Bytes updated the values ​​and adjusted the order; the ambition of the Ningde era is more than 45 billion

Original link: https://www.latepost.com/news/dj_detail?id=1195

Byte update values, adjust the order

At 8:00 p.m. on June 22, ByteDance CEO Liang Rubo issued an internal letter to update the byte range. This is the first update since the addition of “multi-compatibility” in March 2020.

Byte Fan Evolution History:

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“Always Entrepreneurship” was adjusted from the fifth position of the byte range to the first. Today, ByteDance is a large company with nearly 160,000 people. Liang Rubo is worried that Byte is suffering from the disease of a big company – abusing resources, relying on inertia or slowing down in action. He wonders whether Byte has fallen into a “resource curse”.

Liang Rubo said that we should always maintain an entrepreneurial mentality and “do things like a good start-up company”. Regardless of the company level or the employee level, we must remain humble and the ego should be small, so that we can find our own problems and make continuous progress.

The importance of “multi-compatibility” is also increasing, from the last digit of the byte range to the second. “Diversity Compatibility” was first added to Byte Fan by Zhang Yiming in March 2020, proposing to “understand and value differences and diversity, and build a diverse team”. At that time, ByteDance entered its third year of globalization, and TikTok already had 20,000 employees from different countries.

Two years later, the number of TikTok employees has doubled, the business is diverse and complex, and the challenge of cross-cultural collaboration is even greater. In this environment that is no longer friendly to globalization, “diversity and compatibility” has become more and more important, which largely determines how far the globalization dream of Byte can go.

“Dare to be the best” and “pursuit of the ultimate” are merged into “Dare to be the ultimate”. Liang Rubo reminded the team not to simply pursue the ultimate, so that employees may fall into unimportant details, but to dare to break through the boundaries and find the best solution in the largest range.

“Seeking truth” is added to the byte range, and the original “pragmatic” is retained to form “Seeking truth and being pragmatic”. “Everyone should remain curious and get to the bottom of things”, Liang Rubo wrote in his internal letter, don’t be afraid to ask “stupid” questions at work, dare to ask questions, and don’t mind being asked.

The only completely new byte range is “grow together”. Liang Rubo explained that the ‘engagement’ in the performance appraisal before would make employees mistakenly think that the working hours are longer, but in fact it is not. At the company level, we hope to grow together with our employees and do valuable things together.

“Late Point Finance” learned that the previous byte performance assessment included three dimensions, namely performance, byte range and investment, and neither of the latter two had quantitative indicators. “The weight of performance is relatively large, and it makes no difference whether the ‘investment degree’ is cancelled or not,” said a ByteDance employee.

In addition to updating the company values ​​at the level of the entire company and its employees, Liang Rubo also put forward new requirements for managers-resilience can lead to results. “Team managers must be able to lead the team to overcome difficulties and achieve goals without fear of trouble.”

Liang Rubo explained in detail the connotation of Byte Fan in his internal letter, hoping to “help everyone understand and practice them down-to-earth in their daily work.”

“It is more necessary to start from the top to practice Byte Fan down-to-earth.” Many ByteDance employees said that the only thing that hasn’t changed much in Byte Fan is “honest and clear”, but it was originally in order to maintain internal honesty, clarity, efficiency and transparency. The CEO meets face-to-face once a month and only opens once in March. (Shi Xian)

The ambition of the Ningde era is more than 45 billion

Last year, CATL threw out a 58 billion yuan refinancing letter of intent on the way to the trillion-dollar market value. At that time, among the more than 4,000 companies in the A-share market, only 300 (more than 50 billion yuan) had such a high market value.

After nearly a year, when the market value of CATL returned to the trillion-dollar scale, the refinancing transaction was also finalized, the amount dropped to 45 billion yuan, and the list of investors was luxurious, including HSBC, JPMorgan Chase, Morgan Stanley, Barclays, High First-line investment institutions at home and abroad such as Ling, Ruiyuan Fund, and Bosera Fund. These Channing eras intend to invest in:

  • Fuding Times lithium-ion battery production base project, 18.3726 billion yuan
  • The largest single project in CATL, with a planned production capacity of 120GWh
  • Guangdong Ruiqing Times Lithium-ion Battery Production Project Phase I, 12 billion yuan
  • EIA announcement in March 2021, planning ternary lithium battery / lithium iron phosphate battery 30Gwh
  • Jiangsu Times Power and Energy Storage Lithium-ion Battery R&D and Production Project (Phase 4), 11.65 billion yuan
  • Started construction in February 2021, including lithium-ion large battery cell production lines and corresponding modules, battery pack production lines, with an additional capacity of 40GWh
  • Ningde Jiaocheng Times Lithium-ion Power Battery Production Base Project (Cheliwan Project), 7.31992 billion yuan
  • Construction to start in March 2021 with a planned production capacity of 45 GWh
  • Ningde Times New Energy Advanced Technology R&D and Application Project, 7 billion yuan
  • R&D expenses

CATL announced a fixed increase last year, and the related production increase projects have been launched. They will use their own or self-raised funds to invest in advance. Regarding the market’s concern that the lithium battery industry will have excess capacity, Zeng Yuqun replied to investors in May, “The planned capacity of the lithium battery industry is too large, but the actual investment in a single GWh capacity requires 300-500 million yuan… Announcing a capacity plan of several hundred GWh requires hundreds of billions of capital investment, so it depends on the implementation.”

According to the data of the China Automotive Power Battery Industry Innovation Alliance, the cumulative installed capacity of power batteries nationwide is 83.1 GWh, with CATL accounting for 47%, ranking first. However, power battery companies are in a relatively embarrassing position in the industry chain, and the competition variables are large.

Their upstream is a lithium mining company that already has the right to speak in the industry, and the downstream is a vehicle company that wants to fight for the right to speak in the industry. The greater the ambition of the Ningde era, the more significant the challenge may be.

Last year, the price of lithium carbonate rose from about 50,000 yuan/ton to 500,000 yuan/ton, accounting for less than 5% of the battery’s selling price to nearly 40%, which directly lowered the profitability of the battery sector.

Zhongtai Securities calculated the gross profit margin of sample companies in the lithium battery industry chain. The average gross profit margin of lithium increased from 26.8% in the first quarter of 2020 to 67.1% in the first quarter of 2022, while battery companies dropped from 27.9% to 14.2% in the same period. After deducting various expenses and depreciation, the net profit margin of lithium mining companies in the first quarter of this year was 56%, while that of battery companies was only 4%.

Ningde Times said in April this year that “the company will bear the main pressure on raw material price increases in the first quarter of 2022.” “In order to maintain the healthy development of the industry, the company has undertaken a large increase in raw material prices in the early stage. The increase in raw materials is too large, and the company has to negotiate amicably with customers to jointly cope with the cost pressure of the supply chain.”

OEMs, such as Tesla, also want to have more say in the battery supply chain and even define industry standards. They invested $5 billion to build a Nevada battery factory in 2014, and bought battery company Maxwell for $218 million in 2019 to launch the 4680 battery based on its technology. In order to lock in the supply of the most upstream minerals, Tesla has cooperated with Glencore, the world’s largest cobalt trader, and is also preparing to mine by itself.

On the second day after the official announcement of the CATL, the company released Kirin batteries that will be mass-produced in 2023 and have a cruising range of 1,000 kilometers. This is a square battery compatible with ternary lithium and lithium iron phosphate materials, which is different from Tesla’s “2170” and “4680” cylindrical batteries. The difference between the two we have introduced before:

In the CATL era, Tesla has two different technical paths. The Kirin battery is a square battery, and the 4680 battery is a cylindrical battery, but it may be packaged in a square shape in the end. Both have their own strengths and can be replaced by each other. There will be gaps in the arrangement of cylindrical batteries, but the heat dissipation conditions are better. There is also a view that the production efficiency of cylindrical batteries is higher than that of square and pouch batteries due to product standardization. When the square battery is arranged, the space utilization rate is higher and the energy density is higher.

According to Ningde Times, under the same chemical system and the same battery pack size, the power of the Kirin battery pack is 13% higher than that of Tesla’s 4680 battery.

In the first five months of this year, the nationwide retail sales of passenger vehicles in the narrow sense decreased by 12.8% year-on-year, and the decline intensified, but the sales of new energy vehicles still maintained a triple-digit growth rate. It accounts for 23.41% of the national vehicle retail sales, and the proportion is further increased.

The shift of automobiles to new energy drives seems to be an irreversible trend. Like almost all consumer goods, the upper limit of the market is determined by the consumption power and the production capacity that matches these consumption power. Obviously, the most important force will not be the market of 400,000 yuan and above that Weilai and the recent ideal sharpening head have entered in recent years – this year In May, most of the top 50 domestic new energy vehicle sales were models with a price of no more than 300,000 yuan, and only two cars in the top 20 were priced over 300,000 yuan.

As we said before, in this process, upstream parts suppliers like CATL often face brutal competition. Including this fixed increase, CATL has taken nearly 80 billion yuan from the capital market since its listing in 2018. Either it sticks its own label directly onto all PC casings, like Intel does. Either do everything possible to establish their position in the industry chain. The battery of the new technology route is an attempt, and the fixed increase in production is also an attempt. (Gong Fangyi)

Weilai test car accident killed two people, both versions of the statement said it was an accident

Around noon on June 23, social media began to circulate news that a NIO test car covered in camouflage patterns rushed out of the third floor of the office building and fell. After the incident was fermented in the afternoon, Weilai issued a statement at 20:33 that day:

At around 17:20 on June 22, a NIO test vehicle fell from the third floor of the Shanghai Innovation Port parking lot, killing two digital cockpit testers, one of whom was a company colleague and the other a partner employee. After the accident, the company immediately cooperated with the public security department to initiate an investigation and analysis procedure for the cause of the accident. According to the analysis of the on-site situation, it can be initially confirmed that this is an accident and has nothing to do with the vehicle itself.

At 21:03, Weilai issued the second version of the statement and deleted the version of the statement issued half an hour ago. The new version of the statement:

At around 17:20 on June 22, a NIO test vehicle fell from the third floor of the Shanghai Innovation Port parking lot, killing two digital cockpit testers, one of whom was a company colleague and the other a partner employee. After the accident, the company immediately cooperated with the public security department to initiate an investigation and analysis procedure for the cause of the accident. According to the analysis of the on-site situation, it can be initially confirmed that this is an accident (not caused by vehicle reasons).

We are deeply saddened by this accident and express our deepest condolences to our colleagues and partner employees who lost their lives. The company has set up a special team to help the family deal with the aftermath.

The second edition of the statement significantly softened the expression of “accidents not caused by vehicles” and added humanistic concerns.

The Shanghai Innovation Port, where the accident occurred, is a relatively concentrated gathering place for automobiles and surrounding industries in Shanghai. NIO has set up its global headquarters and R&D center here. According to surging news reports, two test drivers were injured in the accident, one was sent to the Anting Oriental Hepatobiliary Hospital and died due to ineffective rescue, and the other was declared dead in the early morning of the 23rd after the hospital’s operation was ineffective. (Gong Fangyi)

Musk says Berlin and Texas factories are ‘money melting pots’

Musk continued to dominate the business press, this time for calling the gigafactories in Berlin, Germany and Texas, America, “money melting pots” at the Qatar Economic Forum. Musk has claimed the two new factories are costing the company billions of dollars.

  • The big problem of the Texas factory is that it is difficult to make the latest “4680 battery”, and the production capacity is very low, and it can only produce the current Tesla main battery “2170”. However, because some production equipment could not be shipped to the United States, the production of the main battery was also affected.
  • “The last two years have been an absolute nightmare of supply chain disruptions, one after another, and we’re not out yet,” Musk said.
  • The “problems” at the Berlin plant stem from protracted conflicts between Tesla and local labor unions, environmental protection authorities and nonprofits.
  • The union also said it was difficult for Tesla to recruit workers in Germany because of insufficient or unequal wages.
  • On the forum, he also responded to the lawsuit storm of the Berlin factory in Germany (related to tree cutting). “It seems like any Tesla-related news gets a lot of attention right now,” Musk said, “and lawsuits are trivial matters.”

Reports say Tesla plans to lay off workers in the next three months.

OTHER NEWS

The new coronavirus strain circulating in Macau SAR is the BA.5.1 variant.

On June 23, the Macao SAR government of China stated that the virus spread in this round of epidemic is a BA.5.1 variant, and it is difficult to trace the source. It is still looking for the source, including the investigation of cold chain food vendors; Complete, temporarily unable to determine when the peak will be reached. BA.5 and BA.4 are currently more prevalent in the United States and Europe, and spread faster than BA.2.12.1. The proportion of cases in the United States has increased from 4.5% to 35% within one month. Compared with these three, the current mainstream BA.2 strain in mainland China is relatively weak in transmission.

The Macau SAR suspends dine-in and closes certain venues such as cinemas, bars, swimming pools, and parks.

As of 9:00 am today (June 23), there have been 110 confirmed cases in Macau, China, with over 4,000 close contacts. The SAR government announced that from 5 pm today, certain places such as cinemas, bars, gyms, playgrounds, swimming pools, etc. will be closed, restaurants will be suspended, and parks, exhibition halls, sports venues, etc. will be suspended; detection.

The platform, the largest source of layoff news, also laid off employees.

According to a number of media reports, Maimai responded to the recent news of “30% layoffs”, saying that the overall ratio is less than 15%, indicating that the expansion will be rapid in 2021, and the scale of personnel will nearly double from the beginning of last year. This structural layoff is a response to the pace of expansion. adjustment. Maimai is a workplace social platform. Since the second half of last year, it has been very popular because many employees of large factories have exposed the news that they or their colleagues have been laid off. However, this time Maimai laid off staff, and Maimai was very quiet.

Tesla will suspend most production at its Shanghai plant in order to reach its production target of 22,000 vehicles per week.

According to media sources, Tesla plans to suspend most of the production lines at its Shanghai factory in the first two weeks of July for related upgrades. Tesla expects to resume production and is expected to reach record production by the end of July.

BMW Brilliance’s new Shenyang factory opens, ready to switch to 100% electric vehicle production.

On June 23, BMW Brilliance Shenyang Lida Plant officially opened, and the first BMW pure electric i3 has been put into production. According to reports, the new plant currently has an annual production capacity of about 130,000 vehicles and can be fully converted to electric vehicle production at any time. The total investment of the project is 15 billion yuan, which is BMW’s largest single investment in China; Shenyang is currently the world’s largest production base with an annual production capacity of 830,000 vehicles. BMW sold 846,000 vehicles in China last year.

Apple continues to lead the world’s best-selling smartphone, Xiaomi’s 10th.

According to Counterpoint data, in the ranking of the world’s best-selling smartphones in April this year, Apple’s iPhone occupied the top four, followed by iPhone 13, iPhone 13 Pro Max, iPhone 13 Pro, and iPhone 12, with a share of 5.5%, 3.4%, 1.8%, and 1.6%. , iPhone SE3 ranked seventh. Samsung occupies the 5th, 6th, 8th and 9th places; Xiaomi Redmi Note 11 (LTE version) ranks 10th. It was reported this week that the price of the iPhone 14 may be increased.

Samsung is expected to announce the start of mass production of 3nm chips next week.

According to media reports, Samsung denied on June 22 that it would delay the mass production of 3nm chips, saying that it would still start mass production in the second quarter on schedule; it means that it will start next week at the latest. And TSMC’s plan is the second half of this year. However, some researchers said that many heavyweight customers have placed orders with TSMC; there were also reports this week that Apple, AMD, Intel, Nvidia, Qualcomm, etc. are all lining up to wait for TSMC’s 3nm chip production capacity.

Pig prices have risen for three consecutive months, and a continuation of the rally will boost inflation.

According to the monitoring data of Zhuochuang Information, from mid-late March to mid-June this year, the volatile rise of pig prices has lasted for 3 months, with a maximum increase of 42%. In the third week of June, the national average price of live pigs was 16.13 yuan/kg, an increase of 1.6% over the previous week and a year-on-year increase of 6.6%. The agency judges that the current pig cycle has the characteristics of rising and rising at the bottom. If the rising trend continues, it may raise the domestic inflation rate. The restrictive factor still depends on the supply of live pigs. In the second half of the year, sample companies are expected to sell 6.05 million live pigs each month, which is 2.37% higher than the average number of live pigs from January to May.

Is “Made in Japan” more cost-effective?

Due to supply chain congestion and the rising cost of imports due to the depreciation of the yen, Japanese companies have begun to use rice, butter and chicken produced in their own countries. Data show that in terms of Japanese yen, the price of chicken and rice imported to Japan has risen by more than 50% in the past year. A grocer said that switching to Japanese ingredients can save costs and is expected to keep prices of products such as ice cream and dorayaki from rising during the year. 7-11 convenience stores have also begun to use Japanese-produced chicken; previously, most of them were imported from Thailand and China, but last year, the products were discontinued due to the logistics impact.

Toyota plans to ask parts suppliers to cut prices.

According to media reports, Toyota recently asked some parts suppliers to cut prices. This is not the first time it has asked for a price cut. In the second quarter of 2020, affected by the epidemic, Toyota’s revenue decreased by 40% and profit decreased by 70%. In August, it was reported that suppliers were required to reduce prices. In the first quarter of this year, Toyota’s operating profit fell 33% year-on-year due to multiple production cuts, the depreciation of the yen, and rising costs. But the comments believe that suppliers are also under pressure from production cuts and inflation. Volkswagen, BMW and other peers mostly pass on costs to consumers through price increases.

Buffett buys oil stocks again, adding $500 million to Occidental Oil.

The latest regulatory filings show that Buffett’s Berkshire Hathaway bought 9.55 million shares of Occidental Petroleum from June 17 to 22, with a total amount exceeding $500 million; shares, with a market value of about $8.474 billion. Buffett likes to buy undervalued assets. In February of this year, he lamented in a shareholder letter that the company had $146.7 billion in cash, but no good targets. And since the conflict in Eastern Europe in late February, Occidental has risen more than 40%.

It is rumored that the FDA will order Juul e-cigarettes to withdraw from the US market.

The U.S. Food and Drug Administration (FDA) is preparing to order e-cigarette giant Juul to withdraw from the U.S. market, according to people familiar with the matter. Juul is popular among young people because of its stylish appearance and various tastes. At the end of 2018, it was acquired by Marlboro parent company Altria Group (MO.US) 35% of the shares, with a valuation of $38 billion, more than Space X and Airbnb. In 2019, Juul briefly entered the Chinese market. A few months later, the ban on the sale of electronic cigarettes was issued, and Juul’s domestic business was silent. On Wednesday (22nd), Altria Group closed down more than 9%.

FDA receives new report of death from Abbott milk powder.

The U.S. Food and Drug Administration (FDA) said on June 22 that it was investigating a new report that a child died after consuming Abbott infant formula. In February of this year, four babies contracted Cronobacter (two of whom died) after eating Abbott’s milk powder, and then Abbott launched a massive recall of its milk powder brands and closed its Michigan plant. At present, the infant formula and the agency have opened an investigation, and Abbott has not responded.

Retail investors are eyeing Revlon, pushing its shares up 317% in the three days following the bankruptcy.

U.S. cosmetics company Revlon became the second most active stock in U.S. stock trading on Wednesday (22nd), with a volume of 175 million shares after Tesla. More than 186 million shares traded on Tuesday. On June 15, after Revlon filed for bankruptcy protection in the U.S. Bankruptcy Court, it was targeted by a large number of retail investors as a new Meme stock (a stock that significantly affects its price through collective actions of retail investors). According to Dow Jones Market Data, Revlon shares rose 317% in three days — the best three days since going public (perhaps).

The title picture comes from the movie “The King of Speed”

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