©?Capital Detective Original

Auteur | Zhang Jiahao

The global core shortage continues. The automobile manufacturing industry, the concrete industry, and the electronic product manufacturing industry...all have been severely affected.

Bien que TSMC, Intel et Samsung investissent massivement dans l'expansion et la construction de nouvelles usines de fabrication de puces, comme l'a souligné le PDG d'Intel, Gelsinger, ces investissements prennent du temps, au moins des mois, voire des années, avant de pouvoir être mis en production.

S'intéressant aux problèmes liés aux pénuries de composants essentiels et à l'électronique grand public, « Capital Detective » a mené une interview exclusive avec Li Liuqi, PDG de « Hard City », plateforme de chaîne d'approvisionnement numérique et de fabrication intelligente pour l'industrie électronique.

Il estime que la situation générale actuelle de l'approvisionnement en puces ne s'est pas beaucoup améliorée, mais que quelques changements mineurs sont à noter. Par exemple, les commandes du secteur de la téléphonie mobile ont commencé à diminuer. La demande de puces pour téléphones mobiles s'est donc quelque peu atténuée. La plupart des puces restent toutefois confrontées à un déséquilibre entre la capacité de production et la demande.

Cependant, le froid de l'hiver ne signifie pas que nous devions cesser d'être optimistes quant à l'avenir.

"I am very optimistic about the rise of Chinese chips." Li Liuqi said that from a geographical perspective, the focus of chip development is shifting from Europe, the United States, Japan and South Korea to China; from a time perspective, starting from 2020, the next 20 to 30 years will be the time for the rise of Chinese chips. "In terms of localization, foreign blockades have caused a lot of troubles. It is painful for domestic chips in the short term, but it is an excellent opportunity for long-term development."

What is the specific path of this rise? What track will the domestic replacement of chips take? "Generally speaking, I think the direction must be a process from low-end to mid-range and then to high-end. In addition, it is to make breakthroughs from the three dimensions of design, equipment, and production and supply."

In addition to the high-profile giant companies, Li Liuqi believes that small and medium-sized enterprises are also particularly important. In the process of coping with this wave of core shortages, on the one hand, they must actively look for domestic chip brands to replace the out-of-stock chips, and on the other hand, they must do better supply chain planning. Better planning at the supply chain level is an important part of promoting the optimization of the entire industrial chain.

Hard City cible la chaîne d'approvisionnement des semi-conducteurs, avec l'ambition de proposer à l'industrie un service de fabrication de composants intégré. « Je pense que ce service intégré deviendra la norme pour ce groupe d'utilisateurs à l'avenir. C'est une approche radicalement différente de l'ancien modèle qui répartissait les utilisateurs de produits en plusieurs catégories. »

Globalement, la pénurie de composants essentiels a entraîné une stagnation de la production et ses répercussions se font sentir dans le monde entier. Parallèlement, elle offre au secteur des semi-conducteurs l'opportunité d'envisager une optimisation de la chaîne industrielle, notamment pour les puces produites en Chine. Outre la recherche et le développement technologiques, la question de l'amélioration des stratégies des entreprises chinoises et du renforcement de la chaîne d'approvisionnement nationale est cruciale pour surmonter cette pénurie et les blocages technologiques, et parvenir à une véritable substitution nationale.

The following is the interview transcript compiled by Capital Detective:

About missing core

Q: Are there any new developments in chip supply in recent times? Are there any signs of easing the core shortage trend?

Li Liuqi: The overall situation has not improved greatly, but there have been some changes at the micro level. For exampleOrders in the mobile phone industry have begun to decline. The demand for chips corresponding to mobile phones has been somewhat alleviated.En ce qui concerne les prix, nous estimons qu'entre juillet et septembre, ceux de nombreuses puces connaîtront une forte volatilité et auront atteint un plafond. Certains matériaux devraient baisser à ce stade. Toutefois, la situation générale ne s'est guère améliorée. Les puces destinées au secteur automobile, comme la plupart des autres composants, restent confrontées à un déséquilibre entre la capacité de production et la demande.

Q: The wave of core shortage has a particularly obvious impact on small and medium-sized start-ups in the industry. You also mentioned before that Guo Hard City focuses on serving small and medium-sized new hardware companies. So in your opinion, how should small and medium-sized start-ups respond to this crisis?

Li Liuqi : Nous classons les PME en deux grandes catégories. La première regroupe les entreprises spécialisées dans les nouveaux matériels, à forte composante technique. La seconde, les entreprises proposant des produits courants, à faible composante technique. Par exemple, pour les biens de consommation courante, la concurrence se joue sur les prix, et les entreprises de cette catégorie privilégient les méthodes de production traditionnelles. Ces deux types d'entreprises réagissent différemment en cas de pénurie de produits de base sur le marché.

The first type of new hardware company with technical content has high gross profit margin for hardware products because it has core competitiveness in hardware design, technology and channels. Therefore, it can also provide channel premiums or technology premiums.

To the extent that these companies become more outstanding,Car même après l'augmentation du prix de la puce, celle-ci peut toujours être vendue, et le bénéfice brut généré peut compenser l'augmentation de prix de cette partie de la puce.For example, if its gross profit is 70%, if the chip increases to 20 or 30%, it will still have gross profit, so it can well guarantee product output and sales.

In another category, its gross profit may be only 20 to 30%. After its chips increase by 20%, it will have no profit. If it has no profit, it will not be able to purchase, which will affect its purchase and sales.

In terms of profits, most of the new hardware companies served by Hard City are actually doing very well. Eliminate the development part, and the new hardware company's products will actually sell better. Some companies with low technical content are having a very painful life and must stop purchasing chips.

So how do they weather the crisis? First,Make supply chain planning better,I can make advance supply chain plans and stock up. second,Make domestic substitutes,Si cette marque importée est en rupture de stock, nous devons la remplacer par une marque locale. Nos clients actuels se portent relativement bien dans ces deux domaines.

Q: There is a view that the global core shortage and foreign technology blockade are actually a good thing for the localization of chips. According to the Jugra cycle, the next ten years may be the golden development period of the domestic chip industry. What do you think of this view?

Li Liuqi: I very much agree with this and am very optimistic about the rise of Chinese chips. The difference is,First, I think the next rise of Chinese chips will take not ten years, but thirty years. Second, in terms of localization, foreign blockades have caused a lot of troubles. It is painful for domestic chips in the short term, but it is an excellent opportunity for long-term development.

Tout d'abord, le remplacement des puces importées par des puces nationales implique un cycle de transition complexe, de la sélection à la production en série, en passant par la certification. Pour de nombreuses entreprises de matériel informatique et de la chaîne d'approvisionnement, ce cycle est long, énergivore et difficile. C'est une phase délicate. Mais une fois cette étape franchie, de nombreuses entreprises chinoises de semi-conducteurs lanceront de nouveaux produits et la production en série future leur appartiendra sans aucun doute. C'est donc une opportunité que les marques importées n'ont pas. Une fois entrés sur ce marché, vous en serez propriétaires.

Deuxièmement, la pénurie de cœurs et les blocus étrangers ont accéléré, dans une certaine mesure, le processus que je viens d'évoquer. C'est donc une excellente opportunité pour les fabricants de puces nationaux. Votre adversaire vous oblige à progresser, et votre rythme doit être très rapide, trois à cinq fois supérieur à celui d'avant. Si l'on considère l'histoire et l'évolution de l'industrie des semi-conducteurs, l'essor des semi-conducteurs européens et américains s'est principalement déroulé des années 1960 à 2000, soit en seulement 30 ans. Concernant le Japon, la Corée du Sud et Taïwan, cet essor s'étend des années 1990 à 2020. Ce sont donc les 30 années d'essor des puces japonaises, sud-coréennes et taïwanaises. Et pour la Chine…Starting from 2020, I think the next 20 to 30 years will be the time for the rise of China's chip environment.

In general, first, judging from the region and cycle of the rise of chips in history, my judgment is that the region has shifted from Europe, the United States, Japan and South Korea to China. Second, the chip industry lasts differently from general consumer goods. It is not five or ten years. I think this cycle should be twenty, thirty, or even longer.

Q : Pourquoi une pénurie de noyaux est-elle une bonne chose pour vous ?

Li Liuqi:First, core shortages will lead to higher and higher supply chain plans. Second, the demand for domestic chips is increasing. Third, the requirements for efficiency are getting higher and higher, including information capabilities and data capabilities.

To sum up these three things, it speeds up several things:Offline transfers have been accelerated; the supply chain of individual products has been accelerated to a supply chain of overall delivery; the requirements for planning have become higher and higher, and the previous temporary procurement has become a planned procurement.

Therefore, the wave of core shortage is beneficial in the long run.

In addition, the core competitiveness of the new hardware company is technology, brand and channels, so it has high gross profit in the sales process. Once there is a shortage of cores and the market fluctuates, we think this is a baptism process. Only when you have supply chain capabilities and market competitiveness can you survive. If you don't, you will be eliminated by the market. These new hardware companies have exactly this ability, and when we cooperate with them, they can live better. In the process of market elimination, it survived and became a strong player with a larger market share, so it was also good for it.

Q: You mentioned in an interview before that "there is an entropy increase between chip cycles, and out-of-stock is also a process of removing the entropy increase." Can you explain this thinking in detail?

Li Liuqi:Once an industry is in a relatively stable stage of development, it will inevitably generate some inertia and entropy increase. For example, its awareness of supply chain planning will become increasingly indifferent, and its planning will become worse and worse.Therefore, when fluctuations occur in the supply chain, potential problems will inevitably break out.

Premièrement, par exemple, certains produits peuvent ne pas être fabriqués ou vendus. Deuxièmement, la chaîne industrielle repose sur le système d'approvisionnement traditionnel. Par exemple, si l'on achète et vend des marchandises au comptant, la transaction d'un seul produit suffit à satisfaire les besoins du marché, et il n'y a pas de demande supplémentaire. Or, cela engendre une augmentation de l'entropie interne, ce qui freine la recherche de services plus efficaces et de meilleure qualité. Troisièmement, en termes d'efficacité et de numérisation, le système d'approvisionnement traditionnel n'investit pas suffisamment dans ses capacités numériques, de traitement de l'information et de développement durable. Cette situation empêche l'ensemble de la chaîne de valeur des puces de devenir plus numérique et intelligente.

Mais une fois le cœur du système disparu, ces problèmes seront mis en lumière. Par exemple, le fabricant de la puce d'origine devra identifier les problèmes de sa chaîne d'approvisionnement. Le maillon de la chaîne de distribution devra également réfléchir à la manière de l'améliorer. Les utilisateurs, quant à eux, devront déterminer si la chaîne d'approvisionnement qu'ils jugeaient performante est réellement la plus fiable et la plus saine. Il s'agira aussi de savoir comment se prémunir contre les risques imprévisibles à venir et quelles mesures prendre. Ce processus est un processus d'élimination de l'entropie.

Things that are inherently stable create inertia in the industry and lead to a lot of entropy increase.Once a problem arises and is exposed, the upstream, midstream and downstream in the industry chain will all reflect on the matter. This process must be an optimization process.Il s'agit d'un processus d'élimination de l'entropie.That's probably the logic.

Q: According to your judgment, where is the future of domestically produced chips?

Li Liuqi: Let me say something briefly first.Premièrement, il existe une différence majeure entre les puces chinoises et les puces leaders sur le marché international. Il est essentiel de prendre en compte cette différence.Among the most advanced technologies, the difference is about 20 years. But if China accelerates, it is difficult to say whether it will turn into ten years. But we must first acknowledge its existence.

Second, a large number of our mid-range and low-end chips are close to or even reaching international levels, and we have even surpassed them in a few areas.This is the hope we see.

Troisièmement, nous prévoyons que la tendance générale est un processus allant du bas de gamme au milieu de gamme, puis au haut de gamme.La substitution par des composants nationaux commence par l'entrée de gamme, qui représente actuellement 70 à 80 % des parts de marché. Nous investirons ensuite massivement le milieu de gamme. Dans ce segment, nous sommes passés des puces classiques aux microcontrôleurs, puis à certaines puces analogiques. Sur ce marché, nous gagnons constamment des parts de marché au détriment des puces importées.

Fourth, chips are not just a relationship between sales and production. It generally involves three links: chip design, chip production and processing, and production of chip-related equipment.So we will build the supply chain from these three points at the same time. So generally speaking, I think the direction must be a process from low-end to mid-range and then to high-end. In addition, it is to make breakthroughs from the three dimensions of design, equipment, and production and supply.

Q: During this wave of core shortages, many customers will report that original factories and OEMs do not follow moral ethics and have no spirit of contract. Do you think this problem can be solved through the platform provided by Hard City?

Li Liuqi: First of all, let me correct the information here. First, the real chip manufacturers are ethical, 99% of them are ethical. Second, the original manufacturers are not willing to see the prices skyrocketing or plummeting, nor are they willing to see unethical things happen. Third, the original manufacturer does not want to do these things, and customers do not want to do these things. The platform can do such things, why is this?

Dans le processus de distribution, les agents, distributeurs, etc., ont accentué les fluctuations de prix. Certains commerçants, en particulier, ont délibérément spéculé et stocké des marchandises, faisant ainsi grimper les prix, voire les augmentant de manière malveillante.Que les fabricants d'origine et les agents de premier niveau vraiment compétents constatent l'ampleur de la demande en terminaux, ce qui permet d'améliorer la numérisation.

In addition, cutting-edge and first-line data can be better and more timely visible to original manufacturers and first-level agents, instead of relying entirely on the asymmetric market to make decisions. This is for the supply side. The same is true for the user side. We can synchronize the data of the original factory and the first-level agent to the end user in a timely manner and without loss, telling him what the real production capacity, demand, and situation in the market are like.

The platform essentially does two things. First, it makes data available in real time, both upstream and downstream. Second, visualize the data.The platform's data must be more easily visible upstream and downstream. This is the value of the platform. I think as the scale of the platform becomes larger and larger, and the data becomes larger and larger, the symmetry of our information, the symmetry of the data, and the scientific nature of our decision-making will continue to improve. The situation of sudden rise and fall will decrease in the future.

Q: You just mentioned that on the one hand, the platform connects the original supply side, and on the other hand, it can directly reach the demand side. Supply and demand fluctuate. After supply falls short of demand, upstream expansion exceeds the equilibrium point, and supply becomes oversupply. In the longer term, what do you think the supply and demand relationship for chips will be like in the future?

Li Liuqi:Overall, chips are a very special industry. In the long run, supply and demand are relatively balanced, or supply is less than demand.In the chip industry, 90% of orders require customers to make plans first, and then place the order to the original factory. The original factory then takes six, eight, or ten weeks before delivering it to the customer. Globally speaking, very few industries do this. In most industries, you can buy goods with money.

But the chip industry is very special. It is actually a futures industry.Pourquoi ? Parce que le fabricant de puces d'origine maîtrise parfaitement son approvisionnement. Par conséquent, à long terme, une fois le point d'équilibre atteint, nous ne prévoyons pas de surproduction à grande échelle.Elle passera d'un état de flambée vertigineuse à un état plus rationnel, et il y aura un processus de correction entre-temps.

For example, a chip originally sold for one yuan, but now it may sell for ten yuan. It will not change from one yuan to ten cents, but will return from ten yuan to about one yuan. In this process, it may become 80 cents or 90 cents. There must be a market correction process. But it won’t reach the stage of 50 cents, 1 yuan, or 10 cents.

Mais il y a un problème. Si vous prenez le contrôle d'une puce à un prix élevé, il vous faudra la revendre au moment opportun, justement parce que vous l'aurez acquise en position de force. Si le prix de vente est fixé à un dollar raisonnable, cela ne devrait pas poser de problème majeur. Vous pourrez alors élaborer des plans et des échéanciers ambitieux.

About consumer electronics and robotics

Q: Currently, domestic consumer electronics brands and the robot industry are experiencing an explosion. How do you feel about this trend?

Li Liuqi: In fact, at the beginning of 2017, we positioned ourselves to specifically serve small and medium-sized core users and provide them with one-stop delivery services. This is our strategic positioning. At that time we had a simple judgment,With the explosion of 5G and the Internet, there will surely be an explosion of new Internet hardware companies. It was an early judgment at that time and I didn't see it so clearly.Mais nous avions encore une vision à un peu plus long terme à ce moment-là, c'est pourquoi nous avons pris cette décision.

Today, this judgment has been confirmed by data. Many such companies have grown tenfold or even a hundredfold in three to five years. How to utilize this value? How can we start from the early stage and serve the entire life cycle, so as to enjoy the value brought by the growth of this company? That is to provide more professional supply chain services, which is number one. Second, we need to make better plans and expectations for it. If we can better plan the supply chain, we can truly serve its entire life cycle. Third, we open up the industrial chain and extend it to production to provide more value to small and medium-sized users. This is production and manufacturing.

Q: What changes has this outbreak in the consumer electronics and robotics industries brought to the purchasing behavior of downstream companies? Then, in the supply chain circulation link, what are the differences from before?

Li Liuqi: In the medium to long term, there will be a very big change. First, one-stop supply must be the future. Second, these new hardware companies are basically a new group of people, mostly those born in the 1990s, who lack knowledge of supply chains and manufacturing. Therefore, it must have an external professional supply chain company and manufacturing company to provide professional services.

I think this kind of professional service must be one-stop, including one-stop equipment, one-stop manufacturing, one-stop supply plus manufacturing. I think this will be the standard service for this group of users in the future. This is completely different from the previous concept of dividing users into many levels for a single product.

I think everyone should realize this change, which is the essential change in the future.Par conséquent, nous pensons que ce que Hard City offre à ses clients est un service de fabrication de composants clé en main, ce qui constitue une nouvelle méthode de livraison.

Q : Comparée aux industries automobile et de la téléphonie mobile, l'industrie des semi-conducteurs semble plus fragmentée et même personnalisée. Quels défis cela pose-t-il à la gestion de la chaîne d'approvisionnement ?

Li Liuqi: The first big principle is that we always tell ourselves that we are a data-driven company. Although what we do is to provide a lot of services, what we do is to extract the common logic underlying different projects and different industries.Dans ce secteur, nous examinons la logique sous-jacente et commune, et nous standardisons ces logiques.After we standardize the extracted logic and provide it with this service, it becomes very light for us.

Theoretically speaking, when a customer gives us a project, I don’t know whether it is for mobile phones, cars, or what project it is for before giving it to us. But how do I analyze it, how do I judge it, and what logic do I use to judge what kind of service it needs at this stage. This is traceable and is the underlying logic. By digging out this underlying logic, I can provide corresponding services for it. During the outbreak period and the maturity period, there is corresponding underlying logic. It becomes very easy to extract it and then deal with it and provide professional services.

So essentially, no matter what industry you are in, no matter what you look like, I extract the logic I just talked about and provide you with professional services.For me, what I need is to do the underlying digital and logical things well, and then integrate the industrial things into my knowledge base, so that I can provide it with such professional services.

Q: What is the level of intelligence of small and medium-sized manufacturers? Can you support our idea?

Li Liuqi: Digital drive, we understand it as two levels,Dans un premier temps, vous pouvez utiliser des méthodes basées sur les données pour transformer de nombreux éléments complexes et personnalisés en éléments standardisés.After digitization, we can output very good products.Second, give this data capability to upstream and downstream users so that they can make better decisions, operate better, and improve efficiency.I think the first phase is to use this data capability to enable us to output digital supply chains and manufacturing. So for users, it would be great if it has the ability to receive a good product. For the supply chain, it would be great to be able to accept such good decisions.

In other words, for users, I have not yet helped them make better decisions. That is what I will do in the next stage. The core of what I am doing now is the first level. So at this stage, I actually don’t have many digital capabilities requirements for my clients. I have it in the second stage, but I don’t expect it to be very digital. I export the system and tools to them, which can help them improve their system capabilities and data capabilities.

À propos de Hard City

Q: Have Hard City ever encountered any problems or difficulties in the process of digitalization and intelligence?

Li Liuqi : Nous avançons à notre propre rythme. Il y a assurément des difficultés et elles persisteront. Par exemple, plusieurs numérisationsLa première consiste à numériser l'ensemble des ressources des fournisseurs.The digitalization of our industry has its own challenges.Second, we need to digitize products in this industry.All your SPOs must be digitally transformed.Third, you need to be a knowledge base for the industry.Par exemple, que signifie la plus petite unité de données dans chaque secteur, comme 02, 06, 03, 25V ? Que signifient ces termes ? Il vous faut créer une base de connaissances, une base de connaissances gérée par des experts du secteur. Vous devez élaborer votre propre algorithme.Fourth, in terms of manufacturing, the factory must be digitally transformed.Ce n'est qu'alors que vous pourrez connaître la capacité de production de l'usine et son mode de fonctionnement. C'est un détail.

At our base, we have built a DSMS system. The first D stands for Design, S stands for Supply, M stands for Manufacturing, and the last S stands for Service and System. From hardware, design to device supply, to production and manufacturing, we have built an internal system. We want to digitize it all, that is, provide services and systems in the digital way of DSMS. Therefore, the internal system is also a point where we need to continuously upgrade and iterate.

Our digitalization is nothing more than the digitalization of the supply chain, the digitalization of production and manufacturing, the digitalization of internal DSMS, and then forming our own digital capabilities. We believe that these are difficult points and some issues that we need to continue to solve.

Q: Hard City's revenue in the first half of the year has exceeded previous expectations. You also mentioned in the interview before that the second half of the year is expected to be more than double that of the same period last year. What businesses does this revenue growth mainly come from?

Li Liuqi: When we were making our annual plan at the end of last year, we set our growth target at around 130%. After the second half of this year, compared with the same period, our growth will reach 200%, which exceeds our expectations. Later, we were also reviewing the reasons for our growth.

There are several reasons,Tout d'abord, laissez-vous porter par le courant et faites les choses correctement.Including online and so on, these major benefits are helpful to us, because we happened to do something that is consistent with the cycle. We got this trend right. This is the most important reason.

Second, our one-stop supply chain capabilities have begun to scale.Our products refer to our supply chain capabilities and manufacturing capabilities, as well as our internal organization. We believe this has reached scale.

Third, our one-stop service brand reputation has been formed within the circle.This organic growth and brand communication are introduced to more and more customers, which has a great impact on us.

En résumé, notre analyse repose sur trois points : premièrement, la tendance majeure se confirme ; deuxièmement, les produits issus du front-end ont déjà été déployés à grande échelle ; troisièmement, l’effet de marque s’est progressivement manifesté.

Q : Lors du développement de Hard City, il est apparu que l'utilisation initiale du e-commerce pour mettre en relation les fournisseurs et les clients n'était pas viable dans le secteur des appareils d'origine. À votre avis, quelle est la raison de cette inefficacité ?

Li Liuqi: We launched the platform in March 2016. About six months later, we did a review and found that there was a problem. Simple platforms and e-commerce provide too little value to users, so we made a transformation.

We believe that in an industry, only when you provide enough value to your customers and users have enough expectations of you can your business model be truly valuable.This was our original judgment, so we made the transformation.

How has it essentially changed? From a simple matching transaction, e-commerce transaction, it has become a one-stop, in-depth supply chain method, exported in a way that serves enterprises. The supply chain extends from a single product to its entire service life cycle. I think this is valuable to users, so we started working in this direction.

Q: Will this kind of supply chain empowerment make the outside world think that Hard City is both a referee and an athlete?

Li Liuqi: We adopt a quasi-self-operated approach. All orders from customers are given to us and not to customers. We do not play the role of referees here, we play more of the role of athletes.

We provide a deeper service inside. We will bring in companies that provide different services in the ecosystem. For example, if you have the ability to supply, I will work with you. For example, if we set up an FBA warehouse, the supplier will replenish the goods to my warehouse, use your channel capabilities, and I will help you sell the goods. If you have solution capabilities, you can come in and provide solution design services to companies in our cooperation ecosystem. This is no problem. Essentially what we do is differentiated.

Q : L’autonomisation de la chaîne d’approvisionnement et la fabrication numérique signifient-elles que Hard City devient de plus en plus « lourde » ? Comment évaluez-vous le rapport coût-efficacité de cette question ?

Li Liuqi: Yes, we are doing more and more "heavy" work, but we put this "heavy" in quotation marks just like you.First, whether it is e-commerce or matchmaking, this simple and light method will not work in the industrial Internet. Users want input with deep value,It means that he needs more than just buying and selling, he needs systematic services.

Deuxièmement, nous mettons « lourd » entre guillemets car ce que nous faisons, c'est la normalisation de choses complexes.We must first standardize complex things, and then use algorithms to make them digital and intelligent. In the process of becoming heavier, it becomes lighter again. This is what we have to do.

Third, this is to meet the core needs of users.Moreover, this core need cannot be fulfilled by others, only platform companies can do it. For example, sample proofing must be done by the company, so this matter is heavy. But at the same time, I also need to digitally transform it to improve its efficiency and make it much lighter than the traditional one.

To sum up, first, you must pay attention to what should be emphasized. This is the embodiment of value. Second, when it is time to be light, it must be light. You have to use the ability of digital algorithms to make it lighter, unlike the traditional approach. This is our overall logic.

Q : À l’instar de notre usine de cartes électroniques en ligne, qui non seulement optimise la chaîne d’approvisionnement, mais propose également des services de fabrication, cela signifie-t-il que Hard City assumera également les risques inhérents à ce secteur ?

Li Liuqi: What kind of risk is it?

Q: For example, Hard City will provide upstream and downstream integration of the supply chain on the one hand, and on the other hand, it will enter the manufacturing industry and make efforts in all aspects. Will this bring certain risks?

Li Liuqi: That’s a very good question.Avant tout, notre production est essentiellement dictée par une forte demande de nos clients.De nombreux clients se sont approvisionnés en matériaux via notre chaîne d'approvisionnement intégrée. Depuis la fin de l'année dernière, ils sont de plus en plus nombreux à me demander si nous pouvons les accompagner dans la fabrication de puces et de composants intelligents. En effet, selon eux, la livraison directe des composants d'origine représente l'étape la plus complexe et la plus longue de toute la chaîne. Si cette étape cruciale est maîtrisée, pourquoi ne pas prendre en charge des tâches plus simples et plus rapides ? Ainsi, il n'est plus nécessaire de rechercher un sous-traitant pour la production et le traitement. Par ailleurs, trouver un tel sous-traitant est souvent long et complexe, contrairement à notre solution. La fabrication répond donc à une forte demande.

Second, during our evaluation, we found that manufacturing is a relatively mature matter, and it does not challenge the technical difficulties in the industry.Le risque principal réside dans la disponibilité de commandes suffisantes au moment de l'ouverture d'une usine et dans la présence d'un personnel qualifié pour assurer le contrôle de la production. Si ces deux points sont clarifiés, le risque lié à l'ouverture d'une usine demeure relativement faible.

So we thought, since we have so many users, we don’t have to develop new users when opening a factory, so there is no risk in this aspect. As for a mature team, we hire professionals. We hire professional people in the industry to do manufacturing for us, and then add our digital and standardization capabilities to this team to complete this transformation. So in my opinion, my extension of the factory is a very light matter, and the risk is not that big.

Q : En réalité, il existe de nombreuses plateformes pour l’achat de composants électroniques. Selon vous, qu’est-ce qui rend Hard City si unique et quel est son principal atout concurrentiel ?

Li Liuqi: There are two main points. First, the customers I serve are new hardware companies. These customers are the most valuable customers in hardware companies, and they are also representatives of future hardware companies.

Deuxièmement, nous proposons une solution complète de fourniture de composants, incluant le traitement de la solution globale, la fourniture des composants et le plan de chaîne d'approvisionnement de l'ensemble du projet. C'est différent.En résumé, premièrement, les utilisateurs que je sers sont différents. Deuxièmement, la méthode de chaîne d'approvisionnement que je propose est différente.

Q: Do you think there will be an opportunity to dominate the electronic component procurement industry?

Li Liuqi: My opinion is that there will be one company that is particularly large in the industry, but it cannot dominate the world because the industry is very complex.

In this industry, there must be a giant company that connects one-stop supply and production delivery, and there must also be two or three companies with the same direction but smaller scale. There are also a large number of relatively professional companies in various fields.They can all grow into great companies, just not on the same scale.

If we look at it by listing standards, I think this industry can produce more than 20 listed companies, but the leading company may be worth over 100 billion. The following companies may have 30 billion or 50 billion companies, and further down, there may be several billions or more than 10 billion companies. This is probably the judgment.

Q: Last question, some investors have summarized before that most B2B entrepreneurial projects will face an impossible triangle: high gross profit, high turnover, and large scale. The combination of these three cannot have both. Do you agree with this view?

Li Liuqi: Relatively high gross profit, high turnover and large scale. In theory, I agree with this point of view. But I don’t think it is an absolute thing. In this industry, it is possible to have relatively high gross profit, high turnover and large scale.

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