The gate of cloud computing is still not open to Lei Jun

Text | Mountain Walnut

On May 8, 2020, the sky in Beijing was sparsely rushing, and Lei Jun, who faced the camera, was quite excited.

Just six years ago, the magnificent words of "1 billion US dollars invested in Jinshan Cloud" seemed to be echoed in my ears. As an important crystallization of ALL in Cloud, Jinshan Cloud (NASDAQ: KC) is also regarded as a sign of Lei Jun's gambling on the cloud computing track in Nasdaq.

"Comparing this time to the market, it is really a copy of hell difficulty." Wang Yulin, the former Jinshan Cloud CEO, seemed a little tired. For a few days of the road show, he could only sleep two or three hours a day. The key figure from the media industry's cross -border not only led Jinshan Cloud to the top three lists in the Chinese public cloud market, but also experienced many highlights of Jinshan Cloud.

At present, this company, known as China's largest independent cloud service manufacturer, is facing a new crisis and is in an important mark of double listing. "Key figures" Wang Yulin resigned due to personal reasons.

In addition to management fluctuations, the greater challenge comes from the embarrassing situation of Jinshan Cloud.

Lei Jun once believed: "Cloud services are either successful or lost, there is almost no intermediate state." In this sentence, in the long run, cloud computing is still a giant game.

In the past few decades, whether it is the domestic Alibaba Cloud, Tencent Cloud, Huawei Cloud, and countless small and medium -sized cloud service manufacturers, or "cloud computing dual strong" Amazon AWS and Microsoft Azure, they tried to make the market believe that cloud computing is that cloud computing is A compound business with time.

But the premise of "believe" is that as Lei Jun said, it is to avoid becoming a "middle state", but this is exactly the state of Jinshan Cloud at this moment.

When the public cloud could not achieve scale, and the industry cloud faced many obstacles, and the giants ended the Nuggets, the previous advantage scenes of Jinshan Cloud were facing new challenges.

Through this article, we will answer three questions

1. Why did Jinshan Cloud fall behind?

2. Can "industry cloud" bring new imagination to Jinshan Cloud?

3. When the giant goes off the altar, where is the way out of the small and medium -sized cloud manufacturers represented by Jinshan Cloud?

"Great Passing Strategy" is difficult to tell scale stories

When holding the ALL in Cloud Banner, Lei Jun settled Jinshan Cloud: "We (Jinshan Cloud) is not necessarily the first, but we must stay in the top three or the top five."

Before 2017, Jinshan Cloud did live up to expectations, and once entered the top three lists of the Chinese public cloud iaaS market. However, according to IDC's "China Public Cloud Service Market (2021 The Second Half of 2021)" report shows that in the IaaS market, the top five clouds including Alibaba Cloud, Huawei Cloud and Tencent Cloud have occupied nearly 80 % of the market's market. The share, Jinshan Cloud and Yizhongyun service manufacturers have become "Others".

The reason for falling behind is not difficult to understand, mainly in the "great customerization strategy" admired by Jinshan Cloud.

The prospectus shows that from 2019 to 2021, the top five customers of Jinshan Cloud contributed to Jinshan Cloud's revenue to 65.7%, 61.5%, and 50.5%, of which most of the Internet companies, and most of them purchased public cloud services Essence

Different from the customized attributes of industry clouds or private clouds, public cloud relies on the underlying infrastructure construction of cloud service manufacturers. Therefore, the general attributes are strong, and it is also easier to form a large -scale effect. The pricing method of public cloud IaaS manufacturers is mainly based on product performance parameters and user use duration. The standards that determine the quality level of IAAS service quality are nothing more than CPUs, memory and storage capacity. This has also led to the homogeneity The phenomenon is serious.

In the face of such reality, by reducing cost -driven large -scale effects, it has a more flexible pricing system in front of various cloud manufacturers.

The price reduction is also an important way to accumulate customers in the early days.

Earlier, domestic LAAS manufacturers had experienced two rounds of price reductions. Once from 2016 to 2018, Alibaba Cloud and Tencent Cloud repeatedly announced the full price reduction of the core products; the other time was in 2019, the heads and small and medium manufacturers used holidays to promote the promotion of festivals. A new round of price war set off for discounts.

The price war brought a lot of magic stories. For example, in 2017, Tencent Cloud's budget with a budget of 4.95 million yuan with a penny of Xiamen Government Affairs was a cloud platform. Later, at the Yunqi Conference of the year, the then President of Alibaba Cloud publicly "snoring" Tencent: "Today, when everyone wants to promote the development of the enterprise to achieve an industry, Ma Huateng and his team use 1 point of money to bid for the bidding for bidding for the bidding for 1 point of money. The industry is destroyed. "

Jinshan Cloud is also deeply influenced by the price war. After completing the D -round financing in 2017, Wang Yulin also said that after financing, the price reduction should be comprehensively reduced, and the "most cost -effective" has also become the slogan of Jinshan Cloud.

Unfortunately, the low price does not have the scale effect for Jinshan Cloud. The reason is that on the one hand, the public cloud itself is a heavy -duty -fundamental business, which is extremely dependent on the first advantage of infrastructure construction. Under the Matthew effect, the advantages of Jinshan Cloud are not obvious.

The infrastructure capabilities of the public cloud service provider mainly depends on two points. One is the number of data center areas, and the other is the number of CDN nodes (content distribution network). The former mainly uses the functions of centralized storage calculation, storage, and network equipment, and the latter is to ensure the response speed and success rate of user access to accelerate nodes across the country or worldwide. According to the statistics of the Euou think tank, in terms of the number of data center areas, Tianyi Cloud is the first echelon. Based on the domestic deployment advantage, the number of data center areas has the largest number of data; The third echelon is Alibaba Cloud and Huawei Cloud, mainly used in the pan -Internet industry, such as videos and games.

In terms of the number of CDN nodes, Alibaba Cloud, Tencent Cloud, and Huawei Cloud have formed a significant leader in the previous two -round price war.

CDN products have also been the advantage of Jinshan Cloud. In the early years, the game product lines under Jinshan Software system, such as Xishanju, Giant Network, Perfect World, and Palm Technology, etc., Jinshan Cloud was once favored by game manufacturers. In the field of video clouds, Jinshan Cloud also captures the heads of the head of the head of byte beating, iQiyi, and B Station.

But as mentioned above, under the influence of the price war, the gross profit margin of public cloud products including CDN continues to decline. Among more homogeneous products, cloud service manufacturers are more regarded as customer acquisitions as customers. The channels are not long -term business of profit and creative value.

What's more important is that the front -end price war cannot meet the more demand for downstream. The CDN products that Jinshan Cloud is good at is only one of the public cloud products. For the complex ecology of the downstream, it is more concerned about how cloud manufacturers use the integrated service brought by a rich cloud product system.

On the other hand, the changes from internal customers. When users are close to saturation in the pan -Internet industry, under the consideration of cost reduction and external output business, Kingsoft Cloud's once customers are becoming their opponent.

Among them, byte beating is the best example. Since the launch of the volcanic engine inside the byte beating, it has rely on the useful play of bytes to quickly expand the scale around the fields that are good at video clouds and marketing clouds. On the other hand resource.

These are not good news for Jinshan Cloud. To a certain extent, the "Great Passing Strategy" has helped Jinshan Cloud squeeze into the head camp of the public cloud, but in front of large manufacturers and operators with "banknote capacity", Jinshan Cloud cannot promote the size of the scale. In the face of reality, Jinshan Cloud can only become repeated wheels.

"Industry Cloud" is to understand to b, but it is also more ecological

In fact, Jinshan Cloud did not realize the saturation state of the public cloud IaaS market.

In the giant Lin Lima, the management believes that what Jinshan Cloud has to do is to focus on dislocation competition. Lei Jun has also publicly stated: "Jinshan Cloud's approach is to focus and persist." "Picking several industries to do corporate cloud services, focusing on high -quality customers, we do not pursue big and complete."

The opposite side of "large and complete" is "small and fine". In addition to the public cloud business, the industry cloud business has gradually become an important increase in Jinshan Cloud. The prospectus shows that from 2019 to 2021, the industry's cloud revenue accounted for increased from 12.3%to 32%, and the number of customers also increased from 67 to 382, ​​which was five times three years ago.

Different from the public cloud, the industry cloud is more defined from the perspective of the client. Some people in the industry believe that the industry cloud is closer to the concept of private clouds. However, from the perspective of financial and economic, the industry cloud has the elasticity of public clouds and the custom characteristics and performance of private clouds. For Jinshan Cloud, the biggest advantage of the industry is that the requirements for capital expenditure are low, because customers are usually responsible for the cost of underlying infrastructure.

However, the cost has been reduced, and the industry's requirements for cloud service manufacturers have not decreased. As the "Shangyun" of the Internet industry is close to ceiling effects, non -Internet industries such as finance, government affairs, medical care, and industry have become the new nuggets. Solution.

In other words, from the perspective of enterprises and industry, it is more important to value cloud manufacturers' understanding of the industry.

Earlier Alibaba Cloud and Tencent Cloud had suffered sufficient understanding of the industry and had suffered many times on the B -end. In an interview with "Finance", Cai Yinghua, the CEO of Alibaba Cloud Smart Global Sales, once took the two major scenes of "cars" and "cement" in industrial scenarios: "The manufacturing line of automobiles is actually a scene where digital demand is more focused. But is it the same as the production line of the car and the production line of the cement? It must be different. "

The demand for subdivision and personalization is also destined to be a complex systematic project represented by the traditional industry represented by industrial scenes. This is not easy for Jinshan Cloud, which is good at pan -Internet scenes.

Take financial scenarios as an example. Because the regulatory level has high requirements for financial institutions, the risk of trial error on the cloud on the financial institutions is more concerned about security and reliability. Head finance generally chooses private clouds, and traditional IT manufacturers represented by Huawei Cloud and Inspiries have become the best choices. Even if small and medium -sized financial institutions choose public clouds at the cost consideration, they will choose to form a large -scale head brand, such as Alibaba Cloud.

According to the estimates of Everbright Securities, in the field of public clouds, Alibaba Cloud showed a single show, while in the private cloud field, Huawei Cloud is in a leading position.

In the field of financial clouds, the current strategy of Jinshan Cloud is still "benchmarking." This is also what most cloud manufacturers with pan -Internet genes are doing. The leader of the cloud service of a large factory has said to the financial and economic, and at present everyone expects to create benchmark cases in the segment. Data show that at present Jinshan Cloud has served nearly half of state -owned banks and joint -stock banks, accounting for 60%of TOP10 banks in China. However, at this stage, the trend is that the trend of self -built cloud platforms has also appeared within the financial industry, such as Ping An Cloud and China CCB Cloud. The emergence of these public cloud service providers in the financial industry may be challenged to Jinshan Cloud.

More importantly, compared to the competition of the industry's ability to understand, in the moment, the industry cloud has gone through the extensive competition stage of competition resources, and it has now entered the second half of the competition ecology.

This is particularly obvious in the government affairs.

Because the scene is rich and easy to create benchmarks, government customers are also the ideal type of cloud manufacturers, but a person in charge of a traditional IT manufacturer who served the government for many years mentioned to Finance. Go behind the scene.

"Whether it is Tencent or Ali, when it turns to To B at first, it is an integration. But now, many large manufacturers, including Ali Cloud It is an integrated character.

This is a key steering. The change from total integrated to integrated characters means that cloud manufacturers have changed their strategies in the past and moved towards the stage of "building ecology".

"Many government and enterprises have gradually realized that the general integrators of many Internet factories are still project -oriented. In fact, the large manufacturers still have a big gap between the project management capabilities and the general set ability. ","

The gap between the ideal and reality comes from the challenges of internal and external. On the one hand, because the inclusiveness of the industry must have the ability to operate throughout the life cycle; on the other hand, under the pressure of the current economic situation, the government affairs side is more expensive to the efficiency and spend money on the blade.

Under such circumstances, the cloud manufacturers move from competition to ecological cooperation. For example, the "Hundred Cities Plan" launched by Alibaba Cloud, through the intensive distribution network, based on the partner's ability interface, Alibaba Cloud actively adapts to the needs of the partners.

When I was interviewed by the reporter "Finance" and returned to the "ecology" question, Cai Yinghua gave a answer in an ancient Chinese saying: "The surgery industry has a special attack."

This means that after the expansion, the large factory gradually realized the cost of cost, and began to prioritize profits, and only did what they were good at.

The ecology is an important defect for Jinshan Cloud, which has always advertised himself as a "independent cloud service manufacturer".

When the giant goes off the altar, the small and medium -sized cloud manufacturers will live a bitter life

A reality that cannot be ignored is that even the days of cloud computing giants are not good.

The financial report shows that Alibaba Cloud has increased negatively on the month -on -year revenue in the three consecutive quarters. In the Q2 quarter, Alibaba Cloud's revenue only increased by 10%year -on -year. The financial report explained that the "head -headed Internet customer" gradually stopped its international business use of Alibaba Cloud services.

At the performance exchange meeting, "Xiaoyaozi" believes that "cloud" is not a periodic opportunity but structural opportunities, so Ali will seize the "Chaoyang Industry" in the future.

The speed of Tencent Cloud gradually slowed down. In the second quarter, the revenue of Tencent Fintech and the enterprise service sector decreased by 1%year -on -year, of which corporate service revenue decreased slightly year -on -year.

One key reason points to changes in the overall environment. Whether it is a large manufacturer or a small and medium -sized cloud manufacturer, they have changed the "scale" of the "scale" and move towards "value" and "high -quality growth" and "long -term growth".

But the cover of "value" is actually a new round of giants in the non -Internet market, which is still a story about speed.

When the driving force of Shangyun gradually shifts to the digitalization of the industry, head manufacturers often build different capacity circles in the field of subdivisions based on their own ecological construction and IDC resources to meet the differentiated needs of different industries.

The actions between giants have released the above signals.

For example, after Alibaba Cloud announced the "Back To Basic" strategy, it was crazy about the ability of the external output technology. Recently, Xiaopeng has pulled Xiaopeng to build China's largest autonomous driving intellectual center. In July, Tencent Cloud and Smart Industry Business Group (CSIG) announced the establishment of a political enterprise line. The changes in this organizational structure were regarded by the outside world as a signal that the "To B, to G market" was officially concentrated.

For Jinshan Cloud, this trend is the front and back of a coin.

On the front, Jinshan Cloud is expected to further expand its market share by relying on benchmarking cases in the fields of finance and medical care. At the same time, due to the lack of ecological attributes, Jinshan Cloud also hopes that the corporate side will use a cloudy strategy. In other words, Jinshan Cloud can actively export core technical capabilities as the object of "integrated".

However, the opposite side of the coin is that under the siege of head manufacturers such as Alibaba Cloud, a new round of price war may be faced, which is still a route to exchange profits. At the same time, "integrated" is also the choice of most small and small cloud manufacturers, which means that Jinshan Cloud must increase investment in R & D and build a core moat with disruptive technology.

In any case, for Jinshan Cloud, the first step is to cross the "middle state", which is of course a story about time.

But if the horizontal contrast is compared, there is no time to leave Jinshan Cloud. AWS, which also believes in long -termism, has spent 10 years from 0 to profit, Alibaba Cloud spent 12 years, and this year is also the tenth year of Jinshan Cloud's founding. Regardless of revenue or strategy, it still fails to find to enter into the entry into entering. The key to the head camp. When an industry is favored by countless people, it has attracted countless players to enter the game. A company that has been in it and has been established for ten years is destined to come up with a new story. Wang Yulin once said: "Cloud computing has no boundaries, so I want to go forward, so it is a long -distance run. When you know that there are still 15 years of high -speed growth, you will not have an accountable gain. As long as you follow the established strategy, you will follow the trend. In order to continue and focus on, you can run fast and stable. "

Unfortunately, Jinshan Cloud did not realize Wang Yulin's idea. It has neither the trend nor the fast and stable, until the key figures of this sentence also leave, and it still has not found its appropriate position.

Reference

Xinhua Daily: "Jinshan Cloud CEO Wang Yulin: Release greater value in the long -distance running of cloud computing"

36 氪: "Jinshan Cloud split a U.S. stock market, Lei Jun harvested the fourth" Jinshan ""

Finance: "Dialogue Alibaba Cai Yinghua: Fighting alone, will definitely not succeed"

Wisdom: "Lei Jun has gambled for ten years of Jinshan Cloud: annual loss of 1.5 billion, the stock price drops 80%, relying on Xiaomi high"

Jinshan Cloud Prospectus

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