My Age of Investment

   "The good news is that Huaxin International finally made a profit in 2010, ending five consecutive years of losses."

   "The bad news is that AMD has handed over the 28nm GPU chip OEM order for Radeon HD7000 series graphics cards to our arch-rival Bay Power. In catching up with advanced process technology, the gap between us and Bay Power has been widened again."

  Xia Jingxing looked at Zhang Rujing with a worried face, his heart was very calm, and he was not frightened by the bad news brought by the other party.

   It is not a matter of a year or two for Huaxin International to lag behind Gulf Power, and it is so easy to catch up.

   His requirements for Huaxin International are not high, and the ability to continuously narrow the generation gap is a victory.

  Thinking of this, he immediately asked a question about the yield rate of 45nm chips.

Zhang Rujing glanced at Liang Mengsong who was sitting behind him with a smile, and said, "Huaxin International has been developing a 45nm process technology since the end of 2007. During this period, it has reached a technology authorization with IBM, and started a small-scale trial at the end of 2009. Produce 45nm chips.

   In the following year, the main energy was spent on improving the yield rate.

  Through the unremitting efforts of Meng Song and team members, the yield rate of Huaxin International's 45nm chips has increased from 40% to 80%.

  Although the yield rate is still not comparable to that of manufacturers such as Gulf Power, Intel, and Samsung who have matured and mastered the 45nm process technology, they still crossed the threshold of mass production after all. "

   Hearing the good news, Xia Jingxing was very excited, and he quickly asked, "Where is the Sunying S1 chip? Can it be mass-produced?"

   This is something that Xia Jingxing has always been concerned about. Fuxing Mobile is competing with Samsung mobile phones for the market, while entrusting the mobile phone chip OEM orders to Samsung.

   At present, although Samsung has not turned its face, it is unclear when it will showdown.

In addition, the relationship between Fuxing Semiconductor and Gulf Power has become more tense. The only manufacturer that can OEM chips with advanced process technology is Intel, but the premise of Intel's order is not to be influenced by international politics, or the computer of conscience is not. R&D CPU.

   In other words, Fuxing Industrial Group as a whole will face up to various international giants sooner or later. There can be no fluke, and it can only plan for a self-sufficient development path.

   Even if you are not completely self-sufficient, you will have a few more cards to play, and you will be calmer and more flexible when dealing with complex situations.

  Liang Mengsong replied: "In the case of not pursuing profit, the Sushen S1 chip can be mass-produced.

  With the increase in chip shipments and the increase in yield, the cost will gradually be diluted. "

  Xia Jingxing nodded lightly, the group's industrial chain security strategy is undoubtedly higher than the short-term profit strategy.

   Refinement to specific actions, that is, to revive mobile phones and abandon Samsung, which has a lower chip foundry cost, and turn to choose to cooperate with Huaxin International, and use mobile phone Lilan to subsidize the loss of chip technology that is temporarily not in place.

  Thinking of this, Xia Jingxing glanced at Lin Bing, who immediately said, "No problem, no matter how expensive the chips produced by Fuxing Semiconductor are, we will buy them, as long as there is no mobile phone with a high price."

  Liang Mengsong smiled, "That's not to say, at most, it is twice as expensive as the chips made by Samsung, which is more than ten or twenty dollars."

Lin Bing nodded slightly to Liang Mengsong, indicating that he understood that as the CEO of a consumer electronics group, how could he not know the composition of mobile phone costs, even if Huaxin International's chip foundry cost was several times higher, the revival of gross profit margin of 40% Mobile phones are also affordable.

   But Lin Bing also had his own concerns, and he soon expressed his concerns.

   "The competition in the smartphone industry is becoming more and more intense, and the smartphone is upgraded every six months.

   This leads to more and more powerful mobile phone performance, and also forces mobile phone chips to embark on an endless pursuit of high-end processes.

   Now the revival FX3 and iPhone4 use 45nm chips, but in the future, FX4 and iPhone5 may be equipped with more advanced 32nm and 28nm chips.

   This day is not too far away. To be precise, it is already very close. Next year will see the advent of a new generation of mobile phones and a new generation of processors. "

  Liang Mengsong understood what Lin Bing said, and said very honestly: "We will definitely not be able to build 32nm and 28nm chips next year, because the relevant research projects have just been established."

   Lin Bing said with a serious face: "Without the most advanced chips, Fuxing Mobile cannot guarantee that the market share of high-end mobile phones will not be swallowed by Wisdom Fruit and Samsung."

  Liang Mengsong replied: "We will try our best!"

   "What I need is an accurate timetable, because the development process of Fuxing Mobile is tied to Fuxing Semiconductor."

   All the executives at the meeting were silent, a little worried that the two would quarrel in the next second.

  Consumer Electronics Group seems to be flourishing and developing well at present, but if we look deeper, it is like a castle built on the beach, and the foundation is not solid.

  If you want to lay a solid foundation, you must develop the semiconductor industry, but the trouble is that semiconductors are too far behind, and there is no way to develop to a level that matches the revival of mobile phones within a year or two.

   And the mobile phone industry is not stagnant, it is also developing, even faster than the semiconductor industry.

   This forms a dead end. Fuxing Semiconductor has finally mastered the 28nm process. Looking up, good guy, Fuxing mobile phones are already designing 14nm or even 7nm chips.

   There must be a leap in development!

   This is the answer that the executives present came to after simple thinking.

  Liang Mengsong did not quarrel with Lin Bing, but turned to look at Xia Jingxing and threw out his own plan.

   "Mr. Xia, if Fuxing Semiconductor wants to catch up with the development of Fuxing mobile phones and meet internal needs, I don't think it can continue to take the usual path. I suggest to skip the 32/28nm and 22/20nm processes and directly develop 14nm chips."

   As soon as these words came out, the whole audience was shocked. Lian Zhangru Jingjing couldn't help but turn his head and look at Liang Mengsong. He found that the latter's expression was calm and his eyes were clear. He didn't seem to be talking nonsense?

  Xia Jingxing did not say anything, and motioned for Liang Mengsong to continue.

   "This is not a plan I came up with in my head, but a way out of the game that I found after careful consideration.

   Think of Fuxing Mobile and Fuxing Semiconductor as a car. Fuxing Mobile accelerates wildly in front, and Fuxing Semiconductor can’t catch up with the accelerator.

   Therefore, Fuxing Semiconductor can only catch up by taking shortcuts.

  At present, Bay Power and Samsung are still working on the 28nm process technology. When their technology breaks through to 14nm, I expect it will be three to four years later.

  If we can do the triple jump in three to four years, then we are theoretically catching up with them.

   There may still be a gap, but it is by no means a difference in craftsmanship, but a difference in the yield.

   Regarding solving the problem of yield rate, I dare not say that it is as simple as eating and drinking, but as long as you are willing to spend money, it will eventually improve. "

Xia Jingxing looked thoughtful. In his memory, Liang Mengsong seemed to be very good at "taking shortcuts". When he was at Samsung, he led the team to jump from 28nm to 14nm, which overwhelmed Bay Power, which had just mastered the 16nm process technology at that time. One end; when he was in charge of Huaxin International, he also did the same thing.

   All in all, this is a chip wizard with a crazy pursuit of advanced process technology.

   But Xia Jingxing was still a little unsure in his heart, after all, the "step" that Liang Mengsong had to take was much bigger than the steps he took in Samsung and Huaxin International in his previous life.

   Zhang Rujing coughed and said: "This is not a small matter, and a lot of money will be invested, so it needs to be carefully considered."

  Xia Jingxing waved his hand, "Money is not a problem, as long as we can catch up with Wandian and Samsung, it is worth spending 10 billion US dollars."

   Having said this, Xia Jingxing paused, turned his eyes to Liang Mengsong, and asked, "I only have one question, can you do it?"

   Seeing that Xia Jingxing did not seem to contradict the "adventure plan" proposed by him, Liang Mengsong nodded excitedly, "I am sure, we just need to make some changes within us."

   "What changes?" Xia Jingxing asked.

   "Samsung has a KillTaiwan plan, which is actually aiming at the development plan of Bay Power as the number one target to be killed.

   And Bay Power is even more ruthless. Not only has the R&D investment in 2010 doubled to an astonishing $5.9 billion, but there is also a Nightingale project that makes engineers stunned!

   What is Project Nightingale?

   is to require engineers to carry out technical research 24 hours a day all year round, three shifts a day, people do not stop experimenting, and use manpower to achieve accelerated breakthroughs in high process. "

   "Isn't that a sweatshop?"

I don't know who whispered, Liang Mengsong nodded immediately and responded: "Yes, it's a sweatshop like Futukang, but one works with physical strength, the other works with brain power, and both are paid overtime. "

  Xia Jingxing said in his heart that he finally knew the secret of Wandian's success, that is, to roll hard and kill all opponents. Compared with Wandian's 007, the 996 that the Internet industry complained about was indeed a blessing.

   "In order to allow employees to work overtime, the salaries of all those who join the Nightingale Project will be increased by 30%-50%."

   Xia Jingxing interrupted: "The Sushen chip team has done similar overtime work in the United States before. Even if the salary is doubled, some people are unwilling to do so, and it has also made Fuxing Industrial American company notorious in Silicon Valley."

  Liang Mengsong smiled, "Americans can adapt to this overtime culture, they might as well use it to subsidize motivated young mainlanders."

   "Makes sense!"

  Xia Jingxing smiled and nodded. He didn't know how he would be scolded on the Internet in the future. Compared with him, Lao Ma might be like a good person.

   "If you can guarantee four years of continuous rotation, it is equivalent to eight years of research and development time for other companies.

  With such ample time, I think it should not be an unrealizable dream to complete the process technology triple jump. "

  Xia Jingxing thought for a while and said, "In order to have sufficient manpower and be able to rotate in time, don't be stingy with manpower costs and hire more manpower."

  The boss is so understanding, Liang Mengsong nodded with a smile.

   After an episode, Zhang Rujing continued to report on his work.

   "Huaxin International's revenue increased by 45.3% from US$1.0704 billion in 2009 to US$1.5548 billion in 2010, and the net profit turned losses into profits, from a loss of US$964 million last year to a profit of US$14 million;

   Spreadtrum's total revenue in 2010 was US$346.3 million, an increase of 229.6% over 2009, with a net profit of US$67.2 million;

  Fuxing integrated circuit design company and packaging and testing company have also initially established a firm foothold in the industry, and will try to start accepting external orders this year…”

   After Zhang Rujing finished the final summary report, Deng Yuanjun, the chief financial officer, took out a stack of documents and asked the secretary to send them.

   "This is the group's overall financial report in 2010, with a total revenue of 518.6 billion yuan and a net profit of 52.3 billion yuan..."

   Looking at the financial report in his hand and listening to Deng Yuanjun's introduction, Xia Jingxing had a clearer grasp of the overall strength of Fuxing Industry.

  Although there are still various defects and problems at the technical level, the capital strength cannot be underestimated.

   This is the achievement achieved when several industrial sectors such as semiconductor, cloud and intelligence, and aerospace have been dragging their feet.

  If these industrial sectors that require a lot of R&D funds are cultivated and mature, and the net profit margin of Conscience Computer is raised from a few percent to double digits, then the overall financial report of the group will definitely look better.

   "Now that the group has finally entered the stage of full profitability, let's start making rules this year.

   Every year, 10% of the net profit will be injected into Fuxing Land Company for the development and construction of employee welfare housing and supporting schools. "

   Hearing Xia Jingxing's words, all the executives stared wide-eyed, and allocated 10% of the company's net profit to employees as a rule.

  Deng Yuanxuan reminded in a low voice: "Mr. Xia, will this number be a little higher? Some companies' R&D investment ratios cannot reach this number."

   "I don't care about other companies, but our company must establish a good employee incentive and welfare system, not to mention that it is comparable to Silicon Valley, at least in China, it must be the only one."

   Deng Yuanjun suddenly realized, he understood that this was a conspiracy, and the purpose was naturally to attract the best few talents.

  The most important asset of a technology company is talent. Without talent, even if you do 007, you might still be unable to fight for 996.

   "Okay, I see, I'll make a detailed schedule down."

   After that, Deng Yuanjun began to report the situation of the Renaissance Industrial Investment Fund under his supervision.

   This 100 billion fund, which was registered in 2008 and raised in 2009, has gone through three years and has invested in hundreds of companies, but the 100 billion has not been spent.

   In this regard, Deng Yuanjun specifically explained the reason: "China's semiconductor industry has always been relatively young and the development stage is relatively early, so the valuation of the target we invest in each time is not high.

   Generally, the valuation is tens of millions or hundreds of millions, and then several millions or tens of millions are raised, and the average financing is less than 100 million.

   A few larger semiconductor companies are either state-owned or acquired by us.

   Some listed semiconductor companies have not been spared, and actively participated in the fixed increase in the secondary market and subscribed for bonds.

   In general, our spending speed is indeed not as fast as Xinxin Group, which is overseas. "

  Xia Jingxing laughed, the money can’t be spent, do you still blame me?

   "I remember telling you last time, first scan the semiconductor design, manufacturing, packaging and testing, and then invest in semiconductor equipment and material companies along the industrial chain."

  Deng Yuanjun spread his hands, "In fact, we have done the same, cooperating with a number of headhunting companies, assigning them to go to Silicon Valley, Hsinchu and other chip industry areas to stand guard, try to fool some technical experts to start businesses in the mainland.

   As long as you are willing to start a business in mainland China, we will not only give an angel investment, but also help them find partners and form a small entrepreneurial team.

   However, the effect is slow and it doesn’t cost a lot of money. "

  Xia Jingxing scratched his head, and even came up with the idea of ​​going to the United States and Yizhou Island to fool people to start a business in the mainland. It can be seen that there is really no company in China to invest in.

   Xinxin Group can engage in PE funds overseas and engage in mergers and acquisitions in the chip industry, but in China, there is really no such foundation.

   The merger and reorganization of several rookie-level semiconductor companies with a valuation of tens of millions or hundreds of millions is not called a strong alliance, and it does not make much sense.

   In fact, it will take five or six years or even ten years for this group of semiconductor companies to grow up before there will be an opportunity for resource integration.

"Then you can expand the scope of investment. As long as it is a lacking and weak industry in China, you can support it, whether it is biomedicine, precision machinery, instruments, or materials, as long as you are willing to return to China to start a business, we will invest in one. Pen."

Xia Jingxing estimated that the 100 billion fund that he had set up might not be of much use for the time being. When it came in handy again, it would be five or six years or even ten years later, and then the fund would be re-established. .

  Since this is the case, it is better to invest in other industries. After all, time is precious and we have missed the rare development window period. It will only become more difficult to develop in the future.

   "We're going to invest in medicine?" Deng Yuanjun was shocked, thinking that precision machinery, instruments, and materials could be related to Fuxing Industry, but medicine would be ineffective.

   "Can't you vote? I think in the future, biology, mechanics, and engineering will definitely merge, such as bionic robots and brain-computer interface chips.

  Rejuvenation Industry, as an emerging technology giant, why should it remain complacent in the industrial field?

   It is called Fuxing Industry, but it is not really only engaged in industrial-related research.

   In the future, we will also have to come up with some of our own black technologies. This is brand marketing, and we must create a corporate personality that is interested in changing the entire history of human development. "

   "Oh, no wonder Musk has been tweeting all day long about immigrating to Mars and equipping Nikola with cold air thrusters for rocket engines."

   "Business! It's all a business in the final analysis! Since the common people like to listen to it, let's tell more stories, and by the way, give Fuxing Industry an air of madness and coolness."