At this moment, Fang Hong has been in the Xingyu Technology headquarters for almost an hour, and he generally knows the company's layout progress in the new energy vehicle business.

What is certain is that the new energy vehicle of Xingyu Technology is unlikely to be launched on the market within this year, and the first product may not be launched next year.

As the head of the company, Qin Feng is very confident, in the automotive circle, he does not think that those new car-making forces are the future competitors of Xingyu Technology, and he does not think that the traditional car companies are the future opponents of Xingyu Technology in the field of new energy vehicles. In the past year, he has studied major car manufacturers, both domestic and foreign, and Qin Feng feels that only Biyadi will be a strong competitor.

But he is not arrogant at the same time, and he also has an attitude of awe for this industry, so Qin Feng is not in a hurry to launch products, and follows the idea that taking time is the fastest.

If you really want to push it, Xingyu Technology can also push it now, but it will seem very mediocre.

If it is a start-up new energy vehicle company, it will definitely be regarded as a potential stock by the market, and it will be more inclusive, and there will even be a lot of praise.

But you are Xingyu Technology, the high-tech giant that developed the STAR series of smartphones and once pressed the Apple iPhone series of mobile phones to the ground and rubbed them, so that the other party had to use off-board recruitment to suppress you, and became the face of domestic technology giants, synonymous with high technology.

Once a new product is launched, not only will the market be highly anticipated, but it will also be viewed with extremely high psychological expectations, and it will be more stringent, if the final conclusion is mediocre, it will be disappointing and will attract countless cynicism.

Small and small are good, big and big are difficult.

Qin Feng knows that the current Xingyu Technology is placed too many high hopes on consumers, especially those hardcore fans, and it is also expected too much by the Chinese people, which also means more stringent requirements.

The loud signboard of Xingyu Technology can't be smashed, so many people pay attention to cross-border car building, and there are many people who want to see Xingyu Technology's jokes inside and outside the industry, and Qin Feng, who is the head of the company, also has a clear understanding.

The first product must not catch the duck on the shelves, a few years later is not a big problem, as long as the product itself can stand the test of the market, it can soar to the sky as soon as it is put on the market.

At the end, Qin Feng looked at Fang Hong: "There is one more thing, the company's capital chain may be a little tight this year......

Fang Hong didn't think much about it and said directly: "Then let's borrow money and issue corporate bonds." How big is the funding gap?"

Qin Feng immediately replied, "About 30 billion."

Fang Hong nodded and said, "Not a lot, but not much. Issue corporate bonds to borrow this money from the market, if no one buys the stars for you."

There is a big boss This sentence is proper, Xingyu Technology wants to issue corporate bonds, don't think about it, it must be 3A-level corporate bonds, ordinary retail investors can't buy it, and it is directly digested among large institutions, and a lot of institutions will rush to lend money to Xingyu Technology.

Because they all know and firmly believe that it is impossible for Xingyu Technology to breach the contract, not to mention that there is a big daddy of Qunxing Capital behind it, this transaction is a sure profit.

Fang Hong did not let Qunxing Capital directly transfuse funds for Xingyu Technology, but asked Qin Feng to go to the market to borrow money, what did Qunxing provide? Of course, it is supported by credit, and with your guarantee for credit endorsement, people can lend money with 10,000 hearts.

The 30 billion fund can be taken out at any time and without pressure for the current Qunxing Capital.

However, Fang Hong has always adhered to the principle that if he can use other people's to do his own things, he will try not to use his own money first, whether it is to give others a sip of soup to drink, and to make more friends, and having his own money in his hands means that the expectation of his ability to carry out is always there.

The profitability of Xingyu Technology is not weak at all, although the performance in 2016 did not maintain a strong growth momentum, but it always maintained positive growth. The company's annual revenue last year was 821.556 billion yuan, a year-on-year increase of +5.98%, and the net profit was 52.212 billion yuan, a year-on-year increase of +12.26%, with a net profit margin of 6.3

5 percentage points.

As a leading high-tech company, the net profit margin is low, and Apple's profits far exceed those of Xingyu Technology.

But the scale of revenue of more than 800 billion is also an astronomical amount, where did so much revenue go? In addition to the daily operating expenses of the enterprise itself, the increased expenditure has the launch of after-sales service, in order to retain those old users in the after-sales is a lot of money.

Then the biggest expenditure is the investment in R&D expenses, the main reason for the rapid rise in R&D expenses is to enter the field of new energy vehicles, adding a gold-swallowing beast, in addition to the investment in the mobile phone business has not been broken, and the investment in chips continues to be added.

Especially in the past two years, the scale of Xingyu Technology's R&D investment has soared, of which in 2016, Xingyu Technology's total R&D investment reached an astonishing 322.1 billion yuan, accounting for 39% of the company's revenue.

Whether looking at the country or globally, R&D accounts for 39% of revenue, and no other technology company can match it.

The absolute scale of R&D investment is quite exaggerated, and in 2016, the world's largest enterprise R&D investment ranked first was Xingyu Technology, and it was the second leading position.

In comparison, Apple's investment in R&D in the same year was about 55.6 billion yuan in RMB regardless of exchange rate changes, which was only equivalent to about 17% of Xingyu Technology's R&D investment in the same period.

This is also until now Apple still regards Xingyu Technology as its most threatening opponent is an important factor, although it is not that the more money is spent, the more results will be produced, but the probability of producing results must be greater if it is smashed enough, there is no doubt about it.

To a certain extent, a large capital investment means that there is more cost of trial and error, and your funds can only support you to try and make mistakes once or twice, while I can have more than a dozen trial and error, and even if the blind cat encounters a dead mouse, the probability will be greatly increased.

In the face of Xingyu Technology's insistence on Pan Technology, as its competitor, everyone has to beat the drum in their hearts.

But at this moment, Fang Hong looked at Qin Feng and asked, "Is there still a gap in next year's funds?"

Hearing this, Qin Feng said in a deep voice: "It's hard to say now, whether there is a gap in next year's funds mainly depends on whether the VR headset terminal equipment launched this year can bring new performance growth points to the company, to put it bluntly, it depends on whether the sales are good or not, and if the sales are good, it can offset next year's investment budget."

The increased budget is still smashed on R&D investment, and Xingyu Technology's R&D expenditure is still growing, and the main growth item is new energy vehicles.

After a while, Qin Feng added: "Whether the headset terminal sells well or not depends on whether the content desert problem can be solved."

Fang Hong said with a smile: "Matrix Quantum won't drop the chain over there, I've already said hello to Chen Yu, or it won't be long before the second-generation AI model on his side will be open source." In addition to this, the game box will follow up with the development of the headset

The client, including a number of game companies acquired by Qunxing, will also launch games to cooperate with the follow-up VR version, such as "Minecraft" and other well-known games, and games suitable for headset terminals."

After a pause, Fang Hong smiled confidently: "There are also Yixing Video, which is also following up and cooperating, developing clients and related applications to provide film and television content for your headset device, as well as providing support for the internal payment and transaction system including WeChat. Huh, no content? Content desert? That's because the stars didn't really exert their strength, and the stars could quickly create an oasis on top of this desert."

……