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上市一年的小米经历了什么 股价只剩当初的一半

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去年7月9日,雷军在香港证券交易所宣布定制锣,宣布小米集团正式上市。不知不觉中,小米已经上市一整年了。我相信很多人都对小米已经上市一年的情况以及小米今年所做的事情非常感兴趣。

01一年前的今天

去年,小米的上市从新闻到预热然后正式上市,可以说得到了各界的足够关注,作为一家一直是互联网领域热门话题的公司,小米的上市引起了广泛的讨论,它的商业模式当时是否可以在上市后进行验证是一个值得关注的问题。

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小米敲响了时钟

小米上市的另一个重要意义是,这是第一批拥有相同权利和股份的港股。可以说,这是创造港股的先例。在那之后,公司选择以相同的权利列出。

但是,与上市的普及相比,小米的上市本身并不是特别令人满意。上市首日发行价17港元。开盘价为16.6港元,下跌2.35%。 “这个年轻人第一次被卡住了。”

对此,雷军显然有所期待,他说:“短期股价并不是最重要的,公司的长期价值在于。”

上市当天,雷军一再强调“小米是一家互联网公司”,但从上市的角度来看,投资界仍将该公司视为硬件公司。这可能是小米最无助的地方。

02一年后,小米开启了“回购模式”

那么一年之后,股市中目前的小米是什么?截至7月8日,小米的实时股价为9.8港元,与17港元的发行价相比,已下跌近一半。

现在的小米已经开启了“回购模式”,小米在今年1月启动了上市以来的首轮回购,分3次合计回购了1997.22万乙类股份,耗资约2亿港币。

截至7月3日,小米集团自6月以来已连续回购股份累计达19次,分别于6月3日,4日,6日,10日,12日,13日,14日,17日, 18日,19日,20日,21日,24日,25日,26日,27日,28日,7月2日,3日进行回购。

对此,小米曾发布公告称,公司现有财务资源足以支持股份购回同时维持稳健的财务状况,公司以股份购回表达对现时及长期业务前景充满信心。

对应一年前,小米现在仍强调自己的互联网商业模式,并对公司的“智能手机+ AIoT双引擎”策略深信不疑。这一点笔者倒是很钦佩小米,即使处于逆境仍然坚信对自己的认知与判断。

03这一年的小米太勤劳了

既然小米一再强调其“智能手机+ AIoT双引擎”策略,那么这一年里小米的智能手机业务和AIoT业务分别发展得如何呢?

首先来看智能手机业务。

从2018年7月9日至2019年7月9日期间,小米共发布了18款新机,分别为:小米Max 3,小米8青春版/8透明探索版/8屏幕指纹版,小米玩,小米9/9 SE/9透明尊享版,小米CC9/9e/9美图定制版,Redmi Note 7/7 Pro/7S,Redmi 7/7A,Redmi K20/K20 Pro。

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小米9透明尊享版

XXIn terms of quantity, Xiaomi can be said to be quite diligent this year. The product line involves multiple consumer layers, and the Xiaomi 9 transparent privilege version (12GB RAM) up to 5,000 yuan, and Redmi in the 2,000 yuan position. K20, Redmi 7A down to the 500 yuan position, are covered.

This year, Xiaomi will separate the red rice brand to form the Redmi product line, hoping to open up a new battlefield outside the main series and create a new brand image in the mid-end consumer market.

At the beginning of this month, Xiaomi released the Xiaomi CC series, which focuses on the young user market, further subdividing the low-end market and carrying some of the functions of the original Redmi series.

Let's take a look at the actions of the AIOT.

In November last year, Xiaomi held the second AIOT Developer Conference and invested 100 million yuan to build the “Millet AIOT Developer Fund” to encourage AI skills developers, incentive hardware equipment manufacturers and AI technology companies to jointly create AI new. Ecology.

Xiaomi announced a cooperation with IKEA, which has no small meaning for the promotion of Xiaomi AIOT.

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Xiaomi AIOT Home Products

In terms of products, the product lineup of Xiaomi Ecological Chain is expanding continuously. Redmi automatic wave washing machine, Mijia Internet air conditioner C1, Xiaomi Mijia intelligent door lock, sweeping robot 1S, Mijia multifunctional IH rice cooker 1S, small love touch Smart home products such as screen speakers.

At this year's rice noodle festival, Xiaomi also disclosed the Mijia Broken Food Machine, Mijia Multi-function Electric Cooking Pot, Mijia Temperature and Humidity Detection Electronic Watch, Redmi AirDots True Wireless Bluetooth Headset, Xiaomi Mijia Interphone 2, Xiaomi Travel Case Youth models, Mijia anti-blue goggles Pro, Mijia handheld wireless vacuum cleaners and other AioT ecological chain new products.

04 What is the problem?

xxFrom the above point of view, Xiaomi has been busy a lot of things since and after this year. Why is the stock price shrinking by nearly half?

First of all, from the perspective of smart phone business, according to Xiaomi’s financial report for the first quarter of 2019, the smartphone business accounted for 61.72% of Xiaomi’s total revenue. Although Lei Jun repeatedly stressed that Xiaomi is an Internet company, this company is still serious. Rely on mobile hardware sales.

As a result, the global mobile phone market environment is not very good. According to the financial report, Xiaomi's 201 global mobile phone shipments in Q19 fell 6.3% year-on-year, and domestic shipments fell 3% year-on-year.

The overseas market is another pain for Xiaomi. India, the biggest advantage market, has also been squeezed by its competitors. I believe that everyone has recently noticed the contraction of Xiaomi in overseas markets, and MIUI has gradually closed down some services in overseas areas.

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MIUI Taiwan/Hong Kong Forum ceased operations on July 1

But the real trouble for Xiaomi is the AIOT business. We have said before that Xiaomi’s position on itself is seriously different from that of investors. The core of this is the AIOT.

Xiaomi has positioned itself as a smartphone + AIOT dual-engine-driven Internet company, but AioT does not now allow investors to see their profitability.

In the past year, Xiaomi has released a number of AioT eco-chain products and made a large amount of investment, but unfortunately the return is temporarily invisible. Hong Kong stocks have such a tradition that Hong Kong stock investors are generally less interested in companies that have the potential but are temporarily not profitable. This makes Xiaomi quite uncomfortable, and there is no doubt that if Xiaomi was listed on the NASDAQ, the situation would be much better.

However, the author believes that this is not only a question of investors' long-term vision, but also there is no small problem in the progress of Xiaoyi's own AIoT business in the year after listing.

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从大动作来看,今年真正重要的是我们与宜家达成了合作。更常见的是,我们仍处于概念层面,并没有太大进展。

从产品的角度来看,小米确实推出了一些新产品,但始终缺乏爆炸性的进口产品。即使产品本身可以真正集成到AioT生态系统中,它们也需要提出一个很大的问号。

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很难被称为AIOT产品

事实上,当消费者看到小米生态链的新产品时,他们更注重设计和性价比。然而,小米更注重的智力和联想很少关注。这也是因为小米目前的产品并非以智能和对象为核心。出来的产品仍然是孤立的岛屿。产品之间的互联互通非常薄弱,消费者并不害怕。

这一切使得香港股票投资者对小米的AIoT业务充满了信心。

057结构调整:小米的改革决心

针对这一系列问题,除了不断回购股票外,小米还采取措施扭转这种局面?作者看到了三点。

首先是调整组织结构。本月1日,小米上市后进行了第七次结构调整,形成了财务部,员工部,组织部三个部门,加上质量委员会,技术委员会和采购部门。委员会三个委员会的总体结构。

其中,三点很重要。首先,雷军也是中国区总裁,负责中国的业务发展和团队管理。雷军重新入马,亲自抓住中国的业务,显然问题不小。

第二是建立家电部门,王川也是该部门的总裁。除电视外,他还负责空调,冰箱,洗衣机等的业务开发和团队管理。

三是将原有的人工智能和云平台划分为人工智能部门,大数据部门和云平台部门三个部门,三个部门分离,独立培养。

这一系列组织调整的直接目的是解决小米目前业务面临的各种问题。

在智能手机业务方面,小米已整理出所有手机产品线,并积极调整产品结构和发布节奏。目前,小米手机产品线似乎将形成小米,红米和小米CC三驾马车的结构,目标是三个高,中,低三个市场。

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小米CC9

在AIoT方面,小米并未放弃,但必须加大力度。显然,小米不是传统的家用电器。它仍然是AioT的逻辑。即使在预约文件中,也明确提到这是“为了不断加强手机。 + AIOT双引擎策略“进行了调整。

腿。

明年的小米将在哪里进入下一步

从目前的两个核心业务来看,小米明年的努力仍应集中在这两点上,还有很多事情要做,充满挑战,但并不缺少机会。

在智能手机业务方面,目前小米新机的推出速度仍然存在问题。在今年下半年新车型发布后,旗舰车型将持续整整一年。产品线分割和梳理也需要更进一步,还有一些模型没有明确定义。

更重要的是,即将到来的5G将是下一波变革,小米是否已做好充分准备迎接这一5G浪潮既是机遇也是挑战。

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小米5G手机什么时候上市?

The AIoT aspect is more important to the author. First, there is no influential AIOT brand in this market. Secondly, the Xiaomi ecological chain has a relatively large potential and a relatively perfect one.

If Xiaomi can seize this opportunity window and adjust the problems in the AIOT business as soon as possible, he may be able to make a difference in this new market.

The author believes that Xiaomi's twin-engine direction is no problem, the two are actually complementary, but the key is how these two engines handle their problems and form the power of growth.

Xiaomi should also be prepared for the stock price to continue to slump. As long as the hardware comprehensive after-tax net profit rate is still less than 1%, the AioT business will continue to see the hope of profit in the short term, and it will still be difficult to obtain the confidence of Hong Kong stock investors.

(This article is from the Internet)

(7211948)

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