8 years old running, shouting "not listed within 5 years" Xiaomi finally officially launched an impact on the IPO.
After the news came out, almost all investment banks and brokerages flocked to the distribution of Xiaomi's share, and even the millet inhouse team kept meeting to cool down.
However, some organizations try to grab the share, but also want to suppress the price, leaving more profit margins for the latter transaction.
Xiaomi mobile phone set up camera department
On May 14th, Xiaomi CEO Lei Jun released an internal mail, announcing the establishment of a separate camera department in the mobile phone department. Zhu Dan served as the new general manager of the camera department of the mobile phone department.
According to the internal letter, Xiaomi will set up a separate camera department in the mobile phone department to concentrate the company's advantageous resources. It is necessary to make the photo quality of Xiaomi mobile phone to the top level in the world.
Attached to Lei Jun's internal letter
Dear Xiaomi’s classmates:
Photographing has become a key factor for many users to purchase smart phones, and users are increasingly demanding photos of mobile phones.
The company decided to set up a separate camera department in the mobile phone department to concentrate the company's advantageous resources, and must make the photo quality of Xiaomi mobile phone to the world's top level! Zhu Dan was appointed as the new general manager of the camera department of the mobile phone department. The product department of the mobile phone department is under the responsibility of Wang Teng.
In the past two years, Zhu Dan has performed well in the process of leading the product project department of the mobile phone department. The company decided to promote him as vice president of mobile phone department. Congratulations to Zhu Dan!
This appointment takes effect immediately.
Lei Jun
Hanoi's first Xiaomi official authorized store opened
Hanoi's first Xiaomi official authorized store opened on May 12th at Hanoi Times Square Shopping Center. On the day of the event, it attracted nearly 1,000 “rice noodles†queuing experience from all over Vietnam.
Amin, the president of the “rice flour†community in Hanoi, said that he has been using millet products for four years. Due to its reasonable price and novel design, more and more Vietnamese young people like him have begun to choose and use millet products. Amin said that he has a whole set of millet products in his family, and the Xiaomi community organized by him will also use the exchange experience.
It is understood that the newly opened store is the seventh official authorized store of Xiaomi in Vietnam and the first in Hanoi. The store is able to experience the latest products of Xiaomi and sell the latest series of smart phones such as Redmi Note5 and Mix 2S. And other series of eco-chain products including electric scooters, sweeping robots, air purifiers, bedside lamps and so on.
Xiao Jian, general manager of Xiaomi Vietnam, said that Xiaomi Company officially entered the Vietnamese market in 2017 and was quickly favored by Vietnamese users, especially young consumers. As of now, Xiaomi has about 80,000 “rice noodles†in Vietnam. In the future, Xiaomi plans to attract more and more Vietnamese consumers to use its eco-chain products based on official authorized stores.
Each of these different mindsets evokes different repercussions in the market. At the moment, the focus of the debate is whether Xiaomi is an Internet company or a hardware company.
From the perspective of millet revenue, smartphones do account for most of the revenue. Take 2017 as an example. In the past year, Internet services (games, advertisements, application distribution, etc.) brought 8.6% of revenue to Xiaomi, but contributed 39.3% of gross profit. Mobile phones brought 70.3% of revenue to Xiaomi. , contributed 46.8% of gross profit. And since 2015, the compound growth rate of Xiaomi Internet Services has reached 74.79%.
Although the profit contribution of Xiaomi's Internet business is increasing rapidly, Xiaomi's revenue is mainly based on physical commodities. This may be related to the asynchronous development cycle between different businesses of Xiaomi. A closer look reveals that the main variable may come from the growth of IoT and consumer goods (also known as the “Millet Hardware Ecology Chainâ€) category, which has doubled in the past year. Xiaomi's hardware ecological chain started at the end of 2013. Four years later, it began to enter the outbreak period of product categories and revenues. Xiaomi's Internet realization began to officially test water in 2016, and it seems to be still in the early stage of development.
At the same time, the understanding of Xiaomi's Internet business may still be misunderstood. Most observers have equated the monetization business within Xiaomi's MIUI operating system with Xiaomi's Internet business. But in fact, Xiaomi's Internet value does not stop there. Based on the intelligent hardware produced by Xiaomi's hardware ecosystem, Xiaomi has established an IoT platform with more than 100 million smart devices. The connection, user import and traffic import, and data accumulation of this platform are exactly the next ones. The vent of imagination.
In addition, Xiaomi's large number of IoT-associated services have already emerged from the category of Xiaomi mobile phone users and MIUI users. For example, the Xiaomi Sports, such as Xiaomi Bracelet and Xiaomi Weight Scale, can be used in iOS for tens of millions of monthly users. This is only a segment of health management. The combination of intelligent hardware and health management apps has no small imagination.
There are also many people who compare Xiaomi with Apple. Lei Jun once stated before the listing that the overall after-tax net profit margin of the overall hardware business does not exceed 5%. In fact, he first mentioned no more than 3%, but investors feel that it is too low, even if the exchange rate fluctuations will make the company into a loss, the requirement to change to 5%.
In addition to the internal unity of thinking and the external trust of users, Lei Jun’s most important subtext is that Xiaomi and Apple are completely different, and Xiaomi will not make money from hardware.
If the model of the Internet company is used for valuation, the number of users and the activity level are important indicators for measuring millet. Xiaomi's financial report shows that as of March 31, 2018, MIUI has more than 190 million monthly users, and the average time for users to use Xiaomi mobile phones is about 4.5 hours per day. Its consumer-grade IoT platform connects more than 100 million smart devices (excluding mobile phones and laptop). Among the mobile applications developed by Xiaomi, there are 38 monthly active users exceeding 10 million, and 18 monthly active users exceeding 50 million.
So how do you value Xiaomi? In fact, it is difficult to find a standard reference for it. Xiaomi's valuation is based on the layer of intelligent hardware such as mobile phones, TVs, and eco-chains; MIUI and its mobile Internet content and service ecosystem are equivalent to the second layer, while online and offline new retail is the first. Three layers.
Businesses that look at Internet attributes, companies that view Internet attributes, and even new business forms need to look at it from a development perspective. After all, the new things are too young, and Xiaomi, an 8-year-old company, is far from mature and stable in its business development and business model. Perhaps the capital market is ready to embrace a new set of value judgment thinking and models.
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