Wang Jiadong says:“I mean let you pay attention,It has nothing to do with who you marry,And people around you,You should also pay attention,I told old Gu yesterday,People,Higher position,Pay more attention,Be careful,People here,Higher level than Sanyuan and Kangzhou,It’s possible for an individual to reach the sky,and so,Be careful。”

Peng Changyi knows Wang Jiadong’s worries,To some extent he is more ambitious than himself,Just said:“do not worry,I leave my work at home,Or come to you,Do not cause trouble,Don’t gang up,Do your job well。” Wang Jiadong looked at him and said:“Kid,Why is the level of an official going backwards??I’ve never gotten into trouble by myself,Langzhu officialdom,You […]

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Qin Liang also persuades politely。

“OK then……Actually tell the truth,I’m sleepy,Then I will go outside and take a rest in the car。” Yang Shiyun really can’t hold on anymore……She didn’t have any problems staying up for several nights.,But after recuperating at home for such a long time,She can’t stay up all night。 “Let’s go,We go to rest in the car。” […]

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“Silly girl,I……”He thought of Aunt Qiao’s eyes when she looked at herself,I also thought of the eyes in my mind just now。

He wanted to joke with her:“I am not a good guy”,But facing the innocent Ding Yi,He can’t say such a thing,Want to say again:“Maybe someone needs you more than me,I can’t defile you”,But after all he didn’t say,Some thoughts will hurt many people,Besides, it’s all his love。 He patted her on the back affectionately,Said:“You are […]

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“master,You always talk about the Rose Legion。How about designing a badge,From now on, there will really be the designation of the Rose Legion,Sister of Yishuier,How good。”

Liu Xiaoyun has a new proposal。 “Yep,good idea,I didn’t expect it,That’s it,You guys design a new badge together,Then I report it at the headquarters,Create file,From now on, the Rose Legion will be the female detachment of Dragon Soul。” Qin Liang was overjoyed and said loudly。 Qin Liang’s words immediately received unanimous support from five female […]

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Cambrian Breakthrough: A high level of customer concentration expands scale due to R & D

CambrianBreakthrough:AhighlevelofcustomerconcentrationexpandsscaleduetoR&D OntheafternoonofMarch26,theShanghaiStockExchangedisclosedanewcopyofthescienceandtechnologyboardreplacemententerprise,andthesemiconductorcompanyZhongkeCambrianTechnologyCo.,Ltd.(hereinafterreferredtoas”Cambrian”)wasamongthem.Inthepastfewyears,becauseofitsbackingtotheChineseAcademyofSciences,theCambrianhasbeenadoptedbyHuawei’sannualflagshipmachine,whichonceattractedattentionfromtheoutsideworldandbecameaunicorncompanyinthefieldofartificialintelligence.  Accordingtotheprospectus,Cambrianplannedtoissuenomorethan40.1millionsharesforfinancing28.RMB110,000,CITICSecuritiesisthesponsorandleadunderwriter,CICC,GuotaiJunanSecuritiesandAnxinSecuritiesarethejointleadunderwriters.Thefundsraisedfromthisissuancewillbeusedforanewgenerationofcloudtrainingchips,cloudinferencechips,edge-endartificialintelligencechipsandtheirrespectivesystemprojects,aswellassupplementaryworkingcapital.  Sincethecompanyhasnotbeenprofitableinthepastthreeyears,thecompanyhasselectedtheSSE’sscienceandtechnologyboardstocklistingrules,whichisexpectedtohaveamarketvalueofnotlessthan1.5billionyuan,andanoperatingincomeofnotlessthan200millionyuaninthemostrecentyear,andthelastthreeTheratioofgradualR&Dexpendituretothecumulativeoperatingincomeinthelastthreeyearsisnotlessthanthestandardof15%.TheprospectusdisclosedthattheproportionofR&Dinvestmentinoperatingincomeinthelastthreeyearswas380respectively.73%,205.18%and122.32%.  From2017to2019,theCambrianannualoperatingincomewas784.RMB330,000,1.RMB1.7billion,and4.44trillionyuan,theincreasein2018and2019is1392comparedtothepreviousyear.05%and297.35%;thenetpurityis3.RMB8.1billion,4104.RMB650,000,and11.7.9billionyuan.Forthefluctuationofnetclarity,theprospectusexplainedthatitisessentiallyaffectedbynon-recurringprofitandlossitemssuchasshare-basedpaymentandR&Dexpenses.  UndertheblessingoftheChineseAcademyofSciences,theprospectusofentrepreneursthatcameoutshowedthattheCambrianwasestablishedinMarch2016andcompletedthecompanychangeinNovember2019from”LimitedCompany”to”LimitedCompany”.Thecompany’smainbusinessisdistributedclassifiedcloudservices,R&D,designandsalesofintelligentcorechipsforedgecomputingequipmentandterminalequipment,providingcustomerswithproductsandsystemsolutions.  ChenTianshi,bornin1985,isthefounderofthiscompany,thecontrollingshareholderandtheactualcontroller.Hedirectlyholds33shares.19%,indirectshareholding1.16%,holding34sharesintotal.36%.ChenTianshiattendedthejuvenileclassoftheUniversityofScienceandTechnologyofChinainhisearlyyearsandeventuallyobtainedadoctorateincomputersoftwareandtheory.HeworkedattheInstituteofComputerScience,ChineseAcademyofSciencesfromJuly2010toSeptember2019.In2019,hisannualsalaryintheCambrianwas108.RMB0.96million.  InadditiontoChenTianshi,deputygeneralmanagerLiuShaoli,chiefoperatingofficerWangZai,anddeputygeneralmanagerLiuDaofuwereincludedinthefoundingteammembers.Thesemembers,likeChenTianshi,onceworkedattheComputerInstituteoftheChineseAcademyofSciences.Notonlythat,thewholly-ownedChinesecomputingsourceoftheInstituteofComputingoftheChineseAcademyofSciencesisthecompany’ssecondlargestshareholderwith18shares.twentyfour%.  TheprospectusdoesnotintroduceChenYunjiseparately,butmentionshimintherelatedpartyassettransferintherelatedpartytransactionchapter.InFebruary2019,theCambriansignedwithChenTianshiandChenYunjifor42.420,000transferredthe100%shareholdingofSuHangzhouAiCambrianheldbythetwo.IntheearlyCambrianperiod,heonceintroducedthatthecompanywasjointlyfoundedbyChenTianshiandChenYunjibrothers,andChenYunjiwasadmittedtothejuvenileclassoftheUniversityofScienceandTechnologyofChinaattheageof14,andthenenteredtheInstituteofComputingTechnologyoftheChineseAcademyofSciences.  Theprospectusshowsthatthescaleofthereport,Cambrianisbasedontheneedsofresearchanddevelopmentandbusinessdevelopment.ItalsoobtainedasmallnumberoftechnicalauthorizationsfromtheInstituteofComputingTechnologyoftheChineseAcademyofSciencesandpaidpaymentfees.190,000yuan,15in2019.Thepricingmethodis910,000yuan.ThepricingmethodisbasedontheroutineproceduresoftheInstituteofComputingTechnologyoftheChineseAcademyofSciencesandisdeterminedthroughconsultationbetweenthetwoparties.Inaddition,in2018,theCambrianentrustedtheInstituteofComputingTechnologyoftheChineseAcademyofSciencestoparticipateinthedevelopmentoftheBangla.  Alargenumberofshareholderseats,Ali,Lenovo,HKUSTXunfeiappearedintheprospectus,sincethefirstcapitalincreaseinAugust2016,theCambrianhasexperiencedsixcapitalincreases,andsinceApril2016,thecompanyhasalsocompletedThreeequitytransfers.Beforethisoffering,Cambrianhad32individualandinstitutionalshareholdersdirectlyholdingshares,andduetochangesintheshareholdingrelationship,shareholderswithindirectsharesandconcertedactionrelationshipsalsoexisted.  Onthesigningdateofthefinalprospectus,ChenTianshi,ZhongkeSuanyuan,andAixiPartnerswerefirmlyseatedinthetopthreeshareholders.Amongthem,ChenTianshiisageneralpartnerofAixiPartners,whileotherexecutives,personnelandemployeeswithlong-termlaborcontractswiththecompanyarelimitedpartners.NanjingCMBandHubeiCMBheldsharesinChinaMerchantsBankInternationalCapitalManagementandChinaTelecomSystemIntegrationCorporation.42%;SDICFundandNingboHangoholdatotalof7.35%;PaleozoVenturesandZhishengKexunholdatotalof5.04%.  Inaddition,existingcompanieswithhighershareholdervisibilityappearintheshareholderseatsorhidebehinddirectshareholders.AlibabaVentureshasinvestedinthethirdandfifthcapitalincrease,1trillionand4995respectively.520,000yuan.Onthesigningday,AliVentureCapitalsatfirmlyonthetenthlargestshareholderwithashareholdingratioof1.94%.LenovoSustainableHubeiLenovoandNaYuanmingzhienteredthegame.Thelattertwohaveaconcertedrelationshipandhold2shares.39%.  AlthoughHKUSThasbeenintheshareholders’seatsincethefirstcapitalincreaseinAugust2016,ittransferred0toGuangzhouHuixinginthesecondallocationtransferinMay2019.25%equity.Onthedayofsigning,HKUST’sdirectshareholdingratiois1.19%.  Inaddition,atthefirstlevel,JinshiYinyi,awholly-ownedsubsidiaryofleadunderwriterCITICSecurities,directlyholdsshares1.19%,whileholdingCITICSecurities15.CITICIndustrial,awholly-ownedsubsidiaryofCITICGroupwitha47%stake,holdsNingboHango8.33%equity,whileNingboHangoholdsCambrian3.43%equity.FundsmanagedbyCICCCapital,awholly-ownedsubsidiaryofCICC,theleadunderwriter,alsoholdsharesthroughCICCanddirectlyholdshares119%.  LargecustomerHuaweipaid1inthepastthreeyears.8.6billionpoundsofmodernartificialintelligencetechnologyhasbeenappliedinthecloud,edgeandterminal,andCambrianproductsmeettheneedsofthesethreedifferenttypesofequipment.Theprospectusshowsthatin2019,theproportionofbusinesswillbeexpanded,newbusinesseswillbelaunched,andthenumberofreportswillbereported.Themaincustomersarechipdesignmanufacturers,servermanufacturers,andlocalgovernmentsinneedofdatacenterconstruction.  TheinitialproductoftheCambrianistheterminalintelligentprocessorIPCambrian1Aprocessorin2016,followedby1Hand1Min2017and2018,respectively,withimprovedperformanceandcorrespondingexpansionofthemodel.Boththecloudandtheedgehavelaunchedchipsandsmartaccelerationcardsinthecloud.Amongthem,thecloud-basedSiyuan290isbeingtestedinsamples,whiletheedge-sideSiyuan220andtheacceleratorcardreleasedin2019havenotyetlaunchedactualsales.Inaddition,theCambriancontinuedtodevelopandupgradebasicsystemsoftwareplatformstoadapttonewchips.  Theprospectusshowsthatthenumberofreports,in2017and2018,morethan98%oftherevenuecamefromthelicenserevenueoftheterminalsmartprocessorIP,andin2019,thesystembusinesswasobtainedthroughthecloudsmartchipandtheaccelerationcardbusinessandintelligentcomputingWuji’smainbusinessincomehasincreasedsubstantiallybynearlyfourtimes.In2019,terminalrevenueaccountedfor15%oftotalrevenue.49%,thecloudaccountedfor17.77%,theintelligentcomputingsystemaccountedfor66.72%.  Forthedeclineintheterminalside,thereasonisthatthemid-to-high-endequipmentthatadopteditsIPachievedlarge-scaletransformationin2018,butatthesametime,theCambriandeliveredIPtocompanyA,whichcausedadeclinein2019.Thispartofthebusinessdoesnotsellphysicalchips,onlyIP.SustainablecompanyAisamajorcustomeroftheCambrian.From2017to2019,theCambriansalestocompanyAtotaled1.8.6billionyuan,accountingfor98%ofrevenue.34%,97.63%,and14.34%.AlthoughtheCambrianProspectusnolongerdisclosesthesalesamountofCompanyA,itscustomerisHuaweiinthepublicityofthebattle.  Obviously,asasemiconductorcompanyfocusingonthedesignandsalesoftheFablessmodel,CambrianalsoincludedHuaweiHiSiliconinitsscopeandriskwarning.Infact,thedeputygeneralmanagerholdingthecompany’sshares,CTOLiangJunjoinedtheCambrianin2017,andinphysics,heworkedatHuaweiandHisiliconandservedasaseniortechnicalexpert.LiangJunandChenTianshi,LiuShaoliandLiuDaofuwerelistedasthecoretechnicalpersonneloftheCambrian,buttheyweretheonlynon-foundingteammembers.  Theintelligentcomputingaccumulationsystemwillbecustomizedanddevelopedaccordingtocustomerneeds.In2019,theCambrianandXi’anFengdongYixiangTechnology,theShanghaiBrainScienceandBrain-likeResearchCenter,andtheCommerceBureauoftheHengqinNewDistrictManagementCommitteeofZhuhaiCityreachedarelevantcooperationtostartgeneratingrevenueinthispartofthebusiness.  However,companyB,whichenteredthetopfivecustomersin2019,accountedfor14%ofrevenue.34%,Cambrianneverannounceditsname,butsaidthecompanywasarelatedparty.  Thethree-yearsteepincreaseinresearchanddevelopmentexpenses,thesalaryaccountedforinthebigprospectus,from2017to2019,theresearchanddevelopmentexpensesoftheCambrianwere2986respectively.RMB190,000,2.4billionyuanand5.RMB430,000,withR&Dexpenseratesof380respectively.73%,305.18%and122.32%.Thecompanysaiditwillcontinuetoinvestinresearchanddevelopmenttoensurethatitstechnologyisforward-looking,leadingandcorecompetitiontoincreaseprofits.Theprospectuslistsatotalof8projectsatthedevelopmentstage,andthecumulativeexpenditureisexpandedto6.5.5billionyuan.  ItcanbeseenthatthehighestproportionofR&Dexpensesisemployeecompensation,whichis74inthreeyears.16%,41.21%and52.15%.AsofDecember31,2019,therewere680CambrianR&Dpersonnel,accountingfor79ofthetotalnumberofemployees.25%,andmorethan70%oftheR&Dpersonnelhavemaster’sdegreeandabove.Obviously,thecompanyhasapart-timejobasamemberoftheInstituteofComputingTechnologyoftheChineseAcademyofSciences.  Inaddition,thetestingandprocessingcostshavealsobeenreducedsince2018toreduceresearchanddevelopmentcosts,comparedwith36in2019.15%and22.92%.Theprospectusshowsthatthispartofthecostismainlythecostofthetapeusedforresearchanddevelopment,whichisthekeyconversionofthechipfromdesigntomassproduction.  However,intheriskalert,researchanddevelopmentisalsooneofthepotentialsourcesofriskintheCambrian.DuetoR&Dexpenditures,whiletheproductisstillinthemarketdevelopmentstage,andreportstheriskfacedbytheCambrianduetothesharepaymentamountduetoequityincentives.  Notonlythat,beforethesalesrevenuegeneratedbyartificialintelligencechipproducts,thecompany’sexpandedresourcesincreasedduetothedependenceontheCambrianoperatingcapital.Therefore,expansionbeyondthefinancingamountwillcausepressureandcannotmaintainsufficientcashflow.Itwillbeaffected,resultingin,willaffectthesalary,thusaffectingtheintroductionoftalentandthestabilityoftheexistingteam.  ThelossofR&DpersonnelwasexcludedfromtheriskfactorsoftheCambrian.Thecompanysaidthatifvariouscircumstancesinthefuturecausethecompany’sspendingpoliciesandlevelstobeinsufficientlycompetitiveandattractiveinthesameindustry,itwillbedifficulttorestoretherecruitmentofmorehigh-endtechnicaltalents,andevencausethelossofexistingR&Dpersonnel.  Riskfactors:Unprofitable,intensifiedcompetition,andhighsupplierconcentration.Duetothelargeamountofcapitalexpenditurerequiredforsmartchipresearchanddevelopment,theCambrianhasbeeninanetpollutionstateforthepastthreeyears,anduntilDecember31,2019,thecompanyhasaccumulatedThedistributionprofitis8.5.5billionyuan.Asofthesigningdateoftheprospectus,thecompanyhasnotyetmadeaprofitandthereareunreplacedreplacementsthathaveoccurred.TheCambrianremindedthatitmaynotbeabletomakeprofitsordistributeprofitswithinacertainperiodinthefuture.  Onthetipsaboutriskfactors,Cambrianalsopointedoutthattheriskofitscoretechnologyupgradealternatingwiththeindustry’sfuturetechnologicaldevelopmentdirection,thereasonisthattheindustry’stechnologicalupgradesandproductupgradesarefaster,andthedevelopmentdirectionhascertainuncertainties.Infact,theresearchanddevelopmentworkdidnotmeetexpectations,technicalleaks,andintellectualpropertyriskareriskfactors.  Risksthatadverselyaffectitsoperationsalsoincludetechnologylicensingandincreasedmarketcompetition.TheCambrianstatedthatthereportedintelligence,thecompany’sintegratedcircuitIPandEDAtoolsuppliersaremainlyARM,Synopsys,Cadence,etc.Ifduetoforcemajeurefactors,theabovesuppliershavestoppedthetechnologyauthorizationfromthecompany,whichwillhaveanadverseimpactonthecompany’soperation.  SharingwithforeignmanufacturersNvidia,Intel,AMD,Cambrianstillhasconflictingdifferencesinoverallscale,financialstrength,R&Dreserves,saleschannels,etc.,anddomesticcompaniessuchasHuaweiHiSiliconandotherchipdesigncompaniesaregraduallyenteringthisInonemarket,theCambrianisfacingasituationofincreasingcompetition.Ifeffectivecountermeasurescannotbeimplemented,theCambrianwillfaceasituationwherethesalesofmajorproductsarelowerthanexpected,andtheproductgrossprofitmarginisreduced.  Inadditiontothefactthattherevenueofthetopfivecustomersaccountedforarelativelyhighrisk,thehighconcentrationofsuppliersandthedifficultyofreplacingsomesuppliersarealsorisksoftheCambrian.Accordingtotheprospectus,thetotalpurchaseamountofthetopfivedirectsuppliersaccountedfor92%ofthepurchasescaleoverthesameperiod.64%,82.53%and66.49%.Somesupplierproductsarescarceandexclusive.  Inaddition,inresponsetotheriskscausedbythenewcoronavirusepidemic,theCambriandisclosedthatifthesupplycapacityofthesupplierenterpriseisaffected,itmaycausethecompanytofailtoperformthecontractwiththepartnerintimeandfailtoprovideon-sitesupporttothecustomer;itmaycausesomeintelligentcomputingTheimplementationofthebusinessexpansionhasbeendelayed,ortheintroductionofchipproductshassloweddownsignificantly.Sauna,NightnetEditorLiangChenYueCaizhouSunYongproofreadingHeYan

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[How to make fish is delicious]_Recommended diet

銆 愰 Run pick pickle 宝 箭 占 怂 悆 抆 慱 鎺 ㄨ 崘 楗  寰堝浜哄枩娆㈠悆楸煎嵈涓嶇煡閬撻奔鎬庝箞鍋氭墠濂藉悆锛岃€屾捣楸煎拰娣℃按楸肩殑鍋氭硶閮戒笉鍚岋紝娴烽奔鑵ュ懗杈冨ぇ锛屽鏁颁互钂哥叜涓轰富锛岃€屾贰姘撮奔鍙互鍚勭鍋氭硶锛岀厧鐐哥叜鐐栬捀锛岃€屼笖鍝竴绉嶅仛娉曢兘鍙互鍋氬嚭涓嶅悓鍛抽亾鐨勭編鍛筹紝涓汉姣旇緝鐑埍涓滃寳鍋氭硶锛氶菠楸肩倴绮夋潯锛屽懗閬撶嫭鐗癸紝涓嬮潰灏辫鎴戜滑涓€璧锋潵鐪嬩竴涓嬪仛娉曞惂銆傘€€銆€棣栧厛鎴戜滑瑕佸噯澶囨潗鏂欙細銆€銆€涓绘潗锛氥€€銆€椴ら奔(涓€鏉?銆 佺 蒙 鏉?Yoshiki?00g)銆€銆€杈呮潗锛氥€€銆€澶ц挏(4鐡?銆 佽 懕 (Guo 懕 懕 鑺 尤 傺 噺 南 冲 彲) 銆 佸 峓 nau?涓€棰?銆 丸  (2 鐗?銆 侀  Chisel?涓€妫?銆€銆€璋冩枡锛氥€€銆€鍛虫瀬椴溿€侀唻銆佺硸銆佺洂銆侀浮绮俱€佹穩绮?閫傞噺)銆併€€銆€鍏蜂綋鍋氭硶锛氥€€銆€1銆?鐢ㄥ垁鍦ㄩ奔韬笂椤虹潃绾硅矾鍒囧嚑鍒€锛岃繖鏍峰湪鍒朵綔鐨勮繃绋嬩腑鎵嶅彲浠ユ洿濂界殑鍏ュ懗銆傘€€銆€2銆?閿呬腑鍊掑叆閫傞噺娌癸紝涓冨垎鐑皢楸间笅鍏ラ攨鍐咃紝鐓庤嚦涓ら潰娉涢粍鍗冲彲銆傘€€銆€3銆?灏嗛奔鎺ㄨ嚦涓€渚э紝鍦ㄦ补閿呭唴鍊掑叆閫傞噺鐨勭櫧绯栧拰閱嬶紝闄嶄綆楸艰叆鍛冲強鎻愰矞銆傘€€銆€4 銆?鎶婂垏濂界殑钁辫姳銆佸叓瑙掋€佸ぇ钂溿€佸鐓哥倰鍑洪鍛炽€傘€€銆€5銆?鍊掑叆閫傞噺鍛虫瀬椴滐紝骞跺姞鍏ユ按锛屾按閲忓彧闇€瑕侀珮浜庨奔韬嵆鍙€傘€€銆€6銆?鐩栧ソ閿呯洊澶х伀鐑у紑锛岀劧鍚庡姞鍏ョ矇鏉★紝寮€閿呭悗鏀瑰皬鐏參鐐?5鍒嗛挓銆傘€€銆€7銆?鍔犲叆閫傞噺鐩愬強楦$簿锛屽皢娣€绮夌敤姘村寲寮€澶囩敤銆傘€€銆€8銆?閿呭唴鍓╁皯閲忔堡鏃跺皢楸煎強绮夋潯鍑洪攨鐩涚洏锛屽皢鍖栧ソ鐨勬穩绮夊€掑叆姹や腑鎼呮媽鍧囧寑锛屽皢姹ゆ祰鍦ㄩ奔韬笂锛岀劧鍚庢拻涓婂垏濂界殑棣欒彍鏈嵆鍙€傘€€銆€鍒版杩欎唤椴ら奔鐐栫矇鏉″氨鍋氬ソ浜嗭紝楸肩殑椴滈鍔犱笂绮夋潯鐨勭朝鎬э紝鍐嶉厤涓婇鑿滅殑棣欏懗鎵€鎼厤鍑烘潵鐨勫懗閬撶粷瀵逛細璁╀綘鍋滀笉涓嬪彛锛岄奔鐨勫仛娉曟湁寰堝锛岃嚦浜庢€庝箞鍋氭墠濂藉悆杩樿鐪嬩釜浜虹殑鍙e懗锛屽鏋滃枩娆笂闈粙缁嶇殑杩欓亾鑿滀篃鍙互鑷繁璇曡瘯鐪嬨€?

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[How to make heart-shaped snowy moon cakes]_Home-made method of heart-shaped snowy moon cakes_Encyclopedia of heart-shaped snowy moon cakes_How to make heart-shaped snowy moon cakes

[How to make heart-shaped snowy moon cakes]_Home-made method of heart-shaped snowy moon cakes_Encyclopedia of heart-shaped snowy moon cakes_How to make heart-shaped snowy moon cakes Any kind of ingredients has only its own nutritional value, which can be supplemented with vitamins needed by the body to eat delicious food. If you want to know how to […]

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Desai Xiwei (002920): 19H1 performance pressure expects automotive electronics accumulation

Desai Xiwei (002920): 19H1 performance pressure expects automotive electronics accumulation The company released its semi-annual report for 2019: 19H1 achieved revenue of 22. 700 million, at least -20. 6%, net profit attributable to mother 1. 0 billion, ten years -64. 4%, deducting non-net profit 0. 4.6 billion, ten years -82. 4%. The overall performance in […]

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