Crossing the low valley, can Xiaomi go "last mile"?

Source | Bohufn

Author | Chen Ping'an

On August 11, Lei Jun's annual speech arrived.

Compared with the previous year's "Believe in yourself, without going forward", last year "My dream, my choice", this time, Lei Jun chose the general public "crossing the trough of life" as the theme of the speech.

(Picture source: Network)

"Since these pains are difficult to avoid, what we can do is face these pains, insist on moving forward in pain, so that pain to shape better, this is the significance of pain and setbacks.

And all the setbacks and failures you have experienced, and even those things that seem to be meaningless to spend time will become your most precious wealth. "

This time no longer focused on Xiaomi, Lei Jun used his three stories as the main content of the speech, and the golden sentences came out frequently. After listening to the circle of friends, my friends were moved and wrote:

"Always be touched sincerely."

However, from another perspective, the theme of "crossing the trough of life" seems to coincide with Xiaomi's current situation.

According to report data released by the agency Canalys, in the second quarter of 2022, the global smartphone market shipment decreased by 9%to 287 million units year -on -year, the lowest point after the second quarter of 2020.

As the main player in the mobile phone market, Xiaomi has also been affected very obvious. Although Xiaomi still occupies the third position of global smartphone shipments in the second quarter of this year, the market share decreased by 3%compared to the same period last year. At the same time, despite shouting a high -end strategy, from the perspective of market response, Xiaomi did not eat much.

The response of the capital market is also very obvious. Since January last year, it rushed to HK $ 35.9 per share. Xiaomi's stock price continued to decline all the way. As of now, the stock price has fallen by more than 60%, and the current market value is about 300 billion yuan.

How to cross the low valley is also a question that Xiaomi needs to face.

Learn how to fall in love with the wind

In this speech, Lei Jun focused on himself, sharing the trough moment in his life and how to get out of the trough.

In 1992, Microsoft entered the Chinese market with Windows and Office, which made Jinshan, which is Japanese in the domestic software market very nervous.

(Picture source: Network)

Lei Jun, who was the general manager of Beijing Jinshan at the time, decided to fight against Microsoft. But what made him unexpected was that Pangu Office, which was hard -working and developed for three years, was not the enemy of one. It was originally planned to sell 20,000 units, but the final sales were not even one -tenth of the plan.

Followed that even the WPS could not be sold. Jinshan reached the juncture of life and death. In the speech, Lei Jun said:

"At that time, I was 26 years old and served as the general manager of Beijing Jinshan. For the first time, I was a little helpless to face such a dilemma. I remember, the worst time, there were only 100,000 on the account. Salary. "

In order to sell Pan Gu, Lei Jun had to go to the station store to sell it. Only then did you know that what customers needed more was the basic software such as "Entry of Computers".

This incident also made Lei Jun understand: it must be a product that users need, instead of making products that look just tall.

Pangu's defeat caused Lei Jun to deeply fall into a failed emotions, and even submitted a resignation letter directly to Qiu Bojun. With the repeated retention of Bo Jun, Lei Jun decided to rest for half a year.

In the half -year break, Lei Jun was obsessed with a mixed forum, and once was soaked in CFIDO BBS in the middle of the night. Because of the free time, coupled with the blind fighting technology and his own technical skills, Lei Jun soon became famous in the forum, could post a hundred stickers a day, and thus met Ma Huateng and Ding Lei.

This experience allowed Lei Jun to get out of the negative emotions and return to Jinshan. But the time when Jinshan got out of the predicament, it was also the moment when the Internet wave was overwhelming. When Lei Jun was preparing to acquire NetEase for 10 million, just two months ago, Netease was merged to $ 10 million, valuation of $ 60 million. This made Lei Jun call directly:

"I don't understand, but it's shocked."

So Lei Jun decided to do it himself. In 2004, Lei Jun established an excellent network inside Jinshan to sell books and audiovisual products online. Excellence has created the earliest warehousing, the earliest self -built logistics, etc., and has deployed 4 hours of delivery services in Beishang, Guangzhou and Shenzhen. However, because the e -commerce platform is too burn, the excellent excerpts can only sell Amazon, and it falls on the eve of the rising e -commerce.

The defeat of Excellence has made Lei Jun firm, and must "take the trend". Just like the end of the "One Forege" that recorded Xiaomi's ten years, Naxim Nicholas Tellerb said:

"If the accident always happens, then the ultimate ideal we want to realize is -learn how to love the wind."

But the wind comes, Xiaomi's story is not good enough.

Xiaomi in the trough

Compared with the highlights of the past two years, Xiaomi does fall into the "trough" this year.

Just one year ago, Xiaomi's shipments in the second quarter surpassed Apple. For the first time, it was promoted to the world for the first time and fell back to third this year. According to Xiaomi's financial report, the income of Xiaomi smartphone in the first quarter of 2022 was 45.8 billion yuan, a year -on -year decrease of 11.1%; smartphone shipments were 38.5 million units, a year -on -year decrease of 22.1%. This has nothing to do with the deterioration of the environment.

According to IDC data, the global smartphone shipment in Q1 in 2022 was 314 million units, a year -on -year decrease of 8.72%, and the Chinese smartphone market fell 14.1%year -on -year. Consumer's replacement cycle has been extended from 16-18 months to 36 months.

Overseas markets, which are regarded as the main force of incremental force, also increased uncertainty due to policy reasons. Since this year, Xiaomi has been under pressure from India and Italy, and has been recovered by 560 million yuan in taxes and fined 20 million yuan.

However, the other reason is that in the intensified stock market environment, Xiaomi does not have enough moat to fight for Huawei to withdraw from the market.

On the one hand, Honor's rapid rise and ate the low -end share. In the first quarter of this year, Honor's domestic market share accounted for 20%, while the number was only 5%in the same period last year;

(Picture source: Network)

On the other hand, the high -end road to the battle of Xiaomi's life and death was not flat.

One is that for the main Android players, everyone can, the main battlefield of high -end competition is in the image. Compared to OPPO co -branded Hasu and Vivio co -branded Zeiss, before the official announcement of official announcement with Leica this year, Xiaomi has never been able to talk about the field of image.

Secondly, the repeated turning over Qualcomm Snapdragon chip has made Xiaomi's high -end road. Due to the poor performance of power consumption and heat dissipation, including the two generations of chips including Snapdragon 888 and Snapdragon 8Gen 1, Xiaomi's new flagship has repeatedly passed through the news. The flagship Xiaomi 11 series released in 2021 was complained for burning the motherboard.

In addition, the price of product price diving has seriously affected Xiaomi's high -end reputation. For example, the official website of the MIX 4 8+256G version released in August last year was reduced from 5299 yuan to 4499 yuan; the Xiaomi Mi 11 12+256 version of the digital series decreased from 4699 to 3499.

As a business that occupies more than 60 % of revenue, the decline in mobile phone business and high -end strategic resistance have a huge impact on Xiaomi. It is manifested in the financial report. In the first quarter of this year, the total income of Xiaomi decreased by 4.6%year -on -year; net profit decreased by 52.9%year -on -year.

At the same time, its financial report also mentioned that in Q1 in 2022, Xiaomi achieved gross profit of 12.7 billion yuan, a decrease of 10.2%from 14.2 billion yuan in Q1 in Q1 2021; The promotion was caused.

So, can Xiaomi lower the valley?

"Last Mile"

In this speech, Xiaomi released new products of "family buckets" as usual, including Xiaomi MIX Fold 2, Xiaomi Mi Buds 4 Pro Supreme Edition and other new products.

Among them, Xiaomi described MIX Fold 2 as "the last mile of the folding screen". Bohu Finance believes that "opening the last mile" to describe Xiaomi's business is very suitable.

The financial report shows that there are as many as 529 million active users around the world, an increase of 24.5%year -on -year. The number of MIUI live users in mainland China was 136 million, an increase of 14.3%year -on -year.

At the same time, since Xiaomi launched the Mijia brand, and set "mobile phone+aioT" as the company's dual engine strategy in 2019, there are more than 400 cooperative companies in Xiaomi Ecological Chain. From small appliances to TV, electric refrigerators and other large pieces, Xiaomi IoT product matrix has achieved relatively complete category coverage.

(Picture source: Network)

Lei Jun said in his speech that he strived to enter the first echelon in the new energy automobile industry in 2024.

Once this goal is achieved, Xiaomi is expected to build a full -scale science and technology ecosystem that is covered with all aspects of all aspects of life. Xiaomi is also expected to truly complete the transformation from hardware sellers to Internet of Things service companies.

Of course, whether it can achieve the premise depends on the last mile of the attack effect.

The first is the mobile phone business. As the most core mobile terminal at the moment, the number of mobile phone users determines the number of future ecology users. Fortunately, whether it is the Xiaomi 12S series co -name with Leica or the newly launched MIX FOLD 2, from the current response of the social network, it is much better than the previous flagship.

At the same time, mobile phone manufacturers, including Xiaomi, are also accelerating the steps of chip research and development. It is critical for Xiaomi to take breakthroughs in key links such as chips and other key links such as chips.

Secondly, as the ONE more thing as the speech, the release of Cyberone's full -size human -shaped bionic robot also injected new imagination into Xiaomi AIOT. However, there are still product control problems at the current ecological chain products. For example, Xiaomi TV has had a screen falling off.

In the focus of Xiaomi Automobile, as a domestic UI adjustment and IoT companies, Xiaomi has great advantages in vehicle planes and interconnection.At the same time, from the information released by the speech, even in the field of autonomous driving with less patent authorization, Xiaomi still made good progress.However, there are currently many players in new energy vehicles and fierce competition.According to the previous news, Xiaomi's positioning is 100,000-300,000 yuan. There are many strong players in this field, including Tesla, BYD, Xiaopeng, etc. At the same time, Weilai, which was focused on high-end, also intended to launch new brands under the new brand.Sink.

Xiaomi Motors wants to get a certain market share, which is not difficult.

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