem, ensuring the accuracy of repeated positioning, while the built-in service information system can monitor the feeding of the moving machinery, and the motion control technology can also optimize the performance of the machine.

　　In addition to the above-mentioned self-production mode, based on the existing production capacity and cost control, the company entrusts some production processes to outsourcing manufacturers with corresponding qualifications or conditions for production, mainly involving product spraying, sterilization, surgical tool processing and so on.

　　3. Sales model

　　During the reporting period, the promotion of the "two-vote system" policy has brought certain changes to the sales model of the company and enterprises in the same industry. Before the implementation of the "two-vote system" policy, most enterprises in the industry mainly used the distribution mode to realize the professional division of R&D, production and terminal sales, that is, the manufacturers of orthopedic medical devices focused on the R&D, production, filing, registration and marketing of various orthopedic implants and instruments and tools, and the professional dealers focused on cooperating with the manufacturers to complete the marketing, terminal channel construction, sales and distribution, follow-up service for end customers, and operation follow-up. After the implementation of the "two-vote system" policy, the traditional distribution model was challenged, and sales service providers began to assume the responsibilities of some traditional distributors. Medical device manufacturers, distributors/distributors and sales service providers participated in the product sales and supporting services.

　　The sales modes of the company’s main products include traditional distribution mode, two-vote distribution mode, distributor mode and direct sales mode. During the reporting period, the company’s sales model was mainly based on the traditional distribution model. With the implementation of the "two-vote system", in recent years, the income of the company’s two-vote distribution model and distributor model has increased year by year.

　　(1) the traditional distribution model

　　During the reporting period, the traditional distribution mode was the main sales mode of the company. The main criteria for the company to select a distributor are that the distributor has the qualification for operating orthopedic products stipulated by the state, and the past financial performance and legal compliance of the distributor need to be investigated by the company’s background and field investigation. Due to the different amount of hospital operations, the company has no uniform minimum absolute sales requirements for dealers, but for dealers in some areas, the company will implement a rebate policy when their sales reach a certain target. The company makes full use of the distributor’s sales network and geographical advantages, constantly tapping potential customers, enhancing the product marketing ability and expanding the market share of products. The dealer agreement period is usually one year and is renewed every year.

　　Under the traditional distribution mode, products are sold to terminal hospitals through traditional distributors. Distributors undertake the responsibilities of channel development and customer maintenance, and provide follow-up service and other technical services including preoperative consultation, cargo transportation and equipment disinfection to end customers. At the same time, the marketing team of the company assists distributors to jointly complete channel development and customer maintenance by providing some technical and professional support. The business process of the company’s traditional distribution model is as follows:

　　Under the traditional distribution mode, the company’s payment system is assessed according to two standards: credit period and credit limit, and the payment is required according to the standard that is given priority. At present, most dealers expire the credit line first. After the credit line expires, the company stops the delivery, and the company will deliver the goods after the dealer makes the payment.

　　During the reporting period, the traditional distribution mode of the company was buyout sales.

　　(2) Two-vote distribution mode

　　Under the two-vote distribution mode, products are sold to terminal hospitals through two-vote distributors. Among them, the two-vote distributor only undertakes the functions of channel development and customer maintenance with the assistance of the company, while the follow-up service and other technical services are undertaken by the sales service provider. The business process of the company’s two-vote distribution model is as follows:

　　(3) Distributor mode

　　Under the distributor mode, the company’s products are sold to terminal hospitals through distributors. In this mode, the distributor does not undertake the promotion service function, while the sales service provider undertakes the follow-up service and other technical services under the two-vote distribution mode, and also carries out channel development and customer maintenance with the assistance of the company. In the process of selecting a sales service provider, the company mainly considers the local end-user resources, past service experience, historical cooperation, service personnel’s ability and other factors. The business process of company distributor mode is as follows:

　　(4) Direct selling mode

　　During the reporting period, the company’s main direct selling customer terminals were major hospitals, and the company had long-term and stable cooperative relations with major direct selling terminal hospitals. In recent years, the company’s high-end products have been listed one after another, and the company has also carried out several direct sales of customization/assembly and standard joints in Beijing and other regions. Under the direct selling mode, the channel development, customer maintenance, follow-up service and other technical services of the company’s products are mainly completed by the company’s self-built marketing team. The price of the company’s products is confirmed according to the winning bid price or the internal filing price of the hospital. The business process of the company’s direct selling mode is as follows:

　　For overseas markets, the company may adopt distribution mode, ODM or OEM mode for sales according to the specific situation.

　　In addition, in order to further introduce magnesium alloy-related orthopedic implant products and expand the market of trauma implant products, the company entered into a cooperation and distribution agreement with SynteixAsiaPTE.LTD in August 2019 to obtain the marketing, promotion and sales rights of related products in China, and agreed to purchase certain minimum purchase quantities of contract products within five years. The contract is valid until December 31, 2024, but up to now, SynteixAsiaPTE.LTD has not obtained the medical device registration certificate of related products in China, so the contract has not been formally implemented.

　　4. R&D mode

　　The company’s R&D work is managed in strict accordance with the review principles of quality standards such as ISO13485 and ISO9001/GB/T19001. The specific process is as follows:

　　(1) Project demonstration and establishment

　　Based on the market research of the company’s R&D center, marketing department and other relevant departments, the company formulates the annual product development project plan. The R&D department formulates the annual product development/improvement work plan in combination with the annual product development project plan, market demand, product characteristics and technical requirements, and assigns the design and development project leader, who further clarifies the project name, project objectives, project significance, brief feasibility analysis and project planning time.

　　(2) Project planning and review

　　Combined with the actual situation of the scheme, the project leader further comprehensively evaluates the feasibility of the project, studies and supplements the product specifications, technical scheme, implementation schedule, main key technologies, risk analysis, etc., and arranges and summarizes the scheme and sends it to the department leaders for review. According to the specific needs, the project leader sets up a project team.

　　(3) Design, development and control

　　The project leader shall control the progress of product development/improvement projects as a whole, complete product development and product design change projects according to the requirements of quality system documents, and ensure the standardization of documents, processes and operations. The units of the design and development folder should at least include design and development project initiation, planning, input, output, verification, confirmation, conversion, etc.

　　In this stage, the project leader prepares the design and development input list, and then organizes relevant departments and personnel to review the design and development input.

　　(4) Verification review and registration inspection

　　The project team conducts mechanical and biomechanical tests according to the test plan, and verifies the products according to the relevant national standards, industry standards or company requirements.

　　After the company’s internal projects have passed the verification and review, the project team will prepare the relevant technical requirements documents for medical device products to be registered according to the specific requirements of relevant regulations, prepare samples for registration inspection, and submit them to the medical testing institutions recognized by National Medical Products Administration for registration inspection in time.

　　(5) Clinical evaluation and research

　　The project team and other relevant departments of the company jointly formulate the clinical evaluation plan, and determine whether the product needs clinical trials according to the product characteristics. For the products listed in the Catalogue of Medical Devices Exempted from Clinical Trials or evaluated by clinical trials and usage data of the same kind of medical devices, the company conducts comparison tests of the same products and compiles relevant clinical evaluation materials according to the relevant requirements of the Technical Guiding Principles for Clinical Evaluation of Medical Devices; For products requiring clinical trials, cooperate with CRO (Contract Research Organization) and other companies to take the lead in completing clinical trial plans and clinical trial summary reports.

　　(6) Application for submission and registration

　　The personnel in charge of registration in the project team shall compile relevant registration materials, register products and obtain approval.

　　(3) the industry situation

　　1. The development stage, basic characteristics and main technical threshold of the industry.

　　A. Industry development stage

　　Orthopedic implant medical devices is one of the important subdivisions of medical devices. Orthopedic implanted medical devices refer to the devices and materials that can be implanted into the human body through surgery to replace and support human bones or repair bones, joints, cartilage and other tissues, mainly including bone joint implants and joint implants, such as bone plates, bone screws, intramedullary nails, spinal fixation implants, artificial joints, etc., which belong to high-value medical consumables. Because they are implanted into the human body for a long time, they have a great impact on human life and health, and their value is usually high. According to the report on punctuation information, it is estimated that the market size of orthopedic implantable medical devices in China will be about 60.7 billion yuan in 2024, and the compound annual growth rate from 2019 to 2024 will be about 14.51%.

　　According to the different parts of use, orthopedic implanted medical devices can be divided into four categories: trauma, spine, joint and others. In China’s orthopedic implantable medical device market in 2019, the market segments of trauma, spine and joint accounted for 85.80% of the market; Among them, trauma is the largest market segment, accounting for 29.80%; Spine ranks second, accounting for 28.23%; Joints ranked third, accounting for 27.77%.

　　(1) Joint implanted medical devices

　　According to different parts, artificial joints can be divided into artificial hips, knees, shoulders, elbow joints and so on. Benefiting from the growing medical demand, the joint market has maintained a rapid growth. According to the punctuation information related reports, the market size of joint implanted devices in China in 2018 and 2019 is 7 billion yuan and 8.6 billion yuan respectively. It is estimated that the market size of joint implanted medical devices in China will be about 18.7 billion yuan in 2024, with an average annual compound growth rate of about 6.87% from 2019 to 2024. Due to the relatively high technical difficulty, complex production process and long service life of joint implants, the market for joint implants is mainly imported products, while domestic products account for a relatively low proportion.

　　(2) Spinal implants.

　　Benefiting from the increasing medical demand and the development of minimally invasive spine technology, the market scale of spinal implant medical devices in China is also growing gradually. According to the report on punctuation information, the market size of spine medical devices in China is 7.3 billion yuan and 8.7 billion yuan in 2018 and 2019 respectively. It is estimated that the market size of spine medical devices in China will be about 17.1 billion yuan in 2024, and the compound annual growth rate from 2019 to 2024 will be about 14.42%.

　　(3) Implanted medical devices for trauma.

　　The production technology of trauma products is mature and the market development is sufficient, which has maintained rapid growth in recent years. According to the report on punctuation information, the market size of trauma implanted devices in China was 7.7 billion yuan and 9.2 billion yuan in 2018 and 2019 respectively. It is estimated that the market size of trauma implanted medical devices in China will be about 17 billion yuan in 2024, and the compound annual growth rate from 2019 to 2024 will be about 13.15%.

　　(1) International medical device giants have more advantages in the market.

　　Although the overall gap between domestic medical device companies and international medical device giants is narrowing year by year, the problem of low overall level of medical device companies in China still needs to be solved. In the domestic and international markets, international medical giants still occupy the dominant position by virtue of strong technical strength, R&D ability, capital supply ability, brand influence and higher trust.

　　With the acceleration of import substitution, the market share of domestic enterprises has gradually increased. However, from the perspective of the market segmentation of orthopedic implants, the degree of localization of the joint market is still low, and at present, imported enterprises still occupy a dominant position.

　　(2) The industrial concentration of Class 2)III medical device enterprises has gradually increased.

　　Under the leadership of international medical device giants, domestic medical device companies, on the one hand, step up their technological catch-up and constantly narrow the gap with international giants, on the other hand, accept increasingly strict government supervision, while the fierce competition among companies continues to increase, and high-quality enterprises rise, making it difficult for some small and medium-sized enterprises to continue to operate and be eliminated. Generally speaking, the industry concentration of Class III medical device enterprises with high technology content is gradually increasing, and the trend of survival of the fittest, mergers and acquisitions is obvious. According to the Statistical Annual Report on Drug Supervision in National Medical Products Administration, by the end of November 2018, there were only 1,997 enterprises that could produce three types of products, which was 25.37% lower than the 2,676 enterprises at the end of 2013. With the backward small and medium-sized enterprises being gradually eliminated or merged, the concentration of China’s medical device industry will continue to rise, and the scale of enterprises will gradually expand. While broadening the product line, they will continue to consolidate and expand their own advantages.

　　(3) Domestic medical device companies are accelerating the process of import substitution.

　　Due to the lack of strict and unified standards for equipment industry and the influence of municipal/hospital bidding mode, the medical equipment industry has been in a state of low concentration. Therefore, for a long time, many medical device companies developed in specific areas by relying on their special geographical location and marketing network. However, with the improvement of domestic innovation ability and technical level, the scale of domestic medical device companies continues to expand, R&D investment continues to increase, and the quality and approval number of domestic devices have improved, which provides the possibility for domestic products to occupy more market share.

　　In addition, hospitals at all levels have certain pressure to control medical insurance fees, especially the basic medical insurance system for urban residents, whose fees are mostly divided by age, and the overall amount is small; In terms of reimbursement amount, the reimbursement amount for urban residents is limited. Therefore, the long-term pressure of medical insurance fee control is great, and the increase in the use of domestic devices is an inevitable trend, which also provides an opportunity for domestic companies to accelerate import substitution.

　　(4) The development history is short and there are few large-scale enterprises.

　　The development history of domestic medical high-value consumables industry is only more than 20 years. In the field of orthopedics, the domestic manufacturers of orthopedic medical devices have a certain production capacity, and their products can basically cover various types of orthopedic diseases, and they have made certain progress in the fields of joint reconstruction devices, trauma and fixation orthopedic medical devices, orthopedic surgical instruments and spinal fixation devices. However, most domestic manufacturers of orthopedic implant consumables are small in scale, and their core products and market dominance are limited.

　　At present, there are few manufacturers of orthopedic implant consumables in China. From the perspective of enterprise scale, China’s orthopedic industry is still in a relatively primary stage. At the same time, because there is still a gap with imported products in prosthesis materials, prosthesis shape design, accuracy of surgical positioning instruments, joint surface smoothness, and treatment of contact surface with bone, the products of domestic manufacturers mainly focus on trauma and spine products, and the share of state-owned manufacturers in the joint market is relatively low.

　　(5) The competition pattern is scattered, and the trend of industry integration is obvious.

　　Because most of the manufacturers of high-value medical consumables and orthopedic implants in China are small in scale, the industry competition pattern is relatively scattered. In recent years, major market participants have integrated through mergers and acquisitions. For example, in 2012, Johnson & Johnson acquired Synthes, a Swiss medical plastic equipment manufacturer, and later joined DePuy subsidiary to become Johnson & Johnson DepuySynthes；; Stryker acquired China Enterprise Chuangsheng Medical in 2013; Medtronic acquired Kang Hui Medical in 2012; Xerox has successively acquired American sports medicine product manufacturer ArthroCareCorp, orthopedic robot company BueBet, and the BST-CarGe cartilage repair business of Indian pharmaceutical company PiramaHeathcare. The trend of industry integration is obvious, which provides development opportunities for enterprises with considerable scale in the industry. According to the report on punctuation information, in 2019, the top five companies in China’s orthopedic implantable medical devices market were Johnson & Johnson, Medtronic, Jiemai, Stryker and Weigao Orthopedics, with market shares of 17.24%, 9.70%, 5.97%, 5.19% and 4.61% respectively, totaling 42.71%, and the industry concentration increased.

　　(6) The demand for high-end products is still expanding.

　　With the increase of national disposable income, the increase of the proportion of the elderly population, the change of medical concept and the expansion of medical insurance coverage, the demand for high-end orthopedic medical devices in China will maintain a high growth rate.

　　After years of market cultivation, patients’ acceptance of orthopedic implants has been continuously improved. In the future, investment and mergers and acquisitions in the field of high-end orthopedic medical devices will increase, and good market prospects and huge growth space will bring greater impetus to the development of enterprises.

　　C. Main technical thresholds

　　Medical devices are knowledge-intensive and technology-intensive industries with multidisciplinary integration, and because orthopedic medical devices are directly applied to the human body, the safety, effectiveness, accuracy and reliability of medical device products must be guaranteed, which means that medical device manufacturers must continuously improve their technical level through continuous research and statistical analysis of large-scale clinical data before they can develop products that guarantee quality and meet customer needs. New entrants to the industry often do not have this technical level, and the difficulty of entering the market is further increased.

　　2. Analysis of the industry position of the company and its changes.

　　Based on China’s huge population base and the trend of accelerating aging, China’s orthopedic market is huge and has considerable growth potential. International orthopedic giants have successively entered the China market through local mergers and acquisitions or investment in factories. The period of investment and factory building is longer than that of mergers and acquisitions. Most international orthopedic giants choose mergers and acquisitions to open the China market.

　　In recent years, with the support of national policies and the opportunity of domestic market expansion, domestic orthopedic medical science and technology companies have gradually developed and expanded. The main domestic listed companies in the same industry mainly include Aikang Medical, (), Weigao Orthopaedics, () and Sanyou Medical.

　　The company’s main products are joint implant consumables. Because the artificial joint prosthesis needs to form a permanent combination with human bone tissue and replace the original function of human body, the raw materials of artificial joint must have better compatibility with bone and advanced bone interface fixation technology, which has higher manufacturing threshold and technical difficulty. Therefore, artificial joint is an orthopedic subdivision field with high technology content, high added value and high entry threshold. Due to the limitation of domestic raw materials and technology, imported enterprises still occupy the absolute dominant position in the whole market segment.

　　According to the report on punctuation information, in 2017, 2018 and 2019, the market share of foreign-funded enterprises in the joint implant device market in China was 67.88%, 66.71% and 65.06% respectively. The market share of local enterprises is 32.12%, 33.29% and 34.94% respectively, and the proportion is increasing year by year. Among them, Chunli Medical occupied 8.96% of the market share of joint implanted medical devices in China in 2019, ranking second among all local enterprises and fourth among all joint prosthesis enterprises (including foreign enterprises) in China.

　　3. The development of new technologies, (), new formats and new models during the reporting period and the future development trend.

　　3D printing technology: The company has introduced a variety of 3D printing equipment with different process types, and the "research and development project of customized and personalized prosthesis series products" is also in progress.

　　The company’s 3D printing equipment mainly includes EBM (Electron Beam Melting) equipment, MJF (Multi-jet Melting) equipment, and powder metal 3D printing equipment. Among them, electron beam molten metal 3D printer can melt titanium alloy powder layer by layer by using electron beam in vacuum to generate dense parts, which can realize printing of porous materials. Chunli Medical has mastered the technology of using electron beam technology to produce bone trabecula and other products. Multi-jet melting 3D printer ensures the fineness of the edge of the printed object by spraying solvent and fine agent to the laid powder, and then carries out thermal radiation heating again, so that the powder is bonded according to the model interface and stacked layer by layer.

　　Chunli Medical has mastered the technology of using multi-jet melting 3D printer to produce guide plate, prosthesis die test and other instrument parts. In addition, Chunli Medical can use the powder-feeding metal 3D printer to coat the surface of the medical implant produced by the traditional technology with the metal powder of medical institutions. The metal powder is uniformly melted by laser irradiation, and then cooled into a solid to be combined with the metal surface, so as to realize the porous structure on the surface of the implant and promote bone growth. In recent years,

　　Chunli Medical is developing a product called Advanced Customization and Individualized Joint Prosthesis based on advanced technologies such as China National Bone Database and 3D Reconstruction. Compared with the existing customized joint prosthesis products, Chunli Medical can more effectively analyze and meet the specific needs of patients. In addition, in August, 2020, Chunli Medical was hired as the drafting unit of the Group Standardization Technical Committee of the 3D Printing Medical Device Professional Committee of China Medical Device Industry Association, and participated in the formulation of the group standards of 3D Printing Tantalum Metal Hip Prosthesis, 3D Printing Tantalum Metal Knee Prosthesis, 3D Printing Tantalum Metal Personalized Bone Defect Filler and 3D Printing Tantalum Metal Spinal Prosthesis, and was rated as the "Advanced Drafting Unit of the Group Standard of 3D Printing Medical Devices" by the professional committee.

　　New material technology: the company has carried out research and development on porous tantalum materials and magnesium materials. Compared with other prosthetic materials, porous tantalum has a unique bone-like structure, high porosity is conducive to bone growth, highly interconnected honeycomb structure provides extensive bone growth, high friction coefficient provides good initial stability of the implant, and its physical and mechanical properties are close to that of bone, so it is an ideal bone substitute material. The project "Development and Clinical Application of Porous Tantalum Bone Repair Materials and Implantable Products" declared by the company was approved by the Ministry of Science and Technology as the key project of the National Key R&D Plan "Research and Development of Biomedical Materials and Repair and Replacement of Tissues and Organs" in 2020. In the "Tantalum Technology Series Product R&D Project", the company plans to prepare porous tantalum by CVD (Chemical Vapor Deposition) and produce customized porous tantalum personalized bone defect filler. At present, it has obtained the acceptance notice of medical device registration application issued by National Medical Products Administration; In the "research and development project of dental series products", the company plans to design customized and individualized dental implant products with porous tantalum and complete the production conversion, which is currently in the design and inspection stage.

　　Biomedical magnesium alloy, as a representative of a new generation of biodegradable biomedical materials, has received extensive attention in recent years. At present, the listed products are mainly concentrated in foreign countries, and the indications are narrow. Compared with other medical metal materials, magnesium alloy has obvious advantages, such as good biodegradability, biological safety and biomechanical compatibility. The mechanical properties are similar to those of bone tissue, which can be degraded after being implanted in the body, avoiding the second operation to take out instruments, which is beneficial to revision surgery and reducing the economic burden and mental stress of patients. At present, the company’s "research and development of new biomedical materials series products" project is in the design stage.

　　To sum up, the company has made great efforts to research and develop related emerging technologies as innovative application directions, and the research and development work is progressing in an orderly manner.

　　(IV) Core technologies and R&D progress

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

　　The company has been focusing on the research and development, production and sales of implantable orthopedic medical devices. After years of research and development, the company has mastered a number of core technologies, including general upgrade technology and unique technology. Among them, universal upgrade technology is a technology based on universal technology or necessary technology, combined with Chinese bone characteristics, clinical needs and feedback, to optimize and upgrade product performance or technology; Unique technology is the core technology realized by the company based on R&D experience and future R&D planning through continuous research and development by relevant personnel. The core technologies mastered by the company include hip joint core technology, knee joint core technology, shoulder and elbow joint core technology, joint bone defect technology and spine core technology.

　　The details of the company’s main core technologies are as follows:

　　(1) Core technology of hip joint

　　The core technologies of hip joint mainly include low-friction joint interface technology, personalized biological femur technology, press-fit biological acetabulum technology and hip joint revision prosthesis filling technology.

　　Advanced technology of low-friction joint interface: ① Low-friction joint interface technology refers to the technology of improving the reliability and stability of ceramic parts and reducing the risk of broken ceramic parts by optimizing the processing technology of mortar cups and lining used with ceramics, thus prolonging the service life of artificial joints. ② During hip replacement, the straightness and roundness of products used with ceramic components should be strictly controlled, so as to avoid the uneven installation stress of ceramic components during clinical use and assembly, which will lead to the fragmentation of ceramic components. ③ At present, the machining tolerance of acetabular cup and polyethylene liner of most manufacturers in the market is difficult to meet the precision requirements of ceramic assembly. The machining accuracy of the straightness and roundness of the locking structure of ceramic liner and acetabular cup of our company is controlled at 0.007mm, and the machining error in the product processing process is controlled through special tooling and fixtures to ensure stability and consistency, prevent the ceramic components from being broken due to installation deformation during use, and at the same time, the more reliable locking mechanism enhances the anti-dropping ability of the prosthesis. ④ As far as ceramic materials are concerned, foreign giants and major domestic enterprises all adopt CeramTecGmbH bioceramic materials; As far as processing technology is concerned, the company is reliable in straightness and roundness, and there is no obvious gap between the company and the highest level in the industry.

　　Advance of personalized bio-femoral technology: ① Personalized bio-femoral technology refers to the technology of optimizing the neck length, eccentricity, proximal and distal dimensions of femoral prosthesis based on the basic data of Chinese physiology and anatomy, and cooperating with the tools corresponding to the press-fit relationship to obtain better medullary cavity matching, stability and anti-rotation performance. ② Based on the basic data of the bones around the hip joint in China collected in the "Chinese Bone Mapping Project", combined with this technology, a personalized biological femoral prosthesis suitable for the physiological anatomical structure of Chinese people is designed, which includes two neck shaft angles of 127 and 133, and each neck shaft angle is divided into two eccentric distances, with an interval of 0.5mm as a specification; There are 4 models and 100 specifications, and the size interval between adjacent specifications is small, which is highly matched with the patient’s medullary cavity. At the same time, the prosthesis has medial and lateral grooves designed based on the different load properties between the proximal bone and the prosthesis, which effectively improves the initial stability and anti-rotation performance of the prosthesis. The optimized lateral shoulder design of this kind of prosthesis can also be applied to minimally invasive surgery.

　　The advance of that press-fit biological acetabulum technology: ① the press-fit biological acetabulum technology refers to improve and optimizing the acetabulum design, so that the "equator" position of the acetabulum cup is stressed, the force transmission mode is optimized, and bet stability, component connection reliability, wear resistance and the like are obtained. ② The press-fit biological acetabular prosthesis designed in combination with this technology includes a acetabular cup and a acetabular lining. The outer surface of the acetabular cup is composed of a spherical cap, a hollow spherical table in the middle and a hollow spherical table at the bottom in turn, and its total height is lower than the bottom radius of the hollow spherical table at the bottom. When the prosthesis is installed, this design makes the "equator" position of the cup bear force, optimizes the transmission mode of force, and increases the initial and long-term stability of the prosthesis. The connection mode between the inner liner and the outer cup is taper press-fitting and slot locking, and the plum blossom anti-rotation design increases the connection reliability between the parts and enhances the stability between the two parts. And the service life and wear resistance of the prosthesis are improved. This technology can realize the universal matching between mortar cup and ceramic or polyethylene lining, which is convenient for clinical use.

　　Advanced filling technology of hip revision prosthesis: ① The filling technology of hip revision prosthesis refers to the technology of optimizing the filling design of acetabulum defect, making the shape and internal structure of the filler more suitable for the growth of cancellous bone and improving the compatibility between the filler and acetabulum. ② The prosthetic fillers for hip joint revision designed by this technology include crescent, L, round and other forms. The overall mesh structure design of the prosthesis forms a honeycomb structure with internal interconnection, and the pore size of its porous structure can reach 500 200 μ m; The diameter of porous structure of trabecular bone can reach 500 200 μ m; The porosity of trabecular bone porous structure is 50~80%, which can make cancellous bone grow into prosthesis quickly and firmly, and the elastic modulus of prosthesis is close to the physiological bone level of human body. After the implant of prosthesis filler using this technology, it conforms to the physiological stress distribution, reduces stress shielding to a greater extent and promotes bone growth; Moreover, the filler can be compatible with the total hip socket and used in combination, which is suitable for cases with acetabular defects of different degrees and meets the clinical needs of patients. (3) Influenced by technological conditions, the related parameters of acetabular reinforcement, such as aperture, wire diameter and porosity, affect the bone ingrowth effect. Compared with similar products in the current market, the company’s hip joint revision prosthesis filler meets the requirements of relevant national and industry standards, and its porous characteristics can better meet the conditions of bone growth, and its specifications and models are richer, which is conducive to meeting the needs of patients with different degrees of illness.

　　(2) Core technology of knee joint

　　The core technology of knee joint mainly includes high polishing anatomical tibial platform technology, optimized femoral condyle anterior condyle and patella pulley technology, semi-open femoral condyle intercondylar fossa technology and diversified platform pad technology.

　　Advanced technology of high polishing anatomical tibial platform: ① High polishing anatomical tibial platform technology refers to the technology of improving and optimizing the design of tibial platform and adopting high polishing in the internal groove of tibial platform support, which can reduce the wear between the platform pad and tibial platform support and prolong the service life of prosthesis. ② Based on the basic data of the bones around the knee joint in China collected in the "Chinese Bone Mapping Project", the anatomical tibial plateau designed with this technology has better coverage of the tibial osteotomy surface, which effectively reduces the risk of tibial plateau sinking; On the basis of the original locking mechanism, the central anti-rotation island structure is added to further reduce the fretting between the pad and the tibial tray, reduce the back wear of the pad and reduce the osteolysis; The double-wing design can not only increase the mechanical strength but also improve the anti-rotation stability of the prosthesis.

　　Advanced technology of optimized femoral condyle anterior condyle and patella pulley: ① The optimized femoral condyle anterior condyle and patella pulley technology means that by improving the design of femoral condyle, the femoral condyle anterior condyle of knee joint is thinned, and the left and right sides adopt arc design technology, which can reduce the friction of anterior patellar muscle ligament, reduce the pressure and wear of contact surface, and effectively avoid anterior patellar pain. ② The optimized design of patella pulley can extend, deepen and lengthen the patella pulley in the whole range of motion, which is helpful for the patella to enter the patella pulley as early as possible, and makes the patient less prone to patella dislocation, snapping and pain after operation.

　　Advanced technology of semi-open femoral condylar intercondylar fossa: ① semi-open femoral condylar intercondylar fossa technology refers to the technology of optimizing the design of intercondylar fossa, reducing the amount of bone cutting, achieving the purpose of bone preservation and reducing wear. ② The femoral condyle designed by this technology adopts semi-open intercondylar fossa design, which solves the problem of large intercondylar bone cutting and preserves the intercondylar bone mass to the greatest extent; At the same time, the intercondylar box structure adopts high polishing design, which can reduce the wear of the platform pad column to the greatest extent.

　　Advanced technology of diversified platform pad: ① By optimizing the design of knee platform pad, diversified platform pad technology can meet the needs of different patients while achieving better stability and reducing wear. ② The products designed with this technology include the platform pad without cruciate ligament and the platform pad with cruciate ligament. Among them, the platform pad without cruciate ligament is designed with aquiline nose, which effectively prevents the risk of dislocation during high flexion; A double joint surface combination is formed between the column and the cross beam, which reduces the pressure of the cross beam on the column and reduces the wear; When buckling, the contact surface between the beam and the column gradually moves down from top to bottom, and when the buckling degree is large, the beam contacts the bottom of the column; Reduce the impact force and effectively prevent the column from breaking. However, the gasket of CR-type platform pad with backward inclination of 3 degrees is suitable for patients with intact posterior cruciate ligament and bilateral collateral ligaments. CR deep disc table pad is designed with 0 back inclination angle and raised back lip of pad, which is suitable for patients with functional problems of posterior cruciate ligament and bilateral collateral ligaments.

　　(3) Core technology of shoulder and elbow joint

　　The core technology of shoulder and elbow joint mainly includes proximal humeral prosthesis design technology and distal humeral prosthesis design technology.

　　Advanced design technology of proximal humeral prosthesis: ① Anatomical humeral stem technology refers to the technology of improving the anti-rotation performance of prosthesis and prolonging the life of prosthesis by optimizing the shape of humeral stem of shoulder joint, the structural design and combination of osteotomy surface. ② During shoulder joint replacement, the fretting and rotation of the humeral stem can easily lead to osteolysis and the sinking of the humeral stem, which will affect the service life of the prosthesis. Combined with this technology, the design of the proximal ellipse of the shoulder joint prosthesis can effectively prevent the fretting caused by prosthesis implantation and avoid osteolysis. The disc design at the top of the prosthesis will cover the osteotomy surface after the prosthesis is implanted to prevent the prosthesis from sinking in the later stage; To some extent, it can prolong the service life of artificial joint, reduce the revision rate and relieve the pain of patients.

　　Advanced design technology of distal humerus prosthesis: ① Anatomical distal humerus technology refers to the technology of optimizing the shape and width of the lower humerus, reducing unnecessary bone cutting and ensuring postoperative bone integrity. ② In elbow replacement, when the humerus side is treated, the two sides of the treated humerus lower end are easy to break, which affects the stability of the prosthesis. The elbow humerus handle designed by combining this technology can effectively ensure the stability of the prosthesis after installation, and at the same time, reducing the width can adapt to more patients and improve the application range of the prosthesis.

　　(4) Repair technology of articular bone defect.

　　Joint bone defect repair technology mainly includes pelvic bone defect repair technology, knee joint bone defect repair technology and customized individualized bone defect repair technology.

　　Advanced pelvic bone defect repair technology: ① The pelvic bone defect repair technology is suitable for severe comminuted fracture of acetabulum, revision of acetabulum with a large number of bone defects, severe pelvic bone defects caused by pelvic tumors, etc. The pelvic prosthesis can better achieve limb preservation, and on this basis, it can realize the integration of prosthesis, bone and muscle in the state of severe pelvic bone defect. ② The acetabular prosthesis designed with this technology can be fused with acetabular bone in patients, and the acetabular prosthesis is more firmly fixed; The range of acetabular motion angle is large, which prevents acetabular prosthesis dislocation; The acetabular prosthesis can be assembled at will according to the conditions of different patients, which meets the needs of acetabular prosthesis of different patients; Can save limbs for patients and meet different osteotomy positions in hip and acetabular surgery, the acetabular prosthesis is consistent with the position and angle of the acetabulum in the original patient, and the function of the human body can be effectively and reliably reconstructed; The iliac buttress is provided with nail holes, so that the prosthesis can be firmly fixed with human bones, and the bone contact surface is of trabecular structure, which promotes human bones to grow into the pores, and further improves the firmness.

　　Advanced technology of knee joint bone defect repair: ① Through optimizing the product design, knee joint bone defect repair technology can restore the flexion and extension, internal and external rotation functions of knee joint under the condition of a large number of bone defects, and fully meet the activity needs of patients on the premise of limb preservation. ② The knee prosthesis designed with this technology is composed of femoral condyle, tibial plateau support, femoral marrow needle, tibial marrow needle, osteotomy section, etc. The convex articular surface of femur is in direct contact with the concave articular surface of tibia, which increases the contact surface of the joint and restores the flexion and extension and internal and external rotation functions of the knee joint. One end of the restraint is connected with the femur with a transverse shaft, and the other end of the restraint is directly inserted into the central hole of tibia to make the prosthesis achieve maximum stability. Bionic modeling is adopted to fully meet the requirements of patients’ activities on the premise of limb preservation, so that patients can recover as freely as before.

　　The advance of customized and individualized bone defect repair technology: ① customized and individualized bone defect repair technology can customize the joint prosthesis by using advanced digital processing technology to better meet the special needs of patients. ② The development of customized and individualized artificial joints makes up for the shortcomings in the field of artificial joints, so that patients with rare and difficult bone diseases can obtain unique personalized prostheses. Combined with this technology, the joint prosthesis designed can be customized through the reverse use of three-dimensional data, which can solve the problem that special diseases need special-shaped structures and complex structures. Taking clinical application as the cornerstone, it integrates clinical, mechanical design, materials, technology, machining and other multidisciplinary advanced technical means to achieve the purpose of mutual supplement and mutual promotion between individualized prosthesis and standard joint.

　　(5) Core technology of spine

　　The core techniques of spine mainly include posterior cervical nail plate fixation technique, omni-directional large angle screw technique and anterior cervical fixation technique.

　　The advance of cervical posterior screw-plate fixation technology: ① cervical posterior screw-plate fixation technology refers to that technology of optimize the structure of the fixation plate, which can not only play a supporting role, but also fuse the bones, thus avoiding the re-closing of the door after the posterior laminectomy. ② The products designed with this technology mainly include fixing plates and screws. Among them, a porous three-dimensional structure is formed on the inner side of the fixation plate opposite to the cervical vertebrae, which can induce the bone to grow in, so that the posterior cervical nail plate fixation device and the lamina are fused together, which is beneficial to the support and fusion of the lamina and solves the problem of closing the door after operation.

　　Advanced technology of omni-directional large-angle screw: ① omni-directional large-angle screw technology refers to the technology of improving the movable angle of screw to facilitate surgical implantation by optimizing the screw structure. ② The products designed in combination with this technology mainly include nail sleeves, fasteners, washers, locking nails, plugs, etc. Pedicle screws can obtain a unilateral swing angle of 50 degrees, which makes the implantation of connecting rods more convenient and flexible, and meets the needs of alignment of most doctors in clinical surgery and anatomical variation fixation.

　　Advance of anterior cervical fixation technology: ① Anterior cervical fixation technology refers to the technology of reducing the notch of anterior cervical bone plate by optimizing the structure of bone plate and locking ring, and reducing the swallowing difficulty of patients due to too high notch. ② The products designed with this technology mainly include bone plates and screws. Screw holes are formed in the bone plates, and screws can be implanted into the screw holes in the bone plates to connect the bone plates with vertebral bodies. Locking rings are embedded in the screw holes in the bone plates. After the screws are implanted into the screw holes in the bone plates, the locking rings contact with the nut positions of the screws and expand to lock the screws in the screw holes in the bone plates. The original locking nail is changed into the current screw self-locking structure, which reduces the risk of screw falling off, and adds positioning holes on the bone plate to prevent the bone plate from shifting when implanted.

　　During the reporting period, none of the above core technologies has changed.

　　2. R&D achievements obtained during the reporting period

　　As of December 31st, 2021, the company held 49 registration certificates and filing vouchers for producing medical devices (joint prosthesis products, spine products and sports medical products covering our four joints) in China, among which 16 were Class III medical device registration certificates, 4 were Class II medical device registration certificates and 29 were Class I medical device filing vouchers.

　　In terms of domestic registration, the company obtained the registration certificate of single condyle knee joint and patellofemoral joint prosthesis. In terms of international registration certificate, the company has obtained the CE certificate of expanded hip joint prosthesis, CE certificate of expanded knee joint prosthesis, EU free sales certificate of hip joint prosthesis and EU free sales certificate of knee joint prosthesis, and obtained the registration certificates of hip joint prosthesis, knee joint prosthesis and spine prosthesis in Syria, Iraq and Ecuador, the registration certificates of hip joint prosthesis and knee joint prosthesis in Turkey and the registration certificates of tumor hip joint prosthesis and tumor knee joint prosthesis in Mexico.

　　The company has obtained the transformation project of scientific and technological achievements in Tongzhou District, Beijing, the transformation project of tantalum modified biomedical titanium alloy materials, the industrialization project of patented technological achievements in Tongzhou District, the key support project of high-tech industry development in Tongzhou District in 2021, the registration certificate of spinal fusion cage and hip prosthesis, the key support project of high-tech industry development in Tongzhou District in 2022, the digital workshop construction project of orthopedic implants, and the research of porous tantalum artificial vertebral body in Beijing’s innovative studio project of outstanding young engineers. Company Post-Doctoral Research Center obtained the general project of China postdoctoral science fund "Study on Composite Modification of Ceramic Surface of Medical Zirconium Alloy and Its Service Performance", the project funded by Beijing postdoctoral research activities "Design of Multi-layer Membrane Structure and Study on Friction and Wear Behavior of Tantalum Modified Biomedical Titanium Alloy Surface" and the open project of State Key Laboratory "Preparation Technology and Performance Study of In-situ Oxidized Ceramic Layer on Biomedical Zirconium Alloy Surface".

　　A number of products developed by the company have obtained Beijing new product and new technology certificates, including 160 femoral stem (certificate number:

　　3. R&D investment table

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

　　Mainly because the company attaches importance to the research and development of new products, new technologies and new processes, and continues to increase the demonstration of R&D projects, the investment in R&D personnel salaries and other related expenses has increased; Based on the national joint collection situation, the company has increased the research and development of new pipelines such as joint surgery robot, sports medicine, PRP and oral cavity.

　　4. Research projects

　　5. R&D personnel

　　6. Other explanations

　　

　　Iii. Analysis of core competitiveness during the reporting period

　　(A) analysis of core competitiveness

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

　　1. Technical barriers to product design

　　① Implants with appropriate size, shape and design can significantly increase the success rate of orthopedic surgery, among which the main performance of joint products is to require its wear resistance and stability of bone interface, so as to prolong the service life of products. Among them, the improvement of wear performance is realized by the selection of friction materials and the design of joint construction, and the stability of bone interface is realized by surface treatment technology and the design of handle, cup and other parts. ② As one of the earliest enterprises in China to develop and produce advanced joint prosthesis products, based on clinical needs and doctors’ suggestions, the company has continuously improved its technical level through continuous research and statistical analysis of large-scale clinical data, and mastered mature experience in product design and development, from product market research, project establishment, drawing design and parametric programming, to product finite element analysis, mechanical test, biological or zoological verification, clinical trial, product functional test, and then to registration application and trial production.

　　2. Technical barriers to product processing

　　① The production and processing of orthopedic implanted medical devices involves many processes, such as blank forming, machining, surface treatment, laser marking, cleaning, sterilization and so on, which requires high quality and safety of products. ② The company has a relatively mature and perfect processing flow, with traditional materials-reducing processing equipment such as turning, milling, planing, grinding and drilling, and materials-increasing processing equipment such as metal printers and resin printers, so as to ensure that the processed products are qualified in all aspects and accurately control every link in the production process. ③ The company has mastered some new processing technologies. The mesh structure of 3D printing products can realize rapid and firm bone growth. The company has advanced 3D printing equipment and mastered more mature printing technology, which can print biological prostheses with excellent performance. In addition, the company has initially mastered the chemical vapor deposition (CVD) process, which can realize the production of some porous tantalum metal products.

　　3. Technical barriers to research and development of new materials

　　① Biomedical degradable magnesium and magnesium alloy products: Biomedical magnesium alloy, as a representative of a new generation of biodegradable biomedical materials, has received extensive attention in recent years. At present, the company’s research based on magnesium alloy is being carried out in an orderly manner. ② Porous tantalum: Compared with other prosthetic materials, porous tantalum metal products have a unique structure similar to bone, high porosity contributes to bone growth, highly interconnected honeycomb structure provides extensive bone growth, high friction coefficient provides good initial stability of implants, and its physical and mechanical properties are close to those of bones, so it is an ideal bone substitute material; At present, the company’s research based on porous tantalum is being carried out in an orderly manner. The project "Development and Clinical Application of Porous Tantalum Bone Repair Materials and Implantable Products" led by the company was approved by the Ministry of Science and Technology as the key project of the national key R&D plan "Biomedical Materials R&D and Tissue Organ Repair and Replacement" in 2020.

　　(II) Events that have seriously affected the core competitiveness of the company during the reporting period, impact analysis and countermeasures.

　　

　　Fourth, risk factors

　　(A) Not yet profitable risk

　　(2) Risk of sharp decline in performance or loss

　　(C) core competitiveness risks

　　Orthopedic implanted medical devices stay in the human body for a long time, which requires high safety and needs to conform to the human bone structure. On the one hand, the ideal orthopedic implant material needs to have good biological properties such as biocompatibility, bioactivity and corrosion resistance, on the other hand, it needs to have good mechanical properties such as fatigue strength, mechanical stability, friction and wear performance. In recent years, new materials such as PEEK, degradable magnesium alloy and bioceramics have also appeared in clinical applications. The company has made corresponding layout for the research and development of new materials such as porous tantalum, magnesium alloy and PEEK, but there is still a certain gap compared with foreign giants. In the process of R&D, on the one hand, the company may face risks such as deviation in its own R&D direction, lagging R&D progress, and unsatisfactory R&D results, which may lead to an increase in R&D costs and time investment or even the suspension or failure of R&D projects; On the other hand, if the company’s R&D fails to achieve the expected material results and turn them into products, or the new materials cannot be effectively industrialized due to factors such as production technology and production cost, or the new materials cannot be successfully recognized by customers and markets, the company’s early R&D investment may not bring the company income or enhance its competitive advantage as expected, thus adversely affecting the company’s ability to continue to operate.

　　(4) Operational risks

　　(A) the risk of changes in sales model

　　The sales modes of the company’s main products include traditional distribution mode, two-vote distribution mode, distributor mode and direct sales mode. During the reporting period, the company’s sales model was mainly traditional distribution model. With the continuous expansion of the promotion scope of policies such as "two-vote system" and "purchasing with quantity", the revenue proportion of the company’s traditional distribution model will decrease year by year in the future. If the company can’t adapt to the changes of sales model in time and enhance the transformation ability of sales model, it will face the risk of blocked sales channels and customer loss.

　　(B) Market competition intensifies risks

　　The company’s main products are implantable orthopedic medical devices, and its end customers are medical institutions. For a long time, most of the domestic market share has been occupied by international brands such as Johnson & Johnson, Medtronic and Stryker. In recent years, with the technical progress and policy support, the trend of localization substitution is obvious.

　　However, the market share of domestic brands is still small, and domestic brands are facing fierce competition. The company must improve its product innovation and R&D strength according to market changes and industry development trends, so as to maintain its competitive advantage and develop steadily in the rapidly changing market environment. If the company fails to accurately grasp the development trend of the industry or correctly respond to the sudden changes in market competition in the future, it will face the risk of declining market share and product prices brought about by intensified market competition.

　　(C) the risk of declining market demand for implantable orthopedic medical devices

　　In recent years, with the acceleration of social aging in China, the number of patients with orthopedic diseases has accelerated, and the market scale of implantable orthopedic medical devices has also increased. In this context, during the reporting period, the company’s sales model increased year by year and maintained a high growth rate. If the disease spectrum or treatment methods change in the future, the clinical demand for implantable orthopedic devices will decrease or the medical insurance budget will decrease, which will lead to the decline of the market model of the company’s main products, which may adversely affect the company’s operation.

　　(D) Risk of income growth decline or fluctuation

　　From 2018 to 2021, the company’s operating income increased rapidly year by year, maintaining a good upward trend. Affected by the epidemic in 2020-2021, the growth rate of the company’s operating income declined. In the future, the company may fail to effectively expand sales channels, increase market share or promote R&D projects due to changes in macroeconomic environment, repeated epidemics, intensified product market competition and poor internal management of the company. The above situation may lead to a decline in the growth rate of the company’s operating income or a certain degree of fluctuation.

　　In September, 2021, the state organized the Joint Procurement Office of High-value Medical Consumables to publicize the results of this national procurement with quantity, and the terminal prices of the products to be selected by Chunli Medical and other selected manufacturers all dropped significantly. It is expected that the price reduction pressure will be further transmitted to the distribution price after the implementation of the procurement with quantity in the future. If the increase in the company’s sales volume cannot make up for the decline in the distribution price, the company may experience a decline in revenue and profits.

　　(E) Risk of supplier dependence

　　From 2018 to 2021, the company’s largest supplier accounted for a relatively high proportion of the total procurement in the current period. The specific products purchased by the company from CeramTecGmbH are ceramic ball heads, ceramic linings, etc. During the reporting period, the company increased the promotion of high-end products such as ceramic joint prostheses. In view of the high stability requirements of ceramic joint prostheses, the company chose CeramTecGmbH as the qualified supplier of ceramic parts of the company, and did not purchase similar products from other suppliers, so there was some supplier dependence. If we can’t reach an agreement with CeramTecGmbH on commercial terms in the future, or because of natural disasters, international trade disputes and other force majeure factors, CeramTecGmbH can no longer provide ceramic ball heads and ceramic linings to the company, which will adversely affect the company’s production and operation.

　　(VI) Lease risks of production and business premises

　　During the reporting period, part of the real estate used by the company for production and operation was acquired through leasing. If the lease cannot be renewed normally upon expiration, the rent is greatly increased during the lease renewal, or the lessor breaches the contract during the lease process, it may have a certain adverse impact on the normal production or operating costs of the company.

　　(seven) the risk of core materials relying on a single overseas supplier.

　　During the reporting period, the ceramic ball heads and ceramic linings used in the company’s ceramic joint prosthesis products were purchased from CeramTecGmbH. CeramTecGmbH is an advanced supplier of ceramic materials headquartered in Germany. Mainstream joint manufacturers at home and abroad, including Johnson & Johnson, Xerox, Stryker, Jiemai Bangmei, Aikang Medical, Chunli Medical and Weigao Orthopaedics, all purchase ceramic materials from the company. Due to international political and other force majeure factors, the supply of imported raw materials may be delayed, limited or the price may be raised. If the company can’t get enough raw material supply in time, the normal production and operation of the company may be adversely affected. At the same time, affected by international trade disputes, there is a risk that the purchase price will increase due to the increase of tariffs.

　　(VIII) external processing Risk

　　During the reporting period, the company’s spraying, basic machining, sterilization, surface treatment and other processes were mainly produced by outsourcing. If the company fails to effectively implement the outsourcing management measures, it may bring certain risks to product quality and delivery time; At the same time, if the outsourcing manufacturers fail to provide products with good quality and quantity according to the agreement, or violate the agreement, the company’s technical and commercial secrets will be leaked, which will have an adverse impact on the company’s production and operation.

　　(9) Risks not included in the procurement catalogue with quantity

　　In May 2019, the eighth meeting of the Central Committee for Deep Reform deliberated and adopted the Reform Plan for Managing High-value Medical Consumables. In July of the same year, the General Office of the State Council issued the Reform Plan for Managing High-value Medical Consumables, proposing: "For high-value medical consumables with large clinical consumption, high purchase amount, mature clinical use and produced by many enterprises, we should explore centralized procurement according to categories, encourage medical institutions to jointly carry out quantity negotiation procurement, and actively explore cross-provincial alliance procurement. Many provinces across the country have successively carried out pilot procurement of high-value consumables. On November 20th, 2020, the National Medical Insurance Bureau’s Medical Price and Bidding Guidance Center issued the Notice on Developing the Fast Data Collection and Price Monitoring of the Second Batch of Centralized Procurement of High-value Medical Consumables. The products involved in the second batch of centralized procurement include the following categories: artificial hip joint, artificial knee joint, defibrillator, occluder, orthopedic materials and stapler.

　　On April 1st, 2021, the Office of Joint Procurement of High-value Medical Consumables organized by the State issued the Notice on Information Collection of Some Orthopedic High-value Medical Consumables. On the basis of collecting the purchasing data of medical institutions in the early stage, in order to further understand the market situation of orthopedic high-value medical consumables, it is planned to carry out the information collection of orthopedic high-value medical consumables in batches. The first batch of high-value medical consumables such as artificial hip joint and artificial knee joint were collected.

　　On June 21st, 2021, the Office of Joint Procurement of High-value Consumables organized by the State issued the Announcement of National Centralized Procurement of Artificial Joints (No.1), and on August 23rd, 2021, it officially issued the Procurement Document of National Centralized Procurement of Artificial Joints, giving a comprehensive explanation on the product categories, procurement rules and bidding rules of this centralized procurement. The company won the bid for group A of ceramic-ceramic hip joint product system, group B of ceramic-polyethylene hip joint product system and alloy-polyethylene hip joint product system, but failed to win the bid for initial total knee replacement. The company’s inventory is relatively high, and it failed to replace the artificial total knee joint product system for the first time in the national procurement bidding with quantity. If the company can’t take corresponding remedial measures, the market demand will drop rapidly, and the company’s related products will face the risk of unsalable sales that are not included in the procurement catalogue with quantity.

　　(ten) the spine business scale is small, and the risk of losing the bid in the procurement with quantity.

　　At present, many provinces in China have implemented the purchasing policy of joint products, and Anhui Province has also introduced the purchasing of spine products. In the future, more provinces may introduce the purchasing of spine products. The overall scale of the company’s spine business is small, which has a certain impact on the company’s spine products to participate in the procurement with quantity, and there are certain disadvantages in the bidding competition, so investors should pay attention to the related risks.

　　(eleven) the uncertainty risk in the process of import substitution.

　　Although the overall gap between domestic orthopedic implantable medical device companies and international orthopedic implantable medical device giants is narrowing year by year, in the domestic and international markets, international giants still occupy the dominant position with strong technical strength, research and development capabilities, capital supply capabilities, brand influence and higher trust. With the gradual advancement of import substitution trend, both sides are also in a state of coexistence of competition and cooperation. In the process of import substitution, there is a certain gap between the company and international giants in terms of business scale, product technology, production capacity and brand building, and they will face certain challenges. In the future, the company will have certain uncertain risks in the process of import substitution.

　　(V) Financial risks

　　(A) the risk of a large balance of accounts receivable

　　From 2018 to 2021, the company’s accounts receivable balance continued to grow. If major adverse changes occur in the operating conditions of major customers and industry settlement methods, it may lead to overdue accounts receivable, bad debts or further extension of the accounts receivable recovery cycle, thus adversely affecting the company’s sustainable profitability.

　　(VI) Industry risks

　　The company is mainly engaged in the research and development, production and sales of implantable orthopedic medical devices, and its medical device industry must be fully supervised and managed by the National Development and Reform Commission, National Health Commission, National Medical Products Administration and other competent departments. Domestic enterprises engaged in research and development, manufacturing, management and use of medical devices should follow the regulations of medical device product classification management system, medical device product registration system, medical device production enterprise filing or licensing system, medical device management enterprise filing or licensing system, medical device management quality management standard, etc. The export sales of medical device products are also affected by the relevant policies of importing countries.

　　In recent years, policy changes at home and abroad have also caused multiple policy risks to the company, including:

　　(A) "quantity procurement" brought about by the risk of product terminal price decline

　　In July 2019, the General Office of the State Council issued the Notice on Printing and Distributing the Reform Plan for the Management of High-value Medical Consumables, exploring "procurement with quantity" in the field of high-value medical consumables. Up to now, Anhui, Zhejiang, Jiangsu, Fujian, Shandong and other provinces have issued and implemented the policy plan of "procurement with quantity" and implemented the bidding procedures involving joint products. Except for the company’s failure to win the bid for the "quantity procurement" of hip joints in Jiangsu Province in 2019, the "quantity procurement" of other provinces and related joint products won the bid. According to the current situation of winning the bid, the winning bid price of related products has mostly decreased to a certain extent compared with the price before "purchasing with quantity", which further led to a certain degree of decline in the ex-factory price of the company in some provinces.

　　In June, 2021, the National Joint Procurement Office of High-value Consumables issued the Announcement of National Centralized Procurement of Artificial Joints, Announcement of National Centralized Procurement of Artificial Joints (No.1), and in August, 2021, it officially issued the Procurement Document of National Centralized Procurement of Artificial Joints, and carried out the bidding work of national procurement of initial total hip replacement and initial total knee replacement. September 2021

　　In June, the state organized the Joint Procurement Office of High-value Medical Consumables to publicize the results of this national procurement with quantity. According to the public information, the average price of the hip joint terminal to be selected dropped by 80%, and the average price of the knee joint terminal dropped by 84%. The company successfully won the bid for "Ceramic-Ceramic Hip Joint Product System", "Ceramic-Polyethylene Hip Joint Product System" and "Alloy-Polyethylene Hip Joint Product System" at a relatively high price, but the price was significantly lower than that before the "quantity purchase". The company’s "knee joint product system" failed to win the bid because of its high quotation. The decline in the price of hip joint terminal and the failure to win the bid for knee joint will be transmitted to dealers and companies, and the subsequent distribution price of the company will also be reduced. If the increase in sales volume cannot make up for the decline in distribution price, the company may experience a decline in revenue and profit. In addition, if the company’s distribution price is too high, squeezing the dealer’s profit will affect the dealer’s willingness to cooperate, or returning the goods due to the termination of the dealer’s business with the company and negotiation, it may have a certain impact on the company’s profitability.

　　(B) The risk of knee joint products failing to win the bid for national procurement with quantity.

　　On September 14th, 2021, the State organized the Joint Procurement Office of High-value Medical Consumables to publicize the selected results of the national procurement of artificial joints, and the company failed to win the bid in the "knee joint product system". In 2021, Beijing Bestar Biotechnology Co., Ltd. (hereinafter referred to as "Bestar") obtained the "Record Certificate for Entrusted Production of Medical Devices" issued by Beijing Drug Administration, allowing our company to produce Bestar’s knee prosthesis as the trustee. Bethesda’s knee joint prosthesis won the bid in this collective procurement, and our company obtained the power of attorney from Bethesda (No.:BSD21-09- China -01-265), which authorized our company to sell its knee joint products in People’s Republic of China (PRC). Through the cooperation with Bestar, our company reduced the decline in profitability caused by the failure of our knee joint products to win the bid.

　　(C) Risk of changes in domestic and foreign industrial policies

　　The company is a medical device manufacturer, and its domestic sales revenue is the main source of its main business income. The domestic business development is strictly supervised by National Medical Products Administration and other competent departments. In 2018, the National Health and Family Planning Commission and other six ministries and commissions jointly issued the Notice on Consolidating and Breaking the Achievements of Supplementing Medicine with Medicine and Deepening the Comprehensive Reform of Public Hospitals, further clarifying the implementation of the "two-vote system" for the purchase and sale of high-value medical consumables. With the change of the sales model brought about by the two-vote system, the company is faced with changes in operating conditions such as longer receivable payment cycle and increased sales expenses corresponding to unit sales revenue. If the company fails to formulate effective countermeasures in time according to the changes in the "two-vote system" policy, it may have an impact on the sales and operation of its products.

　　In addition, policies such as medical insurance reimbursement and centralized procurement have been introduced in China, and policies such as DRGs and "one-vote system" have been actively explored. In 2021, eight ministries and commissions, including the National Medical Insurance Bureau and the National Health and Wellness Commission, jointly formulated the "Pilot Program for Deepening the Reform of Medical Service Price", with the goal of exploring and forming replicable and scalable medical service price reform experience through three to five years of pilot. In addition, the company is also actively exploring foreign markets, and the development of overseas business is strictly supervised by the competent authorities of relevant countries and regions. For example, the new version of the medical device regulation MDR passed by the European Union in March 2017, at this stage, some matters in the new MDR regulations have not yet been clearly defined, and there are certain risks of policy uncertainty.

　　In the future, the importance attached to the medical device industry at home and abroad will be further enhanced, and relevant regulations and policies will be issued in the aspects of industry standards, bidding, centralized procurement and circulation system. If the company can’t keep up with the development of industrial policies, study the requirements of new policies in advance, do a good job in coping with the New Deal, and continue to carry out technological innovation and product upgrading, the company may face the risk of falling product market prices, which in turn will lead to a decline in gross profit margin, which will adversely affect the company’s future profitability. The company will pay close attention to the trend of centralized purchasing policy, continuously strengthen production and management, enhance the company’s product innovation ability and comprehensive strength, strengthen market promotion, consolidate existing markets, develop new markets, and strive to increase market share.

　　(VII) Macro-environmental risks

　　In the future, the company may fail to effectively expand sales channels, increase market share or promote R&D projects due to changes in macroeconomic environment, repeated epidemics and intensified competition in the product market. The above situation may lead to a decline in the growth rate of the company’s operating income or a certain degree of fluctuation.

　　(8) Risks related to depositary receipts

　　(9) Other major risks.

　　

　　V. Main operations during the reporting period

　　The year 2021 is the year when China has built a well-off society in an all-round way, and it is also the first year of the 14 th Five-Year Plan. Standing at the historical intersection of the goal of "two hundred years", facing the global COVID-19 epidemic and the national joint "purchasing with quantity" environment, under the strong leadership of the board of directors, all employees of the company actively responded to the risks and challenges in operation, forged ahead, continued to reform, accelerated the research and development progress of new materials, new processes and new products, and actively expanded new pipelines to adapt to the new normal of epidemic and centralized procurement.

　　By December 31, 2021, the company achieved an operating income of 1,108,139,500 yuan in 2021, an increase of 18.18% year-on-year; The net profit attributable to shareholders of listed companies and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses were 322,360,700 yuan and 307,693,000 yuan respectively, with year-on-year increases of 13.76% and 11.22% respectively.

　　The company’s main operating conditions are normal and its operating performance is stable. There have been no major changes in the company’s business model, the purchase scale and price of major raw materials, the production and sales scale and price of major products, the composition of major customers and suppliers, tax policies, etc., and there have been no other major events that may affect investors’ judgment.

　　VI. The Company’s Discussion and Analysis on the Company’s Future Development

　　(A) the company’s development strategy

　　Relying on the national industrial policy of encouraging domestic (or) instrument products, and relying on years of accumulated industry experience and technical advantages, the company is committed to developing and producing joint prostheses, spinal implants and other products with excellent performance, and strives to become a world-class comprehensive medical orthopedic instrument manufacturer as soon as possible.

　　(3) Business plan

　　1, the rational use of capital market financing tools to enhance the company’s financing ability.

　　With the help of the capital market platform, the company will broaden the channels of capital operation, enhance the visibility of enterprises, enhance the ability to resist risks, enhance competitiveness and industrial integration, and rationally use the financing tools in the capital market to enhance the company’s financing ability, which is conducive to further promoting the company’s business development and helping the company’s long-term sustainable development in the future.

　　2, continuous talent introduction and training, to create a compound professional talent echelon.

　　The company will continue to implement the people-oriented human resources strategy, introduce and effectively cultivate compound talents on the basis of the existing talent team, cultivate cross-knowledge structures in marketing and academic promotion, research and development, production and comprehensive management, and establish a marketing system with flexible organization and project management as the leading direction to meet the needs of the rapid development of the industry and the company. The company will further establish a standardized and professional training system, strengthen employee on-the-job training and follow-up education and training, fully mobilize the enthusiasm and creativity of employees, give full play to their potential, and actively cultivate their expertise to achieve sustained and healthy development with the company.

　　3. Improve the construction of R&D platform and effectively promote the overall layout of products.

　　Based on the existing R&D capabilities, the company plans to build a multi-functional R&D platform that can meet the company’s long-term R&D requirements, and improve the company’s independent R&D capabilities and new product R&D efficiency. In the future, after the R&D center project of the company is completed and put into use, the company will make full use of advanced hardware conditions, rationally use R&D funds to effectively invest in the research and development of new products, improve the R&D transformation ability, further enrich and optimize the company’s product pipeline, and better provide orthopedic implanted medical devices with high quality and strong applicability for patients with orthopedic diseases.

　　4. Improve the construction of marketing network.

　　In the future, the company will further improve its marketing network, meet the growing demand of the downstream market and consolidate and expand its market share in combination with the expansion of its production capacity.

　　After the completion of the new marketing network project, the coverage and radiation level of the company’s marketing network will be further strengthened. The construction of marketing training center will provide systematic support for the clinical promotion and doctor training of the company’s products, and promote the brand promotion of the company in an all-round way and enhance the brand image of the company. The rapid expansion of marketing and distribution outlets will help the company quickly respond to the needs of terminal medical institutions and provide matching products for personalized orthopedic surgery in time. The marketing network information system, the newspaper station system and the customer management system will further strengthen the company’s management ability to customers, distributors and terminal hospitals and improve the level of information management.

　　Zhejiang Online Quzhou August 30th (correspondent Gong Chengliang, Mao Hua, Lan Liangzhong, Zhejiang Online reporter Wu Jiawei, trainee reporter Jin Peng)At 15: 15 on August 29th, Shao Weizhong, director of the police station in Hengshan, Longyou, Quzhou, stood by a roadside in Xiaxishan village, Hengshan Town, National Highway 320, with tears in his eyes, in silence — — The big truck that caused the accident has disappeared, and the police car that was knocked over has disappeared. Colleagues Zhong Wang, Xunhang and Wu Jiansheng have also "disappeared" in nail positioning … …

　　Shao Weizhong felt as if he had had a nightmare, but the brake marks on the ground, the street trees knocked down by the roadside, and the broken windshield of the police car all told him a ruthless fact — — At 16: 10 on the 28th, Zhong Wang, Yan Hang and Wu Jiansheng were hit by a truck when they were in the police station, and they died in the line of duty.

Shao Weizhong took the mobile phone left by Xunhang, and his red and swollen eyes could not shed tears. Photo courtesy of Longyou Public Security

　　A mobile phone that can no longer be dialed

　　"Shao, something is wrong, come and help … …” At 16: 15 on the same day, Shao Weizhong received a phone call from Wang Yuan, the squadron leader of the accident squadron of Longyou Traffic Police Brigade. The other party’s voice trembled. Soon, two police cars arrived at the scene.

　　The big truck was sideways in the middle of the road, with its front half collapsed, next to a police car that had turned sideways into a ditch. Shao Weizhong’s legs went soft at first sight — — As a traffic policeman for 11 years, he has seen all kinds of tragic scenes, but this time lying in the field are his good colleagues and brothers, Zhong Wang, the squadron leader of Hengshan squadron of the traffic police brigade, and Wu Jiansheng, the auxiliary police.

　　Zhong Wang still had a pulse, and he gasped faintly and intermittently. On this day, the sun was fierce, and Shao Weizhong squatted beside Zhong Wang and held his hand hard: "Hold on, hold on!" But when he looked at Zhong Wang’s wide eyes and gradually expanding pupils, he fell like a icehouse.

　　"Quick help, there are people holding up … …” Shao Weizhong was shouted back and helped to carry the police car together. When the car was moved away, a traffic policeman faced down, his hands pressed under his body, his trousers were covered with blood, and his leg was half suspended on the side of the road. The whole person was silent. Shao Weizhong didn’t recognize it. This man is the "younger brother" he has known for more than ten years, and the deputy captain of the traffic police brigade of Longyou County Public Security Bureau.

　　Zhong Wang, Yan Hang and Wu Jiansheng were rushed to Longyou County People’s Hospital for emergency treatment. In that compartment, Shao Weizhong dragged his tired body into a chair, and he still had a glimmer of hope. In the end, what he waited for was bad news … …

The mobile phone left by Xunhang at the scene of the accident. Photo courtesy of Longyou Public Security

　　Not long after, Shao Weizhong received another call. The family of Xunhang couldn’t find his mobile phone. Please ask Shao Weizhong for help. Mobile phone is not only related to the life of Xunhang, but also a thought.

　　Shao Weizhong took six or seven people and came to the scene again. The national road without street lights was dark. When the phone is dialed, there is no bell or bright screen … … Shao Weizhong turned on the flashlight and groped inch by inch in the weeds, pulling in the mud and looking for more than two hours. Near the early morning, snakes and insects appeared, and Shao Weizhong and others had to go home.

　　After a sleepless night, at 5 o’clock the next day, Shao Weizhong called his colleagues to come to the scene again. It was another one-hour search. At 6: 40, an old policeman dug up a mobile phone with a broken screen from the mud on the side where Xunhang was lying.

　　Shao Weizhong’s eyes were red and he thought of the phone call more than a month ago. That day, he called Xunhang and told him to take his family with him to pick grapes. Xunhang sounded a little haggard and said that he would go to the hospital. His wife had a low fever for more than ten days, and he never had time to take her to a big hospital. Shao Weizhong also blamed him a few words, asking him to put his work aside and take his wife to see it for a few days off.

　　However, Xunhang is still hesitant, and he can’t let go of many "burdens" on his body — — Born in 1984, during his 12 years as a police officer, Xunhang stayed in three police stations, went in and out of the legal brigade twice, and began to serve as the deputy captain of the traffic police brigade more than a year ago, not only handling cases but also grasping the legal system construction.

　　Xie Liping, the captain of the Legal Brigade of Longyou County Public Security Bureau, has been working with Xunhang for many years. Although Xunhang was transferred to the traffic police brigade last year, they still often exchanged legal business. The day before the incident, Xunhang also went to Xie Liping’s office to discuss the investigation of a complicated traffic accident case for more than an hour, and finalized the next work measures. Unexpectedly, I saw this good buddy in the hospital the next day. When I saw the swollen face of Xunhang, Xie Liping’s tears fell down. "I didn’t recognize him … …”

The scene of the accident. Photo courtesy of Longyou Public Security

　　A reply that can no longer be received.

　　Sleepless all night, there is petiole Hua, the squadron leader of Xiaonanhai Squadron of the traffic police brigade of Longyou County Public Security Bureau.

　　Thirteen years ago, Ye Binghua and Zhong Wang were admitted to the police force and shared a dormitory in the police academy. Even the alarm numbers were connected before and after. Ye Binghua’s alarm number was 557 at the end and Zhong Wang’s was 556.

　　Zhong Wang, 40 years old, has been a police officer for 13 years. He has been working in the criminal investigation brigade of the grass-roots police station and the county public security bureau. In July this year, he was transferred to the squadron leader of Hengshan squadron of the traffic police brigade, and it was only two months since he officially became a traffic police.

　　On the morning of August 28th, Longyou County Public Security Bureau held a county-wide road traffic safety work conference, and Ye Binghua happened to sit next to Zhong Wang. Xiaonanhai Squadron and Hengshan Squadron are next to each other, and they are discussing a joint traffic violation rectification action in Chengbei Development Zone.

　　Only 15 minutes after the meeting, the impatient Zhong Wang called Ye Binghua. "Is there anyone in the squadron? Action? " But at that time, the members of Xiaonanhai Squadron were busy outside, and Ye Binghua had to reply: "We’ll see it in the afternoon."

　　At 15: 14, Zhong Wang’s phone came back again. I learned that Ye Binghua and the team members were diverting traffic at the exit of the expressway. Zhong Wang agreed, "Tomorrow morning, you must send someone to act with me!"

　　In fact, the two agreed to take action in the jurisdiction of Xiaonanhai Squadron. Ye Binghua didn’t expect Zhong Wang to be more attentive than himself. Who knows, the bad news came before the next day.

　　What makes Petiole Hua feel sad is that besides Zhong Wang, his former teammate Wu Jiansheng also died.

　　In Petiole Hua’s impression, Wu Jiansheng, who is 1.67 meters tall, is thin, dark-skinned and wears a pair of black-rimmed glasses. He is a cheerful, self-motivated and responsible man.

　　Ye Binghua has a serious cervical spondylosis. When going out to the police, Wu Jiansheng often asks to drive. When using the police service to investigate and deal with illegal vehicles, he always tries to help. Wu Jiansheng often holds that heavy police pass for hours.

　　Suddenly losing two good comrades-in-arms, Petiole Hua was heartbroken. At 2: 21 on August 29, Ye Binghua, who was tossing and turning in bed, sent a message to Wang Zhong with a nail: "557 calls 556! The joint rectification action is scheduled to start at 9 am. How can you miss the appointment! "

At 21: 00 on August 28th, Xunhang, Zhong Wang and Wu Jiansheng died in the line of duty after being rescued by the hospital. Photo courtesy of Longyou Public Security

　　At 13: 14 on the 29th, Longyou County Public Security Bureau issued a notice: At 5 o’clock in the morning on August 28th, a traffic accident occurred in Xiaxishan village section of Hengshan Town, Longyou County, 320 National Highway. Huang, a 70-year-old villager from Mohuan Township, fell to the ground after being injured by a tricycle, and the vehicle involved escaped.

　　In the afternoon, Yong Hang, deputy head of the traffic police brigade of Longyou County Public Security Bureau, Wang Yuan, the squadron leader of the accident squadron, drove the "Zhejiang H0616 Police" police car, and Zhong Wang, the squadron leader of Hengshan Traffic Police Squadron, and Wu Jiansheng, the auxiliary police of Hengshan Squadron, drove the "Zhejiang H0611 Police" police car to the scene of the accident for further investigation to find clues. At 16: 07, after the four people arrived at the scene, they parked the police car on the side of the road in turn, turned on the warning lights and the LED screen at the rear of the car to warn them, and looked for clues on the road separately.

　　At 16: 10, the driver Zou Moumou (male, 28 years old, from Suichang) drove the "Zhejiang H29C78" light ordinary truck (without cargo) from Longyou to Jiande along the 320 National Highway. When passing through the road section being explored by the police, he hit the "Zhejiang H0611 Police" police car, and three people, Yun Hang, Zhong Wang and Wu Jiansheng, were hit by the police car that rolled over.

　　After the accident, all forces and enthusiastic people at the scene quickly rescued and sent the wounded to the hospital for rescue. At 21: 00 that day, three men, Xunhang, Zhong Wang and Wu Jiansheng, died in the line of duty after all-out rescue.

　　At present, the driver Zou Moumou has been under the control of the police and the accident is under further investigation. The police are also fully investigating the hit-and-run case that occurred in the early morning of August 28.

　　Shanghai GM "New", FAW-"New" and Shanghai Volkswagen "4000" are undoubtedly the three most concerned models in the new promotion of joint venture automobile enterprises in 2008. The progress and renderings of these three new cars have been disclosed. Recently, some media have obtained the makeup photos and parameters of the "New Excelle" real car, which unveiled the true face of this Shanghai GM Ace compact car Excelle replacement model.

"New Excelle custom-made pictures"

　　In January 2008, in the 158th issue of "Vehicle Manufacturers and Products" announcement, SGM7168 and SGM7183, two brands of Shanghai General Motors, were the new Excelle that attracted much attention. Recently, spy photos and parameters confirmed this news, and it was further learned that the product models of the new Excelle include SGM7168MTA, SGM7183MTA, SGM7168ATA and SGM7183ATA, which are manual and automatic transmission models of 1.6L and 1.8L models respectively. The emissions of the four models of the new Excelle all meet the national IV emission standard.

　　The release of the customized photos of the new Excelle finally allows us to see the true content of the replacement model of Shanghai GM’s best-selling compact car Excelle. From the appearance, the new Excelle middle net adopts a similar straight waterfall design, indicating that the family style of Shanghai GM’s new generation models is gradually taking shape. The new Excelle headlights adopt a diamond shape, which is more sharp than the old models. The headlight lines extend to the bumper, forming a popular U-shaped shape.

"New Excelle Hub"

　　On the whole, the front face of the new Excelle has a significant change compared with the current Excelle, which is a brand-new feeling. Looking at the tail shape of the "New Excelle", the change of taillights is very significant. The taillight design of the new Excelle’s horizontal layout is completely different from that of the current vertical layout. Undoubtedly, the taillights of the new Excelle are more graded. But on the whole, the tail design lines of the new Excelle are more complicated. Viewed from the side, there is little difference between the lines of the new Excelle and the current Excelle, which indicates that the relevant parameters of the new Excelle will not change much.

　　Comparison of basic parameters between new excelle and current excelle;

　　According to the obtained data, the new Excelle is 2600 mm, and its length× width× height are 4515mm×1725mm×1445mm respectively, which are exactly the same as the current Excelle. The new Excelle SGM7168 and SGM7183 are equipped with F16D3 engine produced by Shanghai GM Dongyue Powertrain Co., Ltd. and T18SED engine produced by Australian company respectively. The former has a maximum displacement of 1598 ml and a maximum displacement of 78 kW. The latter has a maximum displacement of 1799 ml and a maximum power of 88 kW. This power configuration is also the same as the current Excelle. Comparing the new Excelle with the current Excelle, many of our parameters are completely consistent, which seems to confirm from the side that this new Excelle is not a completely replaced model, but a new Excelle with a mid-term change.

Jinyang Network News January 20th, FAW Toyota Corolla, Rui Fang listed. The new car launched a total of 5 models, priced 129,800 yuan – 169,800 yuan. The new car offers 7 monochromes plus 4 contrasting colors.

Appearance: both dynamic and static

Corolla Rui Fang adopts the design concept of "strong power" and "urban quality", and outlines the tough shape with dynamic lines.

The front grille and front bumper form a stable "double trapezoidal" design, creating a prominent sense of stability; the double beam of light LED headlights and the horizontal design of daytime running lights above the headlights are more attractive and highly recognizable.

On the side of the car, the waist line is straight, making it very simple. The 18-inch aluminum alloy wheels are designed with a unique cutting style, emphasizing the sense of speed. At the rear, the LED modular taillights show the lighting effect with a sense of advanced technology with a thin line-like light curtain.

In terms of color, Corolla, Rui Fang provides sapphire blue, crimson red, streamer silver, platinum white, ink abyss black, Milan khaki, flare crystal gray seven body coatings to choose from, in addition to platinum white body x ink abyss black roof, streamer silver body x ink abyss black roof, Milan khaki body x ink abyss black roof and other four two-color bodies to choose from.

Space: large space and large pattern

Corolla, the length, width and height of the sharp placement are 4460mm/1825mm/1620mm respectively, and the wheelbase is 2640mm. The front head space is 105mm, and the rear head space is 87mm.

At the same time, the rear window has a large light transmission area and a good field of vision; fully considering the feeling of different members getting on and off the car in the family scene, the rear door adopts the design of a high door frame, with an opening height of 787mm, making it easy to enter the car even when holding a baby. The rear seats support adjustable gears, which further enhances the riding comfort and can also better place children’s seats of different age levels.

Corolla, the sharp release has a large loading space, which can fit a lot of luggage. Corolla, the sharp release has a suitcase volume of 438L, which has sufficient height and width, and because the C-pillar has no bevel angle, the depth performance is better, which realizes the efficient use of space.

After the rear seats are reclined in a 6:4 ratio, they can be further expanded, and large suitcases, strollers, small appliances, etc. can be easily loaded. In addition, Corolla, Sharp Place has also optimized the height of the suitcase from the ground, so that female users can easily lift and drop items.

Safety: Smart experiences go hand in hand

Corolla, Rui Fang comes standard with a new generation of Toyota Safety Sense smart travel safety system, including PCS pre-collision safety system (including forward pedestrian identification), DRCC dynamic radar cruise control system (including full speed domain following function), LTA lane tracking assist system and (including following function), AHB automatic adjustment high beam system

Among them, the PCS pre-collision safety system can detect the leading vehicle, pedestrian (day and night) and bicycle (day) through millimeter wave radar and monocular camera. If the system determines that the probability of collision is high, the PCS will assist in avoiding collisions and reducing damage through warning, braking control, and enhanced braking force. The DRCC dynamic radar cruise control system detects the leading vehicle through millimeter wave radar and monocular camera, and keeps the appropriate distance to follow the vehicle (with full speed zone following function), which helps to reduce the fatigue of long-term driving.

In terms of passive safety, the Corolla is equipped with up to 9 SRS air bags, which are combined with the high-rigidity body design of the TNGA-C architecture, ensuring a sense of security every time you travel.

In terms of intelligent technology configuration, Corolla Ruifang comes standard with Toyota Zhixing interconnection system, which allows users to perform remote air conditioning, remote car search, negligent reminders (including remote lock), remote diagnosis, concierge service, emergency rescue (airbag linkage), theft tracking (including remote start restrictions), intelligent driving scoring, health reports, and vehicle condition inquiries.

The 9-inch multimedia intelligent online navigation system can obtain the latest data from the center in real time, plan the best route, learn users’ driving habits, and provide users with tailor-made route planning and service planning; the PVM panoramic monitoring system can display images taken from a top view of the vehicle, allowing drivers to confirm in real time the surrounding conditions that are difficult to visually observe from the driver’s seat, making it easy to judge the surrounding conditions of the vehicle and avoid the occurrence of parking hazards.

In addition, the intelligent interactive voice control system, TPMS tire pressure monitoring system, parking radar, multimedia display system, and 7-inch TFT liquid crystal meter are all available.

Driving control: big body has more vigorous skills

Corolla, sharp amplifier equipped with TNGA 2.0L Dynamic Force Engine engine and Direct Shift-CVT transmission, the maximum power of the engine is 126kW and the maximum torque is 205N · m. Introduce new technologies such as new direct injection injectors and new electric VVT (variable timing valve) to improve output power, fuel efficiency and reduce emissions. It has the characteristics of complete lightweight, miniaturization and low center of gravity.

The transmission enhances acceleration performance, fuel efficiency and interior tranquility by greatly expanding the transmission range and efficiency. At the same time, technologies such as split-shaft vane dual-port oil pumps and innovative control systems are adopted to improve fuel efficiency and driving performance. The fuel consumption under comprehensive operating conditions is 5.9L/100km. In addition, the Corolla’s sharp-release turning performance is a prominent advantage beyond the SUV of the same class, achieving a 5.2m turning radius.　

(Text/Xiaohang, Photo/Official Provided)

Nowadays, many car companies like to match different engine power levels according to different vehicle configurations. For example, BMW’s 2.0T is divided into three grades from 18, 20 to 28i, while Volkswagen’s 2.0T EA888 also likes to adjust different power levels to distinguish between different price points. This is the familiar 330TSI and 380TSI.

So who is more powerful between the 2.0T engine with reduced power of the 330TSI and the 1.5T turbocharged engine of the "full blood version"? In order to find out, we compare two mid-size SUVs of the same class and price this time – the new Envision S 1.5T and the Tanyue 330TSI. In the face of a series of hard core tests, which one performs more comprehensively?

The biggest difference between this new Envision S and the old model is the replacement of the Buick Avatar 1.5T engine. Although the price is similar to the Tanyue 2.0T low-power 330TSI model, from the parameter point of view, the Envision S weighs 1710kg, and the new 1.5T engine outputs 155kW power and 270Nm torque, with a general-purpose 9AT gearbox. The weight of Tanyue’s car is less than 1700kg, and the parameters of the low-power 2.0T are 137kW and 320Nm, which match the familiar DSG gearbox.

One has more power and one has more torque.

Of course, since you want to compare the two engines, you must compare them in multiple dimensions. After all, this can better reflect the hard indicators than the technical parameters.

The dimensions involved in this review include the following aspects:

100 km acceleration

● 100 kilometers braking

● Control stability

● NVH

● Fuel consumption

Driving on mountain roads

From the perspective of daily driving experience, because the new Envision S is equipped with an efficient 48V light hybrid system. Although the improvement of light mixing to power will not be too obvious, it can achieve smoother driving at medium and low speeds, and the quality of start and stop has also been greatly improved. The sense of intervention is very slight, so this STT does not need to be turned off at all during daily driving, and it is no longer a tasteless function.

The powertrain of the EA888 + DSG on Tanyue is more familiar to everyone. In fact, the Volkswagen models are very balanced in driving experience, and there will be no obvious problems. However, compared with the Avatar 1.5T + 48V combination of the Envision S, the start-stop quality of Tanyue is much worse, with large or small jitter every time.

However, the DSG transmission is still very smart. It is very easy to follow the car when driving in the urban area. It can match you with the correct gear and power output every time, and the quality of the upshift and downshift is also good. However, everyone knows that the double clutch is not good.

The driving experience of the chassis, I personally think Buick is better. In urban areas, you will often encounter some manhole covers, speed bumps, and damaged roads crushed by trucks. The Envision S can handle these shocks very well, without obvious aftershocks, and is well isolated from the sound of the impact. The sense of advanced is very good.

Although Tanyue was a Volkswagen product, its driving texture did not resemble the chassis performance of a serious European car. Under some undulating roads, the front and rear attenuation balance of Tanyue was relatively poor, and the pitch was obvious. In addition, when encountering some large impacts, Tanyue’s impact was suppressed relatively poorly, and the sound was too loud. At the same time, you could hear the resonance sound of the frame metal, and you felt that the car’s sense of precision and advanced were relatively poor.

Buick’s interior materials have always been very advantageous in the same level, Envision S is no exception, the NVH of the whole vehicle is very good, the sound insulation and quiet performance are completely worthy of this price, the front row is still double laminated glass, so when driving at high speed, in addition to the obvious wind resistance behind the B pillar, the rest like road noise and fetal noise are suppressed better.

Tan Yue’s road noise and fetal noise are slightly larger, and the wind resistance is generally controlled, and obvious wind noise can be heard above 100kph near the A pillar. At the same time, when the vehicle is driving under continuous vibration road surface and large particle asphalt road surface, the vibration and sound of the vehicle are more obvious, and the sound insulation performance of the chassis is poor. Rumbling road noise can often accompany driving.

Regarding fuel consumption, we can’t help but reveal that in the end, we traveled a total of nearly 117 kilometers throughout the day, including urban areas, national highways, highways, and mountain roads. In the end, the Envision S showed fuel consumption of 8.1L/100km, and the Tanyue 330TSI was 8.3L/100km.

And according to the final refueling situation, the actual fuel consumption is calculated, the Envision S is 8.13L/100km, and the Tanyue is 8.33L/100km. The appearance and actual fuel consumption performance of the two cars are very accurate, and the overall fuel consumption difference is not particularly large. Another difference to note is that the Tanyue 330TSI needs to add 95 #gasoline, while the Envision S only needs to add 92 #to eat coarse grains.

Driver’s summary:

Overall, the two cars have similar price and volume, and they are both models with good product power in this class. However, after switching to the Avatar 1.5T engine, the Envision S has a stronger driving texture, better handling experience, and better NVH performance than the Tanyue, and the economy is also better. As a Volkswagen brand product, I personally think that although the comprehensive product power is still very good, at least in the powertrain part, the 2.0T engine is placed in front of the Buick 1.5T engine, and the overall performance gap is regrettable.

Text | MOK

　　　　 [PConline Xi’an Railway Station Quotes]HUAWEI P7Using its own HiSilicon Kirin 910T 1.8GHz quad-core processor, 1.8GHz frequency, 2GB RAM+ 16GB ROM, supports a maximum of 64GB memory expansion. 5.0 inch 1080P resolution IPS screen, using in-cell technology, the front and back bodies cover the third generation Corning Gorilla Glass. 13 million pixel rear + 8 million pixel front-facing camera, the main camera adopts F2.0 aperture, Sony 4th generation stacked sensor. Based onAndroid 4.4.2 customized Emotion 2.3 operating system and 2500mAh capacity battery. Support 5-mode 10-band, supportTD-LTE,TD-SCDMA, GSM,FDD-LTE,WCDMA(The latter two are only supported by international roaming). Today, the author learned from the store merchants that the National Day is a great benefit, and the quad-core Huawei P7 Xi’an licensed goods are 2200 yuan. Friends who like it may wish to pay more attention.

Huawei P7 Mobile　　picture　　series　　review　　forum　　quote

Huawei P7 Mobile　　picture　　series　　review　　forum　　quote

Huawei Ascend P7 parameters
CPU	Huawei HiSilicon Kirin 910T 1.8GHz Quad Core
RAM	2GB
ROM	16GB supports memory card expansion
screen	5.0 inch IPS material 1920 × 1080 resolution　Inell Technology, the third generation of Corning Gorilla Glass
camera	F2.0 aperture 13 million pixel, Sony 4th generation stack sensor, front 8 million
Operating System	Emotion 2.3 Based on Android 4.4.2
SIM card type	Micro-SIM Card
network standard	5mold10frequency: TD-LTE, TD-SCDMA, GSM, FDD-LTE/WCDMA (only international roaming support)
Body size	139.8X68.8×6.5mm
weight	124 g
Battery	2500mAh　Inremovable

[Reference quotation]: 2200 yuan (licensed goods with tickets)
[Sales merchant]: Western Communication Mall QQ: 1658454993　
[Contact number]: 18629259515 029-63383540　　　
[Sales address]: Lianhu Road, Peking University Street, Xi’an City
[Online store address]://m.pconline.com.cn/shop532159/
[Quote inquiry]:Xi’an mobile phone market
[Quote inquiry]:Xi’an mobile phone quotation　

(Yingwei Net nweon March 13, 2024) Apple recently announced in a press release that it will bring two native spatial computing games "Crossy Road Castle" and "Solitaire Stories" to Apple Arcade. The work is scheduled to land on Apple Vision Pro on April 25th.

《Crossy Road Castle》

Crossy Road Castle is from Hipster Whale. In this adventure experience, players will play games in the form of a space window, and manipulate the protagonist to overcome a series of different challenges, and finally climb an endless rotating tower. According to the game screen, its gameplay is somewhat similar to the classic Super Mario Brothers.

In addition, the game supports intuitive gesture manipulation and allows up to 4 friends to play together.

《Solitaire Stories》

I wonder if you have ever played the card game that comes with Windows? Solitaire Stories from Red Games hopes to reproduce similar experiences in the form of spatial computing and bring you a casual and relaxing card game with only gestures.

In the game, players can play the most classic card games in a brand-new way. You can directly hold and move the cards and put them anywhere on the game board.