Xinhua News Agency, Beijing, April 6th Question: It’s about you and me! Five major changes will take place in social security this year.

Xinhua News Agency "Xinhua Viewpoint" reporters Jiang Lin and Peng Yunjia

Pensions for retired employees will usher in "18 consecutive rises", and reimbursement for medical treatment in other places will be more convenient, and pilot projects for occupational injury protection for flexible employees such as take-away riders will be carried out …

Social security concerns thousands of families. This year, our social security will usher in many new changes.

Change 1: How much does the retirement pension increase? Have the answer before the end of June.

This year’s government work report proposes to appropriately raise the basic pension standards for retirees and urban and rural residents to ensure timely and full payment. This means that the pensions of retired employees will usher in "18 consecutive rises" and the pensions of urban and rural residents will also be improved.

In terms of employee pension insurance, the pension benefits were raised in 2021, which benefited 127 million retirees. How will it rise in 2022? How much is it going up? The "Opinions on Implementing the Division of Key Work in the Government Work Report" recently issued by the State Council requires that the Ministry of Human Resources and Social Security and the Ministry of Finance take the lead and issue relevant policies before the end of June.

"Insist on improving people’s livelihood in development, not only do your best, but also do what you can." Zheng Gongcheng, president of China Social Security Society, said that in 2022, China will also promote the national overall planning of old-age insurance, and the funds will help each other across the country, so that the pension payment in difficult areas will be more secure.

In terms of endowment insurance for urban and rural residents, in the past year, 17 provinces and Xinjiang Production and Construction Corps raised the basic pension for urban and rural residents, benefiting more than 78 million elderly people, most of whom were rural residents.

This year, in addition to raising the national basic pension standard determined by the central government, up to now, seven provinces including Fujian, Jiangsu, Hainan, Xizang, Ningxia, Guizhou and Shanxi have announced the provincial-level basic pension raising plan for urban and rural residential insurance. Sichuan and other provinces have also made it clear that it will be raised during the year.

Change 2: How to promote the direct settlement of cross-provincial medical treatment? Announced before the end of June

According to the requirements, improve the direct settlement method for medical treatment across provinces and different places, and introduce relevant policies before the end of June. It will undoubtedly be the direction of policy to make it easier for people to go through the reimbursement procedures for medical treatment in different places.

At present, the inter-provincial direct settlement of hospitalization expenses has covered all provinces, all overall planning areas, all kinds of insured persons and main out-going personnel.

The coverage of inter-provincial direct settlement of outpatient expenses has been further expanded. There are 826 designated medical institutions in 63 co-ordination areas across the country, and pilot projects have been launched to directly settle the treatment expenses related to five outpatient chronic and special diseases, such as hypertension, diabetes, radiotherapy and chemotherapy for malignant tumors, uremia dialysis and anti-rejection treatment after organ transplantation.

By the end of February this year, 49,200 designated medical institutions and 89,800 designated retail pharmacies had been directly settled across provinces.

According to Long Xuewen, the person in charge of the Medical Insurance Management Center of the National Medical Insurance Bureau, the pilot areas will be guided to speed up the transformation of information systems, expand the pilot scope of cross-provincial direct settlement of outpatient chronic and special diseases, and promote the online and offline settlement of hospitalization and outpatient expenses by classification.

Previously, the State Council requested that there should be at least one designated medical institution in each county before the end of 2022, which can provide inter-provincial direct settlement services for medical expenses, including outpatient expenses.

Change 3: How to invest personal pension? Clear before the end of April

Developing a multi-level and multi-pillar endowment insurance system is an important measure to actively cope with the aging population and realize the sustainable development of the endowment insurance system.

In China, the basic old-age insurance system as the first pillar is basically sound; As the second pillar, the enterprise annuity and occupational annuity systems have been initially established and gradually improved; However, the development of the third pillar is not standardized, especially the individual pension system has not yet been introduced, which makes residents lack the pension investment channels to obtain more stable and greater benefits.

According to the deployment, the Ministry of Human Resources and Social Security, the Ministry of Finance and China Banking and Insurance Regulatory Commission will take the lead in the work of "continuing to standardize the development of the third pillar endowment insurance", and relevant policies will be issued before the end of April.

According to the reporter’s understanding, the top-level design has been made clear at present, and the third pillar includes two parts: personal savings endowment insurance and commercial endowment insurance, all of which are voluntarily participated by individuals. Among them, the design of tax policy and preferential strength are the key factors.

The Opinions on Promoting the Development of Personal Pension was reviewed and approved by the Central Committee for Deep Reform in December 2021. "After the document is issued, our department will work with relevant departments to formulate supporting policies to promote the implementation of the system and provide a better institutional guarantee for the people’s pension." The relevant person in charge of the Ministry of Human Resources and Social Security said.

According to industry insiders, there are two main tasks. First, establish a personal pension system supported by taxation and other policies, and plan to adopt a personal account system to provide more institutional options for workers participating in basic old-age insurance to accumulate personal pensions. The second is to standardize the development of personal commercial pension financial products and operate and supervise them in accordance with market rules. The two support each other and jointly promote the development of the third pillar.

Change 4: When will the scope of national medical insurance drugs be unified? Completed before the end of December.

Led by the National Medical Insurance Bureau, the related work of basically unifying the scope of medical insurance drugs in China will be completed by the end of December. This indicates that the national basic unified medical insurance drug list is coming soon, and the chemical drugs and proprietary Chinese medicines included in the basic medical insurance payment scope will be basically the same.

According to the opinion of deepening the reform of the medical security system, it is required to "reasonably divide the responsibilities and authority of the central and local catalogues, and each region shall not make its own catalogue or adjust the limited payment scope of medical insurance drugs".

Previously, the National Medical Insurance Bureau has issued the Interim Measures for the Administration of Medication for Basic Medical Insurance, continuously promoting the digestion of supplementary drugs at the provincial level, and laying a good foundation for unifying the scope of medication for basic medical insurance in the country and standardizing the medical insurance payment policy.

The reporter learned from relevant departments that on the basis of unification, the state will further establish and improve the regulation and index system of medical insurance drug list, and timely include drugs with high clinical value, obvious benefits for patients and excellent economic evaluation into the scope of medical insurance payment according to procedures, so as to provide more new drugs and good drugs for the people.

Since the establishment of the National Medical Insurance Bureau, the national medical insurance drug list has been adjusted for four consecutive years. A total of 507 drugs have been added to the national medical insurance payment scope, and a number of "magic drugs" and "zombie drugs" have been transferred out of the list. More than 40 kinds of drugs for rare diseases listed in China have been included in the national medical insurance drug list.

Change 5: How to protect occupational injury protection? Continue to advance during the year.

Occupational injury protection is a "new type of industrial injury insurance" created for take-away riders and network car drivers. The Opinions on Implementing the Division of Key Work in the Government Work Report proposes to strengthen flexible employment services, improve the social security policy for flexible employment, and carry out the pilot project of occupational injury protection for new employment forms, which will be continuously promoted during the year.

Due to the lack of stable labor relations, it is often difficult for new employment forms to obtain work-related injury insurance protection. However, with the promotion of relevant policies, the new employment forms of employees in pilot cities and related platforms this year will fill the shortcomings of occupational injury protection.

Wang Xing, CEO of Meituan, said recently that Meituan will actively participate in the pilot project of occupational injury protection under the guidance of policies, ensure that the pilot project is carried out according to the planned schedule, and will pay all the expenses of participating riders.

"At present, Beijing, Shanghai, Sichuan and other provinces have begun to carry out pilot preparations for occupational injury protection in the travel, take-away, instant delivery and freight transportation industries in the same city." Zhang Chenggang, director of the New Employment Form Research Center in China, capital university of economics and business, said that with the establishment of a national unified information platform, the pilot project of occupational injury protection will officially land, and explore experience and accumulate data for later promotion throughout the country.

What situations can occupational injury protection cover? How about compensation? According to industry insiders, occupational injury protection is paid by platform enterprises, and employees do not pay. The scope and situation of its protection and the standard and level of treatment are consistent with the industrial injury insurance as a whole.

It was reported on April 19th that just now, the domestic digital-analog hybrid chip design company landed in science and technology innovation board, and its main business is power management and fast charging protocol chips, with an issue price of 24.23 yuan/share.

After the opening, the opening price of Yingjixin was 24.23 yuan/share, and then the share price fell, with the biggest drop of 9.5%. As of the date of writing, its share price is 22.31 yuan/share, down 7.92%, with a total market value of 9.3 billion yuan.

Founded in 2014, Yingjixin is currently one of the major chip suppliers in other application fields.

There are about 230 models of products generated by Yingjixin, which are used in mobile power supply, fast charging power adapter, wireless charger, car charger, TWS earphone charging bin and other products. From 2018 to the first half of 2021, its chip sales reached 1.728 billion, and the final brand customers included Xiaomi, OPPO and other manufacturers.

During the reporting period, the revenue of CIMC showed an increasing trend. The revenue of each period in 2018, 2019, 2020 and the first half of 2021 was.

Yingjixin has no controlling shareholder, and the actual controller is Huang Hongwei, chairman and general manager of Yingjixin. In this IPO, CIMC plans to raise 400 million yuan, which will be used for three projects: development and industrialization of power management chips, development and industrialization of fast charging chips and supplementary liquidity.

▲ Fund-raising of Yingji Core Program

Yingjixin was established on November 14th, 2014, when its shareholder was Qiu Fangfang. According to the prospectus, Qiu Fangfang was the spouse of Zeng Lingyu, a member of the founding team.

As the founding team is starting a business for the first time and there are many uncertainties, Qiu Fangfang is jointly selected as the nominal shareholder, and the trustees include 16 people including Huang Hongwei, Ding Jiaping and Zeng Lingyu.

▲ Huang Hongwei, Chairman and General Manager of Yingjixin

It is worth noting that. Among them, LING HUI worked as general manager, general manager and senior vice president of the Internet of Things Division in China Resources Siwei Technology (Shanghai) Co., Ltd., Guangzhou Anbao Electronics Co., Ltd. and Shenzhen Bettler Electronic Technology Co., Ltd., and joined Yingjixin as technical director in July 2020.

Among the other four people, Huang Hongwei, Chairman and General Manager of Yingjixin, Dai Jialiang, Director of System R&D Department, Zeng Lingyu, Deputy Director of IC R&D Department, and Tang Xiao, Deputy Director of IC R&D Department, all worked together in Xinhengfu Technology, a subsidiary of Juli Integration and Fuman Electronics.

In 2013, 10 people, including Huang Hongwei, left Torch Power Integration and planned to start a business in the field of power management chips, but they lacked financial support. Fuman Electronics plans to enter the power management chip market through its Xinhengfu technology. So the two sides jointly created Xin Yiman, and Huang Hongwei and others joined Xinhengfu Technology.

After the establishment of Xinyi Man, the cooperation was finally terminated in October 2014, and the company was cancelled in June 2016.

However, this cooperation has also brought about a long-term lawsuit between Fuman Electronics and CIMC. Fuman Electronics, its subsidiaries Xinhengfu Technology and Liu Wenjun initiated six lawsuits against Yingjinxin, and there were disputes over intellectual property rights and technology patents with Yingjinxin.

According to a source quoted by Jiwei.com, in the fourth quarter of 2018, Fuman Electronics was optimistic about the advantages of Yingjixin in the charging treasure and wireless charging market, and planned to acquire Yingjixin. However, after the negotiations failed, Fuman Electronics began to dig people. The earliest lawsuit of Fuman Electronics against Yingjixin also began in November 2018.

At present, among the six lawsuits filed by Yingjixin, Fuman Electronics and Liu Wenjun, five lawsuits have reached a settlement, and the plaintiff has withdrawn the lawsuit and closed the case. The administrative lawsuit of Fuman was decided by Beijing Intellectual Property Court in January, 2022, which rejected the plaintiff’s claim of Fuman Electronic Litigation, and Fuman Electronic refused to accept it and filed an appeal. The case is still being accepted by the Supreme People’s Court.

During the reporting period, the revenue of CIMC showed an increasing trend, with revenue of 217 million yuan, 348 million yuan, 389 million yuan and 356 million yuan in the first half of 2018 -2021 respectively, with a compound growth rate of 34.04% from 2018 to 2020.

In terms of profit, the net profit of Yingjixin in the first half of 2018 -2021 is.

▲ Changes in revenue and net profit of CIMC in the first half of 2018 -2021.

The main source of revenue for CIMC is that from 2018 to 2020, the revenue of CIMC power management chips will increase from 194 million yuan to 268 million yuan.

However, with the growth of its fast charging protocol chip revenue, its power management chip revenue ratio has dropped from more than 90% in 2018 to 59.38% in the first half of 2021.

▲ Proportion of various businesses of CIMC in the first half of 2018 -2021.

From 2018 to the first half of 2021, the R&D expenses of Yingjinxin were 33.2275 million yuan, 44.2605 million yuan, 50.65 million yuan and 38.7085 million yuan, respectively, accounting for 15.34%, 12.72%, 13.01% and 10.88% of the operating income in the same period.

By the end of June, 2021, CIMC had a total of 61.48% employees. It has obtained 79 domestic patents, including 49 invention patents and 30 utility models. Yingjixin also owns 115 registration certificates of integrated circuit layout design and 11 computer software copyrights.

During the reporting period, the main customers of Yingjixin were basically stable, and most of them were dealers, including Shenzhen Zhihengtong Electronics Co., Ltd. and Shenzhen Zhuorui Sitron Technology Co., Ltd.. Through distributors, its ultimate brand customers are.

▲ Top five customers of CIMC in the first half of 2018 -2021

As a chip design company, the main procurement projects of CIMC include. According to the prospectus, the main wafer supplier of Yingjixin is, and the main supplier of packaging and testing services is Tianshui Huatian Technology.

▲ The top five suppliers of Yingjixin

From the perspective of the whole industry, the global power management chip market is highly concentrated, and its market share is mainly occupied by international enterprises such as Texas Instruments, Infineon, Power Integrations and MPS.

At present, China power management chip companies such as Shengbang, Xinpengwei and Jingfeng Mingyuan have successfully landed in the capital market and gradually have a certain scale of operation. However, domestic manufacturers have a certain gap with international head manufacturers in market share and technical strength.

▲ Market share of Yingjixin and comparable domestic companies in the same industry in power management chips.

According to the prospectus, there is a gap between Yingjixin and overseas famous brands in terms of business scale and overall technical strength. However, in the product field in which it focuses, the performance index of Yingjinxin products is similar to that of Texas Instruments, PI, Infineon and other corresponding products, and it reaches or even exceeds the products of overseas companies in the same industry in terms of integration, compatibility and the number of supporting agreements.

The power management chip of CIMC is mainly that this scheme adopts a single mixed digital-analog SoC chip, which can replace the functions that traditional digital and analog chips can achieve with a mixed digital-analog SoC chip.

Through this mixed digital-analog SoC integration technology, CIMC can integrate digital chips, analog chips, systems and embedded software into one SoC chip, shortening the development cycle of customers’ finished products and reducing production costs.

In terms of fast charging protocol chips, the products of Yingjixin have been authorized by mainstream platforms such as Qualcomm, MediaTek, Spreadtrum, Huawei, Samsung, OPPO, Xiaomi and vivo. Its products not only support all five kinds of fast charging protocols of domestic communication terminals,

Compared with domestic comparable companies in the same industry, the gross profit margin of Yingjixin is low, which is mainly related to the differences in product structure, functional positioning and application fields, according to the prospectus. Compared with the power management chips of comparable domestic companies in the same industry, the gross profit margin of power management chips of Yingjixin is in the middle-upper level.

▲ Gross profit margin of power management chips of Yingjinxin and comparable companies in the same industry from 2018 to the first half of 2021.

Due to the scattered equity, Huang Hongwei, its chairman and general manager, directly holds 1.21% of the shares of Yingjixin, and indirectly controls 33.28% of the shares through three employee stock ownership platforms: Zhuhai Yingji, Zhuhai Yingxin and Chengdu Yingjixin Enterprise Management, and controls a total of 34.39% of the shares.

▲ Equity structure of Yingjixin

Shareholders who own more than 5% of the shares of Yingjixin include Shanghai Wuyuefeng, Beijing Core Kinetic Energy and Gongqingcheng Keyuan, with 27.61%, 9.59% and 6.63% of the shares respectively.

In addition, funds such as Shanghai Science Venture Capital and Suzhou Juyuan Casting Core also hold some shares of Yingjixin.

▲ Share capital of Yingji Core

The power management chip is a chip that is responsible for the transformation, distribution, detection and other control functions of the required electric energy in the electronic equipment system. It is the power supply center and link of all electronic products and equipment, and is an indispensable chip product in the fields of consumer electronics, automotive electronics and new energy.

At present, international leaders such as Texas Instruments and Infineon still dominate the power management chip market. At the same time of domestic chip substitution, domestic power management chip enterprises should carry out technological innovation to win domestic and even foreign market share. As a new domestic power management chip enterprise, Yingjixin’s products adopt mixed digital and analog chips which are different from the traditional ones, and its listing may help to increase the market share of domestic power management chips.

At present, with the rapid expansion of the power management chip market, many new chip companies have been founded or entered this field. If we can’t grasp the development trend and market dynamics of the industry, there are certain operational risks.