After the Henglong Investment Management Charter amendment officially came into effect, Investment Decision Committee ushered in the first quarterly review meeting after the system upgrade.
The meeting notice was sent by Liu Mingyu on the morning of Tuesday, July 28th.
In addition to the regular agenda and list of participants, the email attachment also contains
Also attached is a complete set of review materials prepared by Chen Xi--
Covering the core variable tracking report of all Henglong System positions, independent Model cross-validation conclusions, and risk reminders that require Investment Decision Committee to focus on.
Liu Mingyu added a line of notes at the end of the email:
"This meeting is the first quarterly review after the revision of Henglong Investment Management Charter,
All positions have completed independent Model cross-verification in accordance with the requirements of the new system.
All members are requested to attend on time at 2pm on Thursday, July 30th to review the materials in advance.
There will be no basic data reporting at the meeting and the review agenda will be entered directly."
Thursday, July 30th.
At 1:40, Shen Jue was the first to push open the door of Meeting Room.
She just came from the Independent Advisory Committee office of Nan'an,
She was stuck in traffic on Chaotianmen Bridge for a quarter of an hour, but it didn't affect her habit--
Every time Investment Decision Committee she is the first to arrive.
Song Zhongping and Chen Qiming come in with front and rear feet.
Song Zhongping just came back from the construction site of Haoyu Construction. The safety helmet was still hanging on Briefcase, and some muddy water was splashed on his trouser legs.
"Do you have to go through this every quarter? This workload is greater than Real Estate Sector's quarterly engineering inspection that year."
He flipped through the material and paused for a few seconds on the Bidiya page.
Chen Qiming is sitting next to him, the laptop has been opened,
On the screen was a financial draft that he had checked one by one with the Research Institute data team two days in advance.
Chen Xi and Zhang Qingxue come in together.
Chen Xi holds the final draft of the Research Institute quarterly review report in his hand, and the Henglong Research Institute logo on the cover glows with a dull luster under the light.
She divided the report into several parts according to the number of people and placed them in front of each committee member's seat one by one.
Zhang Qingxue took the compliance review confirmation letter just completed by the Legal Department,
The core of the letter is to confirm one by one that all the data cited by Research Institute come from public information channels.
The Model version and assumptions are within the scope of the Investment Decision Committee filing, and the review process has left complete traces.
Zhao Chen came in last.
He sat down at the main seat and opened the document in front of him. On the first page was the line Shen Jue marked with a red pen.
He looked at it for a moment, then turned the material back to the first page, took out his Fountain Pen from the pen holder,
A line of text was written in the blank space above the list of review objects:
"This quarterly review applies to the new charter, and the scope of the review includes all historical judgments of Chairman. No exceptions."
After he finished writing, he tightened the pen cap and raised his head.
"Today marks the first revised quarterly review of Henglong Investment Management Charter.
The requirements of the new system have been sent to you by email, and the review materials for Chen Xi have also been delivered to you two days in advance.
From now on, every quarter, all positions of Henglong will have to go through this process.
Before entering the formal review, Sister Shen, as the representative of Independent Director, would like to share her independent opinions on this review process."
Shen Jue put the thermos cup on the table and opened the densely marked review materials in front of him.
She didn't stand up, she just turned the material to the list of censorship objects on the first page.
She tapped her finger on the line of small words she had previously marked with a red pen next to the list.
"This list of review objects is the most complete of the Henglong Investment Decision Committee documents I have ever seen.
All positions were included in the review, including Core Assets, which we have held for a long time and experienced many major fluctuations during this period.
The core variable tracking, Model verification conclusions, and risk reminders for each position all use the same format and the same standard."
She turned the material to the historical judgment review page of Zhao Chen and tapped it twice with her fingers.
"This page in particular confirmed to me the seriousness of this review.
Chairman's core judgment on Nvidia is the same as all other positions.
The same set of forms, the same review dimensions, and the same strict verification standards are used."
She turned the material back to the first page and slowly scanned the faces of everyone present.
"Zhao Zong The line just added above the list of review objects,
I just finished reading it before coming here, and now I want to ask in person--
'Includes all historical judgments of Chairman, no exceptions'--
This rule will apply every quarter from now on, not just this one?"
"That applies every quarter. My own judgment, the resolution of Chen Xi, Model, Investment Decision Committee - all within the same review framework."
Zhao Chen answered without any pause.
Shen Jue read the line he just wrote again, and then closed the material.
"I have no further comments.
Research Institute has done a solid job in preparing for this review, and Legal Department's compliance confirmation is also complete.
Let's get down to the formal agenda."
Zhao Chen nodded slightly towards Chen Xi.
Chen Xi put the final draft of the Research Institute quarterly review report on the Meeting Room screen and began to report the verification conclusions of the core positions one by one.
The first few went by very quickly.
"Tongce Medical, the three core variables of dental chain expansion rhythm, single-store square footage efficiency, and the influence of dental implant centralized purchasing policies are all within the prediction interval of Model.
Quarterly tracking rating: Hold.
The consistency comparison between the output of Model and the previous resolution of Investment Decision Committee passed, with no abnormal deviation."
She turned the page,
"Pianzaihuang, core variable--
The Model tracking results of raw material cost fluctuations and terminal price increase rhythm show that both items are within the forecast range.
Quarterly Tracking Rating: Hold."
"Shanxi Fenjiu, fresh fragrance Baijiu market share,
The cross-validation of the growth rate of the number of dealers outside the province and the revenue share of high-end product lines all passed.
Wuliangye, wholesale price trend, channel inventory and high-end Baijiu Industry prosperity index are all within the Model prediction range.
Both Baijiu have a quarterly tracking rating of Hold.
There is no abnormality in the comparison between the output of Model and the previous resolution of Investment Decision Committee."
By Bidiya, she slowed down.
Two sets of data are projected on the screen for comparison--
On the left is Bidiya's latest quarterly delivery volume and battery supply orders.
On the right is the New Energy vehicle industry prosperity index tracked independently by Henglong Research Institute.
"Bidiya delivery volume this quarter is slightly lower than Model forecast value, the difference is mainly due to the slower than expected global Supply Chain recovery speed--
The import cycle of overseas parts and components has been lengthened.
However, the growth rate of Blade Battery external supply orders has offset the short-term fluctuations in vehicle delivery, and the overall revenue structure is tilting towards the high-margin battery business.
This part of the Supply Chain impact has been incorporated into the Model assumption in the last quarter's stress test,
It is a normal fluctuation of known variables and does not constitute an early warning for core variables.
Quarterly Tracking Rating: Hold."
She raised her eyes and moved her gaze from the screen to Song Zhongping's face,
"Mr. Song paused for several seconds on the page Bidiya when he was flipping through the materials. Is there anything you want to verify?"
Song Zhongping put the cup of Iron Goddess of Mercy on the table and pointed at the delivery column on the screen.
"This is 'slightly lower than expected'. How big is the impact? The import cycle of overseas parts and components has been lengthened - for how long?
Haoyu Construction There was a project that was stopped for a long time due to the shortage of steel supply.
This kind of Supply Chain thing bothers me the most. It seems to be a short-term fluctuation. If it drags on for a long time, it can drag down the profit of the entire project."
"At present, Model assumes that Supply Chain will gradually recover within the year. In the most pessimistic scenario, the delay will not extend beyond the new year.
The localization rate of Bidiya is one of the highest in the industry. The battery and electronic control system are all in our own hands.
Overseas components are mainly some chips and sensors, accounting for a small proportion."
Chen Xi projected the three scenarios of the stress test on the screen, and used Laser Pointer to draw a circle in the most pessimistic column.
"Under the worst-case scenario, the impact on full-year deliveries is within single digit percentage points.
The impact on gross profit can be offset by the growth of battery external supply orders.
The evaluation conclusion of Model is that - Supply Chain delay does not constitute a core variable warning."
Song Zhongping looked at the numbers of the three scenarios, nodded, picked up Iron Goddess of Mercy again and leaned back on the chair.
Chen Xi Continue to scroll down.
Green Energy Technology Ten-Thousand-Ton Scale expansion project is progressing as planned, Tesla Megapack order volume increased month-on-month,
Energy Storage Materials The industry prosperity index continues to rise, and the core variables are all within the Model prediction range.
Yunnan Agriculture Group listing application materials review progress is normal,
The recovery of Sows of Breeding Age stock data is in line with expectations, Live Pigs sales volume is stable Private Placement, and the sponsor maintains the previous valuation range unchanged.
The quarterly tracking ratings of the two positions are both hold, and there is no abnormality in the comparison between the output of Model and the previous resolution of Investment Decision Committee.
The last one to enter the review is Nvidia.
The core judgment of Huang Renxun's latest Financial Report conference call is projected on the screen,
Juxtaposed with Henglong Research Institute independent Model verification conclusions one by one--
Data Center revenue growth rate, CUDA developer number growth curve, AI Computing Power demand elasticity coefficient,
The right side of each indicator is marked "Independent Model verified".
The meeting core variable tracking records submitted by Zhao Chen after returning from Silicon Valley are also included in the review attachment as supplementary materials.
Among them, the two soft core variables, the crisis response method confirmed by Huang Renxun personally and the long-term Strategic Resolve, are completely consistent with the conclusions independently tracked by Henglong Research Institute.
After all reviews were completed, Chen Xi closed the report.
The summary page on the screen displays the rating distribution of all Henglong System positions in the current quarter--
The vast majority are "Hold", a few are marked "Continuous Tracking", and none of them trigger an early warning.
She picked up the water glass at hand and took a sip to moisten her throat.
"The above is the entire content of this quarterly review.
Core variable tracking, independent Model verification and risk warning review of all positions have been completed."
Zhang Qingxue raised his hand at this moment, opened the compliance review confirmation letter from the Legal Department, and read out the conclusions one by one.
"1. All data used by Research Institute this time come from public information channels, and no non-public or internal information is cited.
Second, all version numbers and assumptions of Model are within the filing scope of Investment Decision Committee. This review did not use any new Model that has not been filed.
3. The whole process of this review--from material preparation to meeting discussion--
Written traces have been completed and the archived records are available for independent review by any future regulatory agency.
Legal Department confirms: This quarterly review is in compliance."