The raw materials of caustic soda and soda ash are all salt, which belong to the salt chemical industry. The main production process of caustic soda is ion-exchange membrane electrolysis, brine refining, removing all kinds of impurities, making saturated brine, and producing 32% liquid caustic soda, chlorine and hydrogen through electrolysis. At present, this production process accounts for more than 99% in China. The production processes of soda ash include combined alkali process, ammonia-alkali process and natural alkali process. Ammonia-alkali and combined production use coal as fuel, use part of steam and electricity, and ammonia-alkali process consumes limestone. Natural alkali is mainly collected from natural alkali, and after a series of filtration and impurity removal, soda ash is prepared with low cost.

Soda and soda ash have their own differences. Caustic soda is commonly known as caustic soda, caustic soda, and the chemical formula is NaOH；; It belongs to Class 8.2 alkaline corrosive products in Grade 8 hazardous chemicals and belongs to strong alkali. There are two forms: solid caustic soda is white flake and granular crystal, liquid caustic soda is NaOH aqueous solution, and the mainstream specifications are 32% and 50%. The chemical formula of soda ash is Na2CO3, which is white and odorless powder or particles, easy to decompose at high temperature, strong electrolyte salts, soluble in water, alkaline in aqueous solution, corrosive and stable, but it can also be decomposed to generate sodium oxide and carbon dioxide at high temperature; Long-term exposure to air can absorb moisture and carbon dioxide in the air and generate sodium bicarbonate; Soda soda can react with acid, salt and alkali respectively, which belongs to salt rather than alkali.

However, there is a certain correlation between them. Both of them are raw salt in the upstream and used in alumina, printing and dyeing, paper making and other industries in the downstream, which belong to basic chemical raw materials. This paper mainly studies the correlation between caustic soda and soda ash.

Figure 1: Salt Chemical Industry Chain

Source: Exchange, SDIC Anxin Futures.

1. The same upstream raw materials determine the high coincidence degree of their distribution areas.

The upstream raw materials of caustic soda and soda ash are raw salt. More than 90% of raw salt in China is used for soda ash and caustic soda, of which caustic soda consumption accounts for about 55.8% and soda ash accounts for about 38.2%. The added value of caustic soda and soda ash products is not high. When selecting the site, it is more concentrated in the distribution area of raw material capacity. By reducing transportation costs, the cost is reduced and the enterprise benefits are improved. Because both raw materials are raw salt, the capacity distribution of caustic soda and soda ash is highly coincident.

According to the provinces, the output of crude salt is mainly concentrated in Shandong, Jiangsu, Hubei, Sichuan, Xinjiang, Qinghai and other places, and the output of caustic soda and soda ash is also mainly concentrated in Shandong and Jiangsu, which is highly consistent with the distribution of crude salt production capacity. Among them, caustic soda is concentrated in Shandong, Inner Mongolia, Xinjiang, Jiangsu, Zhejiang and other places, and soda ash is concentrated in Jiangsu, Henan, Qinghai, Shandong, Hebei and Hubei. And some manufacturers produce soda ash and caustic soda at the same time, according to statistics, there are 5 in total, with a capacity of 3 million tons of soda ash and 250,000 tons of caustic soda; Tangshan Sanyou has a production capacity of 2.3 million tons of soda ash and 540,000 tons of caustic soda; Anhui Hongsifang has a production capacity of 350,000 tons of soda ash and 150,000 tons of caustic soda; Inner Mongolia Jilantai has a capacity of 350,000 tons of soda ash and 360,000 tons of caustic soda; Ningxia Risheng has a production capacity of 400,000 tons of soda ash and 140,000 tons of caustic soda.

Figure 2: Distribution of crude salt output by province

Source: National Bureau of Statistics, SDIC Anxin Futures.

Figure 3: Distribution of Soda and Soda by Province

Source: National Bureau of Statistics, SDIC Anxin Futures.

Regionally, the distribution of crude salt production is mainly concentrated in East China, Central China, Northwest China, Southwest China and North China, accounting for 33%, 22%, 19%, 16% and 8% respectively. The regional distribution of caustic soda and soda ash production is highly similar to that of raw salt, and it is also concentrated in the above areas, and the proportion of regional production is not much different.

Figure 4: Distribution of crude salt yield by region

Source: National Bureau of Statistics, SDIC Anxin Futures.

Figure 5: Distribution of caustic soda and soda ash by region

Source: National Bureau of Statistics, SDIC Anxin Futures.

2. Cost relevance

The production of one ton of caustic soda requires 2300-2400 degrees of electricity and 1.4-1.6 tons of raw salt, of which electricity accounts for about 60% of the production cost and raw salt accounts for about 20% of the production cost. However, the production process of soda ash and ammonia-alkali process are different, and the cost is different. Among them, ammonia-alkali process consumes about 0.5 tons of coal, about 170 degrees of electricity, about 1.5 tons of raw salt and about 0.04 tons of synthetic ammonia, in which raw salt accounts for about 20% of the production cost, power coal accounts for about 29% and electricity accounts for about 9%. 1.6-1.7 tons of coal, about 500 degrees of electricity, about 1.2 tons of raw salt and 0.345 tons of synthetic ammonia are consumed to produce a ton of soda ash by the combined alkali process, in which raw salt accounts for about 13% of the production cost, power coal accounts for about 17% and electricity accounts for about 10%. Both raw salt and electricity affect the cost of caustic soda and soda ash, and the influence of coal on electricity determines that the cost trend of caustic soda and soda ash is highly convergent. Judging from the historical price trend, in the first half of 2018 -2021, due to the small fluctuation of raw material prices, the cost of caustic soda fluctuated around 1,400 yuan/ton, the cost of ammonia-alkali method was slightly higher than that of caustic soda, the range of 1,400-1,600 yuan fluctuated within a narrow range, and the cost of combined soda fluctuated around 1,800 yuan. In the second half of 2021, the cost of both products rose sharply. Due to the greater influence of electricity on caustic soda, the cost of caustic soda fluctuated more than that of soda ash, and the cost climbed from 1,400 yuan to 2,600 yuan, an increase of 85.7%. The production cost of ammonia-alkali method increased from 1,600 yuan to 2,500 yuan.The increase rate reached 56.3%, and the double-ton cost of the combined alkali process increased from 1900 yuan to 2700 yuan, with an increase rate of 42%. After that, the cost of caustic soda and soda ash decreased with the attenuation of the limiting film.

Figure 6: Cost comparison of caustic soda and soda ash

Source: SDIC Anxin Futures

3. Price relevance

Because the same upstream and downstream also have overlap, the price correlation between caustic soda and soda ash is high, the correlation coefficient is 0.7, and the trend is basically the same. However, from the second half of 2020 to the first half of 2021, the price of soda ash soared, but the price of caustic soda fell slightly. Reasons for price split: the downstream of soda ash is mainly float glass and photovoltaic glass. In the second half of 2020 and the first half of 2021, the market of float glass and photovoltaic glass is good, and the production capacity continues to rise. Especially in recent years, driven by carbon neutrality, the production capacity of photovoltaic glass has increased greatly, and the downstream demand has increased. The output of soda ash can’t match, which is in short supply and the price has soared. During this period, the production capacity of alumina, the main downstream of caustic soda, fluctuated little, and the downstream demand increment was limited, but the output of caustic soda increased slightly, and the price was in a weak pattern.

Figure 7: The price correlation between caustic soda and soda ash is high.

Source: Zhuo Chuang Information, SDIC Anxin Futures.

4. Downstream association

The largest downstream of caustic soda is alumina, which accounts for 29%, papermaking consumption accounts for 14% and printing and dyeing consumption accounts for 13%, while soda ash accounts for half of the consumption of heavy alkali and light alkali according to their different uses. Among them, heavy caustic soda is mainly used for float glass and photovoltaic glass, accounting for 34% and 18% respectively. The high prosperity of photovoltaic glass in recent years has made its consumption ratio increase continuously. In 2019, the output of photovoltaic glass was 6.14 million tons, and the consumption of soda ash reached 1.228 million tons. In 2022, the output of photovoltaic glass increased to 16.21 million tons, and the consumption of soda ash reached 3.242 million tons, which led to an increase of soda ash consumption by 164%. Light alkali is mainly used for daily glass, sodium silicate, sodium pyrosulfite, alumina, baking soda, etc. The substitution of caustic soda and soda ash is mainly in alumina, sodium silicate, monosodium glutamate, papermaking, printing and dyeing, washing and other industries. The choice of caustic soda or light alkali in these industries depends not only on the difference of process, but also on the price difference between them.

Figure 8: Downstream consumption of caustic soda and soda ash

Source: Zhengzhou Commodity Exchange and SDIC Anxin Futures.

5. How does the price difference affect the downstream alternative choice?

Generally, the price difference between 1.325* light alkali and 32% liquid alkali is used to see the price difference. From the historical trend of the price difference, most of the range is -1000- 500 yuan/ton. Before 2021, the price difference was mostly negative. After 2021, with the large-scale production of photovoltaics, the consumption of heavy caustic soda increased, and the price of heavy caustic soda rose rapidly, which made the price difference of light caustic soda higher than that of caustic soda, and the overall pattern of the industry changed to some extent. The price trend of light caustic soda was better than that of caustic soda. On the one hand, after soda ash went on the market, there would be some non-standard sets, which led to an increase in the demand for light caustic soda. In addition, the new energy concepts of photovoltaics and lithium carbonate were heavy. Recently, we have seen the price of caustic soda continue to fall, the inventory of soda ash is low, the price is firm, the price difference between light alkali and caustic soda continues to expand, and some downstream customers choose caustic soda to replace light alkali, which has dragged down the consumption of light alkali and caused the price to fall.

The price difference affects the downstream consumption choice. For alumina industry, his production processes mainly include sintering process, Bayer process and Bayer sintering combination. Bayer process uses caustic soda as raw material, and sintering process uses light alkali as raw material. At present, most alumina enterprises in China use Bayer process for production, mainly based on Bayer process’s simple process, short process and high product quality. However, the output of alumina produced by sintering process, series process and mixed process fluctuated in the range of 11 ~ 13%. Only some alumina plants in Shanxi and Chongqing maintain the production process in which the two methods coexist. Generally, when the price difference between them fluctuates little, it is not easy to replace the equipment, and only when the price difference is seriously unbalanced will the equipment be replaced. There are two production processes of sodium silicate: dry process and wet process. Soda is used in dry process and caustic soda is used in wet process. The traditional wet production process of sodium silicate is characterized by high energy consumption, high investment and complicated operation. The mainstream process in the market is dry process. Similarly, due to the consideration of equipment replacement cost, only when the price difference is seriously unbalanced will it be replaced. For washing and monosodium glutamate industries, there is no need to replace production equipment, so the alternative choice mainly considers the cost advantage and product quality difference brought about by the fluctuation of price difference between them. Among the alkali consumption in monosodium glutamate industry, the consumption of light alkali accounts for 75%, and that of caustic soda accounts for about 25%. The quality of products using light alkali is even better. Only the price of light alkali *1.325 far exceeds the price of liquid alkali. Enterprises choose caustic soda to replace light alkali, which reduces production costs.

Figure 9: Trend chart of the price difference between them.

Source: Zhuo Chuang Information, SDIC Anxin Futures.

6. Summary

Caustic soda and soda ash have a certain correlation. The same raw materials in the upstream determine the high overlap of their capacity distribution areas and the high synergy of their cost trends. In addition, the overlap in the downstream industries such as alumina, sodium silicate, paper making, printing and dyeing, monosodium glutamate and so on determines the high correlation of their price trends. The price difference between caustic soda and soda ash will affect the downstream alternative consumption choice.

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Editor in charge:

() The operating comments of the Board of Directors in 2023 are as follows:

　　I. The industry in which the company is located during the reporting period.

　　(1) The main business and products the company is engaged in.

　　During the reporting period, around the company’s "14th Five-Year Plan" industrial development plan, the company closely followed the market demand, adhered to the basic idea of "focusing on the main business, expanding the main business and strengthening the main business", and continued to devote itself to the production and sales of soda ash, baking soda and urea made from coal by natural alkali. Among them, soda ash and baking soda made from natural alkali are the leading products of the company, and their production and sales are in the forefront of the industry. In 2023, the company produced 5.68 million tons of various products, including 2.69 million tons of soda ash, 1.18 million tons of baking soda, 1.67 million tons of urea and 140,000 tons of other chemical products.

　　The downstream of soda ash is mainly concentrated in glass, metallurgy, paper making, printing and dyeing, synthetic detergent, food and medicine and other industries; Baking soda is mainly used in food, feed, medicine and health industries; Urea is mainly used for the growth of various soils and crops, which can promote crop yield.

　　During the reporting period, the company faced many unfavorable factors, such as the year-on-year decline in product market price, the year-on-year decline in gross profit of stock enterprises, and the year-on-year decrease in investment income of major shareholding companies. On the one hand, the company ensured the continuous and efficient operation of major production devices through continuous strengthening of operation management, on the other hand, it promoted the construction of the first-phase production line of Alashan Tartar Lignin trona Project in Yingen Mining in an orderly manner. During the reporting period, some production lines of the first phase of Alashan Tower Lignin Natural Alkali Project of Yingen Mining were put into production, and the production capacity was gradually released, which to some extent offset the adverse effects caused by the decline in product prices.

　　According to the standard unqualified audit report issued by Dahua Certified Public Accountants (special general partnership), during the reporting period, the company realized operating income of 12.044 billion yuan, net profit attributable to the parent company of 1.410 billion yuan, net profit not attributable to the parent company of 2.414 billion yuan, weighted average return on equity of 10.88% and earnings per share of 0.39 yuan. At the end of the reporting period, the company’s total assets were 34.094 billion yuan, owners’ equity was 17.931 billion yuan, owners’ equity was 13.486 billion yuan, and net assets per share was 361 yuan.

　　(II) Development of the industry in which the company is located

　　1. Soda industry

　　The components of soda ash are sodium carbonate (Na2CO3), commonly known as soda and washing alkali. Soda soda can be divided into industrial soda and food additive soda according to different uses. China is a big producer and consumer of soda ash. At present, the domestic production capacity accounts for about 46% of the world production capacity. Industrial soda ash can be divided into light soda ash and heavy soda ash based on different densities. Soda soda is mainly used in glass, metallurgy, paper making, printing and dyeing, synthetic detergent, food and medicine, etc. Among them, the glass industry is the main consumption department of soda soda soda, and the consumption of soda soda soda per ton of glass is about 0.2 tons, accounting for nearly 60%. In addition to the traditional industry demand, under the background of "double carbon", the soda ash industrial chain has entered a new stage of development, and the demand for new energy such as photovoltaic and lithium battery will take over from flat glass, contributing to the main increase of soda ash demand in the future.

　　In 2023, the supply and demand of domestic soda ash industry are basically balanced. Although the new capacity base of the supply side is large, the output is put into the third and fourth quarters, and the annual increment is limited. On the demand side, the float glass industry, the largest consumer sector, is affected by public construction projects and the policy of ensuring the delivery of buildings, with improved demand and increased production capacity. The consumption of soda ash by photovoltaic glass and lithium carbonate continues to grow, and in 2023, it will become the largest consumer industry in the proportion of downstream demand structure of soda ash. According to the statistics of China Soda Industry Association, by the end of 2023, the national soda production capacity reached 35.33 million tons, and the output reached 32.28 million tons, up 10.9% year-on-year. Among them, the combined alkali method, ammonia alkali method and natural alkali method accounted for 48.5%, 43% and 8.5% respectively. The annual apparent consumption of soda ash was 31.585 million tons, up 11.8% year-on-year.

　　Driven by the "double carbon" policy background and market demand, the photovoltaic industry has a broad long-term growth space, and has become a strategic new industry that has reached the international leading level in China and an important engine to promote China’s energy reform.

　　In 2024, it is expected that the demand for soda ash will continue to grow, with the main growth point in the new energy industry. Under the background of global energy transformation, the production capacity of photovoltaic glass and lithium carbonate continues to expand, driving the growth of soda consumption. The production capacity of float glass industry is at a high level at present. In 2024, it is planned to resume production and focus on new ignition production lines. It is expected that the consumption demand for soda ash will increase slightly year-on-year.

　　2. Urea industry

　　In 2023, the domestic urea market generally showed an industry pattern of increasing supply and demand. In the first half of the year, under the fundamental influence of raw material prices and mismatch between supply and demand, the urea market fluctuated downwards. In the second half of the year, with the promotion of economic recovery process, the centralized release of agricultural demand and export demand, the urea market price rebounded and continued to fluctuate. Throughout 2023, the supply and demand of China’s urea market are generally in balance. According to the data of China Nitrogen Fertilizer Industry Association, in 2023, the national urea industry capacity was about 68.23 million tons, up 4.0% year-on-year, and the annual urea output was 62.92 million tons, up 9.2% year-on-year. Apparent consumption of urea was 58.667 million tons, up 7.1% year-on-year.

　　In 2024, the domestic urea supply situation is expected to be loose and the production capacity is expected to increase. On the demand side, in 2024, the grain production target of Document No.1 of the Central Committee was locked at more than 1.3 trillion Jin for the fourth time in a row, and the overall goal of grain production is still to increase and stabilize production, so the agricultural demand for urea is expected to remain stable. In terms of industrial demand, the consumption of downstream compound fertilizer, melamine, power plant desulfurization and other industries is expected to increase significantly. The China Nitrogen Fertilizer Industry Association predicts that the demand for urea industry will reach 21.5 million tons, an increase of about 2 million tons year-on-year.

　　3. The impact of new regulations and industry policies

　　On July 12th, 2021, Alxa League Water Affairs Bureau of Inner Mongolia issued the Decision on Approving the Administrative License for the Development and Utilization of Lignin Natural Alkali (8.6 million tons/year) in Alxa Pagoda in Inner Mongolia and the Special Water Supply Project for the Yellow River (A Shui Permission Zhunzi [2021] No.46), agreeing that the Alxa Pagoda Natural Alkali Project and the Special Water Supply Project for the Yellow River should use the surface water from the main stream of the Yellow River as the water source, and the total annual water consumption of the approved projects is 21.824 million. In view of the fact that Yingen Water, a wholly-owned subsidiary of Yingen Mining, obtained the Yellow River water intake index of 3.5 million cubic meters/year at that time, and the water administrative license decided to allow the water intake of 3.5 million cubic meters/year, it will apply for changing the water intake permit procedures in time after obtaining the water indicators.

　　Article 50 of the Law on the Protection of the Yellow River, which was implemented on April 1, 2023, stipulates that the water intake permit for the main stream of the Yellow River must be obtained from the basin agencies. At the end of the reporting period, the local water administrative department has handed over the examination and approval procedures and related materials to the Yellow River Conservancy Commission, which has accepted and started the examination and approval procedures, and the company is currently docking and promoting related work as required.

　　(III) The position of the company in the industry

　　The company is one of the oldest soda production enterprises in China. It has been deeply involved in the natural soda industry for many years and has a certain brand awareness. With the commissioning of the first phase of Alashan natural soda project, during the reporting period, the company’s soda production capacity was 5.8 million tons/year, baking soda production capacity was 1.5 million tons/year, urea production capacity was 1.54 million tons/year, and soda and baking soda production capacity ranked among the top in China.

　　The Alashan natural soda project of the company plans to build 7.8 million tons of soda ash and 800,000 tons of baking soda, of which 5 million tons of soda ash and 400,000 tons of baking soda are planned in the first phase, and 2.8 million tons of soda ash and 400,000 tons of baking soda are planned in the second phase. The first phase of the project was put into trial operation in June 2023. As of the disclosure date of this report, the first, second and third production lines have been put into production, and the fourth production line is in trial operation. The second phase of the project started construction in December 2023.

　　(IV) The technological process of the company’s main products

　　(V) The main business model of the company

　　1. Production mode

　　All the companies and enterprises are continuous production enterprises, adopting the stocking production mode, and the production mode is the device production mode. According to the capacity and market situation of the device, the product structure and production scale in the cycle are determined, and on this basis, the annual production operation plan is formulated, and the raw materials are prepared and purchased to organize production. The production efficiency and quality of an enterprise mainly depend on the continuity of raw materials and equipment and the capacity of the equipment.

　　2. Purchasing mode

　　The company follows the requirements of internal control guidelines of listed companies, combines the practical experience of the company for many years and the characteristics of the industry in which it is located, establishes a material procurement management Committee, integrates project bidding and production and operation procurement management, and strengthens collaborative procurement with suppliers through the implementation of electronic systems to achieve centralized procurement management.

　　3. Sales model

　　The company’s main products are uniformly sold by subsidiaries, and a marketing system with large customers as the core and combining direct sales, distribution and online sales is established.

　　(VI) The Company’s mineral resources

　　By the end of 2023, the company had two natural alkali mines, Anpeng and Wucheng, in Tongbai County, Henan Province, and Chagannuoer alkali mine and Tamulin natural alkali mine in Inner Mongolia, of which Anpeng alkali mine had proven reserves of 193.08 million tons and retained reserves of 123.67 million tons. Wucheng alkali mine has proven reserves of 32.67 million tons and retained reserves of 19.28 million tons; Chagannuoer alkali mine has accumulated proven reserves of 11.34 million tons and retained reserves of 1.8208 million tons; The ore reserves and recoverable reserves of Alashanta lignin trona mine are 1,078,364,000 tons and 296,900,100 tons respectively. The company holds 34% equity of Mengda Mining, and the coal reserves and recoverable reserves of Nalinhe No.2 Mine of Mengda Mining are 1.157 billion tons and 711 million tons respectively.

　　II. Main businesses of the Company during the reporting period

　　The company’s chemical fertilizer products are mainly urea and liquid ammonia. The company’s holding subsidiaries Boda Field and Xing ‘an Chemical are coal chemical enterprises based on the advantages of coal resources and supported by technological innovation. The main products are urea, compound fertilizer and synthetic ammonia.

　　The company’s fertilizer products are mainly sold through the company’s wholly-owned subsidiaries and distributed by dealers at all levels. Boda Field and Xing ‘an Chemical are located in the hinterland of Ordos and Xing ‘an League respectively, which have good market advantages, logistics advantages and customer resources advantages, ensuring the steady growth of the company’s product sales. The company’s "Broad Field" and "Boyuan Rich Farmers" brands have accumulated high popularity and brand reputation in the urea industry, which has been widely recognized by customers.

　　In 2023, the export scale of the company’s fertilizer products was small, and the tax policy of the company’s fertilizer products did not change.

　　Engaged in chlor-alkali and soda industry

　　The industrial chain layout of the company is mainly soda ash and baking soda, and the existing devices can realize the output adjustment and cooperation of soda ash and baking soda.

　　In 2023, the company’s energy consumption per unit output value was 1.69 tons of standard coal/10,000 yuan. Because the Alashan natural alkali project of the company is in the trial production stage, considering the stability of the production system and the accuracy of the measurement system, it is not possible to accurately and quantitatively analyze the energy consumption of the project equipment, so the product energy consumption in the trial production stage is not included in the energy consumption statistics; At present, the soda industry has not formulated standardized requirements for the energy consumption of soda production value by natural soda production.

　　Zhongyuan Chemical, a subsidiary of the company, needs electricity for production, conducts multilateral trading of electricity through a third-party power trading platform, and does not enjoy preferential policies related to electricity prices. The fluctuation of electricity prices has a more obvious impact on manufacturing costs.

　　Most of the TV universities needed for the production of Alashan trona project are self-generated, and a few of them conduct multilateral trading of electricity through third-party power trading platforms and enjoy preferential policies related to electricity prices. The fluctuation of electricity prices has no obvious impact on manufacturing costs.

　　Third, the core competitiveness analysis

　　(A) rich in resource reserves

　　The company has two natural alkali mines in Tongbai County, Henan Province, Anpeng and Wucheng, and Chagannuoer alkali mine and Tamulin natural alkali mine in Inner Mongolia, of which Anpeng alkali mine has proven reserves of 193.08 million tons and retained reserves of 123.67 million tons; Wucheng alkali mine has proven reserves of 32.67 million tons and retained reserves of 19.28 million tons; Chagannuoer alkali mine has accumulated proven reserves of 11.34 million tons and retained reserves of 1.8208 million tons; Alashanta lignin trona mine has a reserve of 1,078,364,000 tons and recoverable reserves of 296,900,100 tons respectively, which is the largest trona mine in China and provides a solid guarantee for the company’s long-term development.

　　(B) Industrial capacity advantages

　　The company has been deeply involved in the natural alkali industry for many years, and has always focused on the research and development of natural alkali resource exploitation and processing technology. It has a national enterprise technology center and Inner Mongolia natural alkali engineering center, which is at the leading level in the field of natural alkali chemical industry in China and has independent intellectual property rights. Now it has mature comprehensive industrial capabilities such as natural alkali research, development and management.

　　(C) the advantages of environmental protection

　　The company adopts the domestic advanced hydrothermal solution mining process to extract trona from underground, and makes soda ash products by pure physical evaporation process. After production, the tail liquid continues to be recycled for trona ore solution mining, and there is no waste liquid discharge in the whole process. The produced soda ash and baking soda products have the advantages of environmental protection.

　　(D) Marketing advantages

　　During the reporting period, the company separated production from sales, closely linked all links, paid close attention to and grasped industry policies and market changes, and seized the market initiative. The sales team strengthened communication with downstream manufacturers and grasped the production and operation trends of downstream manufacturers in real time. Through the separation of production and marketing and precise marketing, we will deepen the downstream market and provide a strong guarantee for the company to improve quality and efficiency and achieve full production and sales.

　　Fourth, the main business analysis

　　1. Overview

　　During the reporting period, faced with the complicated and severe domestic and international market situation and many risk challenges, the company focused on the annual task objectives, paid close attention to business management, continuously optimized the management system, comprehensively promoted the construction of digital intelligence, made great efforts to promote project construction, and successfully completed various task objectives. The company achieved an annual operating income of 12.044 billion yuan, an increase of 9.62% over the previous year. The net profit attributable to shareholders of listed companies was 1.410 billion yuan, a decrease of 46.99% over the previous year. The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 2.414 billion yuan, a decrease of 9.40% over the previous year. Over the past year, the main work is as follows:

　　(1) Strengthen the basic defense lines of safety production and environmental protection. The company’s safety and environmental protection were "steady and orderly", and no major or above production safety accidents and environmental accidents occurred throughout the year, achieving the goals of "four zeros" in safety production and all environmental protection pollutants reaching the standard. The production and operation of all enterprises are stable and orderly as a whole, and the first phase products of Alashanta lignin natural alkali project of Yingen Mining are put on the market.

　　(2) The project construction progressed steadily. The company steadily promoted the construction of Alashanta lignin trona project in Yingen Mining. The first phase of the project was mechanically completed in 2023, and the second phase was started at the end of 2023. According to the construction plan, the preliminary work such as engineering design, site exploration, part of long-term equipment orders and project commencement procedures were carried out.

　　(3) Strengthen the assessment, improve the system, and gradually improve the standardization and efficiency of management. In 2023, the company systematically sorted out and evaluated 97 systems in the internal control system, and completed 38 new, revised and abolished systems, which further improved the system construction and further improved the overall standardized operation and management level of the company.

　　(4) Continuously improve the ability of information technology, digital transformation and intelligent application. The company’s BIP system was put into operation in 2023, which completed the switch between old and new systems, initially realized the integrated operation of procurement, sales, manpower and finance, and improved the operational efficiency and management level. Bocai Tesco platform and file management system were successfully put into operation. The construction of Boda Field and Xing ‘an Chemical Intelligent Double Preventive Safety Control Platform was completed, and the core production processes of Zhongyuan Chemical were orderly incorporated into the intelligent dispatching platform. The company’s overall essential safety level and production efficiency have been significantly improved.

　　(5) Strengthen incentives and optimize teams. In 2023, the company implemented restricted stock incentives, which basically covered key managers and core technicians at the grassroots level, and the number of motivators reached 229. The implementation of equity incentive has effectively stabilized the management team of the enterprise, stimulated the enthusiasm and motivation of key managers and core technicians, and further activated and tapped the positive internal drive of the enterprise itself. At the same time, the company pays attention to improving management efficiency, and systematically improves the management skills of middle-level managers through professional standardization, online micro-courses and special training. In addition, the company also carried out two training programs for reserve talents and the assessment of employees’ professional quality, which laid a solid foundation for the refinement of human resource management.

　　(6) Party building leads high-quality development. The company earnestly organizes and carries out the education on the theme of studying and implementing Socialism with Chinese characteristics Thought of the Supreme Leader in the new era, comprehensively implements the spirit of the 20th Party Congress, completely, accurately and comprehensively implements the new development concept, continuously promotes the integration of Party building and production and operation as the main line, continuously promotes the deep integration of Party building and production and operation, and leads high-quality development with high-quality Party building.

　　V. Prospect of the Company’s Future Development

　　(I) the company’s future development plan

　　2024 is a crucial year for the company to seize new opportunities, meet new challenges and achieve new development. The company will adhere to the complete, accurate and comprehensive implementation of the new development concept, actively integrate into the new development pattern, adhere to the general tone of steady progress, coordinate production and operation and key project construction, maintain strategic strength, strengthen development confidence, lay a solid management foundation, further improve business performance, and strive to create a new situation of high-quality development of the company. In order to achieve the company’s strategic objectives and business plan, the company intends to focus on the following work.

　　1. Insist on relying on resources, market-oriented, supported by science and technology, taking honesty and trustworthiness as the fundamental criterion, and promote the establishment of enterprises by industry, the development of enterprises by science and technology, the strengthening of enterprises by talents, and the cultural and plastic enterprises, focusing on cohesion and concentration, and making the two main businesses of refined natural alkali and nitrogen fertilizer bigger and stronger. Taking the road of intensive, green and high-quality development, trona will change from an industry follower to an industry leader, and strive to develop into a leading enterprise in soda ash industry during the 14 th Five-Year Plan period.

　　2. The trona industry, while expanding its production capacity and increasing its market share, further enhances its product quality and brand influence, inclines to improve its product quality through technological transformation and innovation, comprehensively improves its product quality, and strengthens market situation judgment and market segmentation. At the same time, with the goal of extending the industrial value-added chain and value chain, we will focus on the differentiation of product categories, functions and value-added services in the field of daily baking soda FMCG, improve the added value of products and expand the company’s new profit growth points.

　　3. Based on the existing equipment and production capacity, the nitrogen fertilizer industry should take the road of "specialization and innovation" and "little giant" enterprise development, take "green agriculture" as the core strategy, increase varieties, improve quality, create brands, benchmark advanced, catch up with advanced, increase the proportion of high-end chemical products, and extend to high-quality and high-end value chain.

　　4. During the "Tenth Five-Year Plan" period, in response to the national "double carbon" strategy, both the natural alkali industry and the nitrogen fertilizer industry should dig deep into the transformation potential of energy-saving and carbon-reducing technologies, benchmark the advanced energy efficiency level of domestic and foreign production enterprises, accelerate the storage, promotion and application of advanced and mature green low-carbon technologies, explore the green low-carbon development route of coupling green hydrogen, green ammonia and green methanol through the "new energy+"model, and realize industrial upgrading and transformation.

　　(2) Possible risks

　　1. Industry risks

　　Affected by factors such as industry policies, economic operation cycle and industry capacity release, the company may face the risk of rising operating costs and product price fluctuations.

　　The company will continue to strengthen the research on the macroeconomic situation, pay close attention to the trend of national policies, coordinate the domestic and international markets, optimize marketing strategies and market layout, provide impetus for the company’s current and future development, and promote the company’s sustained and high-quality development.

　　2. Safety production risks

　　The process flow of chemical enterprises is complex, and there are certain safety risks in the process of production and transportation. Although the company has established a relatively complete safety production management system, accident early warning and handling mechanism and safety education and training system, and paid attention to continuous improvement in combination with the actual situation, it does not rule out the possibility of accidents caused by improper operation, equipment failure and changes in natural conditions, which will affect the normal production and operation of the company.

　　The company will keep the bottom line of safety and environmental protection, continue to eliminate potential risks of safety and environmental protection and compliance with laws and regulations, continue to lay a solid foundation for safety development, improve the level of intrinsic safety, continue to promote the construction of dual prevention systems, build a long-term mechanism for safety production, continuously strengthen the safety awareness and responsibility awareness of all employees, create safer and more stable production and operation conditions, and organize production according to laws and regulations.

● fuel consumption test

　　　 For a fun car, fuel consumption may not be the most concerned item for consumers. The roads tested this time each accounted for one-third of the expressways, ring roads and city streets, and the congestion section was about 10%. The air conditioner was turned on, and the load was one person. MINI measured fuel consumption of 6.15 liters, while A1 was 5.69 liters.

　　　 It does seem that the fuel consumption is very low. This 90% of the clear road sections are directly related to the highway. If you were walking in the rush hour, the fuel consumption should be one liter higher than it is now.

　　The Legislative Affairs Office of the State Council announced the draft of the regulations for the implementation of the Consumer Protection Law yesterday for public comments. Among them, it is clear that "these regulations are not applicable to those who purchase or use goods or receive services for profit", that is, "professional counterfeiters are not protected by the Consumer Protection Law"; Merchants are not allowed to send sales promotion information to consumers by telephone or email without the consent of consumers.

　　Jinghua Times reporter Sha Xueliang

　　Counterfeiters shall not "make profits for the purpose"

　　In recent years, the negative social impact of "professional counterfeiting" has become increasingly prominent, which has aroused great concern from all walks of life. The State Administration for Industry and Commerce pointed out in the drafting instructions of the Implementation Regulations of the Law on the Protection of Consumer Rights and Interests in People’s Republic of China (PRC) (Draft for Review) that, from the legal point of view, the subjective purpose of "professional counterfeiters" is to make a profit by claiming a high amount of money, which is not a living expense, nor does it constitute misleading, and punitive damages for fraud in the Consumer Law should not be applied. In practice, "professional counterfeiting" is mostly aimed at irregular phenomena such as advertising terms and labels, and it has little effect on really cracking down on fake and shoddy goods and fraudulent behavior of operators. In addition, the rapid expansion and spread of "professional counterfeiters" has greatly wasted public resources such as administration and justice, disrupted the market order, and it is necessary to curb it in time.

　　In August this year, the draft of the regulations for the implementation of the Consumer Protection Law was released, which made it clear that "professional counterfeiters" were not protected by the Consumer Protection Law. The draft notes for the draft submitted for review suggest that after the "Regulations" were publicly solicited for opinions, Article 2 aroused great repercussions, and there were different understandings, but the opinions in favor were increasing. On the basis of extensive research on the opinions of all parties, the "Regulations" absorbed the opinions of the Development and Reform Commission and was revised as "for the purpose of making profits" to more accurately express the legislative intent and implement the spirit of the Consumer Law of the superior law. To this end, Article 2 of the draft for review responds to social concerns for the first time at the legislative level, and makes it clear that those who purchase or use goods or receive services for profit are not suitable for these regulations.

　　No telemarketing without the consent of consumers

　　The draft for review also stipulates that operators should establish and improve information confidentiality and management systems, and may not provide consumers’ personal information to others without the consent of consumers, and may not send commercial electronic information or make commercial sales calls to consumers’ fixed telephones, mobile phones and other communication equipment, computers and other electronic terminals or electronic information spaces such as e-mail boxes and network hard disks.

　　The draft is clear, and the personal information of consumers includes name, gender, occupation, date of birth, ID number, address, contact information, income and property status, health status and consumption status. Operators must clearly state the purpose, manner and scope of collecting and using information and obtain the consent of consumers, and may not collect information irrelevant to business operations or collect information by improper means.

　　Where consumers explicitly request operators to delete or modify their personal information, unless otherwise stipulated by laws and regulations, operators shall delete or modify it according to the requirements of consumers. In case of information leakage or loss, the business operator shall take remedial measures and notify the consumers in time. Proof that the operator has fulfilled the express obligation and obtained the consent of the consumer shall be retained for at least three years.

　　> > expert interpretation

　　Suspected fakes and buying fakes can play a synergistic role.

　　Lawyer Qiu Baochang, director of the Consumer Rights Protection Committee of Beijing Lawyers Association and director of Beijing Huijia Law Firm, believes that the implementation regulations of the Consumer Rights Protection Law do not limit counterfeiters, and the original law does not support profit-making buyers or counterfeiters. Only the second article of the implementation regulations emphasizes that people other than financial consumers are not protected by consumer law, which has two meanings in breakdown: first, people other than financial consumers are not allowed to make profits; Second, financial consumers can make profits, which has actually broken through the scope of application of the original consumer law.

　　Qiu Baochang said that what is a professional counterfeiter should be defined by the relevant departments, because ordinary consumers also have profit-making purposes in defending their rights. Qiu Baochang believes that the focus should be on the punishment of counterfeiting and selling fakes, and should not care whether the buyer is a consumer, whether it is for profit, or whether it is a professional counterfeiting.

　　In addition, most of the so-called "professional counterfeiters" are aimed at irregular phenomena such as advertising language and label identification, which has little effect on truly cracking down on fake and shoddy goods and fraud by operators. Qiu Baochang believes that it is the right of every citizen to complain, report and prosecute illegal operators.

　　Professor Liu Junhai, director of the Institute of Commercial Law of Renmin University of China, said, "We should objectively and fairly understand the role and function of those who buy fake goods. Suspicious buying fakes can play a synergistic role for industrial and commercial administrative law enforcement departments and help promote social fairness and justice. "

　　Professor Liu Junhai believes that building a consumer-friendly society in an all-round way can not be separated from the punitive damages system, which has six social functions: severely punishing the faithless, fully compensating the victims, generously rewarding the defenders, effectively warning the whole industry, comprehensively educating the public and comforting the public’s psychological feelings. Jinghua Times reporter Wang Xiaofei

　　[car home New Energy] In the eyes of enthusiasts and technology controllers, the new energy vehicle is more like a work of art, and every core component is its essence. When talking about pure electric vehicles, they will ask you about battery manufacturers or battery suppliers, which can be regarded as the second brand of vehicles; When it comes to hybrid cars, they will ask you "P". What do these slang words mean? Today, I will talk to you about different types of motor architectures for hybrid vehicles.

　　At present, the application modes of motor architecture in the industry are different, and the specific applications and explanations under different architectures are also slightly different. The starting point of this paper is to sort out the basic principles and application modes of p0-p4 architecture and the purpose of different combination schemes.

● Definition and analysis of P0-P4 motor

　　In hybrid electric vehicles, it can be divided into P0-P4 and Ps architectures according to the different motor Positions, where P stands for motor position, and the motors in different positions play different roles, which are directly related to vehicle energy consumption and power performance. Which hybrid electric vehicle is more suitable for you?

◆P0 architecture: simple structure and early fame.　

　　The motor with P0 structure is installed at the front end of the engine, which is connected with the crankshaft of the engine through a belt. The vehicle equipped with P0 motor can drive the mechanical compressor of the air conditioner to run when the engine stops at the traffic lights, so as to realize engine start and stop, braking energy recovery and power generation, and auxiliary power output.

"Bosch 48V MHEV System"

　　The technology and structure of P0 architecture are relatively simple and widely used. The automatic start-stop system that many drivers and friends shut down when they get on the bus is a typical P0 architecture, and the history of automatic start-stop can be traced back to 1970s. Compared with vehicles equipped with automatic start-stop function, P0 architecture adopts BSG (belt-driven starter/generator; Belt-driven starter/generator) motor, and equipped with a larger battery, can be competent to drive the compressor and auxiliary engine.

　　When the engine is stopped, P0 motor can drive the air conditioner compressor to work independently, thus reducing the idle time of the engine; When the vehicle starts or accelerates, P0 motor can assist the engine to run, help the engine quickly get rid of the inefficient working range, save fuel and effectively improve the driving quality. Because P0 motor transmits power to the wheels in series, the motor can’t drive the wheels independently without the engine, so there is no pure electric driving mode. In addition, the P0 motor is flexibly connected with the crankshaft through a belt, so the ceiling for applying force to the engine and recovering kinetic energy power is low.

"2020 modified Mazda CX-5 2.5L automatic four-wheel drive smart model"

　　Audi SQ7 TDI and Mazda i-Eloop belong to P0 architecture. Because P0 architecture has low transmission efficiency and the motor can’t directly drive the wheels, P0 motor usually appears as an auxiliary in the field of new energy vehicles. There will be corresponding analysis and cases in the following.

◆P1 architecture: independently developed/highly integrated.

　　P1-based motor is located at the rear end of the engine crankshaft, which replaces the traditional flywheel. Besides inheriting the function of flywheel to store energy and inertia outside the engine power stroke, P1-based motor has similar functions as P0-based motor, and also supports engine start and stop, braking energy recovery and power generation, and auxiliary power output.

Honda IMA hybrid system

　　Compared with P0 architecture, P1 architecture is more compact, and its motor is integrated in the engine housing. The design needs to consider the volume of the engine and the layout in the engine room. Because different gearboxes need corresponding design schemes, the research and development and manufacturing costs of P1 motor are relatively high. Existence is reasonable, and high investment often corresponds to high return. The engine crankshaft acts as the rotor of P1 motor, which has higher power transmission efficiency, better fuel saving effect and more obvious improvement on driving performance. In addition, P1 motor can apply auxiliary braking torque through electromagnetic field adjustment on downhill section to improve safety.

　　Although they are in different positions, P0 and P1 are connected with the same disease. As long as the motor rotates, the engine crankshaft must rotate, so the motor can’t drive the wheels alone, and there is no pure electric driving mode. In the kinetic energy recovery and sliding mode, the kinetic energy is wasted because the crankshaft must be driven to idle, and the noise and vibration are also increased because of the internal combustion engine following.

"Mercedes M254 Engine"

"2020 Mercedes-Benz E-Class (imported)"

　　A few days ago, the E350 model launched by Mercedes-Benz overseas adopted a 2.0T 4-cylinder engine code-named M254, and added 48V light mixing technology in the electrification transformation process. The ISG motor equipped with it has a maximum power of 12kW and a peak torque of 180N·m, which alleviates the performance of turbine lag when the wheels start and accelerate. This system is a typical P1 architecture. Officially, the motor is named "FAME" (modular engine). Some foreign media have speculated that this motor will appear on other PHEV models.

◆P2 architecture: modular design/strong fuel economy and wide application.　

　　The P2-frame motor is located between the engine and the gearbox. Because it is not necessary to be integrated in the engine housing like P1 motor, the layout can be more flexible. The structure can be equipped with 1-2 clutches between the engine and the gearbox, which can be divided into three layout modes: ① Single-clutch structure in which the motor is arranged in front of the clutch, and the motor plays the role of assisting, parking power generation and starting the engine, which is similar to P1 structure; (2) Single-clutch structure in which the motor is arranged behind the clutch, so that the motor can drive the vehicle independently, recover braking energy, generate electricity and assist; ③ The motor is arranged in the middle of the dual clutch structure, so that the motor can drive the vehicle independently, and can also start the engine or park for power generation.

　　P2 architecture has strong compatibility and can be matched with all gearboxes (including manual gearboxes). P2 architecture is widely used in hybrid vehicles at present, and many parts suppliers have mature solutions. Take Borgwarner’s P2 motor module as an example. It integrates a dual-mass flywheel and an engine release clutch, which can disconnect the clutch and the motor direct-drive vehicle. It can convert an internal combustion engine-powered vehicle into a hybrid vehicle without changing the engine and gearbox, which means that car companies can expand the power combination of vehicles and enrich the product line of hybrid vehicles with less investment, shorter time and greater flexibility.

"Audi A3 e-tron Power System"

"2017 Audi A3 new energy (imported) Sportback e-tron comfort type"

　　Audi A3 e-tron is a representative model with P2 architecture. It is equipped with a 1.4T engine and a permanent magnet synchronous motor with a maximum power of 75kW. The battery capacity of the car is 8.8kWh, and the pure electric cruising range is 50km under NEDC condition.

◆P3 architecture: efficient power transmission and large space occupation.　

　　The P3-frame motor is located at the output end of the gearbox, and its pure electric drive and kinetic energy recovery efficiency are high, and the effect of rapid acceleration is very direct. In terms of function, P3 motor can realize braking energy recovery and pure electric drive vehicles. Because the motor can’t be integrated with the gearbox or engine, it needs to occupy extra volume, so P3 architecture is more suitable for rear-wheel drive, and there is enough space for layout.

　　Compared with P0, P1 and P2 architectures, P3 architecture’s power transmission path does not pass through the gearbox, so the efficiency of pure electric drive and braking energy recovery is higher, and at the same time, the working time of the gearbox is reduced, which is helpful to prolong its service life. But the problem is also obvious, P3 motor can’t realize parking charging, and the shortcomings of outdoor camping and other use scenarios are exposed.

　　The representative model is BYD Qin PHEV, which is a parallel hybrid car with P3 motor as the core. With the original large-capacity battery setting, it not only meets China’s pure electric endurance of 50km for PHEV, but also can stack the performance of engine and motor to achieve stronger power output.

◆P4 architecture: realize four-wheel drive.

　　P4 frame motor and engine do not drive the same shaft, thus helping the vehicle to realize four-wheel drive. It can be a motor that drives the front axle/rear axle, or it can simply cancel the axle just like Acura NSX, and directly use two hub motors to drive the wheels. P4 architecture is similar to P3 in function, which can realize braking energy recovery and pure electric drive vehicles.

"2020 BMW i8 Extreme Night Meteor Limited Edition"

　　P4 architecture is mostly used in plug-in hybrid vehicles, and sports cars are more commonly used, such as porsche 918 Spyder, Acura NSX, BMW i8 and other sports cars. Take BMW i8 as an example. This 1.5T three-cylinder engine squeezes out the maximum power of 231Ps and the maximum torque of 320 N m. The maximum power of the permanent magnet synchronous motor on the front axle is 131Ps and the peak torque is 250 N m. It is equipped with a two-speed automatic gearbox to adjust the torque. The official acceleration time of 0-100km/h is 4.6s, which brings excellent power and can effectively reduce fuel consumption.

◆Ps architecture: parasites of double clutch

　　P3 motor is coupled at the output end of the gearbox, and Ps motor is directly integrated inside the gearbox. Because of the close location distribution, Ps architecture is easily confused as P3 architecture. Ps architecture is based on dual-clutch gearbox, which uses the characteristics of dual-clutch gearbox with two input shafts to integrate the motor on one of the shafts, and can realize pure electric drive vehicle and braking energy recovery.

"PS architecture power transmission mode"

　　The motor, clutch and reducer of Ps structure are put into the same shell, which is more fuel-efficient and smoother. But the disadvantages are also obvious, because the even shaft of the dual-clutch gearbox bears more torque than the odd shaft, which will lead to the inconsistency between the two shafts and the clutch wear; In addition, the integration of the motor into the gearbox will increase the maintenance cost, because it is the gearbox assembly that needs to be disassembled regardless of gearbox failure or motor failure.

"2021 Borui New Energy 1.5T ePro Leading Edition"

　　At present, among China brand car companies, Great Wall, Chery and Geely are all studying DHT gearbox, which is the cornerstone of Ps architecture. Taking Geely Automobile as an example, the 1.5T+7DCTH plug-in hybrid system of Geely ePro family models has the characteristics of high motor efficiency and high powertrain matching, and has the comprehensive advantages of high efficiency, excellent space and good quality (high cost performance). Among them, the efficiency of Ps frame motor is 97%, which is about 2% higher than that of P2 coaxial motor. The working speed of Ps frame motor is not limited by the engine, and the engine and motor can work in the high efficiency area at the same time, which can effectively reduce the fuel consumption of the whole vehicle.

●Combined frame motor

　　Brothers in battle, fathers and sons in battle, and motors with a single architecture all have shortcomings more or less, so combining two or more architectures of motors becomes the best solution at present. On P3 or P4 frame vehicles, it is necessary to install another motor for the engine in order to perform the engine start-stop and power generation functions, so many hybrid vehicles have two motors, forming a combined configuration of Px+Py. For example, WEY P8 has a BSG motor at the front end of the engine and a permanent magnet synchronous motor at the rear axle, which belongs to P0+P4 configuration. Let’s understand the technical characteristics of the combined structure motor through the development of domestic and foreign car companies and the analysis of car models.

◆ Volvo PHEV Technology Review and T8 Powertrain Analysis

　　In 2013, Volvo’s first-generation plug-in hybrid (PHEV) technology was applied to S60 PHEV models, adopting P0+P4 architecture, consisting of a BSG motor with 15kW engine front-end power and a 50kW permanent magnet synchronous motor with rear drive axle; In 2015, Volvo’s second-generation PHEV technology was applied to XC90 PHEV models, adopting P1+P4 architecture, consisting of an ISG motor with a power of 35kW and a permanent magnet synchronous motor with a rear drive axle of 60kW; At present, Volvo adopts the third generation PHEV technology based on CMA vehicle platform, and adopts a hybrid powertrain composed of an engine matching P2 motor.

　　As for the specific vehicle type, Volvo XC90 PHEV adopts a hybrid powertrain with P1+P4 architecture. The front axle of the vehicle is equipped with a gearbox integrated motor named C-ISG (Crank-integrated starter generator), which has three functions of start-stop control, power generation and assistance, and the rear axle is also equipped with a motor with the maximum power of 65kW. At present, Volvo’s PHEV models cover cars, station wagons and SUVs, all of which use modular PHEV powertrains.

◆ Evolution history of BYD DM system and analysis of the third generation DM system.

　　Since 2008, BYD’s DM system (Dual Mode system) has been upgraded twice. At present, the upgrade of the plug-in hybrid of the third generation DM is not only in terms of power, but also in terms of "performance" attributes of the whole BYD model after the "542" plan was put forward from the second generation DM system.

　　"High power consumption" is an obvious problem in the second-generation DM system. BYD thinks that BSG motor+electronic control system can solve the problem of "avoiding the inefficient area of the engine", assist the vehicle to generate electricity, make the whole energy flow system more balanced, and bring better acceleration performance, so the brand-new "BSG architecture" system is one of the core upgrades of this generation DM3.

　　The biggest purpose of BSG motor of the third generation DM system is not only to provide start-stop function servo for the engine, but also to charge the power battery while driving, and it can also be used to improve the acceleration performance. When the vehicle is driving in the all-electric drive mode, when the engine is involved, the BSG motor will drive the engine to start, so as to reduce the shock and assist in gear shifting.

Full text summary：

　　With the stricter emission standards and the support policies for new energy vehicles, OEMs pay more and more attention to the new energy market. Compared with the development of a brand-new hybrid system, the P2 technical route with modular design does not need to change the existing structure, is easy to integrate and is suitable for matching all gearboxes. Even if the fuel saving effect is not as good as that of parallel connection, the fuel consumption can be reduced at a lower cost, which has become a "shortcut" for many car companies. (Text/car home Zhang Wenhao)

In 2024, the ——FE Formula One Championship and Formula One Championship, representing the top events in the field of electric racing and fuel racing, returned to China again. On the last weekend of May, the 11th and 12th races of the FE Electric Formula Championship came to an end at Shanghai Circuit.

When the roar of the motor resounded through the race, the new generation of fans in China really felt the speed that belonged to the era of electrification at close range.

As the only Japanese automobile manufacturer team to participate in the FE Formula One Championship, Nissan FE Team not only completed its first show in Shanghai, but also led the "Mars Group" of FE events with the top three positions in the standings.

Difficult electric formula, with the attack of Nissan team

Although FE and F1 are formula competitions in different fields, they also represent the top level in their respective fields.

In this season’s FE Formula One Championship, 11 teams and 22 drivers competed in the paddock. With their peak racing performance and surprising team strategy, they have contributed a wonderful "electrification war" to global fans.

Every FE racing car not only has the body structure and aerodynamic characteristics similar to F1 specifications. At the same time, the third generation FE racing car has a maximum power output of 350kW and a power recovery power of 600kW. Every turn, every acceleration and every deceleration test the performance of the racing car and the competitive level of the racing driver.

In the 11th and 12th races of the FE Electric Formula Championship, both drivers of Nissan FE Team performed well.

In the 11th race on Saturday, Oliver, the driver of Nissan FE Team who made his debut in Shanghai, finished the race in the fourth place and won 12 points. Oliver scored another point in the 12th race on Sunday.

After the race, Nissan FE team remained in the top three positions in the team rankings.

Here, the author needs to emphasize that although the field of FE equation is different from that of F1 equation. However, the core logic for a team to achieve good results in these top motor sports events is the same.

To put it simply, a "strong team" not only needs drivers and strategy groups to accurately control the rapidly changing situation on the field, but also to make a surprise victory with good improvisation. More importantly, "it is necessary to be hard while the iron is hot." Building excellent racing cars for top drivers can be called "a good horse with a good saddle" and realize the advantage of track performance.

Nissan has advanced three-electric technology, advanced energy management system and excellent aerodynamic design, which makes Nissan’s racing car in a hot state in the new season’s FE electric formula championship.

In fact, Nissan’s FE team’s achievements in the top electric formula field are largely due to Nissan’s "internal drive".

Because in the decades of automobile sports career, Nissan has always been adhering to a concept, that is, using the strategies of "road-to-track" and "track-to-road", collecting data and testing new technology directions, and transforming and expanding the technology to civilian models, aiming at creating a better experience for users.

With the end of the two races of the FE Formula One Championship in China, Nissan has made outstanding achievements with its own cutting-edge technology.

At the same time, Mr. Masashi Matsuyama, general manager of Nissan (China) Investment Co., Ltd. also said: For Nissan, participating in the electric formula championship will greatly promote the realization of the goal of electric drive, and provide our China users with the passion and fun brought by zero-emission electric vehicles.

It is foreseeable that Nissan will compete in the FE Formula One Championship and strive for the top, largely to feed back its own civilian products. In the future, Dongfeng Nissan, which looks at China, will also create better technology and more perfect pure electric vehicles, thus making a blockbuster.

In the future, Dongfeng Nissan will make pure electricity more perfect.

In fact, whether it is WRC, F1, WEC or FE, all kinds of top competitions in the world attract many automobile manufacturers to participate. In the fierce competition, car manufacturers can realize the transformation and upgrading of civil car technology through racing cars. In the fuel age, VGT variable cross-section turbine technology, dual-clutch gearbox technology and high-pressure direct injection technology actually come from the technical transformation from "track to civilian".

It is rumored that the technology of "charging while driving" is expected to be introduced into the FE electric equation in the future. Undoubtedly, if this technology can land, Nissan and other forward-looking automobile manufacturers will also introduce it into the civilian market. By then, the problem of battery life and energy replenishment of pure electric vehicles may no longer be a "pain point".

In fact, at present, Nissan has built or will soon build new energy vehicles, which also benefit from Nissan’s technological advantages in the racing industry. For example, Dongfeng Nissan Airuiya, a pure electric SUV that has been listed in China.

Many technologies of this model are derived from a large amount of data accumulated by Nissan in the FE electric equation and other fields. For example, the safety car body made of 1500Mpa ultra-high strength steel and the homologous e-4ORCE Snow Fox electric four-wheel drive technology have all experienced the test of the stadium, which can bring consumers a good car experience.

In March this year, the "The Arc Nissan Arc Plan" released by Nissan Motor Co., Ltd. will focus on all-round new product planning and promote electric drive and innovative R&D and production methods. Under the guidance of "The Arc NIssan Arc Plan", the brand new idea of "Happy by Ni" was also launched.

During the Beijing Auto Show, Nissan Motor Co., Ltd. launched five pure electric concept cars of Nissan brand based on the advantages of Dongfeng Nissan’s local resources.

These concept cars cover many sub-dimensions of young market, household market, business market and high-performance market. What we can predict is that these cars will adopt many advanced technologies accumulated by Nissan on the track, just like Ai Ruiya.

It is worth mentioning that in the third generation FE electric formula racing car, its acceleration time is only 2.5 seconds. What kind of experience will such driving performance have if it is applied to civilian pure electric vehicles? In the future, after Nissan’s pure electric concept car landed, there is a great possibility to refer to the driving technology of FE electric formula racing car. And this future Nissan high-performance pure tram is also expected to achieve further popularization and expansion of high performance, bringing us more extreme performance and driving experience.

It can be confirmed that in the era of electrification, Nissan Motor and Dongfeng Nissan, a domestic joint venture brand, will pay more attention to the power of technology.

To this end, Dongfeng Nissan not only draws on Nissan’s technical strength in the top competition, but also is better at "gathering the strength of everyone".

As early as the end of 2023, Dongfeng Limited released the "Kai DNA+ Strategy". Based on the new strategy, coupled with Nissan’s new plan and brand proposition, Nissan entered the joint venture 3.0 era in China. Simply put, Dongfeng Nissan will further integrate the R&D advantages of China’s local new energy based on Nissan’s global technology and manufacturing quality.

For example, Nissan Motor Co., Ltd. will accumulate more experience in top-level events, build advanced technologies such as enhanced NCM lithium-ion batteries, LFP batteries and all-solid-state batteries, and strive to make future pure electric high-performance cars better and more passionate. In the era of joint venture 3.0, Dongfeng Nissan will also deepen its intelligent layout with a more open attitude, including but not limited to inviting high-quality partners from different intelligent fields in China to join Dongfeng Nissan’s intelligent ecology.

In the end, Dongfeng Nissan will bring exciting products, make life more convenient and make travel better in the era of electrification. According to the plan, by the end of fiscal year 2026, 73% of Nissan’s brand product lineup will be refreshed in China under the impetus of Dongfeng Nissan. Among them, Dongfeng Nissan will launch eight new energy vehicles and include five Nissan brand models. The final appearance of these new cars is naturally worthy of our expectation.

Conclusion:

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The progress of the times and the arrival of the wave always make our hearts surge. Just as the current trend of car electrification is coming, we can easily enjoy the passion brought by breaking 100 in 4 seconds and breaking 100 in 3 seconds. The most important thing is that the major car companies in the world can be prepared in the transformation of the times and inject a truly perfect experience into consumers with higher product completion.

Obviously, Nissan Motor and Dongfeng Nissan are ready. At the level of enterprise development, new strategies and brand ideas have become colored pens for drawing development blueprints; And through the accumulation of technology in the world’s top stadiums, the blueprints will become more three-dimensional In my opinion, it is not too early for Dongfeng Nissan to fully electrify the China market. However, I believe that Dongfeng Nissan will stage the classic drama of the return of the king in the near future after making full preparations.

[ITBEAR] Tesla’s new global spy photos are frequent, and many innovations have sparked heated discussions.

Recently, the test vehicles of Tesla’s new Model Y have been frequently exposed in many places around the world, which has aroused widespread concern. Since it was first photographed in China, there have been at least five batches of spy photos of the new Model Y. From these spy photos, we can see many important changes in the new car.

In terms of body structure, the new Model Y continues Tesla’s consistent short front suspension and long rear suspension design, and the axle ratio is about 3 times. The front and rear parts have been significantly adjusted, and the shape and internal structure of the front and rear headlights have also changed. The design of split headlights has become a high probability event. Technical analysis shows that the new headlights may adapt to Tesla’s FSD projection technology. The changes in the car directly moved the new design of Huan, including canceling the gear shifting mechanism and the turn signal lever, setting the star-ring atmosphere light on the door panel, increasing the ventilation function of the seat, and still using a lot of environmentally friendly materials in the interior.

In the external shape, the camouflage layer of the new Model Y is mainly concentrated in the front and rear, and the exterior rearview mirror, door panel, wheel hub size and other parts have been unveiled. Combined with the spy photos exposed in Spain, the front bumper of the new Model Y has been redesigned, with the front main beam lowered, the front cover flatter and the raised ribs added. The style of the front shovel is close to the high-performance version of Model 3, the Y0 line has no inflection point treatment, the wind impact area is weakened, and the streamlined design is more prominent. Newly designed low wind resistance wheels may also appear, further reducing the wind resistance coefficient.

The new Model Y also adds an electric tail, and the through taillights are also confirmed. The electric tail optimizes the air flow of the vehicle during driving from the aerodynamic point of view, improves the wind resistance and enhances the dynamic stability, which is helpful to improve the acceleration and extreme speed performance. The safety mentioned by Tesla in the latest OTA version and the brand-new cover design make people speculate that the new car may have added a pedestrian protection device for the cover.

Inside the cockpit, in addition to the known changes, the voice control system of the new Model Y will also be optimized to support voice wake-up function. The new car may be equipped with a cockpit chip with stronger performance and better adaptability to HW4.0. The version of MCU 2.0 delivered early in China uses Intel ATOM processor, while MCU 3.0 is switched to AMD Ryzen, which greatly improves its performance. Therefore, the possibility that the new Model Y will update MCU 4.0 is not ruled out.

In terms of battery and battery life, the new Model Y is expected to be equipped with a 95kWh large-capacity battery pack with a fast charging power of 350kW. If the news is true, this will be the battery pack with the largest equipment capacity in Model Y’s history. However, because the current Model Y uses the 2170 ternary lithium cylindrical battery provided by LG, it is quite challenging to pack the large battery pack without changing the chassis. Therefore, the new Model Y may adopt Contemporary Amperex Technology Co., Limited Shenxing Battery PLUS to solve the problem of getting a large-capacity battery on the bus and optimize the fast charging efficiency.

In terms of chassis suspension, the new Model Y will be further optimized. The combination of the front double wishbone and the rear five-bar linkage belongs to the control player in the era of fuel vehicles, but too strong support may lead to a hard chassis. Tesla has slightly optimized the domestic Model Y, but the effect still does not fully meet the comfort expectations of the owners. Therefore, the new Model Y may adopt an adaptive damping suspension, adjust the damping valve through the chassis sensing hardware, and change the damping force at any time by using the hydraulic principle, thus adapting to various road conditions.

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Willanda’s front face design is fashionable and dynamic, and the air intake grille adopts a large-size honeycomb design with sharp LED headlights, which makes the overall style look domineering. The body lines are smooth and full of strength, and the side window lines are simple, with 18-inch aluminum alloy wheels, which makes the whole car look more exquisite. The tail design is also exquisite, and the LED taillight group has a unique shape, which echoes the headlights and makes the whole car look more harmonious.

With a body size of 4665*1855*1680mm and a wheelbase of 2690mm, Wilanda provides spacious and comfortable seating space. The lines on the side of the car are smooth and powerful, showing a modern and dynamic appearance. The front and rear wheel tracks are 1605mm and 1620mm respectively, which ensures the stability and handling of the vehicle. Equipped with 225/60 R18 tires and unique rim design, the sporty atmosphere of the vehicle is further enhanced.

Wilanda’s interior design is simple and practical, showing a strong sense of modernity. The center console is equipped with a 10.25-inch touch screen, which provides rich multimedia entertainment and information display functions for drivers and passengers. The steering wheel is made of plastic material, which supports manual adjustment up and down and back and forth, ensuring that drivers can find suitable holding positions under different heights. In addition, the car is equipped with a USB interface to facilitate charging and data transmission. In terms of seats, Willanda is made of fabric. The main driver’s seat provides front-rear adjustment, backrest adjustment and two-way height adjustment, while the co-pilot seat supports front-rear adjustment and backrest adjustment. The second row of seats also has backrest adjustment function, and can be laid down in proportion to provide more space for the trunk.

Willanda is equipped with a 2.0L L4 engine with 171 horsepower, with a maximum power of 126kW and a maximum torque of 206 N m.. Matching it is CVT continuously variable transmission, which simulates 10 gears and provides a smooth and comfortable driving experience.

Car home car owners spoke highly of Willanda’s exterior design. He thought Willanda was younger and more tense in design, and the whole and details were quite good. In particular, the recognition of the front of the car, sharp headlights, fashionable taillights and handsome multi-spoke aluminum alloy wheels are mentioned. All these make Willanda a very suitable choice for young people.