The bathymetry is done through a “world line” that is entangled by non-Abel. Photo sources: Google Articul

In a paper published on 11 May last year on the Preprint server ar Xiv and in the Journal of Nature, the Google “Physmart” team announced that, for the first time, they had observed the special conduct of non-Abelt in the use of ultraconductors.

The paper provides a detailed description of the experimental observations of the non-Abel random weaving of a ultraconductor in volume less than a function of the tit multiple wave. The experiment was carried out by a Google’s “capture” team on a 5 x 5 x ultraconductor, which included the creation of defects in a mass corropping code across many bits. Researchers use the non-Aber weaving method to create tying, offering prospects for future applications in volume calculations or volume mistakes.

How can non-Abel be understood? It is conceivable that when two identical objects are displayed, observers are then asked to close their eyes. Once again, can one determine whether they have been exchanged if the same objects are seen? It is clear to people that this is not judged. Cumulative hythmography allows a miracle: although identical, they are exchanged at two times, and non-Abel arbitrarily may retain this “memorial”.

This “mem” can be considered a continuing line of the current air, the “world line” of particles. When two non-Abel were exchanged at random, their world line was intertwined. They are packaged in a correct manner, and the resulting twins and coconuts form the basic operation of the troupine.

Earlier this month, Qantinuum, Inc., released another study on the subject, complementing the original finding of Google. These new results have opened up a new way of computing the ttox, which is done by entitling non-Abel arbitrarily to one another, like the cousins. This is also a milestone in progress in the critical mass of wrong areas.

The fracture of medicines is taking place.

Over the past year, the relationship between the United States pharmaceutical industry and regulation has been increasing. The Inflation Reduction Act of 2022 has accelerated the price of drugs such as antimony.

The bill affects not only drugs such as anti-aircraft, but also the future of many drug enterprises. So, as a result, Swiss’s hands, at a price of US$ 4.3 billion, bought Seagen.

However, regulation is not satisfactory. On the one hand, there is a discontent over the price reductions of drugs such as anti-aircraft, and on the other, there is continued pressure on the pharmaceutical industry through new bills.

On 11 April, the United States Senate Committee on Health, Education, Labour and Pensions (HELP) adopted four new bills aimed at controlling the trend in the price of medicines through measures such as promoting competition for pharmaceuticals and reducing the “welfare” of the pharmacist welfare manager.

This not only presupposes a decline in the new cycle of storms, but, more presupposes, the continued increase in United States medical charges.

/ 01

“Poverty” for middlemen

Why is the United States expensive? One of the most core factors is the formation, under the Free Pricing Act, of a joint venture “Pharmacists + wholesalers + PBMs”, which monopolizes the flow of drugs and influences the price of drugs.

In particular, the United States has a pharmaceutical deal upstream, a wholesaler in the middle and a pharmacies. While not in circulation, PBM (Management for Drug Welfare) has a number of powers to examine medical prescriptions, prescriptions, negotiation of drug prices. According to EVERSANA data, in 2017, the top three PBMs affected 73 per cent of all United States prescription drug sales.

PBM, as a private institution, is the main purpose of profit. With such strong powers, PBM naturally became the object of pharmacies. In exchange for quotas for medicines, PBM and the insurance company will have some benefits, directly discounted or recaptured.

It is understood that the price of medicines is reduced by direct commuting and that, when medicines are purchased, PBM will receive the backbone of the drug business, which is divided between PBM and the insurance company.

United States regulation is also well known. At previous sessions, parliamentarians had raised themselves directly, and pharmacies earned $2.7 billion when they earned $10 billion.

There can be no doubt that this leads to the ultimate price of prescription drugs. The Pharmacy Benefit Manager Reform Act (S. 1339) was then adopted.

The bill directly hit hard.

First, “discounts” do not permit continued existence. The Act provides that insurance companies shall not charge the price of prescription drugs “more than the price paid to the pharmacies” to beneficiaries or to any entity providing PBM services.

Second, withholding remains permissible but requires strict control by the regulatory body. The Act strengthens the supervision of PBM by requiring them to submit different reports at different frequencies, including lists of substances covered, total seizures and discounts made available for drugs and for their benefit design, and other similar information.

It is clear that PBM’s cheese will be greatly affected.

/

Increase in the competitiveness of drug enterprises

At the same time, HELP has adopted three other bills:

The Ensuring Timeline Access to Generics Act (S. 1067), Expanding Access to Low-Cost Generics Act (S. 1114) and the RARE Act (S.1214).

The aim of these three bills is to reduce prices by seeking to increase the competitive strength of drug enterprises.

The Ensuring Timeline Access to Generics Act (S. 1067), Expanding Access to Low-Cost Generics Act (S. 1114), is targeted at generic pharmaceuticals.

The purpose of the Ensuring Timeline Access to Generics Act (S. 1067) is to put an end to the practice of pharmaceutical companies submitting petitions to delay the marketing of pharmaceuticals.

In order to slow up the marketing of pharmaceuticals, ODCCP usually takes the form of a submission of a citizen’s petition in order to delay approval of the pharmaceutical competitor and expand its patent protection.

This legislation ensures that FDA has the capacity to refuse a citizen’s petition; it also establishes time limits for processing a citizen’s petition, thus ensuring that drug enterprises use the loopholes to slow down the marketing of pharmaceuticals.

The Expanding Access to Low-Cost Generics Act (S. 1114) has been amended accordingly to the 180-day sole-time provision for the first model drug.

In the United States, in order to encourage the marketing of pharmaceuticals, the first declared generic pharmaceuticals were sold on the market for 180 days. Other analogous pharmaceuticals cannot be marketed during the sole-time period, giving them time to earn profits.

However, it is usually the case that the former Institute of Pharmacology has been able to slow down the market tempo for the first declared generic pharmaceutical enterprise in order to achieve a delay in competition. This phenomenon is called “parking”.

Expanding Access to Low-Cost Generics Act (S. 1114) was introduced to address this issue. The Act provides that:

If the first declarant does not appear after the specified time period, non-first-declared analogous pharmaceutical companies are allowed to obtain a 180-day market monopoly.

It is clear that the bill aims to accelerate market access for pharmaceuticals by changing the pattern of benefits.

The RARE Act (S.1214) is targeted at rare medicines. In the United States, for

Water for purification

Total price 50

Effects: Direct use of heroes and restoration of 100MP within 30 seconds will be interrupted.

Cards: door-to-door resupply, suitable for visiting heroes, such as vagrants, revenge, indeer, Chen, etc. A variety of heroes like skills are also suitable.

Honours

Total price 90

Effects: eating a tree and restoring 115HP within 16 seconds without interruption.

Cards: nearly necessary doors, blood back, blood-breeding, tree-breeding (in particular the prophets, when the body is well suited to one, and of course, a knife can)

Treatment of pharmacists

Total price 100

Impact: Use of heroes and rehabilitation of 400HPs within 10 seconds will be interrupted.

Cards: One of the imperatives is to restore 400 in a short time.

Aerosols

Total price 100

3 stores, update: 10 minutes,

Effects: to keep you in touch with all friends and control units (large and small maps) around 850 and to increase the 15 per cent movement rate and disappear from the small map, such as BU disappearing from the enemy’s heroes or from defence tower, and BU FF disappearing if it attacks a tiny or meat. BUFF duration: 40 seconds.

Cards: In this era of eye, the GANK is to be travelled and the meat is to be used.

Catalysis

Total price 135

Effects: transmission of you to an arbitrary fraternity building for three seconds (subject to interruption) magic consumption: 75-point CD time: 65 seconds

Cards: While not essential, the play starts in the middle of the game must be accompanied by timely support for friends and the role of the receiving line.

Obtain dust

Total price 180

Effects: The use shows the invisible unit in the surrounding 1050 codes for 12 seconds.

Cards: When the other side has hidden heroes, it is to go to GANK in the words.

Animal messenger

Total price 150

Effects: It is possible to transport goods to and from the base.

Cards: If you are an auxiliary heroes, you will buy a bar, especially when the friends of the team are not.

Flight letters

Total price 220

Effects: fast-track living organisms capable of transporting goods to and from the Base. Animal messengers are required.

Cards: An upgraded animal messenger, please upgrade him as soon as possible, and he needs him alone.

Tracking:

Total price 150

Effects: the placement of surveillance guards to gain a view of the surrounding region. To be held for six minutes.

Cards: A set of surveillance guards can save many lives, and a further 50 pieces of new fillings can be devalued.

Checklist:

Total price

Effects: placement of a guard post to provide real viewing around. To be held for three minutes.

Cards: If the other side has hidden heroes, it is preferable to take it, and tens of thousands of people should not be left behind.

Demon bottles

Total price

Effects: restoration of 135-point life and 70-point demonization for three seconds. The attack would have dispersion. The magic bottle will be dried close to the springs of friends. You can also put the cassette back with a magic bottle, but the ceremonies will be self-propelled and fed after two minutes.

Cards: Chinese single heroes are the most loved ones, the Gank heroes and the motors of travelling heroes to control what is indispensable.

In this game, Downes scored 20 points, 8 rebounds, 3 assists, 3 steals and 1 blocks, Reid got 20 points, 5 rebounds and 2 assists, and Prince scored 18 points, 5 rebounds, 1 assists and 1 steals and 2 blocks. In terms of thunder, Jill Jess Alexander scored 33 points, 5 rebounds, 7 assists and 1 steals, Robbie scored 21 points, 10 rebounds, 1 assists and 2 steals, man scored 15 points, 6 rebounds, 2 assists and 3 steals.

Game Review

After the opening, the second minute and 47 seconds, Downes fouled when Robbie shot and gave the thunder a free throw. In the third minute and 51 seconds, bezli made a pass mistake and was robbed by Russell. The first 6 minutes and 40 seconds, with the help of Jill Jess Alexander, Robbie scored 2 points in a domineering dunk. The Timberwolves played a smooth cooperation. In this section, the whole team completed 8 assists, of which Beverly sent three passes for his teammates. The Timberwolves threw 14 three-point shots this quarter, but the hit rate was only 28.6%. After the first quarter, the score was 34-32, with thunder leading by 2 points.

Back in the second quarter, in the 20th second, Mann slipped the ball and was robbed by Russell. The first 9 minutes and 7 seconds, giljess Alexander wonderful pass, pokushevsky hit a three-point long shot. In the 9th minute and 23rd second, Robbie fouled in Russell’s shooting and gave the Timberwolves two free throws. The Timberwolves played a smooth cooperation. In this section, the whole team completed 9 assists, of which Russell sent two passes for his teammates. The Timberwolves threw 10 three-point shots in this section, with a hit rate of 80%. Thunder is in poor condition in this section, making up to 6 mistakes. The Timberwolves had a good hand feeling in this section, and the shooting percentage of the whole team reached 72.7%, which was better than 50% of the thunder, of which Russell only got 9 points in this section. At half-time, the Timberwolves surpassed the score to 77-60.

In the second half, Yi Bian fought again. In the first minute and 50 seconds, with the help of Mike Daniels, Downes scored 2 points. In the 9th minute and 39th second, Robbie fouled when reed shot and gave the Timberwolves a free throw. The first 10 minutes and 32 seconds, Beasley sent a subtle pass, and reed hit a three-point long shot. The Timberwolves played a smooth cooperation. In this section, the whole team completed 9 assists, of which Russell sent two passes for his teammates. The Timberwolves strengthened their defense and the whole team completed five steals in this section. The Timberwolves built an iron wall at the defensive end and sent 4 blocks in the next quarter to suppress the opponent’s shooting percentage to 36%. The Timberwolves threw 12 three-point shots this quarter, but the hit rate was only 33.3%. Thunder is in poor condition in this section, making up to 6 mistakes. After the third quarter, the Timberwolves took the lead 108-87.

In the fourth quarter, 2 minutes and 2 seconds, Russell slipped the ball and was robbed by Mann. In the third minute and 39 seconds, he received a pass from pokushevsky and waters made a jump shot. The 8th minute 54 seconds, okoggi fouled when shooting in Maldon and gave the thunder a free throw. The Timberwolves played a smooth cooperation. In this section, the whole team completed 9 assists, of which Noel sent two passes for his teammates. The Timberwolves strengthened their defense and the whole team completed five steals in this section. The Timberwolves threw 11 three-point shots in this section, with a hit rate of 54.5%. Timberwolves fall into the error trap, making up to seven mistakes. At the end of the game, the Timberwolves defeated the thunder 138-101 to lock the victory.

Starting lineup of both sides

Timberwolves: Russell, Downes, Mike Daniels, Beverly, Vanderbilt

Thunder: Robbie, Mann, Jill Jess Alexander, bezli, pokushevsky

On March 3, BiliBili (hereinafter referred to as “station B”) released its unaudited financial reports for the fourth quarter and the whole year ended December 31, 2021.

In the past year, the total revenue of station B still maintained a rapid growth of 62%, reaching 19.38 billion yuan. Q4 revenue increased by 51% year-on-year to 5.78 billion yuan.

However, the management’s revenue guidance for the next quarter was lower than market expectations. Although Chen Rui, CEO of station B, said on the conference call that “revenue growth will become a more important job this year than in the past”, the company’s revenue expectation for 2022q1 is 5.3-5.5 billion yuan, lower than the consensus expectation of 5.5 billion yuan.

In addition, the gross profit margin of Q4 was 19%, lower than 19.6% of Q3 and 24.6% of the same period last year. The decline of gross profit is closely related to the change of revenue structure - the game business with high gross profit was affected by the regulatory high-pressure environment, and its contribution to revenue further shrank in this quarter (22%); The proportion of advertising revenue contribution has increased to 27.5%, but the proportion of the flower platform of the advertising system of station B has been low, which also affects the overall gross profit margin.

After the release of the financial report, the U.S. stocks in station B rose in front of the market, up nearly 10%. But all the way down the day, and finally closed down nearly 8%.

What are the most worrying problems in the secondary market?

With regard to the stock price performance after the release of the financial report, a US stock trader who did not want to be named told 36 krypton that he believed that the stock price changed from rise to fall because the financial report did not exceed expectations, and because the performance of the game branch did not increase and the prospect of edition approval was unclear, Third, on March 2, the supreme law issued the provisions of the Supreme People’s Court on Several Issues concerning the application of law in the trial of online consumption dispute cases (I), many of which are related to online live shopping.

“After the new regulation, Kwai Po shares fell 10%, and B station did not fall. Today’s B station’s new earnings report has not exceeded expectations, and several major institutions in Hongkong have taken the opportunity to start short B stations, leading to a drop.” The trader said.

Although station B has just established a new live e-commerce department and is guiding a small number of anchors to test the water and carry goods, at present, online live shopping still accounts for a very small proportion of the live broadcasting business of station B. It is expected that the impact of the new regulations on station B in the short term will be very limited.

What the secondary market is most worried about is whether the “high user volume + high user value” promised by station B can be realized, as well as the medium and long-term development momentum of several core businesses.

First of all, in terms of the number of users, the Mau of q4b station reached 272 million and the Mau of mobile terminal reached 252 million, both achieving a year-on-year increase of 35%. Dau reached 72.2 million, a year-on-year increase of 34%. At the conference call, Chen Rui reiterated that he was “confident to achieve the previously proposed goal of 400 million Mau in 2023”, and revealed that in January 2022, the Mau of station B had exceeded 300 million, and the average daily use time of a single user had exceeded 90 minutes.

“Judging from this momentum, this year will still maintain high-speed growth.” Chen Rui said.

Referring to all content communities at home and abroad, we can find a phenomenon - it is often difficult to have both high user base and high single user value. Microblog is a typical example. The two companies released financial reports on the same day. The Mau of microblog is twice that of station B, but the total revenue of microblog in the fourth quarter is only 1 / 9 of that of station B.

The circle breaking is still going on. Can station B maintain the synchronous growth of the number of users and ARPU value (average income per user)? The financial report brings good news and bad news:

The good news is that the paying users of Q4 B station increased by 37% year-on-year, exceeding the growth rate of Mau, which means that new users brought by breaking the circle are still willing to pay. Moreover, the monthly average payment rate of station B in 2021 is more than 9%, higher than 8% in 2020 and 6% in 2019. It is rare for station B to ensure the improvement of payment conversion rate while expanding users.

The bad news is that the ARPU value of paying users is indeed declining. Compared with Q3, the ARPU value of Q4 fell from 46 yuan to 43 yuan, and also decreased compared with 44.3 yuan of Q4 in 2020. In 2019, the ARPU value of station B was once as high as more than 60 yuan.

Photo source: long bridge dolphin investment research

From the perspective of splitting business, under the background of fear in the advertising industry, the advertising business of station B has maintained high-speed growth on a low base. In 2021, the advertising revenue of station B maintained a year-on-year growth rate of 145%. Q4 increased by 120%, which is also higher than 110.04% of Q3.

Although the game industry suffered heavy regulatory damage, station B benefited from the inventory of many popular games (such as Tencent’s “hero League mobile game” and Netease’s “Harry Potter”), and still passed the buffer period. In the fourth quarter, although the contribution proportion of station B games declined, it still achieved a year-on-year increase of 15%, with a revenue of 1.3 billion. The growth rate is higher than 9.18% of Q3.

However, the value-added service revenue of station B, including live broadcast and large members, has decreased significantly. The business revenue of Q4 reached 1.89 billion yuan, with a year-on-year increase of 52%, which is far lower than 94.80% of Q3.

In the fourth quarter, the number of large members maintained a year-on-year growth of 39%, with a total of 2010 million. Although the growth rate is slightly lower than 42% of Q3, the gap is not large. Therefore, when the overall growth rate of value-added service business is 42.8pcts lower than that of Q3, it can be inferred that the live broadcast business has dragged down the revenue growth.

Source: Ping An Securities

The live broadcasting service has always been the main driver of ARPU. Under this premise, the decline of ARPU is reasonable.

However, this may only be a phased feature. Q3 is boosted by many game events such as S11 and has more advantages in revenue growth. CFO fan Xin said on the conference call, “in the future, there is more than double the promotion space for value-added services and advertising ARPU.”

How to reduce the cost?

In the context of the overall economic downturn, the secondary market has long returned to rationality. However, from the financial report of 2021, the cost of station B has not been significantly controlled.

In 2021, the net loss of Q4 B station was 2.1 billion yuan, with a net loss rate of 36%,

At present, due to the high integration of complex CPU IP, the interconnection of various modules is complex and there are many test function points. If only engineers write various test cases, the verification cycle is lengthy and inefficient. In the complex scenario of high-performance CPU design, it is difficult to effectively generate targeted scenario incentives by UVM alone, and the compatibility between different tools is poor, which greatly limits the improvement of verification efficiency.

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As a Chinese mainland professional RISC-V processor IP and chip solutions company, core technology is committed to RISC-V processor IP development and commercialization. Since its establishment in 2018, it has gathered an experienced processor R & D team. Fully independent research and development, and successively launched a series of products such as 100, 200, 300, 600 and 900, covering various scenarios from low power consumption to high performance. The processor IP of xinlai has authorized many well-known chip companies to carry out mass production, and the measured results have reached the first-class indicators in the industry.

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About xinhuazhang Technology

Xinhuazhang gathers elites in EDA industry and talents in cutting-edge science and technology fields around the world. With three bases: intelligent debugging, intelligent compilation and intelligent verification cockpit, it provides five product lines that fully cover the verification needs of digital chips, including hardware simulation system, FPGA prototype verification system, intelligent verification, formal verification and logic simulation, Provide innovative chip verification solutions and expert consulting services for partners. At the same time, xinhuazhang is committed to the research and development of EDA 2.0 software and intelligent electronic design platform for the future, accelerating the efficiency of chip innovation with technological innovation, and making chip design simpler and more inclusive.