When the gambling contract came to the fifth year of the announcement, Xiaomi finally successfully entered the Hong Kong Stock Exchange. The performance data disclosed in the prospectus is that the revenue of Xiaomi in 2017 exceeded 100 billion, reaching 114.625 billion yuan, a year-on-year increase of 67.5%.
On the 142th day of Dong Mingzhu and Lei Jun’s five-year billion-dollar gamble, Xiaomi once again did not hide his ambitions in the smart home and the Internet of Things, and announced his intention to enter the air-conditioning field and directly enter Gree and even once Allies - the hinterland of beauty.
Although air-conditioning is a novice, Xiaomi started with an Internet mobile phone and set a revenue of 100 billion yuan in just seven years. The efficient retail rules and Internet play that Lei Jun believes are not a deterrent to traditional manufacturers.
Time Weekly reporter learned that this is the third time in the history of Xiaomi to enter the air-conditioning field. Compared with the previous two tests of water, this time it seems to be more emboldened and more prepared. The reason lies in the technical force behind the shift. Shift". Xiaomi air-conditioner behind the scenes, actually was born in the air-conditioning industry with the "Whampoa Military Academy" known as Gree Electric. Standing on the soul behind Xiaomi's air-conditioner and "Mr. Key" Xiao Youyuan, the last time he started a business, it was from Gree's over-the-counter Skyworth, and Skyworth air-conditioning was built from nothing. On the road to speed up the air conditioning, Xiaomi actually adopts the means of “curving the country†and “overtaking the curveâ€.
And Lei Jun, the old one that will enter the air-conditioner, is equally dramatic. As early as the beginning of 2015, Dong Mingzhu announced that he had broken into Xiaomi’s base camp, the smart phone field. Although Dong Mingzhu once claimed to be the best mobile phone, the words "three years to destroy Xiaomi" are released from time to time, but so far on the various sales list, Gree mobile phone is still difficult to see.
With the five-year period approaching, the outside world’s focus has returned to the 1 billion gambling contract between Lei Jun and Dong Mingzhu. In the years when Lei Jun was busy "reforming" Xiaomi and busy helping Xiaomi to go public, Dong Mingzhu was exhausted by Gree's multiple dreams. He made mobile phones, made cars, invested in chips, and attacked Haili shares in the compressor industry. Further extension of the chain, Dong Mingzhu led Greema to devote himself to new areas one after another. Who is more anxious than Lei Jun and Dong Mingzhu? This five-year "century gamble" mystery is about to be revealed, who will laugh at the end?
Gree team behind the millet air conditioner
On July 23, at the time when the “1 billion gambling contract†was about to be honored, Xiaomi suddenly released a high-profile Mijia Internet air conditioner with a price of 1999 yuan. In the eyes of many netizens, Xiaomi directly entered the air-conditioning field in Gree. Quite a provocative meaning.
In fact, this is not the first time that Xiaomi has entered the air-conditioning field. As early as 2015, Xiaomi launched the first 2,699 yuan "i. Youth Smart Air Conditioner" after the high-profile shareholding in the United States. In August 2017, Xiaomi Ecological Chain Enterprise Zhimi Technology once again released a 4399 yuan full DC inverter air conditioner, jointly developed by Zhimi Technology and Changhong Air Conditioning, and produced by Changhong Air Conditioner.
Changhong confirmed to the Times Weekly reporter that the latest Mijia Internet air conditioner is still manufactured by Changhong, but the information on the order is not disclosed.
Xiaomi insiders told reporters that Xiaomi’s air conditioning was actually at the stage of asking for a stone. After two trials, the previous attempts, research and development, sales, and market all laid the foundation for this time. The difference in the third time to enter the air conditioner is that Mijia Air Conditioning has all the marketing, marketing, pricing, and obedience to receive its own system operation, which is more in line with Xiaomi's style.
Some people familiar with the matter told the Times Weekly that Xiaomi’s original cooperation with the United States was the initial stage of entering the air conditioner. It may not even be an air conditioner, but as a smart hardware, so many preparations are not very full. The idea of ​​getting the air conditioner done is not particularly mature. In simple terms, it is in the running-in period. The two sides have different ideas about intelligent hardware products. There is no clear idea of ​​how to cooperate, so the first one did not get very good sales.
Regarding the sales of air conditioners previously released, Xiaomi refused to disclose specific data to reporters, but the online sales situation can be seen. Time Weekly reporter saw on the Jingdong platform that a 1.5-level first-class energy-efficient full-DC inverter air conditioner sold by Zhimi Home Appliances Store was sold for 4,399 yuan. There were “1000+†comments under it, and the favorable rate was 97%. On the Tmall, the air-conditioner sales season is high, the monthly sales of this air conditioner is about 400, and the score is about 4.8.
Aowei senior consultant Zhang Yanbin told Time Weekly reporter that Xiaomi is doing air conditioning. From his perspective, the first is to lay out the whole house appliances of Xiaomi. Air conditioners are the main electrical appliances of home appliances. Secondly, air conditioners are many home appliances. The only category with room for growth, Xiaomi wants to enter the field of home appliances, air conditioning is the most investment value; third, after Lei Jun and Dong Mingzhu bet, Dong Mingzhu entered the field of mobile phones, in order to "demolition of each other", Xiaomi Leijun Will enter the field of air conditioning.
It is worth mentioning that the reason why Xiaomi entered the air-conditioning field for the third time is more than enough. The key lies in the technical soul behind it. On the road to speed up the air conditioning, Xiaomi actually adopted the means of “curving the country†and “overtaking the curveâ€.
Zhimi Technology, an ecological chain company owned by Mijia Air Conditioning, actually has another important partner, Zhuhai Sanyou Environmental Technology Co., Ltd. Times Weekly reporters inquired about industrial and commercial information, the company's legal person is Xiaomei co-founder, head of Xiaomi ecological chain Liu De, the company's registered capital is 10 million yuan, 100% holding by Beijing Xiaomi Mobile Software Co., Ltd. However, the company's industrial and commercial change records show that the former founder and legal person was Xiao Youyuan. In March 2017, the registered capital was changed from the original 500,000 yuan to the current 10 million yuan. Xiao Youyuan is currently the manager of the company. This means that the technical background of Zhuhai Sanyou, a wholly-owned subsidiary of Xiaomi, has a certain relationship with Gree Electric.
In 2015, Xiao Liyuan, the overseas sales director and refrigeration expert of Gree Electric, took a group of technical backbones and set up Skyworth air conditioners from Gree. The core team of Skyworth Air Conditioning is basically equivalent to a smaller version of Gree Air Conditioning. The team members are almost all from the "Whampoa Military Academy" in the air-conditioning industry and the opponent of Skyworth air-conditioning. Xiao Youyuan became the president of Skyworth Air Conditioning.
According to an interview with the Times Weekly reporter, Skyworth air conditioners grew rapidly. The company was registered at the end of 2014. After half a year, the first air conditioner was successfully rolled off the line. Within one year, it set a sales performance of 200 million yuan. By the end of 2016, two years after the establishment of Skyworth Air Conditioning, Xiao Youyuan passed the news of leaving.
The official website shows that Zhuhai Sanyou Environmental Technology Co., Ltd. is a technology company established in September 2016 in Zhuhai High-tech Zone. The company's 2017 annual turnover is expected to be 150 million yuan, including commissioned research and development projects and sales of finished products. The company's main business is to provide specific technology and product R & D outsourcing, technical guidance and after-sales technical services for domestic and foreign customers, as well as customized high-end electrical products and high-end laboratory equipment for domestic and foreign customers. The company's core team has 40 people. The company has applied for more than 40 patents including invention patents for half a year.
On July 30th, Xiao Youyuan, the “Mr. Key†behind Xiaomi Air Conditioning, responded to the Times Weekly reporter: “In fact, Xiaomi’s air conditioning is not a game of play or bet, but a real industry, with a long-term perspective. The planning and long-term considerations. At the same time, the competitiveness of the Xiaomi air-conditioning team is not worse than that of the mainstream mainstream teams in the industry."
Product thinking difference
Xiao Youyuan is reluctant to comment on reporters about the outside world sings Xiaomi air-conditioning. In his view, Xiaomi, as a latecomer, has both disadvantages and obvious advantages.
“A product can be successful. First, it needs a competitive technical team, a recognized brand, a better marketing channel and a business model. These millet are all equipped. Xiaomi and Sanyou’s technical team have good hardware. The team, the professional air-conditioning team, and the deep integration of Xiaomi's smart home and Internet model are, to a certain extent, a strong alliance. This is the competitive advantage of Xiaomi Air Conditioning."
Gree and the United States refused to comment on Xiaomi’s competing products to the Times Weekly reporter.
Zheshang Securities Research Report pointed out that the ambition of Xiaomi's air-conditioning layout lies in smart home. In the future, Xiaomi will continue to leverage the domestic idle air-conditioning capacity to launch a variety of models of Internet air-conditioning, and use air-conditioning as a model to integrate many of the home's loT devices, so that Xiaomi Intelligent The home forms a closed loop of service. If Cheng Cheng, Xiaomi smart home will be the next city; if it is defeated, Xiaomi’s light asset operation will not be overweight. This is also the core growth path of Xiaomi mobile phones and TVs in the past few years.
The Xiaomi prospectus shows that in 2017, IoT and consumer goods revenues were 23.4 billion yuan, accounting for 20.5% of total revenue. IoT and consumer products revenues are mainly derived from proprietary products, including smart TVs, notebook computers, artificial intelligence speakers, smart routers, and sales of eco-chain products. The “triathlon†business model of “Hardware + New Retail + Internet Service†is regarded as the source of the high valuation of Xiaomi.
According to Liu Buchen, a senior home appliance industry analyst, Xiaomi’s success is essentially the success of the business model. The success of the so-called business model is that it is almost the first enterprise in China to operate hardware entirely according to Internet thinking, which has won it a lot of young people's love. But it is worth noting that at the product level, Xiaomi still can't talk about big innovations and breakthroughs.
On the other hand, Xiaomi’s famous opponent, Gree Dong Mingzhu, began to cross-border mobile phones in 2015. Dong Mingzhu also gave birth to the famous "Golden Sentences" such as "Geli doing mobile phones, killing Xiaomi in minutes" and "Gree mobile phone will not be bad for three years". However, it turns out that after several rounds of iteration, there is still no splash.
Liu Buchen believes that it is not practical to use mobile phone thinking to do air conditioning and air conditioning thinking to make mobile phones. It is very difficult for Xiaomi air conditioner to squeeze into the mainstream camp with an annual sales volume of 6 million sets.
Who has more chances in the 1 billion gambling bureau?
The incident dates back to December 12, 2013. At the CCTV Annual Economic People Ceremony, Lei Jun and Dong Mingzhu both won the annual economic figures. In the awarding session, Lei Jun and Dong Mingzhu made a "century gamble" on the spot due to the help of the program's effect. Lei Jun said that if the turnover of Xiaomi mode beats Gree within 5 years, Dong Mingzhu would like to pay himself 1 yuan. Dong Mingzhu immediately poured a layer of "hot oil" on the bet, claiming that if he was defeated, he would be willing to pay 1 billion yuan.
A joke-style gambling game spread like a virus. For the next two years, Dong Mingzhu was like a "net red", and he personally went to Gree for his endorsement. On the other hand, Xiaomi also experienced a decline in sales and fell to the bottom. Then return to the development curve of the peak.
When the gambling contract came to the fifth year of the announcement, Xiaomi finally successfully landed on the Hong Kong Stock Exchange. The performance data disclosed in the prospectus is that the revenue of Xiaomi in 2017 exceeded 100 billion yuan, reaching 114.625 billion yuan, a year-on-year increase of 67.5%.
From mobile phones to new energy vehicles, to the first non-dividend, it is necessary to invest heavily in the chip field, and then to the brand Haili shares intends to further extend the compressor industry chain, Dong Mingzhu is actively stabilizing the main business of Gree air-conditioning It is also constantly seeking expansion. However, the mobile phone and automobile projects are still not successful from the current status quo. Even recently, Zhuhai Yinlong was also in arrears with suppliers, and many suppliers came to collect debts. Nanjing Yinlong also sent out the news of the seizure. .
Gree’s financial report shows that in 2017, Gree’s revenue reached RMB 150.019 billion, a year-on-year increase of 36.24%. Compared with the revenue in 2017, the leading millet is 35 billion yuan. It is worth mentioning that at the time of the betting, Gree’s sales have exceeded 120 billion yuan, and the millet revenue in the “early period†has just broken 30 billion yuan. The starting line between the two has nearly 4 times the gap. .
The straight flush data shows that as of July 30, 2018, a total of 24 institutions in 6 months predicted Gree's 2018 annual results, with an average of 180.7 billion yuan. The estimated 2018 revenues of the Xiaomi Group for the 8 companies are 202.8 billion yuan.
Liu Buchen told the Times Weekly reporter that the gambling on Dong Mingzhu and Lei Jun is the revenue of the two companies in 2018. From the perspective of last year's revenue, Xiaomi may not be able to lose Gree this year. Lei Jun will lose the gamble, but Gree’s The development of stamina is not as good as millet.
"After 2020, Xiaomi and Gree are more than the scale of revenue. I estimate that the chances of winning Gree will be much larger than now."
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